UMH Properties raises $108M from ATM used in part to pay down line of credit

During the third quarter, UMH sold 100 homes of which 32 were new home sales. Gross home sales revenue for the third quarter was $8.7M as compared to $7.9 M last year, representing an increase of approximately 10%..Samuel A. Landy, President and CEO of UMH Properties, Inc., stated “UMH’s operating results continue to meet our expectations. Our communities are experiencing strong demand for sales and rental homes as demonstrated by our increased occupancy rates and our 10% increase in sales of manufactured homes. We currently have 284 homes on site that are ready for occupancy or being set up and another 240 homes expected to be delivered soon. This inventory will allow us to continue our organic growth through our sales and rental programs. With the unfortunate widespread loss of homes resulting from Hurricane Helene, we expect the demand for low cost, affordable housing to only increase. “We opportunistically raised approximately $108 million through our common ATM at share prices close to our 52-week high. This capital was used in part to pay down our line of credit, which should result in a reduction of interest expense. Additionally, we are actively deploying this capital into our rental home program, the financing of home sales, expansions and capital improvements which should generate accretive returns. “We have positioned the company with a strong balance sheet so that we can continue to invest in our communities and be prepared to acquire new communities when accretive investment opportunities become available.”