UMH Properties enters $150M at-the-market equity distribution agreement

UMH PROPERTIES, INC.

Agreement with BMO, J.P. Morgan, Wells Fargo, B. Riley, Compass Point, Janney to sell up to $150M common stock via ATM.
Prior ATM program terminated; $17.8M remained unsold at termination.
Commission to agents up to 2% of gross sale proceeds.
Proceeds for working capital, manufactured home purchases, community expansion, acquisitions, and debt repayment.

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, Wells Fargo Securities, LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC valued at $150,000,000 (effective 2024-03-12).

Action: entry
Agreement: atm program
Counterparty: BMO Capital Markets Corp., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC
Value: $150,000,000
Effective: 2024-03-12

Exact text from the filing

(the “Company”) entered into an equity distribution agreement (the “Distribution Agreement”) with BMO Capital Markets Corp., J.P.

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UMH PROPERTIES, INC. filing history →

Source: SEC EDGAR

accession 0001140361-24-012878

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