Umh Properties, Inc. · NYSE:UMH
Umh Properties — Proxy Contest (October 2026)
10 slides from Umh Properties's proxy contest presentation, Oct 29, 2026
Slide 1: Part 3: Family First, Shareholders Last: The Saga of Monmouth
Erez’ ASSET MANAGEMENT Part 3: Family First, Shareholders Last: The Saga of Monmouth
Slide 2: Two Companies in Service of One Family
1WO COMPANIES IN SERVICE OF ONE FAMILY Erez? UMH and Monmouth were effectively controlled by the Landy family “— Eugene Landy founded and chaired both companies. One son ran each. 5 of 12 UMH directors were also Monmouth directors. ‘The Landys insisted that UMH invest in Monmouth and that Monmouth i
Slide 3: Monmouth Was a Bad Investment for UMH
MONMOUTH WAS A BAD INVESTMENT FOR UMH Erez ASSET MANAGEMENT Worse, UMH’s “investment” in Monmouth was a persistent laggard In the three years before its sale, Monmouth was the only one of its major industrial peers to deliver a negative return to shareholders. 3-year total shareholder retum vs. indu
Slide 4: Even When Pushed to Sell Monmouth, the Landy Family Elevated Its Own Interests
EVEN WHEN PUSHED TO SELL MONMOUTH, THE LANDY FAMILY ELEVATED ITS OWN INTERESTS Erez During the Monmouth sale process, we believe the Landys prioritized a lower-value stock deal to avoid their own tax bill The Landy-loyalist board backed an inferior, largely stock-based offer over a higher cash deal,
Slide 5: Right Horse, Wrong Jockey
Right Horse, Wrong Jockey Monmouth is a cautionary tale: a chronic underperformer with strong assets, run by the Landy family, which spent shareholder capital to strengthen its own control at the expense of all shareholders. UMH shareholders deserve better. Sign up for updates as we continue making
Slide 6: Important disclosures
Important disclosures Erez ‘The materials contained in this presentation (this “Presentation") are provided by Erez Asset Management LLC (“Erez" or the “Investment Manager”) for informational purposes only and are not an advertisement. A reference to any security in this Presentation should not be c
Slide 7: Contact
Erez ASSET MANAGEMENT Contact Erez Asset Management Bruce Schanzer, Chairman and Chief investm bschanzer@erezassetmgmtcom
Slide 8: Erez Asset Management social media post on the Landy family
Q Erez Asset Management @ErezAssetMgmt - J The Landy family effectively controls UMH, and it used to run Monmouth. The Monmouth story says a lot about the Landy family. Very troubling. UMH shareholders deserve better. More here: UMH Properties I... anpssdaus ro eet UMH $1547 wn waned Trade on E*TRAD
Slide 9: What happens when one family controls two public REITs
What happens when one family controls two public REITs and has each buy the other's stock? That's the story of UMH Properties, a manufactured housing REIT, and Monmouth Real Estate, an industrial REIT. Eugene Landy founded and chaired both. One son ran each. 5 of UMH's 12 directors also sat on Monmo
Slide 10: Participants' beneficial ownership of UMH common stock
As of the date hereof, the Participants may be deemed to beneficially own (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934), in the aggregate, 4,270,000 shares of the Company's common stock, $0.10 par value per share (the “Common Stock"). Erez Asset Management, by virtue o