No. of Recommendations: 4
"The preferreds may or may not be called"

Agreed!!!

Over the last decade, the majority of preferreds have been called due to falling interest rates. The majority of those existing ten years ago that haven't been called were issued by highly leveraged, risky and poor performing REITs.

Hard to predict the future, but I would bet that the majority of those in existence today won't be called in the next ten years and many not in our lifetimes.

Perhaps a few of those higher coupon preferreds could be called when their issuers clean up their acts in a few rare cases and some might be taken out when their issuers are bought out or merged.

In most cases, I don't think a near term call date will make much difference over the next few years.
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