Urstadt Biddle Properties Inc. Acquires the Newfield Green Shopping Center in Stamford, CT

Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) announced today that it has acquired for $45,325,000 the Newfield Green Shopping Center in Stamford, CT. Newfield Green is a 72,000 square foot shopping center, anchored by a 31,000 square foot Grade A Market (member of the ShopRite/Wakefern cooperative) and a 14,200 square foot CVS. The property is located in a high demographic, infill market on Newfield Avenue in Stamford, CT. The center, at closing was 97% leased. Grade A Market has been in occupancy in the shopping center since 1979. Other tenants in the shopping center include J.P Morgan Chase, Excel Urgent Care, M&T Bank, Subway, Village Gourmet and Riko’s Pizza. The purchase was funded with a $22.6 million mortgage secured by the property with an affiliate of Voya Financial Services. The mortgage has a term of 12 years and requires payments of principal and interest at the fixed rate of 3.89%. The balance of the purchase price was funded by the company’s revolving credit facility.

Willing Biddle, President and CEO of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another A+ grocery anchored shopping center in our core marketplace. The grocer, Grade A Market is part of the very successful ShopRite/Wakefern cooperative, which is one of the nation’s largest retailer-owned cooperatives and is comprised of 50 member companies who own and operate retail supermarkets under the ShopRite banner. With retail locations in six states, the Wakefern cooperative is a major operator in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland. Newfield Green is highly visible and easily accessible along Newfield Avenue. The center’s location is less than two miles from Stamford’s growing and vibrant Central Business District. Stamford has emerged as an important economic hub of Fairfield County and a 24/7 city, highlighted by impressive apartment growth totaling upwards of 3,600 unit built since 2010 with an additional 5,000 units planned. We are extremely pleased that we were able to add another property in Stamford which is two miles from our largest shopping center, Ridgeway, which is the largest non-mall shopping center in Fairfield County.” James Aries, Senior Vice President and Director of Acquisitions added, “This major neighborhood shopping center in Stamford, Connecticut has been on our radar for a number of years. We are delighted to add Newfield Green to our portfolio. This is our fifth retail property in the Greenwich/Stamford market which will give us greater economies of scale in Stamford CT; located just miles from our home office in Greenwich. There is also additional upside with a pad site opportunity along Newfield Avenue.”

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 74 properties containing approximately 5.0 million square feet of space. Listed on the New York Stock Exchange since 1970, it provides investors with a means of participating in ownership of income-producing properties. It has paid 186 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 22 consecutive years.

For additional information, please contact Willing L. Biddle, CEO, John Hayes, CFO, or James Aries, SVP, Urstadt Biddle Properties Inc. at 203-863-8200. Follow us on Twitter at https://twitter.com/UrstadtBiddle

This press release contains statements that constitute “forward-looking statements.” These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urstadt Biddle Properties Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Urstadt Biddle Properties Inc. undertakes no obligation to update these statements for revisions or changes after the date of this release.

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Urstadt Biddle Properties Inc.Willing L. Biddle, CEOorJohn T. Hayes, CFOorJames Aries, SVP203-863-8200