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.
News Market Reaction – UMH
In the trading session that priced this news, UMH declined 0.36%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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