Erez Asset Management Releases Fourth Installment of its "Right Horse, Wrong Jockey: The Case for Change at UMH Properties" Series

Exposes UMH's Practice Over the Last 20 Years of Selling Stock to Raise Cash to Pay Unnecessary Dividends, Diluting Shareholders and Destroying Value

NEW ROCHELLE, N.Y., Nov. 12, 2026 /PRNewswire/ -- Erez Asset Management, LLC ("Erez"), which owns approximately 5.5% of the outstanding shares of UMH Properties, Inc. (NYSE: UMH) ("UMH" or the "Company"), today issued the latest installment in its series, "Right Horse, Wrong Jockey: The Case for Change at UMH Properties," highlighting the Company's persistent issuance of new equity to fund dividends that were not required under the REIT rules and that exceeded funds available for distribution in each of the last 20 years.

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The fourth installment follows three prior presentations examining (1) UMH's decades of shareholder underperformance despite significant appreciation in assets, (2) its unsuccessful investments in other publicly traded REITs, including investments into all four of the REITS that have filed for bankruptcy since 2015 and (3) the Landy family's history of value destruction and governance failures, as seen at Monmouth Real Estate Investment Corporation.

The latest presentation, along with all previous installments of the series and other materials, is available on our website at saveUMH.com.

Erez encourages all UMH shareholders to visit the website and sign up for updates as it continues to make the case for change at UMH Properties.

About Erez Asset Management.

Erez Asset Management, LLC is an investment management firm focused on undervalued small market cap REITs. Erez was founded in 2022 by Bruce Schanzer, former CEO of Cedar Realty Trust, a shopping center REIT, after the successful monetization of Cedar. Erez seeks to acquire meaningful stakes in REITs in which it believes it can work collaboratively with the management team and the board to help catalyze improved performance and share price appreciation by pursuing operational initiatives and strategic alternatives intended to benefit all stakeholders.

Disclaimer

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person.

Erez Asset Management LLC ("Erez" or the "Investment Manager"), Erez REIT Opportunities Fund, LP (the "Partnership" or "Erez Opportunities")  and Bruce Schanzer ("Mr. Schanzer," and together with the Investment Manager and the Partnership, the "Participants") intend to seek Board change and file a definitive proxy statement and accompanying form of proxy with the Securities and Exchange Commission (the "SEC") to be used in connection with a solicitation of proxies from the shareholders of the Company in connection with the Company's 2027 annual meeting of shareholders. The Company's shareholders are advised to read the definitive proxy statement and other documents related to the solicitation of proxies with respect to the Company by the Participants as they become available because they will contain important information. They will be made available at no charge on the SEC's website, http://www.sec.gov/. 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, 4,750,000 shares of the Company's common stock, $0.10 par value per share (the "Common Stock"). The Investment Manager, by virtue of its status as the investment manager of various funds and accounts, including the Partnership, and Mr. Schanzer, by virtue of his status as the Chairman, Chief Investment Officer and sole member of the Investment Manager, may be deemed to beneficially own the 4,750,000 shares of Common Stock held by such funds and accounts. The Partnership may be deemed to beneficially own the 3,835,422 shares of Common Stock which it directly holds.

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SOURCE Erez Asset Management, LLC