Below are some press releases from company’s that have preferred stock or baby bonds outstanding.
Texas Capital Bancshares, Inc. Completes Sale of Its Insurance Premium Finance Business
Dynagas LNG Partners LP Declares Cash Distribution on its Series B Preferred Units
PacWest Bancorp Announces Quarterly Dividends
Textainer Group Holdings Limited Reports Third-Quarter 2022 Results and Declares Dividend
Franklin Street Properties Corp. Announces Third Quarter 2022 Results
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2022
Prudential Financial, Inc. Announces Third Quarter 2022 Results
Assurant Reports Third Quarter 2022 Financial Results
TravelCenters of America Inc. Announces Third Quarter 2022 Financial Results
Energy Transfer Reports Strong Third Quarter 2022 Results and Raises 2022 Outlook
Edison International Reports Third Quarter 2022 Results
Public Storage Reports Results for the Three and Nine Months Ended September 30, 2022
KKR & Co. Inc. Reports Third Quarter 2022 Results
Triton International Reports Third Quarter 2022 Results and Raises Quarterly Dividend
Seemed like stellar results from PSA, but the stock is down 6%. Then I saw this:
“Square foot occupancy slid to 94.5% from 96.8% a year earlier.”
In the current economic environment, it appears even self-storage customers are finally getting rid of their junk and refusing to pay the increasing monthly costs of renting units. The best competition for self storage will always be a trash dumpster.
All the self storage REITs are getting smashed today.
And this had to be a painful transaction for PSA:
“On August 15, 2022, the Company redeemed its 2.370% Senior Notes due September 15, 2022, with an aggregate principal amount of $500.0 million.”
Triton’s and Textainer’s solid and generally cheery reports contrast with the industry news, which is reporting falling shipping rates (which seems good for container lessors) and falling container rates (which doesn’t.)
“Market Volatility causing the classic ‘boom and bust cycle’ in the container shipping industry ” — Container xChange October Forecaster
Triton bumps its divvy but shifts capital allocation to buybacks and notes “We anticipate our Adjusted net income per share will decrease sequentially as our utilization and used container sale prices decrease from their recent extraordinarily high levels….”
Textainer also emphasizes divvies and buybacks, and notes “demand for new containers was muted during the third quarter as shipping lines operate with sufficient inventories, thereby limiting lease out opportunities. ”
On the other hand, The Other Website is gushing with “you can’t lose” optimism and TGH and TRTN, are up 9-10%/month. IMHO high, imbedded, long term lease-up rates for TGH and TRTN weigh against cross-currents from easing supply chains, recessionomics, sporadic China manufacturing center lockdowns and falling used-box resale prices. Just thinking out loud here. Long: containers
Rithm Capital Non-GAAP EPS of $0.32 beats by $0.03, revenue of $912.84M beats by $44.96M
Rithm Q3 earnings beat, helped by lower expenses, makes investment in CRE firm
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