That market is punishing equity REITs and their preferred shares. This one is currently a buy, but the preferred shares are a strong buy. All three preferred shares are trading at a huge discount to the call value of $25. The preferred shares from these are a good fit for investors willing to take on more risk.
The market has punished preferred shares from PREIT (PEI). PREIT isn’t as strong as Simon Property Group (SPG), but they do have some great properties. I believe PEI is currently in the buy range. PEI-B, PEI-C, and PEI-D are all in the strong-buy range. The preferred shares are trading at a significant discount to the call value of $25. They also carry less risk than the common stock.PEI-B doesn’t have call protection on the calendar, but it has a healthy discount to call value.
Source: Seeking Alpha
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