Below are some press releases from companies with preferred stock and/or baby bonds outstanding.
DTE Energy schedules business update conference call
SL Green Announces Sale of 625 Madison Avenue
Brookfield Infrastructure Announces Reset Distribution Rate on Its Series 11 Preferred Units
SL Green Realty Corp. Announces Annual Ordinary Dividend of $3.00 Per Share
Global Net Lease Continues Leasing Momentum Into the Fourth Quarter
Hudson Pacific Raises $189 Million from Silicon Valley Land and Studio Debt Sales
Equitable Holdings to Join the S&P MidCap 400 Index
PST on that other site mentioned a new issue from high yield issue from Abacus Life – a $25 note issue, 9.75% due 2028…. Don’t think I saw it here if anyone’s interested… I’m not – https://www.sec.gov/Archives/edgar/data/1814287/000119312523271451/d423260d424b3.htm
Thanks 2wr–that one definitely under the radar–will check it.
Global Net Lease……
The $25/Share master listing is missing two of Global Net Lease preferred stocks:
GNL-D 7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
Closed today at $19.79
GNL-E 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
Closed today at $19.60 (I own this one, unfortunately I paid more than $19.60. Another one bitten by interest rates.)
Interesting that GNL-A is on the list and named Series A. GNL-D is also referred to as Series A.
I’m going to bed! Enough of portfolio review and surfing today!
Global Net Lease supposedly internalized management after the merger paying a pretty penny as the price of its freedom and independence from its external managers. When I tuned in to one of its conference calls, I thought I was at Old Timers Day over at the ball field or had maybe dropped into one of those time travel holes like you see in the movies. I was sure hearin’ some familiar names on the call and the names on the Executive team and Board rosters sure did look familiar.
Disclosure: Long Global Net Lease preferreds by merger ( I publicly confess a failure of DD). I sure hope they do as well for the shareholders this time around as they did for themselves. On paper, not a bad company but ….”I said my, my, my, I’m once bitten, twice shy, babe” – rock lyric
JMO
Thanks for the proofread dj–will check it out. Sometimes they are on a number of ‘lists’, but somehow I miss getting them on others.
Well, had no knowledge of who HASI was, so I clicked on the link and read the press release. Don’t think we will be seeing those Senior notes available anytime as they will be offered to only Qualified Institutional Buyers. Since I don’t have $100 million in assets under management among other things I certainly don’t qualify! HASI is Hannon Armstrong Sustainable Infrastructure Capital, Inc. Went to their website and read about them. I would definitely classify them as a “Green” company! I have sure have had a lot of time today to just surf the net!
dj, I followed HASI when they first went public and I did a few flips. I commented on the Canadian chat to Canuck Buck.
6.7% yield
HASI held a total debt balance of $3.66 billion at the end of its fiscal 2023 third quarter, driving a record quarterly interest on long-term debt.
HASI reported revenue of $89.85 million for its third quarter, up 49.4% over its year-ago comp and a beat by $52.56 million on consensus estimates. This drove earnings of $21.45 million, down 38% from $34.5 million a year ago
They are dropping their REIT status.
They are adding 550 million in debt at 8%
Their business is dependent on government funding and tax treatment for green renewable projects. Take these away and the business model doesn’t make sense.
Be glad your not in the elite tax bracket that can afford to make a high risk investment in these 8% unsecured notes due to risk of loss. Now you just have to see if any of your Mutual fund holdings or ETF’s hold HASI
Long term, I see this like another holding, CORR. Check back on this in 2025
PS, I did a cut and paste from a recent SA article that the author didn’t sound too confident in holding his current position in HASI
HASI was also subjected to a pretty severe directed short attack earlier in the year – https://seekingalpha.com/news/3856610-hannon-armstrong-gains-after-rebutting-claims-from-short-report
2WR thanks for the reminder, I forgot about that. HASI holds no interest to me and is too large for me to dive into all their holdings. I am just going by my general feeling with my background in building and construction. I see them as more of a financial and development company that does projects and flips them to get the money back out. I get the impression they are a builder of infrastructure but not a long term holder of that infrastructure. They help finance and build a wind farm but then sell it. I just like holding a company that owns and operates the infrastructure long term like a utility. So guess I am saying not my cup of tea for a long term hold.