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Jernigan Capital talks preferreds; UMH Properties prices; AmTrust sell-off an ‘over-reaction’
By Abigail W. Adams
Portland, Me., Jan. 18 – The primary market was active early Thursday with two real estate investment trusts bringing new deals forward.
Jernigan Capital planned to price an offering of $25-par series B cumulative redeemable preferred stock after the market close on Thursday. Price talk is for a dividend of 6.75% to 7%, according to a market source.
UMH Properties Inc. priced $50 million, or 2 million shares, of 6.375% series D cumulative redeemable preferred stock at par of $25 a share prior to the market open on Thursday. The preferred stock had not freed to trade at the time of going to press on Thursday.
Preferreds in the secondary market largely ended Thursday in the red with the Wells Fargo Hybrid & Preferred Securities Financial Index slipping 30 bps.
While the overall market was down, AmTrust Financial Services’ series A-F preferreds rebounded.
The sell off, which pushed the preferreds down for much of the week, was “an overreaction” to bad publicity, a market source said.
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