These are routine ATM facility renewals/updates that provide UMH with ongoing equity capital access. The preferred stock ATM has a large remaining capacity (~$97.5M) that could be drawn down over time, creating potential overhang on UMH-PD. Monitor actual ATM usage in future filings — heavy utilization would signal increased dilution risk for common and preferred holders.
Price Chart
Executive Summary
UMH Properties filed an 8-K disclosing two new at-the-market (ATM) equity programs: (1) an amended Equity Distribution Agreement for up to $150M of common stock (with ~$44.6M remaining unsold), and (2) an amended and restated Sales Agreement for up to $100M of Series D Preferred Stock (with ~$97.5M remaining unsold). These are routine capital-raising facility updates that provide the company with ongoing access to equity capital for working capital, community expansion, and potential acquisitions.
Key Facts
- UMH entered into Amendment No. 1 to its Equity Distribution Agreement, allowing up to $150M aggregate sales price of common stock (including prior sales), with ~$44.6M remaining unsold.
- UMH entered into an Amended and Restated At Market Issuance Sales Agreement for up to $100M aggregate sales price of 6.375% Series D Preferred Stock, with ~$97.5M remaining unsold.
- The Preferred Stock ATM program replaced a prior agreement with B. Riley Securities and adds Cantor Fitzgerald & Co. and Maxim Group LLC as sales agents.
- Proceeds from both programs are intended for working capital, manufactured home purchases, community expansion, potential acquisitions, and possible debt repayment.
- The Series D Preferred Stock has a maximum sale price of $25.00 per share plus accrued dividends.
- The common stock ATM program was updated to remove Janney Montgomery Scott LLC as a distribution agent.
Financial Impact
Up to $150M common stock ATM (with ~$44.6M remaining) and up to $100M Series D Preferred Stock ATM (with ~$97.5M remaining) — combined potential of up to $142.1M in additional equity capital.
Risk Factors
- Potential dilution to common and preferred shareholders if ATM programs are fully utilized.
- Preferred stock ATM overhang could pressure UMH-PD trading price below the $25.00 maximum sale price.
- Increased leverage if proceeds are used to repay debt rather than for growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-020849 |
| Document: ny20072745x4_8k.htm | 0001140361-26-020849 |
| Document: ny20072745x4_ex1-1.htm | 0001140361-26-020849 |
| Document: ny20072745x4_ex8-1.htm | 0001140361-26-020849 |
| Document: ny20072745x4_ex5-2.htm | 0001140361-26-020849 |
| Document: ny20072745x4_ex5-1.htm | 0001140361-26-020849 |
| Document: 0001140361-26-020849-index-headers.html | 0001140361-26-020849 |
| Document: 0001140361-26-020849-index.html | 0001140361-26-020849 |
| Document: 0001140361-26-020849.txt | 0001140361-26-020849 |
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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