<SEC-DOCUMENT>0001140361-21-028596.txt : 20210817
<SEC-HEADER>0001140361-21-028596.hdr.sgml : 20210817
<ACCEPTANCE-DATETIME>20210817084240
ACCESSION NUMBER:		0001140361-21-028596
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210817
DATE AS OF CHANGE:		20210817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UMH PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000752642
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				221890929
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238321
		FILM NUMBER:		211181026

	BUSINESS ADDRESS:	
		STREET 1:		3499 ROUTE 9 N, SUITE 3-C
		STREET 2:		JUNIPER BUSINESS PLAZA
		CITY:			FREEHOLD
		STATE:			NJ
		ZIP:			07728
		BUSINESS PHONE:		7325779997

	MAIL ADDRESS:	
		STREET 1:		3499 ROUTE 9 N, SUITE 3-C
		STREET 2:		JUNIPER BUSINESS PLAZA
		CITY:			FREEHOLD
		STATE:			NJ
		ZIP:			07728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED MOBILE HOMES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>ny20000425x1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<html><head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head><body style="color: #000000;" bgcolor="#ffffff">
<!--Begin Page 1-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 456pt;"><a name="ny20000425x1_424b5_100-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 456pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Filed Pursuant to Rule 424(b)(5)<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Registration No. 333-238321</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 38.5pt; margin-left: 0pt; text-align: left;"><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 12pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div>Prospectus Supplement<br></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(To Prospectus dated June&#160;1, 2020)<br></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 4pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">Up to $100,000,000 <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">of<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Stock</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 13.25pt; text-align: center;"><img style="height: 54px; width: 93px;" src="logo_umh.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 8.5pt; text-align: center;">UMH Properties, Inc.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have entered into an equity distribution agreement with BMO Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research &amp; Trading, LLC, and Janney Montgomery Scott LLC, as Distribution Agents, relating to the issuance and sale from time to time of shares of our common stock, $0.10 par value per share, having an aggregate sales price of up to $100,000,000. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol &#8220;UMH.&#8221; The last reported sale price of our common stock on the NYSE on August&#160;16, 2021 was $23.01 per share. We have applied to list the shares of common stock offered by this prospectus supplement on the NYSE.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are organized and conduct our operations to qualify as a real estate investment trust, or REIT. Our common stock is subject to certain restrictions on ownership and transfer intended, among other purposes, to assist us in qualifying as a REIT. See &#8220;Description of Capital Stock&#8212;Restrictions on Ownership and Transfer&#8221; in the accompanying prospectus for a description of these restrictions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Sales of shares of our common stock under this prospectus supplement and the accompanying prospectus may be made in transactions that are deemed to be &#8220;at the market offerings&#8221; as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act, including sales made directly on or through the NYSE or any other existing trading market for our common stock, sales made to or through a market maker or sales made by any other method permitted by law, including, but not limited to, negotiated transactions and block trades. The Distribution Agents are not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and us.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Distribution Agents will be entitled to compensation at a mutually agreed commission rate of up to 2% of the gross sales proceeds from sales of shares of our common stock sold under the equity distribution agreement. In connection with the sale of shares of our common stock on our behalf, the Distribution Agents may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act and the compensation of the Distribution Agents may be deemed to be underwriting commissions or discounts.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Investing in our common stock involves risks, including those described under &#8220;Risk Factors&#8221; beginning on page S-<a href="#sRF">5</a> of this prospectus supplement and on page <a href="#tRF">3</a> of the accompanying prospectus, and the risks set forth under the caption &#8220;Item 1A. Risk Factors&#8221; included in our Annual Report on Form 10-K for the year ended December&#160;31, 2020 and our Quarterly Report on Form 10-Q for the three months ended June&#160;30, 2021, as they may be updated by our subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated by reference into this Prospectus Supplement.<font style="font-weight: normal;"> </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed on the accuracy or adequacy of this prospectus supplement. Any representation to the contrary is a criminal offense.<font style="font-weight: normal;"> </font></div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 456pt; margin-left: auto; margin-right: auto; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><tr><td style="width: 31.58%; text-align: center; vertical-align: top; padding-top: 6.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">BMO Capital Markets</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6.5pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6.5pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom; padding-top: 6.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">J.P. Morgan</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6.5pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6.5pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom; padding-top: 6.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">B. Riley Securities, Inc.</div></td></tr><tr><td style="width: 31.58%; text-align: center; vertical-align: top;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">&#160;</div></td></tr><tr><td style="width: 31.58%; text-align: center; vertical-align: top; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">Compass Point</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; white-space: nowrap; text-align: center;">Janney Montgomery Scott</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 31.58%; text-align: center; vertical-align: bottom; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">&#160;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 15.5pt; text-align: center;">Prospectus Supplement dated August&#160;17, 2021.</div></div></div></div>
<!--End Page 1-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 2-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_101-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">PROSPECTUS SUPPLEMENT</div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.83%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 4.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sABT">ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS<font style="padding-left: 4.16pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sABT"><font style="padding-left: 4.44pt;">S-</font>ii</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sCAU">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 0.2pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sCAU"><font style="padding-left: 1.66pt;">S-</font>iii</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sPS">PROSPECTUS SUPPLEMENT SUMMARY<font style="padding-left: 0.26pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sPS"><font style="padding-left: 5pt;">S-</font>1</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sRF"><font style="padding-left: 5pt;">S-</font>5</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sUP">USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sUP"><font style="padding-left: 5pt;">S-</font>9</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sAO">AUTHORIZED AND OUTSTANDING CAPITAL STOCK<font style="padding-left: 1.17pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sAO"><font style="padding-left: 5pt;">S-</font>9</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sPD">PLAN OF DISTRIBUTION<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sPD">S-10</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sLM">LEGAL MATTERS<font style="padding-left: 3.22pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sLM">S-12</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sEXP">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sEXP">S-12</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sWYC">WHERE YOU CAN FIND MORE INFORMATION<font style="padding-left: 3.84pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sWYC">S-12</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#sIC">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE<font style="padding-left: 4.67pt;"></font></a></div></td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.83%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 4.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><a href="#sIC">S-13</a></div></td></tr></table><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">PROSPECTUS</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.09%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.51%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tA">ABOUT THIS PROSPECTUS <font style="padding-left: 1pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tA"><font style="padding-left: 5pt;">1</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tU">UMH PROPERTIES, INC. <font style="padding-left: 0.68pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tU"><font style="padding-left: 5pt;">1</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS <font style="padding-left: 0.99pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5pt;">3</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDR">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS <font style="padding-left: 0.38pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDR">19 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUOP">USE OF PROCEEDS <font style="padding-left: 1.74pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tUOP">19 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDCS">DESCRIPTION OF CAPITAL STOCK <font style="padding-left: 4.78pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDCS">20 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDDS">DESCRIPTION OF DEBT SECURITIES <font style="padding-left: 0.83pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDDS">29 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tC">CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS <font style="padding-left: 2.83pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tC">35 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tM">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES <font style="padding-left: 1.55pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tM">39 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tP">PLAN OF DISTRIBUTION <font style="padding-left: 0.65pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tP">53 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tL">LEGAL MATTERS <font style="padding-left: 4.89pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tL">54 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tE">EXPERTS <font style="padding-left: 3.44pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tE">54 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tW">WHERE YOU CAN FIND MORE INFORMATION <font style="padding-left: 0.51pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tW">54 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE <font style="padding-left: 1.34pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tI">55</a></div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should rely only on the information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus or any applicable free writing prospectus in making a decision about whether to invest in our common stock. We have not, and the Distribution Agents have not, authorized any other person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus supplement and the accompanying prospectus do not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction where it is unlawful to make such offer or solicitation. You should assume that the information appearing in this prospectus supplement, the accompanying prospectus, any applicable free writing prospectus and the documents incorporated by reference herein or therein is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-i<br></div></div></div>
<!--End Page 2-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 3-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_102-about_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sABT"><!--Anchor--></a>ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should read this prospectus supplement along with the accompanying prospectus, as well as the information incorporated by reference herein and therein, carefully before you invest in our common stock. These documents contain important information that you should consider before making your investment decision. The accompanying prospectus contains information about our securities generally, some of which does not apply to the common stock covered by this prospectus supplement. This prospectus supplement may add, update or change information contained in or incorporated by reference in the accompanying prospectus. If the information in this prospectus supplement is inconsistent with any information contained in or incorporated by reference in the accompanying prospectus, the information in this prospectus supplement will apply and will supersede the inconsistent information contained in or incorporated by reference into the accompanying prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">It is important for you to read and consider all of the information contained in this prospectus supplement and the accompanying prospectus before making your investment decision. You should also read and consider the additional information incorporated by reference into this prospectus supplement and the accompanying prospectus before making your investment decision. See &#8220;Incorporation of Certain Information by Reference&#8221; in this prospectus supplement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should rely only on the information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus and any related free writing prospectus required to be filed with the Securities and Exchange Commission, or SEC. We have not authorized any other person to provide you with additional or different information. If anyone provides you with additional or different information, you should not rely on it. We are not making an offer to sell the common stock in any jurisdiction where the offer or sale is not permitted.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should assume that the information appearing in this prospectus supplement, the accompanying prospectus, any such free writing prospectus and the documents incorporated by reference herein and therein is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless this prospectus supplement otherwise indicates or the context otherwise requires, the terms &#8220;our,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; and &#8220;we&#8221; as used in this prospectus supplement refer to UMH Properties, Inc. and its consolidated subsidiaries. All references in this prospectus supplement to the Annual Report on Form 10-K for the year ended December&#160;31, 2020 refer to the Annual Report on Form 10-K, as filed with the SEC on March&#160;10, 2021.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-ii<br></div></div></div>
<!--End Page 3-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 4-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_103-caution_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sCAU"><!--Anchor--></a>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, each include &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Also, documents we subsequently file with the SEC and incorporate by reference will contain forward-looking statements. In particular, statements relating to our liquidity and capital resources, portfolio performance and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance are forward-looking statements. We are including this cautionary statement to make applicable and take advantage of the safe harbor provisions of the Securities Act and Exchange Act for any such forward-looking statements. We caution investors that any forward-looking statements presented in this prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, are based on management&#8217;s belief and assumptions made by, and information currently available to, management. When used, the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;result,&#8221; &#8220;seek,&#8221; and similar expressions, or the negative use of these words, are intended to identify forward-looking statements, but the absence of these words does not necessarily mean that statement is not a forward-looking statement. Forward-looking statements include statements about our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described in this prospectus supplement and the accompanying prospectus under the heading &#8220;Risk Factors,&#8221; as well as &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; as included in our Annual Report on Form 10-K for the year ended December&#160;31, 2020, our Quarterly Report on Form 10-Q for the three months ended June&#160;30, 2021 and our subsequent Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein. These and other risks, uncertainties and factors could cause our actual results to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from our expectations include, among others:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in the real estate market conditions and general economic conditions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">risks and uncertainties related to the COVID-19 pandemic;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">increased competition in the geographic areas in which we own and operate manufactured housing communities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to maintain rental rates and occupancy levels; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in market rates of interest; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to repay debt financing obligations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to comply with certain debt covenants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to integrate acquired properties and operations into existing operations;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-iii<br></div></div></div>
<!--End Page 4-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 5-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_103-caution_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the availability of other debt and equity financing alternatives; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">continued ability to access the debt or equity markets; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the loss of any member of our management team; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the ability of manufactured home buyers to obtain financing; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the level of repossessions by manufactured home lenders; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">market conditions affecting our investment securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in federal or state tax rules or regulations that could have adverse tax consequences; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">inflation and increases in commodity and manufactured home prices;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to qualify as a REIT for federal income tax purposes; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">those other risks and uncertainties referenced under the heading &#8220;Risk Factors&#8221; in this prospectus supplement and the accompanying prospectus and in our other filings with the SEC.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-iv<br></div></div></div>
<!--End Page 5-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 6-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20000425x1_424b5_104-sum_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sPS"><!--Anchor--></a>PROSPECTUS SUPPLEMENT SUMMARY</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following summary is qualified in its entirety by the more detailed information and consolidated financial statements and notes thereto appearing elsewhere in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus. This summary is not complete and does not contain all of the information you should consider before investing in our common stock. You should carefully read the &#8220;Risk&#160;Factors&#8221; sections beginning on page S-<a href="#sRF">5</a> of this prospectus supplement, page <a href="#tRF">3</a> of the accompanying prospectus, page 7 of our Annual Report on Form 10-K for the year ended December&#160;31, 2020, and page 35 of our Quarterly Report on Form 10-Q for the three months ended June&#160;30, 2021 to determine whether an investment in our common stock is appropriate for you.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">UMH Properties, Inc.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">UMH Properties, Inc. is a Maryland corporation operating as a qualified real estate investment trust (&#8220;REIT&#8221;) under Sections 856 through 860 of the Internal Revenue Code (the &#8220;Code&#8221;). Our primary business is the ownership and operation of manufactured home communities &#8211; leasing manufactured home sites to private manufactured home owners. We also lease homes to residents, and through our wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (&#8220;S&amp;F&#8221;), sell and finance the sale of homes to residents and prospective residents of our communities. We own and operate 127 manufactured home communities containing approximately 24,000 developed home sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have expanded our portfolio of manufactured home communities through numerous acquisitions. During 2020, we acquired two communities totaling 310 homesites. During 2021, we have acquired three communities, located in Alabama, Ohio and South Carolina, totaling 543 homesites. Our growth strategy involves purchasing well located communities in our target markets, including the energy rich Marcellus and Utica Shale regions. As part of our growth strategy, we intend to continue to evaluate potential opportunities to expand into additional geographic markets, including certain additional markets in the southeastern United States.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A manufactured home community is designed to accommodate detached, single-family manufactured homes. These manufactured homes are produced off-site by manufacturers and installed on sites within the community. These homes may be improved with the addition of features constructed on-site, including garages, screened rooms and carports. Manufactured homes are available in a variety of designs and floor plans, offering many amenities and custom options. Each owner of a manufactured home leases the site on which the home is located from us. Generally, we own the underlying land, utility connections, streets, lighting, driveways, common area amenities and other capital improvements and are responsible for enforcement of community guidelines and maintenance.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Manufactured homes are accepted by the public as a viable and economically attractive alternative to conventional site-built single-family housing. The affordability of the modern manufactured home makes it a very attractive housing alternative. Depending on the region of the country, prices per square foot for a new manufactured home average up to 50 percent less than a comparable site-built home, excluding the cost of land. This is due to a number of factors, including volume purchase discounts, inventory control of construction materials and control of all aspects of the construction process, which is generally a more efficient and streamlined process as compared to a site-built home.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Modern residential land lease communities are similar to typical residential subdivisions containing central entrances, paved well-lit streets, curbs and gutters. Generally, modern manufactured home communities contain buildings for recreation, green areas, and other common area facilities, all of which are the property of the community owner. In addition to such general improvements, certain manufactured home communities include recreational improvements such as swimming pools, tennis courts and playgrounds. Municipal water and sewer services are available in some manufactured home communities, while other communities supply these facilities on-site.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Typically, our leases are on an annual or month-to-month basis, renewable upon the consent of both parties. The community manager interviews prospective residents, collects rent and finance payments, ensures compliance with community regulations, maintains common areas and community facilities and is responsible for </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-1<br></div></div></div>
<!--End Page 6-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 7-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20000425x1_424b5_104-sum_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">the overall appearance of the community. The homeowner is responsible for the maintenance of the home and leased site. As a result, our capital expenditures tend to be less significant relative to multi-family rental apartments. Manufactured home communities produce predictable income streams and provide protection from inflation due to the ability to annually increase rents.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Many of our communities compete with other manufactured home community properties located in the same or nearby markets that are owned and operated by other companies in our business. We generally monitor the rental rates and other terms being offered by our competitors and consider this information as a factor in determining our own rental rates. In addition to competing with other manufactured home community properties, our communities also compete with alternative forms of housing (such as apartments and single-family homes).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In connection with the operation of our communities, we also lease homes to prospective tenants. As of March&#160;31, 2021, we owned approximately 8,500 rental homes, representing approximately 35.6% of our developed homesites. We engage in the rental of manufactured homes primarily in areas where the communities have existing vacancies. The rental homes produce income from both the home and the site which might otherwise be non-income producing. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Inherent in the operation of a manufactured home community is the development, redevelopment, and expansion of our communities. We sell and finance the sale of manufactured homes in our communities through S&amp;F. S&amp;F was established to potentially enhance the value of our communities. The home sales business is operated as it is with traditional homebuilders, with sales centers, model homes, an inventory of completed homes and the ability to supply custom designed homes based upon the requirements of the new homeowners. In addition, our sales centers earn a profit by selling homes to customers for placement on their own private land.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition to our manufactured home communities, we also own a portfolio of investment securities, consisting of equity securities issued by other REITs. We generally limit these securities to no more than approximately 15% of our undepreciated assets.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our executive offices are located at Juniper Business Plaza, Suite 3-C, 3499 Route 9 North, Freehold, New&#160;Jersey 07728, and our telephone number is (732) 577-9997. As of June&#160;30, 2021, we have approximately 460 employees. Our common stock, Series C Preferred Stock and Series D Preferred Stock are listed on the NYSE. Our website is located at www.umh.reit. Information contained on our website is not a part of this prospectus supplement or the accompanying prospectus.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-2<br></div></div></div>
<!--End Page 7-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 8-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20000425x1_424b5_104-sum_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">The Offering</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Issuer<font style="font-weight: normal; padding-left: 1.4pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -10pt; margin-left: 240pt; text-align: left;">UMH Properties, Inc., a Maryland corporation.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Manner of Offering<font style="font-weight: normal; padding-left: 1.6pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">&#8220;At the market&#8221; offering that may be made from time to time through the Distribution Agents, as agents and/or principal, subject to our instruction as to amount and timing. See &#8220;Plan of Distribution&#8221; beginning on page S-<a href="#sPD">10</a> of this prospectus supplement.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Securities Offered<font style="font-weight: normal; padding-left: 3.39pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">Up to $100,000,000 in aggregate sales price of our common stock, $0.10 par value per share.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Common Stock Outstanding<font style="font-weight: normal; padding-left: 0.19pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -10pt; margin-left: 240pt; text-align: left;">47,432,834 shares (as of August&#160;13, 2021).</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Restriction on Ownership and Transfer<font style="font-weight: normal; padding-left: 0.26pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">For us to qualify as a REIT under the Code, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals, as defined in the Code. In order to assist us in maintaining our qualification as a REIT, our charter provides that no person may own, or be deemed to own by virtue of the attribution rules of the Code, more than 9.8%, in value or in number of shares (whichever is more restrictive), of our outstanding stock (other than shares of our excess stock), subject to certain exceptions. In addition, under our charter no person may own, or be deemed to own, shares of our stock (other than shares of our excess stock) that would result in shares of our stock being owned by fewer than 100 persons, our being &#8220;closely held&#8221; within the meaning of Section 856 of the Code or our otherwise failing to qualify as a REIT under the Code. See &#8220;Description of Capital Stock &#8211; Restrictions on Ownership and Transfer&#8221; in the accompanying prospectus.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Tax Consequences<font style="font-weight: normal; padding-left: 2.44pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">The federal income tax consequences of purchasing, owning and disposing of shares of our common stock are summarized in &#8220;Material United States Federal Income Tax Consequences&#8221; in the accompanying prospectus.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Use of Proceeds<font style="font-weight: normal; padding-left: 0.83pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">We intend to use the net proceeds from any sales of common stock in this offering for working capital and general corporate purposes, which may include purchases of manufactured homes for sale or lease to customers, expansion of our existing communities, potential acquisitions of additional properties, possible redemption of outstanding preferred stock, and possible repayment of indebtedness on a short-term basis, including amounts borrowed under our revolving credit facility. Until we use the net proceeds from this offering, the net proceeds may be deposited in interest-bearing cash accounts or invested in short-term or readily marketable securities, including securities that may not be investment grade. See &#8220;Use of Proceeds&#8221; on page S-<a href="#sUP">9</a> of this prospectus supplement.</div><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">NYSE symbol<font style="font-weight: normal; padding-left: 2.96pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -10pt; margin-left: 240pt; text-align: left;">&#8220;UMH&#8221;</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-3<br></div></div></div>
<!--End Page 8-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 9-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="ny20000425x1_424b5_104-sum_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="border-box" style="border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 12pt;"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="sum1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; width: 216pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Risk Factors<font style="font-weight: normal; padding-left: 2.52pt;"></font></div><div class="sum2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -12pt; margin-left: 240pt; text-align: left;">Investing in our common stock involves risks. Before deciding to invest in our common stock, please read carefully the sections entitled &#8220;Risk Factors&#8221; beginning on page S-<a href="#sRF">5</a> of this prospectus supplement and page <a href="#tRF">3</a> of the accompanying prospectus and in the reports we file with the SEC pursuant to the Exchange Act, including our Annual Report on Form 10-K for the year ended December&#160;31, 2020 and our Quarterly Report on Form 10-Q for the three months ended June&#160;30, 2021, which are incorporated by reference into this prospectus supplement and the accompanying prospectus.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-4<br></div></div></div>
<!--End Page 9-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 10-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_105-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sRF"><!--Anchor--></a>RISK FACTORS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">An investment in our common stock involves risks. In addition to other information in this prospectus supplement, you should consider carefully the following risks, as well as the risks described in our most recent Annual Report on Form 10-K for the year ended December&#160;31, 2020 and our Quarterly Report on Form 10-Q for the three months ended June&#160;30, 2021, and the other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to our common stock. The occurrence of any of the following risks could materially and adversely affect our business, financial condition, liquidity, results of operations, prospects and our ability to make cash dividends to holders of our common stock. Some statements in this prospectus supplement, including statements in the following risk factors, constitute forward-looking statements. See &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; in this prospectus supplement.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Risks Related to This Offering</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">The market price and trading volume of our common stock may fluctuate significantly.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The per-share trading price of our common stock may fluctuate. In addition, the trading volume in our common stock may fluctuate and cause significant price variations to occur. If the per-share trading price of our common stock declines significantly, you may be unable to resell your shares at or above the purchase price. We cannot assure you that the per-share trading price of our common stock will not fluctuate or decline significantly in the future.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Some of the factors that could negatively affect our share price or result in fluctuations in the price or trading volume of our common stock include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">actual or anticipated variations in our quarterly operating results or dividends;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in our funds from operations or earnings estimates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">publication of research reports about us or the real estate industry;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">prevailing interest rates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the market for similar securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in market valuations of similar companies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">adverse market reaction to any additional debt we incur in the future;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">additions or departures of key management personnel;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">actions by institutional stockholders;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">speculation in the press or investment community;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the extent of investor interest in our securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the general reputation of REITs and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our underlying asset value;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">investor confidence in the stock and bond markets, generally;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in tax laws;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">future equity issuances;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">failure to meet earnings estimates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">failure to maintain our REIT status;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in valuation of our REIT securities portfolio;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">general economic and financial market conditions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">war, terrorist acts and epidemic disease including the COVID-19 pandemic; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-5<br></div></div></div>
<!--End Page 10-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 11-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_105-risk_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our issuance of debt or preferred equity securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our financial condition, results of operations and prospects; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the realization of any of the other risk factors presented in this prospectus supplement or the accompanying prospectus.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In the past, securities class action litigation has often been instituted against companies following periods of volatility in the price of their common stock. This type of litigation could result in substantial costs and divert our management&#8217;s attention and resources, which could have an adverse effect on our financial condition, results of operations, cash flow and per-share trading price of our common stock.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Market interest rates may have an effect on the value of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">One of the factors that may influence the price of our common stock will be the dividend yield on our common stock (as a percentage of the price of our common stock) relative to prevailing interest rates. A future increase in prevailing interest rates may lead prospective investors in our common stock to expect a higher dividend yield, and higher interest rates would likely increase our borrowing costs and potentially decrease funds available for distribution. As a result, higher market interest rates could cause the market price of our common stock to decrease.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">The number of shares of our common stock available for future issuance or sale could adversely affect the per-share trading price of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The issuance or sale of substantial numbers of shares of our common stock in the public market or the perception that such issuances or sales might occur could adversely affect the per-share trading price of our common stock. The per-share trading price of our common stock may decline significantly upon the sale or registration of additional shares of our common stock.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Investors may experience dilution as a result of this offering and future offerings of common or preferred stock or other equity securities, which may adversely affect the per-share trading price of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This offering may have a dilutive effect on our earnings per share and funds from operations per share after giving effect to the issuance of our common stock in this offering and the receipt of the expected net proceeds. Our Board of Directors may authorize the issuance of additional authorized but unissued shares of common stock or other securities at any time, including pursuant to equity incentive plans. The actual amount of dilution from this offering, or from any future offering of common or preferred stock or other equity securities, will be based on numerous factors, particularly the use of proceeds and the return generated by such investment, and cannot be determined at this time. The per-share trading price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market pursuant to this offering, or otherwise, or as a result of the perception or expectation that such sales could occur.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">On June&#160;30, 2020, we entered into an Equity Distribution Agreement with BMO Capital Markets Corp., J.P.&#160;Morgan Securities LLC, B. Riley FBR, Inc. (n/k/a B. Riley Securities, Inc.), Compass Point Research &amp; Trading, LLC, D.A. Davidson &amp; Co., and Janney Montgomery Scott LLC, as distribution agents (the &#8220;Distribution Agents&#8221;) under which we may offer and sell shares of Common Stock, having an aggregate sales price of up to $100&#160;million from time to time through the Distribution Agents. Sales of shares of Common Stock under this program, which we refer to as the 2020 Common Stock ATM Program, are made in &#8220;at the market offerings&#8221; as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE or on any other existing trading market for the Common Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. We began selling shares under the 2020 Common ATM Program on September&#160;17, 2020 and through December&#160;31, 2020, 135,000 shares of Common Stock were issued and sold at a weighted average price of $14.60 per share, generating gross proceeds of $2.0&#160;million and net proceeds of $1.7&#160;million, after offering expenses. From January&#160;1, 2021 through August&#160;16, 2021, we issued and sold an additional 4,246,270 shares of Common Stock at a weighted average price of $20.26 per share under the 2020 Common Stock ATM Program, generating gross proceeds of $86&#160;million and net proceeds of $84.7&#160;million after offering expenses. We have terminated the use of the 2020 Common Stock ATM Program.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-6<br></div></div></div>
<!--End Page 11-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 12-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_105-risk_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Our ability to pay dividends is limited by the requirements of Maryland law.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under the Maryland General Corporation Law, a Maryland corporation generally may not make a distribution if, after giving effect to the distribution, the corporation would not be able to pay its debts as the debts become due in the usual course of business or the corporation's total assets would be less than the sum of its total liabilities plus, unless the corporation's charter provides otherwise, the amount that would be needed, if the corporation were dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of stockholders whose preferential rights are superior to those receiving the distribution. Accordingly, we may not be able to make a distribution on the common stock if, after giving effect to the distribution, we would not be able to pay our debts as they become due in the usual course of business or our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the preferential rights upon dissolution of the holders of outstanding shares of preferred stock.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">We cannot assure you that we will be able to pay dividends regularly.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our ability to pay dividends in the future is dependent on our ability to operate profitably and to generate cash from our operations and the operations of our subsidiaries and is subject to limitations under our financing arrangements. Accordingly, we cannot guarantee that we will be able to pay dividends on a regular quarterly basis in the future.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Future issuances of debt securities, which would be senior to our common stock upon liquidation, or preferred equity securities which would be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the per-share trading price of our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">On July&#160;22, 2020 , we entered into an At-Market Issuance Sales Agreement with B. Riley Securities, Inc. (f/k/a B. Riley FBR, Inc.) (&#8220;B. Riley&#8221;), as distribution agent, under which we may offer and sell from time to time up to a total of $100,000,000 in aggregate sales price of shares of our 6.75% Series C Cumulative Redeemable Preferred Stock, $0.10 par value per share, having a liquidation preference of $25.00 per share, which we refer to as our Series C Preferred Stock, and/or our 6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value per share, having a liquidation preference of $25.00 per share, which we refer to as our Series D Preferred Stock. Sales of shares of our Series C Preferred Stock and/or our Series D Preferred Stock under this program, which we refer to as the 2020 Preferred Stock ATM Program, are made in &#8220;at the market offerings&#8221; as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing trading market for the Series C Preferred Stock and/or Series D Preferred Stock or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The 2020 Preferred Stock ATM Program replaced a previous program we had entered into in 2019.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to the 2020 Preferred Stock ATM Program, through December&#160;31, 2020, 134,000 shares of Series&#160;C Preferred Stock were issued and sold at a weighted average price of $24.96 per share and 1.2&#160;million shares of Series D Preferred Stock were issued and sold at a weighted average price of $24.80 per share, generating total gross proceeds of $33.7&#160;million and total net proceeds of $33.0&#160;million, after offering expenses. From January&#160;1, 2021 through August&#160;16, 2021, we issued and sold an additional 2,174,576 shares of our Series&#160;D Preferred Stock at a weighted average price of $24.89 per share under the 2020 Preferred Stock ATM Program, generating gross proceeds of $54.1&#160;million and net proceeds of $53.2&#160;million, after offering expenses. As of August&#160;16, 2021, there remains approximately $12.2&#160;million in shares of Series C Preferred Stock and/or Series D Preferred Stock that may be sold under the 2020 Preferred Stock ATM Program. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Series C Preferred Stock and Series D Preferred Stock, as well as the terms of our existing indebtedness, limit our ability to make distributions to holders of our common stock. In addition, we may in the future attempt to increase our capital resources by issuing debt securities, including medium-term notes, senior notes or subordinated notes, additional shares of our Series C Preferred Stock and/or Series D Preferred Stock and/or additional classes or series of preferred stock. Upon liquidation, holders of any debt securities we may issue and holders of our preferred stock and lenders with respect to our borrowings will be entitled to receive our available assets prior to distribution to the holders of our common stock. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock. Outstanding shares of our Preferred Stock have, and any shares of preferred stock that we issue in the future could have, a preference on liquidating distributions and/or a preference on </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-7<br></div></div></div>
