Preferreds off; market sentiment weakens; Ashford Hospitality flat; Rexford, AT&T dip

By Cristal Cody

Tupelo, Miss., Nov. 10 – Preferred stocks remained weak on Friday.

The U.S. iShares Preferred Stock ETF shed 21 basis points over the day.

The Wells Fargo Hybrid and Preferred Securities index ended 10 bps lower.

“Everything is off from stock to bonds,” a source said.

In new issue trading on Friday, Ashford Hospitality Trust Inc.’s series I perpetual cumulative preferred stock that priced on Wednesday with a 7.5% dividend and freed to trade under the temporary symbol “ASHFP” on Thursday ended flat at $24.70.

The preferreds traded in the pink sheets in the $24.55 to $24.88 range over the day.

The trust sold $135 million, or 5.4 million shares, of the preferred stock. The deal includes a greenshoe that would lift the total offering to 6.21 million shares.

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

Rexford Industrial Realty, Inc.’s 5.875% series B cumulative redeemable preferred shares (//BB) that priced in a $75 million offering on Monday fell 2 cents, or 0.08%, to $25.01 in over-the-counter trading on Friday.

The Los Angeles-based real estate investment trust plans to list the preferreds on the NYSE under the ticker symbol “REXRPrB.”

AT&T Inc.’s 5.35% $25-par global notes due Nov. 1, 2066 (NYSE: TBB) closed off 4 cents, or 0.16%, to $25.29.

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