General Finance (GFN), a specialty storage leasing company, has announced earnings.
GFN has a high yield $100/share 9% preferred outstanding as well as a $25/share 8.125% note issue. They can be seen here.
REIT Arbor Realty (ABR) has sold another fairly low coupon private placement convertible note issue at 4.75%. Over the years the high yield debt and preferreds from ABR have been favorites of income investors as the company has improved financials dramatically over the last 10 years.
We note this ABR sale because sooner or later they are going to ‘refi’ their high yield preferreds and one should be aware of the coupon the company can secure. With coupons of 7.75% to 8.50% on the preferreds these are ripe for redemption. The 3 issues outstanding total only around 3.5 million shares and all are redeemable. For now the company seems content to keep paying yield yields in exchange for the perpetual nature of the shares.
All 3 preferreds are trading in the $26.00 area. They can be seen here.