(By Balaseshan) UMH Properties Inc. (NYSE:UMH), a real estate investment trust (REIT), said it has closed on the acquisition of Meadowood home community in New Middletown, Ohio.
The company on Thursday has closed on the acquisition of Meadowood, a 123-site manufactured home community situated on about 20 acres, located in New Middletown, Mahoning County, Ohio, for a purchase price of $3.4 million.
"The operation of Meadowood will fit in nicely with our existing Ohio communities. This well-located, age 55 and older community is a welcome addition to our growing portfolio," said Samuel Landy, President of UMH Properties.
With this purchase, UMH now owns forty-two manufactured home communities consisting of over 9,100 developed homesites.
Recently in the second week of July, the company's board of directors declared its quarterly cash dividend of $0.18 per common share, payable September 17 to shareholders of record at the close of business August 15.
In addition, the board declared a quarterly dividend of $0.515625 per share for the period from June 1, 2012 through August 31, 2012, on its 8.25% Series A Cumulative Redeemable Preferred Stock payable September 17 to shareholders of record at the close of business on August 15.
UMH is trading up 0.54% at $11.24 on Friday. The stock has been trading between $8.60 and $11.82 for the past 52 weeks.