UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On December 15, 2022, the Company issued a press release announcing that it closed on an acquisition of one community in New Jersey for $23 million.
The information being furnished pursuant to this Item 7.01, including Exhibits 99 to this report, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this report, including Exhibits 99, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically incorporated by reference into any such filing. This report will not be deemed an admission as to the materiality of any information in this report that is required to be disclosed solely by Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99 | Press Release dated December 15, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UMH Properties, Inc. | ||
| Date: December 16, 2022 | By: | /s/ Anna T. Chew |
| Name: | Anna T. Chew Vice President and Chief Financial Officer | |
| 3 |
Exhibit 99
| FOR IMMEDIATE RELEASE | December 15, 2022 |
| Contact: Nelli Madden | |
| 732-577-9997 |
UMH PROPERTIES, INC. COMPLETES ACQUISITION OF NEW JERSEY MANUFACTURED HOME COMMUNITY
FREEHOLD, NJ, December 15, 2022........ UMH Properties, Inc. (NYSE: UMH) closed on the acquisition of a manufactured home community, located in Jackson, New Jersey, for a total purchase price of $23 million. This community contains 260 developed homesites, of which 98% are occupied. It is situated on approximately 42 acres.
Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to complete the acquisition of Oak Tree Estates located in Jackson, New Jersey. It is very well located in a market with high rents and strong sales demand. The community is located near our corporate office and Southwind Village, which we have successfully operated for 53 years, and creates operating efficiencies that should result in improved operating results. While this community is 98% occupied, there is upside in sales profits and bringing the rents to market as the units are replaced. This turnover will allow us to install new homes thereby improving the quality of the community while generating strong sales profits and bringing the rental rates to market.
“We continue to seek opportunistic acquisitions that meet our growth criteria. This year we completed the acquisition of 6 communities, containing approximately 1,500 sites for a total purchase price of $86.3 million.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 134 manufactured home communities with approximately 25,600 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.
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