Manufactured Home Community REIT UMH Properties Sells a Preferred
By: Tim McPartland,
UMH Properties (ticker:UMH), a REIT, has sold a nice 8% perpetual preferred offering. This issue is a fairly small issue with just 1.8 million shares offered.
UMH is a REIT that owns manufactured home communities and rents ‘sites’ to home owners. They have been in business since 1968 and have a long history of being relatively successful.
UMH has 1 other preferred issue outstanding–UMH-A has a coupon of 8.25% and trades at $25.99 at this moment. This issue has a 1st call date of 5/2016 so there may be a risk of call in the spring (but who really knows for sure). Yield to Worst on the old issue is 1.68% so it might make sense to some to trade out to the new issue assuming it comes to market near or below par.
The TEMPORARY OTC TICKER has not yet been announced.