FREEHOLD, N.J., May 20, 2011 /PRNewswire/ -- UMH Properties, Inc.
(NYSE Amex: UMH) (the "Company") today announced the pricing of an
underwritten public offering of 1,200,000 shares of its 8.25%
Series A Cumulative Redeemable Preferred Stock (the "Series A
Preferred Stock") at an offering price of $25.00 per share. In addition, the Company
has granted the underwriters a 30-day over-allotment option to
purchase up to an additional 180,000 shares of Series A Preferred
Stock. The Company has applied to list the shares of Series A
Preferred Stock on the NYSE Amex. The Series A Preferred
Stock has a $25 liquidation value per
share.
The Company expects to receive net proceeds from the offering of
approximately $29,055,000 and expects
to close the transaction on or about May 26,
2011. The Company intends to use the net proceeds from
the offering to purchase additional properties in the ordinary
course of business and for other general corporate purposes,
including possible repayment of indebtedness.
The sole bookrunning manager for the offering was J.P. Morgan
Securities LLC. Co-managers for the offering were CSCA Capital
Advisors LLC, KeyBanc Capital Markets LLC, and Sandler O'Neill +
Partners, L.P.
UMH, a publicly-owned REIT, owns and operates thirty-five
manufactured home communities located in New Jersey, New
York, Pennsylvania,
Ohio and Tennessee. In addition, the Company owns
a portfolio of REIT securities.
The Series A Preferred Stock was issued pursuant to a prospectus
supplement and accompanying prospectus under a shelf registration
statement filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale or
offer to buy these securities in any state or 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 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 supplement and accompanying prospectus can be obtained
by contacting: J.P. Morgan Securities, LLC, 383 Madison Avenue,
New York, New York 10017, by phone
at 212-834-4533, or by fax at 212-834-6081.
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 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2010. 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.
SOURCE UMH Properties, Inc.