FREEHOLD, N.J., Sept. 11, 2020 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (the “Company”) today announced that it will redeem all 3,800,669 issued and outstanding shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (CUSIP 903002301) on October 20, 2020 (the “Redemption Date”). The Series B Preferred Stock will be redeemed at a redemption price equal to the $25.00 per share liquidation preference of the Series B Preferred Stock plus accrued and unpaid dividends to, but not including, the Redemption Date in an amount of $0.2722 per share, for a total payment of $25.2722 per share (the “Redemption Price”).
After the Redemption Date, the Series B Preferred Stock will no longer be outstanding and all of the rights of the holders of the Series B Preferred Stock will terminate, except the right to receive the Redemption Price, without interest. Series B Preferred Stock held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depositary Trust Company.
Because all of the issued and outstanding shares of Series B Preferred Stock are being redeemed, trading of the Series B Preferred Stock on the New York Stock Exchange (“NYSE”) will cease after the Redemption Date. The Series B Preferred Stock currently trades on the NYSE under the symbol “UMH.PRB”.
The notice of redemption and related materials are being mailed to holders of record of Series B Preferred Stock on September 11, 2020. As specified in the notice of redemption, payment of the Redemption Price will be made only upon presentation and surrender of the certificates representing the Series B Preferred Stock to the redemption agent, American Stock Transfer & Trust Company, LLC. Questions regarding the redemption of the Series B Preferred Stock, or the redemption procedures, may be directed to American Stock Transfer & Trust Company, LLC at:
American Stock Transfer & Trust Company, LLC
Attention: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
ABOUT UMH PROPERTIES, INC.
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 123 manufactured home communities with approximately 23,200 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan. In addition, the Company owns a portfolio of REIT securities.
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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. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. 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. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Contact: Nelli Madden
UMH PROPERTIES, INC.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, NJ 07728
Fax: (732) 577-9980