UMH PROPERTIES, INC. OBTAINS SECOND-PARTY OPINION ON ITS SUSTAINABLE BOND FRAMEWORK

Rhea-AI Summary

UMH Properties (NYSE: UMH) has received a Second-Party Opinion on its March 2022 Sustainable Bond Framework from Sustainalytics. This framework highlights UMH's commitment to providing affordable housing for low-income earners, achieving rents that do not exceed 30% of gross income for those making 50-80% of the area median income. The company's efforts in water conservation and energy efficiency, such as using LED lights and smart thermostats, have also been favorably reviewed. UMH operates 127 manufactured home communities across eleven states.

Positive

• UMH received a favorable Second-Party Opinion from Sustainalytics on its Sustainable Bond Framework.
• The framework emphasizes UMH's commitment to affordable housing for low-income individuals.
• Annualized rents at UMH properties are affordable for individuals earning 50-80% of the area median income.
• UMH's low-interest rates for home buyers enhance access to essential services.
• The company has successfully implemented energy-efficient initiatives, improving emissions usage.

Negative

• None.

FREEHOLD, NJ, March 29, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) announces that it has obtained a Second-Party Opinion on its March 2022 Sustainable Bond Framework from Sustainalytics.

Samuel A. Landy, President and Chief Executive Officer commented, “The Sustainable Bond Framework outlines UMH's commitment to affordable housing. UMH is proud of its capabilities of being a premier provider of quality housing, attainable to America's workforce without using traditional government subsidy programs.”

UMH provides eleven states with housing affordable to those whom HUD defines as low-income earners in rural and metropolitan areas. Low-income earners make between 50-80% of their area median income. Using HUD's data on area median income in the localities where UMH's portfolio is situated, annualized rents are affordable (not more than 30% of gross income) to someone making 50-80% of the area median income. The company's lower than industry average interest rate for qualified home buyers has also been recognized as giving access to essential services for the target population of low-income earners.

In addition to the social contribution of providing affordable housing units and low-interest-rate financing on chattel loans, the company's water conservation and energy efficiency efforts outlined in the framework have also been reviewed by Sustainalytics. The success of submetering communities, swapping for LED lights, and retrofitting to smart thermostats has helped drastically improve the company's emissions usage.

UMH Sustainable Bond Framework follows the International Capital Markets Association’s, 2021 Sustainable Bond Guidelines, 2021 Green Bond Principals, and 2021 Social Bond Principals.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 127 manufactured home communities containing approximately 24,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, 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 is UMH Properties' commitment regarding affordable housing?

UMH Properties is committed to providing affordable housing for low-income earners, ensuring that annualized rents do not exceed 30% of gross income.

What did Sustainalytics say about UMH's Sustainable Bond Framework?

Sustainalytics provided a favorable Second-Party Opinion on UMH's Sustainable Bond Framework, highlighting its efforts in affordable housing and sustainability.

How many manufactured home communities does UMH Properties operate?

UMH Properties operates 127 manufactured home communities across eleven states.

What kind of energy efficiency initiatives has UMH implemented?

UMH has implemented energy efficiency initiatives like using LED lights, smart thermostats, and water conservation measures to reduce emissions.

What is the target demographic for UMH's housing?

UMH targets low-income earners defined by HUD, typically those earning between 50-80% of the area median income.