<!--End Page 12-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 13-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_105-risk_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">dividend payments that could limit our ability to pay dividends to the holders of our common stock. Because our decision to issue securities senior to our common stock in the future will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of future issuances. As a result, holders of our common stock bear the risk of our future securities issuances reducing the per-share trading price of our common stock.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Future price increases in response to inflation may adversely affect our business and our ability to acquire or dispose of real property or real estate-related investments at attractive prices and our profitability may be reduced.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will be exposed to inflation risk as high inflation may tighten credit and increase prices, including prices of manufactured homes that we order to sell or rent to customers. Further, if interest rates rise, such as during an inflationary period, the cost of acquisition capital may also rise. As a result, during a period of inflation, our profitability may be reduced. </div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Affiliates of certain of the Distribution Agents may receive benefits in connection with this offering.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Bank of Montreal (&#8220;BMO&#8221;), an affiliate of BMO Capital Markets Corp., and J.P. Morgan Chase Bank, N.A.&#160;(&#8220;JPMorgan&#8221;), an affiliate of J.P. Morgan Securities LLC, are lenders under our unsecured revolving credit facility, and BMO Capital Markets Corp. serves as lead arranger and sole book runner and JPMorgan serves as syndication agent under this credit facility. In addition, BMO serves as administrative agent under this facility. To the extent that we elect to use a portion of the net proceeds from this offering to repay borrowings outstanding under our unsecured revolving credit facility, BMO and JPMorgan will receive their proportionate shares of any amount of the unsecured revolving credit facility that is repaid with the net proceeds from this offering. These transactions create potential conflicts of interest because each of BMO and JPMorgan has an interest in the successful completion of this offering beyond the sales commissions it will receive. These interests may influence the decision regarding the terms and circumstances under which the offering is completed.</div><div class="frisk" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Dividends on our common stock do not qualify for the reduced tax rates available for some dividends.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Income from &#8220;qualified dividends&#8221; payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates. Dividends payable by REITs, including the dividends on our common stock, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. Although these rules do not adversely affect our taxation or the dividends payable by us, to the extent that the preferential rates continue to apply to regular corporate qualified dividends, investors who are individuals, trusts and estates may perceive an investment in us to be relatively less attractive than an investment in the stock of a non-REIT corporation that pays dividends, which could materially and adversely affect the value of the shares of, and per-share trading price of, our capital stock, including our common stock.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-8<br></div></div></div>
<!--End Page 13-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 14-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_106-use_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sUP"><!--Anchor--></a>USE OF PROCEEDS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We intend to use the net proceeds from any sales of common stock in this offering for working capital and general corporate purposes, which may include purchases of manufactured homes for sale or lease to customers, expansion of our existing communities, potential acquisitions of additional properties, possible redemption of outstanding preferred stock, and possible repayment of indebtedness on a short-term basis, including amounts borrowed under our revolving credit facility. Until we use the net proceeds from this offering, the net proceeds may be deposited in interest bearing cash accounts or invested in short-term or readily marketable securities (including money market accounts or other investments that may or may not be investment grade), which are consistent with assisting us in maintaining our qualification as a REIT. Any such temporary investments are expected to provide a lower net return than we anticipate achieving from our investments in properties.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of July&#160;31, 2021, we had approximately $45&#160;million outstanding under our unsecured revolving credit facility. Our unsecured revolving credit facility matures on November&#160;29, 2022 (which maturity may be extended for an additional one year at our option subject to certain conditions). Amounts outstanding under our unsecured revolving credit facility bear interest, at our option, at LIBOR plus 1.50% to 2.20% (depending on our overall leverage ratio), or at BMO&#8217;s prime lending rate plus 0.50% to 1.20% (depending on our overall leverage ratio). As of July&#160;31, 2021, the weighted average interest rate for amounts outstanding under our unsecured revolving credit facility was 1.6% per annum.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Affiliates of certain of the Distribution Agents are lenders under our unsecured revolving credit facility and will receive pro rata portions of any net proceeds from this offering that are used to repay amounts outstanding thereunder. See &#8220;Risk Factors&#8221; and &#8220;Plan of Distribution.&#8221;</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="sAO"><!--Anchor--></a>AUTHORIZED AND OUTSTANDING CAPITAL STOCK</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of August&#160;16, 2021, our authorized capital stock consists of 170,413,800 shares, classified as 144,164,469 shares of common stock, par value $0.10 per share, 199,331 shares of 8.00% Series B Cumulative Redeemable Preferred Stock (&#8220;Series B Preferred Stock&#8221;), 13,750,000 shares of Series C Preferred Stock, 9,300,000 shares of Series D Preferred Stock, and 3,000,000 shares of excess stock. The excess stock is designed to help us protect our status as a REIT under the Code. See &#8220;Description of Capital Stock - Restrictions on Ownership and Transfer&#8221; on page <a href="#tDCS">20</a> of the accompanying prospectus. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of August&#160;13, 2021, 47,432,834 shares of common stock were issued and outstanding, no shares of Series B Preferred Stock were issued and outstanding, 9,884,000 shares of Series C Preferred Stock were issued and outstanding, 8,608,740 shares of Series D Preferred Stock were issued and outstanding, and no shares of excess stock were issued and outstanding. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under the Maryland General Corporation Law (the &#8220;MGCL&#8221;) and our charter, a majority of our entire Board of Directors has the power, without action by our common stockholders, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have the authority to issue. Our Board of Directors is also authorized under the MGCL and our charter to classify and reclassify any unissued shares of our common stock, preferred stock and excess stock into other classes, including classification into a class or classes of preferred stock, preference stock, special stock or other stock and to divide or classify shares into one or more series of such class. We believe that the power to issue additional shares of stock and to classify or reclassify unissued shares of stock and thereafter to issue the classified or reclassified shares provides us with increased flexibility in structuring financings and acquisitions and in meeting other needs that might arise. These actions can be taken without stockholder approval, unless stockholder approval is required by applicable law or the rules of any stock exchange or automated quotation system on which shares of our stock may be listed or traded. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-9<br></div></div></div>
<!--End Page 14-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 15-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_107-plan_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sPD"><!--Anchor--></a>PLAN OF DISTRIBUTION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have entered into an equity distribution agreement with the Distribution Agents under which we may offer and sell shares of our common stock having an aggregate sales price of up to $100,000,000 from time to time through the Distribution Agents, as agents or principal. Sales of shares of our common stock under this prospectus supplement, if any, will be in &#8220;at the market offerings&#8221; as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on the NYSE or on any other existing trading market for our common stock or to or through a market maker or maker or any other method permitted by law, including, but not limited to, negotiated transactions and block trades. The Distribution Agents will not engage in any transactions that stabilize our common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">From time to time during the term of the equity distribution agreement, we will notify each Distribution Agent of the maximum amount of shares of our common stock to be sold, the dates on which such sales are requested to be made, the minimum price below which sales may not be made and any limitation on the number of shares that may be sold in any one day. Once we have so instructed each Distribution Agent, unless such Distribution Agent declines to accept the terms of such notice or until such notice is terminated or suspended as permitted by the equity distribution agreement, each Distribution Agent will use commercially reasonable efforts consistent with their normal trading and sales practices to sell such shares up to the amount specified on such terms. The obligations of the Distribution Agents under the equity distribution agreement are subject to a number of customary conditions that we must meet. The obligation of the Distribution Agents under the equity distribution agreement to sell shares pursuant to any notice is subject to a number of conditions, which the Distribution Agents reserve the right to waive in their sole discretion.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Each Distribution Agent will provide written confirmation to us no later than the opening of the trading day following the trading day on which such Distribution Agent has sold shares of our common stock for us under the equity distribution agreement. Each confirmation will include the number of shares sold on that day, the aggregate compensation payable by us to the applicable Distribution Agents in connection with the sale and the net proceeds to us from the sale of the shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Settlement for sales of our common stock will occur on the second trading day following the date on which any sales are made or some other date as may be agreed upon by us and the applicable Distribution Agent, with respect to any particular transaction. Sales of our common stock as contemplated by this prospectus supplement will be settled through the facilities of The Depositary Trust Company or by such other means as we and the Distribution Agents may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will pay each Distribution Agent a commission at a mutually agreed rate of up to 2% of the gross sale proceeds from sales of shares of our common stock under the equity distribution agreement. If shares of our common stock having an aggregate offering price of $10,000,000 or more have not been offered and sold under the equity distribution agreement by the eighteen-month anniversary of the equity distribution agreement (or such earlier date on which we terminate the equity distribution agreement), we will reimburse the Distribution Agents for up to $100,000 of their reasonable fees and disbursements of counsel for the Distribution Agents incurred by them in connection with the transactions contemplated by the equity distribution agreement. We have also agreed to pay various fees and other expenses related to this offering. The Distribution Agents may also receive customary brokerage commissions from purchasers of our common stock in compliance with FINRA Rule 2121. The Distribution Agents may effect sales to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the Distribution Agents and/or purchasers of shares of our common stock for whom they may act as agents or to whom they may sell as principal. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. In connection with the sale of shares of our common stock on our behalf hereunder, each of the Distribution Agents may be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act, and the compensation paid to the Distribution Agents may be deemed to be underwriting commissions or discounts. We have agreed to provide indemnification and contribution to the Distribution Agents against specified liabilities, including liabilities under the Securities Act.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The offering of our common stock pursuant to the equity distribution agreement will terminate upon the earlier of (i)&#160;the sale of all shares of our common stock subject to the equity distribution agreement or (ii)&#160;the termination of the equity distribution agreement by the Distribution Agents or us in accordance with the terms of the equity distribution agreement.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-10<br></div></div></div>
<!--End Page 15-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 16-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_107-plan_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This summary of the material provisions of the equity distribution agreement does not purport to be a complete statement of its terms and conditions. A copy of the equity distribution agreement will be filed with the SEC as an exhibit to a current report on Form 8-K and incorporated by reference into the registration statement of which this prospectus supplement and the accompanying prospectus is a part. See &#8220;Where You Can Find More Information&#8221; in this prospectus supplement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Distribution Agents and certain of their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. The Distribution Agents and such affiliates have received, or may in the future receive, customary fees and expenses for these transactions. In addition, in the ordinary course of their various business activities, the Distribution Agents and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The Distribution Agents or their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">BMO, an affiliate of BMO Capital Markets Corp., and JPMorgan, an affiliate of J.P. Morgan Securities LLC, are lenders under our unsecured revolving credit facility, and BMO Capital Markets Corp. serves as lead arranger and sole book runner and JPMorgan serves as syndication agent under this credit facility. In addition, BMO serves as administrative agent under this facility. To the extent that we elect to use a portion of the net proceeds from this offering to repay borrowings outstanding under our unsecured revolving credit facility, BMO and JPMorgan will receive their proportionate shares of any amount of the unsecured revolving credit facility that is repaid with the net proceeds from this offering.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-11<br></div></div></div>
<!--End Page 16-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 17-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_107-plan_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sLM"><!--Anchor--></a>LEGAL MATTERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain legal matters will be passed upon for us by Stroock &amp; Stroock &amp; Lavan LLP, New York, New York, as our securities and tax counsel. Certain matters of Maryland law will be passed on for us by Venable LLP. Certain legal matters in connection with this offering will be passed upon for the Distribution Agents by Hunton Andrews Kurth LLP.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="sEXP"><!--Anchor--></a>EXPERTS </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">PKF O&#8217;Connor Davies, LLP, our independent registered public accounting firm, has audited our consolidated financial statements and schedule included in our Annual Report on Form 10-K for the fiscal year ended December&#160;31, 2020, and the effectiveness of our internal control over financial reporting as of December&#160;31, 2020, as set forth in their reports, which are incorporated by reference herein. Our financial statements and schedule are incorporated by reference in reliance on PKF O&#8217;Connor Davies&#8217;s reports, given on their authority as experts in accounting and auditing.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="sWYC"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website at <font style="font-style: italic;">www.sec.gov</font> that contains reports, proxy and information statements and other information concerning issuers that file electronically with the SEC, including us. We also maintain an internet site at <font style="font-style: italic;">www.umh.reit</font> that contains information concerning us. The information contained on, or otherwise accessible through, our website is not part of, or incorporated by reference into, this prospectus supplement or the accompanying prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus supplement and the accompanying prospectus are only part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act, and therefore omit some of the information contained in the registration statement. We have also filed exhibits to the registration statement which are excluded from this prospectus supplement and the accompanying prospectus, and you should refer to the applicable exhibit for a complete description of any statement referring to any contract or other document. You may obtain a copy of the registration statement, including the exhibits, as described in the previous paragraph.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-12<br></div></div></div>
<!--End Page 17-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 18-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_108-incorp_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="sIC"><!--Anchor--></a>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The SEC allows us to &#8220;incorporate by reference&#8221; the information contained in documents that we file with the SEC. That means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus supplement and the accompanying prospectus, and information that we later file with the SEC will automatically update and supersede the information in this prospectus supplement and the accompanying prospectus. The incorporated documents contain significant information about us, our business and our finances. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We incorporate by reference into this prospectus supplement and the accompanying prospectus the documents listed below and any future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (except for information &#8220;furnished&#8221; to the SEC under Current Reports on Form 8-K, which is not deemed filed and not incorporated herein by reference), until we sell all the securities offered by this prospectus supplement: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our Annual Report on Form 10-K for the year ended December&#160;31, 2020, filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/752642/000149315221005762/form10-k.htm">March&#160;10, 2021</a> (including the information specifically incorporated by reference into our Annual Report on Form 10-K for the year ended December&#160;31, 2020 from our definitive Proxy Statement on Schedule 14A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000149315221008981/formdef14a.htm">April&#160;16, 2021</a>);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our Quarterly Reports on Form 10-Q for the quarters ended March&#160;31, 2021, filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/752642/000149315221010618/form10-q.htm">May&#160;6, 2021</a>, and <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/752642/000149315221018565/form10-q.htm">June&#160;30, 2021</a>, filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/752642/000149315221018565/form10-q.htm">August 4, 2021</a>;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our Current Report on Form 8-K filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/752642/000149315221014656/form8-k.htm">June&#160;17, 2021</a> (other than any information in such reports that was &#8220;furnished&#8221; but not &#8220;filed&#8221;);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">all reports filed by us with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus supplement and before the termination of this offering (except for information furnished under Current Reports on Form 8-K, which is not deemed or specifically stated to be &#8220;filed&#8221;); and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the description of our common stock which is contained in our Registration Statement on Form 8-A filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/0000752642/000089968112000046/umh-8a12b_012712.htm">February&#160;28, 2012</a> under the Exchange Act, including any amendment or reports filed for the purpose of updating such description.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the extent that any information contained in any current report on Form 8-K, or any exhibit thereto, was furnished to, rather than filed with, the SEC, such information or exhibit is specifically not incorporated by reference into this prospectus supplement and the accompanying prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will provide without charge to each person, including any beneficial owner, to whom this prospectus supplement and the accompanying prospectus is delivered, on written or oral request of that person, a copy of any or all of the documents we are incorporating by reference into this prospectus supplement and the accompanying prospectus, other than exhibits to those documents unless those exhibits are specifically incorporated by reference into those documents. Requests should be addressed to us at:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">UMH Properties, Inc.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Attention: Stockholder Relations<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3499 Route 9, Suite 3C<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Juniper Business Plaza<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Freehold, New Jersey 07728<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(732) 577-9997</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The documents may also be accessed at our website at <font style="font-style: italic;">www.umh.reit</font>. The information on, or otherwise accessible through, our website does not constitute a part of this prospectus supplement or the accompanying prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">S-13<br></div></div></div>
<!--End Page 18-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 19-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 456pt;"><a name="ny20000425x1_424b5_201-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 456pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">PROSPECTUS</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">$750,000,000</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 456pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 31.58%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;"><img style="height: 36px; width: 62px;" src="logo_umhx1.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">&#8201;</div></td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.32%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 65.79%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">UMH Properties, Inc.</div></td></tr></table><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">Common Stock<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Preferred Stock<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">Debt Securities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may use this prospectus to offer and sell our common stock, preferred stock or debt securities from time to time. The aggregate public offering prices of the common stock, preferred stock and debt securities covered by this prospectus, which we refer to collectively as the securities, will not exceed $750,000,000. The securities may be offered, separately or together, in separate classes or series, in amounts, at prices and on terms to be determined at the time of the offering and set forth in one or more supplements to this prospectus. Our common stock, $0.10 par value per share (&#8220;Common Stock&#8221;), 8.0% Series B Cumulative Redeemable Preferred Stock, $0.10 par value per share (&#8220;Series B Preferred Stock&#8221;), 6.75% Series C Cumulative Redeemable Preferred Stock, $0.10 par value per share (&#8220;Series C Preferred Stock&#8221;), and 6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value per share (&#8220;Series D Preferred Stock&#8221;), are listed and traded on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbols &#8220;UMH&#8221;, &#8220;UMH.PRB&#8221;, &#8220;UMH.PRC&#8221; and &#8220;UMH.PRD,&#8221; respectively. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will provide the specific terms and conditions of these securities in supplements to this prospectus in connection with each offering. Such specific terms may include limitations on direct or beneficial ownership and restrictions on transfer of the securities, in each case as may be appropriate to preserve our status as a real estate investment trust (&#8220;REIT&#8221;) for U.S. federal income tax purposes. See &#8220;Description of Capital Stock &#8212;Restrictions on Ownership and Transfer.&#8221; Please read this prospectus and the applicable prospectus supplement carefully before you invest.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may offer the securities directly, through agents designated by us from time to time, or to or through underwriters or dealers. If any agents, underwriters or dealers are involved in the sale of any of the securities, their names, and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth or will be calculable from the information set forth in the applicable prospectus supplement. See &#8220;Plan of Distribution.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">An investment in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page <a href="#tRF">3</a> of this prospectus for a discussion of risk factors that you should consider in connection with an investment in our securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 110.5pt; text-align: center;">The date of this prospectus is June 1, 2020.</div></div></div></div>
<!--End Page 19-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 20-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_202-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.09%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.51%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tA">ABOUT THIS PROSPECTUS<font style="padding-left: 4.33pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tA"><font style="padding-left: 5pt;">1</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tU">UMH PROPERTIES, INC.<font style="padding-left: 4.01pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tU"><font style="padding-left: 5pt;">1</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5pt;">3</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDR">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 3.7pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDR">19</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUOP">USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tUOP">19</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDCS">DESCRIPTION OF CAPITAL STOCK<font style="padding-left: 3.11pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDCS">20</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDDS">DESCRIPTION OF DEBT SECURITIES<font style="padding-left: 4.16pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDDS">29</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tC">CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS<font style="padding-left: 1.16pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tC">35</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tM">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES<font style="padding-left: 4.88pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tM">39</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tP">PLAN OF DISTRIBUTION<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tP">53</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tL">LEGAL MATTERS<font style="padding-left: 3.22pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tL">54</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tE">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tE">54</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tW">WHERE YOU CAN FIND MORE INFORMATION<font style="padding-left: 3.84pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tW">54</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tI">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE<font style="padding-left: 4.67pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tI">55</a></div></td></tr></table></div></div></div>
<!--End Page 20-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 21-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_203-about_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tA"><!--Anchor--></a>ABOUT THIS PROSPECTUS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) using a &#8220;shelf&#8221; registration process. Under this process, we may from time to time sell in one or more offerings any of the securities described in this prospectus, or any combination thereof, up to a total amount of $750,000,000. Unless otherwise indicated or the context requires otherwise, in this prospectus, references to &#8220;the company,&#8221; &#8220;our company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; mean UMH Properties, Inc. and its consolidated subsidiaries. In this prospectus, we refer collectively to our common stock and preferred stock as our &#8220;capital stock&#8221; and our capital stock and debt securities as &#8220;securities.&#8221; </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should read this prospectus and any applicable prospectus supplement together with the additional information described under the heading &#8220;Where You Can Find More Information&#8221; in this prospectus. The prospectus supplement may add to, update or change the information contained in this prospectus. The registration statement that contains this prospectus and the exhibits to that registration statement contain additional important information about us and the securities offered under this prospectus. Specifically, we have filed certain legal documents that control the terms of the securities as exhibits to the registration statement. We may file certain other legal documents that control the terms of the securities as exhibits to reports we file with the SEC. That registration statement and the other reports can be read at the SEC&#8217;s website or at the SEC offices mentioned under the heading &#8220;Where You Can Find More Information,&#8221; or can be obtained by writing or telephoning us at the following address and telephone number:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; text-align: center;">UMH Properties, Inc.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Attention: Stockholder Relations<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3499 Route 9 North, Suite 3-C<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Juniper Business Plaza<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Freehold, NJ 07728<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(732) 577-9997</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; text-align: center;"><a name="tU"><!--Anchor--></a>UMH PROPERTIES, INC.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">UMH Properties, Inc. is a Maryland corporation operating as a qualified real estate investment trust (&#8220;REIT&#8221;) under Sections 856 through 860 of the Internal Revenue Code (the &#8220;Code&#8221;). Our primary business is the ownership and operation of manufactured home communities &#8211; leasing manufactured home sites to private manufactured home owners. We also lease homes to residents, and, through our wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (&#8220;S&amp;F&#8221;), sell and finance the sale of homes in our communities. We own and operate 122 manufactured home communities containing approximately 23,100 developed home sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have expanded our portfolio of manufactured home communities through numerous acquisitions. During 2019, we acquired four manufactured home communities encompassing approximately 1,500 homesites. Our growth strategy involves purchasing well located communities in our target markets, including the energy rich Marcellus and Utica Shale regions. As part of our growth strategy, we intend to evaluate potential opportunities to expand into additional geographic markets, including certain markets in the southeastern United States.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A manufactured home community is designed to accommodate detached, single-family manufactured homes. These manufactured homes are produced off-site by manufacturers and installed on sites within the community. These homes are often improved with the addition of features constructed on site, including garages, screened rooms and carports. Manufactured homes are available in a variety of designs and floor plans, offering many amenities and custom options. Each owner of a manufactured home leases the site on which the home is located from us. We own the underlying land, utility connections, streets, lighting, driveways, common area amenities and other capital improvements and are responsible for enforcement of community guidelines and maintenance. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Manufactured homes are accepted by the public as a viable and economically attractive alternative to common site-built single-family housing. The affordability of the modern manufactured home makes it a very attractive housing alternative. Depending on the region of the country, prices per square foot for a new manufactured home average up to 50 percent less than a comparable site-built home, excluding the cost of land. This is due to a number of factors, including volume purchase discounts and inventory control of construction materials and control of all aspects of the construction process, which is generally a more efficient and streamlined process as compared to a site-built home.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
<!--End Page 21-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 22-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_203-about_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Modern residential land lease communities are similar to typical residential subdivisions containing central entrances, paved well-lit streets, curbs and gutters. Generally, modern manufactured home communities contain buildings for recreation, green areas, and other common area facilities, all of which are the property of the community owner. In addition to such general improvements, certain manufactured home communities include recreational improvements such as swimming pools, tennis courts and playgrounds. Municipal water and sewer services are available to some manufactured home communities, while other communities supply these facilities on site. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Typically, our leases are on an annual or month-to month basis, renewable upon the consent of both parties. The community manager interviews prospective residents, collects lease and finance payments, ensures compliance with community regulations, maintains public areas and community facilities and is responsible for the overall appearance of the community. The homeowner is responsible for the maintenance of the home and leased site. As a result, our capital expenditures tend to be less significant relative to multi-family rental apartments. Manufactured home communities produce predictable income streams and provide protection from inflation due to the ability to annually increase rents. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Many of our communities compete with other manufactured home community properties located in the same or nearby markets that are owned and operated by other companies in our business. We generally monitor the rental rates and other terms being offered by our competitors and consider this information as a factor in determining our own rental rates. In addition to competing with other manufactured home community properties, our communities also compete with alternative forms of housing (such as apartments and single-family homes).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In connection with the operation of its communities, we also lease homes to prospective tenants. As of December&#160;31, 2019, we owned a total of 7,400 rental homes, representing approximately 32% of our developed homesites. We engage in the rental of manufactured homes primarily in areas where the communities have existing vacancies. The rental homes produce income from both the home and the site, which might otherwise be non-income producing. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Inherent in the operation of a manufactured home community is the development, redevelopment, and expansion of our communities. We sell and finance the sale of manufactured homes in our communities through S&amp;F. S&amp;F was established to potentially enhance the value of our communities. The home sales business is operated as it is with traditional homebuilders, with sales centers, model homes, an inventory of completed homes and the ability to supply custom designed homes based upon the requirements of the new homeowners. In addition, our sales centers earn a profit by selling homes to customers for placement on their own private land.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition to our manufactured home communities, we also own a portfolio of investment securities, consisting of equity securities issued by other REITs. We generally limit these securities to no more than approximately 15% of our undepreciated assets.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our executive offices are located at Juniper Business Plaza, Suite 3-C, 3499 Route 9 North, Freehold, New Jersey 07728, and our telephone number is (732) 577-9997. We currently have approximately 420 employees. Our common stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock are listed on the NYSE. Our website is located at www.umh.reit. Information contained on our website is not a part of this prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
<!--End Page 22-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 23-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRF"><!--Anchor--></a>RISK FACTORS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Set forth below are the risks that we believe are important to investors in our securities. Before you decide to purchase our securities, you should consider carefully the risks described below, together with the information provided in the other parts of this prospectus and any related prospectus supplement. </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; text-align: center;">Risks Related to Global Financial Conditions and COVID-19 </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Disruptions in financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our securities.<font style="font-style: normal; font-weight: normal;"> At times, the U.S. stock and credit </font><font style="font-style: normal; font-weight: normal;">markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused </font><font style="font-style: normal; font-weight: normal;">market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt </font><font style="font-style: normal; font-weight: normal;">financings to widen considerably. Uncertainty in the stock and credit markets may negatively impact our ability </font><font style="font-style: normal; font-weight: normal;">to access additional financing at reasonable terms, which may negatively affect our ability to acquire properties </font><font style="font-style: normal; font-weight: normal;">and otherwise pursue our investment strategy. A prolonged downturn in the stock or credit markets may cause us </font><font style="font-style: normal; font-weight: normal;">to seek alternative sources of potentially less attractive financing, and may require us to adjust our investment </font><font style="font-style: normal; font-weight: normal;">strategy accordingly. These types of events in the stock and credit markets may make it more difficult or costly </font><font style="font-style: normal; font-weight: normal;">for us to raise capital through the issuance of the common stock, preferred stock or debt securities. Potential </font><font style="font-style: normal; font-weight: normal;">disruptions in the financial markets may have a material adverse effect on the market value of the common stock </font><font style="font-style: normal; font-weight: normal;">and preferred stock, or the economy in general. In addition, the national and local economic climate, including </font><font style="font-style: normal; font-weight: normal;">that of the energy-market dependent Marcellus and Utica Shale regions, may be adversely impacted by, among </font><font style="font-style: normal; font-weight: normal;">other factors, potential restrictions in drillings, plant and factory closings and industry slowdowns, which may </font><font style="font-style: normal; font-weight: normal;">have a material adverse effect on the return we receive on our properties and investments, as well as other </font><font style="font-style: normal; font-weight: normal;">unknown adverse effects on us.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face various risks and uncertainties related to public health crises, including the recent and ongoing global outbreak of the novel coronavirus (COVID-19). The COVID-19 pandemic is growing and its impact is uncertain and hard to measure, but may have a material adverse effect on us.<font style="font-style: normal; font-weight: normal;"> The recent and ongoing global </font><font style="font-style: normal; font-weight: normal;">COVID-19 pandemic has disrupted financial markets and significantly impacted worldwide economic activity to </font><font style="font-style: normal; font-weight: normal;">date and is likely to continue to do so. The COVID-19 pandemic and social and governmental responses to the </font><font style="font-style: normal; font-weight: normal;">pandemic have caused, and are likely to continue to cause, severe economic, market and other disruptions in the </font><font style="font-style: normal; font-weight: normal;">United States and worldwide, including unprecedented job losses and an economic downturn. The extent to </font><font style="font-style: normal; font-weight: normal;">which COVID-19 and related actions impact our operations will depend on future developments, which are </font><font style="font-style: normal; font-weight: normal;">highly uncertain and cannot be predicted with any degree of confidence, including the scope, severity, duration </font><font style="font-style: normal; font-weight: normal;">and geographies of the outbreak, the actions taken to contain the COVID-19 pandemic or mitigate its impact </font><font style="font-style: normal; font-weight: normal;">requested or mandated by governmental authorities or otherwise voluntarily taken by individuals or businesses, </font><font style="font-style: normal; font-weight: normal;">the success of governmental actions undertaken to support the economy during the pandemic and the duration </font><font style="font-style: normal; font-weight: normal;">and severity of direct and indirect economic effects of the illness and containment measures, among others. In </font><font style="font-style: normal; font-weight: normal;">response to the outbreak, the United States, like many countries around the world, has taken a variety of </font><font style="font-style: normal; font-weight: normal;">countermeasures, such as quarantines, &#8220;shelter in place&#8221; and stay-at-home orders and restrictions on business </font><font style="font-style: normal; font-weight: normal;">activities, group gatherings and travel, which have caused disruptions in the U.S. and global economy, financial </font><font style="font-style: normal; font-weight: normal;">markets and supply chains and have adversely impacted many businesses and industries and created significant </font><font style="font-style: normal; font-weight: normal;">economic uncertainty. Residents in our communities have lost jobs or experienced financial hardship related to </font><font style="font-style: normal; font-weight: normal;">COVID-19, which may adversely affect their ability to make rent payments in full or on a timely basis. </font><font style="font-style: normal; font-weight: normal;">In addition, individual states and localities have adopted or may consider adopting policies requiring temporary </font><font style="font-style: normal; font-weight: normal;">rent freezes and forbearance with respect to delinquent rent and mortgage payments, evictions and foreclosures, </font><font style="font-style: normal; font-weight: normal;">and the nature, timing and impact of any future public policy decisions and actions with respect to these matters </font><font style="font-style: normal; font-weight: normal;">cannot be predicted. The pandemic and related governmental orders may also cause us to incur increased costs, </font><font style="font-style: normal; font-weight: normal;">require us to provide employees with additional time off and increase our vulnerability to cyber-attacks while </font><font style="font-style: normal; font-weight: normal;">employees work from home. In addition, an economic downturn due to the pandemic may adversely affect the </font><font style="font-style: normal; font-weight: normal;">market values of our communities and our portfolio of REIT securities as well as the prices of our common and </font><font style="font-style: normal; font-weight: normal;">preferred stock and may impair our access to capital and our ability to incur indebtedness. As a result, while the </font><font style="font-style: normal; font-weight: normal;">extent and duration of the COVID-19 pandemic and the direct and indirect impacts of the pandemic on us are </font><font style="font-style: normal; font-weight: normal;">uncertain and will depend on numerous factors beyond our control, the pandemic and the actions taken in </font><font style="font-style: normal; font-weight: normal;">response could have a material adverse effect on our business, financial condition, results of operations, liquidity, </font><font style="font-style: normal; font-weight: normal;">and prospects. To the extent the COVID-19 pandemic or the actions taken in response adversely affect our </font><font style="font-style: normal; font-weight: normal;">business, financial condition, results of operations, liquidity or prospects, this may also have the effect of </font><font style="font-style: normal; font-weight: normal;">heightening many of the other risks described in this prospectus.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
<!--End Page 23-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 24-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">Real Estate Industry Risks</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General economic conditions and the concentration of our properties in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland may affect our ability to generate sufficient revenue.<font style="font-style: normal; font-weight: normal;"> The market and economic conditions in our current markets may significantly affect manufactured </font><font style="font-style: normal; font-weight: normal;">home occupancy or rental rates. Occupancy and rental rates, in turn, may significantly affect our revenues, and if </font><font style="font-style: normal; font-weight: normal;">our communities do not generate revenues sufficient to meet our operating expenses, including debt service and </font><font style="font-style: normal; font-weight: normal;">capital expenditures, our cash flow and ability to pay or refinance our debt obligations could be adversely </font><font style="font-style: normal; font-weight: normal;">affected. As a result of the geographic concentration of our properties in New Jersey, New York, Ohio, </font><font style="font-style: normal; font-weight: normal;">Pennsylvania, Tennessee, Indiana, Michigan and Maryland, we are exposed to the risks of downturns in the local </font><font style="font-style: normal; font-weight: normal;">economy or other local real estate market conditions which could adversely affect occupancy rates, rental rates, </font><font style="font-style: normal; font-weight: normal;">and property values in these markets. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Other factors that may affect general economic conditions or local real estate conditions include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the national and local economic climate, including that of the energy market dependent Marcellus and Utica Shale regions, may be adversely impacted by, among other factors, potential restrictions on drilling, plant and factory closings, and industry slowdowns;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">local real estate market conditions such as the oversupply of manufactured home sites or a reduction in demand for manufactured home sites in an area; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of repossessed homes in a particular market; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the lack of an established dealer network;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the safety, convenience and attractiveness of our properties and the neighborhoods where they are located;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">zoning or other regulatory restrictions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">competition from other available manufactured home communities and alternative forms of housing (such as apartment buildings and single-family homes);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to provide adequate management, maintenance and insurance;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a pandemic or other health crisis, such as the outbreak of novel coronavirus (COVID-19) that began in the fourth quarter of 2019;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">increased operating costs, including insurance premiums, real estate taxes and utility expenses; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the enactment of rent control laws or laws taxing the owners of manufactured homes. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our income would also be adversely affected if tenants were unable to pay rent or if sites were unable to be rented on favorable terms. If we were unable to promptly relet or renew the leases for a significant number of sites, or if the rental rates upon such renewal or reletting were significantly lower than expected rates, then our business and results of operations could be adversely affected. In addition, certain expenditures associated with each property (such as real estate taxes and maintenance costs) generally are not reduced when circumstances cause a reduction in income from the property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be unable to compete with our larger competitors for acquisitions, which may increase prices for communities.<font style="font-style: normal; font-weight: normal;"> The real estate business is highly competitive. We compete for manufactured home community </font><font style="font-style: normal; font-weight: normal;">investments with numerous other real estate entities, such as individuals, corporations, REITs and other </font><font style="font-style: normal; font-weight: normal;">enterprises engaged in real estate activities. In many cases, our competitors may be larger and better financed </font><font style="font-style: normal; font-weight: normal;">than we are, making it difficult for us to secure new manufactured home community investments. Competition </font><font style="font-style: normal; font-weight: normal;">among private and institutional purchasers of manufactured home community investments has resulted in </font><font style="font-style: normal; font-weight: normal;">increases in the purchase price paid for manufactured home communities and consequently higher fixed costs. To </font><font style="font-style: normal; font-weight: normal;">the extent we are unable to effectively compete in the marketplace, our business may be adversely affected.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
