CBL & Associates (CBL) has been one of the worst performing REIT stocks for investors over the past couple of years. The mall owner's financial stress led to the suspension of its dividend earlier this year and a deep sell off in its preferred shares and unsecured bonds. Management has since decided to suspend all dividends, including preferred until at least 2021. Despite this development, investors can still get income by investing in CBL bonds.
The company's bonds, whose coupon yields are ranging from 7% to 9%, are trading at yields to maturity of 13.7%