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Strategies & Market Trends : Value Investing
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To: Grommit who wrote (36450)2/8/2010 3:42:45 PM
From: E_K_S  Read Replies (1) of 78725
 
First Industrial Realty Trust Announces Results of First Industrial, L.P. Cash Tender Offer
finance.yahoo.com
From the article:"...Because more than $160 million aggregate principal amount of Notes was tendered, the Offer was oversubscribed. Therefore, the amounts of each tranche of Notes accepted for purchase were determined in accordance with the priorities identified in the Offer. Consistent with these priorities, the Operating Partnership accepted for purchase all of the 7.375% Notes due 2011 and 6.875% Senior Notes due 2012 that were validly tendered and not validly withdrawn. The Operating Partnership accepted for purchase, on a pro rata basis, $21.1 million of the 6.42% Senior Notes due 2014 that were validly tendered and not validly withdrawn, which represents a proration factor of approximately 63.1%...."

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It looks like the offer was over subscribed. This may account for the Preferred shares holding steady.

I was quite surprised to see that 100 percent of the Company's 2009 preferred stock dividends were classified as capital gain. Therefore, are taxed at the lower 15% tax rate.
finance.yahoo.com

It will be interesting to see if the other REIT preferreds are treated the same way.

EKS
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