He adds, “Given the area's strong employment demand and population density, we are confident in our ability to improve occupancy and overall operations which should result in significant value creation. Friendly Village also adjoins another UMH Community that we acquired in the fourth quarter of 2018. Together, these two communities total 1,015 developed homesites, generating managerial efficiencies created by the economies of scale.”

Earlier this month, UMH Properties announced it had completed the financing/refinancing of three of its communities, Southwind Village, Woodlawn Village and Oxford Village, through Wells Fargo Bank, N. A. for total proceeds of approximately $38.8 million. These Federal National Mortgage Association (Fannie Mae) mortgage loans have 10-year maturities with principal repayments based on 30-year amortization schedules. Interest on these mortgage are at 3.41%. Proceeds from these mortgages were primarily used to repay the existing 5.94% mortgages, which had a total balance of approximately $11.6 million.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 119 manufactured home communities with approximately 22,300 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan. In addition, the company owns a portfolio of REIT securities.