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15 Dezember 2023 - 10:15PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 14, 2023
UMH
Properties, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-12690 |
|
22-1890929 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
Juniper
Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ |
|
07728 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (732) 577-9997
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock, $0.10 par value |
|
UMH |
|
New
York Stock Exchange |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value |
|
UMH
PRD |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
December 14 2023, the Company announced that it completed the addition of eight communities, containing 1,281 sites, to its Fannie
Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $57.7 million.
The
information being furnished pursuant to this Item 7.01, including Exhibits 99 to this report, shall not be deemed “filed”
for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of such section. The information in this report, including Exhibits 99, shall not be incorporated
by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically incorporated by reference
into any such filing. This report will not be deemed an admission as to the materiality of any information in this report that is required
to be disclosed solely by Regulation FD.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
UMH
Properties, Inc. |
|
|
|
Date:
December 15, 2023 |
By: |
/s/
Anna T. Chew |
|
Name: |
Anna
T. Chew |
|
|
Executive
Vice President and Chief Financial Officer |
Exhibit 99.1
UMH
PROPERTIES, INC.
Juniper
Business Plaza
3499
Route 9 North, Suite 3-C
Freehold,
NJ 07728
(732)
577-9997
Fax:
(732) 577-9980
FOR
IMMEDIATE RELEASE |
|
December
14, 2023 |
|
|
|
|
|
|
Contact: |
Nelli
Madden |
|
|
|
732-577-4062 |
UMH
PROPERTIES, INC. ANNOUNCES ADDITION TO FANNIE MAE CREDIT FACILITY
FREEHOLD,
NJ, December 14, 2023……… UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that it completed the
addition of eight communities, containing 1,281 sites, to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds
of approximately $57.7 million. It is a fixed rate, interest only loan at 5.97% with a 10-year term. The proceeds will be used to invest
in additional acquisitions, expansions, rental homes and repay higher interest rate debt on a short-term basis.
Samuel
A. Landy, President and Chief Executive Officer, commented “We are proud to complete this loan which demonstrates the strength
of our long-term value-added business plan. Six of these communities were acquired in 2013 and two of them were acquired in 2012. Our
total investment in these communities, including capital improvements, is $51.5 million, or approximately $40,000 per site. The communities
appraised for approximately $108 million, or $84,000 per site, generating a gain in property value of over 109% or $56.5 million. Our
ability to acquire value-add communities, complete necessary improvements and increase occupancy through our sales and rental program
generates meaningful property level value, which shareholders realize through these financing events.
“We
are proud of our team and our lending partners at Wells Fargo and Fannie Mae for completing this transaction. We look forward to deploying
this capital into our business which will allow us to provide the Nation with additional affordable housing.”
UMH
Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing
approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana,
Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida,
containing 363 sites, through a joint venture with Nuveen Real Estate.
A
NYSE Company: Symbol - UMH
since
1968
v3.23.3
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Dec. 14, 2023 |
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Document Period End Date |
Dec. 14, 2023
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Entity File Number |
001-12690
|
Entity Registrant Name |
UMH
Properties, Inc.
|
Entity Central Index Key |
0000752642
|
Entity Tax Identification Number |
22-1890929
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
Juniper
Business Plaza
|
Entity Address, Address Line Two |
3499 Route 9 North
|
Entity Address, Address Line Three |
Suite 3-C
|
Entity Address, City or Town |
Freehold
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07728
|
City Area Code |
(732)
|
Local Phone Number |
577-9997
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Common Stock, $0.10 par value |
|
Title of 12(b) Security |
Common
Stock, $0.10 par value
|
Trading Symbol |
UMH
|
Security Exchange Name |
NYSE
|
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value |
|
Title of 12(b) Security |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value
|
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UMH
PRD
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