FREEHOLD, N.J., April 24, 2019 /PRNewswire/ -- UMH
Properties, Inc. (NYSE: UMH) today announced the launch of an
underwritten public offering of 2,000,000 shares of the Company's
6.75% Series C Cumulative Redeemable Preferred Stock (the "Series C
Preferred Stock"), under an existing shelf registration statement.
The shares of Series C Preferred Stock being offered will form a
single series with, will have the same terms as, and will vote as a
single class with, the 5,750,000 outstanding shares of Series C
Preferred Stock issued in July 2017.
The underwriters are expected to be granted a 30-day over-allotment
option to purchase up to an additional 300,000 shares of the
Company's Series C Preferred Stock. The Series C Preferred Stock is
listed on the New York Stock Exchange under the symbol "UMH
PRC."
The Company plans to use the net proceeds of the offering for
general corporate purposes, which may include the purchase of
manufactured homes for sale or lease to customers, expansion of its
existing communities, potential acquisitions of additional
properties and possible repayment of indebtedness on a short-term
basis. The joint bookrunning managers for the offering are
BMO Capital Markets Corp. and J.P. Morgan Securities LLC.
Co-managers for the offering are B. Riley FBR, Inc., D.A. Davidson
& Co., and Janney Montgomery Scott LLC.
UMH, a publicly-owned REIT, owns and operates 118 manufactured
home communities located in New
Jersey, New York,
Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. In addition, the
Company owns a portfolio of REIT securities.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction. Any offer of the securities will be
made only by means of a prospectus, forming part of the effective
registration statement, the applicable preliminary prospectus
supplement and other related documents. Copies of the prospectus
and the prospectus supplement, subject to completion, relating to
these securities may be obtained from BMO Capital Markets Corp. or
J.P. Morgan Securities LLC. You should direct any requests to BMO
Capital Markets Corp., Attention: Syndicate Department, 3 Times
Square, 25th Floor, New York, New
York 10036 or by telephone at (800) 414-3627 or by email at
bmoprospectus@bmo.com or to J.P. Morgan Securities LLC, Attention:
Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New York, 10179 or by telephone at
(212) 834-4533. You may also obtain a copy of the prospectus
and the prospectus supplement, subject to completion, and other
documents the Company has filed with the Securities and Exchange
Commission for free by visiting the Commission's Web site at
http://www.sec.gov.
Certain statements included in this press release which are not
historical facts may be deemed forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Although
the Company believes the expectations reflected in any
forward-looking statements are based on reasonable assumptions, the
Company can provide no assurance those expectations will be
achieved. These risks include, among others, changes in the
general economic climate, increased competition in the geographic
areas in which the Company operates, changes in government laws and
regulations and the ability of the Company to continue to identify,
negotiate and acquire properties on terms favorable to the Company.
Additional information concerning these and other factors that
could cause actual results to differ materially from those
forward-looking statements is contained from time to time in the
Company's SEC filings, including, but not limited to, Item 1A. Risk
Factors in the Company's Annual Report on Form 10-K for the year
ended December 31, 2018. Copies of
each filing may be obtained from the Company or the SEC.
Consequently, such forward-looking statements should be regarded
solely as reflections of the Company's current operating plans and
estimates. Actual operating results may differ materially from what
is expressed or forecast in this press release. Except as otherwise
required by applicable securities law, the Company undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date these statements were made.
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SOURCE UMH Properties, Inc.