UMH PROPERTIES, INC. COMPLETES ACQUISITION OF LAND IN OHIO

Rhea-AI Summary

UMH Properties, Inc. has successfully closed the acquisition of a 30-acre parcel in Perrysburg, Ohio, for $2.3 million. This site is entitled for the development of 115 manufactured home sites and is strategically adjacent to its existing Meadows of Perrysburg community, which boasts a high occupancy rate of 95% and site rents averaging $500 per month. The purchase aligns with UMH’s long-term growth strategy, aimed at developing vacant land, enhancing operations, and expanding their sales and finance operations.

Currently, UMH operates 135 manufactured home communities across several states, with approximately 25,700 homesites in total. This acquisition is anticipated to strengthen UMH's market position and operational results.

Positive

• Acquisition of 30-acre land enhances development potential with 115 new sites.
• Strategically located next to the existing 196-site Meadows of Perrysburg community.
• Supports long-term growth strategy to capitalize on 4,000 vacant sites.

Negative

• None.

FREEHOLD, NJ, April 14, 2023 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that it closed on the acquisition of a 30-acre parcel of land located in Perrysburg, Ohio, for a total purchase price of $2.3 million. This land is fully entitled for the development of 115 manufactured home sites.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to acquire this entitled vacant land in Perrysburg, Ohio, which adjoins our Meadows of Perrysburg property. Meadows of Perrysburg is a 196-site community that is approximately 95% occupied, with site rents averaging $500 per month and home sales of over $150,000 per new home. This entitled land provides us with a pipeline of new sites to generate profitable sales and should result in improved operating results. The purpose of this acquisition is to support our long-term strategy of growing the company through the infill of our 4,000 vacant sites, the development of our vacant land and the growth of our sales and finance operation.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden
732-577-9997

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FAQ

What is the significance of UMH's acquisition in Perrysburg, Ohio?

The acquisition of a 30-acre parcel allows UMH to develop 115 new manufactured home sites, enhancing its existing community and supporting growth.

When did UMH announce the acquisition of the land?

UMH Properties announced the acquisition on April 14, 2023.

How much did UMH Properties pay for the 30-acre land?

The total purchase price for the land was $2.3 million.

What is the current occupancy rate of the Meadows of Perrysburg community?

The Meadows of Perrysburg community has an occupancy rate of approximately 95%.

How does this acquisition fit into UMH's overall business strategy?

It supports UMH's strategy to develop vacant land and grow their sales and finance operations.