UMH PROPERTIES, INC. COMPLETES ACQUISITION OF TWO NEW JERSEY MANUFACTURED HOME COMMUNITIES

Rhea-AI Summary

UMH Properties has acquired two age-restricted manufactured home communities in Mantua, New Jersey for $24.6 million. The properties, Cedar Grove Park and Maplewood Village, feature 266 developed homesites with 100% occupancy rate across approximately 38 acres.

The newly acquired communities are strategically located near Philadelphia and consist of modern, homeowner-occupied manufactured homes. The acquisition is expected to be accretive to earnings, with additional revenue potential through home sales brokerage.

Following this acquisition, UMH's portfolio now encompasses 141 manufactured home communities with approximately 26,500 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across 12 states. Two communities in Florida, containing 363 sites, are operated through a joint venture with Nuveen Real Estate.

Positive

• 100% occupancy rate in newly acquired properties
• Acquisition expected to be immediately accretive to earnings
• Additional revenue potential through home sales brokerage
• Strategic location near Philadelphia with strong sales demand

Negative

• None.

FREEHOLD, NJ, March 24, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH; TASE: UMH) closed on the acquisition of two age-restricted manufactured home communities, located in Mantua, New Jersey, for a total purchase price of $24.6 million. These communities contain 266 developed homesites, of which 100% are occupied. They are situated on approximately 38 acres.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Cedar Grove Park and Maplewood Village. These are two high-quality stabilized communities that contain all modern, homeowner occupied, manufactured homes. These communities are well-located near Philadelphia and experience strong demand for sales. This deal is expected to be accretive to earnings with additional upside through the brokerage of home sales. We continue to seek acquisitions that meet our growth criteria and anticipate additional acquisitions as we progress through the year.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 141 manufactured home communities, containing approximately 26,500 developed homesites, of which 10,300 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 141 communities are two communities in Florida, containing 363 sites, that UMH has an ownership interest in and operates through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden

732-577-9997

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FAQ

How much did UMH Properties pay for the two New Jersey manufactured home communities in March 2024?

UMH Properties paid $24.6 million for the two age-restricted manufactured home communities in Mantua, New Jersey.

What is the occupancy rate of UMH's newly acquired communities in Mantua?

The newly acquired communities have a 100% occupancy rate across 266 developed homesites.

How many manufactured home communities does UMH Properties own after the March 2024 acquisition?

UMH Properties owns and operates 141 manufactured home communities, including two in Florida through a joint venture with Nuveen Real Estate.

What is the expected financial impact of UMH's Mantua communities acquisition?

The acquisition is expected to be accretive to earnings with additional upside potential through home sales brokerage.