PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, May 24, 7:04 AM
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Slide #3. UMH Properties, Inc. — Preferred Stock Offering
Company:
UMH Properties, Inc. (NYSE:UMH)
Date announced:
4/25/2019
Shares Offered:
3,600,000
Date of Pricing:
4/25/2019
Price Per Share:
$25.00
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 self-administered and self-managed qualified real estate investment trust (REIT). Co.'s primary business is the ownership and operation of manufactured home communities – leasing manufactured homesites to private manufactured home owners. Co. also leases homes to residents, and through its REIT subsidiary, UMH Sales and Finance, Inc., conducts manufactured home sales in its communities. As of Dec 31 2017, Co. owned and operated 112 manufactured home communities containing approximately 20,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland.
Preferreds: UMH.PRA, UMH.PRB, UMH.PRC, UMH.PRD
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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 82nd percentile
(ranked higher than approx. 82% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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