Posts Tagged ‘assets’

Atco Sells its Half of Modular Venture

September 13th, 2013 Comments off

Producer of modular workforce buildings, mobile offices, and permanent modular buildings, Canada’s Atco Ltd. has sold its half of the joint venture in South America with Tecno Fast to its partner for Canada $124 million. The sale includes assets in Brazil, Chile, Colombia and Peru, according to With 8,800 employees worldwide, and clients in over 100 countries, as MHProNews has learned, Atco Structures and Logistics has other working subsidiaries in South America and may re-enter the modular market at a later date.

(Photo credit:–Homark Homes modular bunkhouse)

Equity LifeStyle Properties Wheels and Deals

August 2nd, 2013 Comments off

Chicago-based Equity LifeStyle Properties, Inc. (NYSE:ELS) reports the company finalized selling ten manufactured home communities comprised of 4,925 home sites. Received as part of the $1.5 billion Hometown America acquisition in 2011, the properties did not fit the core business strategy of ELS, and overall occupancy only reached 70 percent. Another manufactured housing community (MHC) with 419 home sites in Michigan is expected to close in this quarter, which would bring $165 million for all eleven communities into the company’s coffers,$41 million of it a gain. Additionally, fortmilltimes says the company acquired three MHCs in the Chicago metro area with 1,207 home sites for $102 million. ELS CEO Marguerite Nader says, “We are pleased with the execution on these transactions. We were able to redeploy capital from our sale of assets in non-core markets into three high quality manufactured home communities in the Chicagoland area to complement our existing assets in this market.” MHProNews knows ELS is the largest owner of manufactured home and recreational vehicle communities in North America.

(Photo credit: Equity LifeStyle Properties–country club in California)

Manufactured Housing Component Producer Grows

July 15th, 2013 Comments off

Lippert Components, Inc., (LCI), a subsidiary of Drew Industries, Inc., has acquired certain assets and the engineering team of Midstates Tool and Die and Engineering, Inc. in Elkhart, Ind. Now renamed Lippert Automation, Tool and Die, the company builds automated equipment, production tooling, and progressive and one-hit stamping dies, and currently employs 12 people, all of whom will remain. Joe Giordano III, chief financial officer of Drew, says, “We haven’t done a big acquisition to date. We’ve done them with small steps, and this is just another one of those in that long history of small steps.” Lippert has over 4,800 employees in northern Ind., and as southbendtribune informs MHProNews, anticipates that will grow to 5,300 by the end of 2016. Jason Lippert, CEO of Drew, a component maker to the manufactured housing industry, says, “The Midstates team has developed a strong reputation for quality workmanship, and we expect to build on that strength.”

(Image credit: Lippert Components, Inc.)

UMH Revenues Nearly Double

May 9th, 2013 Comments off

From sys-con MHProNews has learned manufactured housing community owner UMH Properties, Inc. reports funds from operations (FFO) came within $222,000 of doubling from the first quarter 2012 to Q1 2013, from $2,738,000 to $5,254,000, from $0.18 a diluted share in Q1 of last year to $0.30 per diluted share Q1 2013. Total income grew from $10.9 million to $13.4 million for the same period. Net income attributable to common shareholders rose from $1,059,000 million in the first quarter of 2012 to $2,260,000 this most recent quarter ending. Total assets increased to $362 million from $300 million for the period 12-31-12 to 3-31-13. President Samuel A. Landy, noting UMH spent just under $75 million on acquisitions yielding over 2100 homesites in the quarter ending March 31, 2013, says, “Over the past few years, we have been very successful in harnessing gains on our securities investment and redeploying that capital into our community acquisitions. Our REIT securities portfolio continued to perform well generating $3.3 million in realized gains in the first quarter of 2013 and an additional $8.2 million in unrealized gains at quarter end.” UMH has established a $35 million unsecured line of credit with the Bank of Montreal which could be extended another $15 million. Landy says portfolio occupancy rose from 77 percent as of March 31, 2012 to 81 percent March 31, 2013. UMH owns and operates 68 manufactured home communities comprised of 12,800 developed homesites, and owns a portfolio of other real estate investment trust (REIT) securities.

(Image credit: UMH Properties, Inc.)

British Columbia needs more Manufactured Housing Communities

April 10th, 2013 Comments off informs MHProNews MHC owner Larry Gaudreau, noting that communities built in the 1940’s and 1950’s have deteriorating infrastructures that cannot be replaced without moving residents out, says the government needs more affordable housing for these people, as well as to meet future needs. “More than 50 per cent of the people that are going to retire are going to have to use the assets from their house and they are going to be looking for low-cost housing,” he says. Justin Filuk, senior project officer for British Columbia Housing, says, “It is important that all levels of government including municipalities recognize their role in helping to both preserve the existing stock of mobile home pads and to also facilitate the creation of new supply.” Gaudreau says Toronto Dominion Bank has expressed willingness to help finance construction of MHCs on Vancouver Island.

