Erez Asset Management Urges UMH Shareholders to Withhold Support for Hirsch
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Source: PRnewswire
- Shareholder Action Call: Erez Asset Management, owning approximately 4% of UMH Properties, urges shareholders to withhold support for Chairman Hirsch at the 2026 Annual Meeting, reflecting deep concerns over the company's governance structure and dissatisfaction with the status quo.
- Governance Deficiencies: Despite UMH's valuable manufactured housing community assets, persistent underperformance is attributed to a lack of effective oversight and accountability from the Board, leading to diminished shareholder trust and significant valuation discounts.
- Voting Recommendation Impact: Institutional Shareholder Services (ISS) has recommended withholding support for Hirsch for four consecutive years, with nearly 40% of votes against him in 2023, indicating widespread shareholder dissatisfaction with the Board's performance.
- Need for Change: Erez emphasizes that only by withholding support for Hirsch can shareholders send a clear message to the UMH Board that genuine change is necessary to improve governance and maximize shareholder value.
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Analyst Views on UMH
Wall Street analysts forecast UMH stock price to rise
5 Analyst Rating
4 Buy
1 Hold
0 Sell
Strong Buy
Current: 15.450
Low
16.00
Averages
19.10
High
23.50
Current: 15.450
Low
16.00
Averages
19.10
High
23.50
About UMH
UMH Properties, Inc. is a real estate investment trust (REIT). The Company’s primary business is the ownership and operation of manufactured home communities. It also leases manufactured homes to residents and through its wholly owned taxable REIT subsidiary, UMH Sales and Finance, Inc., sells and finances the sale of manufactured homes to residents and prospective residents. The Company owns and operates 145 manufactured home communities, containing approximately 27,000 developed homesites, of which 10,800 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that the Company has an ownership interest in and operates through its joint venture with Nuveen Real Estate.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Erez Asset Management Urges UMH Shareholders to Withhold Support for Hirsch
- Shareholder Action Call: Erez Asset Management, owning approximately 4% of UMH Properties, urges shareholders to withhold support for Chairman Hirsch at the 2026 Annual Meeting, reflecting deep concerns over the company's governance structure and dissatisfaction with the status quo.
- Governance Deficiencies: Despite UMH's valuable manufactured housing community assets, persistent underperformance is attributed to a lack of effective oversight and accountability from the Board, leading to diminished shareholder trust and significant valuation discounts.
- Voting Recommendation Impact: Institutional Shareholder Services (ISS) has recommended withholding support for Hirsch for four consecutive years, with nearly 40% of votes against him in 2023, indicating widespread shareholder dissatisfaction with the Board's performance.
- Need for Change: Erez emphasizes that only by withholding support for Hirsch can shareholders send a clear message to the UMH Board that genuine change is necessary to improve governance and maximize shareholder value.
See More
Erez Asset Management Urges UMH Shareholders to Withhold Support for Director
- Shareholder Action Call: Erez Asset Management, owning approximately 4% of UMH Properties, plans to withhold support for Independent Director Matthew I. Hirsch at the 2026 Annual Meeting to convey dissatisfaction with the status quo and emphasize the need for genuine board reform.
- Governance Deficiencies: Erez highlights that UMH's board has failed to provide adequate oversight of management, leading to persistent underperformance, and despite owning valuable manufactured housing community assets, the flawed governance structure has diminished shareholder trust and obscured the company's intrinsic value.
- Voting Trends: Institutional Shareholder Services (ISS) has recommended shareholders withhold support from Hirsch in the past three elections, with nearly 40% of votes against him in 2023, indicating significant shareholder dissatisfaction with the board's performance.
- Need for Board Refreshment: Erez stresses that UMH's board has an average tenure of approximately 18 years, lacking fresh perspectives, and urges shareholders to take action at the upcoming meeting to promote board independence and fidelity to shareholder interests.
