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 Monaca, Pennsylvania for $5.8 million. This community comprises 96 developed homesites and spans approximately 18 acres. CEO Samuel A. Landy expressed enthusiasm for the acquisition, highlighting its strategic location near existing high-occupancy communities. UMH aims to upgrade the facility to enhance income and value. The company manages 128 communities across various states, totaling around 24,100 homesites, and continues to pursue growth through additional acquisitions.

Positive

• Acquired a strategically located community in Monaca, PA for $5.8 million.
• The acquisition complements existing high-occupancy properties.
• Plans to implement upgrades to enhance income and community value.
• Continuing to seek additional growth opportunities through acquisitions.

Negative

• None.

FREEHOLD, NJ, March 31, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community located in Monaca, Pennsylvania for a total purchase price of $5.8 million. This community contains 96 developed homesites. It is situated on approximately 18 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are happy to announce the acquisition of this well-located community in Monaca, PA. This community is located near some of our communities that are at or near full occupancy and it complements our existing portfolio. We will implement our proven business plan in order to upgrade the community to UMH’s standards. Our planned improvements should result in increased income and value. We continue to seek additional opportunistic acquisitions that meet our growth criteria.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 128 manufactured home communities with approximately 24,100 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 did UMH Properties acquire recently?

UMH Properties acquired a manufactured home community in Monaca, Pennsylvania for $5.8 million.

How many homesites are in the acquired community?

The acquired community contains 96 developed homesites.

What is the strategic importance of the Monaca acquisition for UMH?

The Monaca community is near existing properties that are at or near full occupancy, enhancing UMH's portfolio.

What improvements will UMH implement in the new community?

UMH plans to upgrade the community to their standards, which is expected to increase income and value.

How many total communities does UMH Properties operate?

UMH Properties operates 128 manufactured home communities across various states.