UMH Properties, Inc. (NYSE:UMH) Files An 8-K Other EventsItem 8.01 Other Events.
On August 2, 2017, UMH Properties, Inc. (the "Company") sold an additional 750,000 shares (the "Shares") of its 6.75% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock"), to the exercise of the over-allotment option granted by the Company as set forth in that certain Underwriting Agreement (the "Underwriting Agreement") by and among the Company and BMO Capital Markets Corp. and Stifel, Nicolaus & Company, Incorporated, as representatives of the several underwriters listed on Schedule I thereto (the "Underwriters"). The Company granted the overallotment option to the Underwriters in connection with its previously disclosed underwritten public offering of 5,000,000 shares of Series C Preferred Stock, which was completed on July 26, 2017. The sale of the additional 750,000 Shares to the overallotment option resulted in approximately $18.2 million in additional net proceeds to the Company, before payment of estimated offering expenses.
Item 9.01 Financial Statements and Exhibits.
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(d) |
Exhibits. |
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Not Applicable |
About UMH Properties, Inc. (NYSE:UMH)
UMH Properties, Inc. operates as a real estate investment trust (REIT). The Company’s primary business is the ownership and operation of manufactured home communities, including leasing manufactured home sites to private manufactured home owners. It also leases homes to residents, and through its REIT subsidiary, UMH Sales and Finance, Inc. (S&F), the Company sells and finances the sale of manufactured homes in its communities. The Company owns and operates approximately 100 manufactured home communities containing over 17,800 developed sites. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. Its focus is on real estate investments. The Company invests in rental homes and owns approximately 3,700 rental homes. It engages in the rental of manufactured homes primarily in areas where the communities have existing vacancies. The Company also has approximately 1,300 additional sites in various stages of engineering/construction.