12/14/2017 | By Sarah Borchersen-Keto
Sam Landy, president and CEO of UMH Properties Inc. (NYSE: UMH), joined REIT.com for a video interview at REITworld 2017.
UMH owns and operates manufactured housing communities in eight states.
Landy commented on the state of the acquisition market, noting that it is “very difficult” to predict what will become available.
Landy explained that UMH’s strategy is to increase funds from operations (FFO) per share 10 percent per year for the next five years.
“We’ll do any acquisition that helps us with that plan,” Landy said. With access to low-cost capital, the company is able to move on acquisitions that meet UMH’s criteria, he added.
Meanwhile, Landy highlighted that UMH can offer a three-bedroom, two-bathroom manufactured home at a rental rate of $750 per month.
“In any market we’re in, we’re the most competitive housing,” Landy said. UMH is maintaining a 94 percent rental home occupancy rate and demand is only set to increase, he added.