UMH Properties Posts Rental Income Growth, Record Quarterly Home Sales

MT Newswires Live

Jul 02

UMH Properties (UMH) said Thursday that July total rental and related income increased 10.3% year over year, with same-store rental and related income up 9.2%.

The real estate investment trust said home sales income rose 9.2% year over year to a record $11.4 million, while adding 193 rental homes and increasing rental home occupancy to 95.3%.

UMH also expanded and extended its revolving credit facility, increasing potential borrowing capacity to $600 million while reducing the interest rate by about 35 to 40 basis points, it added.

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