FREEHOLD, NJ, July 26, 2022 (GLOBE NEWSWIRE) — UMH Properties, Inc. (NYSE: UMH) today announced that on July 26, 2022, it completed its previously announced redemption of all 9,884,000 issued and outstanding shares of its 6.75% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) (CUSIP 903002400). The redemption price was equal to the $25.00 per share liquidation preference plus accrued and unpaid dividends to, but not including, the July 26, 2022, redemption date in an amount of $0.2578 per share, for a total payment of $25.2578 per share.
Samuel A. Landy, President and Chief Executive Officer, commented, “UMH is pleased to announce our completion of the redemption of our Series C Preferred Stock. We were able to fund this redemption largely through our $26 million, 4.25% innovative rental home add-on with Fannie Mae, our $103 million, 4.72% Series A Bond offering in Israel and equity raised through our common ATM (at-the-market) program. The redemption will decrease our cost of capital and should increase our Funds from Operations (FFO) and earnings for shareholders.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 131 manufactured home communities with approximately 24,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. UMH also has an ownership interest in…
