Umh Properties, Inc. · NYSE:UMH
Umh Properties — Proxy Contest (October 2026)
10 slides from Umh Properties's proxy contest presentation, Oct 13, 2026
Slide 1: Part 2: UMH Management Bet Shareholder Capital on Long Shots and Destroyed Value
re Part 2: UMH Management Bet Shareholder Capital on Long Shots and Destroyed Value
Slide 2: Since 2010 UMH wagered ~$200M on over 80 securities issued by other REITs
Since 2010 UMH wagered ~$200M on over 80 securities Erez issued by other unaffiliated REITs ~$200M ~10% cumulative shareholder capital UMH cycled through of UMH's total assets sat in unaffiliated REITs' stocks other REITs' stocks, 2010 to 2026 at the peak in 2018, measured at cost Capital that belon
Slide 3: UMH's REIT stock picks generated 17% in 16 years
UMH’s REIT stock picks generated 17% in 16 years. Erez Not per year. Total. AE haanccacm While UMH wagered on other REITs! stocks, the REIT index returned +352% and MH communities in UMH's own markets returned +560%. UMH chose to invest this Capital in neither. 352% 9.6% FTSE Nareit index 12.5% MH c
Slide 4: Four filed for bankruptcy. UMH owned all four.
four filed for bankruptcy. UMH owned all four. Washington CBL PREIT Prime OPI Filed 2020 Filed 2020 & 2023 Filed 2021 Filed 2025 $ 65 M of UMH shareholder capital wiped out Listed equity-REIT Chapter 11s since 2010: OBL, PREIT, Washington Prime, OPI; UMH held all four, common wiped out in each. Excl
Slide 5: Right Horse, Wrong Jockey
Right Horse, Wrong Jockey UMH wagered ~$200 million on other REITs' stocks - generating under 2% a year - invested in all four REIT bankruptcies - all overseen by its board of directors: that’s not disciplined capital allocation and that’s not adequate board supervision. Shareholders deserve better.
Slide 6: Important Disclosures
Important Disclosures Erez’ ‘The materials contsined inthis presentation (this "Presentation" are provided by Erez Asset MenagementLLC (Ere2")for informational purposes only and are not an advertisement A reference to any security in tis Presentation should not be considered an offer to buy or sell
Slide 7: Contact
Contact oe Erez Asset Management Bruce Schanzer, Chairman and Chief Investment Office hanzer@erezassetmemt.com
Slide 8: Social media post from Erez Asset Management
€ Post Q Erez Asset Management Bw @ErezAssetMgmt UMH had the unusual practice of investing shareholder capital in other unaffiliated REITs. From 2010-2026 it sunk ~$200 million into more than 80 different REIT securities - and barely earned any return. Read more: UMH Properties I... UMH $15.22-0.65%
Slide 9: Imagine a REIT using ~$200 million of shareholders' money to wager on other REITs
Imagine a REIT using ~$200 million of shareholders’ money to wager on other REITs stocks instead of putting it into its business. That's what UMH Properties did. Over 80 REIT securities. Over 16 years (2010- 2026). The results: 17% total return. Not per year. Total. Alll from dividends. The shares t
Slide 10: UMH Properties trades today at essentially the same share price as twenty years ago
UMH Properties (NYSE: UMH) trades today at essentially the same share price as it did twenty years ago. Over that same period, its two closest public manufactured housing REIT comparables are up 5.4x (Equity LifeStyle, ELS) and 3.6x (Sun Communities, su. Same asset class. Same two decades. Starkly d