The extended maturity and lower spread are credit-positive but already reflected. Monitor future drawdowns and utilization rate; a significant increase in outstanding balance could signal accelerated investment activity. The accordion feature provides flexibility for acquisitions but requires additional lender commitments.
Price Chart
Executive Summary
UMH Properties entered into a Third Amended and Restated Credit Agreement, extending its unsecured revolving credit facility maturity from November 2026 to May 2030 (with a one-year extension option) and reducing interest rates by ~35-40 bps. The facility remains at $260 million with a $340 million accordion feature (up to $600 million total). As of May 8, 2026, $10 million was outstanding with $250 million available. This improves liquidity and reduces borrowing costs.
Key Financial Metrics
Key Facts
- Extended maturity from November 7, 2026 to May 7, 2030 (with option to extend to May 7, 2031)
- Interest rate reduced by approximately 35-40 basis points; now SOFR + 1.30%-1.90% or prime + 0.30%-0.90%
- $260 million committed facility with $340 million accordion (total potential up to $600 million)
- As of May 8, 2026, $10 million outstanding, $250 million available
- Commitment fee: 0.15% (if unused <50%) or 0.25% (if unused ≥50%) per annum
- Financial covenants unchanged: max leverage 0.60x (0.65x during surge), min EBITDA/fixed charges 1.50x, etc.
Financial Impact
Reduced annual interest expense by ~$0.9-$1.0 million based on current $10M drawn and $250M capacity, assuming SOFR+1.30% vs prior rate
Risk Factors
- Failure to maintain financial covenants could trigger acceleration
- Accordion increase requires new lender commitments, which may not materialize
- Interest rate exposure if SOFR rises faster than expected
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022153 |
| Exhibit: ex99.htm | 0001493152-26-022153 |
| Document: form8-k.htm | 0001493152-26-022153 |
| Document: 0001493152-26-022153-index-headers.html | 0001493152-26-022153 |
| Document: 0001493152-26-022153-index.html | 0001493152-26-022153 |
| Document: 0001493152-26-022153.txt | 0001493152-26-022153 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 24d ago | 8-K | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.46 (+0.32%) |
Oct 1, 2026 25d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.46 (+0.32%) |
Oct 1, 2026 25d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.46 (+0.32%) |
Sep 15, 2026 5w ago | Press Release | $15.57 | awaiting T+5 | — | $15.46 (−0.71%) |
Aug 31, 2026 8w ago | 8-K | $16.20 $15.66 | ▼ −3.33% | ▼ −3.41% | $15.46 (−4.57%) |
Jul 2, 2026 16w ago | Press Release | $15.52 $15.28 | ▼ −1.55% | ▼ −2.48% | $15.46 (−0.39%) |
Jun 23, 2026 17w ago | 8-K | $15.33 $15.28 | ▼ −0.33% | ▼ −2.03% | $15.46 (+0.85%) |
May 29, 2026 21w ago | 8-K | $21.54 $22.03 | ▲ +2.27% | ▲ +2.57% | $15.46 (−28.23%) |
May 28, 2026 21w ago | 8-K | $21.66 $22.00 | ▲ +1.59% | ▲ +1.64% | $15.46 (−28.61%) |
May 15, 2026 23w ago | DEFA14A | $21.48 $21.70 | ▲ +1.05% | ▼ −0.57% | $15.46 (−28.01%) |
US Market Status
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