Umh Properties, Inc 8-K, filed Oct 8, 2020
Umh Properties, Inc. (UMH)
About this 8-K
Umh Properties, Inc filed this 8-K on October 8, 2020, reporting on events of October 7, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure. |
On October 7, 2020, the Company issued a press release announcing that it entered into a revolving line of credit secured by rental homes and rental home leases in several of our manufactured home communities with FirstBank.
The information being furnished pursuant to this Item 7.01, including Exhibits 99 to this report, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this report, including Exhibits 99, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically incorporated by reference into any such filing. This report will not be deemed an admission as to the materiality of any information in this report that is required to be disclosed solely by Regulation FD.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99 | Press Release dated October 7, 2020 |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UMH Properties, Inc. | ||
| Date: October 8, 2020 | By: | /s/ Anna T. Chew |
| Name: | Anna T. Chew | |
| Vice President and Chief Financial Officer | ||
| 3 |
Exhibit 99
UMH PROPERTIES, INC.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C Freehold, NJ 07728
(732) 577-9997
Fax: (732) 577-9980
| FOR IMMEDIATE RELEASE | October 7, 2020 |
| Contact: Nelli Madden | |
| 732-577-9997 |
UMH PROPERTIES, INC. ENTERS INTO NEW REVOLVING CREDIT AGREEMENT
FREEHOLD, NJ, October 7, 2020 ........ UMH Properties, Inc. (NYSE: UMH), today announced that it entered into a revolving line of credit secured by rental homes and rental home leases in several of our manufactured home communities with FirstBank (the “Facility”). The Facility allows for proceeds of $20 million and is expandable to $30 million with an accordion feature. The Facility has a three-year term with competitive pricing.
Samuel A. Landy, President and Chief Executive Officer commented, "UMH is pleased to announce this new Facility. FirstBank understands the solution to the rural affordable housing crisis is rental manufactured homes in professionally managed communities. Residents live in 1,000 sq. ft., three-bedroom, two-bathroom homes on 5,000 sq. ft. lots with their own driveway and no common wall neighbors for rents as low as $750 per month. The quality of the product and the affordability of the rent have enabled UMH to achieve 95% rental occupancy and 98% rent collection through the COVID-19 crisis. The ability to tap into the rental home equity at low rates will allow UMH to continue to provide the highest quality affordable housing while generating increased returns for shareholders. We look forward to entering this new relationship with FirstBank and expanding upon this program in the future.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 124 manufactured home communities with approximately 23,400 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland.
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