EXHIBIT 99.1

 

John T. Hayes, CFO

Urstadt Biddle Properties Inc.

(203) 863-8200

Urstadt Biddle Properties Inc. Reports Operating Results for the Third Quarter and First Nine Months of Fiscal 2015

Greenwich, Connecticut, September 4, 2015 -- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the three and nine month periods ended July 31, 2015.

Diluted Funds from Operations (FFO) for the quarter ended July 31, 2015 was $10,749,000 or $0.32 per Class A Common share and $0.28 per Common share when compared to $8,973,000 or $0.29 per Class A Common share and $0.26 per Common share in last year's third quarter.   For the first nine months of fiscal 2015, diluted FFO amounted to $28,378,000 or $0.83 per Class A Common share and $0.74 per Common share when compared to $24,982,000 or $0.81 per Class A Common share and $0.72 per Common share in the corresponding period of fiscal 2014.  The FFO amounts above include significant non-recurring items in fiscal 2015 and 2014.  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 non-recurring items on the company's Diluted FFO.  After removing these non-recurring items from both the three and nine-month periods of fiscal 2015 and 2014, our adjusted Diluted FFO for the three month period ended July 31, 2015 was $10,823,000 or $0.32 per diluted Class A Common share and $0.28 per diluted Common share compared with $9,036,000 or $0.29 per diluted Class A Common share and $0.26 per diluted Common share in last year's third quarter.  Our adjusted (recurring) FFO for the nine month period ended July 31, 2015 was $30,666,000 or $0.90 per diluted Class A Common share and $0.80 per diluted Common share compared with $25,458,000 or $0.82 per diluted Class A Common share and $0.73 per diluted Common share in last year's first nine months.

Net income from continuing operations applicable to Class A Common and Common stockholders for the third quarter of fiscal 2015 was $4,870,000 or $0.14 per diluted Class A Common share and $0.13 per diluted Common share compared to $3,890,000 or $0.12 per diluted Class A Common share and $0.11 per diluted Common share in last year's third quarter.  Net income from continuing operations applicable to Class A Common and Common stockholders for the first nine months of fiscal 2015 was $10,664,000 or $0.31 per diluted Class A Common share and $0.28 per diluted Common share compared to $9,783,000 or $0.31 per diluted Class A Common share and $0.28 per diluted Common share in the first nine months of fiscal 2014.

The per share amounts for both FFO and net income for the nine months ended July 31, 2015 and 2014 include one-time property acquisition costs of $2.0 million and $476,000, respectively.  The acquisition costs of $2.0 million in the first nine months of fiscal 2015 were incurred primarily from the company's purchase of four retail properties in New Jersey in December 2014 for $124.6 million (exclusive of the acquisition related expenses).  In addition, the per share amounts for both FFO and net income include the dilutive effect of the issuance of 3 million shares of a new Series G preferred stock and 2.875 million Class A Common shares in follow-on public offerings.  The Series G preferred stock was issued in October and early November 2014 and the Class A Common shares were issued in early November 2014.  The preferred stock offering raised $72.6 million of which $61.5 million was used to redeem the company's Series D preferred stock on November 21, 2014.  The balance of the Series G preferred stock proceeds, along with $59.8 million of proceeds raised in the Class A Common share offering, were used to fund a portion of the $124.6 million purchase price of the four New Jersey retail properties.  As a result of issuing the Series G preferred stock a month before the Series D could be redeemed, the company incurred $268,000 in preferred stock dividends that will not be recurring.

At July 31, 2015, the company's consolidated core properties were 96.3% leased (versus 94.8% at the end of fiscal 2014) and 95.3% occupied.  The above percentages exclude the company's unconsolidated joint ventures and the company's White Plains property.  In November, 2014, the company obtained a zoning change from the City of White Plains to convert this property to a higher and better use and the company is in contract to sell the property.  The company is maintaining vacancies to conform to certain closing conditions of the sale.  At July 31, 2015, the company had equity interests in seven unconsolidated joint ventures (745,000 square feet), which were approximately 98.3% leased (97.7% at October 31, 2014).