(Photo credit: Wikipedia)

Attorney General Sues Community Owners

April 8th, 2013 Comments off

As MHProNews reported here earlier today (Mon. April 8), the closing of Hilltop Mobile Home Park in State College, Penn. that led to a musical benefit to help residents, has also led to charges being filed against the owners by the state attorney general’s Bureau of Consumer Protection for allegedly violating the Manufactured Home Community Rights Act by not paying relocation expenses. The law states the MHC owners are required to pay $4,000 to move each single-section home, and also have to buy the homes of those who are unable or unwilling to relocate. Owners Kenneth Mayes II and his sister, Sharon Mayes, have entered a conditional sales agreement with a student housing builder, which led to the closing of the community Feb. 28. They reportedly have paid some homeowners but not others. GantDaily states the attorney general’s office is also pursuing an injunction to prevent the Mayes’ from dissipating the assets once the sale is final.

(Photo credit: Christopher Weddle/centredailytimmes–Hilltop Emptying out.)

UMH Issues Financials for 2012

March 12th, 2013 Comments off

PRNewswire reports from Freehold, NJ, MHC owner operator UMH Properties, Inc. announces its financials for 2012 and the Q4 2012. Its Core Fund from Operations (FFO) grew from $9,218,000 for the year ending Dec. 31, 2011 to $10,010,000 year-over-year 2012. Total income increased from $39,313,000 in 2011 to 46,828,000 in 2012, while net income attributable to common shareholders fell from $2,040,000 in 2011 to $1,749,000 in 2012. For the quarter ending Dec. 31, 2012 total income rose to $12,606,000 from $11,026,000 for the same quarter of 2011. Net loss attributable to common shareholders increased from $147,000 for Q4 2011 to to $559,000 Q4 2012. During 2012 UMH acquired 17 Communities containing a total of 1,700 developed home sites for $47.6 million. Assets in 2012 grew from $223.9 million to $300.2 million. As MHProNews understands, UMH owns and operates 67 manufactured housing communities comprised of 12,500 developed homesites in seven states. It also owns a portfolio of REITs. Says President Samuel A. Landy, “The Company is very well positioned to continue to execute its growth strategy and anticipates additional acquisitions in 2013.”

(Image credit: UMH Properties, Inc.)

MOD Builder goes under Down Under

March 6th, 2013 Comments off

SmartCompanyAu reports from down under modular builder Mornington Park Homes has been placed in receivership after 32 years in business, and corporate advisory firm McGrathNicol is seeking buyers for the assets of what was once Tasmania’s leading producer of modular homes, having produced nearly 32,000 homes. Despite reports that the prefabricated market will increase through 2017, as MHProNews reported here Feb. 28, 2013, modular builder Trade Fusion of new South Wales, Australia closed its doors last Nov. The Australian Securities and Investment Commission reports of the 10,632 companies that ceased operations last year, one-fifth of them were in the construction business.

(Photo credit: tektumdailymercury–Australian modular home)

The Oracle of Omaha Opines

March 5th, 2013 Comments off

CNNMoney reports Berkshire Hathaway Chairman Warren Buffett, noting the sell-off in stocks recently when Federal Reserve meeting minutes indicated some members wanted to slow the buying of assets, says once the Federal Reserve actually starts selling the trillions in mortgages and Treasuries, the market reaction could be extreme. “All over the world everybody that manages money is waiting to catch the signal that the Fed is going to reverse course,” he says. “I think they’re on a hair trigger. There are an awful lot of people who want to get out of a lot of assets if the Fed is going to tighten. Who knows how it will play out.” While he criticizes gridlock in Congress over the budget, he does not think the sequestration cuts will throw the economy back into a recession. As MHProNews knows, Clayton Homes, the largest producer of manufactured housing in North America, is a subsidiary of Berkshire Hathaway.

(Photo credit: Clayton Homes)

Modular Manufacturer Sold to Investment Firm

February 13th, 2013 Comments off

PRNewsWire reports CoveView Capital Partners, LLC has acquired all the assets of modular builder HandCrafted Homes, LLC of Henderson, NC. Paul Jarvis, the new President of HandCrafted Homes, says, “The infusion of new capital will allow us to fund growth initiatives as the housing markets begin to recover, and is well timed for the upcoming spring selling season. We are excited to partner with an experienced investor such as CoveView to create a great organization around an already strong brand.” HandCrafted builds modular homes, apartments and commercial buildings. As MHProNews has learned separately, CoveView is a private investment firm based in Stamford, Conn., formed in 2009 by three former J.P. Morgan bankers. The selling price was not immediately available.

(Image credit: HandCrafted Homes, LLC)