1/14/12

REIT Preferreds on the Endangered Species List

<PRE>
Symbol

Sub Sector

Convert Years Coupon

To
Yield
First
Call

Current Yield
Yield
To
First
Call

Coupon Yield >=

7.0%
Yield to first call < 6.0%
High quality REITs COULD call any and all issues that are past the first
call date.
HIGH RISK OF DISAPPOINTING RETURNS!!!!!!
CMO-PA
CMO-PB
IRETP
NLY-PA
O-PD
KRC-PE
HCN-PF
ARE-PC
VNO-PE
BIR-PA
HCP-PE
ANH-PA
TCO-PG
HCN-PD
HCP-PF
BFS-PA
REG-PC
TCO-PH
PSB-PH
PLD-PO
UBP-PD
BMR-PA
AIV-PT
NNN-PC
AIV-PV
MFA-PA
KRC-PF
SLG-PD
GRT-PF
LXP-PB
REG-PD
OFC-PG
LHO-PE
ELS-PA
AIV-PU
PSB-PO
PSB-PM
AIV-PY
SLG-PC
PSA-PN
CBL-PC
BDN-PC
WRD

Home Financing
Home Financing
Diversified
Home Financing
Diversified
Office
Health Care
Office
Diversified

Conv
Conv

Health Care
Home Financing
Regional Malls
Health Care
Health Care
Shopping Centers
Shopping Centers
Regional Malls
Mixed
Industrial
Shopping Centers
Office
Apartments
Free Standing
Apartments
Home Financing
Office
Office
Regional Malls
Diversified
Shopping Centers
Office
Lodging/Resorts
Manufactured Homes
Apartments
Mixed
Mixed
Apartments
Office
Self Storage
Regional Malls
Office
Shopping Centers

0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.46
0.09
0.09
2.63

9.76%
10.08%
8.25%
7.87%
7.37%
7.80%
7.62%
8.37%
7.00%
9.00%
7.25%
8.62%
8.00%
7.87%
7.10%
8.00%
7.45%
7.62%
7.00%
7.00%
7.50%
7.37%
8.00%
7.37%
8.00%
8.50%
7.50%
7.87%
8.75%
8.05%
7.25%
8.00%
8.00%
8.03%
7.75%
7.37%
7.20%
7.87%
7.62%
7.00%
7.75%
7.50%
8.10%

6.83%
8.65%
7.64%
7.41%
6.98%
7.43%
7.34%
8.08%
6.77%
8.70%
7.04%
8.37%
7.77%
7.65%
6.92%
7.80%
7.28%
7.45%
6.85%
6.85%
7.34%
7.23%
7.84%
7.24%
7.86%
8.35%
7.38%
7.76%
8.62%
7.95%
7.17%
7.91%
7.92%
7.95%
7.68%
7.31%
7.14%
7.81%
7.56%
6.73%
7.70%
7.46%
6.82%

-406.77%
-169.81%
-82.57%
-63.55%
-57.36%
-49.78%
-36.39%
-33.38%
-31.99%
-30.48%
-27.17%
-26.73%
-26.43%
-26.10%
-23.19%
-22.30%
-20.08%
-19.88%
-18.22%
-17.75%
-17.26%
-15.99%
-15.38%
-13.68%
-13.05%
-11.88%
-11.23%
-9.47%
-8.13%
-6.03%
-5.90%
-5.61%
-3.75%
-3.71%
-3.06%
-2.97%
-2.20%
-2.00%
-1.78%
-1.78%
0.11%
0.44%
0.89%

MNR-PA
BFS-PB
KIM-PG
EPR-PE
HPT-PB
DRE-PO
VNOD
CWHN
SPG-PJ
UBP-PC

Industrial
Shopping Centers
Shopping Centers
Diversified
Conv
Lodging/Resorts
Mixed
Diversified
Office
Regional Malls
Shopping Centers

0.09
1.13
0.72
1.21
0.09
1.05
2.72
2.80
15.72
1.30

7.63%
9.00%
7.75%
9.00%
8.87%
8.37%
7.88%
7.50%
8.38%
8.50%

7.59%
8.43%
7.50%
8.41%
8.83%
7.99%
7.18%
6.93%
5.91%
8.23%

2.06%
2.91%
3.00%
3.12%
3.22%
3.80%
4.08%
4.37%
4.73%
5.90%

Coupon Yield
< 7.0%
Yield to first call < 6.0%
Most REITs can not get achieve a lower cost of funds by calling
these issues. HOWEVER, if rates continue to fall, calling them
will be more desirable.
SOME RISK To Investors achieving sub-par returns.

