UMH Properties Inc | 8.0% Series B Cumulative Redeemable Preferred Stock (UMH.PRB)
Prospectus excerpt: We will pay cumulative dividends on our Series B Preferred Stock in the amount of $2.00 per share each year, which is equivalent to the rate of 8.0% of the $25.00 liquidation preference per share. Dividends on our Series B Preferred Stock will be payable quarterly in arrears on the 15th day of each of March, June, September and December of each year (or, if not a business day, the next succeeding business day) to holders of record on the applicable record date. The first quarterly dividend payment date for the Series B Preferred Stock will be March 15 , 2016 and will be for the dividend period from October 20, 2015 to February 29, 2016. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to our qualification as a real estate investment trust, or REIT, and as described below, the Series B Preferred Stock will not be redeemable prior to October 20, 2020. On and after October 20, 2020, at any time and from time to time the Series B Preferred Stock will be redeemable in whole, or in part, at our option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption.
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UMH Properties is a real estate investment trust (REIT). 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 manufactured homes to residents and, through its REIT subsidiary, UMH Sales and Finance, Inc., conducts manufactured homes sales in its communities. Co. owns and operates manufactured home communities, which are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina. A manufactured home community is designed to accommodate detached, single-family manufactured homes. Preferreds: UMH.PRA, UMH.PRB, UMH.PRC, UMH.PRD Open the UMH Information Page » |
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