The preferreds from REIT Colony Capital (NYSE:CLNY) have been moving higher this morning, likely based on reports that they have been in talks with Oaktree Capital about selling off some company units.
This giant REIT has under performed for years and the thoughts that they may actually do something about the under performance has no doubt ‘juiced’ the preferreds a bit.
The company has 6 preferred issues outstanding with current yields in the mid 8%’s.
Various issues from the company are up 2 to 70 cents this morning.
As far as high yield preferreds go these are likely as good as any. We have owned some off and on for quick profits–but have not owned them on a longer term basis.