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 Fourth Quarter And Fiscal 2017 Operating Results

Greenwich, Connecticut, December 15, 2017 -- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today announced its fourth quarter and full year financial results for the fiscal year ended October 31, 2017.

Net income applicable to Class A Common and Common stockholders for the quarter ended October 31, 2017 amounted to $324,000, or $0.01 per diluted Class A Common share and $0.01 per diluted Common share, compared to $6,750,000, or $0.18 per diluted Class A Common share and $0.16 per diluted Common share in last year's fourth quarter.  For the year ended October 31, 2017, net income applicable to Class A Common and Common stockholders was $33,898,000, or $0.90 per diluted Class A Common share and $0.80 per diluted Common share, compared to $19,436,000, or $0.56 per diluted Class A Common share and $0.49 per diluted Common share in fiscal 2016. Net income applicable to Class A Common and Common stockholders for the year ended October 31, 2017 includes a net gain on sale of properties of $18.7 million.  Net income applicable to Class A Common and Common stockholders for both the fourth quarter and year ended October 31, 2017 was reduced by $4.1 million of preferred stock redemption charges related to the company redeeming its 7.125% Series F Cumulative Redeemable Preferred Stock (the "Series F preferred stock") on October 24, 2017.  The company replaced the Series F preferred stock with a less expensive new series of preferred stock that was issued in September 2017.  The new lower yield 6.250% Series H Cumulative Preferred Stock (the "Series H preferred stock") will save the company $1 million per annum in preferred stock dividends.  In addition, the company will save $1 million more in preferred stock dividends per annum as the dollar amount of the outstanding Series H preferred stock is $14.4 million less than the redeemed Series F preferred stock.

Funds from operations ("FFO") for the quarter ended October 31, 2017 was $7,819,000, or $0.21 per diluted Class A Common share and $0.18 per diluted Common share, compared with $13,331,000, or $0.36 per diluted Class A Common share and $0.31 per diluted Common share in last year's fourth quarter.  For the year ended October 31, 2017, FFO amounted to $43,203,000, or $1.15 per diluted Class A Common share and $1.02 per diluted Common share, compared to $43,603,000, or $1.25 per diluted Class A Common share and $1.10 per diluted Common share in the corresponding period of fiscal 2016.  FFO for both the fourth quarter and year ended October 31, 2017 is reduced by the $4.1 million in preferred stock redemption charges related to the company redeeming its Series F preferred Stock on October 24, 2017 as discussed in the preceding paragraph.

At October 31, 2017, the company's consolidated properties were 92.7% leased (versus 93.3% at the end of fiscal 2016) and 91.0% occupied (versus 92.8% at the end of fiscal 2016).

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 October 31, 2017, the company had equity interests in seven unconsolidated joint ventures (753,000 square feet), which were 97.7% 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 operating quarter in the fourth quarter of 2017. Although our FFO is down when compared with the fourth quarter of fiscal 2016, there were one-time charges in each of those fourth quarters that skew the results.  In the fourth quarter of fiscal 2017, we completed a very successful financing transaction redeeming our higher yielding Series F preferred stock with a lower yielding and lower principal balance Series H preferred stock, which will save the company over $2 million per annum in preferred stock dividends.  However, as a result of the Series F preferred stock redemption, we had to take a $4.1 million charge in the fiscal 2017 fourth quarter to record the original issue costs associated with issuing our Series F preferred stock in fiscal 2012.  This decrease in FFO in fiscal 2017 was partially offset by an increase in FFO caused by the operating results attributable to the acquisitions we made in the last half of 2016 and fiscal 2017, and the interest expense savings from the refinancing of our $44 million mortgage in July 2017, which is secured by our largest property, Ridgeway, located in Stamford, CT.  The refinancing reduced the interest rate on that mortgage from 5.52% per annum to 3.398% per annum.  Last year's fourth quarter FFO included a one-time increase in the amount of $2.9 million related to closing extension fees we received from the purchaser for extending the sale of our White Plains, NY property, which sale closed in March 2017."

Mr. Biddle continued……"As previously announced, in August 2017, we were able to acquire another quality property by purchasing a 31% equity interest in a new DownReit entity that was formed to own the Washington Commons Shopping Center located in Dumont, NJ.  Washington Commons is a 72,000 square foot, grocery-anchored mixed-use property consisting of two buildings.  One building contains a free-standing 44,300 square foot Stop & Shop and adjacent strip of stores.  The second building is a three-story retail and multi-family building occupied by Valley Medical Group, Great Clips, Pet Valu, Blimpie and 26 residential apartments.  The property is currently 100% leased.  All retail tenants, except for Great Clips, have been in occupancy since 1997, and the grocery store is one of Stop & Shop's best performing stores in New Jersey.  We continue to monitor the impact that e-commerce is having on the retail industry and its associated effects on the commercial real estate industry, but we are confident that we continue to have a good strategy.  We believe that because consumers prefer to purchase food and certain other staple goods and services in person, the nature of our properties makes them less vulnerable to the encroachment of e-commerce than other properties whose tenants may more directly compete with internet retailers.   We also believe the nature of our properties makes them less susceptible to economic downturns than other retail properties whose anchor tenants are not supermarkets or other staple goods providers.  We have been and continue to be cognizant of our tenant mix in our shopping centers and when feasible, we actively work to place tenants that are less susceptible to internet encroachment, such as restaurants, fitness centers, healthcare and personal services."

