UMH Properties, Inc. has recently completed the acquisition of two age-restricted manufactured home communities in Mantua, New Jersey, for a total purchase price of $24.6 million. These communities consist of 266 developed homesites, all of which are currently occupied, spread over approximately 38 acres.
The President and CEO, Samuel A. Landy, expressed his satisfaction with the acquisition, highlighting that the communities contain modern, homeowner-occupied manufactured homes and are strategically located near Philadelphia, experiencing strong demand for sales. He also mentioned that the deal is expected to be accretive to earnings, with additional upside through the brokerage of home sales.
UMH Properties, Inc. is a public equity REIT that owns and operates 141 manufactured home communities, comprising around 26,500 developed homesites, of which 10,300 contain rental homes, in addition to over 1,000 self-storage units. These communities are located across various states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia. Furthermore, the company has an ownership interest in two communities in Florida, containing 363 sites, which it operates through a joint venture with Nuveen Real Estate.
The press release did not include the specific metrics or changes since the last period, so we are unable to provide a detailed comparison of the company's financial performance or operational metrics. As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $18.34. For more information, read the company's full 8-K submission here.
