Activist Erez Escalates Campaign: Alleges $200M Wasted on REIT Stock Picks, $65M Lost in Bankruptcies
UMH is trading near its 52-week low of $13.93 (9.1% above the low).
Summary
Activist Erez Asset Management released Part 2 of its 'Right Horse, Wrong Jockey' campaign, alleging UMH wasted ~$200M on unaffiliated REIT stock picks that returned only 17% over 16 years and lost $65M in four REIT bankruptcies.
Key Events · Ownership and Investor Activity · UMH
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Part 2 Campaign Launch
Erez Asset Management released Part 2 of its 'Right Horse, Wrong Jockey' presentation, alleging UMH invested ~$200M in 83 unaffiliated REIT securities across 55 distinct REITs from 2010-2026.
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Poor Investment Returns Alleged
Erez claims UMH's REIT stock picks generated only 17% total return (1.8% annualized) versus 352% for the FTSE Nareit index and 560% for MH communities in UMH's markets over the same period.
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Bankruptcy Losses Claimed
Erez alleges UMH owned all four US-listed equity REITs that filed for bankruptcy since 2010 (CBL, PREIT, Washington Prime, OPI), losing ~$65M of shareholder capital.
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Board Oversight Criticism
The presentation argues the board provided insufficient oversight of capital allocation decisions, framing the issue as 'not disciplined capital allocation and not adequate board supervision.'
Analysis · UMH · Real Estate & Construction
Erez Asset Management's Part 2 presentation adds specific, quantified allegations to its proxy fight: ~$200M of shareholder capital cycled through 83 unaffiliated REIT securities over 16 years, generating only 17% total return (1.8% annualized) versus 352% for the REIT index and 560% for manufactured housing communities in UMH's own markets. The filing also claims UMH owned all four US-listed equity REITs that filed for bankruptcy since 2010, losing ~$65M. These are new, concrete claims of capital misallocation and board oversight failure that go beyond the general 'underperformance' narrative of Part 1. With Erez holding ~5% of shares and explicitly seeking board change at the 2027 annual meeting, this escalation raises the stakes for a contested proxy battle.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, UMH was trading at $15.20 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $13.93 to $16.77. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.