See More
UMH Properties Extends Credit Facility to $600 Million
- Credit Facility Expansion: UMH Properties has entered into a Third Amended and Restated Credit Agreement with BMO, JPMorgan, and Wells Fargo, extending its unsecured revolving credit facility to $260 million with a $340 million accordion feature, increasing total availability to $600 million and enhancing liquidity.
- Maturity Date Extension: The amendment extends the maturity date of the credit facility from November 7, 2026, to May 7, 2030, with an option for a further one-year extension, thereby improving the company's financial flexibility and balance sheet strength.
- Capitalization Rate Reduction: The capitalization rate for unencumbered communities has been reduced from 6.5% to 6.0%, increasing the value of these communities and allowing for a borrowing capacity of 60% of their value, which supports the company's growth strategy.
- Interest Rate Adjustment: The interest rate has been reduced by approximately 35 to 40 basis points based on the company's overall leverage ratio, now set at SOFR plus 1.30% to 1.90% or BMO's prime rate plus 0.30% to 0.90%, further lowering financing costs.
See More
UMH Properties Q1 2026 Earnings Call Insights
- Solid Operational Results: UMH Properties reported a 7% increase in same-property NOI for Q1 2026, despite being impacted by rising interest rates and seasonal headwinds, indicating ongoing improvements in leasing and expansion efforts.
- Tightened Financial Guidance: Management has narrowed the full-year NFFO guidance range to $0.98 to $1.04 per share, reflecting confidence in filling 800 new rental homes and highlighting potential earnings growth in the upcoming quarters.
- Significant Revenue Growth: Rental and related income for the quarter reached $59.5 million, up from $54.6 million a year ago, demonstrating strong revenue momentum amid recovering market demand.
- Cost Pressures Evident: Despite NOI growth, community operating expenses increased by 10%, driven by acquisitions, payroll, and real estate taxes, necessitating management's focus on cost control to maintain profitability.
See More
UMH (UMH) Q1 2026 Earnings Call Transcript
See More
UMH Properties to Announce Q1 Earnings on April 30
- Earnings Announcement Schedule: UMH Properties is set to release its Q1 2023 earnings report on April 30 after market close, with consensus EPS estimate at $0.01 and revenue estimate at $66.32 million, indicating cautious market sentiment regarding the company's financial performance.
- Future Earnings Guidance: The company has provided guidance for 2026 normalized FFO per share in the range of $0.97 to $1.05, reflecting its strategic focus on expanding rental programs and acquisitions aimed at enhancing long-term profitability.
- High-Yield Growth Potential: UMH Properties is viewed as a high-yield growth investment option, with its current stock price being relatively low, which may attract value-seeking investors, especially amid volatility in the real estate market.
- Historical Financial Data: The historical earnings data of UMH Properties serves as a crucial reference for investors to assess its future financial performance and market positioning, despite the current environment being fraught with uncertainties.
See More
Erez Asset Management Urges UMH Shareholders to Withhold Support for Hirsch
- Shareholder Action Call: Erez Asset Management, owning approximately 4% of UMH Properties, urges shareholders to withhold support for Chairman Hirsch at the 2026 Annual Meeting, reflecting deep concerns over the company's governance structure and dissatisfaction with the status quo.
- Governance Deficiencies: Despite UMH's valuable manufactured housing community assets, persistent underperformance is attributed to a lack of effective oversight and accountability from the Board, leading to diminished shareholder trust and significant valuation discounts.
- Voting Recommendation Impact: Institutional Shareholder Services (ISS) has recommended withholding support for Hirsch for four consecutive years, with nearly 40% of votes against him in 2023, indicating widespread shareholder dissatisfaction with the Board's performance.
- Need for Change: Erez emphasizes that only by withholding support for Hirsch can shareholders send a clear message to the UMH Board that genuine change is necessary to improve governance and maximize shareholder value.
