UMH PROPERTIES, INC. COMPLETES ACQUISITION OF MONTICELLO LAND

Rhea-AI Summary

UMH Properties, Inc. has successfully acquired a 24-acre parcel of land in Monticello, New York, for $137,000. This land adjoins the existing Kinnebrook Estates, a community with nearly 100% occupancy and strong rental rates, averaging $660 for sites and $1,200 for homes. The acquisition aligns with the company's strategy to expand their portfolio, following the successful development of 48 sites in the past. Additionally, UMH reports strong performance in early 2023, having occupied 125 new rental homes and seeing a 60% increase in online applications.

Positive

• Acquisition of 24 acres in Monticello expands community footprint.
• Strong occupancy rates at Kinnebrook Estates near 100%.
• Increased demand evidenced by a 60% rise in online applications.
• Successful occupation of 125 new rental homes early in 2023.

Negative

• None.

FREEHOLD, NJ, March 10, 2023 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a 24-acre parcel of land located in Monticello, New York, for a total purchase price of $137,000.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to acquire this vacant land in Monticello, New York, which adjoins Kinnebrook Estates. Kinnebrook is a high-quality 250-space community with occupancy near 100%, site rents averaging $660 per month, and home rents averaging $1,200 per month. Previously, we completed the development of 48 sites which allowed us to generate increased sales and improve the efficiency of our operations. This vacant land will allow us to further expand the community generating additional sales profits and better operating results. We are actively working to develop new affordable housing in New York State.”

“Additionally, our community operating results for the beginning of 2023 are off to a strong start. We are making progress setting up and occupying our new home inventory. In January and February, we have occupied 125 new rental homes in our portfolio and anticipate accelerated infill rates as we get into our peak season. Sales for the first two months of the year are also up materially over last year. Demand is very strong as evidenced by an increase in online applications of over 60% from last year.”

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 recent land acquisition?

The acquisition allows UMH to expand Kinnebrook Estates, enhancing their portfolio and generating additional sales profits.

How much did UMH Properties spend on the new land?

UMH Properties acquired the 24-acre parcel for a total purchase price of $137,000.

What are the occupancy rates at Kinnebrook Estates?

Kinnebrook Estates boasts an occupancy rate near 100%.

How has demand for UMH's rental homes changed in 2023?

Demand has significantly increased, with online applications up by over 60% compared to last year.

What operational developments has UMH achieved at the start of 2023?

UMH has occupied 125 new rental homes and anticipates increased infill rates as the peak season approaches.