Cahill Represents Underwriters in Preferred Stock Offering for UMH Properties
Cahill represented the underwriters, led by the joint book-running managers BMO Capital Markets Corp. and Stifel, Nicolaus & Company, Incorporated in connection with the public offering of 5,750,000 shares of 6.75% Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, for UMH Properties, Inc. The offering included 750,000 shares that were sold pursuant to an over-allotment option granted to the underwriters. Proceeds from the sale will be used to redeem UMH's outstanding Series A Preferred Stock and for general corporate purposes.
UMH, a publicly-owned REIT, owns and operates manufactured home communities in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. In addition, the Company owns a portfolio of REIT securities.