Erez Asset Management

About Erez

Firm overview

Erez Asset Management invests in undervalued small market capitalization REITs. Erez believes share price appreciation can be catalyzed through constructive engagement with a REIT's management and board, or where there are idiosyncratic dynamics likely to lead to near-term share price appreciation. Erez makes concentrated, high-conviction investments after extensive due diligence, including asset-by-asset portfolio underwriting and granular market research.

Team and leadership

Bruce Schanzer, Chairman & Chief Investment Officer bschanzer@erezassetmgmt.com

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Erez Asset Management LLC (“Erez Asset Management”), Erez REIT Opportunities LP (“Erez Opportunities”) and Bruce Schanzer (“Mr. Schanzer,” and together with Erez Asset Management and Erez Opportunities, 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 conjunction with a solicitation of proxies from the shareholders of UMH Properties, Inc. (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, 4,270,000 shares of the Company’s common stock, $0.10 par value per share (the “Common Shares”). Of the 4,270,000 Common Shares owned in the aggregate by the Participants, such Common Shares may be deemed to be beneficially owned as follows: (a) 4,270,000 Common Shares may be deemed to be beneficially owned by Erez Asset Management by virtue of its status as the investment manager of various funds and accounts; (b) 3,451,421 Common Shares may be deemed to be beneficially owned by Erez Opportunities which directly holds such Common Shares; and (b) 4,270,000 Common Shares may be deemed to be beneficially owned by Mr. Schanzer by virtue of his status as the Chairman, Chief Investment Officer and sole member of Erez Asset Management.