The action today in the preferreds is primarily in the various REITs-like yesterday. Stag 6.875% (STAG-C) has traded 13 times normal volume and is off 18 cents. Urstadt Biddle 6.25% (UBP-H) has traded 2 times average volume and Site Centers 6.375% (SITC-A) has traded 2 times average daily volume. Volume is also high in the Digital Realty issues as well as PS Business Parks issues.
Shares price movement have also been in REIT preferreds as well as some of the shippers. Braemer Hotels 8.25% (BHR-D) has been on a wild ride but is now off just 69 cents after being off more than $1.50 earlier. Washington Prime Group 7.50% (WPG-H) is off 58 cents. A couple of the Costamare issues are off 61 and 57 cents. Shipper Hoegh LNG 8.75% (HMLP-A) and Golar LNG 8.75% (GMLPP), both of which had escaped the downdrafts earlier in the week are off 50 and 30 cents respectively after being much lower earlier in the day.
The afternoon will be interesting – we will see who gets taken out and shot-or maybe a bounce (not likely).