Overview
- Erez Asset Management, which owns about 4% of UMH, announced on May 21, 2026 that it will withhold support from Presiding Independent Director Matthew I. Hirsch at UMH's annual meeting set for May 27.
- The firm cited repeated Institutional Shareholder Services recommendations to withhold support for Hirsch and noted that nearly 40% of votes were withheld from him in 2023, data Erez used to argue there is substantial shareholder dissatisfaction.
- Erez says UMH trades at a significant discount to peer manufactured-housing REITs Equity LifeStyle Properties and Sun Communities and has lagged broader REIT indices, which it attributes to poor board oversight and capital-allocation choices.
- The letter singled out governance mechanics — plurality voting, a staggered board and an average director tenure the firm describes as unusually long — as barriers that limit shareholders’ ability to replace directors.
- The May 27 vote will be watched for whether broader shareholder dissent or proxy-advisor positions increase pressure on UMH and prompt board refreshment, further activism, or governance changes.