UMH PROPERTIES, INC. ENTERS FLORIDA MARKET

Rhea-AI Summary

UMH Properties, through its joint venture with Nuveen Real Estate, has acquired a newly developed all-age manufactured home community in Sebring, Florida for $22.2 million. The community features 219 homesites on 39 acres. This marks UMH's entry into the Florida market, with plans for further growth, including two additional communities under contract. The new site includes various amenities, showcasing strong demand and expected financial performance that aims to enhance long-term value for shareholders.

Positive

• Acquisition of a high-quality manufactured home community for $22.2 million.
• Entry into the Florida market, expanding UMH's geographic reach.
• Strong demand for the new community with competitive amenities.
• Anticipation of additional growth with two more communities under contract.

Negative

• None.

FREEHOLD, NJ, Dec. 22, 2021 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed, through its joint venture with Nuveen Real Estate, on the acquisition of a newly developed all-age, manufactured home community located in Sebring, Florida for a total purchase price of $22.2 million. This community contains 219 developed homesites. It is situated on approximately 39 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are happy to announce the acquisition of our first newly developed manufactured housing community through our joint venture with Nuveen Real Estate. This is UMH’s first community in the Florida market. The demographics in Florida are exceptional and we look forward to providing this market with high quality affordable housing. We also have two additional to-be-developed communities in the Florida market under contract and we anticipate further growth of our acquisition pipeline.

“This is a high-quality community with a clubhouse, fitness center, dog park, bocce ball, pickle ball, splash pad, pool and more. We are already experiencing strong demand and expect to meet our projected financial and operating targets which should lead to long-term value creation.”

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. UMH also owns 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 Properties?

UMH Properties acquired a newly developed manufactured home community in Sebring, Florida, for $22.2 million.

How many homesites are in the newly acquired community?

The community contains 219 developed homesites.

What is the significance of this acquisition for UMH?

This acquisition marks UMH's first community in the Florida market and represents an expansion of their portfolio.

What amenities does the new community in Florida offer?

The new community features a clubhouse, fitness center, dog park, bocce ball, pickleball, splash pad, and pool.

What are the future plans for UMH in Florida?

UMH has two additional to-be-developed communities in Florida under contract, indicating further growth.