Morning Commentary: Preferred market tone improves; primary quiet; Seritage, EPR Properties gain

By Cristal Cody

Tupelo, Miss., Jan. 5 – Preferred stocks were positive at the start of Friday’s session.

The Wells Fargo Hybrid and Preferred Securities index rose 14 basis points over the morning.

The U.S. iShares Preferred Stock ETF was up 3 bps.

The preferred stock primary market has been quiet since the New Year started.

In early trading on Friday, Seritage Growth Properties’ 7% series A cumulative redeemable perpetual preferred stock (NYSE: SRGPrA) rose 5 cents, or 0.2%, to $24.55.

The real estate investment trust formed by Hoffman Estates, Ill.-based Sears Holdings sold $70 million, or 2.8 million shares, of the $25-par preferreds on Dec. 7.

In other new issue trading, EPR Properties’ 5.75% series G cumulative redeemable perpetual preferred shares (NYSE: EPRPrG) traded up 1 cent, 0.4%, to $26.12 over the morning.

The Kansas City, Mo.-based real estate investment trust sold $150 million, or 6 million shares, of the $25-par preferreds on Nov. 20.

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