UMH Goes Shopping

StreetInsider informs MHProNews that UMH Properties, Inc. (NYSE:UMH) has finalized its deal for ten all-age MHCs for $67,500,000, a total of 1,654 developed home sites to add to its portfolio. The acquisition includes five communities in Ind., four in Penn., and one in Mich., with an average occupancy of 85 percent. UMH President Samuel A. Landy says, “With this acquisition, UMH has increased its portfolio by approximately 18%. These communities are an excellent fit with our existing portfolio. We believe that all of these communities will benefit from our sales and rental programs. Additionally, we have a strong acquisition pipeline in place and expect continued growth throughout the remainder of 2013.” A publicly-owned real estate investment trust (REIT), UMH now owns 67 MHCs comprised of 12,500 developed home sites. UMH closed today at 10.08, up +0.52%.

(Photo credit: UMH Properties, Inc.)

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