UMH Registers Stock Offering

RTTNews reports Freehold, New Jersey-based UMH Properties, Inc. has priced a registered offering of 1.25 million shares of its 8.25% Series A Cumulative Redeemable Preferred Stock at a price of $25.50 per share, which will total 3.66 million shares of Preferred A stock outstanding. The offering is anticipated to raise $31.2 million, which will be used to acquire additional properties such as its pending purchase of an MHC property near Cleveland, Ohio, to pay down indebtedness and for general corporate expenses. The company operates 54 MHCs comprised of 10,220 homesites. As MHProNews learned, UMH closed down -0.72% at 11.09 in today’s trading.

(Photo credit: UMH Properties, Inc.)

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