<!--End Page 24-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 25-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected.<font style="font-style: normal; font-weight: normal;"> We acquire and intend to continue to acquire manufactured home communities on a select basis. Our </font><font style="font-style: normal; font-weight: normal;">acquisition activities and their success are subject to risks, including the following:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">competition from other well- capitalized real estate investors, including publicly traded REITs and institutional investment funds, may make us unable to acquire a desired property or may require us to pay an increased purchase price for a desired property;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may be unable to finance acquisitions on favorable terms;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">acquired properties may fail to perform as expected; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If any of the above were to occur, our business and results of operations could be adversely affected.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were to be asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be unable to integrate, finance or accurately estimate and anticipate costs and timing associated with expansion activities.<font style="font-style: normal; font-weight: normal;"> We periodically consider expansion of existing communities and development of new </font><font style="font-style: normal; font-weight: normal;">communities. Our expansion and development activities are subject to risks such as:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may not be able to obtain financing with favorable terms for community development which may make us unable to proceed with the development;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays, and even require us to abandon development of the community entirely if we are unable to obtain such permits or authorizations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may abandon development opportunities that we have already begun to explore and as a result we may not recover expenses already incurred in connection with exploring such development opportunities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may be unable to complete construction and lease-up of a community on schedule resulting in increased debt service expense and construction costs;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may incur construction and development costs for a community which exceed our original estimates due to increased materials, labor or other costs, which could make completion of the community uneconomical and we may not be able to increase rents to compensate for the increase in development costs which may impact our profitability;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may be unable to secure long-term financing on completion of development resulting in increased debt service and lower profitability; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">occupancy rates and rents at a newly developed community may fluctuate depending on several factors, including market and economic conditions, which may result in the community not being profitable.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
<!--End Page 25-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 26-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be unable to sell properties when appropriate because real estate investments are illiquid.<font style="font-style: normal; font-weight: normal;"> Real </font><font style="font-style: normal; font-weight: normal;">estate investments generally cannot be sold quickly and, therefore, will tend to limit our ability to vary our </font><font style="font-style: normal; font-weight: normal;">property portfolio promptly in response to changes in economic or other conditions. In addition, the Code limits </font><font style="font-style: normal; font-weight: normal;">our ability to sell our properties. The inability to respond promptly to changes in the performance of our property </font><font style="font-style: normal; font-weight: normal;">portfolio could adversely affect our financial condition and ability to service our debt and make distributions to </font><font style="font-style: normal; font-weight: normal;">our stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our ability to sell manufactured homes may be affected by various factors, which may in turn adversely affect our profitability.<font style="font-style: normal; font-weight: normal;"> S&amp;F operates in the manufactured home market offering homes for sale to tenants and </font><font style="font-style: normal; font-weight: normal;">prospective tenants of our communities. The market for the sale of manufactured homes may be adversely </font><font style="font-style: normal; font-weight: normal;">affected by the following factors:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">downturns in economic conditions which adversely impact the housing market;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an oversupply of, or a reduced demand for, manufactured homes; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the ability of manufactured home manufacturers to adapt to change in the economic climate and the availability of units from these manufacturers; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Any of the above listed factors could adversely impact our rate of manufactured home sales, which would result in a decrease in profitability.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Licensing laws and compliance could affect our profitability.<font style="font-style: normal; font-weight: normal;"> We are subject to the Secure and Fair </font><font style="font-style: normal; font-weight: normal;">Enforcement for Mortgage Licensing Act of 2008 (&#8220;SAFE Act&#8221;), which requires that we obtain appropriate </font><font style="font-style: normal; font-weight: normal;">licenses pursuant to the Nationwide Mortgage Licensing System &amp; Registry in each state where we conduct </font><font style="font-style: normal; font-weight: normal;">business. There are extensive federal and state requirements mandated by the SAFE Act and other laws </font><font style="font-style: normal; font-weight: normal;">pertaining to financing, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and there </font><font style="font-style: normal; font-weight: normal;">can be no assurance that we will obtain or renew our SAFE Act licenses, which could result in fees and penalties </font><font style="font-style: normal; font-weight: normal;">and have an adverse impact on our ability to continue with our home financing activities. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Costs associated with taxes and regulatory compliance may reduce our revenue.<font style="font-style: normal; font-weight: normal;"> We are subject to </font><font style="font-style: normal; font-weight: normal;">significant regulation that inhibits our activities and may increase our costs. Local zoning and use laws, </font><font style="font-style: normal; font-weight: normal;">environmental statutes and other governmental requirements may restrict expansion, rehabilitation and </font><font style="font-style: normal; font-weight: normal;">reconstruction activities. These regulations may prevent us from taking advantage of economic opportunities. </font><font style="font-style: normal; font-weight: normal;">Legislation such as the Americans with Disabilities Act may require us to modify our properties at a substantial </font><font style="font-style: normal; font-weight: normal;">cost and noncompliance could result in the imposition of fines or an award of damages to private litigants. </font><font style="font-style: normal; font-weight: normal;">Future legislation may impose additional requirements. We cannot predict what requirements may be enacted or </font><font style="font-style: normal; font-weight: normal;">amended or what costs we will incur to comply with such requirements. Costs resulting from changes in real </font><font style="font-style: normal; font-weight: normal;">estate laws, income taxes, service or other taxes may adversely affect our funds from operations and our ability </font><font style="font-style: normal; font-weight: normal;">to pay or refinance our debt. Similarly, changes in laws increasing the potential liability for environmental </font><font style="font-style: normal; font-weight: normal;">conditions existing on properties or increasing the restrictions on discharges or other conditions may result in </font><font style="font-style: normal; font-weight: normal;">significant unanticipated expenditures, which would adversely affect our business and results of operations.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Laws and regulations also govern the provision of utility services. Such laws regulate, for example, how and to what extent owners or operators of property can charge renters for provision of utilities. Such laws can also regulate the operations and performance of utility systems and may impose fines and penalties on real property owners or operators who fail to comply with these requirements. The laws and regulations may also require capital investment to maintain compliance.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Rent control legislation may harm our ability to increase rents.<font style="font-style: normal; font-weight: normal;"> State and local rent control laws in certain </font><font style="font-style: normal; font-weight: normal;">jurisdictions may limit our ability to increase rents and to recover increases in operating expenses and the costs </font><font style="font-style: normal; font-weight: normal;">of capital improvements. In 2019, the State of New York enacted the Housing Stability and Tenant Protection </font><font style="font-style: normal; font-weight: normal;">Act&#160;of 2019, which, among other things, set maximum collectible rent increases. Rent control also affects two of </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
<!--End Page 26-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 27-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">our manufactured home communities in New Jersey. Enactment of such laws has been considered at various times in other jurisdictions. We presently expect to continue to maintain properties, and may purchase additional properties, in markets that are either subject to rent control or in which rent related legislation exists or may be enacted.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Environmental liabilities could affect our profitability.<font style="font-style: normal; font-weight: normal;"> Under various federal, state and local laws, </font><font style="font-style: normal; font-weight: normal;">ordinances and regulations, an owner or operator of real estate is liable for the costs of removal or remediation </font><font style="font-style: normal; font-weight: normal;">of certain hazardous substances at, on, under or in such property, as well as certain other potential costs relating </font><font style="font-style: normal; font-weight: normal;">to hazardous or toxic substances. Such laws often impose such liability without regard to whether the owner </font><font style="font-style: normal; font-weight: normal;">knew of, or was responsible for, the presence of such hazardous substances. A conveyance of the property, </font><font style="font-style: normal; font-weight: normal;">therefore, does not relieve the owner or operator from liability. As a current or former owner and operator of real </font><font style="font-style: normal; font-weight: normal;">estate, we may be required by law to investigate and clean up hazardous substances released at or from the </font><font style="font-style: normal; font-weight: normal;">properties we currently own or operate or have in the past owned or operated. We may also be liable to the </font><font style="font-style: normal; font-weight: normal;">government or to third parties for property damage, investigation costs and cleanup costs. In addition, some </font><font style="font-style: normal; font-weight: normal;">environmental laws create a lien on the contaminated site in favor of the government for damages and costs the </font><font style="font-style: normal; font-weight: normal;">government incurs in connection with the contamination. Contamination may adversely affect our ability to sell </font><font style="font-style: normal; font-weight: normal;">or lease real estate or to borrow using the real estate as collateral. Persons who arrange for the disposal or </font><font style="font-style: normal; font-weight: normal;">treatment of hazardous substances also may be liable for the costs of removal or remediation of such substances </font><font style="font-style: normal; font-weight: normal;">at a disposal or treatment facility owned or operated by another person. In addition, certain environmental laws </font><font style="font-style: normal; font-weight: normal;">impose liability for the management and disposal of asbestos-containing materials and for the release of such </font><font style="font-style: normal; font-weight: normal;">materials into the air. These laws may allow third parties to seek recovery from owners or operators of real </font><font style="font-style: normal; font-weight: normal;">properties for personal injury associated with asbestos-containing materials. In connection with the ownership, </font><font style="font-style: normal; font-weight: normal;">operation, management, and development of real properties, we may be considered an owner or operator of such </font><font style="font-style: normal; font-weight: normal;">properties and, therefore, be potentially liable for removal or remediation costs, and also may be liable for </font><font style="font-style: normal; font-weight: normal;">governmental fines and injuries to persons and property. When we arrange for the treatment or disposal of </font><font style="font-style: normal; font-weight: normal;">hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or </font><font style="font-style: normal; font-weight: normal;">remediation costs at such facilities. We are not aware of any environmental liabilities relating to our investment </font><font style="font-style: normal; font-weight: normal;">properties which would have a material adverse effect on our business, assets, or results of operations. However, </font><font style="font-style: normal; font-weight: normal;">we cannot assure you that environmental liabilities will not arise in the future and that such liabilities will not </font><font style="font-style: normal; font-weight: normal;">have a material adverse effect on our business, assets or results of operation.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Of the 122 manufactured home communities we currently operate, 45 have their own wastewater treatment facility or water distribution system, or both. At these locations, we are subject to compliance with monthly, quarterly and yearly testing for contaminants as outlined by the respective states&#8217; environmental protection agencies. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Additionally, in connection with the management of the properties or upon acquisition or financing of a property, we authorize the preparation of Phase I or similar environmental reports (which involves general inspections without soil sampling or ground water analysis) completed by independent environmental consultants. Based upon such environmental reports and our ongoing review of our properties, as of the date of this prospectus, we are not aware of any environmental condition with respect to any of our properties that we believe would be reasonably likely to have a material adverse effect on our financial condition and/or results of operations. However, these reports cannot reflect conditions arising after the studies were completed, and no assurances can be given that existing environmental studies reveal all environmental liabilities, that any prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more properties.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Some of our properties are subject to potential natural or other disasters.<font style="font-style: normal; font-weight: normal;"> Certain of our manufactured </font><font style="font-style: normal; font-weight: normal;">home communities are located in areas that may be subject to natural disasters, including our manufactured home </font><font style="font-style: normal; font-weight: normal;">communities in flood plains or in areas that may be adversely affected by tornados, as well as our manufactured </font><font style="font-style: normal; font-weight: normal;">home communities in coastal regions that may be adversely affected by increases in sea levels or in the </font><font style="font-style: normal; font-weight: normal;">frequency or severity of hurricanes, tropical storms or other severe weather conditions. The occurrence of natural </font><font style="font-style: normal; font-weight: normal;">disasters may delay redevelopment or development projects, increase investment costs to repair or replace </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
<!--End Page 27-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 28-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">damaged properties, increase future property insurance costs and negatively impact the tenant demand for leased space. To the extent insurance is unavailable to us or is unavailable on acceptable terms, or our insurance is not adequate to cover losses from these events, our financial condition and results of operations could be adversely affected.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Climate change may adversely affect our business.<font style="font-style: normal; font-weight: normal;"> To the extent that significant changes in the climate </font><font style="font-style: normal; font-weight: normal;">occur in areas where our properties are located, we may experience extreme weather and changes in precipitation </font><font style="font-style: normal; font-weight: normal;">and temperature, all of which may result in physical damage to or a decrease in demand for properties located in </font><font style="font-style: normal; font-weight: normal;">these areas or affected by these conditions. Should the impact of climate change be material in nature, including </font><font style="font-style: normal; font-weight: normal;">significant property damage to or destruction of our properties, or occur for lengthy periods of time, our financial </font><font style="font-style: normal; font-weight: normal;">condition or results of operations may be adversely affected. In addition, changes in federal, state and local </font><font style="font-style: normal; font-weight: normal;">legislation and regulation based on concerns about climate change could result in increased capital expenditures </font><font style="font-style: normal; font-weight: normal;">on our properties (for example, to improve their energy efficiency and/or resistance to inclement weather) </font><font style="font-style: normal; font-weight: normal;">without a corresponding increase in revenue, resulting in adverse impacts to our net income.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Actions by our competitors may decrease or prevent increases in the occupancy and rental rates of our properties, which could adversely affect our business.<font style="font-style: normal; font-weight: normal;"> We compete with other owners and operators of </font><font style="font-style: normal; font-weight: normal;">manufactured home community properties, some of which own properties similar to ours in the same submarkets </font><font style="font-style: normal; font-weight: normal;">in which our properties are located. The number of competitive manufactured home community properties in a </font><font style="font-style: normal; font-weight: normal;">particular area could have a material adverse effect on our ability to attract tenants, lease sites and maintain or </font><font style="font-style: normal; font-weight: normal;">increase rents charged at our properties or at any newly acquired properties. In addition, other forms of </font><font style="font-style: normal; font-weight: normal;">residential properties, such as private and federally funded or assisted multi-family housing projects and </font><font style="font-style: normal; font-weight: normal;">single-family housing, provide housing alternatives to potential tenants of manufactured home communities. If </font><font style="font-style: normal; font-weight: normal;">our competitors offer housing at rental rates below current market rates or below the rental rates we currently </font><font style="font-style: normal; font-weight: normal;">charge our tenants, we may lose potential tenants, and we may be pressured to reduce our rental rates below </font><font style="font-style: normal; font-weight: normal;">those we currently charge in order to retain tenants when our tenants&#8217; leases expire. As a result, our financial </font><font style="font-style: normal; font-weight: normal;">condition, cash flow, cash available for distribution, and ability to satisfy our debt service obligations could be </font><font style="font-style: normal; font-weight: normal;">materially adversely affected.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Losses in excess of our insurance coverage or uninsured losses could adversely affect our cash flow.<font style="font-style: normal; font-weight: normal;"> We </font><font style="font-style: normal; font-weight: normal;">generally maintain insurance policies related to our business, including casualty, general liability and other </font><font style="font-style: normal; font-weight: normal;">policies covering business operations, employees and assets. However, we may be required to bear all losses that </font><font style="font-style: normal; font-weight: normal;">are not adequately covered by insurance. In addition, there are certain losses that are not generally insured </font><font style="font-style: normal; font-weight: normal;">because it is not economically feasible to insure against them, including losses due to riots, acts of war or other </font><font style="font-style: normal; font-weight: normal;">catastrophic events. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more </font><font style="font-style: normal; font-weight: normal;">of our properties, then we could lose the capital we invested in the properties, as well as the anticipated profits </font><font style="font-style: normal; font-weight: normal;">and cash flow from the properties and, in the case of debt which is with recourse to us, we would remain </font><font style="font-style: normal; font-weight: normal;">obligated for any mortgage debt or other financial obligations related to the properties. Although we believe that </font><font style="font-style: normal; font-weight: normal;">our insurance programs are adequate, no assurance can be given that we will not incur losses in excess of our </font><font style="font-style: normal; font-weight: normal;">insurance coverage, or that we will be able to obtain insurance in the future at acceptable levels and reasonable </font><font style="font-style: normal; font-weight: normal;">cost.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our investments are concentrated in the manufactured housing/residential sector and our business would be adversely affected by an economic downturn in that sector.<font style="font-style: normal; font-weight: normal;"> Our investments in real estate assets are </font><font style="font-style: normal; font-weight: normal;">primarily concentrated in the manufactured housing/residential sector. This concentration may expose us to the </font><font style="font-style: normal; font-weight: normal;">risk of economic downturns in this sector to a greater extent than if our business activities included a more </font><font style="font-style: normal; font-weight: normal;">significant portion of other sectors of the real estate industry. </font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Financing Risks</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks generally associated with our debt.<font style="font-style: normal; font-weight: normal;"> We finance a portion of our investments in properties and </font><font style="font-style: normal; font-weight: normal;">marketable securities through debt. We are subject to the risks normally associated with debt financing, including </font><font style="font-style: normal; font-weight: normal;">the risk that our cash flow will be insufficient to meet required payments of principal and interest. In addition, </font><font style="font-style: normal; font-weight: normal;">debt creates other risks, including:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">rising interest rates on our variable rate debt;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">inability to repay or refinance existing debt as it matures, which may result in forced disposition of assets on disadvantageous terms;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
<!--End Page 28-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 29-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">refinancing terms less favorable than the terms of existing debt; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">failure to meet required payments of principal and/or interest.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We mortgage our properties, which subjects us to the risk of foreclosure in the event of non-payment.<font style="font-style: normal; font-weight: normal;"> We </font><font style="font-style: normal; font-weight: normal;">mortgage many of our properties to secure payment of indebtedness. If we are unable to meet mortgage </font><font style="font-style: normal; font-weight: normal;">payments, then the property could be foreclosed upon or transferred to the mortgagee with a consequent loss of </font><font style="font-style: normal; font-weight: normal;">income and asset value. A foreclosure of one or more of our properties could adversely affect our financial </font><font style="font-style: normal; font-weight: normal;">condition, results of operations, cash flow, ability to service debt and make distributions and the market price of </font><font style="font-style: normal; font-weight: normal;">our preferred and common stock and any other securities we issue.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks related to &#8220;balloon payments&#8221; and refinancings.<font style="font-style: normal; font-weight: normal;"> Certain of our mortgages will have </font><font style="font-style: normal; font-weight: normal;">significant outstanding principal balances on their maturity dates, commonly known as &#8220;balloon payments.&#8221; </font><font style="font-style: normal; font-weight: normal;">There can be no assurance that we will be able to refinance the debt on favorable terms or at all. To the extent </font><font style="font-style: normal; font-weight: normal;">we cannot refinance debt on favorable terms or at all, we may be forced to dispose of properties on </font><font style="font-style: normal; font-weight: normal;">disadvantageous terms or pay higher interest rates, either of which would have an adverse impact on our </font><font style="font-style: normal; font-weight: normal;">financial performance and ability to service debt and make distributions.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks associated with our dependence on external sources of capital.<font style="font-style: normal; font-weight: normal;"> In order to remain qualified </font><font style="font-style: normal; font-weight: normal;">as a REIT, we are required each year to distribute to our stockholders at least 90% of our REIT taxable income, </font><font style="font-style: normal; font-weight: normal;">and we are subject to tax on our income to the extent it is not distributed. Because of this distribution </font><font style="font-style: normal; font-weight: normal;">requirement, we may not be able to fund all future capital needs from cash retained from operations. As a result, </font><font style="font-style: normal; font-weight: normal;">to fund capital needs, we rely on third-party sources of capital, which we may not be able to obtain on favorable </font><font style="font-style: normal; font-weight: normal;">terms, if at all. Our access to third-party sources of capital depends upon a number of factors, including </font><font style="font-style: normal; font-weight: normal;">(i)&#160;general market conditions; (ii)&#160;the market&#8217;s perception of our growth potential; (iii)&#160;our current and potential </font><font style="font-style: normal; font-weight: normal;">future earnings and cash distributions; and (iv)&#160;the market price of our preferred and common stock. Additional </font><font style="font-style: normal; font-weight: normal;">debt financing may substantially increase our debt-to-total capitalization ratio. Additional equity issuances may </font><font style="font-style: normal; font-weight: normal;">dilute the holdings of our current stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may become more highly leveraged, resulting in increased risk of default on our obligations and an increase in debt service requirements which could adversely affect our financial condition and results of operations and our ability to pay distributions.<font style="font-style: normal; font-weight: normal;"> We have incurred, and may continue to incur, indebtedness in </font><font style="font-style: normal; font-weight: normal;">furtherance of our activities. Our governing documents do not limit the amount of indebtedness we may incur. </font><font style="font-style: normal; font-weight: normal;">Accordingly, our Board of Directors may vote to incur additional debt and would do so, for example, if it were </font><font style="font-style: normal; font-weight: normal;">necessary to maintain our status as a REIT. We could therefore become more highly leveraged, resulting in an </font><font style="font-style: normal; font-weight: normal;">increased risk of default on our obligations and in an increase in debt service requirements, which could </font><font style="font-style: normal; font-weight: normal;">adversely affect our financial condition and results of operations and our ability to pay distributions to </font><font style="font-style: normal; font-weight: normal;">stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Fluctuations in interest rates could materially affect our financial results.<font style="font-style: normal; font-weight: normal;"> Because a portion of our debt </font><font style="font-style: normal; font-weight: normal;">bears interest at variable rates, increases in interest rates could materially increase our interest expense. If the </font><font style="font-style: normal; font-weight: normal;">United States Federal Reserve increases short-term interest rates, this may have a significant upward impact on </font><font style="font-style: normal; font-weight: normal;">shorter-term interest rates, including the interest rates that our variable rate debt is based upon. Potential future </font><font style="font-style: normal; font-weight: normal;">increases in interest rates and credit spreads may increase our interest expense and therefore negatively affect our </font><font style="font-style: normal; font-weight: normal;">financial condition and results of operations, and reduce our access to the debt or equity capital markets.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be adversely affected by changes in the London Inter-bank Offered Rate (&#8220;LIBOR&#8221;) or the method in which LIBOR is determined.<font style="font-style: normal; font-weight: normal;"> A portion of our debt bears interest at variable rates based on LIBOR </font><font style="font-style: normal; font-weight: normal;">for deposits of U.S. dollars. The United Kingdom&#8217;s Financial Conduct Authority, which regulates LIBOR, has </font><font style="font-style: normal; font-weight: normal;">announced that it intends to stop encouraging or requiring banks to submit LIBOR rates after 2021, and it is </font><font style="font-style: normal; font-weight: normal;">likely that, over time, LIBOR may be replaced by the Secured Overnight Financing Rate published by the </font><font style="font-style: normal; font-weight: normal;">Federal Reserve Bank of New York. We are monitoring this activity and evaluating the related risks. Although </font><font style="font-style: normal; font-weight: normal;">the full impact of such reforms and actions, together with any transition away from LIBOR, alternative reference </font><font style="font-style: normal; font-weight: normal;">rates or other reforms, remains unclear, these changes may have a material adverse impact on the availability of </font><font style="font-style: normal; font-weight: normal;">financing, including LIBOR-based loans, and as a result on our financing costs.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Covenants in our credit agreements could limit our flexibility and adversely affect our financial condition.<font style="font-style: normal; font-weight: normal;"> The terms of our various credit agreements and other indebtedness require us to comply with a </font><font style="font-style: normal; font-weight: normal;">number of customary financial and other covenants, such as maintaining debt service coverage and leverage </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
<!--End Page 29-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 30-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">ratios and maintaining insurance coverage. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we had satisfied our payment obligations. If we were to default under our credit agreements, our financial condition would be adversely affected.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A change in the United States government policy with regard to Fannie Mae and Freddie Mac could impact our financial condition.<font style="font-style: normal; font-weight: normal;"> Fannie Mae and Freddie Mac are a major source of financing for the </font><font style="font-style: normal; font-weight: normal;">manufactured housing real estate sector. We depend frequently on Fannie Mae and Freddie Mac to finance </font><font style="font-style: normal; font-weight: normal;">growth by purchasing or guaranteeing manufactured housing community loans. We do not know when or if </font><font style="font-style: normal; font-weight: normal;">Fannie Mae or Freddie Mac will restrict their support of lending to our real estate sector or to us in particular. </font><font style="font-style: normal; font-weight: normal;">A&#160;decision by the government to eliminate Fannie Mae or Freddie Mac, or reduce their acquisitions or guarantees </font><font style="font-style: normal; font-weight: normal;">of our mortgage loans, may adversely affect interest rates, capital availability and our ability to refinance our </font><font style="font-style: normal; font-weight: normal;">existing mortgage obligations as they come due and obtain additional long-term financing for the acquisition of </font><font style="font-style: normal; font-weight: normal;">additional communities on favorable terms or at all.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks associated with the financing of home sales to customers in our manufactured home communities.<font style="font-style: normal; font-weight: normal;"> To produce new rental revenue and to upgrade our communities, we sell homes to customers in </font><font style="font-style: normal; font-weight: normal;">our communities at competitive prices and finance these home sales through S&amp;F. We allow banks and outside </font><font style="font-style: normal; font-weight: normal;">finance companies the first opportunity to finance these sales. We are subject to the following risks in financing </font><font style="font-style: normal; font-weight: normal;">these homes:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the borrowers may default on these loans and not be able to make debt service payments or pay principal when due;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the default rates may be higher than we anticipate;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">demand for consumer financing may not be as great as we anticipate or may decline;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the value of property securing the installment notes receivable may be less than the amounts owed; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">interest rates payable on the installment notes receivable may be lower than our cost of funds.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Additionally, there are many regulations pertaining to our home sales and financing activities. There are significant consumer protection laws and the regulatory framework may change in a manner which may adversely affect our operating results. The regulatory environment and associated consumer finance laws create a risk of greater liability from our home sales and financing activities and could subject us to additional litigation. We are also dependent on licenses granted by state and other regulatory authorities, which may be withdrawn or which may not be renewed and which could have an adverse impact on our ability to continue with our home sales and financing activities.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">Additional Risks Associated With Our Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our ability to pay dividends on preferred stock is limited by the requirements of Maryland law.<font style="font-style: normal; font-weight: normal;"> Under the </font><font style="font-style: normal; font-weight: normal;">Maryland General Corporation Law (&#8220;MGCL&#8221;), a Maryland corporation generally may not make a distribution </font><font style="font-style: normal; font-weight: normal;">if, after giving effect to the distribution, the corporation would not be able to pay its debts as the debts become </font><font style="font-style: normal; font-weight: normal;">due in the usual course of business, or the corporation&#8217;s total assets would be less than the sum of its total </font><font style="font-style: normal; font-weight: normal;">liabilities plus, unless the corporation&#8217;s charter provides otherwise, the amount that would be needed, if the </font><font style="font-style: normal; font-weight: normal;">corporation were dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of </font><font style="font-style: normal; font-weight: normal;">stockholders whose preferential rights are superior to those of the stockholders receiving the distribution. These </font><font style="font-style: normal; font-weight: normal;">restrictions may affect our ability to pay dividends on preferred stock as well as common stock. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our outstanding Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are, and any future series of preferred stock will be, junior to our existing and future debt, and the interest of holders of our preferred stock could be diluted by the issuance of additional parity or senior preferred stock and by other transactions.<font style="font-style: normal; font-weight: normal;"> The payment of amounts due on our existing Series B Preferred Stock, Series C </font><font style="font-style: normal; font-weight: normal;">Preferred Stock and Series D Preferred Stock and any future series of preferred stock that we may issue will be </font><font style="font-style: normal; font-weight: normal;">junior to all of our existing and future debt. We may also issue additional shares of preferred stock in the future </font><font style="font-style: normal; font-weight: normal;">which would be on a parity with (or, upon the affirmative vote or consent of the requisite percentage of the </font><font style="font-style: normal; font-weight: normal;">holders of outstanding preferred stock, senior to) our then-outstanding preferred stock, including our Series B </font><font style="font-style: normal; font-weight: normal;">Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, with respect to the payment of dividends </font><font style="font-style: normal; font-weight: normal;">and the distribution of assets upon liquidation, dissolution or winding up.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
<!--End Page 30-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 31-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our preferred stock may not be rated by any nationally recognized statistical rating organization, and any rating given to our preferred stock could adversely affect its market price.<font style="font-style: normal; font-weight: normal;"> Our outstanding Series B Preferred </font><font style="font-style: normal; font-weight: normal;">Stock, Series C Preferred Stock and Series D Preferred Stock have not been, and any preferred stock we may </font><font style="font-style: normal; font-weight: normal;">issue in the future may not be, rated by any nationally recognized statistical rating organization, which may </font><font style="font-style: normal; font-weight: normal;">negatively affect its market value and a holder&#8217;s ability to sell it. It is possible that one or more rating agencies </font><font style="font-style: normal; font-weight: normal;">might independently determine to issue such a rating or that such a rating, if issued, could adversely affect the </font><font style="font-style: normal; font-weight: normal;">market price of our Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or any preferred </font><font style="font-style: normal; font-weight: normal;">stock that we may issue in the future. In addition, we may elect in the future to obtain a rating of our Series B </font><font style="font-style: normal; font-weight: normal;">Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or any preferred stock we may issue in the </font><font style="font-style: normal; font-weight: normal;">future, which could adversely impact its market price. Ratings only reflect the views of the rating agency or </font><font style="font-style: normal; font-weight: normal;">agencies issuing the ratings and they could be revised downward or withdrawn entirely at the discretion of the </font><font style="font-style: normal; font-weight: normal;">issuing rating agency if in its judgment circumstances so warrant. Any such downward revision or withdrawal of </font><font style="font-style: normal; font-weight: normal;">a rating could have an adverse effect on the market price of our Series B Preferred Stock, Series C Preferred </font><font style="font-style: normal; font-weight: normal;">Stock, Series D Preferred Stock or any preferred stock that we may issue in the future. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Voting rights of a holder of preferred stock may be limited.<font style="font-style: normal; font-weight: normal;"> Our common stock is the only class of our </font><font style="font-style: normal; font-weight: normal;">capital stock carrying full voting rights. Voting rights for holders of preferred stock exist only with respect to </font><font style="font-style: normal; font-weight: normal;">amendments to our charter (whether by merger, consolidation or otherwise) that materially and adversely affect </font><font style="font-style: normal; font-weight: normal;">the terms of preferred stock, the authorization or issuance of classes or series of equity securities that are senior </font><font style="font-style: normal; font-weight: normal;">to preferred stock and, if we fail to pay dividends on preferred stock for six or more quarterly periods (whether </font><font style="font-style: normal; font-weight: normal;">or not consecutive), the election of directors. A holder of preferred stock would not, however, have voting rights </font><font style="font-style: normal; font-weight: normal;">if we amend, alter or repeal the provisions of our charter or the terms of the preferred stock in connection with a </font><font style="font-style: normal; font-weight: normal;">merger, consolidation, transfer or conveyance of all or substantially all of our assets or otherwise, so long as </font><font style="font-style: normal; font-weight: normal;">(i)&#160;the preferred stock remains outstanding and its terms remain materially unchanged or holders receive stock of </font><font style="font-style: normal; font-weight: normal;">the successor entity with substantially identical rights, taking into account that, upon the occurrence of an event </font><font style="font-style: normal; font-weight: normal;">described in this sentence, we may not be the surviving entity or (ii)&#160;the holders of preferred stock receive the </font><font style="font-style: normal; font-weight: normal;">greater of the trading price of the preferred stock or the liquidation preference plus all accrued and unpaid </font><font style="font-style: normal; font-weight: normal;">dividends. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The change of control conversion feature contained in our preferred stock may not adequately compensate a holder upon a Change of Control.<font style="font-style: normal; font-weight: normal;"> The right of holders of our outstanding Series B Preferred </font><font style="font-style: normal; font-weight: normal;">Stock, Series C Preferred Stock and Series D Preferred Stock, or any future series of preferred stock having a </font><font style="font-style: normal; font-weight: normal;">similar feature, to convert such preferred stock into shares of our common stock upon the occurrence of a </font><font style="font-style: normal; font-weight: normal;">Change of Control (as defined in the Articles Supplementary to our charter relating to the applicable series of </font><font style="font-style: normal; font-weight: normal;">preferred stock) may not adequately compensate such holders if a Change of Control were to occur. In addition, </font><font style="font-style: normal; font-weight: normal;">this and other features of our Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, or </font><font style="font-style: normal; font-weight: normal;">any future series of preferred stock having a similar feature, may have the effect of inhibiting a third party from </font><font style="font-style: normal; font-weight: normal;">making an acquisition proposal for our company or of delaying, deferring or preventing a change in control of </font><font style="font-style: normal; font-weight: normal;">our company under circumstances that otherwise could provide the holders of our common stock with the </font><font style="font-style: normal; font-weight: normal;">opportunity to realize a premium over the then-current market price or that such holders may otherwise believe is </font><font style="font-style: normal; font-weight: normal;">in their best interests.</font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">Risks Relating to our Status as a REIT</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If our leases are not respected as true leases for federal income tax purposes, we would fail to qualify as a REIT.<font style="font-style: normal; font-weight: normal;"> To qualify as a REIT, we must, among other things, satisfy two gross income tests, under which </font><font style="font-style: normal; font-weight: normal;">specified percentages of our gross income must be certain types of passive income, such as rent. For the rent </font><font style="font-style: normal; font-weight: normal;">paid pursuant to our leases, to qualify for purposes of the gross income tests, the leases must be respected as true </font><font style="font-style: normal; font-weight: normal;">leases for federal income tax purposes and not be treated as service contracts, joint ventures or some other type </font><font style="font-style: normal; font-weight: normal;">of arrangement. We believe that our leases will be respected as true leases for federal income tax purposes. </font><font style="font-style: normal; font-weight: normal;">However, there can be no assurance that the Internal Revenue Service (&#8220;IRS&#8221;) will agree with this view. If the </font><font style="font-style: normal; font-weight: normal;">leases are not respected as true leases for federal income tax purposes, we would not be able to satisfy either of </font><font style="font-style: normal; font-weight: normal;">the two gross income tests applicable to REITs, and we could lose our REIT status.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Failure to make required distributions would subject us to additional tax.<font style="font-style: normal; font-weight: normal;"> In order to remain qualified as a </font><font style="font-style: normal; font-weight: normal;">REIT, we must, among other requirements, distribute, each year, to our stockholders at least 90% of our taxable </font><font style="font-style: normal; font-weight: normal;">income, excluding net capital gains. To the extent that we satisfy the 90% distribution requirement, but distribute </font><font style="font-style: normal; font-weight: normal;">less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
