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No. of Recommendations: 2
Sunstone Hotels, A hotel operator I like, issued a new preferred SHO-H, 6.125%. Currently this issue in pink slips (SNTHP) trading around $25.8, premium. It provides call protection.

SHO also has 2 other prefereds, I believe they are callable anytime. I don't think the company issued this with an eye towards redeeming other issues, rather to use the proceeds for acquisition. They recently bought a property by issuing G series to the seller, it is not listed.
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