See More
Erez Asset Management Urges UMH Shareholders to Withhold Support for Director
- Shareholder Action Call: Erez Asset Management, owning approximately 4% of UMH Properties, plans to withhold support for Independent Director Matthew I. Hirsch at the 2026 Annual Meeting to convey dissatisfaction with the status quo and emphasize the need for genuine board reform.
- Governance Deficiencies: Erez highlights that UMH's board has failed to provide adequate oversight of management, leading to persistent underperformance, and despite owning valuable manufactured housing community assets, the flawed governance structure has diminished shareholder trust and obscured the company's intrinsic value.
- Voting Trends: Institutional Shareholder Services (ISS) has recommended shareholders withhold support from Hirsch in the past three elections, with nearly 40% of votes against him in 2023, indicating significant shareholder dissatisfaction with the board's performance.
- Need for Board Refreshment: Erez stresses that UMH's board has an average tenure of approximately 18 years, lacking fresh perspectives, and urges shareholders to take action at the upcoming meeting to promote board independence and fidelity to shareholder interests.
See More
UMH Properties Extends Credit Facility to $600 Million
- Credit Facility Expansion: UMH Properties has entered into a Third Amended and Restated Credit Agreement with BMO, JPMorgan, and Wells Fargo, extending its unsecured revolving credit facility to $260 million with a $340 million accordion feature, increasing total availability to $600 million and enhancing liquidity.
- Maturity Date Extension: The amendment extends the maturity date of the credit facility from November 7, 2026, to May 7, 2030, with an option for a further one-year extension, thereby improving the company's financial flexibility and balance sheet strength.
- Capitalization Rate Reduction: The capitalization rate for unencumbered communities has been reduced from 6.5% to 6.0%, increasing the value of these communities and allowing for a borrowing capacity of 60% of their value, which supports the company's growth strategy.
- Interest Rate Adjustment: The interest rate has been reduced by approximately 35 to 40 basis points based on the company's overall leverage ratio, now set at SOFR plus 1.30% to 1.90% or BMO's prime rate plus 0.30% to 0.90%, further lowering financing costs.
See More
UMH Properties Q1 2026 Earnings Call Insights
- Solid Operational Results: UMH Properties reported a 7% increase in same-property NOI for Q1 2026, despite being impacted by rising interest rates and seasonal headwinds, indicating ongoing improvements in leasing and expansion efforts.
- Tightened Financial Guidance: Management has narrowed the full-year NFFO guidance range to $0.98 to $1.04 per share, reflecting confidence in filling 800 new rental homes and highlighting potential earnings growth in the upcoming quarters.
- Significant Revenue Growth: Rental and related income for the quarter reached $59.5 million, up from $54.6 million a year ago, demonstrating strong revenue momentum amid recovering market demand.
- Cost Pressures Evident: Despite NOI growth, community operating expenses increased by 10%, driven by acquisitions, payroll, and real estate taxes, necessitating management's focus on cost control to maintain profitability.
See More
UMH (UMH) Q1 2026 Earnings Call Transcript
See More
UMH Properties to Announce Q1 Earnings on April 30
- Earnings Announcement Schedule: UMH Properties is set to release its Q1 2023 earnings report on April 30 after market close, with consensus EPS estimate at $0.01 and revenue estimate at $66.32 million, indicating cautious market sentiment regarding the company's financial performance.
- Future Earnings Guidance: The company has provided guidance for 2026 normalized FFO per share in the range of $0.97 to $1.05, reflecting its strategic focus on expanding rental programs and acquisitions aimed at enhancing long-term profitability.
- High-Yield Growth Potential: UMH Properties is viewed as a high-yield growth investment option, with its current stock price being relatively low, which may attract value-seeking investors, especially amid volatility in the real estate market.
- Historical Financial Data: The historical earnings data of UMH Properties serves as a crucial reference for investors to assess its future financial performance and market positioning, despite the current environment being fraught with uncertainties.
See More