<!--End Page 31-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 32-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">income. In addition, we will incur a 4% nondeductible excise tax on the amount, if any, by which our distributions (or deemed distributions) in any year are less than the sum of:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">85% of our ordinary income for that year;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">95% of our capital gain net earnings for that year; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">100% of our undistributed taxable income from prior years.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the extent we pay out in excess of 100% of our taxable income for any tax year, we may be able to carry forward such excess to subsequent years to reduce our required distributions for purposes of the 4% nondeductible excise tax in such subsequent years. We intend to pay out our income to our stockholders in a manner intended to satisfy the 90% distribution requirement. Differences in timing between the recognition of income and the related cash receipts or the effect of required debt amortization payments could require us to borrow money or sell assets to pay out enough of our taxable income to satisfy the 90% distribution requirement and to avoid corporate income tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may not have sufficient cash available from operations to pay distributions to our stockholders, and, therefore, distributions may be made from borrowings.<font style="font-style: normal; font-weight: normal;"> The actual amount and timing of distributions to our </font><font style="font-style: normal; font-weight: normal;">stockholders will be determined by our Board of Directors in its discretion and typically will depend on the </font><font style="font-style: normal; font-weight: normal;">amount of cash available for distribution, which will depend on items such as current and projected cash </font><font style="font-style: normal; font-weight: normal;">requirements, limitations on distributions imposed by law on our financing arrangements and tax considerations. </font><font style="font-style: normal; font-weight: normal;">As a result, we may not have sufficient cash available from operations to pay distributions as required to </font><font style="font-style: normal; font-weight: normal;">maintain our status as a REIT. Therefore, we may need to borrow funds to make sufficient cash distributions in </font><font style="font-style: normal; font-weight: normal;">order to maintain our status as a REIT, which may cause us to incur additional interest expense as a result of an </font><font style="font-style: normal; font-weight: normal;">increase in borrowed funds for the purpose of paying distributions.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be required to pay a penalty tax upon the sale of a property.<font style="font-style: normal; font-weight: normal;"> The federal income tax provisions </font><font style="font-style: normal; font-weight: normal;">applicable to REITs provide that any gain realized by a REIT on the sale of property held as inventory or other </font><font style="font-style: normal; font-weight: normal;">property held primarily for sale to customers in the ordinary course of business is treated as income from a </font><font style="font-style: normal; font-weight: normal;">&#8220;prohibited transaction&#8221; that is subject to a 100% penalty tax. Under current law, unless a sale of real property </font><font style="font-style: normal; font-weight: normal;">qualifies for a safe harbor, the question of whether the sale of real estate or other property constitutes the sale of </font><font style="font-style: normal; font-weight: normal;">property held primarily for sale to customers is generally a question of the facts and circumstances regarding a </font><font style="font-style: normal; font-weight: normal;">particular transaction. We intend that we and our subsidiaries will hold the interests in the real estate for </font><font style="font-style: normal; font-weight: normal;">investment with a view to long-term appreciation, engage in the business of acquiring and owning real estate, </font><font style="font-style: normal; font-weight: normal;">and make occasional sales as are consistent with our investment objectives. We do not intend to engage in </font><font style="font-style: normal; font-weight: normal;">prohibited transactions. We cannot assure you, however, that we will only make sales that satisfy the </font><font style="font-style: normal; font-weight: normal;">requirements of the safe harbors or that the IRS will not successfully assert that one or more of such sales are </font><font style="font-style: normal; font-weight: normal;">prohibited transactions.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be adversely affected if we fail to qualify as a REIT.<font style="font-style: normal; font-weight: normal;"> If we fail to qualify as a REIT, we will not </font><font style="font-style: normal; font-weight: normal;">be allowed to deduct distributions to stockholders in computing our taxable income and will be subject to federal </font><font style="font-style: normal; font-weight: normal;">income tax at regular corporate rates and possibly increased state and local taxes. In addition, we might be </font><font style="font-style: normal; font-weight: normal;">barred from qualification as a REIT for the four years following the year of disqualification. The additional tax </font><font style="font-style: normal; font-weight: normal;">incurred at regular corporate rates would reduce significantly the cash flow available for distribution to </font><font style="font-style: normal; font-weight: normal;">stockholders and for debt service. Furthermore, we would no longer be required to make any distributions to our </font><font style="font-style: normal; font-weight: normal;">stockholders as a condition to REIT qualification. Any distributions to stockholders would be taxable as ordinary </font><font style="font-style: normal; font-weight: normal;">income to the extent of our current and accumulated earnings and profits, although such dividend distributions to </font><font style="font-style: normal; font-weight: normal;">non-corporate stockholders would be subject to a top federal income tax rate of 20% (and potentially a Medicare </font><font style="font-style: normal; font-weight: normal;">tax of 3.8%), provided applicable requirements of the Code are satisfied. Furthermore, corporate stockholders </font><font style="font-style: normal; font-weight: normal;">may be eligible for the dividends received deduction on the distributions, subject to limitations under the Code. </font><font style="font-style: normal; font-weight: normal;">Additionally, if we fail to qualify as a REIT, non-corporate stockholders would no longer be able to deduct up to </font><font style="font-style: normal; font-weight: normal;">20% of our dividends (other than capital gain dividends and dividends treated as qualified dividend income), as </font><font style="font-style: normal; font-weight: normal;">would otherwise generally be permitted for taxable years beginning after December&#160;31, 2017 and before </font><font style="font-style: normal; font-weight: normal;">January&#160;1, 2026.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To qualify as a REIT, we must comply with certain highly technical and complex requirements.<font style="font-style: normal; font-weight: normal;"> We </font><font style="font-style: normal; font-weight: normal;">cannot be certain we have complied, and will always be able to comply, with the requirements to qualify as a </font><font style="font-style: normal; font-weight: normal;">REIT because there are few judicial and administrative interpretations of these provisions. In addition, facts and </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
<!--End Page 32-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 33-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">circumstances that may be beyond our control may affect our ability to continue to qualify as a REIT. We cannot assure you that new legislation, regulations, administrative interpretations or court decisions will not change the tax laws significantly with respect to our qualification as a REIT or with respect to the federal income tax consequences of qualification. We believe that we have qualified as a REIT since our inception and intend to continue to qualify as a REIT. However, we cannot assure you that we are qualified or will remain qualified.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">There is a risk of changes in the tax law applicable to REITs.<font style="font-style: normal; font-weight: normal;"> Because the IRS, the United States Treasury </font><font style="font-style: normal; font-weight: normal;">Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or </font><font style="font-style: normal; font-weight: normal;">to what extent new federal tax laws, regulations, interpretations or rulings will be adopted. Numerous changes to </font><font style="font-style: normal; font-weight: normal;">the U.S. federal income tax laws are proposed on a regular basis. Any of such legislative action may </font><font style="font-style: normal; font-weight: normal;">prospectively or retroactively modify our tax treatment and, therefore, may adversely affect taxation of us and/or </font><font style="font-style: normal; font-weight: normal;">our investors. Additionally, the REIT rules are constantly under review by persons involved in the legislative </font><font style="font-style: normal; font-weight: normal;">process and by the IRS and the United States Treasury Department, which may result in revisions to regulations </font><font style="font-style: normal; font-weight: normal;">and interpretations in addition to statutory changes. If enacted, certain proposed changes could have an adverse </font><font style="font-style: normal; font-weight: normal;">impact on our business and financial results. Importantly, legislation has been proposed in several states </font><font style="font-style: normal; font-weight: normal;">specifically taxing REITs. If such legislation were to be enacted, our income from such states would be adversely </font><font style="font-style: normal; font-weight: normal;">impacted. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The act popularly known as the Tax Cuts and Jobs Act of 2017 (the &#8220;Tax Act&#8221;), has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. On March&#160;27, 2020, federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;), was signed into law. The CARES Act made technical corrections, or temporary modifications, to certain of the provisions of the Tax Act. The individual and collective impact of the changes made by the Tax Act and the CARES Act on REITs and their security holders are uncertain and may not become evident for some period of time. It is also possible additional legislation could be enacted in the future as a result of the COVID-19 pandemic which may affect the holders of our securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Changes made by the Tax Act that could affect us and our stockholders include:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate has been reduced from 39.6% to 37% for taxable years beginning after December&#160;31, 2017 and before January&#160;1, 2026; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">permanently eliminating the progressive corporate tax rate structure, with a maximum corporate tax rate of 35%, and replacing it with a flat corporate tax rate of 21%; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">permitting a deduction for certain pass-through business income, including dividends received by our stockholders from us that are not designated by us as capital gain dividends or qualified dividend income, which will allow individuals, trusts, and estates to deduct up to 20% of such amounts for taxable years beginning after December&#160;31, 2017 and before January&#160;1, 2026;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reducing the highest rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">limiting our deduction for net operating losses (NOLs) to 80% of REIT taxable income (prior to the application of the dividends paid deduction) (this was modified by the CARES Act as discussed below);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">generally limiting the deduction for net business interest expense in excess of 30% of a business&#8217;s adjusted taxable income except for taxpayers that engage in certain real estate businesses and elect out of this rule (provided that such electing taxpayers must use an alternative depreciation system for certain property). The CARES Act increases this interest limitation to 50% for taxable years beginning in 2019 or 2020 (with special rules applicable to interest allocation from entities treated as partnerships for tax purposes) and permits an entity to elect to use its 2019 adjusted taxable income to calculate the applicable limitation for its 2020 taxable year; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">eliminating the corporate alternative minimum tax.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
<!--End Page 33-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 34-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Tax Act and the CARES Act are subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the United States Treasury Department and the IRS, any of which could lessen or increase certain impacts of the Tax Act and/or the CARES Act. Some technical corrections, proposed regulations and final regulations have already been promulgated, some of which specifically address REITs. It is unclear how these U.S. federal income tax changes will affect state and local taxation in various states and localities, which often use federal taxable income as a starting point for computing state and local tax liabilities. You are urged to consult with your tax advisor with respect to the status of legislative, regulatory, judicial or administrative developments and proposals and their potential effect on an investment in our securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may be unable to comply with the strict income distribution requirements applicable to REITs.<font style="font-style: normal; font-weight: normal;"> To </font><font style="font-style: normal; font-weight: normal;">maintain qualification as a REIT under the Code, a REIT must annually distribute to its stockholders at least </font><font style="font-style: normal; font-weight: normal;">90% of its REIT taxable income, excluding the dividends paid deduction and net capital gains. This requirement </font><font style="font-style: normal; font-weight: normal;">limits our ability to accumulate capital. We may not have sufficient cash or other liquid assets to meet the </font><font style="font-style: normal; font-weight: normal;">distribution requirements. Difficulties in meeting the distribution requirements might arise due to competing </font><font style="font-style: normal; font-weight: normal;">demands for our funds or to timing differences between tax reporting and cash receipts and disbursements, </font><font style="font-style: normal; font-weight: normal;">because income may have to be reported before cash is received, because expenses may have to be paid before a </font><font style="font-style: normal; font-weight: normal;">deduction is allowed, because deductions may be disallowed or limited or because the IRS may make a </font><font style="font-style: normal; font-weight: normal;">determination that adjusts reported income. In those situations, we might be required to borrow funds or sell </font><font style="font-style: normal; font-weight: normal;">properties on adverse terms in order to meet the distribution requirements and interest and penalties could apply </font><font style="font-style: normal; font-weight: normal;">which could adversely affect our financial condition. If we fail to make a required distribution, we could cease to </font><font style="font-style: normal; font-weight: normal;">be taxed as a REIT.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Dividends on our capital stock do not qualify for the reduced tax rates available for some dividends.<font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">Income from &#8220;qualified dividends&#8221; payable to U.S. stockholders that are individuals, trusts and estates are </font><font style="font-style: normal; font-weight: normal;">generally subject to tax at preferential rates. Dividends payable by REITs, however, generally are not eligible for </font><font style="font-style: normal; font-weight: normal;">the preferential tax rates applicable to qualified dividend income. Although these rules do not adversely affect </font><font style="font-style: normal; font-weight: normal;">our taxation or the dividends payable by us, to the extent that the preferential rates continue to apply to regular </font><font style="font-style: normal; font-weight: normal;">corporate qualified dividends, investors who are individuals, trusts and estates may perceive an investment in us </font><font style="font-style: normal; font-weight: normal;">to be relatively less attractive than an investment in the stock of a non-REIT corporation that pays dividends, </font><font style="font-style: normal; font-weight: normal;">which could materially and adversely affect the value of the shares of, and per share trading price of, our capital </font><font style="font-style: normal; font-weight: normal;">stock. It should be noted that the Tax Act provides for a deduction from income for individuals, trusts and estates </font><font style="font-style: normal; font-weight: normal;">up to 20% of certain REIT dividends, which reduces the effective tax rate on such dividends below the effective </font><font style="font-style: normal; font-weight: normal;">tax rate on interest, though the deduction is generally not as favorable as the preferential rate on qualified </font><font style="font-style: normal; font-weight: normal;">dividends. The deduction for certain REIT dividends, unlike the favorable rate for qualified dividends, expires </font><font style="font-style: normal; font-weight: normal;">after 2025.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our taxable REIT subsidiary, S&amp;F, is subject to special rules that may result in increased taxes.<font style="font-style: normal; font-weight: normal;"> As a </font><font style="font-style: normal; font-weight: normal;">REIT, we must pay a 100% penalty tax on certain payments that we receive if the economic arrangements </font><font style="font-style: normal; font-weight: normal;">between us and S&amp;F are not comparable to similar arrangements between unrelated parties. The IRS may </font><font style="font-style: normal; font-weight: normal;">successfully assert that the economic arrangements of any of our inter-company transactions are not comparable </font><font style="font-style: normal; font-weight: normal;">to similar arrangements between unrelated parties. This would result in unexpected tax liability which would </font><font style="font-style: normal; font-weight: normal;">adversely affect our cash flows.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding our status as a REIT, we are subject to various federal, state and local taxes on our income and property.<font style="font-style: normal; font-weight: normal;"> For example, we will be taxed at regular corporate rates on any undistributed taxable </font><font style="font-style: normal; font-weight: normal;">income, including undistributed net capital gains; provided, however, that properly designated undistributed </font><font style="font-style: normal; font-weight: normal;">capital gains will effectively avoid taxation at the stockholder level. We may be subject to other federal income </font><font style="font-style: normal; font-weight: normal;">taxes and may also have to pay some state income or franchise taxes because not all states treat REITs in the </font><font style="font-style: normal; font-weight: normal;">same manner as they are treated for federal income tax purposes.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
<!--End Page 34-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 35-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">Other Risks</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may not be able to obtain adequate cash to fund our business.<font style="font-style: normal; font-weight: normal;"> Our business requires access to </font><font style="font-style: normal; font-weight: normal;">adequate cash to finance our operations, distributions, capital expenditures, debt service obligations, development </font><font style="font-style: normal; font-weight: normal;">and redevelopment costs and property acquisition costs, if any. We expect to generate the cash to be used for </font><font style="font-style: normal; font-weight: normal;">these purposes primarily with operating cash flow, borrowings under secured and unsecured loans, proceeds from </font><font style="font-style: normal; font-weight: normal;">sales of strategically identified assets and, when market conditions permit, through the issuance of debt and </font><font style="font-style: normal; font-weight: normal;">equity securities from time to time. We may not be able to generate sufficient cash to fund our business, </font><font style="font-style: normal; font-weight: normal;">particularly if we are unable to renew leases, lease vacant space or re-lease space as leases expire according to </font><font style="font-style: normal; font-weight: normal;">our expectations.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are dependent on key personnel.<font style="font-style: normal; font-weight: normal;"> Our executive and other senior officers have a significant role in our </font><font style="font-style: normal; font-weight: normal;">success. Our ability to retain our management group or to attract suitable replacements should any members of </font><font style="font-style: normal; font-weight: normal;">the management group leave is dependent on the competitive nature of the employment market. The loss of </font><font style="font-style: normal; font-weight: normal;">services from key members of the management group or a limitation in their availability could adversely affect </font><font style="font-style: normal; font-weight: normal;">our financial condition and cash flow. Further, such a loss could be negatively perceived in the capital markets.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Some of our directors and officers may have conflicts of interest with respect to certain related party transactions and other business interests.<font style="font-style: normal; font-weight: normal;"> Mr.&#160;Eugene W. Landy, the Founder and Chairman of the Board of our </font><font style="font-style: normal; font-weight: normal;">company, owns a 24% interest in the entity that is the landlord of the property in Freehold, New Jersey where </font><font style="font-style: normal; font-weight: normal;">our executive offices are located. Effective October&#160;1, 2019, we entered into a new lease for our executive </font><font style="font-style: normal; font-weight: normal;">offices which combines the existing corporate office space with additional adjacent office space. This new lease </font><font style="font-style: normal; font-weight: normal;">extends our existing lease through April&#160;30, 2027 and requires monthly lease payments of $23,098 through </font><font style="font-style: normal; font-weight: normal;">April&#160;30, 2022 and $23,302 from May&#160;1, 2022 through April&#160;30, 2027. We are also responsible for our </font><font style="font-style: normal; font-weight: normal;">proportionate share of real estate taxes and common area maintenance. Mr.&#160;Eugene Landy may have a conflict of </font><font style="font-style: normal; font-weight: normal;">interest with respect to his obligations as our officer and/or director and his ownership interest in the landlord of </font><font style="font-style: normal; font-weight: normal;">the property.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may change our business policies without stockholder approval.<font style="font-style: normal; font-weight: normal;"> Our Board of Directors determines our </font><font style="font-style: normal; font-weight: normal;">growth, investment, financing, capitalization, borrowing, REIT status, operations and distributions policies. </font><font style="font-style: normal; font-weight: normal;">Although our Board of Directors has no present intention to change or reverse any of these policies, they may be </font><font style="font-style: normal; font-weight: normal;">amended or revised without notice to stockholders. Accordingly, stockholders may not have control over changes </font><font style="font-style: normal; font-weight: normal;">in our policies. We cannot assure you that changes in our policies will serve fully the interests of all </font><font style="font-style: normal; font-weight: normal;">stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The market value of our preferred and common stock could decrease based on our performance and market perception and conditions.<font style="font-style: normal; font-weight: normal;"> The market value of our preferred and common stock may be based primarily </font><font style="font-style: normal; font-weight: normal;">upon the market&#8217;s perception of our growth potential and current and future cash dividends, and may be </font><font style="font-style: normal; font-weight: normal;">secondarily based upon the real estate market value of our underlying assets. The market price of our preferred </font><font style="font-style: normal; font-weight: normal;">and common stock is influenced by their respective distributions relative to market interest rates. Rising interest </font><font style="font-style: normal; font-weight: normal;">rates may lead potential buyers of our stock to expect a higher distribution rate, which would adversely affect the </font><font style="font-style: normal; font-weight: normal;">market price of our stock. In addition, rising interest rates would result in increased expense, thereby adversely </font><font style="font-style: normal; font-weight: normal;">affecting cash flow and our ability to service our indebtedness and pay distributions.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">There are restrictions on the transfer of our capital stock.<font style="font-style: normal; font-weight: normal;"> To maintain our qualification as a REIT under </font><font style="font-style: normal; font-weight: normal;">the Code, no more than 50% in value of our outstanding capital stock may be owned, actually or by attribution, </font><font style="font-style: normal; font-weight: normal;">by five or fewer individuals, as defined in the Code to also include certain entities, during the last half of a </font><font style="font-style: normal; font-weight: normal;">taxable year. Accordingly, our charter contains provisions restricting the transfer of our capital stock. These </font><font style="font-style: normal; font-weight: normal;">restrictions may discourage a tender offer or other transaction or a change in management or control of our </font><font style="font-style: normal; font-weight: normal;">company that might involve a premium price for our common stock or preferred stock or that our stockholders </font><font style="font-style: normal; font-weight: normal;">otherwise believe to be in their best interests, and may result in the transfer of shares acquired in excess of the </font><font style="font-style: normal; font-weight: normal;">restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of </font><font style="font-style: normal; font-weight: normal;">the benefits of owning the additional shares.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our earnings are dependent, in part, upon the performance of our investment portfolio.<font style="font-style: normal; font-weight: normal;"> As permitted by </font><font style="font-style: normal; font-weight: normal;">the Code, we invest in and own securities of other REITs, which we generally limit to no more than </font><font style="font-style: normal; font-weight: normal;">approximately 15% of our undepreciated assets. To the extent that the value of those investments declines or </font><font style="font-style: normal; font-weight: normal;">those investments do not provide a return, our earnings and cash flow could be adversely affected.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
<!--End Page 35-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 36-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are subject to restrictions that may impede our ability to effect a change in control.<font style="font-style: normal; font-weight: normal;"> Certain provisions </font><font style="font-style: normal; font-weight: normal;">contained in our charter and bylaws and certain provisions of Maryland law may have the effect of discouraging </font><font style="font-style: normal; font-weight: normal;">a third party from making an acquisition proposal for us and thereby inhibit a change in control. These </font><font style="font-style: normal; font-weight: normal;">provisions include the following:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our charter provides for three classes of directors with the term of office of one class expiring each year, commonly referred to as a &#8220;staggered board.&#8221; By preventing common stockholders from voting on the election of more than one class of directors at any annual meeting of stockholders, this provision may have the effect of keeping the current members of our Board of Directors in control for a longer period of time than stockholders may desire.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our charter generally limits any holder from acquiring more than 9.8% (in value or in number, whichever is more restrictive) of our outstanding equity stock (defined as all of our classes of capital stock, except our excess stock). While this provision is designed to help us to remain a qualified REIT for federal income tax purposes, the ownership limit may also limit the opportunity for stockholders to receive a premium for their shares of common stock that might otherwise exist if an investor was attempting to assemble a block of shares in excess of 9.8% of the outstanding shares of equity stock or otherwise effect a change in control.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The request of stockholders entitled to cast a majority of all votes entitled to be cast at such meeting is necessary for stockholders to call a special meeting. We also require advance notice by common stockholders for the nomination of directors or proposals of business to be considered at a meeting of stockholders.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Board of Directors may authorize and cause us to issue securities without stockholder approval.<font style="font-style: normal; font-weight: normal;"> </font><font style="font-style: normal; font-weight: normal;">Under our charter, the Board of Directors has the power without common stockholder action (i)&#160;to increase our </font><font style="font-style: normal; font-weight: normal;">authorized capital stock, (ii)&#160;to classify and reclassify any of our unissued shares of capital stock into shares of </font><font style="font-style: normal; font-weight: normal;">capital stock with such terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to </font><font style="font-style: normal; font-weight: normal;">dividends and terms and conditions of redemptions as the Board of Directors may determine and (iii)&#160;to </font><font style="font-style: normal; font-weight: normal;">authorize the issuance of any class or series of stock. The authorization and issuance of a new class of capital </font><font style="font-style: normal; font-weight: normal;">stock could have the effect of delaying or preventing someone from taking control of us, even if a change in </font><font style="font-style: normal; font-weight: normal;">control were in our stockholders&#8217; best interests.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Maryland corporation statutes may limit the ability of a third party to acquire control of us.<font style="font-style: normal; font-weight: normal;"> Maryland law </font><font style="font-style: normal; font-weight: normal;">provides protection for Maryland corporations against unsolicited takeovers by limiting, among other things, the </font><font style="font-style: normal; font-weight: normal;">duties of the directors in unsolicited takeover situations. The duties of directors of Maryland corporations do not </font><font style="font-style: normal; font-weight: normal;">require them to act (a) to accept, recommend or respond to any proposal by a person seeking to acquire control </font><font style="font-style: normal; font-weight: normal;">of the corporation, (b) to authorize the corporation to redeem any rights under, or modify or render inapplicable, </font><font style="font-style: normal; font-weight: normal;">any stockholders rights plan, (c) to make a determination under the Maryland Business Combination Act or the </font><font style="font-style: normal; font-weight: normal;">Maryland Control Share Acquisition Act to exempt any person or transaction from the requirements of those </font><font style="font-style: normal; font-weight: normal;">provisions, or (d) solely because of the effect of the act or failure to act may have on an acquisition or potential </font><font style="font-style: normal; font-weight: normal;">acquisition of control of the corporation or the amount or type of consideration that may be offered or paid to the </font><font style="font-style: normal; font-weight: normal;">stockholders in an acquisition. Maryland law also contains a statutory presumption that an act of a director of a </font><font style="font-style: normal; font-weight: normal;">Maryland corporation satisfies the applicable standards of conduct for directors under Maryland law.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Maryland Business Combination Act provides that, unless exempted, a Maryland corporation may not engage in business combinations, including mergers, dispositions of 10% or more of its assets, certain issuances of shares of stock and other specified transactions, with an &#8220;interested stockholder&#8221; or an affiliate of an interested stockholder for five years after the most recent date on which the interested stockholder became an interested stockholder, and thereafter unless specified criteria are met. An interested stockholder is generally a person owning or controlling, directly or indirectly, 10% or more of the voting power of the outstanding stock of the Maryland corporation or an affiliate or associate of the Maryland corporation that was the beneficial owner of 10% or more of the voting power of the corporation&#8217;s outstanding stock during the past two years. In our charter, we have expressly elected that the Maryland Business Combination Act not govern or apply to any transaction with Monmouth Real Estate Investment Corporation, a Maryland corporation (&#8220;MREIC&#8221;).</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
<!--End Page 36-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 37-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit their ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.<font style="font-style: normal; font-weight: normal;"> Our </font><font style="font-style: normal; font-weight: normal;">bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for </font><font style="font-style: normal; font-weight: normal;">Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the </font><font style="font-style: normal; font-weight: normal;">District of Maryland, Baltimore Division, will be the sole and exclusive forum for (a) any derivative action or </font><font style="font-style: normal; font-weight: normal;">proceeding brought on our behalf, (b) any action asserting a claim of breach of any duty owed by any of our </font><font style="font-style: normal; font-weight: normal;">directors, officers or other employees to us or to our stockholders, (c) any action asserting a claim against us or </font><font style="font-style: normal; font-weight: normal;">any of our directors, officers or other employees arising pursuant to any provision of the MGCL or our charter or </font><font style="font-style: normal; font-weight: normal;">bylaws or (d) any action asserting a claim against us or any of our directors, officers or other employees that is </font><font style="font-style: normal; font-weight: normal;">governed by the internal affairs doctrine. This provision does not cover claims made by stockholders pursuant to </font><font style="font-style: normal; font-weight: normal;">the securities laws of the United States, or any rules or regulations promulgated thereunder.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We cannot assure you that we will be able to pay distributions regularly.<font style="font-style: normal; font-weight: normal;"> Our ability to pay distributions in </font><font style="font-style: normal; font-weight: normal;">the future is dependent on our ability to operate profitably and to generate cash from our operations and the </font><font style="font-style: normal; font-weight: normal;">operations of our subsidiaries and is subject to limitations under our financing arrangements and Maryland law. </font><font style="font-style: normal; font-weight: normal;">Under the MGCL, a Maryland corporation generally may not make a distribution if, after giving effect to the </font><font style="font-style: normal; font-weight: normal;">distribution, the corporation would not be able to pay its debts as the debts became due in the usual course of </font><font style="font-style: normal; font-weight: normal;">business, or the corporation&#8217;s total assets would be less than the sum of its total liabilities plus, unless the charter </font><font style="font-style: normal; font-weight: normal;">permits otherwise, the amount that would be needed if the corporation were to be dissolved at the time of the </font><font style="font-style: normal; font-weight: normal;">distribution to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on </font><font style="font-style: normal; font-weight: normal;">dissolution are superior to those of the stockholders receiving the distribution. Accordingly, we cannot guarantee </font><font style="font-style: normal; font-weight: normal;">that we will be able to pay distributions on a regular quarterly basis in the future.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Future terrorist attacks and military conflicts could have a material adverse effect on general economic conditions, consumer confidence and market liquidity.<font style="font-style: normal; font-weight: normal;"> Among other things, it is possible that interest rates may </font><font style="font-style: normal; font-weight: normal;">be affected by these events. An increase in interest rates may increase our costs of borrowing, leading to a </font><font style="font-style: normal; font-weight: normal;">reduction in our earnings. Terrorist acts affecting our properties could also result in significant damages to, or </font><font style="font-style: normal; font-weight: normal;">loss of, our properties. Additionally, we may be unable to obtain adequate insurance coverage on acceptable </font><font style="font-style: normal; font-weight: normal;">economic terms for losses resulting from acts of terrorism. Our lenders may require that we carry terrorism </font><font style="font-style: normal; font-weight: normal;">insurance even if we do not believe this insurance is necessary or cost effective. Should an act of terrorism result </font><font style="font-style: normal; font-weight: normal;">in an uninsured loss or a loss in excess of insured limits, we could lose capital invested in a property, as well as </font><font style="font-style: normal; font-weight: normal;">the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or </font><font style="font-style: normal; font-weight: normal;">other financial obligations related to the property. Any loss of these types would adversely affect our financial </font><font style="font-style: normal; font-weight: normal;">condition.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are subject to risks arising from litigation.<font style="font-style: normal; font-weight: normal;"> We may become involved in litigation. Litigation can be </font><font style="font-style: normal; font-weight: normal;">costly, and the results of litigation are often difficult to predict. We may not have adequate insurance coverage or </font><font style="font-style: normal; font-weight: normal;">contractual protection to cover costs and liability in the event we are sued, and to the extent we resort to </font><font style="font-style: normal; font-weight: normal;">litigation to enforce our rights, we may incur significant costs and ultimately be unsuccessful or unable to </font><font style="font-style: normal; font-weight: normal;">recover amounts we believe are owed to us. We may have little or no control of the timing of litigation, which </font><font style="font-style: normal; font-weight: normal;">presents challenges to our strategic planning.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks relating to cybersecurity attacks that could adversely affect our business, cause loss of confidential information and disrupt operations.<font style="font-style: normal; font-weight: normal;"> We rely extensively on information technology to process </font><font style="font-style: normal; font-weight: normal;">transactions and manage our business. In the ordinary course of our business, we collect and store sensitive data, </font><font style="font-style: normal; font-weight: normal;">including our business information and the personal information of our residents, employees and vendors, in our </font><font style="font-style: normal; font-weight: normal;">facility and on our network. This data is hosted on internal, as well as external, computer systems. Our external </font><font style="font-style: normal; font-weight: normal;">systems are hosted by third-party service providers that may have access to such information in connection with </font><font style="font-style: normal; font-weight: normal;">providing necessary information technology and security and other business services to us. This information may </font><font style="font-style: normal; font-weight: normal;">include personally identifiable information such as social security numbers, banking information and credit card </font><font style="font-style: normal; font-weight: normal;">information. We employ a number of measures to prevent, detect and mitigate potential breaches or disclosure of </font><font style="font-style: normal; font-weight: normal;">this confidential information. We have established a Cybersecurity Subcommittee of our Audit Committee to </font><font style="font-style: normal; font-weight: normal;">review and provide high-level guidance on cybersecurity-related issues of importance to us. We also maintain </font><font style="font-style: normal; font-weight: normal;">cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches. While </font><font style="font-style: normal; font-weight: normal;">we continue to improve our cybersecurity and take measures to protect our business, our information technology </font><font style="font-style: normal; font-weight: normal;">and infrastructure and our third-party service providers may be vulnerable to attacks by hackers (including </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">17<br></div></div></div>
<!--End Page 37-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 38-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_204-risk_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">through malware, ransomware, computer viruses, and email phishing schemes) or breached due to employee error, malfeasance, fire, flood or other physical event, or other disruptions. Any such breach or disruption could compromise the confidential information of our residents, employees and vendors to the extent such information exists on our systems or on the systems of third-party providers. Such an incident could result in potential liability, a loss of confidence and legal claims or proceedings; damage our reputation, competitiveness, stock price and long-term value; increase remediation, cybersecurity protection and insurance premium costs; disrupt and affect our business operations; or have other material adverse effects on our business.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are dependent on continuous access to the Internet to use our cloud-based applications.<font style="font-style: normal; font-weight: normal;"> Damage or </font><font style="font-style: normal; font-weight: normal;">failure to our information technology systems, including as a result of any of the reasons described above, could </font><font style="font-style: normal; font-weight: normal;">adversely affect our results of operations as we may incur significant costs or data loss. We continually assess </font><font style="font-style: normal; font-weight: normal;">new and enhanced information technology solutions to manage risk of system failure or interruption.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We face risks relating to expanding use of social media mediums.<font style="font-style: normal; font-weight: normal;"> The use of social media could cause us </font><font style="font-style: normal; font-weight: normal;">to suffer brand damage or information leakage. Negative posts or comments about us or our properties on any </font><font style="font-style: normal; font-weight: normal;">social networking website could damage our, or our properties&#8217; reputations. In addition, employees or others </font><font style="font-style: normal; font-weight: normal;">might disclose non-public sensitive information relating to our business through external media channels. The </font><font style="font-style: normal; font-weight: normal;">continuing evolution of social media may present us with new challenges and risks. The considerable increase in </font><font style="font-style: normal; font-weight: normal;">the use of social media over recent years has greatly expanded the potential scope and scale, and increased the </font><font style="font-style: normal; font-weight: normal;">rapidity of the dissemination of negative publicity that could be generated by negative posts and comments. </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">18<br></div></div></div>
<!--End Page 38-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 39-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_205-fls_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDR"><!--Anchor--></a>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">From time to time, we may make forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section 21F of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) in documents filed under the Securities Act, the Exchange Act, press releases or other public statements with respect to our financial condition, results of operations and business. Words such as &#8220;anticipates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; and similar expressions, and the negatives of such words and expressions as they relate to us or our management are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance. Potential investors should not place undue reliance on forward-looking statements as they involve numerous risks and uncertainties that could cause actual results to differ materially from the results stated or implied in the forward-looking statements. If we make forward-looking statements, we assume no obligation to update forward-looking statements. In evaluating the securities offered by this prospectus, you should carefully consider the discussion of risks and uncertainties in the section entitled &#8220;Risk Factors&#8221; beginning on page <a href="#tRF">3</a> of this prospectus and those in the documents we incorporate by reference that could cause actual results to differ materially from the results contemplated by the forward-looking statements.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tUOP"><!--Anchor--></a>USE OF PROCEEDS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless otherwise described in the applicable prospectus supplement, we intend to use the net proceeds of any sale of securities for working capital and general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of our existing communities, potential acquisitions of additional properties, possible redemption of outstanding preferred stock, and possible repayment of indebtedness on a short term basis.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">19<br></div></div></div>
