It still dilutes the overall capital structure.
Selling equity is selling equity, period. And dilution is still dilution, period.
Whether common or preferred it doesn't matter.
CEO, Brent Willis, is well-known for his dilutive tendencies.
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident." ~ Arthur Schopenhauer