We noticed after market close today that the preferred issues with the highest volume compared to their average daily volumes were all REITs. Likely today we are seeing reshuffling in a REIT Preferred Stock Fund–we had not seen much volume in the REIT issues lately so it will be interesting to see what the next couple of days bring from this sector. Fortunately, while the volumes were high, the prices were not disrupted too much.
Site Centers 6.375% (SITC-A) traded 19 times the average daily volume. Stag Industrial 6.875% (STAG-C) traded 15 times normal volume, while City Office REIT 6.625% (CIO-A) and Urstadt Biddle 7.125% (UBP-G) traded 10 times normal volume.