UMH PROPERTIES, INC. COMPLETES ACQUISITION OF ALABAMA MANUFACTURED HOME COMMUNITY

Rhea-AI Summary

UMH Properties, Inc. has successfully acquired a manufactured home community in Dothan, Alabama for approximately $3.9 million. The community comprises 139 homesites, with about 6% currently occupied, situated on 36 acres. President Samuel A. Landy emphasized the strategic location, just two miles from an existing property, and highlighted the potential for growth through a value-added business plan. The acquisition presents opportunities for profitability and appreciation due to strong rental demand and below replacement cost purchases.

Positive

• Acquisition of a strategically located community in Dothan, Alabama, enhancing market presence.
• Potential for profitability growth due to strong rental demand and below replacement cost sites.
• Opportunity for significant property appreciation through redevelopment.

Negative

• None.

FREEHOLD, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community located in Dothan, Alabama for a total purchase price of approximately $3.9 million. This community contains 139 developed homesites, of which approximately 6% are occupied. It is situated on approximately 36 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “UMH continues to source and acquire communities that meet our growth criteria. This community is well-located in Dothan, Alabama. It is approximately two miles from our existing community. This a redevelopment opportunity that will benefit as we are able to implement our proven value-added business plan. The vacant sites are being acquired below replacement cost and give us a runway to grow profitability in the future which will result in significant property appreciation. We have strong rental demand in the market and plan to fill this community with rental homes. We look forward to expanding our presence in Alabama and the Southeast.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 130 manufactured home communities with approximately 24,400 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.

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Contact: Nelli Madden
732-577-9997

FAQ

What was the purchase price for the UMH Properties acquisition in Dothan, Alabama?

The acquisition price was approximately $3.9 million.

How many homesites are in the newly acquired community by UMH Properties?

The community contains 139 developed homesites.

What is the current occupancy rate of the community acquired by UMH Properties?

Approximately 6% of the homesites are currently occupied.

What strategic advantages does UMH Properties see in the Dothan acquisition?

The acquisition allows for redevelopment opportunities and strengthens their market presence in Alabama.

What is the expected impact of the Dothan acquisition on UMH Properties' profitability?

The acquisition is expected to enhance profitability through filling vacant sites and property appreciation.