UMH Properties New Preferred Finally Prices

The new fixed rate preferred stock from UMH Properties (UMH) has finally priced at 6.375%.  Seems pretty low to us for an unrated REIT, but every issue from the last 2 years has seemed low to us.

As noted yesterday the issue will begin OTC Grey Market trading today under the temporary ticker UMHZP.

The term sheet for the new issue is here.