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FREEHOLD, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) — UMH Properties, Inc. (NYSE: UMH) today appear that it has auspiciously completed the costs of 28 of its unencumbered communities, absolute about 4,100 sites, through Wells Fargo Bank, N. A. for absolute gain of about $106 million. This Federal National Mortgage Association (Fannie Mae) acclaim adeptness has a 10-year adeptness with a 30-year acquittal schedule. Interest is at a anchored amount of 2.62%. The gain will be acclimated to redeem our 8% Series B Perpetual Adopted Stock and to additionally advance in added acquisitions, expansions and rental homes added acceptable our adeptness to accommodate affection affordable apartment in the markets that we serve.

Samuel A. Landy, President and Chief Executive Officer commented, “We are actual admiring to abide our able accord with Fannie Mae and Wells Fargo who accept done an aberrant job of accouterment low amount debt that will acquiesce us to abide on our mission of accouterment affection affordable housing. We will accept the adeptness to borrow up as we accomplish added control and NOI. The accepting of rental homes and the admission to debt through Fannie Mae is a above transformative anniversary for our industry.”

“This acclaim adeptness will acquiesce us to alarm our 8% Series B Perpetual Adopted Stock which is accepted to advance our funds from operations by over $5 actor per year. We intend to added restructure our basic assemblage and abate our amount of basic by recapitalizing our added outstanding adopted issues which are callable in 2022 and 2023.”

UMH Properties, Inc., which was organized in 1968, is a accessible disinterestedness REIT that owns and operates 123 bogus home communities with about 23,200 developed homesites. These communities are amid in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland.

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Contact: Nelli Madden732-577-9997

UMH PROPERTIES, INC.Juniper Business Plaza3499 Route 9 North, Suite 3-CFreehold, NJ 07728(732) 577-9997Fax: (732) 577-9980

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Last Updated: September 14th, 2020 by admin
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