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High Yield REIT Shares & Debentures: PEI, etc

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REIT Shares & Debentures
Top, Highest REIT Yields : ValueForm.List :
High Yielding Stocks VF Member Classification Latest Stock Price Latest Dividend Declared Ex Dividend Date Annualized Dividend Annual Yield
Rait Fin'l Trust 7.75 Series A Cumu RAS.PRA Mortgage REITS 8.84 0.4844 Quarterly 03/22/18 1.9375 21.91%
Washington Prime Group Inc WPG REITs 5.22 0.25 Quarterly 03/01/19 1 19.16%
Arlington Asset Invest. Corp Cl.A AI Mortgage REITS 8.19 0.375 Quarterly 03/28/19 1.5 18.32%
Spirit Mta Reit Com Shs OF Benefic SMTA REITs 7.33 0.33 Quarterly 12/28/18 1.32 18.01%
Cbl & Associates Properties Inc CBL REITs 1.91 0.075 Quarterly 03/29/19 0.3 15.71%
Eagle Point Credit Company Inc ECC REITs 16.73 0.20 Monthly 03/11/19 2.4 14.35%
Orchid Island Capital Inc ORC REITs 6.75 0.08 Monthly 03/28/19 0.96 14.22%

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High Yield REIT stocks

PEI / Penn. REIT ... all-data: 10yr: 5yr : 2yr: 6mo /10d - Last:


WPG / Wash.Prime ... all-data: 10yr: 5yr : 2yr: 6mo /10d - Last:


Pfds : WPG.ph & WPG.pi / 4yr : 6mo / 10d : Last: pH:7.5%: $22.09 =8.49% / pI:6.875%: $19.90=8.64% ($25  Face?)


Symbol    Company------  Last : Earns. PE-R: Div.pa Yield : BkVal: P/BV: MktCp: EntVal. Ebitda: EV/eb.: $Debt: Dt/eb.:
PEI  / Penn. REIT -------- : $5.88 (1.98) N/a : $0.84 14.2%: $6.25:  94.% $466M: $2.17b $197.M: r11.0: $1.66b: r8.43:
WPG/ Wash. Prime ----- : $5.22: 0.42: 12.3: $1.00 19.4%: $4.28: 122% $1.15b: $4.22b $409.M: r10.4: $2.94b: r7.19:
DMY / Dummy REIT ---- : $0.00: 0.00: 0.00: 00.00 0.00%: $0.00: 000% $0.00b: $0.00b $000.M: r0.00: $0.00b: r0.00:



The Washington Prime Group preferred stocks, WPG-H and WPG-I, are some of the most robust preferred stocks out there due to their relative small size on WPG's balance sheet.

They enjoy a dividend coverage of 25 times and an asset coverage of 10 times. The large PFF iShares US Preferred Stock ETF is going through a re-positioning of switching the index it tracks. It is selling WPG-H preferred stock holdings.

Both preferred shares are significantly undervalued today due to PFF selling shares. They offer income investors a 10% yield plus 30% to 40% upside potential. WPG-H and WPG-I offer an opportunity for income-focused investors to lock in a 10% yield for many years that enjoy an enormous coverage through both cash flow and assets.

> https://seekingalpha.com/article/4241072-washington-prime-group-top-preferred-stock-pick-10-percent-yield-40-percent-upside


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Pennsylvania REIT stock price target cut to $5 from $7 - at SunTrust RH
MARKETWATCH : 7:19 PM ET 03/19/19 - stock dropped in early 3/20 trading
(I wrote on 3/20):
I Sold the Oct.$7  Put  & Bought Apr.$4 Calls for  small debit, of less than 10 cents
I intend to exercise the Apr.$4 Calls, and collect the May Quarterly dividend
My cost to collect the $0.21 / Qtr. and $0.84 pa. dividend will be a little over $4.00 (ie, that is a Div. yield > 20%)
Until October,  when I will have to face possible exercise of the Puts. With luck, PEI may be above that level then.
If not, I can sell some of my PEI shares to cover buying back the $7 Put.

