Loan & DebtMay 7, 2026, 05:21 PM
UMH Properties Extends, Expands Credit Facility to $260M, up to $600M
AI Summary
UMH Properties, Inc. announced it has entered into a Third Amended and Restated Credit Agreement to amend and extend its unsecured revolving credit facility. The facility now provides $260 million in available borrowings with a $340 million accordion feature, potentially reaching $600 million. The maturity date has been extended from November 2026 to May 2030, and interest rates have been reduced by 35 to 40 basis points. This move is expected to enhance liquidity and strengthen the company's financial flexibility.
Key Highlights
- UMH Properties amended and extended its unsecured revolving credit facility.
- The facility provides $260 million in available borrowings with a $340 million accordion feature, totaling up to $600 million.
- Maturity date extended from November 7, 2026, to May 7, 2030, with a one-year extension option.
- Interest rates reduced by approximately 35 to 40 basis points, now SOFR plus 1.30% to 1.90%.
- Capitalization rate for unencumbered communities reduced from 6.5% to 6.0%.
- Facility syndicated with BMO, JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A.