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Real Estate Investment Trust (REIT), Sunstone Hotel Investors (NYSE:SHO), has sold another preferred stock offering only 60 days after their last offering. SHO is an owner of luxury branded hotels. The new issue being sold carries a coupon of just 6.45%, which is dramatically lower than the March new issue which carried a coupon of 6.95%. At the time of…

Dupont Fabros Technology (NYSE:DFT), a REIT and data center owner, has issued a new preferred stock with a coupon of 6.625%. The issue has the standard preferred stock terms--it is cumulative and redeemable at the companies option in about 5 years. This issuance is what we call a refinancing issue as the company is going to use the proceeds to…

Gabelli Global Small & Mid Cap Value Trust (NYSE:GGX) has issued a 5.45% cumulative, perpetual preferred stock. As the modest coupon would indicate this issue is of high quality. It is expected to be rated A2 by Moodys (although the rating is not finalized as of the moment).  The Gabelli family of closed end funds has numerous preferred issues outstanding…

UPDATE--OTC Grey Market ticker is IBRRP Louisiana banker IBERIABANK Corp (NASDAQ:IBKC) has priced a new issue of preferred stock.  This issue is the fixed to floating rate variety, meaning they start with a fixed coupon rate of 6.60% and later (in this case 10 years) the coupon rate will float at a rate equaling 3 month libor plus 4.92%. Competing…

This week we have continued to harvest some of our profits in the Blended Income Portfolio which we had written about last week. On Wednesday we sold our holdings in Gladstone Capital 6.75% term preferred stock (NASDAQ:GLADO).  While there is nothing fundamentally wrong with Gladstone it simply was time to take a nice profit.  We had purchased 400 shares of…