Freehold, NJ-based UMH Properties, Inc. UMH announced the expansion and renewal of its existing unsecured revolving credit facility. This will add to the financial flexibility of this residential real estate investment trust (REIT).
United Mobile Home is primarily engaged in the ownership and operation of manufactured home communities – leasing manufactured home spaces on a month-to-month basis to private-manufactured home owners. This move has increased the available borrowings from $35 million to $50 million. Also, there is an accordion feature of $75 million, which raises the total availability to $125 million.
This facility is slated to mature on Mar 27, 2020, with the option of one year extension. This facility is syndicated with BMO Capital Markets (BMO). The interest rate for this facility has been set at LIBOR plus 1.75% to 2.50%. Otherwise, on the basis of overall leverage, it is set at prime lending rate of BMO plus 0.75% to 1.50%.
Shares of UMH Properties outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the last three months. During this time, shares of the company increased 1.1%, whereas the industry declined 0.1%.
Investors interested in the REIT space may consider stocks like Global Net Lease, Inc. GNL, CoreSite Realty Corporation COR and CorEnergy Infrastructure Trust, Inc. CORR. Each of these stocks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.
CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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