I've run across these three REIT preferreds - PSB-X,-Y and -Z. Due to price crashes, these @5.5% coupons are yielding over 10%. Found a nice analysis on these over at SA in trying to find out what's up with these. TLDR version:
1.) Public Storage split into two subsidiaries some time ago, PSA and PSB (business parks)
2.) PSB issued these a few years ago
3.) Blackstone bought PSB in April '22, immediately canceled the common of PSB but...
4.) rolled the preferred into some new entity they call Sequoia.
5.) The amount of funding/capital structure of Sequoia is unknown & invisible.

So, the price of these preferreds has crashed. That 10% yield is enticing, and the price represents a nearly 100% CG opportunity if BX redeems them at even 20. I don't think they have to retire them at

The original rating of the PSBs was BBB, which is still attached to them but obviously irrelevant now.

I'm thinking of a opening a 1 to 2% position in one of these. Opinions?
seekingalpha.com - Percent yield on blackstones orphan preferreds

FC