Urstadt Biddle Properties Inc. (NYSE:UBA and UBP), a real estate investment trust, today reported its operating results for the first quarter ended January 31, 2014. Diluted funds from operations (“FFO”) for the first quarter of fiscal 2014 were $7,972,000 or $0.23 per Common share and $0.26 per Class A Common share compared with $3,701,000 or $0.11 per Common share and $0.12 per Class A Common share in last year’s first quarter. The FFO amounts above include several significant one-time items in fiscal 2014 and 2013. In an effort to assist investors in analyzing changes to FFO, we have included a second FFO reconciliation table at the end of this report which explains the effect of these one-time items on the company’s FFO per share. Net income (loss) from continuing operations applicable to Common and Class A Common stockholders for the first quarter of fiscal 2014 was $3,012,000 or $0.09 per diluted Common share and $0.10 per diluted Class A Common share compared to ($1,089,000), or ($0.03) per diluted Common share and ($0.03) per diluted Class A Common share in last year’s first quarter. Net income in the three-month period ended January 31, 2014 included a gain on sale of properties of $12,612,000. The per share amounts for both FFO and net income in the first quarter of fiscal 2013 include the dilutive effect of the issuance of 2.5 million Class A Common shares in a follow-on public offering and 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 raised an additional $125 million, which funds were not fully invested until May 2013. $100 million of the preferred stock offering proceeds was used to redeem the Series E preferred stock in November 2013 and the Series C preferred stock, which was fully redeemed by May 2013. As a result of these redemptions, the company incurred charges to expense the original issue costs of the preferred stock of $3.8 million in the first quarter of fiscal 2013. The first quarter of fiscal 2013 also included payment of $476,000 in preferred stock dividends related to the Series C and Series E preferred stock, while the first quarter of fiscal 2014 did not include dividends on this preferred stock as all such shares were redeemed by May of fiscal 2013. In addition, the per share amounts for FFO and net income for the three months ended January 31, 2014 and 2013 include one-time property acquisition costs of $371,000 and $153,000, respectively.