UMH PROPERTIES, INC. COMPLETES ACQUISITION OF OHIO MANUFACTURED HOME COMMUNITY

UMH Properties has completed the acquisition of Fohl Village, a manufactured home community in Canton, Ohio, for $19.1 million.

Rhea-AI Summary

UMH Properties has completed the acquisition of Fohl Village, a manufactured home community in Canton, Ohio, for $19.1 million. This community features 321 homesites, with a 77% occupancy rate. The acquisition aligns with UMH's growth strategy, adding to the six communities purchased year-to-date, totaling $63 million and comprising 1,226 sites with a 59% blended occupancy.

CEO Samuel A. Landy notes strong potential for value increase through occupancy growth and operational improvements.

Positive

• Acquisition of Fohl Village strengthens UMH's market presence in Ohio.
• Potential for increased property value through infill of vacant sites.
• Year-to-date acquisitions of six communities bolster portfolio with a total of 1,226 sites.

Negative

• Blended occupancy rate of 59% across newly acquired communities indicates a need for improvement.

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FREEHOLD, NJ, Nov. 22, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community, located in Canton, Ohio, for a total purchase price of $19.1 million. This community contains 321 developed homesites, of which 77% are occupied. It is situated on approximately 170 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Fohl Village. This is a high-quality community located in a strong market that we have historically performed well in. This community is in good condition, with limited deferred maintenance and capital improvements, and with strong upside through the infill of vacant sites. We plan on implementing our rental home business model which will improve operating results and increase the property value.

“We continue to opportunistically acquire communities that meet our growth criteria. Year-to-date, we have acquired six communities containing 1,226 sites for a total purchase price of $63 million. These communities have a blended occupancy rate of 59%, and significant upside through the infill of vacant sites.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 133 manufactured home communities with approximately 25,300 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.

Contact: Nelli Madden

732-577-9997

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the acquisition price of the Fohl Village community by UMH?

UMH Properties acquired the Fohl Village community for $19.1 million.

What is the occupancy rate of the newly acquired Fohl Village community?

The Fohl Village community has a 77% occupancy rate.

How many communities has UMH Properties acquired this year?

Year-to-date, UMH has acquired six communities.

What is the total purchase price of communities acquired by UMH in 2022?

The total purchase price for the communities acquired in 2022 is $63 million.

What does UMH plan to implement at Fohl Village?

UMH plans to implement its rental home business model at Fohl Village to improve operating results and increase property value.