<!--End Page 39-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 40-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDCS"><!--Anchor--></a>DESCRIPTION OF CAPITAL STOCK</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following description is only a summary of certain terms and provisions of our capital stock. You should refer to our charter and bylaws for a complete description.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General<font style="font-style: normal;">. Our authorized capital stock consists of </font><font style="font-style: normal;">170,413,800</font><font style="font-style: normal;"> shares, classified as </font><font style="font-style: normal;">143,663,800</font><font style="font-style: normal;"> shares of </font><font style="font-style: normal;">common stock, par value $0.10 per share, 4,000,000 shares of 8.00% Series B Cumulative Redeemable Preferred </font><font style="font-style: normal;">Stock, par value $0.10 per share, 13,750,000 shares of 6.75% Series C Cumulative Redeemable Preferred Stock, </font><font style="font-style: normal;">par value $0.10 per share, 6,000,000 shares of 6.375% Series D Cumulative Redeemable Preferred Stock, par </font><font style="font-style: normal;">value $0.10 per share, and 3,000,000 shares of excess stock, par value $0.10 per share. The excess stock is </font><font style="font-style: normal;">designed to help us protect our status as a REIT under the Code. See &#8220;&#8212;Restrictions on Ownership and </font><font style="font-style: normal;">Transfer.&#8221;</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of May&#160;14, 2020, 41,170,624 shares of common stock were issued and outstanding, 3,800,669 shares of Series B Preferred Stock were issued and outstanding, 9,750,000 shares of Series C Preferred Stock were issued and outstanding, 5,210,662 shares of Series D Preferred Stock were issued and outstanding, and no shares of excess stock were issued and outstanding. Our outstanding shares of common stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock are currently listed on the NYSE. We intend to apply to the NYSE to list any additional shares of common stock or any shares of preferred stock offered pursuant to any prospectus supplement, and we anticipate that such shares will be so listed.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under the MGCL and our charter, a majority of our entire Board of Directors has the power, without action by our common stockholders, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have the authority to issue. Our Board of Directors is also authorized under the MGCL and our charter to classify and reclassify any unissued shares of our common stock, preferred stock and excess stock into other classes, including classification into a class or classes of preferred stock, preference stock, special stock or other stock and to divide or classify shares into one or more series of such class. We believe that the power to issue additional shares of stock and to classify or reclassify unissued shares of stock and thereafter to issue the classified or reclassified shares provides us with increased flexibility in structuring financings and acquisitions and in meeting other needs that might arise. These actions can be taken without stockholder approval, unless stockholder approval is required by applicable law or the rules of any stock exchange or automated quotation system on which shares of our stock may be listed or traded. Before issuance of shares of each class or series, our Board of Directors is required by the MGCL and our charter to set, subject to restrictions in our charter on transfer of our stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series. Thus, although we have no present intention of doing so, our Board of Directors could authorize the issuance of shares of stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Restrictions on Ownership and Transfer<font style="font-style: normal;">. To qualify as a REIT under the Code, we must satisfy a number of </font><font style="font-style: normal;">statutory requirements, including a requirement that no more than 50% in value of our outstanding shares of </font><font style="font-style: normal;">stock may be owned, actually or constructively, by five or fewer individuals (as defined by the Code to include </font><font style="font-style: normal;">certain entities) during the last half of a taxable year. In addition, if we, or an actual or constructive owner of </font><font style="font-style: normal;">10% or more of our company, actually or constructively owns 10% or more of a tenant of ours (or a tenant of </font><font style="font-style: normal;">any partnership in which we are a partner), the rent we receive (either directly or through any such partnership) </font><font style="font-style: normal;">from such tenant will not be qualifying income for purposes of the REIT gross income tests of the Code. Our </font><font style="font-style: normal;">capital stock must also be beneficially owned by 100 or more persons during at least 335 days of a taxable year </font><font style="font-style: normal;">of twelve months or during a proportionate part of a shorter taxable year.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our charter prohibits any transfer of shares of our stock or any other change in our capital structure that would result in:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any person directly or indirectly acquiring beneficial or constructive ownership of more than 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of our stock (other than shares of excess stock);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">outstanding shares of our stock (other than shares of excess stock) being beneficially owned by fewer than 100 persons;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">20<br></div></div></div>
<!--End Page 40-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 41-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">us being &#8220;closely held&#8221; within the meaning of Section 856 of the Code; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">us otherwise failing to qualify as a REIT under the Code.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our charter requires that any person who acquires or attempts to acquire shares of our stock (other than shares of excess stock), in violation of these restrictions, which we refer to as the ownership limits, give immediate written notice, or in the event of a proposed or attempted transfer at least 15 days&#8217; prior written notice, to us. If any person attempts to transfer shares of our stock, or attempts to cause any other event to occur, that would result in a violation of the ownership limits, then, absent special permission from our Board of Directors:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any proposed transfer will be void ab initio, the purported transferee of such shares will acquire no interest in the shares and the shares that were subject to the attempted transfer or other event will, effective as of the close of business on the business day before the date of the attempted transfer or other event, automatically, without action by us or any other person, be converted into and exchanged for an equal number of shares of excess stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may redeem any outstanding shares of excess stock and, before the attempted transfer or other event that results in a conversion into and exchange for shares of excess stock, any shares of our stock of any other class or series that are attempted to be owned or transferred in violation of the ownership limits, at a price equal to the lesser of the price per share paid in the attempted transfer or other event that violated the ownership limits and the last reported sales price of shares of such class of our stock on the NYSE on the day we give notice of redemption or, if shares of such class of our stock are not then traded on the NYSE the market price of such shares determined in accordance with our charter; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our Board of Directors may take any action it deems advisable to refuse to give effect to, or to prevent, any such attempted transfer or other event.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Shares of excess stock will be held in book entry form in the name of a trustee appointed by us to hold the excess shares for the benefit of one or more charitable beneficiaries appointed by us and a beneficiary designated by the purported transferee, which we refer to as the designated beneficiary, whose ownership of the shares of our stock that were converted into and exchanged for excess stock does not violate the ownership limits. The purported transferee may not receive consideration in exchange for designating the designated beneficiary in an amount that exceeds the price per share that the purported transferee paid for the shares of our stock converted into and exchanged for shares of excess stock or, if the purported transferee did not give value for such shares, the market price of the shares on the date of the purported transfer or other event resulting in the conversion and exchange. Any excess amounts received by the purported transferee as consideration for designating the designated beneficiary must be paid to the trustee for the benefit of the charitable beneficiary. Upon the written designation of a designated beneficiary and the waiver by us of our right to redeem the shares of excess stock, the trustee will transfer the shares of excess stock to the designated beneficiary and, upon such transfer, the shares of excess stock will automatically be converted into and exchanged for the number and class of shares of our stock as were converted into and exchanged for such shares of excess stock. Shares of excess stock are not otherwise transferable. If the purported transferee attempts to transfer shares of our stock before discovering that the shares have been converted into and exchanged for shares of excess stock, the shares will be deemed to have been sold on behalf of the trust and any amount received by the purported transferee in excess of what the purported transferee would have been entitled to receive as consideration for designating a designated beneficiary must be paid to the trustee on demand.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Holders of shares of excess stock are not entitled to vote on any matter submitted to a vote at a meeting of our stockholders. Upon the voluntary or involuntary liquidation, dissolution or winding up of the company, the trustee must distribute to the designated beneficiary any amounts received as a distribution on the shares of excess stock that do not exceed the price per share paid by the purported transferee in the transaction that created the violation or, if the purported transferee did not give value for such shares, the market price of the shares of our stock that were converted into and exchanged for shares of excess stock, on the date of the purported transfer or other event that resulted in such conversion and exchange. Any amount received upon the voluntary or involuntary liquidation, dissolution or winding up of the company not payable to the designated beneficiary, and any other dividends or distributions paid on shares of excess stock, will be distributed by the trustee to the charitable beneficiary.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">21<br></div></div></div>
<!--End Page 41-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 42-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Every holder of more than 1% of the number or value of outstanding shares of our stock must give written notice to us stating the name and address of such owner, the number of shares of stock beneficially or constructively owned and a description of the manner in which the shares are owned. Our Board of Directors may, in its sole and absolute discretion, exempt certain persons from the ownership limitations contained in our charter if ownership of shares of capital stock by such persons would not disqualify us as a REIT under the Code.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">Description of Common Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Relationship of Common Stock and Preferred Stock<font style="font-style: normal;">. The rights of holders of common stock will be subject </font><font style="font-style: normal;">to, and may be adversely affected by, the rights of holders of our existing Series B Preferred Stock, Series C </font><font style="font-style: normal;">Preferred Stock and Series D Preferred Stock (described below under &#8220;Description of Capital Stock&#8212;Description </font><font style="font-style: normal;">of Preferred Stock&#8221;) and any preferred stock that may be issued in the future. Our Board of Directors may cause </font><font style="font-style: normal;">preferred stock to be issued to obtain additional capital, in connection with acquisitions, to our officers, directors </font><font style="font-style: normal;">and employees pursuant to benefit plans or otherwise and for other corporate purposes. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Ownership Restrictions<font style="font-style: normal;">. Our common stock is subject to certain ownership restrictions designed to help us </font><font style="font-style: normal;">maintain our qualification as a REIT under the Code, which are described under &#8220;Description of Capital Stock - </font><font style="font-style: normal;">Restrictions on Ownership and Transfer.&#8221;</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Preferences, Sinking Fund Provisions, Appraisal Rights and Preemptive Rights<font style="font-style: normal;">. Any shares of common stock </font><font style="font-style: normal;">that we may issue will, when issued, be fully paid and nonassessable and will have no preferences, conversion, </font><font style="font-style: normal;">sinking fund, redemption rights (except with respect to shares of excess stock, described above) or preemptive </font><font style="font-style: normal;">rights to subscribe for any of our capital stock. Our stockholders generally have no appraisal rights unless our </font><font style="font-style: normal;">board of directors determines prospectively that appraisal rights will apply to one or more transactions in which </font><font style="font-style: normal;">holders of our common stock would otherwise be entitled to exercise appraisal rights.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Voting Rights<font style="font-style: normal;">. Subject to the provisions of our charter regarding restrictions on transfer and ownership of </font><font style="font-style: normal;">shares of common stock, our common stockholders will have one vote per share on all matters submitted to a </font><font style="font-style: normal;">vote of the common stockholders, including the election of directors. Except as provided with respect to any </font><font style="font-style: normal;">other class or series of capital stock, the holders of common stock will possess the exclusive voting power.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">There is no cumulative voting in the election of directors, which means that the holders of a plurality of the outstanding shares of common stock can elect all of the directors then standing for election and the holders of the remaining shares of common stock, if any, will not be able to elect any directors, except as otherwise provided for in any other class or series of our capital stock, including any preferred stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions<font style="font-style: normal;">. Subject to any preferential rights granted to any class or series of our capital stock, including </font><font style="font-style: normal;">any preferred stock, and to the provisions of our charter regarding restrictions on transfer and ownership of </font><font style="font-style: normal;">shares of common stock, holders of our common stock will be entitled to receive dividends or other distributions </font><font style="font-style: normal;">if, as and when authorized by our Board of Directors and declared by us out of funds legally available for </font><font style="font-style: normal;">dividends or other distributions to stockholders. Subject to the provisions in our charter regarding restrictions on </font><font style="font-style: normal;">ownership and transfer, all shares of our common stock have equal distribution rights. In the event of our </font><font style="font-style: normal;">liquidation, dissolution or winding up, after payment of any preferential amounts to any class of preferred stock </font><font style="font-style: normal;">which may be outstanding and after payment of, or adequate provision for, all of our known debts and liabilities, </font><font style="font-style: normal;">holders of common stock and excess stock will be entitled to share ratably in all assets that we may legally </font><font style="font-style: normal;">distribute to our stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Stockholder Liability<font style="font-style: normal;">. Under Maryland law, holders of our common stock will generally not be liable for our </font><font style="font-style: normal;">obligations solely as a result of their status as stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Transfer Agent<font style="font-style: normal;">. The registrar and transfer agent for shares of our common stock is American Stock Transfer </font><font style="font-style: normal;">&amp; Trust Company, LLC.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br></div></div></div>
<!--End Page 42-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 43-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">Description of Preferred Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following description, together with the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of the preferred stock that we may offer under this prospectus. As of the date of this prospectus, we have 3,800,669 shares of Series B Preferred Stock, 9,750,000&#160;shares of Series C Preferred Stock and 5,210,662 shares of Series D Preferred Stock outstanding. While the terms we have summarized below will apply generally to any future preferred stock we may offer, we will describe the particular terms of any preferred stock that we may offer in more detail in the applicable prospectus supplement. The terms of any preferred stock we offer under that prospectus supplement may differ from the terms we describe below.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General<font style="font-style: normal;">. Shares of preferred stock may be issued from time to time, in one or more series, as authorized by </font><font style="font-style: normal;">our Board of Directors. Before issuance of shares of each series, the Board of Directors is required to fix for </font><font style="font-style: normal;">each such series, subject to the provisions of MGCL and our charter, the terms, preferences, conversion and other </font><font style="font-style: normal;">rights, voting powers, restrictions, limitations as to dividends and other distributions and terms and conditions of </font><font style="font-style: normal;">redemption, and such other matters as may be fixed by resolution of the Board of Directors or a duly authorized </font><font style="font-style: normal;">committee thereof. The preferred stock could have voting or conversion rights that could adversely affect the </font><font style="font-style: normal;">voting power or other rights of holders of our common stock. Also, the issuance of preferred stock could </font><font style="font-style: normal;">decrease the amount of earnings and assets available for distribution to holders of our common stock. Our Board </font><font style="font-style: normal;">of Directors could authorize the issuance of shares of preferred stock with terms and conditions which could </font><font style="font-style: normal;">have the effect of discouraging a takeover or other transaction that holders of some, or a majority of, shares of </font><font style="font-style: normal;">common stock might believe to be in their best interests, or in which holders of some, or a majority of, shares of </font><font style="font-style: normal;">common stock might receive a premium for their shares of common stock over the then market price of such </font><font style="font-style: normal;">shares.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Any shares of preferred stock that we may issue will, when issued, be fully paid and nonassessable and will have no preemptive rights. Both our preferred stock and our common stock are subject to certain ownership restrictions designed to help us maintain our qualification as a REIT under the Code, which are described under &#8220;Description of Capital Stock - Restrictions on Ownership and Transfer.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The prospectus supplement relating to any shares of preferred stock offered thereby will contain the specific terms, including:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the title and stated value of such shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of such shares of preferred stock offered, the liquidation preference per share and the offering price of such shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation thereof applicable to such shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date from which dividends on such shares of preferred stock will accumulate, if applicable;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the procedures for any auction and remarketing, if any, for such shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the provision for a sinking fund, if any, for the shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the provisions for redemption, if applicable, of the shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether or not any restrictions on the repurchase or redemption of shares exists while there is any arrearage in the payment of dividends or sinking fund installments;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any listing of the shares of preferred stock on any securities exchange;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the terms and conditions, if applicable, upon which the shares of preferred stock will be convertible into shares of our common stock, including the conversion price (or manner of calculation thereof);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a discussion of federal income tax considerations applicable to such shares of preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the relative ranking and preferences of such shares of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br></div></div></div>
<!--End Page 43-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 44-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any limitations on issuance of any series of shares of preferred stock ranking senior to or on a parity with such series of shares of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any limitations on direct or beneficial ownership and restrictions on transfer of such shares of preferred stock, in each case as may be appropriate to preserve our status as a REIT; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the voting rights, if any, of such shares of preferred stock; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in the case of an offering of additional shares of preferred stock of an existing series, the number of shares of such series previously issued; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other specific terms, preferences, rights, limitations or restrictions of such shares of preferred stock.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Rank. <font style="font-style: normal;">Unless otherwise specified in the applicable prospectus supplement, the preferred stock offered </font><font style="font-style: normal;">hereunder will rank, with respect to dividend rights and rights upon our liquidation, dissolution or winding-up, </font><font style="font-style: normal;">and allocation of our earnings and losses: (i)&#160;senior to all classes or series of our common stock, and to all </font><font style="font-style: normal;">equity securities ranking junior to the preferred stock; (ii)&#160;on a parity with all equity securities issued by us the </font><font style="font-style: normal;">terms of which specifically provide that such equity securities rank on a parity with the preferred stock; and </font><font style="font-style: normal;">(iii)&#160;junior to any equity securities that may be issued by us the terms of which specifically provide that such </font><font style="font-style: normal;">equity securities rank senior to the preferred stock.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions. <font style="font-style: normal;">Subject to any preferential rights of any outstanding securities or series of securities, the </font><font style="font-style: normal;">holders of preferred stock will be entitled to receive dividends, when and as authorized by our Board of </font><font style="font-style: normal;">Directors and declared by us, out of legally available funds, and share pro rata the amount to be distributed to </font><font style="font-style: normal;">such class or series of preferred stock based on the number of shares of preferred stock of the same class or </font><font style="font-style: normal;">series outstanding. Distributions will be made at such rates and on such dates as will be set forth in the </font><font style="font-style: normal;">applicable prospectus supplement</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Voting Rights. <font style="font-style: normal;">Unless otherwise indicated in the applicable prospectus supplement, holders of our preferred </font><font style="font-style: normal;">stock will not have any voting rights.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Liquidation Preference. <font style="font-style: normal;">Upon any voluntary or involuntary liquidation, dissolution or winding-up of our </font><font style="font-style: normal;">affairs, and before any distribution or payment shall be made to the holders of any common stock or any other </font><font style="font-style: normal;">class or series of stock ranking junior to our preferred stock, the holders of our preferred stock will be entitled to </font><font style="font-style: normal;">receive, after payment or provision for payment of our debts and other liabilities, out of our assets legally </font><font style="font-style: normal;">available for distribution to stockholders, liquidating distributions in the amount of the liquidation preference per </font><font style="font-style: normal;">share, if any, set forth in the applicable prospectus supplement, plus an amount equal to all dividends accrued </font><font style="font-style: normal;">and unpaid thereon (which will not include any accumulation in respect of unpaid noncumulative dividends for </font><font style="font-style: normal;">prior dividend periods). After payment of the full amount of the liquidating distributions to which they are </font><font style="font-style: normal;">entitled, the holders of preferred stock will have no right or claim to any of our remaining assets. In the event </font><font style="font-style: normal;">that, upon any such voluntary or involuntary liquidation, dissolution or winding-up of our affairs, the legally </font><font style="font-style: normal;">available assets are insufficient to pay the amount of the liquidating distributions on all of our outstanding </font><font style="font-style: normal;">preferred stock and the corresponding amounts payable on all of our other outstanding equity securities ranking </font><font style="font-style: normal;">on a parity with the preferred stock in the distribution of assets upon our liquidation, dissolution or winding-up </font><font style="font-style: normal;">of our affairs, then the holders of our preferred stock and the holders of such other outstanding equity securities </font><font style="font-style: normal;">will share ratably in any such distribution of assets in proportion to the full liquidating distributions to which </font><font style="font-style: normal;">they would otherwise be respectively entitled.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If liquidating distributions are made in full to all holders of our preferred stock, our remaining assets will be distributed among the holders of any other classes or series of equity securities ranking junior to the preferred stock in the distribution of assets upon our liquidation, dissolution or winding-up of our affairs, according to their respective rights and preferences and in each case according to their respective number of shares of stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we consolidate or merge with or into, or sell, lease or convey all or substantially all of our property or business to, any corporation, trust or other entity, such transaction will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Conversion Rights. <font style="font-style: normal;">The terms and conditions, if any, upon which any preferred stock offered hereby will be </font><font style="font-style: normal;">convertible into common stock will be set forth in the applicable prospectus supplement. If applicable, such </font><font style="font-style: normal;">terms will include the number of shares of common stock into which the preferred stock is convertible, the </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br></div></div></div>
<!--End Page 44-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 45-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">conversion price (or manner of calculation thereof), the conversion period, provisions as to whether conversion will be at the option of the holders of the preferred stock or at our option, the events requiring an adjustment of the conversion price and provisions affecting conversion in the event of the redemption of such preferred stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Redemption. <font style="font-style: normal;">If so provided in the applicable prospectus supplement, our preferred stock will be subject to </font><font style="font-style: normal;">mandatory redemption or redemption at our option, in whole or in part, in each case upon the terms, at the times </font><font style="font-style: normal;">and at the redemption prices set forth in such prospectus supplement.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Stockholder Liability<font style="font-style: normal;">. Under Maryland law, holders of our preferred stock will not be liable for our </font><font style="font-style: normal;">obligations solely as a result of their status as stockholders.</font></div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 20pt; text-align: left;">8.00% Series B Cumulative Redeemable Preferred Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We currently have authorized 4,000,000 shares and outstanding 3,800,669 shares of Series B Preferred Stock. Dividends on the outstanding shares of Series B Preferred Stock are cumulative and are payable quarterly in arrears at the rate of 8.00% per annum of the $25.00 per share liquidation preference, or an annual dividend of $2.00 per share. The Series B Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series B Preferred Stock is not redeemable by us prior to October&#160;20, 2020, except pursuant to the provisions of our charter relating to restrictions on ownership and transfer of our stock or in limited circumstances relating to the preservation of our qualification as a REIT, or upon a Change of Control or a Series B Delisting Event, each as described below. Beginning October&#160;20, 2020, we will have the right, at any time, and from time to time, to elect to redeem the Series B Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, upon the occurrence of a Change of Control (as defined in the Articles Supplementary setting forth the terms of the Series B Preferred Stock on file with the State Department of Assessments and Taxation of Maryland), or during any period of time (whether before or after October&#160;20, 2020) that both (i)&#160;the Series B Preferred Stock is not listed on the NYSE, the NYSE American LLC or the Nasdaq Stock Market (&#8220;NASDAQ&#8221;), or listed or quoted on a successor exchange or quotation system, and (ii)&#160;we are not subject to the reporting requirements of the Exchange Act, but any Series B Preferred Stock is outstanding (a &#8220;Series B Delisting Event&#8221;), we may, subject to certain conditions and at our option, redeem the Series B Preferred Stock, in whole or in part, within 120 days after the date of the Change of Control or 90 days after the date of the Series B Delisting Event, for a cash redemption price per share of Series B Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon the occurrence of a Series B Delisting Event or Change of Control, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held into Common Stock, unless we elect to redeem the Series B Preferred Stock. Except as described in the preceding sentence, the Series B Preferred Stock is not convertible into or exchangeable for any other securities or property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will not declare or pay or set aside for payment any dividends (other than a dividend paid in shares of our common stock or any other class or series of shares that ranks junior to the Series B Preferred Stock as to dividends and upon liquidation, dissolution or winding up) or declare or make any other distribution of cash or other property on our common stock or any other class or series of shares that ranks junior to or on a parity with our Series B Preferred Stock as to dividends and other distributions (including the Series C Preferred Stock and Series D Preferred Stock) or redeem, purchase or otherwise acquire any shares of our common stock or any other class or series of shares that ranks junior to or on a parity with the Series B Preferred Stock as to dividends and other distributions (except by conversion into or exchange for shares of common stock or any other class or series of shares that ranks junior to the Series B Preferred Stock as to dividends and upon liquidation, dissolution or winding up and except for the redemption or acquisition of shares pursuant to the provisions of our charter relating to the restrictions upon ownership and transfer of our capital stock), unless we have also paid or declared and set aside for payment full cumulative dividends on the Series B Preferred Stock for all past dividend periods.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Series B Preferred Stock ranks equal to the Series C Preferred Stock and Series D Preferred Stock and senior to our common stock with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up. In addition to other preferential rights, each holder of the Series B Preferred Stock is entitled to receive a liquidation preference, which is equal to $25.00 per share of Series B </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br></div></div></div>
<!--End Page 45-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 46-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Preferred Stock, plus any accumulated and unpaid distributions thereon (whether or not declared), before the holders of our common stock or other junior securities receive any distributions in the event of any voluntary or involuntary liquidation, dissolution or winding up.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Holders of our Series B Preferred Stock generally have no voting rights. However, if we fail to pay dividends on the outstanding shares of Series B Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of the Series B Preferred Stock (and all other series of preferred stock ranking on a parity with the Series B Preferred Stock as to dividends or upon liquidation and which have similar voting rights, including the Series C Preferred Stock and Series D Preferred Stock, voting together as a single class) will have the exclusive power, until all accumulated and unpaid dividends on the Series B Preferred Stock have been fully paid or declared and set apart for payment, to elect two additional directors to our board of directors. Any director so elected will serve on our board of directors until all accumulated and unpaid dividends on the Series&#160;B Preferred Stock and each such other series of preferred stock (including the Series C Preferred Stock and Series D Preferred Stock) have been fully paid or declared and set apart for payment. In addition, we may not authorize or issue any class or series of shares ranking senior to the Series B Preferred Stock as to dividends or distributions upon liquidation (including securities convertible into or exchangeable for any such senior class or series of shares) or amend our charter to materially and adversely change the terms of the Series B Preferred Stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series B Preferred Stock and of all other similarly-affected classes and series of our preferred stock ranking on a parity with the Series B Preferred Stock as to dividends and upon liquidation and which have similar voting rights, including our Series C Preferred Stock and Series D Preferred Stock, voting together as a single class.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 20pt; text-align: left;">6.75% Series C Cumulative Redeemable Preferred Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We currently have authorized 13,750,000 shares and outstanding 9,750,000 shares of Series C Preferred Stock. Dividends on the outstanding shares of Series C Preferred Stock are cumulative and are payable quarterly in arrears at the rate of 6.75% per annum of the $25.00 per share liquidation preference, or an annual dividend of $1.6875 per share. The Series C Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series C Preferred Stock is not redeemable by us prior to July&#160;26, 2022, except in limited circumstances relating to the preservation of our qualification as a REIT, or upon a Change of Control or a Series C Delisting Event, each as described below. Beginning July&#160;26, 2022, we will have the right, at any time, and from time to time, to elect to redeem the Series C Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, upon the occurrence of a Change of Control (as defined in the Articles Supplementary setting forth the terms of the Series C Preferred Stock on file with the State Department of Assessments and Taxation of Maryland), or during any period of time (whether before or after July&#160;26, 2022) that both (i)&#160;the Series C Preferred Stock is not listed on the NYSE, the NYSE American LLC or the NASDAQ, or listed or quoted on a successor exchange or quotation system, and (ii)&#160;we are not subject to the reporting requirements of the Exchange Act, but any Series C Preferred Stock is outstanding (a &#8220;Series C Delisting Event&#8221;), we may, subject to certain conditions and at our option, redeem the Series C Preferred Stock, in whole or in part, within 120 days after the date of the Change of Control or 90 days after the date of the Series C Delisting Event, for a cash redemption price per share of Series C Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon the occurrence of a Series C Delisting Event or Change of Control, each holder of the Series C Preferred Stock will have the right to convert all or part of the shares of the Series C Preferred Stock held into Common Stock, unless we elect to redeem the Series C Preferred Stock. Except as described in the preceding sentence, the Series C Preferred Stock is not convertible into or exchangeable for any other securities or property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will not declare or pay or set aside for payment any dividends (other than a dividend paid in shares of our common stock or any other class or series of shares that ranks junior to the Series C Preferred Stock as to dividends and upon liquidation, dissolution or winding up) or declare or make any other distribution of cash or other property on our common stock or any other class or series of shares that ranks junior to or on a parity with our Series C Preferred Stock as to dividends and other distributions (including the Series B Preferred Stock and Series D Preferred Stock) or redeem, purchase or otherwise acquire any shares of our common stock or any other </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br></div></div></div>
<!--End Page 46-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 47-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">class or series of shares that ranks junior to or on a parity with the Series C Preferred Stock as to dividends and other distributions (except by conversion into or exchange for shares of common stock or any other class or series of shares that ranks junior to the Series C Preferred Stock as to dividends and upon liquidation, dissolution or winding up and except for the redemption or acquisition of shares pursuant to the provisions of our charter relating to the restrictions upon ownership and transfer of our capital stock), unless we have also paid or declared and set aside for payment full cumulative dividends on the Series C Preferred Stock for all past dividend periods.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Series C Preferred Stock ranks equal to the Series B Preferred Stock and Series D Preferred Stock and senior to our common stock with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up. In addition to other preferential rights, each holder of the Series C Preferred Stock is entitled to receive a liquidation preference, which is equal to $25.00 per share of Series C Preferred Stock, plus any accumulated and unpaid distributions thereon (whether or not declared), before the holders of our common stock or other junior securities receive any distributions in the event of any voluntary or involuntary liquidation, dissolution or winding up.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Holders of our Series C Preferred Stock generally have no voting rights. However, if we fail to pay dividends on the outstanding shares of Series C Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of the Series C Preferred Stock (and all other series of preferred stock ranking on a parity with the Series C Preferred Stock as to dividends or upon liquidation and which have similar voting rights, including the Series B Preferred Stock and Series D Preferred Stock, voting together as a single class) will have the exclusive power, until all accumulated and unpaid dividends on the Series C Preferred Stock have been fully paid or declared and set apart for payment, to elect two additional directors to our board of directors. Any director so elected will serve on our board of directors until all accumulated and unpaid dividends on the Series&#160;C Preferred Stock and each such other series of preferred stock (including the Series B Preferred Stock and Series D Preferred Stock) have been fully paid or declared and set apart for payment. In addition, we may not authorize or issue any class or series of shares ranking senior to the Series C Preferred Stock as to dividends or distributions upon liquidation (including securities convertible into or exchangeable for any such senior class or series of shares) or amend our charter to materially and adversely change the terms of the Series C Preferred Stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series C Preferred Stock and of all other similarly-affected classes and series of our preferred stock ranking on a parity with the Series C Preferred Stock as to dividends and upon liquidation and which have similar voting rights, including our Series B Preferred Stock and Series D Preferred Stock, voting together as a single class.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 20pt; text-align: left;">6.375% Series D Cumulative Redeemable Preferred Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We currently have authorized 6,000,000 shares and outstanding 5,210,662 shares of Series D Preferred Stock. Dividends on the outstanding shares of Series D Preferred Stock are cumulative and are payable quarterly in arrears at the rate of 6.375% per annum of the $25.00 per share liquidation preference, or an annual dividend of $1.59375 per share. The Series D Preferred Stock has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series D Preferred Stock is not redeemable by us prior to January&#160;22, 2023, except in limited circumstances relating to the preservation of our qualification as a REIT, or upon a Change of Control or a Series D Delisting Event, each as described below. Beginning January&#160;22, 2023, we will have the right, at any time, and from time to time, to elect to redeem the Series D Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, upon the occurrence of a Change of Control (as defined in the Articles Supplementary setting forth the terms of the Series D Preferred Stock on file with the State Department of Assessments and Taxation of Maryland), or during any period of time (whether before or after January&#160;22, 2023) that both (i)&#160;the Series D Preferred Stock is not listed on the NYSE, the NYSE American LLC or the NASDAQ, or listed or quoted on a successor exchange or quotation system, and (ii)&#160;we are not subject to the reporting requirements of the Exchange Act, but any Series D Preferred Stock is outstanding (a &#8220;Series D Delisting Event&#8221;), we may, subject to certain conditions and at our option, redeem the Series D Preferred Stock, in whole or in part, within 120 days after the date of the Change of Control or 90 days after the date of the Series D Delisting Event, for a cash redemption price per share of Series D Preferred Stock equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to the date of redemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon the occurrence of a Series D Delisting Event or Change of Control, each holder of the Series D Preferred Stock will have the right to convert all or part of the shares of the Series D Preferred Stock held into </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">27<br></div></div></div>
<!--End Page 47-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 48-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Common Stock, unless we elect to redeem the Series D Preferred Stock. Except as described in the preceding sentence, the Series D Preferred Stock is not convertible into or exchangeable for any other securities or property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will not declare or pay or set aside for payment any dividends (other than a dividend paid in shares of our common stock or any other class or series of shares that ranks junior to the Series D Preferred Stock as to dividends and upon liquidation, dissolution or winding up) or declare or make any other distribution of cash or other property on our common stock or any other class or series of shares that ranks junior to or on a parity with our Series D Preferred Stock as to dividends and other distributions (including the Series B Preferred Stock and Series C Preferred Stock) or redeem, purchase or otherwise acquire any shares of our common stock or any other class or series of shares that ranks junior to or on a parity with the Series D Preferred Stock as to dividends and other distributions (except by conversion into or exchange for shares of common stock or any other class or series of shares that ranks junior to the Series D Preferred Stock as to dividends and upon liquidation, dissolution or winding up and except for the redemption or acquisition of shares pursuant to the provisions of our charter relating to the restrictions upon ownership and transfer of our capital stock), unless we have also paid or declared and set aside for payment full cumulative dividends on the Series D Preferred Stock for all past dividend periods.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Series D Preferred Stock ranks equal to the Series B Preferred Stock and Series C Preferred Stock and senior to our common stock with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up. In addition to other preferential rights, each holder of the Series D Preferred Stock is entitled to receive a liquidation preference, which is equal to $25.00 per share of Series D Preferred Stock, plus any accumulated and unpaid distributions thereon (whether or not declared), before the holders of our common stock or other junior securities receive any distributions in the event of any voluntary or involuntary liquidation, dissolution or winding up.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Holders of our Series D Preferred Stock generally have no voting rights. However, if we fail to pay dividends on the outstanding shares of Series D Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of the Series D Preferred Stock (and all other series of preferred stock ranking on a parity with the Series D Preferred Stock as to dividends or upon liquidation and which have similar voting rights, including the Series B Preferred Stock and Series C Preferred Stock, voting together as a single class) will have the exclusive power, until all accumulated and unpaid dividends on the Series D Preferred Stock have been fully paid or declared and set apart for payment, to elect two additional directors to our board of directors. Any director so elected will serve on our board of directors until all accumulated and unpaid dividends on the Series&#160;D Preferred Stock and each such other series of preferred stock (including the Series B Preferred Stock and Series C Preferred Stock) have been fully paid or declared and set apart for payment. In addition, we may not authorize or issue any class or series of shares ranking senior to the Series D Preferred Stock as to dividends or distributions upon liquidation (including securities convertible into or exchangeable for any such senior class or series of shares) or amend our charter to materially and adversely change the terms of the Series D Preferred Stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series D Preferred Stock and of all other similarly-affected classes and series of our preferred stock ranking on a parity with the Series D Preferred Stock as to dividends and upon liquidation and which have similar voting rights, including our Series B Preferred Stock and Series C Preferred Stock, voting together as a single class.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Transfer Agent. <font style="font-style: normal;">The registrar and transfer agent for our Series B Preferred Stock, Series C Preferred Stock </font><font style="font-style: normal;">and Series D Preferred Stock is American Stock Transfer &amp; Trust Company, LLC. The registrar and transfer </font><font style="font-style: normal;">agent for any future series of preferred stock we may issue will be identified in the applicable prospectus </font><font style="font-style: normal;">supplement.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The description of the provisions of the shares of preferred stock set forth in this prospectus and in any related prospectus supplement is only a summary, does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the definitive articles supplementary to our charter relating to such series of shares of preferred stock. You should read these documents carefully to fully understand the terms of the shares of preferred stock. In connection with any offering of shares of preferred stock, articles supplementary will be filed with the SEC as an exhibit or incorporated by reference in the Registration Statement of which this prospectus is a part.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">28<br></div></div></div>
