MHProNews has learned from yahoobiz that manufactured home community (MHC) owner and operator UMH Properties, Inc. (NYSE:UMH) has completed its issuance and sale of 1,801,200 shares of 8.0 percent Series B Cumulative Redeemable Preferred Stock at a sale price of $25.00 per share. These shares are equal to the company’s outstanding 8.25 percent Series A Preferred Stock of which 3,663,800 shares are outstanding.

Of the $45,030,000 proceeds, after expenses the remaining $43.3 million will be used to acquire additional properties and for other corporate purposes, including repayment of debt. The Series B stock will be listed on the NYSE beginning Oct. 26.

MHProNews knows UMH owns and operates over 95 MHCs in seven states comprising 16,600 home sites plus 1,000 acres to be developed. The company is a real estate investment trust (REIT) and owns a portfolio of REIT securities. ##

(Photo credit: neurolog-kielce–electronic stock exchange board)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.