Sold Another Perpetual Preferred

Today we have gone ahead and sold another perpetual preferred.  We unloaded Glimcher Realty 7.5% cumulative preferred (GRT-H).  The reason we sold this issue is because it is trading at $26.25 and yielding just 7.14%.  As we move through the process of lowering perpetual preferreds as a percentage of the model we are not being scientific–just selling those with current yields that are the lowest and that are the most over par.

This sale brings our perpetual preferred holdings down to 23.4% in the 2014 Model Porfolio–I believe we started the year at 39%.  We will go to 20% for sure–maybe further, but that is yet to be determined.