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Underwriters fully exercise overallotment option in UMH preferred stock offering

UMH Properties Inc. said underwriters in its 5 million-share 6.75% series C preferred stock offering fully exercised their option to acquire an additional 750,000 shares.

The exercise of the overallotment option generated roughly $18.2 million in gross proceeds, in addition to the roughly $120.8 million in gross proceeds from the initial sale of the preferred stock.