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Posts Tagged ‘land lease community news’

UMH Properties, Inc. Announces New Acquisition

November 3rd, 2011 Comments off

UMH_Properties_Logo posted on MHMarketingSalesManagmentMHProNews.com learned that UMH has recently announced it has closed on the acquisition of Clinton Mobile Home Resort, a 116-site manufactured home community situated on 24 acres, located in the City of Tiffin, County of Seneca, in the State of Ohio, for a purchase price of $3,450,000.  UMH is a publicly traded Real Estate Investment Trust (REIT). With this purchase, UMH now owns thirty-nine manufactured home communities consisting of approximately 8,860 land lease home sites, located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. UMH owns over 500 acres of land for the development of new sites.

UMH has a wholly owned subsidiary, UMH Sales and Finance, which sells manufactured homes into its communities, which is licensed by the Pennsylvania Department of Banking, NMLS 200331. Samuel A. Landy, President, stated, “We are pleased to announce the acquisition of this 98% occupied community.  The operation of Clinton Mobile Home Resort will fit in nicely with our existing Ohio communities.  This well-located, age 55 and older community is a welcome addition to our growing portfolio.” In our Daily Business News market report for Wednesday, the Freehold, N.J. based firm lead gainers for the day, closing up sharply at 10.02, +0.82 (+8.91%).

(Graphic Credit: UMH Logo)

 

Sun Communities shares tops residential REITs in Debt to EBITDA Ratio

September 6th, 2011 Comments off

Sun_Communities_Logo_posted_Manufactured_Home_Marketing_Sales_Management_MHMSM.com_MHProNews.com_.pngZacks reports that among the following five companies in the residential real estate investment trust (REIT) industry, Sun Communities shares ranked the best in their Debt to EBITDA ratio.   The measure of a debt’s pay back is the the Debt/EBITDA.  According to this metric, the longer the payback period increases the risk.  The metric ignores tax expenses, though those are cash payments paid first.  Among the 5 residential REITs measured, Sun Communities has a Debt/EBITDA ratio of 10.13x based on total debt of $1.3 billion.  UDR has a Debt/EBITDA ratio of 9.97x based on total debt of $3.7 billion.  Apartment Investment & Management has a Debt/EBITDA ratio of 9.32x based on total debt of $5.4 billion. Essex Property Trust  has a Debt/EBITDA ratio of 8.63x based on total debt of $2.3 billion. Home Properties  has a Debt/EBITDA ratio of 8.42x based on total debt of $2.5 billion.  Sun Communities is one of the largest land-lease community operators in North America in the manufactured home community business.

(Graphic credit: Sun Communities logo)

 

Proposal to sell city own manufactured home community defeated

August 25th, 2011 Comments off

Laguna_Vista_photo_credit_SeniorRetirementLivingNCTimes reports that the proposal to consider selling city owned Laguna Vista Mobile Home Park in Oceanside, CA has died. The Financing Authority in February voted 4-0 to instruct city staffers to explore the idea of selling the manufactured home community. The city panel that oversees the land lease community’s financing were deadlocked on the proposal. City Councilmen Jerry Kern, Gary Felien and Jack Feller, sitting as members of the Oceanside Mobile Home Park Financing Authority, wanted to call for proposals from private investors, park residents or nonprofit agencies to buy the park at 276 N. El Camino Real. The plan was blocked by Mayor Jim Wood, Councilwoman Esther Sanchez and Frances Thoene, the park residents’ representative on the authority, who voted against it. Authority member Bob Neal was absent. “I think it’s wise that we keep it.” Wood said. Mayor Wood said “the timing is terrible” due to the economy and housing prices. Sanchez said “This is not a financial burden to the city.” Kern said the city should not own the community and should at least ask for proposals for purchasing it. Kern believes park residents could create a nonprofit organization of their own to buy the location. “That’s probably the best long-term solution,” Kern said. Alternatives Kern favors are a non-profit or finally a private firm purchasing the community. Laguna Vista is run by Haven Management, under contract to the city. The land belongs to the Ishi Family Trust which the city has a long-term lease on through 2052. Larry Ishi, who is a non-voting member of the Financing Authority, said his family has had “a very nice relationship” with the city. “We certainly would have no objection if it went on but the city has to make the best business decision, we understand that,” Ishi told authority members.

