M&A Activity • Apr 17, 2023
M&A Activity
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Contact: Nelli Madden 732-577-9997
FREEHOLD, NJ, April 14, 2023........ UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that it closed on the acquisition of a 30-acre parcel of land located in Perrysburg, Ohio, for a total purchase price of \$2.3 million. This land is fully entitled for the development of 115 manufactured home sites.
Samuel A. Landy, President and Chief Executive Officer, commented, "We are pleased to acquire this entitled vacant land in Perrysburg, Ohio, which adjoins our Meadows of Perrysburg property. Meadows of Perrysburg is a 196-site community that is approximately 95% occupied, with site rents averaging \$500 per month and home sales of over \$150,000 per new home. This entitled land provides us with a pipeline of new sites to generate profitable sales and should result in improved operating results. The purpose of this acquisition is to support our long-term strategy of growing the company through the infill of our 4,000 vacant sites, the development of our vacant land and the growth of our sales and finance operation."
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.
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CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 14, 2023 ______________________________________
UMH Properties, Inc.
(Exact name of registrant as specified in its charter) ______________________________________
Maryland 001-12690 22-1890929 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ 07728 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 577-9997
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
|---|---|---|
| Common Stock, \$.10 par value | UMH | New York Stock Exchange |
| 6.375% Series D Cumulative Redeemable Preferred Stock, \$.10 par value | UMH PRD | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] _____________________________________________________________________________________________
On April 14, 2023, the Company issued a press release announcing it completed the acquisition of land in Perrysburg, Ohio.
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.
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.
Date: April 17, 2023 By: /s/ Anna T. Chew Name: Anna T. Chew Vice President and Chief Financial Officer
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