Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the quarter ended January 31, 2013. Diluted Funds from Operations (FFO) for the first quarter of fiscal 2013 was $3,701,000 or $0.12 per Class A Common share and $0.11 per Common share, compared to $8,231,000 or $0.29 per Class A Common share and $0.27 per Common share in last year’s first quarter. FFO for the first quarter of fiscal 2013 includes $4,235,000 (approximately $0.14 per Class A Common Share) in incremental preferred stock dividends and one time non-recurring charges related to the redemption of preferred stock. In an effort to assist investors in analyzing changes to FFO, we have included a second FFO reconciliation table located at the end of this press release that explains the effect of these one time charges on the company’s FFO and FFO per share in the first quarter of fiscal 2013. Net income (loss) applicable to Class A Common and Common stockholders was $(706,000) or $(0.02) per diluted Class A Common share and $(0.02) per diluted Common share in the first quarter of fiscal 2013 compared to $3,764,000 or $0.13 per diluted Class A Common share and $0.12 per diluted Common share in the same quarter last year. The per share amounts for both FFO and net income in the first quarter of fiscal 2013 include the effect of the company issuing 2.5 million Class A Common shares in a follow-on public offering and issuing 5.175 million shares of a new Series F Preferred Stock, both in October 2012. The common stock offering raised net proceeds of $48 million and the preferred stock offering an additional $125 million. The primary purpose of the preferred stock offering was to fund the future redemption of the Series E and Series C preferred stock. Although the company incurred an incremental $476,000 in preferred stock dividends for the three months ended January 31, 2013 as a result of the October 2012 preferred offering, the pricing of that offering will allow the company to save $1.375 million in annual preferred dividends in perpetuity upon full redemption of the Series E and Series C preferred stock. Following the stock offerings, the company elected to redeem the Series E preferred stock in November 2012 at a make whole price of $1.8 million plus the $25 per share liquidation value and also re-purchased approximately 44% of the Series C preferred stock outstanding at a slight premium, but for less than the cost of scheduled dividends to the stated call date. The company plans on redeeming the remaining Series C preferred stock in May 2013 at the earliest date permissible. As a result of the redemption of the Series E preferred stock, a portion of the Series C preferred stock and the Company’s announced intention to redeem the remaining outstanding shares of the Series C preferred stock, the company incurred charges to expense the original issue costs of the Series C and Series E preferred stock of $3.8 million of which $1.9 million was chargeable in the quarter ended January 31, 2013.