While I am not a holder of any REIT preferred issues that are retail focused those with a bit more risk tolerance may want to consider these issues.
The 2 issues are from retail focused REIT Saul Centers (BFS). These 2 issues, the 6.125% perpetual preferred (BFS-D) and the 6% perpetual preferred (BFS-E) have call protection out until 2023 and 2024 respectively.
kaptain lou had written about the 6% issue on Seeking Alpha a couple weeks ago and the E issue was trading at $24.35–yesterday it took a tumble to as low as $22/share–bouncing back today to $22.75.
BFS is one of the stronger retail REITs, but there again if you are totally negative on the sector these are not for you–but some due diligence by an investor may prove to them that at these prices there are bargains to be had if bought now.