Form 8-K - Current report
01 Décembre 2023 - 10:15PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 30, 2023
UMH
Properties, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-12690 |
|
22-1890929 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
Juniper
Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ |
|
07728 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (732) 577-9997
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock, $0.10 par value |
|
UMH |
|
New
York Stock Exchange |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value |
|
UMH
PRD |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
November 30, 2023, the Company announced that it has expanded its partnership with Nuveen Real Estate, a TIAA company, by entering
into a new joint venture and closing on the acquisition of land in Honey Brook, Pennsylvania to be developed into a 113-site manufactured
home community.
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.
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:
December 1, 2023 |
By: |
/s/
Anna T. Chew |
|
Name: |
Anna
T. Chew |
|
|
Executive
Vice President and Chief Financial Officer |
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 |
|
November 30, 2023 |
|
|
|
|
|
|
Contact:
|
Nelli
Madden |
|
|
|
732-577-4062 |
UMH
PROPERTIES, INC. EXPANDS JOINT VENTURE PARTNERSHIP WITH NUVEEN REAL ESTATE
FREEHOLD,
NJ, November 30, 2023……… UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that it has expanded its
partnership with Nuveen Real Estate, a TIAA company through entering into a new joint venture. The joint venture focuses on the development
of a new manufactured housing community located in Honey Brook, Pennsylvania, which is part of the Philadelphia MSA. UMH will have a
40% stake in the joint venture and will serve as the managing member, developer and operating member. The community, once complete, will
contain 113 manufactured home sites situated on approximately 61 acres. UMH initially acquired the land in November 2022 which is being
sold to the joint venture. Construction of the community is expected to commence in the next few weeks and should take approximately
15 months to complete.
Samuel
A. Landy, President and Chief Executive Officer, commented “UMH is excited to further grow and strengthen our relationship with
Nuveen Real Estate, who shares our vision of developing and acquiring high-quality residential communities to help combat the housing
crisis. This joint venture gives us the financial capacity to develop and acquire communities while limiting the short-term impact on
our FFO during construction and lease-up.
“This
community is in close proximity to two existing high-performing UMH properties which boast occupancy of 98% and site rents in excess
of $700 per month and growing. We anticipate a strong sales and rental market resulting in the rapid lease-up of the property once development
is completed. UMH and Nuveen now own three assets together, and we expect to continue growing the relationship.”
Nikita
Rao, Portfolio Manager of Nuveen’s U.S. Cities Multifamily Fund commented, “Nuveen is proud to work alongside UMH to develop
high-quality housing in a major MSA. UMH’s long track record as an exceptional investor and operator, consistently executing successful
business plans, aligns seamlessly with our investment strategy. The property marks the Fund’s first investment into manufactured
housing and Nuveen’s third investment with UMH.”
A
NYSE Company: Symbol - UMH
since
1968
UMH
will earn development fees, management fees, assets under management fees and a promote for exceeding IRR targets. UMH will also have
the right to purchase the community from the joint venture after a certain period of time.
UMH
Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing
approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana,
Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida,
containing 363 sites, through a joint venture with Nuveen Real Estate.
A
NYSE Company: Symbol - UMH
since
1968
v3.23.3
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Nov. 30, 2023 |
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Document Period End Date |
Nov. 30, 2023
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Entity File Number |
001-12690
|
Entity Registrant Name |
UMH
Properties, Inc.
|
Entity Central Index Key |
0000752642
|
Entity Tax Identification Number |
22-1890929
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
Juniper
Business Plaza
|
Entity Address, Address Line Two |
3499 Route 9 North
|
Entity Address, Address Line Three |
Suite 3-C
|
Entity Address, City or Town |
Freehold
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07728
|
City Area Code |
(732)
|
Local Phone Number |
577-9997
|
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Common Stock 0. 10 Par Value [Member] |
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Title of 12(b) Security |
Common
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|
Trading Symbol |
UMH
|
Security Exchange Name |
NYSE
|
Sec 6. 375 Series D Cumulative Redeemable Preferred Stock 0. 10 Par Value [Member] |
|
Title of 12(b) Security |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value
|
Trading Symbol |
UMH
PRD
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Security Exchange Name |
NYSE
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