(photo credit: Senior Retirement Living)

County shuts of water to residents in manufactured home community

August 11th, 2011 Comments off

Clayton_County_GA_flag_posted_Manufactured_Home_Marketing_Sales_Management_MHMSM.com_MHProNewsAtlantaJournalConstitution reports that Clayton County officials have shut off water to dozens of residents, due to an unpaid water bill by owner Vicki Holland.  Residents of “Maria’s Mobile Home Park” state they have been without water for over a week. “We get water from other people to wash dishes and wash … our clothes and flush the toilet – anything we have to do,” said Tracy Reynolds Sorros, whose family is one of 27 in the location. Clayton County’s water authority cut off water when the outstanding bill reached $16,000. Now, authorities have condemned the “park” and have told the residents they have to leave. Holland blamed the water authority for the problem, telling a local news station they didn’t fixed leaks that caused the bill to go so high, she can’t afford to pay it.

(image credit: Clayton GA flag)

Manufactured Homes Shipments decline in June 2011 to 5,024

August 5th, 2011 Comments off
Manufactured_Homes_ready_to_ship_Wikimedia_Commons_Posted_MHMSM.com_MHProNews.comMHI reports 5,024 new homes shipped in June 2011, down 7.5 percent from June 2010. Multi-section homes shipments were down compared with the same month last year.  Single section homes shipments showed an increase. 2011 has seen declines in all of the six months compared to the same period in 2010. Industry shipments for the year-to-date stand at 23,149 homes compared with 26,402 homes in the previous year, a net decrease of 12.3 percent. The seasonally adjusted annual rate (SAAR) of shipments was 53,233 in June, up 7.8 percent from the rate of 49,397 in May 2011. The SAAR corrects for normal seasonal variations in shipments and projects annual shipments based on the current monthly total.  Total floors shipped in June 2011 were 7,866, down 10.5 percent from the same month in 2010. The number of plants reporting production in June was 123 and the number of corporations was 45, both unchanged from the prior month.
(file photo courtesy Wikimedia Commons)

Chinese home builders targeting U.S., Canadian markets

August 5th, 2011 Comments off

Chinese_modulars,_container_home_construction posted MHMSM.com MHProNews.com Chinese factory home and office builders are targeting world markets, including “North America.” Western style literature uses key buzz words: low cost construction, green building, sustainable, easy transport and rapid installation. They build to Europe’s CE standards, Australia’s AS and the UL standards for North America. They produce container houses, prefab and modular house construction. Offices and housing for mineral and “oil camps,” power station, civil facilities are part of their offerings.  The homes are shipped in containers.  2 man teams are said to be able to assemble the home in two days.   Some floor plans resemble single section HUD Code configurations.  The homes can be single or multiple levels.  Some look like HUD Code multi-sectional manufactured homes once erected and installed.

(photo and story line from an iReportMHNewsTips@mhmsm.com)

 

UMH, Sun Communities top REITs list on dividend yields

August 5th, 2011 Comments off

laptop_man_by_EdYourdon_Flickr_creative_commons_posted_MHMSM.com_MHProNews.pngZacks reports the top five companies in the residential REITs (Real Estate Investment Trust) industry as measured by dividend yield. UMH Properties (AMEX:UMH) ranks first with a dividend yield of 6.6%.  UMH is followed by Sun Communities (NYSE:SUI), ranking second with a dividend yield of 6.6%. Home Properties (NYSE:HME) and Associated Estates Realty (NYSE:AEC) have dividend yield of 3.8%. American Campus Communities (NYSE:ACC) have a dividend yield of 3.6%. Dividends may enhance returns for investors seeking income as well as capital gains.

