As we note items that may be of interest to preferred or baby bond holders we like to post a ‘heads up ‘ note.
Giant storage REIT Public Storage (NYSE:PSA) has announced stellar earnings. Of course we make a mention of this because of the plethora of preferred stock issues they have outstanding. While we own none of their preferred shares at this time we would love to own some if we could get a current yield somewhere north of 6%–currently almost all of the PSA preferreds have current yields around 5.6 to 5.7%.
You can check out all of the outstanding issues on the Preferred Stock of REITs page here.
Just a quick look at the PSA financials. The company reported net income of $322 million for the 3rd quarter compared to $279 million in the year ago quarter. For the 1st 9 months of the year net income was $959 million!!!! You’ve got to love financials like these. FFO for the nine month period was $1.39 billion As great as the financials are for PSA we have never owned the common shares, but we have owned the preferred shares many times–but now are awaiting higher interest rates and higher current yields.
For those interested in the financials for the company they can be found here.