Yesterday REIT UMH Properties (NYSE:UMH) announced a reopening of the 6.75% perpetual preferred issue (UNH-C) with the intention to sell 2 million new shares.
Today we see the SEC final prospectus document shows they upsized the issuance to 3.6 million shares (with 400,000 additional available for over allotment). The filing is here.
This increase in supply no doubt will delay shares price recovery somewhat as the underwriter got the shares at $24.2125–so they will be shoveling them out the door quickly.
Shares thus far are taking the news in stride at the $24.90/share area on heavy volume.