Shareholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS’ EQUITY

On March 2, 2012, the Company transferred the listing of its common and preferred stock to the New York Stock Exchange (NYSE) from the NYSE Amex. The Company has retained its stock tickers (NYSE: UMH) for the common shares and (NYSE: UMH Pr A) for the preferred shares. 

On April 9, 2012, the Company executed and submitted for filing with the State of Maryland an amendment to the Company’s charter to increase the total number of shares of capital stock of all classes that the Company has authority to issue to 40,488,800 shares, classified as 36,108,800 shares of common stock, 1,380,000 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock. The Company also submitted Articles Supplementary for filing with the State of Maryland to reclassify 1,108,800 shares of common stock as additional shares of 8.25% Series A Cumulative Redeemable Preferred Stock. As a result of this amendment, the Company’s total authorized shares of common stock were 35,000,000 and total authorized shares of preferred stock were 2,488,800.

Common Stock

On June 15, 2012, the Company paid $2,902,806 of which $347,652 was reinvested, as a dividend of $.18 per share to common shareholders of record as of May 15, 2012. Total dividends paid for the six months ended June 30, 2012 amounted to $5,712,674 of which $688,870 was reinvested.

During the six months ended June 30, 2012, the Company received, including dividends reinvested, a total of $9,866,520 from the Dividend Reinvestment and Stock Purchase Plan. There were 983,176 new shares issued under the Plan.

On July 9, 2012, the Company declared a dividend of $.18 per share to be paid September 17, 2012 to common shareholders of record as of August 15, 2012.

8.25% Series A Cumulative Redeemable Preferred Stock

On April 10, 2012, the Company issued 1,075,000 shares of its 8.25% Series A Cumulative Redeemable Preferred Stock at an offering price of $25.292 per share in an underwritten public offering. The Company received net proceeds from the offering, after deducting the underwriting discount and other estimated offering expenses, of approximately $25.8 million and intends to use the net proceeds to purchase additional properties in the ordinary course of business, including the acquisitions of the 12 communities which closed subsequent to quarter-end, and for other general corporate purposes, including possible repayment of indebtedness.

On June 15, 2012, the Company paid $930,715 in preferred dividends or $.515625 per share to preferred shareholders of record as of May 15, 2012. This was net of $313,900 of accrued dividends on the newly issued preferred shares. Total preferred dividends paid for the six months ended June 30, 2012 amounted to $1,621,034. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share. On July 9, 2012, the Company declared a preferred dividend of $.515625 per share to be paid on September 17, 2012 to preferred shareholders of record as of August 15, 2012.