Commenting on the quarter's operating results, Willing L. Biddle, President and CEO of UBP, said "We are pleased with the company's results this quarter.  On the leasing front, the percentage of our core and joint venture portfolio that is leased continued to strengthen to 96.6% and we have a strong pipeline of deals in process on a good portion of our remaining vacancies.  Our improving leasing results continue to have a direct positive effect on our earnings and FFO.  On the acquisitions front, our team was able to acquire two grocery anchored properties in our target market this quarter.  The first property, a 7,000 square foot single tenant grocery store located in Fort Lee, NJ, was acquired for $4 million and is leased to the Korean supermarket chain HMART.  The second property, a 26,000 square foot shopping center located in Harrison, New York, was acquired for $10 million and is anchored by an A&P grocery store - one of nine A&P leases in the company's portfolio.  While A&P filed for bankruptcy protection this quarter, five of its leases with the company, including the Harrison location, are among a large number of leases included in a stalking horse bid to acquire certain leases from A&P made by the established supermarket chains Albertsons, Stop & Shop and Key Foods.  We believe that the remaining four A&P leases, which are not included in the stalking horse bid, present an opportunity as their current rents are at or below market.  Should these leases not be assumed and assigned in the bankruptcy proceedings, the company is confident that those locations will be readily leasable to other supermarkets or alternative users.  On the dispositions front, we completed the sale of our Townline Square shopping center in Meriden, CT shortly after quarter end.  The sale of Townline Square achieves the objective we set approximately two years ago to divest the company of certain properties that were located outside of the New York Metro area.  Over the past two years, we have sold our warehouse properties in Dallas and St. Louis, our shopping center in Springfield, MA and now our shopping center in Meriden CT.  The proceeds have been used to buy shopping centers in Pompton Lakes, Wykoff, Kinnelon, Midland Park, and Ft. Lee, NJ, Greenwich, CT, Harrison, NY and to reduce debt.  We now have a portfolio almost exclusively located in the suburbs around New York City with an occupancy rate of almost 97% and a leverage level that continues to be among the lowest in the REIT industry.  The reallocation of assets in our portfolio has caused the weighted average household income within a three mile ring of our core and joint venture retail properties to improve from approximately $112,000 to its current position of $117,000, which is among the highest of all retail REITs."

At their regular quarterly meeting, the Directors of Urstadt Biddle Properties Inc. declared quarterly dividends on the company's Class A Common Stock (UBA) and Common Stock (UBP).  The dividends were declared in the amount of $0.255 for each share of Class A Common Stock and $0.225 for each share of Common Stock.  The dividends were declared at the same rate as the previous quarter and are the 183rd consecutive quarterly dividends declared since the company began operating in 1969.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 74 properties containing approximately 4.9 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 182 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 21 consecutive years.

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)

Nine Months and Three Months Ended July 31, 2015 and 2014 (Unaudited)

 (in thousands, except per share data)

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The following information summarizes the Urstadt Biddle Properties Inc. (the "Company's") results of operations for the nine month and three month periods ended July 31, 2015 and 2014 (amounts in thousands):

Note 1 – Properties held in both periods include only properties owned for the entire periods of 2015 and 2014.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Note 2 – Properties held in both periods include only properties owned for the three month periods of 2014 and 2015.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues:

Base rents increased by 13.5% to $63.2 million for the nine month period ended July 31, 2015 as compared with $55.7 million in the comparable period of 2014.  Base rents increased by 12.4% to $21.0 million for the three month period ended July 31, 2015 as compared with $18.7 million in the comparable period of 2014. The change in base rentals and the changes in other income statement line items were attributable to:

In fiscal 2014 and the first nine months of fiscal 2015, the Company purchased equity interests in twelve properties totaling approximately 706,000 square feet of GLA and sold two properties totaling 280,000 square feet of GLA, whose operating results are included in continuing operations.   These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales during the three and nine month periods ended July 31, 2015.  The Company also sold two properties in fiscal 2014 that are included in discontinued operations.  The revenue and expense changes for these two properties are not included in the above variance analysis.

