UMH PROPERTIES, INC. COMPLETES ACQUISITION OF PENNSYLVANIA MANUFACTURED HOME COMMUNITY
UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured home community in Monaca, Pennsylvania for $5.8 million.
Sentiment and the balance of points
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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.
Details
News Market Reaction – UMH
The recorded move for UMH in the trading session of this news was +0.65%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
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