UMH Properties Prices Offering of 1,000,000 Shares of Series A Cumulative Redeemable Preferred Stock
On April 4, 2012, UMH Properties, Inc. (NYSE: UMH) completed the pricing of an underwritten public offering of 1,000,000 shares of its 8.25% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at an offering price of $25.292 per share. In addition, the Company has granted the underwriters a 30-day over-allotment option to purchase up to an additional 150,000 shares of Series A Preferred Stock. The shares of Series A Preferred Stock being offered will form a single series with, will have the same terms as, and will vote as a single class with, the Company's outstanding Series A Preferred Stock, of which 1,338,800 shares are currently outstanding. The Series A Preferred Stock has a $25 liquidation value per share.
The Company expects to receive net proceeds from the offering before expenses of approximately $24,500,000 and expects to close the transaction on or about April 10, 2012. The Company intends to use the net proceeds from the offering to purchase additional properties in the ordinary course of business, including its pending acquisition, and for other general corporate purposes, including possible repayment of indebtedness.
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