Revenues

Base rents increased during the nine month period ended July 31, 2015 by $525,000 when compared with the corresponding prior period primarily as the result of an increase in base rents billed at two properties for which the Company completed re-development and re-tenanting after the first nine months of fiscal 2014.  This increase was offset by the loss of rent caused by the departure of two large tenants in the Company's Westchester Pavilion property after January 31, 2015.  The Company is in the process of re-developing, or potentially selling this property and is allowing the property to become vacant in order to accomplish either of these scenarios.  Base rents decreased during the three month period ended July 31, 2015 by $199,000 when compared with the corresponding prior period primarily as the result of two leases expiring at the Company's Westchester Pavilion property as discussed above.

In the first nine months of fiscal 2015, the Company leased or renewed 379,000 square feet (or approximately 8.95% of total consolidated core property leasable area).  At July 31, 2015, the Company's consolidated core properties were approximately 96.3% leased (excluding the Westchester Pavilion), an increase of 1.45% from the end of fiscal 2014. Overall core property occupancy increased to 95.3% at July 31, 2015, up from 94.15% at the end of fiscal 2014.

In the nine month and three month periods ended July 31, 2015, recoveries from tenants for properties owned in both periods (which represents reimbursements from tenants for operating expenses and property taxes) increased by a net $1.7 million and $778,000, respectively. This increase was a result of an increase in the percentage of the portfolio that is leased, which allows the Company to bill and collect a higher percentage of operating costs from its tenants.  This net increase was offset slightly by an increase in operating expenses at our properties held in the nine month and three month periods ended July 31, 2015.  This operating expense increase was predominantly the result of an increase in snow removal costs and parking lot repairs.

Expenses

Property operating expenses for properties held in both periods increased in the nine month and three month periods ended July 31, 2015 when compared with the corresponding prior periods by $688,000 and $194,000, respectively, as a result of an increase in expenses relating to snow removal costs and parking lot repairs.

Real estate taxes for properties held in both periods were relatively unchanged in the nine month and three month periods ended July 31, 2015 when compared with the corresponding prior periods as a result of normal property tax assessment increases at a majority of the properties held in both periods offset by a reduction in tax expense at the Company's Westchester Pavilion property caused by a property tax assessment reduction.

Depreciation and amortization for properties held in both the nine month and three month periods ended July 31, 2015 were relatively unchanged when compared with the corresponding prior periods.

General and administrative expense increased in the nine month and three month periods ended July 31, 2015 when compared with the corresponding prior periods by $419,000 and $227,000, respectively, as a result of increased compensation expense for additional staffing at the Company over the last quarter of fiscal 2014 and the first three quarters of fiscal 2015.

Interest expense for properties owned in the nine month and three month periods ended July 31, 2015 were relatively unchanged when compared with the corresponding prior periods.

Non-GAAP Financial Measure

Funds from Operations ("FFO")

The Company considers FFO to be a meaningful additional measure of operating performance primarily because it 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 ("GAAP"), 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.

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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)

Funds from Operations

Nine Months and Three Months Ended July 31, 2015 and 2014

 (in thousands, except per share data)

The following table reconciles the company's net income available to Common and Class A Common Stockholders to Funds From Operations after removing excess preferred stock dividends and acquisition costs for the nine months and three months ended July 31, 2015.

Note 1 – The Company sold preferred stock in October and November of 2014 for the principal purpose of redeeming its Series D preferred stock.  The Company redeemed the Series D on November 21, 2014.  The Company incurred excess preferred stock dividends of $268,000 in the first quarter of fiscal 2015 as a result of having the new series of preferred stock outstanding prior to being able to redeem the series D preferred stock.

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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)

Third Quarter July 31, 2015

 (in thousands)