UMH PROPERTIES, INC. REPORTS ON THE IMPACT OF HURRICANE HELENE

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) has reported on the impact of Hurricane Helene on its manufactured housing communities portfolio. The company experienced minor damage to communities in Florida, Alabama, South Carolina, Georgia, Tennessee, and Ohio, primarily due to high winds and heavy rain. President and CEO Samuel A. Landy emphasized that the damage demonstrates the quality and durability of their homes.

All residents and employees are safe, and UMH is taking measures to clean up and repair any marginal damages. The company does not expect the storm's effects to have a material impact on operations or financial results. UMH Properties owns and operates 136 manufactured home communities with approximately 25,800 developed homesites across 11 states, plus an ownership interest in two Florida communities through a joint venture with Nuveen Real Estate.

Positive

• damage to communities demonstrates the quality and durability of UMH homes
• No material impact expected on operations or financial results
• All residents and employees are reported safe

Negative

• None.

Insights

Real Estate Analyst

The impact of Hurricane Helene on UMH Properties' portfolio appears to be minimal, which is a positive outcome for the company. The damage reported across their communities in multiple states demonstrates the resilience of their assets. This event showcases the quality of UMH's manufactured homes and community infrastructure, which could be a selling point for future residents and investors.

From a financial perspective, the company's statement that they "do not expect the effects of the storm to have a material impact on our operations or financial results" is reassuring for investors. It suggests that any repair costs or potential loss of rental income will likely be insignificant relative to the company's overall financial position.

UMH's readiness to provide support as requested by government entities could potentially lead to positive community relations and possibly new business opportunities in the aftermath of the hurricane. This proactive stance might enhance the company's reputation and could be viewed favorably by stakeholders.

Overall, while natural disasters always pose risks to real estate companies, UMH seems to have weathered this storm well, both literally and figuratively, which should be viewed positively by investors in terms of the company's risk management and asset quality.

FREEHOLD, NJ, Oct. 02, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) reported today on the impact of Hurricane Helene on its portfolio of manufactured housing communities.

Samuel A. Landy, President and Chief Executive Officer, commented, “Our communities in Florida, Alabama, South Carolina and Georgia experienced high winds and heavy rain which resulted in minor damage to these communities. Additionally, several of our communities in Tennessee and Ohio had trees down and other minor damage. The limited damage to our homes and our communities demonstrates the quality and durability of our homes. Most importantly, all of our residents and employees are safe. We are taking appropriate measures to clean up and repair any marginal damages sustained at our communities. We do not expect the effects of the storm to have a material impact on our operations or financial results. While our damage was minimal, others were not as fortunate. We stand ready to provide support as requested by the local, state and federal government.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 manufactured home communities containing approximately 25,800 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
732-577-4062

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FAQ

How did Hurricane Helene impact UMH Properties' communities?

Hurricane Helene caused minor damage to UMH Properties' communities in Florida, Alabama, South Carolina, Georgia, Tennessee, and Ohio, primarily due to high winds and heavy rain. The damage was , demonstrating the quality and durability of their homes.

Will the hurricane damage affect UMH Properties' (UMH) financial results?

UMH Properties does not expect the effects of Hurricane Helene to have a material impact on their operations or financial results, despite minor damages to some communities.

How many manufactured home communities does UMH Properties (UMH) own and operate?

UMH Properties owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites across 11 states, plus an ownership interest in two Florida communities through a joint venture.

What actions is UMH Properties taking in response to Hurricane Helene?

UMH Properties is taking appropriate measures to clean up and repair any marginal damages sustained at their communities. They also stand ready to provide support as requested by local, state, and federal government.