Small hotel REIT Sotherly Hotels (NASDAQ:SOHO) is selling a new perpetual preferred stock issue. This issue will be perpetual. Dividends are not qualified, but are cumulative. The issue will be unrated.
The company already has 2 perpetual preferreds outstanding. The SOHOB 8% issue is trading at $25.10 and can be seen here. The SOHOO 7.875% issue is trading at $25.02 and can be seen here. Neither of these issues is presently redeemable.
Additionally the company has a 7.25% baby bond issue trading under ticker SOHOK which matures in 2021 (see note below)
NOTE THAT THE COMPANY INTENDS TO CALL THIS BABY BOND ISSUE WITH THE PROCEEDS OF THIS PREFERRED ISSUE. It became callable in 2/2019.