Kimco Realty prices new issue at tight end of talk; Farmland in the market; Annaly active

By Stephanie N. Rotondo

Seattle, Aug. 7 – Two new issues were added to the preferred stock calendar on Monday, both of which were from real estate investment trusts.

Kimco Realty Corp. announced – and priced – a $225 million offering of 5.125% class L cumulative redeemable preferreds.

The deal came at the tight end of the 5.125% to 5.25% price talk.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books.

The company said it would use proceeds for general corporate purposes, which could include the redemption of the 6% class I cumulative redeemable preferreds (NYSE: KIMPrI) and the 5.5% class J cumulative redeemable preferreds (NYSE: KIMPrJ).

Meanwhile, Farmland Partners Inc. said it was selling series B participating preferred stock.

Raymond James & Associates Inc. and Jefferies LLC are the bookrunners.

Proceeds from that offering will also be used for general corporate purposes.

That deal had not priced as of 6:30 p.m. ET.

As for the secondary, Annaly Capital Management Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds (NYSE: NLYPrF) continued to be busy, finally trading up above par.

The issue closed at $25.03, a gain of 7 cents, on 1.12 million shares traded.

The $700 million deal priced July 25. Since pricing, the issue is regularly seen among the most actively traded issues.

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