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Headlines of Interest

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

Diana Shipping Inc. Announces Time Charter Contract for m/v Polymnia With Reachy

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Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders

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Qurate Retail, Inc. to Present at Evercore ISI Consumer and Retail Conference

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Pinnacle West Upsizes and Prices Offering of $475 Million of 4.75% Convertible Senior Notes Due 2027

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PennantPark Floating Rate Capital Ltd. Upsizes Credit Facility to $611 Million

Lender retakes control of Capella Tower in downtown Minneapolis

4 thoughts on “Headlines of Interest”

  1. Tim, interesting article about commercial RE in downtown Minneapolis. In this case wasn’t a bank left holding the bag but an insurance co. The A & E ( extend and pretend) with WeWork as a renter and another borrower kicks the judgment day out to 2027 for one lender. The tax base for the city is going to be affected. Valuing the one tower at 198 mil which is what was owed when they couldn’t even get a offer at that price. This is going to get worse as the economy slows down.

    1. Charles the situation here in Pittsburgh is quite interesting in office at least.
      1) Highwoods (HIW) for a few years now has been trying unsuccessfully to unload PPG Place, a ‘Burgh showplace pretty fully occupied, and EQT Plaza, somewhat occupied- both ClassA downtown spaces..
      2) our City Council has been quite active in pursuing Class B and C ofc for conversions, passing tax incentives. There is 35bil in Fed money and PA State money to assist with these; the old Macy’s landmark was converted to apts/hotel/Target mini store successfully so far and the GNC Building (the vitamin store chain) is in the process of converting to residential now. A landmark of old US Industry, the Gulf Oil Tower, is being converted but getting access to the Federal help which it qualifies for is a red tape mess and the developer is just going to do it himself- resi/hotel planned.
      3) no ‘bank or ins co mtge turnovers’ yet that I am aware of– but the downturn in office and vacancy has led to many successful property tax appeals lowering bigly the tax..which is causing holes in city/school dist budgets.. and prompting a county wide possibly total reassessment before they decide to raise taxes (our r/e taxes are quite low btw. )
      4) UPMC (Pitt) and Highmark BC/BS dominate local r/e and are ‘non profits’ (Bea laughs!! ) …our Mayor has been successful in getting some of their properties which are a lot and growing..back on the tax roles. It is one thing to put up a hospital but to claim a building housing doctors who pay rent as a non profit r/e building is another- a few of those MOBs are back on the roles.

      So long story short, the commercial real estate mess is playing out in many ways for sure. So for me any CRE heavy bank is an avoid other than trade. Bea

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