UMH Properties, Inc. (NYSE: UMH) today announced the pricing of an underwritten public offering of 3,600,000 shares of its 6.75% Series C Cumulative Redeemable Preferred Stock at an offering price of $25.00 per share. The Company has granted the underwriters a 30-day over-allotment option to purchase up to an additional 400,000 shares of Series C Preferred Stock. The shares of Series C 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 5,750,000 outstanding shares of Series C Preferred Stock issued in July 2017 and will rank on a parity with the Company's outstanding 8.0% Series B Cumulative Redeemable Preferred Stock and its outstanding 6.375% Series D Cumulative Redeemable Preferred Stock. After giving effect to the offering, the Company will have a total of 9,350,000 shares of Series C Preferred Stock outstanding (9,750,000 shares if the underwriters' over-allotment option is fully exercised). The Series C Preferred Stock is listed on The New York Stock Exchange under the symbol "UMH PRC." The Series C Preferred Stock has a $25.00 liquidation value per share.

The Company expects to receive net proceeds from the offering before expenses of approximately $87.2 million and expects to close the transaction on or about April 29, 2019. The Company plans to use the proceeds from the offering 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.

The joint bookrunning managers for the offering were BMO Capital Markets Corp. and J.P. Morgan Securities LLC. Co-managers for the offering were B. Riley FBR, Inc., D.A. Davidson & Co., and Janney Montgomery Scott, LLC.

UMH, a publicly-owned REIT, owns and operates 118 manufactured home communities located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. In addition, the Company owns a portfolio of REIT securities.