UMH PROPERTIES, INC. ENTERS INTO NEW REVOLVING CREDIT AGREEMENT
March 13 2023 - 4:15PM
UMH Properties, Inc. (NYSE: UMH), announced that on March 9, 2023,
it entered into a $30 million revolving line of credit with Triad
Financial Services secured by rental homes and rental home
leases.
Samuel A. Landy, President and Chief Executive
Officer commented, "UMH is pleased to announce our new rental
facility with Triad Financial Services that provides an attractive
source of funding for the purchase of new rental homes. Over the
past few years, we have worked to obtain acceptance of our rental
home business model from our investors, government sponsored
entities and our banks. We are proud of the progress that we have
made and look forward to growing these programs with our lending
partners in the future.
“Rental homes in manufactured housing
communities are the best way to provide the Nation with quality
affordable housing. UMH currently owns over 10,000 rental homes and
we anticipate adding 800 or more rental homes to our portfolio on
an annual basis. These homes improve the quality of our
communities, improve our operating performance and provide a
positive social impact. We currently have over 1,000 homes in
inventory at locations with strong demand. As we occupy these
units, revenue and NOI will increase resulting in per share
earnings accretion.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities with approximately 25,700 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
Madden732-577-9997
# # # #
UMH Properties (NYSE:UMH)
Historical Stock Chart
From Jun 2024 to Jul 2024
UMH Properties (NYSE:UMH)
Historical Stock Chart
From Jul 2023 to Jul 2024