Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 8:13 AM
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Slide #545. UMH Properties, Inc. — Preferred Stock Offering
UMH Properties, Inc. (NYSE:UMH)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
UMH Properties, Inc. announced the pricing of a registered direct placement of 1,250,000 shares of its 8.25% Series A Cumulative Redeemable Preferred Stock at an offering price of $25.50 per share. The shares of Series A 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 Company's outstanding Series A Preferred Stock, of which 2,413,800 shares are currently outstanding. After giving effect to the offering, the Company will have 3,663,800 shares of Series A Preferred Stock outstanding. The Series A Preferred Stock has a $25 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