UBP Announces an Increase in Dividends to its Shareholders for the Twenty-Fourth Consecutive Year

At their regular December meeting, the company's Directors approved an increase in the quarterly dividend rate on shares of the company's Class A Common stock and Common stock.  The quarterly dividend rate declared for Class A Common stock was increased to $0.27 per share and the quarterly dividend rate declared for Common stock was increased to $0.24 per Common share, which represents an annualized increase of $0.02 per share for the both classes of common stock.  The $0.02 dividend increase on both the Class A Common stock and Common stock represents the twenty-fourth consecutive year that the company has increased total dividends to its shareholders.  The Class A Common and Common dividends are payable January 19, 2018 to stockholders of record on January 5, 2018.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 81 properties containing approximately 5.1 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 191 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 24 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)


 
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
Year Ended October 31, 2017 and 2016 results
 (in thousands, except per share data)

   
Year Ended
   
Three Months Ended
 
   
October 31,
   
October 31,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Unaudited)
       
(Unaudited)
   
(Unaudited)
 
Revenues
                       
Base rents
 
$
88,383
   
$
87,172
   
$
23,520
   
$
23,997
 
Recoveries from tenants
   
28,676
     
25,788
     
7,697
     
7,045
 
Lease termination income
   
2,432
     
619
     
-
     
239
 
Mortgage interest and other
   
4,069
     
3,213
     
1,096
     
618
 
Total Revenues
   
123,560
     
116,792
     
32,313
     
31,899
 
                                 
Operating Expenses
                               
Property operating
   
20,074
     
18,717
     
5,439
     
4,947
 
Property taxes
   
19,621
     
18,548
     
5,145
     
4,808
 
Depreciation and amortization
   
26,512
     
23,025
     
7,070
     
6,223
 
General and administrative
   
9,183
     
9,284
     
2,290
     
2,144
 
Provision for tenant credit losses
   
583
     
1,161
     
154
     
326
 
Acquisition costs
   
-
     
412
     
-
     
207
 
Directors' fees and expenses
   
321
     
318
     
81
     
83
 
Total Operating Expenses
   
76,294
     
71,465
     
20,179
     
18,738
 
Operating Income
   
47,266
     
45,327
     
12,134
     
13,161
 
Non-Operating Income (Expense):
                               
Interest expense
   
(12,981
)
   
(12,983
)
   
(3,181
)
   
(3,232
)
Equity in net income from unconsolidated joint ventures
   
2,057
     
2,019
     
579
     
535
 
Interest, dividends and other investment income
   
356
     
242
     
202
     
86
 
Income Before Gain/(loss) on Sale of Properties
   
36,698
     
34,605
     
9,734
     
10,550
 
Gain/(loss) on sale of properties
   
18,734
     
-
     
(38
)
   
-
 
Net Income
   
55,432
     
34,605
     
9,696
     
10,550
 
Noncontrolling interests:
                               
   Net income attributable to noncontrolling interests
   
(2,499
)
   
(889
)
   
(1,048
)
   
(230
)
   Net income attributable to Urstadt Biddle Properties Inc.
   
52,933
     
33,716
     
8,648
     
10,320
 
   Preferred stock dividends
   
(14,960
)
   
(14,280
)
   
(4,249
)
   
(3,570
)
   Redemption of preferred stock
   
(4,075
)
   
-
     
(4,075
)
   
-
 
Net Income Applicable to Common and Class A Common Stockholders
 
$
33,898
   
$
19,436
   
$
324
   
$
6,750
 
                                 
Diluted Earnings Per Share:
                               
Per Common Share:
 
$
0.80
   
$
0.49
   
$
0.01
   
$
0.16
 
Per Class A Common Share:
 
$
0.90
   
$
0.56
   
$
0.01
   
$
0.18
 
                                 
Weighted Average Number of Shares Outstanding (Diluted):
                               
Common and Common Equivalent
   
9,026
     
8,910
     
9,110
     
9,000
 
Class A Common and Class A Common Equivalent
 
 
29,503
     
27,112
     
29,547
     
29,486
 
                                 





Results of Operations

The following information summarizes the Company's results of operations for the years ended October 31, 2017 and 2016 (amounts in thousands): 

   
Year Ended October 31,
               
Change Attributable to
 
Revenues
 
2017
   
2016
   
Increase (Decrease)
   
