(By Balaseshan) UMH Properties Inc. (NYSE: UMH), a real estate investment trust (REIT), said it has agreed to purchase ten manufactured home communities for about $67.5 million.
These 10 all-age communities total 1,855 sites situated on 300 acres. There are five communities located in Indiana, four communities located in Pennsylvania, and one community located in Michigan. The average occupancy for these communities is about 83%.
The transaction is expected to be completed during the first quarter of 2013. This acquisition is subject to due diligence and other customary closing conditions and therefore there can be no assurance that this acquisition will take place in the first quarter of 2013 or at all.
The company's primary business is the ownership and operation of manufactured home communities, leasing manufactured home sites on a month-to-month basis to private manufactured home owners.
The company also leases homes to residents, and through its wholly owned subsidiary, UMH Sales and Finance Inc. (S&F), sells homes to residents and prospective residents of its communities.
UMH Properties currently owns and operates 57 manufactured home communities with about 10,600 total home sites located in New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana.
UMH is trading down 1.27% at $10.10 on Thursday. The stock has been trading between $9.03 and $12.20 for the past 52 weeks.