West coast REIT Hudson Pacific Properties (HPP) will be selling a new issue of cumulative preferred stock.
The issue will have all of the typical REIT preferred features–cumulative, non qualified with an optional redemption in 2026 (about 5 years out).
The preliminary prospectus can be read here.
EarlyBird was on top of this one.
5 thoughts on “Diversified REIT Hudson Pacific to Sell New Preferred”
It’s ranked IG
Office REIT preferred so might get a decent yield on this one, but no dividend until March 31, 2022!
Almost 5 months. Wow.
Coupon is 4.75% for what will be HPP-C. I think 4.75% is too low for an office REIT, so I will pass too.
Yup….I figured it would be way low. I’d accept that for a too big to fail bank…..but not a small office reit.