Exhibit 99.1
 

For Immediate Release


Contact:    Willing L. Biddle, CEO or
                   John T. Hayes, CFO
                   Urstadt Biddle Properties Inc.
                   (203) 863-8200

Urstadt Biddle Properties Inc. Reports Second Quarter Operating Results For Fiscal 2017

Greenwich, Connecticut, June 8, 2017 -- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the three and six months ended April 30, 2017.

Net income applicable to Class A Common and Common stockholders for the second quarter of fiscal 2017 was $24,101,000 or $0.64 per diluted Class A Common share and $0.57 per diluted Common share, compared to $4,769,000 or $0.14 per diluted Class A Common share and $0.12 per diluted Common share in last year's second quarter.  Net income attributable to Class A Common and Common stockholders for the first six months of fiscal 2017 was $27,513,000 or $0.74 per diluted Class A Common share and $0.65 per diluted Common share, compared to $7,646,000 or $0.22 per diluted Class A Common share and $0.20 per diluted Common share in the first six months of fiscal 2016.  Net income in the three and six months ended April 30, 2017 includes a gain on sale of property in the amount of $19.5 million.

Funds from operations ("FFO") for the second quarter of fiscal 2017 was $11,204,000 or $0.30 per diluted Class A Common share and $0.26 per diluted Common share, compared with $10,752,000 or $0.31 per diluted Class A Common share and $0.28 per diluted Common share in last year's second quarter.  For the first six months of fiscal 2017, FFO amounted to $21,569,000 or $0.58 per diluted Class A Common share and $0.51 per diluted Common share, compared to $19,428,000 or $0.57 per diluted Class A Common share and $0.51 per diluted Common share in the corresponding period of fiscal 2016.

At April 30, 2017, the company's consolidated properties were 93.1% leased (versus 93.3% at the end of fiscal 2016) and 92.6% occupied (versus 92.8% at the end of fiscal 2016).  The decline in the company's leased rate in the first half of the year when compared with the end of fiscal 2016 was predominantly related to the company absorbing a 6,500 square foot vacancy at its Ridgeway Shopping center in Stamford, CT when its lease with EMS was rejected in bankruptcy.

Both the percentage of property leased and the percentage of property occupied referenced in the preceding paragraph exclude the company's unconsolidated joint ventures.  At April 30, 2017, the company had equity interests in seven unconsolidated joint ventures (751,000 square feet), which were 98.5% leased (versus 98.4% at the end of fiscal 2016).

Commenting on the quarter's operating results, Willing L. Biddle, President and CEO of Urstadt Biddle Properties Inc., said "We had another strong quarter with an FFO increase for the second quarter of 4.2% on a dollar value basis over fiscal 2016's second quarter, even with the Pavilion vacant for most of the quarter until it was sold on March 1, 2017.  We purchased the Pavilion in 2002 and operated it for over 10 years as a successful power center mall.  In 2013, with the expiration of certain large leases pending, we realized the property had great potential to be redeveloped into a much larger retail/residential mixed-use project.  This project could not have become a reality without the cooperation and support of Mayor Thomas Roach and the White Plains Common Council who understood our plan and ultimately supported a re-development of the property to include two high-rise buildings containing over 700 apartments above 75,000 square feet of lower floor retail.  The sales price of $56.6 million we received from the purchaser, Lennar Corporation, was a substantial premium over the price that we paid for the property in 2002 and allowed us to realize a gain on the sale of the property this quarter of $19.5 million.  With the Pavilion sold we can better focus our efforts on new acquisition opportunities to re-deploy the Pavilion sales proceeds into new commercial properties that better fit our investing strategy."

Mr. Biddle continued……"In March we were able to immediately deploy a portion of the Pavilion proceeds when we purchased the 36,500 square foot Van Houten Farms Shopping Center located in Passaic, NJ for $7.1 million.  Van Houten Farms tenants include a 30,600 square foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store.  The purchase was funded with cash from the sale of the Pavilion and the assumption of a first mortgage secured by the property in the amount of $3.5 million, which bears interest at the rate of 4.64%.  The Van Houten Farms Shopping Center occupies roughly an entire block front on Van Houten Avenue, with two points of ingress/egress on each side of the center.  There is an old, but well occupied, industrial area behind the property that adds foot traffic to the shopping center.  Our long-term plan is to enhance the appearance of the center by adding a drive-thru for Valley National Bank and purchasing a small two-story building on the corner of the property to erect a retail pad.  The grocer is nearing completion of an interior renovation and is considering a façade renovation in conjunction with our renovation plan.  Also in March 2017, we purchased for $3.1 million a 12,900 square foot free standing retail property located in Fairfield, CT that is leased to Walgreen's that is no longer occupying the space but paying rent.  We are negotiating with Walgreen's for them to buy out the present value of the remaining term of their lease and we have several prospects to re-lease the space.  Also in March, we acquired an 8.8% interest in a joint venture, which owns three properties located in Stamford and Greenwich, CT.  The properties consist of  the High Ridge Shopping Center, an 87,300 square foot shopping center located on High Ridge Road, which is anchored by Trader Joe's supermarket and DSW shoe store, with 23 additional tenants, including Starbucks, AT&T, Rye Ridge Deli and Pet Valu; a free-standing 4,200 square foot building leased to Chase Bank with a drive thru located on High Ridge Road, just south of High Ridge Shopping Center; and a free standing 8,000 square foot building leased to CVS located on Sound Beach Avenue in Old Greenwich.  The transaction was structured as a "DownREIT partnership" whereby the seller received a combination of cash and operating partnership units in a new entity formed to purchase the portfolio, other than the Fairfield property, which was purchased in a simultaneous all cash transaction. Urstadt Biddle Properties is the Managing Member of the newly formed entity and will manage and lease the portfolio.  The seller of the three properties is a local multi-generational family group that originally developed the properties.  The jewel of the portfolio is the High Ridge Shopping Center located on High Ridge Road, the main access way to Stamford from the Merritt Parkway. The property has an average daily traffic count of over 30,000 cars.  Approximately 55,000 people live within 3 miles of the property with an average household income of over $185,000. Stamford has emerged as an important economic hub of Fairfield County and is a 24/7 city, highlighted by impressive apartment growth totaling upwards of 3,600 units built since 2010, with an additional 5,000 units planned.  We are extremely pleased that we were able to acquire another property in Stamford, and one that includes Trader Joe's, the leading specialty grocer in our marketplace.  We have several additional acquisitions in the pipeline that will hopefully allow us to invest the remaining proceeds from the Pavilion sale by the end of fiscal 2017."

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 80 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 189 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 23 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.

 (Table Follows)

The following information was filed by Urstadt Biddle Properties Inc (UBA) on Thursday, June 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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