UMH Properties, a real estate investment trust, said it has priced an underwritten public offering of 5 million shares of its 6.75% series C cumulative redeemable preferred stock at $25 per share. It has granted underwriters a 30-day option to buy an additional 750,000 shares. The company expects to receive net proceeds from the offering before expenses of approximately $121.1 million and expects to close the transaction on July 26.
UMH said it will use a portion of the net proceeds to redeem its outstanding series A preferred stock. The balance of the proceeds will be used for general corporate purposes, which may include the purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis.