VEREIT (VER) has announced they are redeeming another 6 million shares of the 6.70% cumulative preferred (VER-F).
Of course over the years this issue has been PARTIALLY redeemed many times–it was a giant issue to start–almost 43 million shares. With this new call outstanding shares should be in the 18 million shares area.
Investors had a chance to sell in the $25.70 area a few days ago. I had bought last time there was a partial redemption down around $25–but took a nice profit (2% I think) a few weeks or so later.
Shares are now trading around $25.26.
I have a low ball order in just in case someone wants to panic and give me a few shares.