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

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) announced the acquisition of Hidden Creek, a manufactured home community in Erie, Michigan, comprising 351 homesites with a 63% occupancy rate. The acquisition aligns with UMH's growth strategy, as it currently holds 131 communities across several states, totaling around 24,800 developed homesites. Year-to-date, the company has purchased four communities for $39 million, reporting a blended occupancy of 56% with potential for further site infill.

Positive

• Acquisition of Hidden Creek aligns with growth strategy.
• 351 homesites with 63% occupancy provide upside potential.
• Year-to-date, acquired four communities totaling 718 sites.

Negative

• Blended occupancy rate of 56% across newly acquired communities indicates room for improvement.
• Significant infill of vacant sites needed to enhance revenue.

FREEHOLD, NJ, July 14, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community located in Erie, Michigan. This community contains 351 developed homesites, of which approximately 63% are occupied. It is situated on approximately 88 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce the acquisition of Hidden Creek manufactured home community located in Erie, Michigan. Hidden Creek is a high-quality community with significant upside through the infill of vacant sites. It is located within our existing geographic footprint in a market where we have had success implementing our business plan.

“We continue to opportunistically acquire communities that meet our growth criteria. Year- to-date, we have acquired four communities containing 718 sites for a total purchase price of $39 million. These communities have a blended occupancy rate of 56%, and significant upside through the infill of vacant sites.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 131 manufactured home communities with approximately 24,800 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.

Contact: Nelli Madden

732-577-9997

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FAQ

What is the significance of UMH's acquisition of Hidden Creek?

The acquisition strengthens UMH's portfolio in a familiar market and presents opportunities for growth through site infill.

How many homesites are in the Hidden Creek community?

Hidden Creek contains 351 developed homesites.

What was the total purchase price for the communities acquired by UMH this year?

UMH has spent a total of $39 million on the acquisition of four communities this year.

What is the current occupancy rate of homesites in the acquired communities?

The blended occupancy rate for the newly acquired communities is 56%.

Where are UMH's manufactured home communities located?

UMH operates communities across New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, and Florida.