Public Storage, Southern California Edison preferreds active; Colony NorthStar rebounds

By Abigail W. Adams

Portland, Me., March 2 – After starting the week with gains, the preferreds market closed Friday with losses with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF down.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% early in the session but cut its losses and closed Friday down 0.03%. The U.S. iShares Preferred Stock ETF was down 0.29% early Friday but also regained some footing and closed the day down 0.13%.

While the broader market was down, Public Storage’s depositary shares representing 5.15% series F cumulative preferred shares were up in high-volume trading.

Southern California Edison Co.’s Trust V 5.45% fixed-to-floating rate trust preference securities also saw high-volume trading on Friday although they closed the day with little movement in trading price.

Colony NorthStar Inc.’s preferreds showed signs of a rebound on Friday with most seeing gains after taking a nosedive on Thursday.

The preferreds have been active since the Los Angeles-based diversified equity REIT released fourth-quarter and year-end results and announced it was slashing its dividend by more than 50% on Thursday.

Public Storage sees gains

Public Storage’s 5.15% series F cumulative preferred shares were up in high-volume trading on Friday. The depositary shares traded up to $24.10, an increase of 6 cents or 0.25%, early Friday.

Their gains continued throughout the session and the depositary shares closed the day at $24.19, an increase of 21 cents, or 0.87%.

The depositary shares saw more than 391,000 shares in play versus the average three-month trading volume of about 57,000.

While Public Storage’s 5.15% series F preferreds were actively traded, the other series of preferreds from the Glendale, Calif.-based REIT that operates self-storage facilities garnered little attention.

Southern California active

Southern California Edison’s Trust V 5.45% preference securities were in focus on Friday and saw more than 11 times their average trading volume.

The 5.45% preference securities traded in a range of $25.47 to $25.66 before closing Friday at $25.60, an increase of 1 cent, or 0.04%.

The other preference securities from the electricity supply company for much of Southern California saw scant trading activity.

Colony rebounds

Colony NorthStar’s preferred stock showed signs of recovery on Friday although the gains made did not recoup the losses from Thursday.

Colony NorthStar’s 7.125% series J cumulative redeemable perpetual preferred stock closed Friday at $22.74, an increase of 45 cents or 2.02%, early Friday after a decrease of $1.44, or 6.07%, at the market close Thursday.

Colony NorthStar’s 8.75% series E cumulative redeemable preferred stock returned to par on Friday closing the day at $25.00, an increase of 2 cents, or 0.08%, after a decrease of 88 cents or 3.40%, on Thursday.

Colony NorthStar’s 8.5% series D cumulative redeemable preferred stock closed Friday at $24.64, an increase of 20 cents or 0.81%, after a decrease of 91 cents or 3.59%, on Thursday.

Colony NorthStar’s 7.15% series I cumulative redeemable preferred stock closed Friday at $22.66, an increase of 31 cents or 1.39%, after a decrease of $1.55 or 6.49% on Thursday.

Colony NorthStar’s 7.125% series H cumulative redeemable preferred stock closed Friday at $22.72, an increase of 20 cents or 0.91%, after a decrease of $1.25 or 5.25%, on Thursday.

While most of Colony NorthStar’s preferreds rebounded, others continued to trade down. Colony NorthStar’s 7.5% series G cumulative redeemable preferred stock closed Friday at $23.68, a decrease of 12 cents or 0.51%. The series G preferreds were down 88 cents or 3.59% on Thursday.

Colony NorthStar’s 8.25% series B cumulative redeemable preferred stock closed Friday at $24.50, a decrease of 1 cent or 0.04%. The series B preferreds were down 59 cents or 2.36% on Thursday.

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