UMH PROPERTIES, INC. COMPLETES ACQUISITION OF PENNSYLVANIA COMMUNITY

Rhea-AI Summary

UMH Properties has successfully closed the acquisition of a community in Pennsylvania for approximately $3.34 million. This community consists of 147 developed homesites, with an occupancy rate of about 56% and spans 27 acres. CEO Samuel A. Landy stated that Camelot Woods is a value-add community, and they plan to implement a rental program to enhance occupancy and generate substantial value. UMH continues to see strong rental demand across its portfolio, with collection rates returning to pre-pandemic levels.

Positive

• Acquisition of Camelot Woods for $3.34 million, adding value to the portfolio.
• Value-add potential with plans to improve occupancy and NOI growth.
• Strong demand and improved occupancy reported across existing communities.
• Collection rates aligned with pre-pandemic levels.

Negative

• None.

FREEHOLD, NJ, July 24, 2020 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) announced that it closed on the acquisition of one community located in Pennsylvania for a total purchase price of approximately $3.34 million. This community contains 147 developed homesites, of which approximately 56% are occupied. It is situated on approximately 27 acres. 

Samuel A. Landy, President and Chief Executive Officer, commented, “Camelot Woods is a value-add community located in Altoona, Pennsylvania. It is a high-quality community that was developed in the late 1990s and is in good condition. We own several properties near Altoona which exhibit strong rental demand. We intend to implement our rental program which will drive occupancy and NOI growth generating substantial value.

UMH continues to execute on our long-term business plan. Communities throughout our portfolio are reporting strong demand and improved occupancy. Our collection rates are in line with pre-pandemic levels. We are also making progress on the financing of a portfolio of some of our free and clear properties with low-cost mortgage debt. This reduced cost of capital should lead to increased earnings in the future.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 123 manufactured home communities with approximately 23,200 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan. In addition, the Company owns a portfolio of REIT securities.

# # # #

Contact: Nelli Madden
732-577-9997

UMH PROPERTIES, INC.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, NJ 07728
(732) 577-9997
Fax: (732) 577-9980

FAQ

What was the purchase price of the UMH Properties acquisition?

The acquisition price was approximately $3.34 million.

Where is the newly acquired community located?

The community is located in Pennsylvania.

How many homesites does the acquired community have?

The community contains 147 developed homesites.

What is the current occupancy rate of the community?

Approximately 56% of the homesites are occupied.

What are UMH's plans for Camelot Woods?

UMH plans to implement a rental program to enhance occupancy and generate value.

How is UMH doing in terms of rental demand?

UMH is reporting strong rental demand and improved occupancy across its portfolio.