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

Rhea-AI Summary

UMH Properties, Inc. has successfully acquired a manufactured home community in Sandusky, Ohio for approximately $10.3 million. The community, named Bayshore Estates, features 206 homesites with an occupancy rate of around 86%. This acquisition aligns with UMH's strategy in Ohio, a strong-performing market for the company. Plans are in place to enhance the community's infrastructure and increase occupancy through additional home rentals and sales. UMH Properties operates 127 communities across multiple states.

Positive

• Acquisition of Bayshore Estates enhances UMH's portfolio in a strong market.
• The community has a high occupancy rate of 86%.
• Plans to invest in infrastructure may lead to improved operating results.
• Ongoing search for additional acquisitions supports growth strategy.

Negative

• None.

FREEHOLD, NJ, June 01, 2021 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) announced that it closed on the acquisition of a manufactured home community located in Sandusky, Ohio for a total purchase price of approximately $10.3 million. This community contains 206 developed homesites, of which approximately 86% are occupied. It is situated on approximately 56 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “Bayshore Estates is well-located within our existing footprint. Ohio has been one of our best performing states and we are pleased to add this community to our portfolio. The community is generally in good condition, but we plan to improve the operating results by investing in the infrastructure and filling the remaining vacant sites with homes for rent and sale. We continue to seek additional acquisitions that meet our growth criteria.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 127 manufactured home communities with approximately 24,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. In addition, the Company owns a portfolio of REIT securities.

Contact: Nelli Madden
732-577-9997

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FAQ

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

The acquisition of Bayshore Estates for $10.3 million strengthens UMH's presence in Ohio, a high-performing market, and allows for potential operational improvements.

How many homesites are developed in the Sandusky community acquired by UMH?

The Sandusky community consists of 206 developed homesites, with approximately 86% currently occupied.

What are UMH's plans for the acquired community in Sandusky?

UMH plans to improve infrastructure and fill vacant sites with homes for rent and sale, aiming to enhance overall operating results.

How many manufactured home communities does UMH Properties own?

UMH Properties owns and operates 127 manufactured home communities across several states.