From Freehold, New Jersey the SacramentoBee says UMH Properties has completed the underwriting of one million shares of its 8.25% Series A Preferred Stock at $25.292 per share, and anticipates a net return of $24,500,000 before expenses. The company intends to acquire additional properties and pay down debt with the proceeds. Underwriter JPMorgan Securities LLC will have a 30-day option to purchase an additional 150,000 shares. The shares being offered will be conjoined with the outstanding 1,338,800 shares. UMH is a real estate investment trust that owns and operates 9,000 manufactured home sites in 41 communities in six states east of the Mississippi. It also sells manufactured homes into its communities.
(Graphic credit: UMH Properties)