I am not a fan of floating rate preferred shares as I think the variability factor negates most of the reasons why preferred shares make sense in the first place.  But if one expects rates to rise in the near term I would be even less inclined to buy, particularly if the rate adjustment was deferred for any period of time.

I stick to fixed rate issues with the intent to hold to maturity - i.e. they become proxies for bonds.

If my objective is capital appreciation or income appreciation there are far better ways to meet those objectives with less risk.