Sector: REIT
Annaly Capital Management Series G 6.50% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Annaly Capital Management, Inc. is a real estate investment trust (REIT) that primarily invests in and manages a portfolio of mortgage-backed securities. The company operates as a middleman between borrowers and lenders by using the funds from short-term borrowings to purchase long-term, fixed-rate mortgages. Annaly Capital generates revenue through the difference between the interest income earned on its mortgage investments and the cost of its borrowings. The company’s goal is to generate high, stable income for its shareholders while also preserving capital. Annaly Capital is headquartered in New York and was founded in 1997.
Coupon is fixed at 6.50% until 3/31/2023 after which the coupon floats at a rate of 3 month Libor plus a spread of 4.172%
Kimco Realty Corporation 5.25% Class M Cumulative Redeemable Preferred Stock
Vornado Realty Trust 5.25% Series M Cumulative Redeemable Preferred Shares
Colony Northstar 8.25% Series B Cumulative Redeemable Perpetual Preferred Stock
Issue was partially called on 10/13/2017
Colony Northstar 8.50% Series D Cumulative Redeemable Perpetual Preferred Stock
Colony Northstar 8.75% Series E Cumulative Redeemable Perpetual Preferred Stock
Previously was a Northstar Realty Finance Issue
PS Business Parks, Inc 5.20% Cumulative Preferred Stock, Series Y
PS Business Parks acquired by Blackstone on 7/20/2022. Ratings withdrawn
Shares were tendered for at a price of $15.33/share and 5.8 million shares were tendered. Shares to delist 1/13/2023
Balance of shares not tendered now trading on the OTC market
Shares were tendered for (again) at a price of $15.33/share on 3/1/2023).
Two Harbors Investment Corp., 7.25% Series C Fixed-to-Floating Cumulative Redeemable Preferred Stock
Preferred stock dividend reinstated 4/2020
Dividend suspended 3/2020 because of asset damage caused by Covid 19.
Coupon is fixed at 7.25% until 1/27/2025 at which point it begins to float at 3 month Libor plus a spread of 5.011%
Plymouth REIT 7.50% Series A Cumulative Redeemable Preferred Stock