Another of the stronger lodging REITs will be ‘refinancing’ one of their preferred issues with a new issuance of preferred stock.
Sunstone Hotel Investors (SHO) will be selling a new cumulative preferred issue and will be redeeming the 6.95% SHO-E preferred issue. The company also have a 6.45% preferred issue (SHO-F) outstanding which is redeemable starting on 5/17/2021.
The new issue will be unrated, cumulative and non-qualified.
SHO–like all lodging REITs has seen there revenue hammered by Covid–but debt levels are low (by lodging REIT standards) and with plenty of cash on the balance sheet they have survived the pandemic well.
The preliminary prospectus can be found here.
J was right on top of this one.