UMH Properties enters into $150M ATM equity distribution agreement, terminates prior $19.8M unsold ATM

UMH PROPERTIES, INC.

New equity distribution agreement allows sales of common stock up to $150M aggregate sales price.
Company terminated prior ATM program with approximately $19.8M remaining unsold upon entry.
Distribution agents include BMO, J.P. Morgan, B. Riley, Compass Point, Janney Montgomery; commissions up to 2%.
Net proceeds for working capital, manufactured home purchases, community expansion, acquisitions, debt repayment.
Shares sold under existing effective shelf registration statement (File No. 333-238321) and new prospectus supplement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UMH PROPERTIES, INC. entered into Distribution Agreement with BMO Capital Markets Corp., J.P. Morgan Securities LLC , B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC valued at up to $150,000,000 (effective 2023-04-04).

Action: entry
Agreement: atm program
Counterparty: BMO Capital Markets Corp., J.P. Morgan Securities LLC , B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC
Value: up to $150,000,000
Effective: 2023-04-04

Exact text from the filing

On April 4, 2023, UMH Properties, Inc. (the “Company”) entered into an equity distribution agreement (the “Distribution Agreement”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC , B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company may offer and sell shares of the Company’s common stock, $0.10 par value per share (the “Common Stock”), having an aggregate sales price of up to $150,000,000 from time to time through the Distribution Agents, as agents or principals.

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Source: SEC EDGAR

accession 0001140361-23-016341

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