UMH Properties, Inc. (UMH) announced the closing of its sale of 1.08 million shares of its 8.25% Series A Cumulative Redeemable Preferred Stock at an offering price of $25.292 per share in its previously announced underwritten public offering.
The company said that those shares of Series A Preferred Stock form a single series with, have the same terms as, and vote as a single class with, the Company's outstanding Series A Preferred Stock, of which 1.34 millio shares were outstanding prior to this offering. The Series A Preferred Stock has a $25.00 liquidation value per share.
The company said that it received net proceeds from the offering, after deducting the underwriting discount and other estimated offering expenses, of approximately $26.1 million and intends to use the net proceeds 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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