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Urstadt Biddle Properties Inc. Reports First Quarter Of Fiscal 2012 Operating Results

Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the quarter ended January 31, 2012.

Diluted Funds from Operations (FFO) for the first quarter of fiscal 2012 was $8,231,000 or $0.29 per Class A Common share and $0.27 per Common share, compared to $10,811,000 or $0.39 per Class A Common share and $0.35 per Common share in last year’s first quarter.

Net income applicable to Class A Common and Common stockholders was $3,764,000 or $0.13 per diluted Class A Common share and $0.12 per diluted Common share in the first quarter of fiscal 2012 compared to $6,876,000 or $0.25 per diluted Class A Common share and $0.23 per diluted Common share in the same quarter last year.

FFO and net income applicable to Class A Common and Common stockholders for the quarter ended January 31, 2011 included lease termination income in the amount of $2,988,000 relating to a lease termination settlement with a grocery store tenant that vacated its space in the Company’s Meriden property prior to expiration of its lease. The Company has leased the space to another grocery store tenant that began paying rent in August 2011.

Rental revenues and net operating income (exclusive of the $2.99 million lease termination income in fiscal 2011) from properties owned in both of the three month periods ended January 31, 2012 and 2011 were relatively unchanged as increases in rental rates for in-place leases in the portfolio and cash flows relating to new leases were more than offset by additional vacancies in our portfolio. At January 31, 2012 the percentage of the gross leasable area of the core properties that was leased amounted to 91%, an increase of 0.52% from the end of fiscal 2011 but a decrease of 2.63% from the beginning of fiscal 2011. The Company has three equity investments in unconsolidated joint ventures totaling 447,000 square feet; at January 31, 2012 those properties were 97.1% leased.

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