NLYBP
DLRCP
ESSFO
DGRDP
PSA-PA
PLD-PP
O-PE
PSA-PC
PSA-PE
PSA-PW
EQR-PN
PSA-PZ
PSA-PX
WRI-PE
VNO-PI
PSA-PD
REG-PE
PSA-PF
VNO-PG
PSB-PP
BRE-PD
VNO-PH
PSB-PI
VNO-PF
WRI-PD
PSA-PM
WRI-PF
KIM-PF
DRE-PM
PSA-PL
UDR-PG
PSA-PO
KIM-PH
PSA-PQ
PSA-PP
PSA-PR
VNO-PJ
PSB-PR
HCN-PI
PSA-PS

Home Financing
Conv
Apartments
Conv
Self Storage
Industrial
Diversified
Self Storage
Self Storage
Self Storage
Apartments
Self Storage
Self Storage
Shopping Centers
Diversified
Self Storage
Shopping Centers
Self Storage
Diversified
Mixed
Apartments
Diversified
Mixed
Diversified
Shopping Centers
Self Storage
Shopping Centers
Shopping Centers
Mixed
Self Storage
Apartments
Self Storage
Shopping Centers
Self Storage
Self Storage
Self Storage
Diversified
Mixed
Health Care
Self Storage

0.09
0.21
0.09
1.05
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.30
3.21
3.55
4.22
3.72
4.47
4.22
3.72
6.22
4.97

6.00%
4.38%
4.88%
5.50%
6.12%
6.85%
6.75%
6.60%
6.75%
6.50%
6.48%
6.25%
6.45%
6.95%
6.62%
6.18%
6.70%
6.45%
6.62%
6.70%
6.75%
6.75%
6.87%
6.75%
6.75%
6.62%
6.50%
6.65%
6.95%
6.75%
6.75%
6.88%
6.90%
6.50%
6.50%
6.35%
6.88%
6.88%
6.50%
5.90%

3.33%
3.16%
4.66%
3.53%
5.95%
6.66%
6.58%
6.47%
6.61%
6.37%
6.36%
6.14%
6.33%
6.84%
6.53%
6.09%
6.60%
6.36%
6.55%
6.63%
6.68%
6.68%
6.81%
6.69%
6.69%
6.57%
6.45%
6.60%
6.90%
6.71%
6.63%
6.19%
6.15%
5.91%
5.98%
5.92%
6.46%
6.56%
6.25%
5.90%

-667.98%
-146.81%
-49.49%
-37.29%
-26.45%
-25.27%
-23.53%
-17.69%
-16.99%
-16.86%
-15.96%
-15.26%
-14.60%
-11.32%
-10.24%
-10.22%
-10.17%
-9.02%
-6.52%
-6.44%
-5.88%
-4.99%
-4.40%
-4.06%
-4.06%
-3.71%
-3.37%
-2.28%
-1.12%
-0.31%
0.79%
3.21%
3.24%
3.93%
3.97%
4.57%
5.17%
5.46%
5.74%
5.92%

Yield to first call > 6.5%

Current yield
< 8.5%
Investors are protected if issue is called.
Market is saying that dividends are "relatively" secure.
Many issues are past the first call date, so at high risk of being
called..
ESS-PH
DLR-PE
UMH-PA
PPS-PA
HPT-PD
CWH-PE
FPO-PA
DRE-PJ
HPP-PB
BDN-PD
PLDGP
OFC-PH
DFT-PA
LHO-PH
CUBE-PA
AIV-PZ
DFT-PB
IRC-PA
AREEP
LSE-PA
PLD-PM
CSA-PA
KRG-PA
EPR-PD
PEB-PA
DDR-PI
PEB-PB
RPT-PD
DDR-PH
DRE-PL
CWH-PC
OFC-PJ
DRE-PK
LHO-PD
GRT-PG
NHC-PA
PKY-PD
HPT-PC
GOODP
CBL-PD
CUZ-PB
HT-PA
GOODO
PLD-PR
LHO-PG
CUZ-PA
PLD-PS
PLD-PL
SHO-PA
LXP-PD
ANH-PB
FR-PK
FR-PJ

Apartments
Diversified
Manufactured Homes
Apartments
Lodging/Resorts
Office
Industrial
Mixed
Office
Office
Industrial
Office
Diversified
Lodging/Resorts
Self Storage
Apartments
Diversified
Shopping Centers
Office Convertible
Diversified
Industrial
Health Care
Shopping Centers
Diversified
Lodging/Resorts
Shopping Centers
Lodging/Resorts
Shopping Center Conv
Shopping Centers
Mixed
Office
Office
Mixed
Lodging/Resorts
Regional Malls
Health Care
Conv
Office
Lodging/Resorts
Mixed
Regional Malls
Diversified
Lodging/Resorts
Mixed
Industrial
Lodging/Resorts
Diversified
Industrial
Industrial
Lodging/Resorts
Diversified
Home Financing Conv
Industrial
Industrial

4.22
4.64
4.30
14.72
4.97
4.38
3.97
0.09
3.88
0.09
14.81
0.09
3.72
3.97
4.80
4.47
4.13
4.72
1.21
0.09
0.09
3.88
3.88
0.30
4.13
0.09
4.64
6.22
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.72
0.09
0.05
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.05
0.09
0.09
0.09

