Bluerock Residential Growth and UMH Properties Preferred Shares To Trade Tuesday
By: Tim McPartland,
The 2 REIT preferreds that were announced last week will begin trading on the OTC Gray market tomorrow (Tuesday).
Bluerock Residential Growth REIT (ticker:BRG) will have their 8.25% preferreds start trading under the ticker of BLPPP. Details of this issue are here. This issue can be ‘put’ back to the company in 2022 or later. Also the company has to maintain a asset coverage ratio of 200%. Lastly there is a penalty coupon starting in 2022 if not redeemed by then.
UMH Properties (ticker:UMH), a REIT, and owner of manufactured home communities, sold a 8% issue last week and this will begin to trade under the temporary OTC ticker UMTYP. Details of this issue can be found here.