Markets are dangerous for snoozers and dreamers.
Data center owner Digital Realty (DLR) has called their 5.875% perpetual preferred today–effective 10/15/2020.
The issue went ex-dividend yesterday for around 37 cents.
The issue has been redeemable since 4/2018, but yet was trading near $26 a day or two before ex–it went ex for 37 cents but bounced right back up toward $25.90. The company dropped the call this morning and shares are now trading at $25.06.
It is interesting that DLR is selling Euro Note debt at 1%–hint–don’t be fiddling with investment grade preferreds past call dates.
Of course we all mostly know this, but I post it as one more example of what a newer investor should not do.