UMH PROPERTIES, INC. SURPASSES 1,000 SELF-STORAGE UNITS
Rhea-AI Summary
UMH Properties announced the acquisition of a 246-unit self-storage facility in Anderson, Indiana, bringing its total self-storage portfolio to over 1,000 units. The newly acquired facility is located adjacent to one of UMH's existing communities. The company operates 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes. These communities span across 12 states, with two Florida communities (363 sites) operated through a joint venture with Nuveen Real Estate.
Positive
- Expansion of self-storage portfolio with 246 new units
- Strategic location adjacent to existing UMH community
- Diversification of revenue streams through self-storage business
Negative
- None.
Insights
The acquisition of a 246-unit self-storage facility in Anderson, Indiana marks a strategic expansion of UMH's self-storage portfolio beyond 1,000 units. This vertical integration strategy of placing storage facilities near existing manufactured home communities creates operational synergies and diversifies revenue streams. The proximity to UMH communities provides a built-in customer base while serving the broader local market.
With 139 manufactured home communities containing approximately 26,200 homesites, of which 10,300 are rental homes, UMH has established a solid foundation in the affordable housing sector. The addition of self-storage units represents a complementary business line that can leverage existing management infrastructure and enhance property values. This expansion demonstrates UMH's commitment to maximizing asset utilization and creating additional revenue opportunities from their existing geographical footprint.
FREEHOLD, NJ, Nov. 04, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) announced that on November 1, 2024, the company closed on an acquisition of a self-storage facility adjoining one of UMH’s communities in Anderson, Indiana. The facility contains 246 self-storage units. UMH now has more than 1,000 storage units in its portfolio. All of UMH’s storage units either adjoin or are in close proximity to a UMH community.
Samuel A. Landy, President and Chief Executive Officer, commented “UMH is proud to surpass 1,000 self-storage units. UMH has a wonderful staff in our communities and when the opportunity presents itself for nearby additional storage, our staff can offer greater customer service for residents and the surrounding area’s storage needs. Adjoining self-storage has worked well for UMH, for residents, investors, and the nearby communities.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 139 manufactured home communities, containing approximately 26,200 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 139 communities are two communities in Florida, containing 363 sites that UMH owns and operates through its joint venture with Nuveen Real Estate.
Contact: Nelli Madden
732-577-9997
FAQ
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