<!--End Page 48-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 49-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDDS"><!--Anchor--></a>DESCRIPTION OF DEBT SECURITIES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may issue debt securities from time to time, in one or more series, which may be either senior or subordinated debt and may be convertible into or exchangeable for our capital stock. Any senior debt securities will rank equally with any other unsubordinated debt that we may have and may be secured or unsecured. Any subordinated debt securities will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing such debt securities and the applicable prospectus supplement, to all or some portion of our indebtedness. Any convertible debt securities that we issue will be convertible into or exchangeable for our common stock or other securities of ours. Any such conversion may be mandatory or at the holder&#8217;s option and would be on terms and at a conversion rate or rates set forth in the instrument governing the applicable debt securities and the prospectus supplement relating to such debt securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Currently, although we have substantial indebtedness, we do not have any outstanding debt securities. The following description sets forth certain general terms and provisions of the debt securities that we may issue and the indenture under which such debt securities may be issued. This description of the indenture and the debt securities is a summary only and is incomplete and subject to, and qualified in its entirety by reference to, the provisions of the indenture, which has been filed with the SEC as an exhibit to the registration statement of which this prospectus is a part, and each applicable supplemental indenture, as well as the provisions of the debt securities being offered. While we expect the terms summarized below to apply generally to any debt securities that we may offer under this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. The terms of any debt securities offered under a prospectus supplement may differ from the terms described below, and therefore the prospectus supplement for a particular series of debt securities may add, update or change the terms of the debt securities as described below. We urge you to carefully read any applicable prospectus supplements. We will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, forms of any debt securities being offered and each applicable supplemental indenture under which any series of debt securities will be issued, setting forth the specific terms of such series of debt securities. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General<font style="font-style: normal;">. The terms of each series of debt securities will be established by or pursuant to a resolution of our </font><font style="font-style: normal;">Board of Directors and set forth or determined in the manner provided in a resolution of our Board of Directors, </font><font style="font-style: normal;">a supplemental indenture or an officers&#8217; certificate. The particular terms of each series of debt securities will be </font><font style="font-style: normal;">described in a prospectus supplement relating to such series (including any pricing supplement or term sheet). We </font><font style="font-style: normal;">will describe in the applicable prospectus supplement (including any pricing supplement or term sheet) the </font><font style="font-style: normal;">specific terms of the debt securities being offered, including:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the title;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the principal amount being offered, and if a series, the total amount authorized and the total amount outstanding;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any limit on the amount that may be issued;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether or not we will issue the series of debt securities in global form, and in the case of debt securities being issued in global form, the identity of the depositary;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the maturity date;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will be secured or unsecured, and the terms of any secured debt;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the terms of any subordination of any series of debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the place where payments will be payable;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether payment of principal and interest on the debt securities may be paid in our securities rather than, or in addition to, cash and the terms of any such rights;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">restrictions on transfer, sale or other assignment, if any;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our right, if any, to defer payment of interest and the maximum length of any such deferral period; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">29<br></div></div></div>
<!--End Page 49-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 50-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the holder&#8217;s option to purchase, the series of debt securities and the currency or currency unit in which the debt securities are payable;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will restrict our ability and/or the ability of our subsidiaries to:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">incur additional indebtedness;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">issue additional securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">create liens;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">pay dividends and make distributions in respect of our capital stock and the capital stock of our subsidiaries;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">redeem capital stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">place restrictions on our subsidiaries&#8217; ability to pay dividends, make distributions or transfer assets;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">make investments or other restricted payments;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">sell or otherwise dispose of assets;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">enter into sale-leaseback transactions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">engage in transactions with stockholders and affiliates; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">issue or sell stock of our subsidiaries; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">effect a consolidation or merger;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will require us to maintain any interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a discussion of any material United States federal income tax considerations applicable to the debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">information describing any book-entry features;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">provisions for a sinking fund or analogous fund, if any;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the applicability of provisions in the debt securities on discharge;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any events of default or covenants provided with respect to the debt securities, and any terms that may be required by us or advisable under applicable laws or regulations.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Conversion or Exchange Rights. <font style="font-style: normal;">We will set forth in the prospectus supplement the terms, if any, on which </font><font style="font-style: normal;">a series of debt securities may be convertible into or exchangeable for our common stock, preferred stock or </font><font style="font-style: normal;">other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of </font><font style="font-style: normal;">the holder or at our option. We may include provisions pursuant to which the number of shares of our common </font><font style="font-style: normal;">stock or our other securities that the holders of the series of debt securities receive would be subject to </font><font style="font-style: normal;">adjustment.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Consolidation, Merger or Sale.<font style="font-style: normal;"> We do not currently expect our debt securities to contain any covenant that </font><font style="font-style: normal;">restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially </font><font style="font-style: normal;">all of our assets. However, any successor to or acquirer of such assets may be required to assume all of our </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">30<br></div></div></div>
<!--End Page 50-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 51-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">obligations under the debt securities, as appropriate. If the debt securities are convertible into or exchangeable for our other securities or securities of other entities, the entity with which we consolidate or merge or to which we sell all or substantially all of our assets may be required to make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have received if they had converted the debt securities before the consolidation, merger or sale. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Events of Default Under the Debt Securities. <font style="font-style: normal;">Unless we provide otherwise in the prospectus supplement </font><font style="font-style: normal;">applicable to a particular series of debt securities, the following will be events of default with respect to any </font><font style="font-style: normal;">series of debt securities that we may issue:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if we fail to pay interest when due and payable and our failure continues for 90 days and the time for payment has not been extended or deferred;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if we fail to pay the principal, premium or sinking fund payment, if any, when due and payable and the time for payment has not been extended or delayed;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if we fail to observe or perform any other covenant contained in the debt securities, other than a covenant specifically relating to another series of debt securities, and our failure continues for 90 days after we receive notice from the debt securities agent or holders of at least 25% in aggregate principal amount of the outstanding debt securities of the applicable series;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if specified events of bankruptcy, insolvency or reorganization occur; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other event of default provided in or pursuant to the applicable indenture or supplemental indenture, and described in the prospectus supplement with respect to the debt securities of that series.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The holders of a majority in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless we have cured the default or event of default in accordance with the form of debt security and/or agreement or indenture. Any waiver shall cure the default or event of default.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to such holders with respect to the debt securities of that series.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Subject to the terms of the debt securities, if an event of default thereunder shall occur and be continuing, the indenture trustee will be under no obligation to exercise any of its rights or powers under the indenture or the debt securities at the request or direction of any of the holders of the applicable series of debt securities, unless such holders have offered the indenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the indenture trustee, or exercising any trust or power conferred on the indenture trustee, with respect to the debt securities of that series, provided that:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the direction so given by the holders is not in conflict with any law or the applicable debt securities; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the indenture trustee need not take any action that might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A holder of the debt securities of any series will have the right to institute a proceeding under the debt securities or to appoint a receiver or trustee, or to seek other remedies, only if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holder has given written notice to the indenture trustee of a continuing event of default with respect to that series;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made written request, and such holders have offered reasonable indemnity to the indenture trustee to institute the proceeding as trustee; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the indenture trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series other conflicting directions within 90 days after the notice, request and offer. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">31<br></div></div></div>
<!--End Page 51-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 52-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">These limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may periodically file statements with the indenture trustee regarding our compliance with specified covenants in the documentation governing such debt securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Modification; Waiver.<font style="font-style: normal;"> We and the indenture trustee for any series of debt securities may change the form of </font><font style="font-style: normal;">debt security and/or indenture or supplemental indenture without the consent of any holders with respect to </font><font style="font-style: normal;">specific matters:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to fix any ambiguity, defect or inconsistency in the documentation governing the debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to comply with the provisions described above under &#8220;Description of Debt Securities &#8212; Consolidation, Merger or Sale;&#8221;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide for the issuance of and establish the form and terms and conditions of the debt securities of any series as provided under &#8220;Description of Debt Securities &#8212; General&#8221; to establish the form of any certifications required to be furnished pursuant to the terms of any series of debt securities, or to add to the rights of the holders of any series of debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to evidence and provide for the acceptance of appointment thereunder by a successor indenture trustee;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide for uncertificated debt securities in addition to or in place of certificated debt securities and to make all appropriate changes for such purpose;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide any security for or guarantees of the debt securities or for the addition of an additional obligor on the debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to comply with any requirement to effect or maintain the qualification of the indenture under the Trust Indenture Act of 1939, as amended, if applicable;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to change or eliminate any of the provisions of the indenture, provided that any such change or elimination will not become effective with respect to any outstanding securities of any series created prior to the execution of the supplemental indenture which is entitled to the benefit of such provision;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to permit or facilitate the defeasance and discharge of the debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to add to our covenants new covenants, restrictions, conditions or provisions for the protection of the holders, and to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to change anything that does not materially adversely affect the interests of any holder of debt securities of any series.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, the rights of holders of a series of debt securities may be changed by us and the indenture trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series that is affected. However, unless we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, we and the indenture trustee may make the following changes only with the consent of each holder of any outstanding debt securities affected:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">extending the fixed maturity of the series of debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reducing the principal amount, reducing the rate of or extending the time of payment of interest, or reducing any premium payable upon the redemption of any debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reducing the percentage of debt securities, the holders of which are required to consent to any amendment, supplement, modification or waiver;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">making payments on the debt securities of any series payable in a currency other than as originally stated in such debt securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">impairing the holder&#8217;s right to institute suit for the enforcement of any payment on the debt securities of any series;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">32<br></div></div></div>
<!--End Page 52-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 53-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">making any change in the percentage of the principal amount of the debt securities of any series necessary to waive compliance with provisions in the indenture governing lawsuits pursuable by a holder of debt securities or waiver of past defaults or making any change with respect to this clause; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">waiving a continuing default or event of default regarding any payment on the debt securities of any series.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Discharge<font style="font-style: normal;">. The documentation governing the debt securities may provide that we can elect to be discharged </font><font style="font-style: normal;">from our obligations with respect to one or more series of debt securities, except for specified obligations, </font><font style="font-style: normal;">including being discharged from our obligations to:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">register the transfer or exchange of debt securities of the series;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">replace stolen, lost or mutilated debt securities of the series;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">maintain paying agencies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">hold monies for payment in trust;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">recover excess money held by the indenture trustee or any paying agent;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">indemnify the indenture trustee; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">appoint any successor indenture trustee.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In order to exercise our rights to be discharged, we must deposit with the indenture trustee or other paying agent named in the applicable indenture or supplemental indenture money or government obligations sufficient to pay all the principal of, any premium, if any, and interest on, the debt securities of the series being discharged on the dates payments are due.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Form, Exchange and Transfer.<font style="font-style: normal;"> We will issue the debt securities of each series only in fully registered form </font><font style="font-style: normal;">without coupons and, unless we provide otherwise in the applicable prospectus supplement, in denominations of </font><font style="font-style: normal;">$1,000 and any integral multiple thereof.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">At the option of the holder, subject to the terms of the debt securities set forth in the applicable prospectus supplement, a holder of the debt securities of any series may exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Subject to the terms of the debt securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange, we will impose no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we elect to redeem the debt securities of any series, we will not be required to:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the mailing; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of any debt securities we are redeeming in part.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Information Concerning the Indenture Trustee.<font style="font-style: normal;"> Other than during the occurrence and continuance of an </font><font style="font-style: normal;">event of default under the debt securities, the indenture trustee for a series of debt securities will be obligated to </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">33<br></div></div></div>
<!--End Page 53-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 54-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_206-desc_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">perform only those duties as are specifically set forth in the applicable documentation for such debt securities. Upon an event of default under the debt securities, the indenture trustee must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the indenture trustee is under no obligation to exercise any of the powers given it by the debt securities or the indenture or any applicable supplemental indenture at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur. We will name in the applicable prospectus supplement relating to a series of debt securities the indenture trustee that we designate for such series of debt securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Payment and Paying Agents<font style="font-style: normal;">. Unless we otherwise indicate in the applicable prospectus supplement, we will </font><font style="font-style: normal;">make payment of the interest on any debt securities on any interest payment date to the person in whose name </font><font style="font-style: normal;">the debt securities, or one or more predecessor securities, are registered at the close of business on the regular </font><font style="font-style: normal;">record date for the interest.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will pay principal of and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check that we will mail to the holder or by wire transfer to certain holders. We will name in the applicable prospectus supplement any paying agents that we initially designate for the debt securities of a particular series.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">All money we pay to a paying agent or the indenture trustee for the payment of the principal of or any premium or interest on any debt securities that remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the debt security thereafter may look only to us for payment thereof.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Governing Law<font style="font-style: normal;">. The debt securities will be governed by and construed in accordance with the laws of the </font><font style="font-style: normal;">State of New York.</font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">34<br></div></div></div>
<!--End Page 54-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 55-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_207-certain_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tC"><!--Anchor--></a>CERTAIN PROVISIONS OF MARYLAND LAW<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">AND OUR CHARTER AND BYLAWS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are incorporated under the laws of the State of Maryland. The following is a summary of certain provisions of the MGCL and our charter and bylaws. Because this description is only a summary, it does not contain all the information about the MGCL or our charter and bylaws that may be important to you. In particular, you should refer to, and this summary is qualified in its entirety by reference to, the MGCL and our charter, including any articles supplementary, and bylaws. You should read these documents carefully to fully understand the terms of Maryland law, our charter and our bylaws. Copies of our charter and bylaws are exhibits to the registration statement of which this prospectus is a part. See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Documents by Reference.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Board of Directors<font style="font-style: normal;">. Our Board of Directors is currently comprised of eleven directors. Our charter and </font><font style="font-style: normal;">bylaws provide that the Board may alter the number of directors to a number not exceeding fifteen or less than </font><font style="font-style: normal;">three. Our charter provides that the members of the Board shall be divided, as evenly as possible, into three </font><font style="font-style: normal;">classes, with approximately one-third of the directors elected by the stockholders annually. Each director will </font><font style="font-style: normal;">serve for a three year term or until his or her successor is duly elected and has qualified. Stockholders will have </font><font style="font-style: normal;">no right to cumulative voting in the election of directors.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Business Combinations<font style="font-style: normal;">. Under the Maryland Business Combination Act, business combinations between a </font><font style="font-style: normal;">Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for </font><font style="font-style: normal;">five years after the most recent date on which the interested stockholder becomes an interested stockholder. </font><font style="font-style: normal;">These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in </font><font style="font-style: normal;">the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is </font><font style="font-style: normal;">defined as:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any person who beneficially owns 10% or more of the voting power of the corporation&#8217;s shares; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an affiliate or associate of the corporation who, at any time within the two-year period before the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A person is not an interested stockholder under the statute if the Board of Directors approves in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, the Board of Directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the Board.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">After the five-year prohibition, any business combination between a Maryland corporation and an interested stockholder generally must be recommended by the Board of Directors of the corporation and approved by the affirmative vote of at least:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">These supermajority vote requirements do not apply if the corporation&#8217;s common stockholders receive a minimum price, as defined under the MGCL, for their shares of common stock in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The MGCL permits various exemptions from its provisions, including business combinations that are exempted by the Board of Directors before the time that the interested stockholder becomes an interested stockholder. Pursuant to the act, our charter exempts any business combination between us and MREIC. Consequently, the five-year prohibition and the supermajority vote requirements will not apply to business combinations between us and MREIC.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Control Share Acquisitions<font style="font-style: normal;">. The provisions of the Maryland Control Share Acquisition Act provide that a </font><font style="font-style: normal;">holder of control shares of a Maryland corporation acquired in a control share acquisition has no voting rights </font><font style="font-style: normal;">with respect to such shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast </font><font style="font-style: normal;">on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">35<br></div></div></div>
<!--End Page 55-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 56-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_207-certain_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">one-tenth or more but less than one-third;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">one-third or more but less than a majority; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a majority or more.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Control shares do not include shares that the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly from the issuer. A control share acquisition means, subject to certain exceptions, the acquisition of issued and outstanding control shares.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A person who has made or proposes to make a control share acquisition may compel the Board of Directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders&#8217; meeting.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or, if a meeting of stockholders at which the voting rights of the shares are considered and not approved, as of the date of such meeting. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The control share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our bylaws contain a provision exempting from the provisions of the Control Share Acquisition Act any and all acquisitions by any person of shares of our stock. There can be no assurance that our Board of Directors will not eliminate this provision at any time in the future.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unsolicited Takeovers Act<font style="font-style: normal;">. Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class </font><font style="font-style: normal;">of equity securities registered under the Exchange Act and at least three independent directors to elect to be </font><font style="font-style: normal;">subject, by provision in its charter or bylaws or a resolution of its Board of Directors and notwithstanding any </font><font style="font-style: normal;">contrary provision in the charter or bylaws, to any or all of five provisions:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a classified Board of Directors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a two-thirds vote requirement for removing a director;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a requirement that the number of directors be fixed only by vote of the directors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a requirement that a vacancy on the Board of Directors be filled only by the affirmative vote of a majority of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a majority requirement for stockholders to call a special meeting of stockholders.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) have a classified Board of Directors, (b) require a two-thirds vote for the removal of any director, (c) vest in the Board the exclusive power to fix the number of directors and (d) require, unless called by the president, the Chairman of the Board or a majority of the Board of Directors, the request of stockholders entitled to cast at least a majority of all the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">36<br></div></div></div>
<!--End Page 56-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 57-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_207-certain_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">votes entitled to be cast at such meeting to call a special meeting of stockholders. We have elected to be governed by the provision of Subtitle 8 providing that a vacancy on the Board of Directors may be filled only by the remaining directors, for the remainder of the full term of the class of directors in which the vacancy occurred.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Advance Notice of Director Nominations and New Business<font style="font-style: normal;">. Our bylaws provide that, with respect to an </font><font style="font-style: normal;">annual meeting of our stockholders, nominations of individuals for election to our Board of Directors and the </font><font style="font-style: normal;">proposal of business to be considered by stockholders at an annual meeting may be made only (i)&#160;pursuant to the </font><font style="font-style: normal;">notice of the meeting, (ii)&#160;by our Board of Directors or (iii)&#160;by one of our stockholders who is a stockholder of </font><font style="font-style: normal;">record at the time the stockholder provides notice required by our bylaws, on the record date and at the time of </font><font style="font-style: normal;">the meeting and who is entitled to vote at the meeting and who has complied with the advance notice procedures </font><font style="font-style: normal;">of the bylaws. With respect to special meetings of our stockholders, only the business specified in the notice of </font><font style="font-style: normal;">the meeting may be brought before the meeting. Nominations of individuals for election to our Board of </font><font style="font-style: normal;">Directors at a special meeting of stockholders may be made only (i)&#160;by the Board of Directors or (ii)&#160;provided </font><font style="font-style: normal;">that the Board of Directors has determined that directors will be elected at the meeting, by a stockholder who is </font><font style="font-style: normal;">a stockholder of record at the time the stockholder provides notice required by our bylaws, on the record date </font><font style="font-style: normal;">and at the time of the meeting and who is entitled to vote at the meeting and who has complied with the advance </font><font style="font-style: normal;">notice provisions of the bylaws.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Meetings of Stockholders<font style="font-style: normal;">. Under our bylaws, annual meetings of stockholders are to be held each year at </font><font style="font-style: normal;">such time and on such date as determined by our Board of Directors. Special meetings of stockholders may be </font><font style="font-style: normal;">called only by our Board of Directors, by the chairman of our Board of Directors or by the president and must </font><font style="font-style: normal;">be called by the secretary upon the written request of stockholders entitled to cast at least a majority of all the </font><font style="font-style: normal;">votes entitled to be cast at the meeting.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Amendment of Charter and Bylaws<font style="font-style: normal;">. Our charter generally may be amended only upon approval of our </font><font style="font-style: normal;">Board of Directors and the affirmative vote of stockholders entitled to cast not less than two-thirds of all the </font><font style="font-style: normal;">votes entitled to be cast on the matter. Under the MGCL, certain charter amendments may be effected by the </font><font style="font-style: normal;">Board of Directors, without stockholder approval, such as an amendment changing the name of the corporation </font><font style="font-style: normal;">or an amendment increasing or decreasing the number of its authorized shares of stock. Our bylaws may be </font><font style="font-style: normal;">amended only by vote of a majority of our Board of Directors.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Extraordinary Transactions<font style="font-style: normal;">. We may merge or consolidate with another entity, convert into another form of </font><font style="font-style: normal;">entity, engage in a statutory share exchange or sell all or substantially all of our assets generally only if advised </font><font style="font-style: normal;">by our board of directors and approved by the affirmative vote of stockholders entitled to cast not less than </font><font style="font-style: normal;">two-thirds of all the votes entitled to be cast on the matter. Maryland law also permits a Maryland corporation to </font><font style="font-style: normal;">transfer all or substantially all of its assets without the approval of its stockholders to an entity owned, directly or </font><font style="font-style: normal;">indirectly, by the corporation. Because our operating assets may be held by our wholly owned subsidiaries, these </font><font style="font-style: normal;">subsidiaries may be able to merge or transfer all or substantially all of their assets without the approval of our </font><font style="font-style: normal;">stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Dissolution<font style="font-style: normal;">. Any dissolution must be advised by a majority of our entire Board of Directors and approved </font><font style="font-style: normal;">by the affirmative vote of stockholders entitled to cast not less than two-thirds of all of the votes entitled to be </font><font style="font-style: normal;">cast on the matter.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Removal of Directors<font style="font-style: normal;">. Our charter provides that a director may be removed only for cause, as defined in the </font><font style="font-style: normal;">charter, and only by the affirmative vote of stockholders entitled to cast not less than two-thirds of the votes </font><font style="font-style: normal;">entitled to be cast in the election of directors, generally. This provision, when coupled with the subtitle 8 election </font><font style="font-style: normal;">vesting in our Board of Directors the sole power to fill vacant directorships, precludes stockholders from </font><font style="font-style: normal;">removing incumbent directors except for cause and by a substantial affirmative vote and from filling the </font><font style="font-style: normal;">vacancies created by the removal with their own nominees.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Exclusive Forum<font style="font-style: normal;">. Our bylaws provide that, unless we consent in writing to the selection of an alternative </font><font style="font-style: normal;">forum, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United </font><font style="font-style: normal;">States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for </font><font style="font-style: normal;">(a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of any </font><font style="font-style: normal;">duty owed by any of our directors, officers or other employees to us or to our stockholders, (c) any action </font><font style="font-style: normal;">asserting a claim against us or any of our directors, officers or other employees arising pursuant to any provision </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">37<br></div></div></div>
<!--End Page 57-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 58-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_207-certain_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">of the MGCL or our charter or bylaws or (d) any action asserting a claim against us or any of our directors, officers or other employees that is governed by the internal affairs doctrine. This provision does not cover claims made by stockholders pursuant to the securities laws of the United States, or any rules or regulations promulgated thereunder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Indemnification and Limitations on Liability<font style="font-style: normal;">. The MGCL permits a Maryland corporation to include in its </font><font style="font-style: normal;">charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for </font><font style="font-style: normal;">money damages, except for liability resulting from (i)&#160;actual receipt of an improper benefit or profit in money, </font><font style="font-style: normal;">property or services or (ii)&#160;active and deliberate dishonesty that was established by a final judgment and was </font><font style="font-style: normal;">material to the cause of action. Our charter contains a provision that limits the liability of our directors and </font><font style="font-style: normal;">officers to the maximum extent permitted by Maryland law.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. The MGCL permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (i)&#160;the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii)&#160;the director or officer actually received an improper personal benefit in money, property or services or (iii)&#160;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or on behalf of the corporation or for a judgment of liability on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, Maryland law permits a Maryland corporation to advance reasonable expenses to a director or officer upon receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our charter requires us, to the fullest extent permitted by Maryland law as in effect from time to time, to indemnify and advance expenses to our directors and officers, whether serving us or at our request any other entity, who were or are parties or are threatened to be made parties to any threatened or actual suit, investigation or other proceeding, including administrative actions, as a result of their status or actions as our directors or officers. Our charter authorizes us to provide the same indemnification and advancement of expenses to our employees and agents.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have entered into indemnification agreements with our directors and executive officers which generally provide that we are required to indemnify any director or executive officer who was, is or becomes a party to or witness or other participant in: (i)&#160;any threatened, pending or completed action, suit or proceeding in which the director or executive officer may be or may have been involved, as a party or otherwise, by reason of the fact that the director or executive officer was acting in his or her capacity as our director or executive officer; and (ii)&#160;any inquiry, hearing or investigation that such director or executive officer in good faith believes might lead to the institution of any such action, suit or proceeding against any and all expenses, to the fullest extent permitted by law.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">38<br></div></div></div>
<!--End Page 58-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 59-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tM"><!--Anchor--></a>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">Introductory Notes</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a description of the material federal income tax considerations to a holder of our common stock. An applicable prospectus supplement will contain information about additional federal income tax considerations, if any, relating to particular offerings of our securities. The following discussion is not exhaustive of all possible tax considerations and does not provide a detailed discussion of any state, local or foreign tax considerations, nor does it discuss all of the aspects of federal income taxation that may be relevant to a prospective common stock holder in light of his or her particular circumstances or to stockholders (including insurance companies, tax exempt entities, financial institutions or broker-dealers, foreign corporations, and persons who are not citizens or residents of the United States) who are subject to special treatment under the federal income tax laws.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Stroock &amp; Stroock &amp; Lavan LLP has provided an opinion to the effect that this discussion, to the extent that it contains descriptions of applicable federal income tax law, is correct in all material respects and fairly summarizes in all material respects the federal income tax laws referred to herein. This opinion is limited to this discussion under the heading &#8220;Material United States Federal Income Tax Consequences&#8221; and is filed as an exhibit to the registration statement of which this prospectus is a part. This opinion, however, does not purport to address the actual tax consequences of the purchase, ownership and disposition of our stock to any particular holder. The opinion, and the information in this section, is based on the Code, current, temporary and proposed Treasury Regulations, the legislative history of the Code, current administrative interpretations and practices of the IRS, and court decisions. The reference to IRS interpretations and practices includes IRS practices and policies as endorsed in private letter rulings, which are not binding on the IRS except with respect to the taxpayer that receives the ruling. In each case, these sources are relied upon as they exist on the date of this prospectus. No assurance can be given that future legislation, regulations, administrative interpretations and court decisions will not significantly change current law, or adversely affect existing interpretations of existing law, on which the opinion and the information in this section are based. Any change of this kind could apply retroactively to transactions preceding the date of the change. Moreover, opinions of counsel merely represent counsel&#8217;s best judgment with respect to the probable outcome on the merits and are not binding on the IRS or the courts. Accordingly, even if there is no change in applicable law, no assurance can be provided that such opinion, or the statements made in the following discussion, will not be challenged by the IRS or will be sustained by a court if so challenged.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Each prospective purchaser is advised to consult the applicable prospectus supplement, as well as his or her own tax advisor, regarding the specific tax consequences to him or her of the acquisition, ownership and sale of securities of an entity electing to be taxed as a real estate investment trust, including the federal, state, local, foreign, and other tax consequences of such acquisition, ownership, sale, and election and of potential changes in applicable tax laws.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; text-align: center;">Taxation as a REIT</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General<font style="font-style: normal;">. We have elected to be taxed as a REIT under Sections 856 through 860 of the Code, effective as </font><font style="font-style: normal;">of January&#160;1, 1992. Our qualification and taxation as a REIT depends upon our ability to meet on a continuing </font><font style="font-style: normal;">basis, through actual annual operating results, distribution levels and diversity of stock ownership, the various </font><font style="font-style: normal;">qualification tests and organizational requirements imposed under the Code, as discussed below. We believe that </font><font style="font-style: normal;">we are organized and have operated in such a manner as to qualify under the Code for taxation as a REIT, and </font><font style="font-style: normal;">we intend to continue to operate in such a manner. No assurances, however, can be given that we will operate in </font><font style="font-style: normal;">a manner so as to qualify or remain qualified as a REIT. See &#8220;Failure to Qualify&#8221; below.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a general summary of the material Code provisions that govern the federal income tax treatment of a REIT and its stockholders. These provisions of the Code are highly technical and complex. This summary is qualified in its entirety by the applicable Code provisions, the Treasury Regulations, and administrative and judicial interpretations thereof.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Stroock &amp; Stroock &amp; Lavan LLP has provided to us an opinion to the effect that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT, and our current and proposed organization and method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT for our taxable year ending December&#160;31, 2020 and thereafter. This opinion </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">39<br></div></div></div>
<!--End Page 59-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 60-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">is filed as an exhibit to the registration statement of which this prospectus is a part. It must be emphasized that this opinion is conditioned upon certain assumptions and representations made by us to Stroock &amp; Stroock &amp; Lavan LLP as to factual matters relating to our organization and operation. Since qualification as a REIT requires us to satisfy certain income and asset tests, Stroock &amp; Stroock &amp; Lavan LLP&#8217;s opinion is based upon assumptions and our representations as to future conduct, income and assets. In addition, this opinion is based upon our factual representations concerning our business and properties as described in the reports filed by us under the federal securities laws.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Qualification and taxation as a REIT depends upon our ability to meet on a continuing basis, through actual annual operating results, the various requirements under the Code described in this prospectus with regard to, among other things, the sources of our gross income, the composition of our assets, our distribution levels, and our diversity of stock ownership. Stroock &amp; Stroock &amp; Lavan LLP will not review our operating results on an ongoing basis. While we intend to operate so that we qualify as a REIT, given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations, and the possibility of future changes in our circumstances and the REIT rules, no assurance can be given that we satisfy all of the tests for REIT qualification or will continue to do so.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we qualify for taxation as a REIT, we generally will not be subject to federal corporate income taxes on net income that we currently distribute to stockholders. This treatment substantially eliminates the &#8220;double taxation&#8221; (at the corporate and stockholder levels) that generally results from investment in a corporation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding our REIT election, however, we will be subject to federal income tax in the following circumstances:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">First, we will be taxed at regular corporate rates on any undistributed taxable income, including undistributed net capital gains, provided, however, that properly designated undistributed capital gains will effectively avoid taxation at the stockholder level. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Second, if we have (i)&#160;net income from the sale or other disposition of &#8220;foreclosure property&#8221; (which is, in general, property acquired by foreclosure or otherwise on default of a loan secured by the property) that is held primarily for sale to customers in the ordinary course of business or (ii)&#160;other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on such income. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Third, if we have net income from prohibited transactions (which are, in general, certain sales or other dispositions of property (other than foreclosure property) held primarily for sale to customers in the ordinary course of business), such income will be subject to a 100% tax on prohibited transactions. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fourth, if we should fail to satisfy the 75% gross income test or the 95% gross income test (as discussed below), and have nonetheless maintained our qualification as a REIT because certain other requirements have been met, we will be subject to a tax in an amount equal to the greater of either (i)&#160;the amount by which 75% of our gross income exceeds the amount qualifying under the 75% test for the taxable year or (ii)&#160;the amount by which 95% of our gross income exceeds the amount of our income qualifying under the 95% test for the taxable year, multiplied in either case by a fraction intended to reflect our profitability. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fifth, if we should fail to satisfy certain REIT asset tests (as discussed below) for a particular quarter and do not qualify for certain de minimis exceptions but have nonetheless maintained our qualification as a REIT because certain other requirements are met, we will be subject to a tax equal to the greater of (i) $50,000 or (ii)&#160;the amount determined by multiplying the highest corporate tax rate by the net income generated by certain disqualified assets for a specified period of time. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Sixth, if we fail to satisfy REIT requirements other than the income or asset tests but nonetheless maintain our qualification because certain other requirements are met, we must pay a penalty of $50,000 for each such failure. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Seventh, if we should fail to distribute during each calendar year at least the sum of (i) 85% of our REIT ordinary income for such year; (ii) 95% of our REIT capital gain net income for such year (for this purpose such term includes capital gains which we elect to retain but which we report as </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">40<br></div></div></div>
