Below are some press releases from company’s with preferred stock or baby bonds outstanding–or just news of general interest.
Safe Bulkers, Inc. Announces Common Stock Repurchase Program
Franchise Group, Inc. Announces Receipt of Unsolicited Proposal
SL Green Realty Corp. Announces Common Stock and Preferred Stock Dividends
BXP Declares Regular Quarterly Dividend
Safehold Declares First Quarter 2023 Common Stock Dividend
Hersha Hospitality Trust to Report First Quarter 2023 Earnings on April 26, 2023
I am taking some modest comfort in some of the shippers doing share buyback and / or debt reductions. While I don’t own SafeBulkers, I do own Scorpio Tankers who took a similar action earlier.
I have a full position of Scorpio’s baby bond (SBBA) in a long term portfolio and its been a good performer. Shipping is also about as far removed from the current banking crisis as it gets.
The news that Safe Bulkers has named an independent Director is very good. Someone at SA commented that Schwab warned him that SB could be kicked out of NYSE for lack of independent director. I recall that the two Greek brother owners have repeated offered lots of common and preferred shares for someone interested to take something like 20% of the company and a seat in the Board of Directors. As long as there is no trade war or health problem with either of these two brothers, I will hold onto my SB C and SB D. Super honest and ethical Greek shippers. About 8 years ago, it was believed by almost all income investors that SB, Inc. the smallest of all bulkers would be filing for bankruptcy. The owners used their private company’s company bought Japanese custom made large scale efficient ship, and then leased it back to the public company. It took several years to be GAAP earnings positive. Scorpio Tankers got great quarter and has been good for a very long time. They called their baby bond. I recall that Tim and/or Gridbird likes GSL-B. It briefly issued more and then trading below par. Then it gapped up. I quickly picked up 200 shares slightly above par. It has behaved very well. I sold lots of CMRE preferreds yesterday to by safe issues SR-A plus 200 shares of SAJ baby bonds of small but agile BDC SUR.