Came across two new issues that are right around par, for those looking for a little jucier yield to replace some redemptions:
GNL-A, a first preferred issue from Global Net Lease, 7 1/4% coupon and cumulative, picked up my standard 100 share initial position just under par. Like GMRE-A, it's a perpetual maturity, first callable in 2022.
GMRE-A, also the first preferred issue from Global Medical REIT, a 7 1/2% coupon, also cumulative. Perpetual maturity, first callable in 2022. Picked up 100 just a few pennies over par.
These parent companies don't have the largest diversification or security, or else they wouldn't be offering such high coupons (their common stocks are yielding about 8 1/2%-9 1/2%), but part of it is that they are smaller and it's their first trip to the preferred troughs. I was tempted to buy some common with the higher dividend yields, but opted for the preferred instead since I'm getting into some direct real estate investing in my taxable account and want some more 'relative' stability in income in my tax deferred accounts.
Cost of $19.11. Hoping it doesn't turn into another damn Toys R Us. Mulligan, start talking up JCP to the girlfriend. Get her to go spend your moolah there!