<!--End Page 60-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 61-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: left;">distributed to our stockholders, as discussed in &#8220;Annual Distribution Requirements&#8221; below); and (iii)&#160;any undistributed taxable income from prior years, we would be subject to a 4% excise tax on the excess of such required distribution over the amounts actually distributed. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Eighth, if we acquire any asset &#8220;in a conversion transaction&#8221; (which generally refers to a transaction in which the basis of the acquired asset in our hands is determined by reference to the basis of the asset in the hands of a C corporation or a partnership that has one or more corporate partners), and we subsequently recognize gain on the disposition of the asset during the 5-year period beginning on the date on which we acquired the asset, then we will be required to pay tax at the highest regular corporate rate on such gain (in the case of the partnership with a corporate partner, this refers to the gain allocable to the corporate partner) to the extent of the excess of (1) the fair market value of the asset over (2) our adjusted basis in the asset, in each case determined as of the date on which we acquired the asset, assuming that the C corporation or partnership, as applicable, will refrain from making an election to receive different treatment under existing Treasury Regulations on its tax return for the year in which we acquire the asset. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Ninth, we would be subject to a 100% penalty tax on gains from &#8220;prohibited transactions&#8221; (generally amounts received upon the sale of certain assets) or on amounts received (or on certain expenses deducted by a taxable REIT subsidiary) if arrangements among us, our tenants and a taxable REIT subsidiary were not comparable to similar arrangements among unrelated parties. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, we and our subsidiaries may be subject to a variety of taxes other than federal income taxes, including payroll taxes and state, local and foreign income, property or other taxes on assets and operations. </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">Requirements for Qualification</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Code defines a REIT as a corporation, trust or association (i)&#160;which is managed by one or more trustees or directors; (ii)&#160;the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest; (iii)&#160;which would be taxable as a domestic corporation but for Code Sections 856 through 860; (iv)&#160;which is neither a financial institution nor an insurance company subject to certain provisions of the Code; (v)&#160;the beneficial ownership of which is held by 100 or more persons; (vi)&#160;of which not more than 50% in value of the outstanding capital stock is owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of each taxable year after applying certain attribution rules; (vii)&#160;that makes an election to be treated as a REIT for the current taxable year or has made an election for a previous taxable year which has not been terminated or revoked and (viii)&#160;which meets certain other tests, described below, regarding the nature of its income and assets. The Code provides that conditions (i)&#160;through (iv), inclusive, must be met during the entire taxable year and that condition (v)&#160;must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Condition (vi)&#160;must be met during the last half of each taxable year. For purposes of determining stock ownership under condition (vi), a supplemental unemployment compensation benefits plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes generally is considered an individual. However, a trust that is a qualified trust under Code Section 401(a) generally is not considered an individual, and beneficiaries of a qualified trust are treated as holding shares of a REIT in proportion to their actuarial interests in the trust for purposes of condition (vi). Conditions (v)&#160;and (vi)&#160;do not apply until after the first taxable year for which an election is made to be taxed as a REIT. We have issued sufficient common stock with sufficient diversity of ownership to allow us to satisfy requirements (v)&#160;and (vi). In addition, our charter contains restrictions regarding the transfer of our stock intended to assist in continuing to satisfy the stock ownership requirements described in (v)&#160;and (vi)&#160;above. These restrictions, however, may not ensure that we will be able to satisfy these stock ownership requirements. If we fail to satisfy these stock ownership requirements, we will fail to qualify as a REIT.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To qualify as a REIT, we are required to have a taxable year that is the calendar year. In addition, we cannot have at the end of any taxable year any undistributed earnings and profits that are attributable to a non-REIT taxable year. We believe that we have complied with these requirements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to applicable Treasury Regulations, to be taxed as a REIT, we are required to maintain certain records and request on an annual basis certain information from our stockholders designed to disclose the actual </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">41<br></div></div></div>
<!--End Page 61-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 62-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">ownership of our outstanding shares, or risk facing a monetary penalty. We have complied with such requirements. If we comply with these regulatory rules, and we do not know, or by exercising reasonable diligence would not have known, whether we failed to meet requirement (vi)&#160;above, we will be treated as having met the requirement.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">Qualified REIT Subsidiaries</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If a REIT owns a corporate subsidiary that is a &#8220;qualified REIT subsidiary,&#8221; the separate existence of that subsidiary generally will be disregarded for federal income tax purposes. Generally, a qualified REIT subsidiary is a corporation, other than a taxable REIT subsidiary, all of the capital stock of which is owned by the REIT. All assets, liabilities and items of income, deduction and credit of the qualified REIT subsidiary will be treated as assets, liabilities and items of income, deduction and credit of the REIT itself. A qualified REIT subsidiary of ours will not be subject to federal corporate income taxation, although it may be subject to state and local taxation in some states.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">Taxable REIT Subsidiaries</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A &#8220;taxable REIT subsidiary&#8221; is an entity taxable as a corporation in which we own stock and that elects with us to be treated as a taxable REIT subsidiary under Section 856(l) of the Code. In addition, if one of our taxable REIT subsidiaries owns, directly or indirectly, securities representing 35% or more of the vote or value of a subsidiary corporation, that subsidiary will also be treated as a taxable REIT subsidiary of ours. A taxable REIT subsidiary is subject to federal income tax, and state and local income tax where applicable, as a regular &#8220;C&#8221; corporation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Generally, a taxable REIT subsidiary can (i)&#160;perform certain impermissible tenant services without causing us to receive impermissible tenant services income under the REIT income tests and (ii)&#160;engage in property sale transactions without causing us to be treated as engaging in a prohibited transaction. However, several provisions regarding the arrangements between a REIT and its taxable REIT subsidiaries ensure that a taxable REIT subsidiary will be subject to an appropriate level of federal income taxation. For example, a taxable REIT subsidiary is limited in its ability to deduct interest payments made to us. In addition, we will be obligated to pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by the taxable REIT subsidiary if the economic arrangements among us, our tenants and the taxable REIT subsidiary are not comparable to similar arrangements among unrelated parties. We currently have a taxable REIT subsidiary, UMH Sales and Finance, Inc., and may establish additional taxable REIT subsidiaries in the future.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; text-align: center;">Income Tests</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In order for us to maintain qualification as a REIT, two separate percentage tests relating to the source of our gross income must be satisfied annually. First, at least 75% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions, certain foreign currency gains and cancellation of indebtedness income) for each taxable year generally must be derived directly or indirectly from investments relating to real property or mortgages on real property, including &#8220;rents from real property,&#8221; interest derived from mortgage loans secured by real property (including certain qualified mezzanine financings secured by interests in entities owning real property), dividends from other REITs, gains from the sale of real estate assets, and income from certain types of temporary investments. Second, at least 95% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions, certain foreign currency gains and cancellation of indebtedness income) for each taxable year must be derived from the real property investments described above, or dividends, interest and gain from the sale or disposition of stock or securities, or from any combination of the foregoing. For these purposes, the term &#8220;interest&#8221; generally does not include any amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term &#8220;interest&#8221; solely by reason of being based on a fixed percentage or percentages of gross receipts or sales.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Rents received by us will qualify as &#8220;rents from real property&#8221; in satisfying the above gross income tests only if several conditions are met. First, the amount of rent generally must not be based in whole or in part on the income or profits of any person. However, amounts received or accrued generally will not be excluded from &#8220;rents from real property&#8221; solely by reason of being based on a fixed percentage or percentages of gross receipts or sales. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">42<br></div></div></div>
<!--End Page 62-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 63-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Second, rents received from a tenant will not qualify as &#8220;rents from real property&#8221; if we, or a direct or indirect owner of 10% or more of our stock, actually or constructively own 10% or more of such tenant (a &#8220;Related Party Tenant&#8221;). We may, however, lease our properties to a taxable REIT subsidiary and rents received from that subsidiary generally will not be disqualified from being &#8220;rents from real property&#8221; by reason of our ownership interest in the subsidiary if at least 90% of the property in question is leased to unrelated tenants and the rent paid by the taxable REIT subsidiary is substantially comparable to the rent paid by the unrelated tenants for comparable space, as determined pursuant to the rules in Code Section 856(d)(8).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Third, if rent attributable to personal property that is leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as &#8220;rents from real property.&#8221; This 15% test is based on relative fair market values of the real and personal property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Generally, for rents to qualify as &#8220;rents from real property&#8221; for the purposes of the gross income tests, we may only provide services that are both &#8220;usually or customarily rendered&#8221; in connection with the rental of real property and not otherwise considered &#8220;rendered to the occupant.&#8221; Income received from any other service will be treated as &#8220;impermissible tenant service income&#8221; unless the service is provided through an independent contractor that bears the expenses of providing the services and from whom we derive no revenue or through a taxable REIT subsidiary, subject to specified limitations. The amount of impermissible tenant service income we receive is deemed to be the greater of the amount actually received by us or 150% of our direct cost of providing the service. If the impermissible tenant service income exceeds 1% of our total income from a property, then all of the income from that property will fail to qualify as rents from real property. If the total amount of impermissible tenant service income from a property does not exceed 1% of our total income from that property, the income will not cause the rent paid by tenants of that property to fail to qualify as rents from real property, but the impermissible tenant service income itself will not qualify as rents from real property.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition to being structured to satisfy the above listed conditions, our leases will be structured with the intent to qualify as true leases for federal income tax purposes. If, however, our leases were recharacterized as service contracts or partnership agreements, rather than true leases, or disregarded altogether for tax purposes, all or part of the payments that we, our applicable subsidiary or other lessor entity receives from the lessees would not be considered rent or would not otherwise satisfy the various requirements for qualification as &#8220;rents from real property.&#8221; In that case, we very likely would not be able to satisfy either the 75% or 95% gross income tests and, as a result, could lose our REIT status.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are entitled to relief under certain provisions of the Code. The relief provisions generally are available with respect to a failure to meet such tests if our failure was due to reasonable cause and not due to willful neglect, and, following the REIT&#8217;s identification of the failure to meet either of the gross income tests, a description of each item of the REIT&#8217;s gross income is set forth in a schedule for the relevant taxable year that is filed in accordance with the applicable regulations. It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. Even if these relief provisions were to apply, various taxes and penalties may be imposed on us.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Other Rules Regarding Income</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Prohibited Transaction Income. <font style="font-style: normal;">Any gain that we realize on the sale of property held as inventory or </font><font style="font-style: normal;">otherwise held primarily for sale to customers in the ordinary course of business will be treated as income from </font><font style="font-style: normal;">a prohibited transaction that is subject to a 100% penalty tax, unless certain safe harbor exceptions apply. The </font><font style="font-style: normal;">amount of gain would include any gain realized by qualified REIT subsidiaries and our share of any gain </font><font style="font-style: normal;">realized by any of the partnerships or limited liability companies in which we own an interest. This prohibited </font><font style="font-style: normal;">transaction income may also adversely affect our ability to satisfy the income tests for qualification as a REIT </font><font style="font-style: normal;">since such income is disregarded for purposes of these tests. Under existing law, whether property is held as </font><font style="font-style: normal;">inventory or primarily for sale to customers in the ordinary course of a trade or business is a question of fact that </font><font style="font-style: normal;">depends on all of the facts and circumstances surrounding the particular transaction. However, the Code provides </font><font style="font-style: normal;">a safe harbor pursuant to which limited sales of properties held at least two years and meeting certain additional </font><font style="font-style: normal;">requirements will not be treated as prohibited transactions. We intend to hold our properties for investment with a </font><font style="font-style: normal;">view to long-term appreciation and to engage in the business of acquiring, developing and owning our properties. </font><font style="font-style: normal;">We have made, and may in the future make, occasional sales of properties consistent with our investment </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">43<br></div></div></div>
<!--End Page 63-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 64-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">objectives. We do not intend to enter into any sales that are prohibited transactions. The IRS may contend, however, that one or more of these sales is subject to the 100% penalty tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Foreclosure Property. <font style="font-style: normal;">Foreclosure property is real property and any personal property incident to such real </font><font style="font-style: normal;">property (i)&#160;that is acquired by us (a) as a result of our having bid in the property at foreclosure, or (b) having </font><font style="font-style: normal;">otherwise reduced the property to ownership or possession by agreement or process of law, after there was a </font><font style="font-style: normal;">default (or default was imminent) on a lease of the property or a mortgage loan held by and secured by the </font><font style="font-style: normal;">property, in which case the related loan or lease was acquired by us at a time when default was not imminent or </font><font style="font-style: normal;">anticipated, and (ii)&#160;for which we make a proper election to treat the property as foreclosure property. Property </font><font style="font-style: normal;">otherwise qualifying as foreclosure property has that status for the year of acquisition plus the three following </font><font style="font-style: normal;">years, unless such period is extended by the IRS. REITs generally are subject to tax at the maximum corporate </font><font style="font-style: normal;">rate (currently 21%) on any net income from foreclosure property, including any gain from the disposition of the </font><font style="font-style: normal;">foreclosure property, other than income that would otherwise be qualifying income for purposes of the 75% gross </font><font style="font-style: normal;">income test. Any gain from the sale of property for which a foreclosure property election has been made will not </font><font style="font-style: normal;">be subject to the 100% tax on gains from prohibited transactions described above, even if the property would </font><font style="font-style: normal;">otherwise constitute inventory or dealer property in the hands of the selling REIT. We do not anticipate that we </font><font style="font-style: normal;">will receive any income from foreclosure property that is not qualifying income for purposes of the 75% gross </font><font style="font-style: normal;">income test.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Hedging Transactions<font style="font-style: normal;">. We may enter into hedging transactions with respect to one or more of our assets or </font><font style="font-style: normal;">liabilities. Our hedging activities may include entering into interest rate swaps, caps, and floors, options to </font><font style="font-style: normal;">purchase these items, and futures and forward contracts. Income from such transactions is generally not </font><font style="font-style: normal;">qualifying income for purposes of the 95% and 75% gross income tests. However, to the extent the transaction </font><font style="font-style: normal;">(i)&#160;hedges (A) any indebtedness incurred or to be incurred by the trust to acquire or carry </font><font style="font-style: normal;"><u>real estate assets,</u></font><font style="font-style: normal;"> (B) </font><font style="font-style: normal;">the risk of currency fluctuations with respect to any otherwise qualifying item of REIT income or (C) with </font><font style="font-style: normal;">respect to a previously disposed of hedge described in (A) or (B) and (ii)&#160;is properly identified, such hedge will </font><font style="font-style: normal;">not generate gross income for purposes of the 95% and 75% gross income tests. We intend to structure any </font><font style="font-style: normal;">hedging transactions in a manner that does not jeopardize our status as a REIT.</font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">Asset Tests</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">At the close of each quarter of our taxable year, we must satisfy six tests relating to the nature of our assets.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">At least 75% of the value of our total assets must be represented by &#8220;real estate assets,&#8221; cash, cash items and government securities as such terms are defined in the Code. Our real estate assets include, for this purpose, our allocable share of real estate assets held by any partnerships in which we own an interest, and the non-corporate subsidiaries of these partnerships, as well as stock or debt instruments held for less than one year purchased with the proceeds of an offering of shares or long term debt.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Not more than 25% of the value of our total assets may be represented by securities, other than those in the 75% asset class.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Except for certain investments in REITs, qualified REIT subsidiaries, and taxable REIT subsidiaries, the value of any one issuer&#8217;s securities owned by us may not exceed 5% of the value of our total assets.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Except for certain investments in REITs, qualified REIT subsidiaries and taxable REIT subsidiaries, we may not own more than 10% of the total voting power of any one issuer&#8217;s outstanding securities.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Except for certain investments in REITs, qualified REIT subsidiaries and taxable REIT subsidiaries, we may not own more than 10% of the total value of the outstanding securities of any one issuer, other than securities that qualify for the debt safe harbors discussed below.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">For tax years beginning after July&#160;30, 2008 and for tax years beginning on or before December&#160;31, 2017, not more than 25% of our total assets may be represented by the securities of one or more taxable REIT subsidiaries. For tax years beginning on or before July&#160;30, 2008, and for tax years beginning after December&#160;31, 2017, not more than 20% of our total assets may be represented by the securities of one or more taxable REIT subsidiaries.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">44<br></div></div></div>
<!--End Page 64-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 65-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">For taxable years beginning after December&#160;31, 2015, no more than 25% of the value of our total assets may consist of debt instruments issued by &#8220;publicly offered REITs&#8221; (i.e., a REIT that is required to file annual and periodic reports with the SEC under the Securities Exchange Act of 1934) to the extent such debt instruments are not secured by real property or interests in real property.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For purposes of these asset tests, any shares of qualified REIT subsidiaries are not taken into account, and any assets owned by the qualified REIT subsidiary are treated as owned directly by the REIT.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Securities, for purposes of the asset tests, may include debt we hold. However, the following types of arrangements generally will not be considered securities held by us for purposes of the 10% value test: (1) straight debt securities of an issuer which meet the requirements of Code Section 856(m)(2), discussed below; (2) any loan to an individual or an estate; (3) any Section 467 rental agreement, other than with certain related persons; (4) any obligation to pay rents from real property as defined in Code Section 856(d)(1); (5) any security issued by a state or any political subdivision thereof, the District of Columbia, a foreign government or any political subdivision thereof, or the Commonwealth of Puerto Rico, but only if the determination of any payment received or accrued under such security does not depend in whole or in part on the profits of any entity not described in the category or payments on any obligation issued by such an entity; (6) any security issued by a REIT; or (7) any other arrangement as determined by the IRS. Under Code Section 856(m)(2), debt generally will constitute &#8220;straight debt&#8221; if the debt is a written unconditional promise to pay on demand or on a specified date a sum certain in money (i)&#160;which is not convertible, directly or indirectly, into stock and (ii)&#160;the interest rate (or the interest payment dates) of which is not contingent on the profits, the borrower&#8217;s discretion or similar factors. However, a security may satisfy the definition of &#8220;straight debt&#8221; even though the time of payment of interest or principal thereunder is subject to a contingency, if: (a) such contingency does not have the effect of changing the effective yield to maturity more than the greater of 0.25% or 5% of the annual yield to maturity, or (b) neither the aggregate issue price nor the aggregate face amount of the issuer&#8217;s debt instruments held by the REIT exceeds $1&#160;million and not more than 12 months of unaccrued interest can be required to be prepaid thereunder. Second, a security can satisfy the definition of &#8220;straight debt&#8221; even though the time or amount of any payment thereunder is subject to a contingency upon a default or the exercise of a prepayment right by the issuer of the debt, provided that such contingency is consistent with customary commercial practice.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain &#8220;look-through&#8221; rules apply in determining a REIT partner&#8217;s share of partnership securities for purposes of the 10% value test. Under such rules, a REIT&#8217;s interest as a partner in a partnership is not considered a security, and the REIT is deemed to own its proportionate share of each of the assets of the partnership. In addition, the REIT&#8217;s interest in the partnership assets is the REIT&#8217;s proportionate interest in any securities issued by the partnership, other than securities qualifying for the above safe harbors. Therefore, a REIT that is a partner in a partnership must look through both its equity interest and interest in non-safe harbor debt securities issued by the partnership. Any non-safe harbor debt instrument issued by a partnership will not be considered a security to the extent of the REIT&#8217;s interest as a partner in the partnership. Also, any non-safe harbor debt instrument issued by a partnership will not be considered a security if at least 75% of the partnership&#8217;s gross income (excluding gross income from prohibited transactions) is derived from the sources described in Code Section 856(c)(3), which sets forth the general REIT income test.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain corporate or partnership securities that otherwise would qualify under the straight debt safe harbor will not so qualify if the REIT holding such securities, and any of its controlled taxable REIT subsidiaries, holds other securities of the issuer which are not securities qualifying for any safe harbors if such non-qualifying securities have an aggregate value greater than 1% of the issuer&#8217;s outstanding securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">With respect to each issuer in which we currently own an interest that does not qualify as a REIT, a qualified REIT subsidiary or a taxable REIT subsidiary, we believe that our pro rata share of the value of the securities, including unsecured debt, of any such issuer does not exceed 5% of the total value of our assets and that we comply with the 10% voting securities limitation and 10% value limitation (taking into account the debt safe harbors with respect to certain issuers). With respect to our compliance with each of these asset tests, however, we cannot provide any assurance that the IRS might not disagree with our determinations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">After initially meeting the asset tests after the close of any quarter, we will not lose our status as a REIT if we fail to satisfy the 25%, 20% or 5% asset tests at the end of a later quarter solely by reason of changes in the relative values of our assets. If the failure to satisfy any such test arises immediately after, and is wholly or partly the result of, the acquisition of securities or other property during a quarter, the failure can be cured by a </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">45<br></div></div></div>
<!--End Page 65-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 66-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">disposition of sufficient non-qualifying assets within 30 days after the close of that quarter. We have maintained and intend to continue to maintain adequate records of the value of our assets to ensure compliance with the asset tests and to take any available actions within 30 days after the close of any quarter as may be required to cure any noncompliance with the 25%, 20% or 5% asset tests. We cannot ensure that these steps always will be successful. If we were to fail to cure the noncompliance with the asset tests within this 30 day period, we could fail to qualify as a REIT.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A REIT will not lose its REIT status for failing to satisfy the requirements of the 5% and 10% tests if such failure is due to the ownership of assets the total value of which does not exceed the lesser of: (i) 1% of the total value of the REIT&#8217;s assets at the end of the quarter for which such measurement is done or (ii) $10&#160;million. However, the REIT must either: (x)&#160;dispose of the assets within six months after the last day of the quarter in which the REIT identifies the failure (or such other time period prescribed by the IRS), or (y) otherwise meet the requirements of those rules by the end of such time period.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, if a REIT fails to meet any of the asset test requirements for a particular quarter, and the failure exceeds the above-described de minimis standard, then the REIT still will be considered to have satisfied these tests if the REIT satisfies several requirements. First, the REIT&#8217;s failure to satisfy the particular asset test must be due to reasonable cause and not due to willful neglect. Second, the REIT must file a schedule of the assets resulting in such failure with the IRS in accordance with the regulations and must dispose of the assets within six months after the last day of the quarter in which the REIT identified the failure (or such other time period prescribed by the IRS) or otherwise meet the requirements of those rules by the end of such time period. Finally, the REIT must pay a tax equal to the greater of $50,000 or the amount determined by multiplying the highest corporate tax rate by the net income generated by the assets described in the schedule for the period beginning on the first date that the failure occurs and ending on the earlier of (i)&#160;the date when the REIT disposes of such assets or (ii)&#160;the end of the first quarter when the REIT no longer fails to satisfy the particular asset test.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Also, if a REIT fails to satisfy requirements other than the income or asset tests, the REIT will not lose its qualification as a REIT provided such violations are due to reasonable cause and not due to willful neglect and the REIT pays a penalty of $50,000 for each such failure.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Annual Distribution Requirements</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In order to qualify as a REIT, we must distribute dividends (other than capital gain dividends) to our stockholders in an amount at least equal to (i)&#160;the sum of (a) 90% of our &#8220;REIT taxable income&#8221; (computed without regard to the dividends paid deduction and our net capital gain) and (b) 90% of the net income (after tax), if any, from foreclosure property, minus (ii)&#160;the sum of certain items of noncash income. Such distributions generally must be paid in the taxable year to which they relate. Dividends may be paid in the following year in two circumstances. First, dividends may be declared in the following year if the dividends are declared before we timely file our tax return for the year and paid within 12 months of the end of the tax year but before the first regular dividend payment made after such declaration (although in this case the REIT will pay a 4% excise tax on the undistributed taxable income from the prior year). Second, if we declare a dividend in October, November or December of any year with a record date in one of these months and pay the dividend on or before January 31 of the following year, we will be treated as having paid the dividend on December 31 of the year in which the dividend was declared. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our &#8220;REIT taxable income,&#8221; as adjusted, we will be subject to tax on the nondistributed amount at regular capital gains and ordinary corporate tax rates. Furthermore, if we should fail to distribute during each calendar year at least the sum of (i) 85% of our REIT ordinary income for such year; (ii) 95% of our REIT capital gain income for such year; and (iii)&#160;any undistributed taxable income from prior periods, we will be subject to a non-deductible 4% excise tax on the excess of such required distribution over the amounts actually distributed.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have made and intend to continue to make timely distributions sufficient to satisfy the annual distribution requirements. It is possible, however, that we, from time to time, may not have sufficient cash or liquid assets to meet the distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses and the inclusion of such income and deduction of such expenses in arriving at our taxable income, or if the amount of nondeductible expenses such as principal amortization or capital expenditures exceeds the amount of noncash deductions. In the event that such timing differences occur, in order to meet the distribution requirements, we may arrange for short-term, or possibly long-term, borrowing </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">46<br></div></div></div>
<!--End Page 66-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 67-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">or pay distributions in the form of taxable stock dividends to permit the payment of required dividends. If the amount of nondeductible expenses exceeds noncash deductions, we may refinance our indebtedness to reduce principal payments and may borrow funds for capital expenditures.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under certain circumstances, we may be able to rectify a failure to meet the 90% distribution requirement for a year by paying &#8220;deficiency dividends&#8221; to stockholders in a later year that may be included in our deduction for dividends paid for the earlier year. Thus, in those cases we may avoid being subject to income tax by distributing deficiency dividends; however, we will be required to pay the 4% excise tax plus interest to the IRS based upon the amount of any deduction taken for deficiency dividends.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; text-align: center;">Failure to Qualify</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we fail to qualify for taxation as a REIT in any taxable year and no relief provisions apply, we will be subject to tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible by us, nor will such distributions be required to be made. In such event, all distributions to stockholders will be taxable as ordinary income to the extent of our current and accumulated earnings and profits (although non-corporate taxpayers may be eligible for the preferential rates on qualified dividend income with respect to such distributions) and corporate distributees may be eligible for the dividends received deduction. Unless entitled to relief under specific statutory provisions, we will also be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether in all circumstances we would be entitled to such statutory relief.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; text-align: center;">Tax Cuts and Jobs Act of 2017</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Tax Act reduced the 35% maximum corporate income tax rate to a flat 21% corporate rate which would be applicable to any federal income tax liability we incur. The Tax Act also permanently eliminated the corporate alternative minimum tax, including for REITs, and limited the net interest expense deduction, including for REITs, to 30% of the sum of adjusted taxable income, business interest, and certain other amounts. For purposes of the limitation on interest deductions, adjusted taxable income does not include items of income or expense not allocable to a trade or business, business interest or expense, the new deduction for qualified business income as discussed below, net operating losses, and for years prior to 2022, deductions for depreciation, amortization, or depletion. The Tax Act allows a real property trade or business to elect out of this interest limit so long as it uses a 40-year recovery period for nonresidential real property, a 30-year recovery period for residential rental property, and a 20-year recovery period for related improvements described below. Disallowed interest expense is carried forward indefinitely (subject to special rules for partnerships). The application of the interest deduction limit began in 2018, and may increase the amount of required distributions on our common stock. In addition, the net operating loss deduction is limited to 80% of taxable income (before the 20% deduction).</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; text-align: center;">Taxation of Common Stock Holders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Taxation of Taxable U.S. Stockholders<font style="font-style: normal;">. As used in the remainder of this discussion, the term &#8220;U.S. </font><font style="font-style: normal;">stockholder&#8221; means a beneficial owner of our common stock that is for federal income tax purposes:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a citizen or resident of the United States, as defined in Code Section 7701(b);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a corporation or partnership, or other entity treated as a corporation or partnership for federal income tax purposes, created or organized in or under the laws of the United States or any state or the District of Columbia;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an estate the income of which is subject to federal income taxation regardless of its source; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in general, a trust subject to the primary supervision of a United States court and the control of one or more United States persons or a trust that has a valid election in place to be treated as a U.S. person.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Generally, in the case of a partnership that holds our stock, any partner that would be a U.S. stockholder if it held the stock directly is also a U.S. stockholder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As long as we qualify as a REIT, distributions made to our taxable U.S. stockholders out of current or accumulated earnings and profits (and not designated as capital gain dividends or retained capital gains) will be taken into account by them as ordinary income, and corporate stockholders will not be eligible for the dividends </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">47<br></div></div></div>
<!--End Page 67-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 68-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">received deduction as to such amounts. In the case of individual stockholders, such distributions, if designated by the REIT in a written notice mailed not later than 60 days after the close of its taxable year, may qualify (provided holding period and certain other requirements are met) as qualified dividend income eligible to be taxed at the reduced maximum rate of 20% to the extent that the REIT receives qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations (other than REITs) and qualified foreign corporations. A qualified foreign corporation generally includes a foreign corporation resident in a jurisdiction having a comprehensive double tax treaty in place with the U.S., but excludes any foreign corporation which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a passive foreign investment company. The total amount that can be designated as qualified dividend income by the REIT generally cannot exceed the sum of (1) the REIT&#8217;s qualified dividend income for the tax year, (2) the amount of its REIT taxable income and income taxed under the Code Section 337(d) regulations, minus the tax on these items, for the prior year and (3) the amount of any earnings and profits that were distributed by the REIT for the tax year and accumulated in a tax year during which the REIT was not subject to the REIT rules. Distributions in excess of current and accumulated earnings and profits will not be taxable to a stockholder to the extent that they do not exceed the adjusted basis of such stockholder&#8217;s stock, but rather will reduce the adjusted basis of such shares as a return of capital. To the extent that such distributions exceed the adjusted basis of a stockholder&#8217;s stock, they will be included in income as long-term capital gain (or short-term capital gain if the shares have been held for one year or less), assuming the shares are a capital asset in the hands of the stockholder. In addition, any dividend declared by us in October, November or December of any year payable to a stockholder of record on a specific date in any such month shall be treated as both paid by us and received by the stockholder on December 31 of such year, provided that the dividend is actually paid by us during January of the following calendar year. For purposes of determining what portion of a distribution is attributable to current or accumulated earnings and profits, earnings and profits will first be allocated to distributions made to holders of the shares of preferred stock. Stockholders may not include in their individual income tax returns any net operating losses or capital losses of ours.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In general, any gain or loss realized upon a taxable disposition of shares by a stockholder who is not a dealer in securities will be treated as a long-term capital gain or loss if the shares have been held for more than one year, otherwise as short-term capital gain or loss. However, any loss upon a sale or exchange of shares by a stockholder who has held such shares for six months or less (after applying certain holding period rules) generally will be treated as long-term capital loss to the extent of distributions from us required to be treated by such stockholder as long-term capital gain.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions that we properly designate as capital gain dividends will be taxable to stockholders as gains (to the extent that they do not exceed our actual net capital gain for the taxable year) from the sale or disposition of a capital asset held for greater than one year. If we designate any portion of a dividend as a capital gain dividend, a U.S. stockholder will receive an IRS Form 1099-DIV indicating the amount that will be taxable to the stockholder as capital gain. However, stockholders that are corporations may be required to treat up to 20% of certain capital gain dividends as ordinary income. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may elect to retain and pay income tax on our long-term capital gains. If we so elect, each stockholder, including tax-exempt stockholders as discussed below, will take into income the stockholder&#8217;s share of the retained capital gain as long-term capital gain (except that corporate stockholders may be required to treat up to 20% of certain capital gains dividends as ordinary income) and will receive a credit or refund for that stockholder&#8217;s share of the tax paid by us. The stockholder will increase the basis of such stockholder&#8217;s shares by an amount equal to the excess of the retained capital gain included in the stockholder&#8217;s income over the tax deemed paid by such stockholder. Further, any undistributed net long-term capital gains that are included in the income of our stockholders pursuant to this rule will be treated as distributed for purposes of the 4% excise tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions we make and gain arising from the sale or exchange by a stockholder of shares of our stock will not be treated as passive activity income, and, as a result, stockholders generally will not be able to apply any &#8220;passive losses&#8221; against such income or gain. Distributions we make (to the extent they do not constitute a return of capital) generally will be treated as investment income for purposes of computing the investment interest limitation. Gain arising from the sale or other disposition of our stock (or distributions treated as such) will not be treated as investment income under certain circumstances.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The highest marginal individual income tax rate currently is 37%. The maximum tax rate on long term capital gain applicable to U.S. holders taxed at individual rates is 20% for sales and exchanges of assets held for </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">48<br></div></div></div>
