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

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured home community in Butler, Pennsylvania for $7.4 million. The community features 132 developed homesites on approximately 65 acres, with 38 entitled sites for future development. The acquisition is strategically located near UMH's top-performing assets in western Pennsylvania, which is expected to drive demand and profitability. UMH is also pursuing two additional communities totaling 490 sites for approximately $25.9 million, indicating ongoing growth.

Positive

• Acquisition of Butler community enhances portfolio with 132 homesites.
• Strategically located near high-performing assets, likely boosting demand.
• Ongoing acquisition pipeline indicates strong growth potential.

Negative

• None.

FREEHOLD, NJ, May 03, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community located in Butler, Pennsylvania for a total purchase price of $7.4 million. This community contains 132 developed homesites. It is situated on approximately 65 acres. Additionally, there are 38 entitled sites for future development and 18 sites that are owned by residents who pay a common area maintenance fee.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce the acquisition of Mandell Trails. This property is well-located near some of our best performing assets in western Pennsylvania. As we improve the community, we anticipate strong demand for profitable sales.

“We continue to opportunistically acquire communities that meet our growth criteria. Our acquisition pipeline contains two additional communities containing 490 sites for a total purchase price of approximately $25.9 million, or $52,800 per site. We also have an active pipeline of greenfield development deals through our joint venture. We have significant growth opportunities through acquisitions, greenfield development through our joint venture, expansions of our existing communities and infill of our vacant sites.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 129 manufactured home communities with approximately 24,200 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 acquisition price of the Butler community by UMH Properties?

The acquisition price of the Butler community is $7.4 million.

How many homesites are in the newly acquired Butler community?

The Butler community contains 132 developed homesites.

What are the future development plans for the Butler community?

There are 38 entitled sites for future development in the Butler community.

What is UMH Properties' acquisition pipeline looking like?

UMH Properties has a pipeline of two additional communities containing 490 sites for a total purchase price of approximately $25.9 million.