UMH PROPERTIES, INC. ENTERS INTO NEW REVOLVING CREDIT AGREEMENT

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) announced a $30 million revolving line of credit with Triad Financial Services on March 9, 2023, secured by rental homes and leases. This funding aims to enhance UMH's rental home business, allowing them to purchase new rental homes. With over 10,000 owned rental homes, UMH plans to add 800 annually, boosting revenue and operating performance. The company, established in 1968, operates 135 manufactured home communities across several states, housing approximately 25,700 homesites. UMH emphasizes its commitment to providing quality affordable housing and improving community living standards.

Positive

• UMH secured a $30 million revolving line of credit, enhancing liquidity.
• Plans to add 800 rental homes annually, boosting revenue potential.
• Current ownership of over 10,000 rental homes positioned for growth.

Negative

• None.

FREEHOLD, NJ, March 13, 2023 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH), announced that on March 9, 2023, it entered into a $30 million revolving line of credit with Triad Financial Services secured by rental homes and rental home leases. 

Samuel A. Landy, President and Chief Executive Officer commented, "UMH is pleased to announce our new rental facility with Triad Financial Services that provides an attractive source of funding for the purchase of new rental homes. Over the past few years, we have worked to obtain acceptance of our rental home business model from our investors, government sponsored entities and our banks. We are proud of the progress that we have made and look forward to growing these programs with our lending partners in the future. 

“Rental homes in manufactured housing communities are the best way to provide the Nation with quality affordable housing. UMH currently owns over 10,000 rental homes and we anticipate adding 800 or more rental homes to our portfolio on an annual basis. These homes improve the quality of our communities, improve our operating performance and provide a positive social impact. We currently have over 1,000 homes in inventory at locations with strong demand. As we occupy these units, revenue and NOI will increase resulting in per share earnings accretion.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate. 

Contact: Nelli Madden
732-577-9997

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FAQ

What is the purpose of UMH's new $30 million line of credit?

The line of credit aims to provide funding for purchasing new rental homes.

When was the line of credit with Triad Financial Services announced?

The line of credit was announced on March 9, 2023.

How many rental homes does UMH currently own?

UMH currently owns over 10,000 rental homes.

What is UMH's annual goal for adding rental homes?

UMH plans to add 800 or more rental homes to its portfolio annually.

In how many states does UMH operate its manufactured home communities?

UMH operates in multiple states including New Jersey, New York, Ohio, and more.