Remember THIS stock (Penn. REIT)?
PEI / Penn. REIT ... 4-yr : 10d / Last: $7.68 +0.63, +8.94%


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CHOSEN from the articles below




9 REITs Yielding Up To 8% Set To Raise Dividends - Forbes

Oct 8, 2018 - List: xx
9 REITs Yielding Up To 8% Set To Raise Dividends. Iron Mountain. Dividend Yield: 6.9% Iron Mountain is the data-center REIT that's oh so much more than that. Kite Realty. Dividend Yield: 7.8% Kite Realty is the highest-yielding REIT on this list, at nearly 8%, but it has gotten to that ballooned yield the wrong way:
/ 2 /

5 REIT Dividends You Could Retire On Forever - Forbes

Sep 24, 2018 - Real estate investment trusts (REITs) and their typically high dividend yields are a key part of a payout-powered retirement portfolio that’s built to dish out higher and higher dividends every single year. The five REITs we’ll discuss today will pay you 4% to 7.3% per year in ...
/ 3 /

10 of The Highest Yielding REITs Analyzed in Detail - Sure Dividend ...

May 25, 2018 - In return, REITs typically do not pay corporate taxes. As a result, many of the 171 dividend-paying REITs we track offer high dividend yields of ...

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CBL / CBL & Associates Properties Inc. (NYSE) ... all data : 10d - Last: $1.89, yield: 15.87%. 12 mos. range: $1.785-6.26


Symbol    Company-----  Last : Earns PE-R: Div.pa Yield: BkVal: P/BV: MktCp: EntVal. Ebitda: EV/eb: $Debt: Dt/eb.:
PEI  / Penn. REIT -------- : $5.88: (1.98) N/a : $0.84 14.2%: $6.25:  94.% $466M: $2.17b $197.M: r11.0: $1.66b: r8.43:
CBL / CBL &Assoc Prp : $1.89: (0.72) N/a : $0.68 15.7%: $5.58:  34.% $377M: $4.42b $544.M: r8.17: $4.04b: r10.7:
DMY / Dummy REIT ---- : $0.00: 0.00: 0.00: 00.00 0.00%: $0.00: 000% $0.00b: $0.00b $000.M: r0.00: $0.00b: r0.00:


CBL Owns & manages shopping centers in the Midwest, etc.

Debt/ Ebitda is over 10X @ r10.7.

CBL needs to urgently Sell Assets, and reduce its debts

> CBL website: https://www.cblproperties.com/


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PEI Dropped sharply, but then recovered quickly

PEI ... update


The drop was awkward, because it came in the week of the options expiry

I rolled some calls into may and exercised some - in fact I increased my position slightly by adding 10% more calls.

So I was relieved to see the rapid price recovery

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PEI has Popped Up on strong earnings

PEI / Penn Reit ... 10d / Last: 7.34-0.34, -4.43% Yield: 11.44%  Volume: 2,688,292


"2019 is a Breakthrough Year for PREIT"

Q1-2019 :  Earnings Call : Logged-in :

PREIT Reports First Quarter 2019 Results

Core Mall Sales Per Square Foot reached record high of $517. Completed $43 million in asset sales and improved liquidity position by over $70 million CoreMall Occupancy increased100 bps to 94.7% Full Year FFO as adjusted guidance reaffirmed

Philadelphia, PA, May 2, 2019

PREIT (NYSE: PEI) today reported results for the quarter ended March31, 2019. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located in the tables accompanying this release.

Quarter EndedMarch31,
(per share amounts)
———————————————:            2019 :  2018 :
Net loss -basic and diluted :        $(0.30): $(0.14)
FFO                                                    $0.17 :   $0.29 :
FFO, as adjusted                              $0.26 :  $0.29
FFO from assets sold in 2018.    :       —  : $(0.01)
FFO, as adjusted for assets sold:  $0.26 : $0.28

Same Store NOI, both including and excluding lease termination revenue, was up 2.2% for the quarter compared to March 31, 2018.

o Same Store NOI, excluding lease termination revenue,in PREIT’s wholly-owned portfolio was up 3.2% compared to March 31, 2018. Lower revenues from tenants that filed for bankruptcy protection in 2018and 2019reduced first quarter 2019Same Store NOI by $0.5million compared to last year’s first quarter.The impact of co-tenancy adjustments on same store NOI was not material. NOI-weighted sales at our core malls increased to $531 per square foot. Core Mall sales per square foot reached $517, a 2.8% increaseover the prior yearand a sequential increase of 1.4%. Average comparable sales per square foot increased 4.2% in PREIT’s top 6 properties to $621.Core Mall total occupancy was 94.7%, a 100 bps increase over March 31, 2018. Leased space continues to exceed 95%, when factoring in 613,000 square feet of executed new leases slated for future occupancy.

