UMH Properties Inc | 6.375% Series D Cumulative Redeemable Preferred Stock (UMH.PRD)
Prospectus excerpt: We are offering 2,000,000 shares of our 6.375% Series D Cumulative Redeemable Preferred Stock, par value $0.10 per share, which we refer to as Series D Preferred Stock. Holders of Series D Preferred Stock will be entitled to cumulative dividends in the amount of $1.59375 per share each year, which is equivalent to the rate of 6.375% of the $25.00 liquidation preference per share. Dividends on our Series D 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 D Preferred Stock will be March 15, 2018 and will be for the period from January 22, 2018 to February 28, 2018. The Series D 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 D Preferred Stock will not be redeemable prior to January 22, 2023. On and after January 22, 2023, at any time and from time to time, the Series D 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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