UMH

The Reporting Persons believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Persons have had, and intend to continue to have, discussions with the Board of Directors of the Issuer (the "Board") and management regarding corporate governance, including the composition of the Board, operations, capital allocation, the strategy and plans of the Issuer, including a potential strategic review or sale process involving the Issuer. On July 13, 2026, Erez Asset Management sent a letter (the "July 13 Letter") to the Board highlighting the Issuer's persistent trading at a discount to its net asset value and calling for the Board to undertake a comprehensive review of strategic alternatives, including a potential sale of the Issuer. The July 13 Letter further stated that Erez Asset Management has become aware of serious interest in the Issuer from both strategic and financial buyers. The foregoing description of the July 13 Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the July 13 Letter, which is filed hereto as Exhibit 99.1 and is incorporated by reference herein. The Reporting Persons intend to have additional discussions with certain members of the Board and the Issuer's management about the foregoing matters, and may discuss other matters including, without limitation, the Issuer's management, capital structure and/or corporate structure, dividend and/or buyback policies and compensation practices and may communicate with other stockholders and/or third parties regarding the Issuer and any or all of the foregoing. The Reporting Persons may explore, develop and/or make plans and/or proposals (whether preliminary or final) with respect to the foregoing, including prior to forming an intention to engage in such plans and/or make such proposals. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending upon various factors, including, without limitation, the Issuer's financial position and strategic direction, the outcome of any discussions or matters referenced above, overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving the Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of the Common Stock. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

The Reporting Persons believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Persons have had, and intend to continue to have, discussions with the Board of Directors of the Issuer (the "Board") and management regarding corporate governance, including the composition of the Board, operations, capital allocation, the strategy and plans of the Issuer, including a potential strategic review or sale process involving the Issuer. On July 13, 2026, Erez Asset Management sent a letter (the "July 13 Letter") to the Board highlighting the Issuer's persistent trading at a discount to its net asset value and calling for the Board to undertake a comprehensive review of strategic alternatives, including a potential sale of the Issuer. The July 13 Letter further stated that Erez Asset Management has become aware of serious interest in the Issuer from both strategic and financial buyers. The foregoing description of the July 13 Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the July 13 Letter, which is filed hereto as Exhibit 99.1 and is incorporated by reference herein. The Reporting Persons intend to have additional discussions with certain members of the Board and the Issuer's management about the foregoing matters, and may discuss other matters including, without limitation, the Issuer's management, capital structure and/or corporate structure, dividend and/or buyback policies and compensation practices and may communicate with other stockholders and/or third parties regarding the Issuer and any or all of the foregoing. The Reporting Persons may explore, develop and/or make plans and/or proposals (whether preliminary or final) with respect to the foregoing, including prior to forming an intention to engage in such plans and/or make such proposals. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending upon various factors, including, without limitation, the Issuer's financial position and strategic direction, the outcome of any discussions or matters referenced above, overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving the Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of the Common Stock. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

The Reporting Persons believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Persons have had, and intend to continue to have, discussions with the Board of Directors of the Issuer (the "Board") and management regarding corporate governance, including the composition of the Board, operations, capital allocation, the strategy and plans of the Issuer, including a potential strategic review or sale process involving the Issuer. On July 13, 2026, Erez Asset Management sent a letter (the "July 13 Letter") to the Board highlighting the Issuer's persistent trading at a discount to its net asset value and calling for the Board to undertake a comprehensive review of strategic alternatives, including a potential sale of the Issuer. The July 13 Letter further stated that Erez Asset Management has become aware of serious interest in the Issuer from both strategic and financial buyers. The foregoing description of the July 13 Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the July 13 Letter, which is filed hereto as Exhibit 99.1 and is incorporated by reference herein. The Reporting Persons intend to have additional discussions with certain members of the Board and the Issuer's management about the foregoing matters, and may discuss other matters including, without limitation, the Issuer's management, capital structure and/or corporate structure, dividend and/or buyback policies and compensation practices and may communicate with other stockholders and/or third parties regarding the Issuer and any or all of the foregoing. The Reporting Persons may explore, develop and/or make plans and/or proposals (whether preliminary or final) with respect to the foregoing, including prior to forming an intention to engage in such plans and/or make such proposals. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending upon various factors, including, without limitation, the Issuer's financial position and strategic direction, the outcome of any discussions or matters referenced above, overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving the Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of the Common Stock. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.