Triple net lease REIT Global Net Lease (GNL) has announced the sale of a new cumulative, fixed rate, perpetual preferred stock. Of course being a REIT preferred the dividends will be non qualified.
The issue will have an early redemption period in 2024.
The preliminary prospectus can be found here.
The company has 1 other preferred issue outstanding which has a 7.25% coupon (GNL-A) which trades fairly strongly and is at $26.35.
Thanks to Fabrib for being on this one right away this morning.
6.875%
https://www.sec.gov/Archives/edgar/data/1526113/000110465919065933/tm1923567-1_fwp.htm
I have a fair amount of holdings in the GNL-A shares, although I don’t own shares of the common stock as their payout ratio is very high and I’m afraid of a dividend cut on the common. It will be interesting to see where this issue is priced.
Based on price action and volume in GNL-A today, I’m guessing the new series is superior. But we’ll find out tomorrow. I had fortunately sold all my GNL-A recently on the runup and would love an opportunity to get back in around 25.50. Leverage is high but assets and tenant quality are very good.
Any talk on the coupon?