DENVER-Locally based Affordable Residential Communities Inc., the nation's largest publicly traded REIT that owns and manages manufactured housing communities, is considering issuing up to 700,000 new shares of stock. That would raise about $8.96 million at $12.80 per share, according to a prospectus it filed with the Securities & Exchange Commission.

The price was based on the average high and low prices for the shares asreported on the New York Stock Exchange on June 9. The stock may be used from "time to time" at the company's discretion to exchange for Series B preferred partnership interests, according to the prospectus.

"We are registering the shares of our common stock to provide the holders of Series B Preferred Units with freely tradable securities in the event we elect to make such an exchange," according to the prospectus. "The registration of the shares of our common stock covered by this prospectus does not necessarily mean that any of the holders of Series B Preferred Units will exercise their redemption rights or that upon any such redemption we will elect, in our sole and absolute discretion, to exchangesome or all of the Series B Preferred Units for shares of our common stock."

As of March 31, ARC owned and operated 315 communities in 27 statescontaining 63,658 home sites. The properties represent 67 markets across the US. Its five largest markets are Dallas-Fort Worth, with 11.4% of total home sites; Atlanta, with 7.8% of total home sites; Salt Lake City, with 6% of total home sites; the Front Range of Colorado, with 5.2% of total home sites; and Kansas City/Lawrence/Topeka, KS with 3.8% of total home sites.