 

(photo credit: EdYourdon Flickr Creative Commons)

Manufactured Housing Industry growing market share? MHI says yes, pros question it

August 4th, 2011 Comments off

Graph_of_MH_Shipments_1991-2010_courtsey_of_MHI posted MHMSM.com MHProNews.comRealEstateRama picked up a press release yesterday from the Manufactured Housing Institute (MHI), issued by their president and CEO, Thayer Long. The article was likely aimed at the public, and thus within the scope of the ‘protect and promote’ mandate that associations correctly hold dear.  Comments to MHMSM.com from readers have come in from Industry professionals about the MHI PR piece.  Most have been ‘off the record.’ But the following quote from an MHI ‘Man of the Year’ and RV/MH Hall of Fame inductee, George F. Allen was shared on the record. “Hey Tony; you, Ken (Rishel) and I make a living, keeping our trade journalist fingers on the pulse of the manufactured housing industry. Well, here’s an unexpected conundrum, showcased by the Manufactured Housing Institute in a recent piece titled: ‘Market Share on Rise for Manufactured Housing Industry.’ The riddle? How can this statement be true, when  our industry’s annual new home shipment levels, during the past three years and this one, have hovered around the 50,000 level, down 86 percent from (1998)? MHI’s answer? Sale of new manufactured homes has declined at a lower rate than site – built homes, increasing our national market share by default. Geesh! What a sorry way to make the case for buying one’s product. And know what? There’re no fewer than four additional such anomalies in this article. Did you identify them?” GFA.” Allen has a featured article in MHMSM.com’s new August issue, entailed “Shots Across the Bow of MHARR and MHI.”  Another industry professional wrote, “It isn’t that MHI’s facts are per se wrong in their (new press) release.  The problem is their puff piece makes things sound rosy when in fact our Industry is in a sad state of affiars (sic). What we need is a bold national plan to advance our cause.  Will an article like their’s help sell more HUD Code homes? Will it help us (team up) with other associations and consumer groups to modify Dodd-Frank, which is coming at us like a Mack truck?”  (Editor’s note, parenthetical comments in the quote added).

(graphic of Manufactured Housing’s shipment slide since 1998 courtesy of the MHI)

 

New manufactured home retailers have rebate program marketing opportunity

August 4th, 2011 Comments off

NC_graphic_courtesy_of_Wikimedia_commons posted MHMSM.com MHProNews.comFayettvilleObserver reports the North Carolina State Energy Office announced Wednesday a $1,500 rebate to home buyers who purchase energy-efficient manufactured homes through the end of 2011. An earlier rebate plan was for $500. “We’re making it even more attractive for consumers to buy energy-efficient manufactured homes,” said Nicole Dyess, residential program manager for the Energy Office. “But the rebate is only the beginning of the savings.” Dryess said, “In addition to the cash back, homeowners in North Carolina will save an average of $74 a month, or just shy of $1,000 a year, on utility bills compared to homes of the same size that are not Energy Star-qualified. The N.C. Plus Program for Energy Star manufactured homes provides an incentive for homeowners to purchase a home that may have a slightly higher monthly mortgage, but more than makes up for it each month on their utility bill.” North Carolina Plus program for Energy Star homes is rooted in the 2009 Federal Recovery Act. “It allows us to do about 800 rebates,” Dyess said.

(map graphic credit: Wikimedia Commons)

Top REIT stock? Manufactured home community giant Equity Lifestyle Properties

August 4th, 2011 Comments off

Equity_Lifestyle_Properties_listing_at_Quail_run posted MHMSM.com MHProNews.comZacks reports that Equity Lifestyle Properties (NYSE:ELS) is the best performing REIT among the top five Real Estate Investment Trusts. Equity Lifestyle Properties (NYSE:ELS) gain of 1.77% makes them the current leader. Education Realty Trust (NYSE:EDR) ranked number two gaining 1.64%. Apartment Investment & Management (NYSE:AIV) ranks third, having lost 0.08%. Camden Property Trust (NYSE:CPT) follows with a loss of 0.17%. Associated Estates Realty (NYSE:AEC) completes the top five with a loss of 0.18%. MHProNews.com readers know that ELS has recently completed another phase of its acquisition from Hometown America of manufactured home land lease communities.  ELS ranked number 1 in the most recent Allen Report as the largest portfolio operator of manufactured home communities. ELS also has RV properties such as Thousand Trails in its portfolio.

(photo credit: ELS’ Plant City FL listing)