No. of Recommendations: 1
Yoda mentioned PLD preferreds in the prior thread and I'm wondering which one(s) I would want to own. All go ex-div on 3/18. As Yoda mentioned the volumes on these are very low and market prices may vary greatly from last trade. Numbers are based on last trade.

There are 6 callable preferreds:
PLD-O $1.75/year $25.50 yields 6.86%
PLD-P $1.712/year $25.17 yields 6.80%
PLD-M (R and S) $1.6875/year $25.23-$25.28 yields ~6.68%
PLD-L $1.625 $25.05 yields 6.49%. (Noticed that bid is $25.09).

Seems to me that I'd rather own "P" rather than "O" as PLD would likely call the "O" shares first. Also, the "O" shares trade at a $.24 premium to par plus accrued dividend and "P" trades at $.09 discount to par plus accrued dividends. This $.33 difference is 8 years of dividend differential. The long term return of the "P" shares are better than the "O". JMVHO.

PLD-M(R an S) trade very close to par, have two other preferreds that PLD would call before them and still yield 6.68%. Certainly not bad for the widows and orphan accounts.

PLD-L. Yields 6.49% and is trading at a $.20 discount to par plus accrued dividends. Likely last one to be called by PLD.

OK, time to choose.
I'm choosing the "P" shares.

Thanks to all that play along.
PLD-O. I'll take the highest yielder and risk the call loss.
PLD-P. Better yield to expected call than "O". 6.8% pretty desirable.
PLD-M (R or S). 6.68% Nice balance between yield and call risk.
PLD-L. 6.49% trading at slight discount. Great call protection.
I PLD in my pants.

Click here to see results so far.

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