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AFINP - American Finance Trust Preferreds: I'm Still Buying AFINP Around Its $25 Par Value For A 7%+ Yield
American Finance Trust Inc. 7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
American Finance Trust's FFO and AFFO are covering the dividends on the common shares again.
That's good news for the preferred shares which are now yielding over 7% and rank senior to the common shares.
Even in an "end of the world" wind-down scenario whereby AFIN has to sell its assets at a 40% discount to book value, preferred shareholders will be made whole.
The preferred shares aren't callable before 2024, and in excess of $6.5 in dividends will hit the account before the prefs can be called.