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Headlines of Interest

Below are press releases from companys which have preferred stock and/or baby bonds outstanding–or just news of a general interest.

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MFA Financial, Inc. Announces Pricing of Public Offering of Senior Notes

Offices Around America Hit a New Vacancy Record

Private U.S. companies increasingly going bust as profit shrinks

Enterprise Financial Services Corp Announces Fourth Quarter 2023 Earnings Release and Conference Call

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Assurant to Announce Fourth Quarter and Full Year 2023 Financial Results

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Eversource Energy Announces Fourth Quarter 2023 Impairment

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Equitable Holdings Schedules Announcement of Full Year and Fourth Quarter 2023 Results


Regency Centers Prices $400 Million Senior Unsecured Notes Offering

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MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter and Fiscal Year Ended December 31, 2023

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Vornado Realty Trust Names Cushman & Wakefield to Launch Leasing Program at Reinvented PENN 2 Office Tower in the Heart of Vornado’s PENN DISTRICT Campus

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Terreno Realty Corporation Acquires Property in Bellevue, WA for $6.5 Million

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Air Lease Corporation Announces Fourth Quarter and Year End 2023 Earnings Conference Call

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Best’s Commentary: Strong Recovery in Total Reinsurance Capital Countered by Surplus Distributions

13 thoughts on “Headlines of Interest”

  1. Special thanks to Tim this evening for posting these offerings, much appreciated as I don’t post here too much now.

    My father has front temporal dementia (the same kind that Bruce Willis has) and has recently been placed in a nursing home at $7,000 per month. As I handle his financial affairs and he may be there for a few years, we bought a number of PSA and NNN bonds with rates in the range of 5.1% to 5.60%. High credit quality. When listed, we are now going to buy the new Regency Centers bonds and are going to lock in the rate of 5.25% for the next ten years, but he won’t last that long. They are rated Baa1/BBB+ and purchased the old Urstadt Biddle company. The CUSIP is 75884RBB8 based on the SEC filing this evening, but am not sure if this is 100% correct. We all have a “story” behind the scenes and this was mine this evening.

    Thank you Tim.

    1. I am so sorry -he is lucky to have you D. (Mom in hospital now..its always something, she will be ok I think..so far so good. ) B

  2. Be interested in if Regency calls some of the preferred that is outstanding after a couple of the buyouts they did recently.

    1. Charles, Based on REG’s history I’m guessing there’s a greater than 50% probability REGCP is called in next 12 months. For that reason I’m hiding out in the lower coupon REGCO. (doesn’t this remind you of our CNTHO/CNTHP discussion from last year). I was averaging-down heavily in the $18s and 19s on this one when it was still…(I can’t remember the name of the acquired company!! hahaha). REG is a super-well-run REIT so selling nothing unless it gets too far north of $25.

      One could also look at the common on REG as the company has low debt, a BBB+ S&P, a divvy north of 4% and a AFFO growth rate around 3.50% for ten years and about 7.50% over the last five years and projected growth for the next few years at around 5% and P/AFFO well under 20. Also IIRC their average customer sports an income of $150K, so some good recession resistance.

            1. MBG, I sure feel like the III village idiot today.

              I placed three significant buys today – all in the wrong account. Not sure how I did it (other than I was doing it while listening on the phone to a colleague tell a long story I have heard before).

              Luckily, I caught it pretty quickly and I called Schwab to fix it – but it certainly made me feel stupid. And I felt even more stupid trying to explain it to the broker.

              I have a personal rule not to look at investment things when I am on with clients – may have to expand that rule.

              1. Private, I think something’s going around in the III village.

                Maybe we caught the bug from someone here! Because today, while on the phone with my dad, I made up a trade order to sell something – I wasn’t paying full attention to my dad, nor to the order I was making, and I selected “Buy”. Now have 300 more shares of SPLP-A, ha.

                I avoided the ‘feeling more stupid’ experience by just not telling my friend, the one who suggested I might want to de-risk somewhat by selling some.

      1. Yeah Alpha – when I saw the headline Tim posted on REG issuing $400 million of senior notes, the first thought that came to mind was the possibility of REGCP and REGCO being called. Alas not sure if they would save enough on the interest / dividend payout to make it worthwhile right now

        But I too can see it happening down the road when rates dip . I have twice as much O vs P but hold them both. As long as it doesn’t go too far above par, I will be happy to hold my REGCP long term. If REGCO starts trading over par, that one may make me sell as I have some very nice capital gains on O

        1. I have been doing pretty good holding BFS D & E.
          My dream is I get bought out like my UBP preferred.

        2. Mav:

          Not so sure about that. REGCP has 4.6M shares outstanding at 6.25% and the $400M of bonds are being issued at 5.25%. And REGCP traded this week over $25.

          Redeeming REGCP will save REG $1.15M per year. I have followed this company for many years and they aren’t big fans of cumulative perpetual preferreds. I would say that REGCP has a very good chance of being called in the next few months. Almost hard to believe we are already back to worrying about redemptions again.

          5.875% REGCO will be safe for now as it can’t be called until October.

          1. Keep in mind that the new issue not only came at a discount (99.617) but they paid the standard issuance fees… So they got $395,868,000 from the issue. As an approximation, that would mean the cost to REG = 5.38%. Rule of thumb (75 to 100 basis points savings) would say that’s a very marginal but possible savings for a refunding… I do not see a final 424 filing on EDGAR yet, but the preliminary Use Of Proceeds implies the first line of use would be to reduce balance on outstanding line of credit then corporate purposes that might include debt reduction (note – mention of preferreds)…. It’s not out of line impossible, but it’s a marginal bet imho that funds will go to redeeming REGCP….

            “We estimate that the net proceeds of this offering, after deducting the underwriting discount and other estimated offering expenses payable by us, will be approximately $ million. We plan to use net proceeds from the offering to reduce the outstanding balance on our line of credit and for general corporate purposes, including, but not limited to, the future repayment of outstanding debt.”

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