Midday Commentary: NorthStar Realty to price cumulative preferreds; Digital Realty not yet free to trade

By Stephanie N. Rotondo

Phoenix, April 3 - Yet another real estate investment trust was tapping the preferred stock market on Wednesday.

NorthStar Realty Finance Corp. said it was planning a sale of series D cumulative redeemable preferreds. A trader said price talk on the issue was 8.5% to 8.625%.

"I'm sure it will be relatively small like their other deals," he said.

The trader saw the issue offered at less 20 cents in the midday gray market.

"Nobody is really trading that in the gray right now," he remarked.

Meanwhile, Digital Realty Trust Inc.'s newly priced $225 million issue of 5.875% series G cumulative redeemable preferreds had yet to free up as of midday.

The deal priced late Tuesday. A trader opined that the issue would free "probably later this afternoon."

He pegged the securities at $24.75.

In new listings, Glimcher Realty Trust's $90 million of 6.875% series I cumulative redeemable preferreds were admitted to the New York Stock Exchange on Wednesday.

The ticker symbol is "GRTPI." The preferreds priced March 21.

As of midday, the issue was trading at $25.18, which compared to opening levels of $25.10.

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