7.13%
7.00%
8.25%
8.50%
7.13%
7.25%
7.76%
6.62%
8.36%
7.37%
8.54%
7.50%
7.88%
7.52%
7.75%
7.00%
7.63%
8.12%
7.00%
8.12%
6.75%
8.52%
8.24%
7.37%
7.88%
7.50%
8.00%
7.25%
7.37%
6.60%
7.12%
7.62%
6.50%
7.50%
8.12%
5.08%
8.00%
7.00%
7.75%
7.37%
7.50%
8.00%
7.50%
6.75%
7.25%
7.75%
6.75%
6.50%
8.00%
7.55%
6.25%
7.25%
7.25%

6.97%
6.89%
7.78%
7.32%
7.13%
7.25%
7.63%
6.63%
8.09%
7.37%
7.69%
7.50%
7.81%
7.57%
7.75%
7.22%
7.69%
8.06%
7.09%
8.12%
6.76%
8.45%
8.38%
7.40%
8.23%
7.51%
8.46%
8.30%
7.39%
6.62%
7.16%
7.68%
6.55%
7.58%
8.21%
5.76%
8.13%
7.08%
7.91%
7.53%
7.68%
8.21%
7.70%
6.94%
7.45%
7.96%
6.94%
6.76%
8.34%
7.79%
6.72%
8.26%
8.36%

6.52%
6.61%
6.65%
6.85%
7.13%
7.25%
7.26%
7.30%
7.36%
7.37%
7.39%
7.50%
7.60%
7.69%
7.74%
7.79%
7.85%
7.92%
8.07%
8.12%
8.16%
8.28%
8.73%
8.74%
9.11%
9.39%
9.43%
9.90%
10.68%
10.85%
13.75%
15.68%
15.98%
19.36%
20.47%
22.85%
27.04%
29.88%
31.60%
31.70%
35.20%
38.13%
38.59%
38.80%
39.30%
39.33%
39.43%
52.20%
57.17%
71.10%
91.30%
160.57%
175.65%

LXP-PC
CWH-PD
EPR-PC

Diversified
Conv
Office Convertible
Diversified
Conv

Current yield

0.09
0.09
0.09

6.50%
6.50%
5.75%

7.62%
7.85%
7.48%

193.04%
228.50%
315.26%

> 8.5%

Indicates that the market thinks the dividends are less secure.
NOTE that many REITsters have done well with this riskier
class of preferreds, which is reasonable.
Personal note: I would not hold these in widows and orphans
portfolios, due to excessive risk.

FUR-PD
AHT-PE
STAG-PA
INN-PA
SHO-PD
HT-PB
AHT-PD
SPPRO
NCT-PB
AHT-PA
CDR-PA
RAS-PC
NCT-PD
NRF-PA
FCH-PC
NCT-PC
FCH-PA
RAS-PB
NRF-PB
RAS-PA
SFI-PD
SFI-PE
SFI-PF
SFI-PG
SFI-PI

Diversified
Lodging/Resorts
Office
Lodging/Resorts
Lodging/Resorts
Lodging/Resorts
Lodging/Resorts
Commercial Financing
Lodging/Resorts
Shopping Centers
Commercial Financing
Commercial Financing
Commercial Financing
Lodging/Resorts
Commercial Financing
Lodging/Resorts Conv
Commercial Financing
Commercial Financing
Commercial Financing
Commercial Financing
Commercial Financing
Commercial Financing
Commercial Financing
Commercial Financing

4.80
4.22
4.80
4.72
4.22
4.30
0.46
1.38
0.09
0.09
0.09
0.46
0.13
0.09
0.09
0.09
0.09
0.09
0.05
0.09
0.09
0.09
0.09
0.09
0.09

9.25%
9.00%
9.00%
9.25%
8.00%
8.00%
8.45%
10.00%
9.75%
8.55%
8.87%
8.87%
8.37%
8.75%
8.00%
8.05%
7.80%
8.37%
8.25%
7.75%
8.00%
7.87%
7.80%
7.65%
7.50%

8.89%
8.92%
8.96%
9.21%
8.53%
8.64%
8.80%
12.49%
9.95%
8.77%
9.17%
10.59%
9.30%
9.60%
8.94%
9.06%
8.86%
10.47%
9.48%
9.88%
11.53%
11.99%
11.96%
11.94%
11.90%

8.25%
8.76%
8.90%
9.14%
9.79%
10.11%
17.44%
27.17%
33.62%
39.17%
47.28%
47.83%
90.56%
119.00%
139.61%
148.11%
157.95%
270.74%
290.77%
293.57%
434.47%
496.91%
504.67%
525.12%
543.31%

Currently NOT paying a dividend. A very high risk speculative

investment. Only reason to own is if you think the dividend
will be resumed.
BEE-PC
MPG-PA
ACPPQ
ACPOQ
AHHAP
EHPTP
IMPHO
IMPHP
GKK-PA
BEE-PA
BEE-PB

Lodging/Resorts
Office

Commercial Financing
Lodging/Resorts
Lodging/Resorts

0.09
0.09
0.09
0.05
0.09
0.09
0.09
0.09
0.21
0.09
0.09

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

-147.75%
809.61%
2352.00%
4055.07%
839.65%
2004.36%
2311.89%
2260.67%
-0.95%
-159.67%
-147.75%

</PRE>