UMH Properties: 5% holder plans board-change push

Erez Asset Management says it intends to seek Board change and shareholder support at UMH’s upcoming annual meeting.

Rhea-AI Filing Summary

UMH Properties, Inc. (UMH) is the subject of an amendment in which Erez Asset Management LLC reported shared voting and dispositive power over 4,270,000 shares, or 5.0%; Bruce Schanzer reported the same figures. Erez REIT Opportunities reported shared voting and dispositive power over 3,451,421 shares, or 4.0%.

On September 28, 2026, Erez Asset Management launched a campaign website and issued a presentation outlining its “case for change.” It stated that it intends to seek Board change and solicit shareholders in support of that change at UMH’s upcoming annual meeting.

Key Figures

Shares with shared voting and dispositive power: 4,270,000 shares Class ownership percentage: 5.0% Shares with shared voting and dispositive power: 3,451,421 shares +1 more

4 metrics

Shares with shared voting and dispositive power 4,270,000 shares Reported by Erez Asset Management LLC and Bruce Schanzer; each reported 5.0%

Class ownership percentage 5.0% Reported by Erez Asset Management LLC and Bruce Schanzer

Shares with shared voting and dispositive power 3,451,421 shares Reported by Erez REIT Opportunities; 4.0% of the class

Class ownership percentage 4.0% Reported by Erez REIT Opportunities

Key Terms

beneficially owned, shared voting power, shared dispositive power

3 terms

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared voting power reported for each reporting person"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared dispositive power reported for each reporting person"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many UMH shares do the reporting persons have shared voting power over?

Erez REIT Opportunities reported shared voting and dispositive power over 3,451,421 shares (4.0%). Erez Asset Management LLC and Bruce Schanzer each reported shared voting and dispositive power over 4,270,000 shares (5.0%).

What is Erez Asset Management seeking at UMH?

Erez Asset Management said it intends to seek Board change and solicit shareholders in support at UMH’s upcoming annual meeting. On September 28, 2026, it launched a campaign website and issued a presentation outlining its “case for change.”

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/29/2026 - 05:01 PM Accepted by SEC EDGAR 09/29/2026 - 05:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

UMH Properties, Inc.

(Name of Issuer)

Common Stock, $0.10 par value per share

(Title of Class of Securities)

903002103

(CUSIP Number)

Erez Asset Maanagement LLC
270 North Avenue, Suite 404,
New Rochelle, NY, 10804
(917) 455-9764

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/28/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 903002103

1

Name of reporting person

Erez REIT Opportunities LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,451,421.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,451,421.00

11

Aggregate amount beneficially owned by each reporting person

3,451,421.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 903002103

1

Name of reporting person

Erez Asset Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,270,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,270,000.00

11

Aggregate amount beneficially owned by each reporting person

4,270,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.0 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

CUSIP Number(s): 903002103

1

Name of reporting person

Bruce Schanzer

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,270,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,270,000.00

11

Aggregate amount beneficially owned by each reporting person

4,270,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.0 %

14

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.10 par value per share
(b)	Name of Issuer: UMH Properties, Inc.
(c)	Address of Issuer's Principal Executive Offices: Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NEW JERSEY , 07728.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D filed with the SEC on August 11, 2026 (as amended from time to time, the "Schedule 13D") with respect to the shares of Common Stock of the Issuer held for the account of the Erez Funds. This Amendment No. 1 amends Items 4 and 7 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	On September 28, 2026, Erez Asset Management launched a campaign website located at www.saveUMH.com and issued a presentation (the "September 28 Presentation") outlining its "case for change" at the Issuer and disclosing that it intends to seek Board change and solicit shareholders in support of such change at the Issuer's upcoming annual meeting. The foregoing description of the September 28 Presentation does not purport to be complete and is qualified in its entirety by reference to the full text of the September 28 Presentation, attached hereto as Exhibit 99.1, and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - September 28 Presentation, incorporated herein by reference to Exhibit 1 to the Reporting Persons' definitive additional materials on DFAN14A filed on September 29, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Erez REIT Opportunities LP

Signature:	/s/ Bruce Schanzer
Name/Title:	Bruce Schanzer, Managing Member
Date:	09/29/2026

Erez Asset Management LLC

Signature:	/s/ Bruce Schanzer
Name/Title:	Bruce Schanzer, Managing Member
Date:	09/29/2026

Bruce Schanzer

Signature:	/s/ Bruce Schanzer
Name/Title:	Bruce Schanzer
Date:	09/29/2026