The thrashing that started yesterday in Mall/Shopping Center REIT preferreds continues today, based on a number of recent articles in the Wall Street Journal and CNBC.
Right now Washington Prime (WPG) issues are taking the largest poundings with the 7.50% WPG-H preferred issue is off $1.38 to trade at $19.15 on almost 100,000 shares of volume. The 6.875% WPG-I preferred issue is right behind it with a loss of $1.05 on 39,000 shares. These issues traded down in the $12’s in recent history so even though they may tempt some investors they may have further to fall.
Of course the CBL preferred are off again–with the CBL-D and CBL-E issues off and trading in the mid $9’s.
We also notice the GasLog Partners (GLOP) preferreds off today by 1-2%. We had been in the GLOP-C issue earlier this year, but took profits–a continued fall may mean we will revisit the shares. We have not looked to see if there is news here to account for the losses. UPDATE-Further checking and as mentioned by readers the company was downgraded by Morgan Stanley.