Urstadt Biddle Properties Inc. Reports Operating Results for Second Quarter and First...

Urstadt Biddle Properties Inc. Reports Operating Results for Second Quarter and First Half of Fiscal 2008

GREENWICH, Conn.--(Business Wire)--
Urstadt Biddle Properties Inc. (NYSE:UBA and UBP), a real estate
investment trust, today announced its second quarter and six months
financial results for the period ended April 30, 2008.

Diluted funds from operations ("FFO") for the quarter ended April
30, 2008 amounted to $7,620,000 or $0.28 per Common share and $0.30
per Class A Common share compared to $13,811,000 or $0.50 per Common
share and $0.55 per Class A Common share in the second quarter of
fiscal 2007. For the first six months of fiscal 2008, diluted FFO
amounted to $15,586,000 or $0.56 per Common share and $0.62 per Class
A Common share compared to $21,957,000 or $0.78 per Common share and
$0.87 per Class A Common share in the same period of fiscal 2007.

Net income applicable to Common and Class A Common stockholders
for the quarter was $4,115,000 or $0.15 per diluted Common share and
$0.16 per diluted Class A Common share compared to $21,833,000, or
$0.78 per diluted Common share and $0.86 per diluted Class A Common
share in last year's second quarter. Net income applicable to Common
and Class A Common stockholders for the first six months of fiscal
2008 was $8,607,000 or $0.31 per diluted Common share and $0.34 per
diluted Class A Common share compared to $26,646,000 or $0.95 per
diluted Common share and $1.06 per diluted Class A Common share, for
the same period last year.

FFO and net income applicable to Common and Class A Common
stockholders for the six month and three month periods ended April 30,
2008 include a charge of $660,000 applicable to the excess of the
redemption price of the Company's 8.99% Series B Senior Cumulative
Preferred Stock paid over the carrying amount of the issue upon the
redemption of the preferred shares in March 2008.

FFO and net income for the six months and three month periods
ended April 30, 2007 included income from the settlement of a lease
guaranty obligation of $6,000,000. Net income in the six month and
three month periods ended April 30, 2007 also included a gain on a
sale of property of $11,409,000.

Rental revenues from same properties were higher this quarter and
for the six month period ended April 30, 2008 as a result of new
leases entered into for vacant space at several of the Company's core
properties and increases in rental rates on lease renewals during the
last half of fiscal 2007 and the first six months of fiscal 2008.
Recent property acquisitions increased revenues by $1,293,000 and
$809,000 in the six month and three month periods ended April 30,
2008, respectively when compared with the corresponding periods of
fiscal 2007. At April 30, 2008, overall occupancy at the core
properties was 92.4%, a decrease of 3.0% from the end of fiscal 2007.

Commenting on the quarter's operating results, Willing L. Biddle,
President and Chief Operating Officer of UBP, said, "While the
property acquisition market remains very competitive, we continue to
pursue opportunities in our target region of Westchester and Putnam
Counties in New York, Fairfield County, Connecticut and northern New
Jersey. During the second quarter, we purchased two bank branch
buildings in Westchester County, New York at a cost of approximately
$2.3 million. The buildings, which are currently vacant, are expected
to be re-leased to other banks or retailers. Also in the second
quarter we completed the acquisition of a 60% interest in the Ferry
Plaza Shopping Center in Newark New Jersey for $8.6 million. The
property is a 101,000 square foot shopping center anchored by a
Pathmark Supermarket (a Division of A&P). The acquisition of Ferry
Plaza helps keep the acquisition momentum going in northern New Jersey
and is a complement to our recently purchased Emerson Shopping Center
in Emerson, New Jersey and our Valley Ridge Shopping Center in Wayne,
New Jersey. The second quarter's operating results are beginning to
show the impact of new leases entered into at our core properties in
the second half of fiscal 2007 and early part of 2008. We are
confident that we can release a majority of our currently vacant space
in the near term.

Mr. Biddle continued, "We are optimistic about the financial
performance of the Company for the balance of the year and one of our
primary objectives is to acquire high quality property acquisitions
that will be accretive to our earnings."

At their regular quarterly meeting, the Directors of Urstadt
Biddle Properties Inc. declared regular quarterly dividends on the
Company's Class A Common Stock (UBA) and Common Stock (UBP). The
dividends were declared in the amount of 23.75 cents for each share of
Class A Common Stock and 21.50 cents for each share of Common Stock.
The dividends were declared at the same rate as the previous quarter
and are the 154th consecutive quarterly dividends declared since the
Company began operating in 1969.

UBP is a self-administered equity real estate trust providing
investors with a means of participating in ownership of
income-producing properties with investment liquidity. UBP owns or has
interests in forty-three (43) properties containing 3.8 million square
feet of space.

Non-GAAP Financial Measure

Funds from Operations ("FFO")

The Company considers FFO to be a meaningful additional measure of
operating performance because it primarily excludes the assumption
that the value of its real estate assets diminishes predictably over
time and industry analysts have accepted it as a performance measure.
FFO is presented to assist investors in analyzing the performance of
the Company. The Company reports FFO in addition to net income
applicable to common shareholders and net cash provided by operating
activities. FFO is helpful as it excludes various items included in
net income that are not indicative of the Company's operating
performance, such as gains (or losses) from sales of property and
depreciation and amortization. The Company has adopted the definition
suggested by the National Association of Real Estate Investment Trusts
("NAREIT"). The Company defines FFO as net income computed in
accordance with generally accepted accounting principles, excluding
gains (or losses) from sales of property plus real estate related
depreciation and amortization, and after adjustments for
unconsolidated joint ventures. FFO does not represent cash flows from
operating activities in accordance with GAAP and is not indicative of
cash available to fund cash needs. FFO should not be considered as an
alternative to net income as an indicator of the Company's operating
performance or as an alternative to cash flow as a measure of
liquidity. Since all companies do not calculate FFO in a similar
fashion, the Company's calculation of FFO presented herein may not be
comparable to similarly titled measures as reported by other
companies.

