UMH PROPERTIES, INC. COMPLETES ACQUISITION OF NEW JERSEY MANUFACTURED HOME COMMUNITY

Rhea-AI Summary

UMH Properties announced the acquisition of a manufactured home community in Jackson, New Jersey, for $23 million. This acquisition includes 260 developed homesites, with a high occupancy rate of 98%. The investment is expected to enhance operating efficiencies and drive improved results. The community is strategically located near UMH's corporate office and another property they have operated for over 53 years. In 2022, UMH also acquired six communities for a combined $86.3 million, totaling around 1,500 sites.

Positive

• Strategic acquisition in a high-demand market.
• 98% occupancy indicating strong demand.
• Potential for increased rental rates and sales profits through community upgrades.

Negative

• None.

FREEHOLD, NJ, Dec. 15, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community, located in Jackson, New Jersey, for a total purchase price of $23 million. This community contains 260 developed homesites, of which 98% are occupied. It is situated on approximately 42 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Oak Tree Estates located in Jackson, New Jersey. It is very well located in a market with high rents and strong sales demand. The community is located near our corporate office and Southwind Village, which we have successfully operated for 53 years, and creates operating efficiencies that should result in improved operating results. While this community is 98% occupied, there is upside in sales profits and bringing the rents to market as the units are replaced. This turnover will allow us to install new homes thereby improving the quality of the community while generating strong sales profits and bringing the rental rates to market.

“We continue to seek opportunistic acquisitions that meet our growth criteria. This year we completed the acquisition of 6 communities, containing approximately 1,500 sites for a total purchase price of $86.3 million.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 134 manufactured home communities with approximately 25,600 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 is the recent acquisition by UMH?

UMH Properties acquired a manufactured home community in Jackson, New Jersey, for $23 million.

How many homesites are included in the Jackson acquisition?

The Jackson community consists of 260 developed homesites.

What is the occupancy rate of the newly acquired community?

The community has a high occupancy rate of 98%.

How does this acquisition impact UMH's business?

This acquisition is expected to enhance operating efficiencies and increase rental rates and sales profits.

How many communities has UMH acquired this year?

In 2022, UMH completed the acquisition of six communities for a total of approximately 1,500 sites.