What bothers me is that at $110.21 (today's closing price) QTS-B is trading at a premium

The preferred's are protected from conversion till 2023. So, the preferred's are trading today at $52 conversion price (if you are stickler to the decimals then $51.83).

Now, think of the protection till 2023 as a call option on the stock or in much simpler terms the current preferred price assumes the stock will gain at 3.25% per year, not a big hurdle right?

2019	45.63
2020	47.112975
2021	48.64414669
2022	50.22508145
2023	51.8573966

Suppose if the stock gains 5% CAGR then you are seeing the stock price at $55 and that would value the preferred's at $116.95, 8% CAGR would value the stock price at $62, and the preferred at $131.

The worst case, you will continue to receive 5.9% or you get 5.9% and some cap gains.

What am I missing ? what is your concern?

PS: Thanks Jim for bringing this to the board.