Certain statements contained herein may constitute
"forward-looking statements" within the meaning 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 the Company 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.

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URSTADT BIDDLE PROPERTIES INC. (NYSE: UBA AND UBP)
SIX MONTHS AND THREE MONTHS ENDED APRIL 30, 2008 AND 2007
(In thousands, except per share data)
(UNAUDITED)

Six Months Ended Three Months Ended
----------------- ------------------
April 30, April 30,
----------------- ------------------
2008 2007 2008 2007
-------- -------- --------- --------
Revenues
Base rents $29,938 $28,465 $15,196 $13,988
Recoveries from tenants 9,692 8,922 5,227 4,303
Settlement of lease guaranty
obligation - 6,000 - 6,000
Lease termination income 58 115 - 115
Mortgage interest and other 307 643 141 532
-------- -------- --------- --------
39,995 44,145 20,564 24,938
-------- -------- --------- --------

Expenses
Property operating 6,551 6,088 3,488 3,089
Property taxes 5,672 5,340 2,847 2,749
Depreciation and amortization 7,016 6,631 3,523 3,365
General and administrative 2,884 2,478 1,400 1,198
Directors' fees and expenses 138 126 63 54
-------- -------- --------- --------
22,261 20,663 11,321 10,455
-------- -------- --------- --------

Operating Income 17,734 23,482 9,243 14,483
Interest expense (3,467) (3,961) (1,718) (2,006)
Interest, dividends and other
investment income 189 231 94 196
-------- -------- --------- --------

Income before Minority Interest
and Discontinued Operations 14,456 19,752 7,619 12,673
Minority interest in joint
venture (18) (96) (9) (49)
-------- -------- --------- --------
Income from Continuing Operations
before Discontinued Operations 14,438 19,656 7,610 12,624
Discontinued Operations:
Income from discontinued
operations - 252 - 135
Gain on sale of property - 11,409 - 11,409
-------- -------- --------- --------
Income from Discontinued
Operations - 11,661 - 11,544
-------- -------- --------- --------
Net Income 14,438 31,317 7,610 24,168
Preferred stock dividends (5,171) (4,671) (2,835) (2,335)
Redemption of Preferred Stock (660) - (660) -
-------- -------- --------- --------

Net Income Applicable to Common
and Class A Common Stockholders $ 8,607 $26,646 $ 4,115 $21,833
======== ======== ========= ========

Diluted earnings per share:
Per Common Share:
Income from continuing
operations $ 0.31 $ 0.54 $ 0.15 $ 0.37
Income from discontinued
operations $ - $ 0.41 $ - $ 0.41
-------- -------- --------- --------
Net Income Applicable to Common
Stockholders $ 0.31 $ 0.95 $ 0.15 $ 0.78
======== ======== ========= ========

Per Class A Common Share:
Income from continuing
operations $ 0.34 $ 0.60 $ 0.16 $ 0.41
Income from discontinued
operations $ - $ 0.46 $ - $ 0.45
-------- ======== --------- ========
Net Income Applicable to Class
A Common Stockholders $ 0.34 $ 1.06 $ 0.16 $ 0.86
======== ======== ========= ========

Weighted Average Number of Shares
Outstanding:
Common and Common Equivalent 7,296 7,297 7,363 7,331
======== ======== ========= ========
Class A Common and Class A Common
Equivalent 18,485 18,738 18,376 18,739
======== ======== ========= ========
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URSTADT BIDDLE PROPERTIES INC. (NYSE: UBA AND UBP)
SIX MONTHS AND THREE MONTHS ENDED APRIL 30, 2008 AND 2007
(In thousands, except per share data)

Reconciliation of Net Income
Available to Common Stockholders
to Funds from Operations (amounts
in thousands, except per share
data)

Six Months Ended Three Months Ended
April 30, April 30,
---------------- ------------------
2008 2007 2008 2007
------- -------- --------- --------

Net Income Applicable to Common
and Class A Common Stockholders $8,607 $26,646 $4,115 $21,833

Plus: Real property depreciation 5,364 5,141 2,687 2,599
Amortization of tenant
improvements and
allowances 1,326 1,148 671 587
Amortization of deferred
leasing costs 289 293 147 152
Minority interests - 96 - 49
Depreciation and
amortization on
discontinued operations - 42 - -
Less: Gain on Sale of Property - (11,409) - (11,409)
------- -------- --------- --------

Funds from Operations (Diluted) $15,586 $21,957 $7,620 $13,811
======= ======== --------- ========

Per Share:
Funds from Operations (Diluted):
Common $0.56 $0.78 $0.28 $0.50
======= ======== ========= ========
Class A Common $0.62 $0.87 $0.30 $0.55
======= ======== ========= ========
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Balance Sheet Highlights
(in thousands)
April 30, October 31,
2008 2007
----------- -----------
(Unaudited)
Assets
Real Estate investments before
accumulated depreciation $556,333 $522,859
----------- -----------

Total Assets $511,070 $471,770
=========== ===========

Liabilities
Revolving credit lines and mortgage
notes payable $107,353 $108,482
----------- -----------

Total liabilities $117,237 $121,081
=========== ===========

Redeemable Preferred Stock $96,225 $52,747
----------- -----------

Minority Interest $9,370 $3,739
----------- -----------

Total Stockholders' Equity $288,238 $294,203
----------- -----------
*T

Urstadt Biddle Properties Inc.
Willing L. Biddle, COO
or
John T. Hayes, VP & Controller
203-863-8200

Copyright Business Wire 2008