RTL - The Necessity Retail REIT's Preferred Stocks Now Offer Safely Covered 9% Yields

Summary

• RTL is externally managed by AR Global, and incentives are most certainly not aligned between common shareholders and management, in my judgement.
• However, the preferred stocks of RTL are a different story.
• RTL's preferreds show strong coverage and are likely to remain well-covered even in the face of rising interest rates.
• Both RTLPP and RTLPO offer dividend yields of around 9% as well as upside to par in the mid-teens.

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