No way these DRE pfd L will be called... the company may call the shares on or after 11/30/09 but does NOT have to call/redeem them .... operative work is "may"... the coupon is 6.6% on par $25 per share.... but the market is trading them at $17.88 for an effective yield of 9.23%... if the company has the cash, they would be better off going into the open market and simply purchasing the shares at the market price (probably below $20) -the only restriction is the company must be current on all preferred dividends ... why pay $25 for something they can rebuy for less than $20 ?... in fact a number of REITS are doing precisely this, provided they have the cash flow....