. . . Year-to-date, the Company has completed asset sales generating cash proceeds of $43 million and improved its liquidity position by over $70 million.The Company has no material debt maturities until 2021."

As catalystprojects are set to come online this Falland we progress on our densification initiatives,PREIT continues to lead the way in redefining the mall experience with results that validate our strategy,said Joseph F. Coradino, Chairman and Chief Executive Officerof PREIT.With sales per square foot approachingthe next milestone of $550, no unleased anchor space in our core mall portfolioandprogress on delivering over 5,000 apartment units, our portfolio is attractive to tenants and reflective ofthe future of our industry. Wecontinue to place a strong emphasis ondelivering new and differentiated customer experiences to our malls and have a strategy to generate proceeds to recapitalize the Company for sustainable growth in the future.

In April 2019, we closed on the sale of the Whole Foods parcel located at Exton Square Mall for $22.1 million. In April 2019, we sold an undeveloped land parcel located in New Garden Township, Pennsylvania, for total consideration of $11.0 million consisting of $8.25million in cash and $2.75million of preferred stock. Financing Activity. In March 2018, we repaid a $58.5 million mortgage loan including accrued interest, secured by Capital City Mall in Camp Hill,Pennsylvania using funds from our 2013 Revolving Facility and the balance from available working capital. We recorded aloss on debt extinguishmentof $4.8million in March 2019 in connection with this repayment.The addition of Capital City Malltoour unencumberedpoolis expected togenerate approximately $40million in incremental capacity under our Revolving Facility.

Leasing and Redevelopment

Excluding Fashion District Philadelphia, 613,000 square feet of leases are signed for future openings. This is comprised of 494,000 square feet of space expected to open in 2019 contributing annual gross rent of $10.4million and 119,000 square feet opening in 2020 contributing annual gross rent of $2.3 million.

At Fashion District Philadelphia, leases for over 85% of the leasable areaare signed or are in active negotiation. Noteworthy commitments joining Century 21and Burlington include H&M,Nike,Forever 21, AMC Theaters,Round One, City Winery, Ulta,Columbia Sportswearand Guess Factory. The first wave of tenants is expected to open in September 2019.


"We have Resident property land worth $150M that is non-performing as retail space.

This could recapitalize the company." / BkVal: $7.03 per sh

Shs OS ( 77.4M) x $7.34 = Mkt Cap: $ 582.8M > per Yahoo Finance

Compare with..................... Debt OS: $ 1.7 Bn     


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PREIT shorts cannot be happy

PEI / Penn Reit ... update : 10d / Last: $7.45


: 10d /



(getting MORE expensive to borrow - are these overnight rates?)

Largest borrow rate increases among liquid names (TheFlyOnTheWall)

Latest data shows the largest indicative borrow rate increases among liquid option names include: Coty (COTY) 2.52% +2.00, New Age Beverages (NBEV) 77.71% +0.86, SPDR Gold Trust (GLD) 0.37% +0.11, Direxion S&P Biotech Bear 3X (LABD) 10.18% +0.10, Silica Holdings (SLCA) 0.49% +0.08, ABB (ABB) 2.11% +0.07, Pennsylvania REIT (PEI) 1.88% +0.06, Canadian Pacific (CP) 0.31% +0.04, Direxion Oil & Gas 3x Bull ETF (GUSH) 6.36% +0.02, and Lannett (LCI) 2.05% +0.01.

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PEI's correction may be over

PEI / Penn Reit ... 2yr : 6mo : 10d / Last: $6.83 +$0.14, +2.09%; Yield: 12.13%


: 6mo :



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Back to Resistance levels - Can they break through it?

CBL & PEI ... update : PEI-CBL : $1.12 +0.07, $6.50 -0.02, WPG: $3.90, +0.05




10d- w/WPG : WPG: $3.90, +0.05




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