UMH - UMH Properties enters into $30M revolving credit line pact to buy rental homes

2023-03-13 17:02:07 ET

• UMH Properties ( NYSE: UMH ) said Monday it has entered into a $30M revolving credit line with Triad Financial Services to enable a source of funding to acquire new rental homes .
• The residential REIT owns more than 10K rental homes with the expectation of adding 800 or more to its portfolio on an annual basis, said UMH President and CEO Samuel A. Landy.
• "We currently have over 1,000 homes in inventory at locations with strong demand," he added. As we occupy these units, revenue and NOI will increase resulting in per share earnings accretion.”
• Shares of UMH gained 2% in after-hours trading.
• For its fourth quarter, UMH posted below-consensus FFO per share of $0.20 .

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