Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 2:08 AM
|This Slide: #115 of 573|
Slide #115. UMH Properties, Inc. — Preferred Stock Offering
UMH Properties, Inc. (NYSE:UMH)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
UMH Properties, Inc. (NYSE: UMH) today announced the pricing of an underwritten public offering of 3,600,000 shares of its 6.75% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") at an offering price of $25.00 per share. The Company has granted the underwriters a 30-day over-allotment option to purchase up to an additional 400,000 shares of Series C Preferred Stock. The shares of Series C Preferred Stock being offered will form a single series with, will have the same terms as, and will vote as a single class with, the 5,750,000 outstanding shares of Series C Preferred Stock issued in July 2017 and will rank on a parity with the Company's outstanding 8.0% Series B Cumulative Redeemable Preferred Stock and its outstanding 6.375% Series D Cumulative Redeemable Preferred Stock. After giving effect to the offering, the Company will have a total of 9,350,000 shares of Series C Preferred Stock outstanding (9,750,000 shares if the underwriters' over-allotment option is fully exercised). The Series C Preferred Stock is listed on The New York Stock Exchange under the symbol "UMH PRC." The Series C Preferred Stock has a $25.00 liquidation value per share.
UMH Properties is a real estate investment trust. Co.'s primary business is the ownership and operation of manufactured home communities, which includes leasing manufactured homesites to private manufactured home owners. Co. also leases homes to residents, and through its wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc., conducts manufactured home sales in its communities. Co. owns and operates manufactured home communities located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. A manufactured home community is designed to accommodate detached, single-family manufactured homes.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 75% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com