Some of us have had profitable holdings of the VEREIT 6.70% perpetual preferred over the years. It is a monthly payor at a coupon that simply has not been available.
This issue closed at $25.44 today and pays a 14 cent monthly dividend–thus there are about 3 months worth of dividends in the issue right now.
VER has been performing very well as a triple net lease giant and this high yield preferred has been a thorn in their side since they issued it in 2014 and you can be certain a redemption of the final 14.9 million shares will occur this year. You can see all the redemptions of shares over the last couple of years here.
I expect a redemption to be announced in the next 4 weeks (based on their historical redemptions)–the only question is whether they call all the shares at once or continue with the partial redemptions.
I own no shares now–but will buy back in if they do a partial redemption and shares fall back to around $25.