<!--End Page 68-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 69-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">more than one year (this is in addition to the Medicare tax described below). The maximum tax rate on long term capital gain from the sale or exchange of &#8220;section 1250 property&#8221;, or depreciable real property, is 25% to the extent that such gain would have been treated as ordinary income if the property were &#8220;section 1245 property&#8221;. With respect to distributions that we designate as capital gain dividends, we will designate whether such a distribution is taxable to U.S. holders taxed at individual rates at a 20% or 25% rate. Thus, the tax rate differential between capital gain and ordinary income for those taxpayers may be significant. In addition, the characterization of income as capital gain or ordinary income may affect the deductibility of capital losses. A non-corporate taxpayer may deduct capital losses not offset by capital gains against its ordinary income only up to a maximum annual amount of $3,000, and may carry forward unused capital losses indefinitely.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A corporate taxpayer must pay tax on its net capital gain at ordinary corporate rates and may deduct capital losses only to the extent of capital gains, though excess capital losses may be carried forward indefinitely. Under the Tax Act, corporate NOLs arising in tax years beginning after December&#160;31, 2017, can only offset 80% of taxable income (before the dividends paid deduction). These NOLs can now be carried forward indefinitely instead of the 20&#160;year limitation, and carrybacks of these losses are no longer permitted. NOLs arising in tax years beginning before December&#160;31, 2017 retain the same rules, and can be carried back two years and forward 20&#160;years. There is no taxable income limit to usage of such losses. The CARES Act repeals the above 80% limitation for taxable years beginning before January&#160;1, 2021, and allows a five-year carryback for NOLs arising in 2018, 2019 or 2020. This NOL carryback does not apply directly to REITs, however, taxable REIT subsidiaries are eligible to carry back NOLs and may benefit from this provision.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon any taxable sale or other disposition of our common or preferred stock, a U.S. stockholder will recognize gain or loss for federal income tax purposes on the disposition of our stock in an amount equal to the difference between:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the amount of cash and the fair market value of any property received on such disposition; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the U.S. stockholder&#8217;s adjusted basis in such stock for tax purposes.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Gain or loss will be capital gain or loss if the stock has been held by the U.S. stockholder as a capital asset. The applicable tax rate will depend on the stockholder&#8217;s holding period in the asset (generally, if an asset has been held for more than one year it will produce long-term capital gain) and the stockholder&#8217;s tax bracket. A U.S. stockholder who is an individual or an estate or trust and who has long-term capital gain will be subject to a maximum capital gain rate of 20%. To the extent that capital gain is realized by a stockholder on the sale of shares, the applicable Treasury Regulations as currently promulgated should not treat any such gain as &#8220;unrecaptured Section 1250 gain,&#8221; subject to a special rate of tax. However, new provisions or regulations could be promulgated in the future to produce a different result. Stockholders are advised to consult with their own tax advisors with respect to their capital gain tax liability.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The treatment accorded to any redemption for cash (as distinguished from a sale, exchange or other disposition) of stock can only be determined on the basis of particular facts as to each stockholder at the time of redemption. In general, a stockholder will recognize capital gain or loss measured by the difference between the amount received by the stockholder upon the redemption and such stockholder&#8217;s adjusted tax basis in the shares redeemed (provided the shares are held as a capital asset) if such redemption (i)&#160;results in a &#8220;complete termination&#8221; of the stockholder&#8217;s interest in all classes of our stock under Code Section 302(b)(3), (ii)&#160;is &#8220;substantially disproportionate&#8221; with respect to the stockholder&#8217;s interest in our stock under Code Section 302(b)(2), or (iii)&#160;is &#8220;not essentially equivalent to a dividend&#8221; with respect to the stockholder under Code Section 302(b)(1). In applying these tests, there must be taken into account not only the common and preferred stock owned by the holder, but also any options (including stock purchase rights) to acquire either of the foregoing. The stockholder also must take into account any such securities (including options) which are considered to be owned by such stockholder by reason of the constructive ownership rules set forth in Code Sections 318 and 302(c).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If the redemption of stock does not meet any of the tests under Code Section 302, then the redemption proceeds received will be treated as a distribution on the stock. If the redemption is taxed as a dividend, the stockholder&#8217;s adjusted tax basis in the redeemed stock will be transferred to any other shares held by the stockholder. If the stockholder owns no other stock of ours, under certain circumstances, such basis may be transferred to a related person, or it may be lost entirely. Proposed Treasury Regulations have been issued by the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">49<br></div></div></div>
<!--End Page 69-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 70-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Treasury Department which, if issued in their current form, when effective, would prohibit the shifting of basis and would defer the recovery of the stockholder&#8217;s basis in any of our stock until the conditions described in the preceding paragraph are satisfied. We urge you to consult your tax advisor concerning the treatment of a cash redemption of stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For taxable years beginning after December&#160;31, 2012, certain U.S. stockholders who are individuals, estates or trusts and whose income exceeds certain thresholds are required to pay a 3.8% Medicare tax. The Medicare tax will apply to, among other things, dividends and other income derived from certain trades or business and net gains from the sale or other disposition of property, subject to certain exceptions. Our dividends and any gain from the disposition of our stock generally will be the type of income that is subject to the Medicare tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Taxation of Tax-Exempt Stockholders<font style="font-style: normal;">. Provided that a tax-exempt stockholder has not held our stock as </font><font style="font-style: normal;">&#8220;debt-financed property&#8221; within the meaning of the Code, the dividend income from us will not be unrelated </font><font style="font-style: normal;">business taxable income (&#8220;UBTI&#8221;), to a tax-exempt stockholder. Similarly, income from the sale of stock will </font><font style="font-style: normal;">not constitute UBTI unless the tax-exempt stockholder has held its stock as debt-financed property within the </font><font style="font-style: normal;">meaning of Code Section 514 or has used the stock in a trade or business. However, for a tax-exempt </font><font style="font-style: normal;">stockholder that is a social club, voluntary employee benefit association, supplemental unemployment benefit </font><font style="font-style: normal;">trust, or qualified group legal services plan exempt from federal income taxation under Code Sections 501(c)(7), </font><font style="font-style: normal;">(c)(9), (c)(17) and (c)(20), respectively, or a single parent title-holding corporation exempt under Code Section </font><font style="font-style: normal;">501(c)(2) the income of which is payable to any of the aforementioned tax-exempt organizations, income from </font><font style="font-style: normal;">an investment in us will constitute UBTI unless the organization properly sets aside or reserves such amounts for </font><font style="font-style: normal;">purposes specified in the Code. These tax exempt stockholders should consult their own tax advisors concerning </font><font style="font-style: normal;">these &#8220;set aside&#8221; and reserve requirements.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A &#8220;qualified trust&#8221; (defined to be any trust described in Code Section 401(a) and exempt from tax under Code Section 501(a)) that holds more than 10% of the value of the shares of a REIT may be required, under certain circumstances, to treat a portion of distributions from the REIT as UBTI. This requirement will apply for a taxable year only if (i)&#160;the REIT satisfies the requirement that not more than 50% of the value of its shares be held by five or fewer individuals (the &#8220;five or fewer requirement&#8221;) only by relying on a special &#8220;look-through&#8221; rule under which shares held by qualified trust stockholders are treated as held by the beneficiaries of such trusts in proportion to their actuarial interests therein; and (ii)&#160;the REIT is &#8220;predominantly held&#8221; by qualified trusts. A REIT is &#8220;predominantly held&#8221; by qualified trusts if either (i)&#160;a single qualified trust holds more than 25% of the value of the REIT shares, or (ii)&#160;one or more qualified trusts, each owning more than 10% of the value of the REIT shares, hold in the aggregate more than 50% of the value of the REIT shares. If the foregoing requirements are met, the percentage of any REIT dividend treated as UBTI to a qualified trust that owns more than 10% of the value of the REIT shares is equal to the ratio of (i)&#160;the UBTI earned by the REIT (computed as if the REIT were a qualified trust and therefore subject to tax on its UBTI) to (ii)&#160;the total gross income (less certain associated expenses) of the REIT for the year in which the dividends are paid. A de minimis exception applies where the ratio set forth in the preceding sentence is less than 5% for any year.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The provisions requiring qualified trusts to treat a portion of REIT distributions as UBTI will not apply if the REIT is able to satisfy the &#8220;five or fewer&#8221; requirement without relying on the &#8220;look-through&#8221; rule. The restrictions on ownership and transfer of stock in our charter should prevent application of the foregoing provisions to qualified trusts purchasing our stock, absent a waiver of the restrictions by the Board of Directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As discussed above in relation to taxable U.S. stockholders, we may elect to retain and pay income tax on our long-term capital gains. If we so elect, each stockholder, including tax-exempt stockholders, will take into income (and, if applicable, UBTI) the stockholder&#8217;s share of the retained capital gain as long-term capital gain (except that corporate stockholders may be required to treat up to 20% of certain capital gains dividends as ordinary income) and will receive a credit or refund for that stockholder&#8217;s share of the tax paid by us. The stockholder will increase the basis of such stockholder&#8217;s shares by an amount equal to the excess of the retained capital gain included in the stockholder&#8217;s income over the tax deemed paid by such stockholder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Taxation of Non-U.S. Stockholders<font style="font-style: normal;">. The rules governing United States federal income taxation of nonresident </font><font style="font-style: normal;">alien individuals, foreign corporations, foreign partnerships and other foreign stockholders (which we refer to </font><font style="font-style: normal;">collectively as Non-U.S. stockholders) are complex, and no attempt will be made herein to provide more than a </font><font style="font-style: normal;">limited summary of such rules. The discussion does not consider any specific facts or circumstances that may </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">50<br></div></div></div>
<!--End Page 70-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 71-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">apply to a particular Non-U.S. stockholder. Prospective Non-U.S. stockholders should consult with their own tax advisors to determine the impact of United States federal, state and local income tax laws with regard to an investment in our stock, including any reporting requirements.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions that are not attributable to gain from sales or exchanges by us of United States real property interests and not designated by us as capital gain dividends or retained capital gains will be treated as dividends of ordinary income to the extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily will be subject to a withholding tax equal to 30% of the gross amount of the distribution unless an applicable tax treaty reduces such rate or eliminates the tax. However, if income from the investment in our stock is treated as effectively connected with the Non-U.S. stockholder&#8217;s conduct of a United States trade or business, the Non-U.S. stockholder generally will be subject to tax at graduated rates in the same manner as U.S. stockholders are taxed with respect to such dividends (and may also be subject to a branch profits tax of up to 30% if the stockholder is a foreign corporation). We expect to withhold United States federal income tax at the rate of 30% on the gross amount of any dividends paid to a Non-U.S. stockholder that are not designated as capital gain dividends, unless a lower treaty rate or another reason for a reduced or zero withholding rate applies and the Non-U.S. stockholder files with us an IRS Form W-8BEN, W8-BEN-E, W-8EXP, W-8IMY or W-8ECI evidencing eligibility for that reduced or zero withholding rate.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions in excess of our current and accumulated earnings and profits will not be taxable to a stockholder to the extent that they do not exceed the adjusted basis of the stockholder&#8217;s stock, but rather will reduce the adjusted basis of such shares. To the extent that such distributions exceed the adjusted basis of a Non-U.S. stockholder&#8217;s shares, they will give rise to tax liability if the Non-U.S. stockholder would otherwise be subject to tax on any gain from the sale or disposition of his or her stock as described below. We may be required to withhold United States federal income tax at the rate of at least 15% on distributions to Non-U.S. stockholders that are not paid out of current or accumulated earnings and profits unless the Non-U.S. stockholders provide us with withholding certificates evidencing their exemption from withholding tax. If it cannot be determined at the time that such a distribution is made whether or not such distribution will be in excess of current and accumulated earnings and profits, the distribution will be subject to withholding at the rate applicable to dividends. However, the Non-U.S. stockholder may seek a refund of such amounts from the IRS if it is subsequently determined that such distribution was, in fact, in excess of our current and accumulated earnings and profits.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Although the law is not clear on the matter, if we elect to retain and pay income tax on our long-term capital gains, it appears that amounts we designate as retained capital gains in respect of stock held by Non-U.S. stockholders generally should be treated with respect to Non-U.S. stockholders in the same manner as our actual distributions of capital gain dividends. Under this approach, a Non-U.S. stockholder would be able to offset as a credit against its United States federal income tax liability its proportionate share of the tax treated as paid by it on such retained capital gains, and to receive from the IRS a refund to the extent its proportionate share of such tax treated as paid by it exceeds its actual United States federal income tax liability.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For any year in which we qualify as a REIT, distributions that are attributable to gain from sales or exchanges by us of United States real property interests will be taxed to a Non-U.S. stockholder under the provisions of the Foreign Investment in Real Property Tax Act of 1980 (&#8220;FIRPTA&#8221;). Under FIRPTA, these distributions generally are taxed to a Non-U.S. stockholder as if such gain were effectively connected with a United States business. Thus, Non-U.S. stockholders will be taxed on such distributions at the normal capital gain rates applicable to U.S. stockholders (subject to applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). Also, distributions subject to FIRPTA may be subject to a 30% branch profits tax in the hands of a corporate Non-U.S. stockholder not entitled to treaty relief or exemption. We are required by applicable Treasury Regulations to withhold 35% of any distribution that could be designated by us as a capital gain dividend or, in certain circumstances, distributions following a designation of a prior distribution as a capital gain dividend. This amount is creditable against the Non-U.S. stockholder&#8217;s FIRPTA tax liability. Effective for taxable years beginning after October&#160;22, 2004, however, REIT distributions attributable to gain from sales or exchanges of United States real property interests will be treated as ordinary income dividends rather than effectively connected income under the FIRPTA rules if (1) the distribution is received with respect to a class of stock that is regularly traded on an established securities market located in the United States and (2) the foreign investor does not own more than 10% (5% for REIT distributions made before </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">51<br></div></div></div>
<!--End Page 71-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 72-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">December&#160;18, 2015) of the class of stock at any time during the taxable year within which the distribution is received. Capital gain dividends received by a Non-U.S. stockholder from a REIT that are attributable to dispositions by that REIT of assets other than United States real property interests are generally not subject to U.S. income or withholding tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Gain recognized by a Non-U.S. stockholder upon the sale or exchange of our stock generally would not be subject to United States federal income taxation unless:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the investment in our stock is effectively connected with the Non-U.S. stockholder&#8217;s United States trade or business, in which case the Non-U.S. stockholder will be subject to the same treatment as domestic stockholders with respect to any gain;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Non-U.S. stockholder is a non-resident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the non-resident alien individual will be subject to a 30% tax on the individual&#8217;s net capital gains for the taxable year; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our stock constitutes a United States real property interest within the meaning of FIRPTA, as described below.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our stock will not constitute a United States real property interest if we are a domestically-controlled REIT. We will be a domestically-controlled REIT if, at all times during a specified testing period, less than 50% in value of our stock is held directly or indirectly by Non-U.S. stockholders.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We believe that, currently, we are a domestically controlled REIT and, therefore, that the sale of our stock would not be subject to taxation under FIRPTA. Because our stock is publicly traded, however, we cannot guarantee that we are or will continue to be a domestically-controlled REIT. However, for taxable years beginning after December&#160;18, 2015, we are permitted to presume that a person holding less than 5 percent of any class of our stock is a United States person, absent actual knowledge to the contrary.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Even if we do not qualify as a domestically-controlled REIT at the time a Non-U.S. stockholder sells our stock, gain arising from the sale still would not be subject to FIRPTA tax if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the class or series of shares sold is considered regularly traded under applicable Treasury Regulations on an established securities market, such as the NYSE; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the selling Non-U.S. stockholder owned, actually or constructively, 10% or less in value of the outstanding class or series of stock being sold throughout the five-year period ending on the date of the sale or exchange.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If gain on the sale or exchange of our stock were subject to taxation under FIRPTA, the Non-U.S. stockholder would be subject to regular United States federal income tax with respect to any gain in the same manner as a taxable U.S. stockholder, subject to any applicable alternative minimum tax and special alternative minimum tax in the case of non-resident alien individuals, and the purchaser of the stock could be required to withhold 15% of the purchase price and remit such amount to the IRS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">State and Local Taxes<font style="font-style: normal;">. We and our stockholders may be subject to state or local taxation in various state or </font><font style="font-style: normal;">local jurisdictions, including those in which we or our stockholders transact business or reside (although U.S. </font><font style="font-style: normal;">stockholders who are individuals generally should not be required to file state income tax returns outside of their </font><font style="font-style: normal;">state of residence with respect to our operations and distributions). The state and local tax treatment of us and </font><font style="font-style: normal;">our stockholders may not conform to the United States federal income tax consequences discussed above. </font><font style="font-style: normal;">Consequently, prospective stockholders should consult their own tax advisors regarding the effect of state and </font><font style="font-style: normal;">local tax laws on an investment in our stock.</font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;">Backup Withholding, FATCA Tax, and Information Reporting</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">U.S. Stockholders<font style="font-style: normal;">. In general, information-reporting requirements will apply to certain U.S. stockholders </font><font style="font-style: normal;">with regard to payments of dividends on our stock and payments of the proceeds of the sale of our stock, unless </font><font style="font-style: normal;">an exception applies.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">It is expected that the payor will be required to withhold tax on such payments at the rate of 24% if (i)&#160;the payee fails to furnish a taxpayer identification number, or TIN, to the payor or to establish an exemption from </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">52<br></div></div></div>
<!--End Page 72-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 73-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">backup withholding, or (ii)&#160;the IRS notifies the payor that the TIN furnished by the payee is incorrect. A U.S. stockholder who does not provide us with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, it is expected that a payor of dividends on our stock will be required to withhold tax at a rate of 24% if (i)&#160;there has been a notified payee under-reporting with respect to interest, dividends or original issue discount described in Section 3406(c) of the Code, or (ii)&#160;there has been a failure of the payee to certify under the penalty of perjury that the payee is not subject to backup withholding under the Code. Any amounts withheld under the backup withholding rules from a payment to a stockholder will be allowed as a credit against the stockholder&#8217;s United States federal income tax and may entitle the stockholder to a refund, provided that the required information is furnished to the IRS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">U.S. stockholders that hold their stock through foreign accounts or intermediaries will be subject to U.S. withholding tax (the so-called FATCA tax) at a rate of 30% on dividends (or redemption proceeds treated as dividends) paid and proceeds of sale (which, for this purpose, includes a redemption treated as a sale, as well as a distribution treated as a return of capital or giving rise to capital gain) of our common or preferred stock, subject to certain delayed effective dates, if certain disclosure requirements (which requirements may include entering into an agreement with the IRS) related to U.S. accounts are not satisfied. In addition, we may be required to withhold a portion of capital gain distributions to any U.S. holders who fail to certify their non-foreign status to us. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Non-U.S. Stockholders<font style="font-style: normal;">. Generally, information reporting, backup withholding and the FATCA tax will apply </font><font style="font-style: normal;">to payments of dividends and other distributions on, and proceeds from the sale of, our stock as described above </font><font style="font-style: normal;">for a U.S. stockholder, unless the payee certifies that it is not a United States person or otherwise establishes an </font><font style="font-style: normal;">exemption and, in the case of the FATCA tax, satisfies other requirements pursuant to regulations (which may </font><font style="font-style: normal;">include entering into an agreement with the IRS).</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The payment of the proceeds from the disposition of our stock to or through the United States office of a United States or foreign broker will be subject to information reporting and backup withholding as described above for U.S. stockholders unless the Non-U.S. stockholder satisfies the requirements necessary to be an exempt Non-U.S. stockholder or otherwise qualifies for an exemption. The proceeds of a disposition by a Non-U.S. stockholder to or through a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, if the broker is a United States person, a controlled foreign corporation for United States tax purposes, a foreign person 50% or more of whose gross income from all sources for specified periods is from activities that are effectively connected with a United States trade or business, a foreign partnership if partners who hold more than 50% of the interests in the partnership are United States persons, or a foreign partnership that is engaged in the conduct of a trade or business in the United States, then information reporting generally will apply as though the payment was made through a United States office of a United States or foreign broker.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Applicable Treasury Regulations provide presumptions regarding the status of stockholders when payments to the stockholders cannot be reliably associated with appropriate documentation provided to the payor. Because the application of these Treasury Regulations varies depending on the stockholder&#8217;s particular circumstances, you are advised to consult your tax advisor regarding the information reporting requirements applicable to you.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;"><a name="tP"><!--Anchor--></a>PLAN OF DISTRIBUTION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may sell our securities to one or more underwriters for public offer and sale by them or may sell securities offered hereby to the public, to a limited number of institutional purchasers or to a single purchaser, directly or through dealers or agents or through a combination of methods. Any underwriter, dealer or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement. We intend to apply to the NYSE to list any additional shares of preferred or common stock offered pursuant to any prospectus supplement, and we anticipate that such shares will be so listed.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The distribution of the securities may be effected from time to time in one or more transactions at a fixed price, which may be changed, market prices prevailing at the time of sale, prices related to the prevailing market prices at the time of sale or negotiated prices. We also may, from time to time, authorize underwriters acting as our agents to offer and sell the securities upon the terms and conditions as are set forth in the applicable prospectus supplement. In connection with the sale of securities, underwriters may be deemed to have received </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">53<br></div></div></div>
<!--End Page 73-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 74-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">compensation from us in the form of underwriting discounts or commissions and may also receive commissions from purchasers of securities for whom they may act as agent. Underwriters may sell securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agent.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Any underwriting compensation paid by us to underwriters or agents in connection with the offering of securities and any discounts, concessions or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement. Dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions, under the Securities Act. Underwriters, dealers and agents may be entitled, under agreements entered into with us, to indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To facilitate the offering of the securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involves the sale by persons participating in the offering of more securities than we sold to them. In these circumstances, these persons would cover the over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If so indicated in the applicable prospectus supplement, we may authorize the underwriters, dealers or other persons acting as our agents to solicit offers by certain institutions to purchase securities from us at the public offering price set forth in that prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on the date or dates stated in such prospectus supplement. Each contract will be for an amount not less than, and the aggregate principal amount of securities sold pursuant to contracts will not be less than nor greater than, the respective amounts stated in the applicable prospectus supplement. Institutions with whom contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions, and other institutions but will in all cases be subject to our approval. Contracts may be subject to any conditions, including that (i)&#160;the purchase by an institution of the securities covered by its contract will not at the time of delivery be prohibited under the laws of any jurisdiction in the United States to which such institution is subject; and (ii)&#160;if the securities are being sold to underwriters, we have sold to such underwriters the total principal amount of the securities less the principal amount thereof covered by the contracts.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Some of the underwriters and their affiliates may be customers of, engage in transactions with and perform services for us in the ordinary course of business for which they receive compensation.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;"><a name="tL"><!--Anchor--></a>LEGAL MATTERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The legality of the securities has been passed upon for us by Stroock &amp; Stroock &amp; Lavan LLP. The discussion of legal matters under &#8220;Material United States Federal Income Tax Consequences&#8221; is based upon an opinion of Stroock &amp; Stroock &amp; Lavan LLP.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;"><a name="tE"><!--Anchor--></a>EXPERTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The consolidated financial statements and schedules of UMH Properties, Inc. as of December&#160;31, 2019 and 2018 and for each of the three years in the period ended December&#160;31, 2019, included in our Annual Report on Form 10-K for the year ended December&#160;31, 2019, have been incorporated by reference herein in reliance upon the report of PKF O&#8217;Connor Davies, LLP, our independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; text-align: center;"><a name="tW"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have filed with the SEC a shelf registration statement under the Securities Act with respect to the securities offered hereunder. As permitted by the rules and regulations of the SEC, this prospectus does not </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">54<br></div></div></div>
<!--End Page 74-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 75-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000425x1_424b5_208-tax_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">contain all the information set forth in the registration statement. For further information regarding our company and our securities, please refer to the registration statement and the contracts, agreements and other documents filed as exhibits to the registration statement. Additionally, we file annual, quarterly and current reports, proxy statements and other information with the SEC.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You may read and copy all or any portion of the registration statement or any other materials that we file with the SEC at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. Our SEC filings, including the registration statement, are also available to you on the SEC&#8217;s website (http://www.sec.gov). We also have a website (www.umh.reit) through which you may access our recent SEC filings. Information contained on our website is not a part of this prospectus. In addition, you may look at our SEC filings at the offices of the NYSE which is located at 20 Broad Street, New York, New York 10005. Our SEC filings are available at the NYSE because our common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are listed and traded on the NYSE.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; text-align: center;"><a name="tI"><!--Anchor--></a>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The SEC allows us to &#8220;incorporate by reference&#8221; the information contained in documents that we file with the SEC. That means we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and information that we later file with the SEC will automatically update and supersede the information in this prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We incorporate by reference into this prospectus the documents listed below and any future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (except for information &#8220;furnished&#8221; to the SEC under Current Reports on Form 8-K, which is not deemed filed and not incorporated herein by reference), until we sell all the securities offered by this prospectus.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our Annual Report on Form 10-K for the year ended December&#160;31, 2019, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000149315220003441/form10-k.htm">March&#160;5, 2020</a> (including the information specifically incorporated by reference into our Annual Report on Form 10-K for the year ended December&#160;31, 2019 from our definitive Proxy Statement on Schedule 14A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000149315220006593/formdef14a.htm">April&#160;17, 2020</a>);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our Quarterly Report on Form 10-Q for the three-months ended March&#160;31, 2020, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000149315220007950/form10-q.htm">May&#160;7, 2020</a>;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Our Current Report on Form 8-K, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000149315220000906/form8-k.htm">January&#160;22, 2020</a>; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">All other reports filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial filing of the registration statement of which this prospectus is a part, except for reports and information furnished under Current Reports on Form 8-K, which is not deemed filed and not incorporated herein by reference;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The description of our Series B Preferred Stock included or incorporated by reference in our Registration Statement on Form 8-A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000089968115000746/p15-0343_8a12b.htm">October&#160;22, 2015</a>, the description of our Series C Preferred Stock included or incorporated by reference in our Registration Statement on Form 8-A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000089968117000248/p17-0157_8a12b.htm">July&#160;26, 2017</a>, and the description of our Series D Preferred Stock included or incorporated by reference in our Registration Statement on Form 8-A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/752642/000089968118000018/p18-0011_8a12b.htm">January&#160;22, 2018</a>; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The description of our common stock which is contained in a registration statement filed under the Exchange Act, including any amendment or reports filed for the purpose of updating such description.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You may request a free copy of these filings (other than exhibits, unless they are specifically incorporated by reference in the documents) by writing or telephoning us at the following address and telephone number:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; text-align: center;">UMH Properties, Inc.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Attention: Stockholder Relations<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3499 Route 9 North, Suite 3-C<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Juniper Business Plaza<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Freehold, NJ 07728<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(732) 577-9997</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">55<br></div></div></div>
<!--End Page 75-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 76-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 456pt;"><a name="ny20000425x1_424b5_300-bcv_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="block-frill" style="width: 456pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="page-content"><div class="block-main" style="width: 456pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 34.75pt; text-align: center;">Up to $100,000,000 <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">of <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">Common Stock </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 16.75pt; text-align: center;"><img style="height: 72px; width: 124px;" src="logo_umhx2.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 20pt; font-weight: bold; margin-top: 14pt; text-align: center;">UMH Properties, Inc.<font style="font-weight: normal;"> </font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 90.75pt;"> </div></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 20pt; text-align: center;">PROSPECTUS SUPPLEMENT</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 12.75pt;"> </div></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 92pt; text-align: center;">BMO Capital Markets<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">J.P. Morgan<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">B. Riley Securities, Inc.<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">Compass Point<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;">Janney Montgomery Scott</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 126pt; text-align: center;">August&#160;17, 2021<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;</div></div></div><div class="block-frill" style="width: 456pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
<!--End Page 76-->
</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo_umh.jpg
<TEXT>
begin 644 logo_umh.jpg
M_]C_X  02D9)1@ ! 0$ P #   #_[0 V4&AO=&]S:&]P(#,N,  X0DE- ^T*
M4F5S;VQU=&EO;@     0 ,     !  $ P     $  ?_B"^!)0T-?4%)/1DE,
M10 ! 0  "]!N;VYE @   &UN=')21T(@6%E:( ?4  < %0 3  L (6%C<W
M         $E%0R!S4D="     0            #VU@ !     -,M2% @(
M
M$&1E<V,   %$    =&)865H   &X    %&)44D,   ',   (#&1M9&0   G8
M    B&=865H   I@    %&=44D,   ',   (#&QU;6D   IT    %&UE87,
M  J(    )&)K<'0   JL    %')865H   K     %')44D,   ',   (#'1E
M8V@   K4    #'9U960   K@    AW=T<'0   MH    %&-P<G0   M\
M*&-H860   ND    +&1E<V,         &G-21T(@245#-C$Y-C8M,BTQ('=I
M=&A"4$,
M                                                    6%E:(
M     "2@   /A   ML]C=7)V        !      %  H #P 4 !D '@ C "@
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M;W5R(%-P86-E("T@<U)'0@
M
M      !865H@        8ID  +>%   8VEA96B            !0
M;65A<P         !                               "6%E:(
M  ,6   #,P   J1865H@        ;Z(  #CU   #D'-I9R      0U)4(&1E
M<V,         +5)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,@
M-C$Y-C8M,BTQ
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MU=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!
M     0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<  0(#$00%(3$&
M$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W
M.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2
MDY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KB
MX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$  A$#$0 _ /[^**** "BBB@ HHHH
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M2XC#EH;F":&0+)$ZK]\5KUMUM?Y%+9=UH^NO4****!A1110 4444 %?Q(?\
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M;XE33H/!0U;5M8M-:\(3ZQXO\,S:Z([*UU;1X;6]GN;@7%A:P?U]#..>O/\
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I P& 0.@Z8'H/88' ]*?37W^H]>K;TLK[_P!?\#3=A1110,**** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo_umhx1.jpg
<TEXT>
begin 644 logo_umhx1.jpg
M_]C_X  02D9)1@ ! 0$ P #   #_[0 V4&AO=&]S:&]P(#,N,  X0DE- ^T*
M4F5S;VQU=&EO;@     0 ,     !  $ P     $  ?_B"^!)0T-?4%)/1DE,
M10 ! 0  "]!N;VYE @   &UN=')21T(@6%E:( ?4  < %0 3  L (6%C<W
M         $E%0R!S4D="     0            #VU@ !     -,M2% @(
M
M$&1E<V,   %$    =&)865H   &X    %&)44D,   ',   (#&1M9&0   G8
M    B&=865H   I@    %&=44D,   ',   (#&QU;6D   IT    %&UE87,
M  J(    )&)K<'0   JL    %')865H   K     %')44D,   ',   (#'1E
M8V@   K4    #'9U960   K@    AW=T<'0   MH    %&-P<G0   M\
M*&-H860   ND    +&1E<V,         &G-21T(@245#-C$Y-C8M,BTQ('=I
M=&A"4$,
M                                                    6%E:(
M     "2@   /A   ML]C=7)V        !      %  H #P 4 !D '@ C "@
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M;W5R(%-P86-E("T@<U)'0@
M
M      !865H@        8ID  +>%   8VEA96B            !0
M;65A<P         !                               "6%E:(
M  ,6   #,P   J1865H@        ;Z(  #CU   #D'-I9R      0U)4(&1E
M<V,         +5)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,@
M-C$Y-C8M,BTQ
M                                                          !8
M65H@        ]M8  0    #3+71E>'0     0V]P>7)I9VAT($AE=VQE='0@
M4&%C:V%R9"P@,C P- !S9C,R       !#$0   7?___S)@  !Y0  /V/___[
MH?___:(   /;  # =?_; $,  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! ?_  !$( $@ ? ,!(@ "$0$#$0'_Q  ?   !!0$!
M 0$! 0           0(#! 4&!P@)"@O_Q "U$  " 0,# @0#!04$!    7T!
M @, !!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F
M)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!
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M%K+7_$WA:SU"PU+PGXFA'BO7=/OO"%_)I.H6\ND:5JEUIEG#J8M7_&3XO_\
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M]^P_^T=^Q3\)_B7IO[57[1[?M&?%[XH>/-)\1WFI:3)XB3P)X*\,^$O!FA>
M_"OACP;9>(VAN(%;1]!BU'6Y[?2=&@N-0N5@^R7+V1U6_P#U8HHJA_>_5M_F
'%%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>logo_umhx2.jpg
<TEXT>
begin 644 logo_umhx2.jpg
M_]C_X  02D9)1@ ! 0$ P #   #_[0 V4&AO=&]S:&]P(#,N,  X0DE- ^T*
M4F5S;VQU=&EO;@     0 ,     !  $ P     $  ?_B"^!)0T-?4%)/1DE,
M10 ! 0  "]!N;VYE @   &UN=')21T(@6%E:( ?4  < %0 3  L (6%C<W
M         $E%0R!S4D="     0            #VU@ !     -,M2% @(
M
M$&1E<V,   %$    =&)865H   &X    %&)44D,   ',   (#&1M9&0   G8
M    B&=865H   I@    %&=44D,   ',   (#&QU;6D   IT    %&UE87,
M  J(    )&)K<'0   JL    %')865H   K     %')44D,   ',   (#'1E
M8V@   K4    #'9U960   K@    AW=T<'0   MH    %&-P<G0   M\
M*&-H860   ND    +&1E<V,         &G-21T(@245#-C$Y-C8M,BTQ('=I
M=&A"4$,
M                                                    6%E:(
M     "2@   /A   ML]C=7)V        !      %  H #P 4 !D '@ C "@
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M;W5R(%-P86-E("T@<U)'0@
M
M      !865H@        8ID  +>%   8VEA96B            !0
M;65A<P         !                               "6%E:(
M  ,6   #,P   J1865H@        ;Z(  #CU   #D'-I9R      0U)4(&1E
M<V,         +5)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,@
M-C$Y-C8M,BTQ
M                                                          !8
M65H@        ]M8  0    #3+71E>'0     0V]P>7)I9VAT($AE=VQE='0@
M4&%C:V%R9"P@,C P- !S9C,R       !#$0   7?___S)@  !Y0  /V/___[
MH?___:(   /;  # =?_; $,  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! ?_  !$( )  ^ ,!(@ "$0$#$0'_Q  ?   !!0$!
M 0$! 0           0(#! 4&!P@)"@O_Q "U$  " 0,# @0#!04$!    7T!
M @, !!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F
M)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!
M     0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<  0(#$00%(3$&
M$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W
M.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2
MDY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KB
MX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$  A$#$0 _ /[^**** "BBB@ HHHH
M**** "BBB@ HHII< D$'BBZ[@.HJ,RH" 3]X;A[C@#KTR2 ,XR2!7S?^TQ^V
M#^S5^QWX#F^)'[2?Q?\ !WPH\*J+@6<_B34XHM3UJYMHO.EL/#VA0&;6=>U
M)@FTTFQNYD!#R*D>7!UM_P -]^PFTM^OW_=N?2#NBXWG'&<DX ^I) 'XFO-?
MBO\ &KX1? KP??\ C_XS_$KP3\+?!>FQR27GB7QWXCTOPSI2>4H8PQ7.JW-L
M+J[?*K!96@GO+F1DBMX)9'1&_BQ_X*"_\'?.A6]M=^ _^"=7PKU#4=0EBN;:
M_P#CG\;M-BL+'3Y@TL44G@7X;V&H7LVJ$C9<QZSXPU+3X%(^S2>$KM&%TO\
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MJ_8U_P""@?[*'[>O@2U\>?LS_&#PYX[C6SMKS7O"0N[73_'W@YKEC$MKXO\
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MND2O;WOPF^"L&G^-?%6G7L:39L=?O9-6TKPQX;N(Y42.YM=6UZ+4+7S5>73
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MBAFNM)U6T=8[[2-8LH[B!KW2]2MK:]M5FA>:%4EB9_=0Z,<!@202!D9(! )
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M2_/A'X/Z=?)'*D%S>>,[NTO]4\06T-RJ-+:^'-#>*]A/[G6K0.LR_EA^VO\
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M8+P2P?!;X*^"OB+;>&##%-&8_P#A*OB%J'A2TU;44E6-_.T[P]I>FQ[)PO\
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MVX$@<-C&X?[6 !NZX &>*3BGNF_2R?XZ?>3))[VVM=]/Q7ROH?Y67["VC?\
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MA^^,7_92O@Y_ZFMM7^5W6=3I\_T,ZG3Y_H%?HY_P2#_Y2@?L)?\ 9RWPQ_\
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M-X2U77]<NX[2>\DM;"RAM&>8P6EK<W3[0NR**61W"KQ_3]\1_C!_P<&>'?\
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MK;5_E=U_JB?\'2?_ "A^^,7_ &4KX.?^IK;5_E=UG4Z?/]#.IT^?Z!7Z.?\
M!(/_ )2@?L)?]G+?#'_T_05^<=?HY_P2#_Y2@?L)?]G+?#'_ -/T%*G_ !(?
MXX^75=>AF?[(K_ZN?_<?_P!!:O\ )(_X.'<?\/?OVP\<#_A+] [8_P"90T+M
M7^MN_P#JY_\ <?\ DU?Y(_\ P<-$G_@KY^V&3R?^$PT+_P!1+0Q52^&?JOR1
M<MH^GZ(_L8_X-#/^48?CG_LZ?XD?^H;\-*_JB'W_ ,6_K7\KO_!H9_RC#\<_
M]G3_ !(_]0WX:5_5-@9SCG_'_/\ 2G+1+_KVOQ4$5#9^OZ(_A*_X*4C'_!U[
M^P=[M^S2?SU#QG7]V [?[K?^S5_"?_P4H.?^#KO]@P^_[-/_ *<?&G\SDU_=
M@.W^ZW_LU."L[=I)?A$I:W?=K\D?P0_#GX(>&/VEO^#D/_@IY^S]XR;R_#?Q
MD^"/[1?PZU2<K*_V2'Q3\/M&TN/40D$UO+(^F3W$6HQQQSPF22U5"X5FK^*?
MQOX1UOX<^./%O@77HWM/$7@;Q3KOA76(@DT#V^L>&]5NM*OE5)DBGB*7EG)L
M$B1R* -RJV0/[Q/V)45O^#LC]M!F&2GA_P"+14\\9\,^&D;ZY1F&#GKQSBOY
MPO\ @X=^ K_ #_@K/^T_I,&D2Z1HGQ(UC1OC-X=#R1R0ZAIOQ%TR/4KZ_M"C
MN4MCXD@UZR$<FV2.>RG5E& 3$M8I]IS3\[V?X?J_(S:O!/M^K?XZ(_MK^,/_
M  4@NH/^#<^[_;&AUDZK\1/'7[*>G?#*VU(VCI(?BQXNLW^$.IZK/!>7/F-+
MI^L2:KKTC^?,9QI_GA)3(8Z_E*^//[-,GP _X-I?V;/%FKZ+;Z;XK_:+_;-O
M/C-JETU@]KJEUX?N?"6N>$O!5M?3S 3W$%OHGAG^TK%"$MXDUJ:2WCS<37%S
M\,^&_P!K_P"(7Q]_X)N?LU_\$JO#,\FH>*M5_;BU"[T#3D34M0N[[PWXUT_P
MGIO@+3/*B1EAAMOB1XO\6O;6EH+R:[21PEO:&U5KW^K7_@Z"^$/A_P#9_P#^
M"0G[)?P/\*E7\._"?XG_  O\ Z5<"-XC>P^&?AOK^EO?M%)+.Z/?O;F]D1YY
MF1[AD,K[=U4W=-WNN3UM)V<O1Z)?KU'=23=FFHM6M;I;IIWMWWL?SC?\&QW_
M "F"_9__ .Q6^+7_ *K_ %FO]6FO\I;_ (-C?^4P7[/_ /V*WQ:_]5_K-?ZM
M-1]CYR_]QCAL_7]$?X_W_!=3_E+;^W5_V7/Q%_Z*M*_I?_X-Z_\ @L7_ ,$]
M?V'_ /@G;H_P0_:2^.:^!/B6GQ@^)_BZ?PZ/"'BW63!HVOW.CII5PU]HNDW]
MF3=QV$LHA\U98AS(@#QD_P T'_!=3_E+;^W5_P!ES\1?^BK2OZ./^#?K_@BI
M_P $_?V\/^"?>G?'C]H_X6Z]XM^)4OQ@^)GA&35M-\>>(_#UK)H7AU]!.E0-
MIVF7*VHGMS?W"M,(U>1&0N20"1_%+;1+=VZQ[-=;==KB_P"7CL[>?R3[/^NI
M^Q?[0?\ P<1?\$E?'?P'^-?@;PU^TU'>:]XS^$?Q'\*Z+;/X"^(%N+G5O$/A
M#6-)TZU$TWAM8(3/=W<,0FFD2*(OYDI"*QK_ "W+7_CYM_\ KO#_ .C%K_3T
M_: _X-M/^"3G@+X$?&SQSX=^"'BJU\0^#?A%\2?%F@W,GQ2\73I;:SX;\&ZU
MK&ESFVFNC!<+%?6<+R13?NW1-K@JQ%?YA=K_ ,?-O_UWA_\ 1BTZE[1ORK65
MK7_NWO=OR%)<LKWOL_N^2_+:Q_MJ_LA?\FH?LP?]F[_!3_U6_AZOHROG3]D/
M_DU']F'_ +-X^"G_ *K?P]7T75QV7HOR-I;OU?YA1113$%%%% !1110 4444
M %%%% '\[?\ P=)_\H?OC%_V4KX.?^IK;5_E=U_JB?\ !TG_ ,H?OC%_V4KX
M.?\ J:VU?Y7=9U.GS_0SJ=/G^@5^CG_!(/\ Y2@?L)?]G+?#'_T_05^<=?HY
M_P $@_\ E*!^PE_V<M\,?_3]!2I_Q(?XX^?5=.IF?[([@!)=^-I5B<\C;@EN
M.>U?Y1__  <P^ -9\#?\%>/VA+O5-*.FV7CO2?A]XXT"<,C1ZMI6J>$M/L9-
M3CVL67?JNFZE:RK(%=;BUF7;M )_U=""1@'!R.?Q&?7M7\T?_!Q?_P $</$/
M_!1OX0^$OC5\ -+TV?\ :D^ ^GZK8Z9HTSQV=Q\6/AM?2MJ=WX#6_EV0IKNA
MZM]IUOP;]LD2WEN=5UW2FEB?5+>2.Y1;3MNVG]RM9>OXNR-;7CY\JM^#_0^,
M_P#@SC^.V@Z]^R?^TU^SU<WFE0>)_AE\:K'XF6]D;TKJUWX6^)7A/3-(^W/8
MRHJ?8;'6O M];F[MII0);V*&[AM3]EDO/[)$EC8 H00>F 2/FR0>!T/4-T((
M(."*_P 8_P#9S_:1_;+_ ."3O[4-WXP\#6OB;X*?&[P4;OPOXW^'_P 0_#FI
MV-OJ^ER31R7GACQQX2U Z=/J.D7,UO!=P?O(6$L5MJ.F7D<B07(_?_Q]_P '
M8W_!0K]H/P1%\$?@'^S;\./ WQF^(-K9^%-.\8?#>W\=?$3QW<ZWJ(@M[B3X
M<^!YEN([?7=2F\^+28;J+Q5<Z:MT/L8FO[>"^2;J22;Y6ERM--MZK:W5)6L[
M=K]E&:BK--W>ZLK;+6^ZZW6NZ:V9]0^.-9TO]KW_ (.XO T.CO'?:'^SYK&A
M:;)=Z%+<W2&_^"GPZU'5[_\ M.X6W*0-;^++RXM+Q%"VR+ EK]H=F:1_[SV.
MW&03\I& ">2&(''3TR<#/>OY=O\ @W7_ ."0WQ0_8JT7XG_M>?M?65W_ ,-;
M_'P7-F^D:WJ"ZOK_ ,/_  9>ZC_;FM#Q#J*75[!=^-?'/B%8=5\03K<O-86=
ME96#LTUSJ.[[A_X+5?\ !4;XH_\ !,[X0_#?6O@Y^S-K_P"T+\0OC#JOC#P]
MX?NTBUR;P/\ #V^\,:9H]Y'JOC.T\-Z3J.L:P-1.LYTG0K2^\/MJ2:7JK-KE
MH+<+)I%..KTN^9K5VNU966M^^E]5M8:=DVEI?IVMJ_N_&ZOKI^!W[!WC/PWK
MO_!UY^V5<Z?J,)AO[/XX:#:&Y/V:6YU31?#^CP:E:VL4X22=X9+"ZPL:L6CB
M9URHS5?_ (/*OV94N=._9*_:^T>U)N=.?Q9\ O'<Z0VJXTZXD7QQ\.Y99ALO
M'$-]+X^M]CB>!#>PF(P$R^?_ "W_  <_:/\ V^O@G^VY;?M^>&?AOX[U+X^G
MXB^(?B1K4^N_"CQ?<>&?$VH>+9KUO$^BZQH]C9:?./#^L6FHW6GRVVG7]A>6
MMJ\;6%]:W,$-PG]JW[1/C?XT_P#!=_\ X((_&+Q[<?LN^(/AO^T5X"^($NH>
M$_A3:Z5X@U*\\8>)_A5<^'[_ %+4?AK:ZS96'B">U\0>&?$VN:3IME+'?S?V
M]I.I:.)[Z2-)UF[E&2L].9[._2WS7;K^9=23BM&MGTM=63[:6M9?GI_+U_P;
M-?L]K\=?^"KWP8UF]LK6]T7X%:1XH^-&H)<W;VIBO_#NGG2_#-Q"B F[EM_$
MNLZ7.MNQ$9,8DDW(A4_U*_\ !X ,_P#!/'X3,!R?VE/#V\\XW#PAXHXYY& 1
M@'G'TKE_^#5G_@FY\8?V2?AI^T?^T%^TC\)?&?PG^*OQ2\1Z-\-_"'A#Q]H-
MWH'BRP^''@:U77-6UD:%J=A%J-I9^*_%&O0V<,DCA;U/"22K L7D33_@S_P7
M(_X*P_M,?\%/+?P]\ _#?[&'Q2^"7P@^$/Q UG6+B+5]&\8>*_&WC/Q7I8U'
MP]:WFMF#PAHNE>'-.T^R:9K;P_:PZI>0WTUU+=Z[=1>1;6PDU!JSU3=DG?WK
M;_AV7J[7A-*+NGK=7MI]^G72VNUSYU_X-CCC_@L%^S^><#PM\6\G!( _X5_K
M.22.@[$G@9Y(%?ZLWFQ]=X'7K\N<<<9QFO\ &S_8'^+?[5/_  3]_:I^&'[5
M'PZ_9]\:^+=?^'-YJ0N?"?B?X?\ C>'1O$N@:[IEWHFO:-<WEEI(O--EO--O
M9UL]3MTG:PO%@N7M;R*.2TG_ - _Q3_P7Q\3:#_P39\"?MY6?[ 7QRO/$OCG
MXK>(OA /@G_:>II+X>U/0;"YNE\7:KXKC^'[7TOA#4+FV:UTZXC\)6L]S/%=
MVN8YK5V*C&\4GI:3O=?9?+MIJ[KI\RH2CRRW;6JLU9Z+=O;OZ'\'W_!=3_E+
M9^W0>S?''Q ZGL5>"S96'J&4@@^AK^YG_@TUD1?^"3&CH6PQ_:'^-.U2""^'
M\+$E 1EP.Y3(!!!Y! _SUOVKM7_:=_:X_:-^,7[2?CSX'_$33/%?QC\<ZUXV
MU72M*^'WC)]-TE]5N3)!I=E)-HXGFM].M1#:1SS 2SB'S9%5G*C^A7_@@A_P
M5R_:1_8.L/!?[$'CG]C3XB?$OX1_%'XYZ:WAOQ=H>@^,O#'C;P'K_P 4]6\,
M^&=7EO[6[\-ZGHOB[PW:26T.LP:>H\/ZO:22:HIUB]MI[2VL!*\I)MI25D^5
MVT::OU2=M_OMTGF?,G:^NR^[3^O\C^_3]K([OV5_VEU4%F;]G[XR(JJ"2SGX
M>>(\*H&26)( 4<DD #+#/^)-:_\ 'S;_ /7>'_T8M?Z9?_!=O_@LK\6OV1+O
MXD?L6_!G]D#X@_$GQI\4?@0KZ;\<Y(]9N_AYX;M?B1%KWAG4!8^&-'\*ZC<^
M)M:T.QMYID@F\3:3:6VK76FO>0W4$$EK=_YP2? SXW@JZ?![XJY!#(R_#[Q=
MD$<JRD:1VX((^HHFG:*W:NWRIV5U'KL]N@2DG+LE9:M7\^W?2_W'^T-^R&Z_
M\,I?LP\G_DW?X)G.UL$'X;^'CP<8)Z9 .1D9 R,_1N><=^M?RE?\&]G_  5M
M_:#_ &HH?"G[%'[0'[+?C;P?XA^#'P;M(](^/B:?XFT_PYXBT#P+#I7AO2].
M\8Z)X@\/P-H_B2:RDL[:/4[7Q)?6FJW%NR#2M/F<L_\ 5J.@SU[TV^7D2=T]
M-FFK6Z/U^9KS*3;2:UZ]=]5Y;[V844450PHHHH **** "BBB@ HHHH _G;_X
M.D_^4/WQB_[*5\'/_4UMJ_RNZ_U1/^#I/_E#]\8O^RE?!S_U-;:O\KNLZG3Y
M_H9U.GS_ $"OT<_X)!_\I0/V$O\ LY;X9?\ I^@K\XZ_1S_@D'_RE _82_[.
M6^&/_I^@I4_XD/\ ''_TI&9_L1>.?&6@?#KP3XO^(/BN^_LSPOX&\,Z_XO\
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M!\LK<W-&R:TB[IW<5?>ZNMUH]-4M;4I[>[9NVZ[I;;WMMIU6C=DS^D+X=_\
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##__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
