Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 7:44 AM
|This Slide: #319 of 581|
Slide #319. 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) (the "Company") announced the pricing of a registered direct placement of 1,801,200 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") at an offering price of $25.00 per share. The Series B Preferred Stock is a new series of Preferred Stock which will rank on a parity with the Company's outstanding 8.25% Series A Preferred Stock (the "Series A Preferred Stock"), of which 3,663,800 shares are currently outstanding. The Company has applied to list the shares of Series B Preferred Stock on The New York Stock Exchange. The Series B Preferred Stock will have 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. 73% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com