% Change
   
Property Acquisitions/Sales
   
Properties Held In Both Periods (Note 1)
 
Base rents
 
$
88,383
   
$
87,172
   
$
1,211
     
1.4
%
 
$
1,539
   
$
(328
)
Recoveries from tenants
   
28,676
     
25,788
     
2,888
     
11.2
%
   
1,950
     
938
 
Other income
   
4,069
     
3,213
     
856
     
26.6
%
   
155
     
701
 
                                                 
Operating Expenses
                                               
Property operating
   
20,074
     
18,717
     
1,357
     
7.3
%
   
720
     
637
 
Property taxes
   
19,621
     
18,548
     
1,073
     
5.8
%
   
641
     
432
 
Depreciation and amortization
   
26,512
     
23,025
     
3,487
     
15.1
%
   
2,302
     
1,185
 
General and administrative
   
9,183
     
9,284
     
(101
)
   
-1.1
%
   
n/a
     
n/a
 
                                             
-
 
Non-Operating Income/Expense
                                           
-
 
Interest expense
   
12,981
     
12,983
     
(2
)
   
0.0
%
   
1,098
     
(1,100
)
Interest, dividends, and other investment income
   
356
     
242
     
114
     
47.1
%
   
n/a
     
n/a
 

Note 1 – Properties held in both periods includes only properties owned for the entire periods of 2017 and 2016.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues

Base rents increased by 1.4% to $88.4 million in fiscal 2017, as compared with $87.2 million in the comparable period of 2016.  The increase in base rents and the changes in other income statement line items were attributable to:

Property Acquisitions and Properties Sold:

In fiscal 2017, the company purchased four properties totaling 114,700 square feet of GLA, invested in two joint ventures that own four properties totaling 173,600 square feet, whose operations we consolidate, and sold two properties totaling 203,800 square feet.  In fiscal 2016, the company purchased two properties totaling 101,400 square feet.  These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the year ended October 31, 2017 when compared with fiscal 2016.

Properties Held in Both Periods:

Revenues

Base Rent

The decrease in base rents for properties owned in both periods was caused predominantly by a slight reduction in the percent of the portfolio that is leased in fiscal 2017 when compared with fiscal 2016.

In fiscal 2017, the company leased or renewed approximately 649,000 square feet (or approximately 15.0% of total consolidated property leasable area).  At October 31, 2017, the company's consolidated properties were approximately 92.7% leased (93.3% leased at October 31, 2016).

Tenant Recoveries

For the year ended October 31, 2017, recoveries from tenants for properties owned in both periods (which represent reimbursements from tenants for operating expenses and property taxes) increased by $938,000. This increase was a result of an increase in both property operating expenses and property tax expense in the consolidated portfolio for properties owned for the entire periods of fiscal 2017 and 2016, along with an increase in leased rate at some properties which increased the rate at which the company could bill operating expenses to tenants in fiscal 2017 versus fiscal 2016.

Expenses

Property operating expenses for properties owned in both fiscal year 2017 and 2016 increased by $637,000.  This increase was predominantly as a result of an increase in snow removal costs at our properties.

Real estate taxes for properties owned in both fiscal year 2017 and 2016 increased by $432,000 as a result of normal tax assessment increases at some of our properties.

Interest expense for properties owned in both fiscal year 2017 and 2016 decreased by $1.1 million as a result of the refinancing of our largest mortgage in July 2017.  In July 2017, we refinanced our mortgage loan secured by our Stamford, CT property and although the principal increased from $44 million to $50 million the interest rate was reduced from 5.52% to 3.398% per annum.  In addition, we repaid our mortgage at our Bloomfield, NJ property after the second quarter of fiscal 2016.  In addition, the reduction was accentuated by normal recurring amortization payments on our portfolio of mortgages, which reduced interest expense in fiscal 2017 when compared with fiscal 2016 for the same mortgages.

Depreciation and amortization expense for properties owned in both fiscal year 2017 and 2016 increased by $1.2 million as a result of an increase in capital improvements on properties held in both periods in fiscal 2016 and 2017.

General and Administrative Expenses

General and administrative expense for the year ended October 31, 2017, when compared with the year ended October 31, 2016, decreased by $101,000, as a result of a decrease in restricted stock amortization, which reduces compensation expense and a reduction in professional fees offset by increased compensation expense for additional staffing at the company and increased bonus compensation for our employees in fiscal 2017 when compared with fiscal 2016.





Non-GAAP Financial Measure
Funds from Operations ("FFO")

The company considers FFO to be an additional measure of our operating performance.  We report FFO in addition to net income applicable to common stockholders and net cash provided by operating activities.  Management has adopted the definition suggested by The National Association of Real Estate Investment Trusts ("NAREIT") and defines FFO to mean net income (computed in accordance with GAAP) excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures.

Management considers FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of the company's 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.  It is helpful as it excludes various items included in net income that are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization.  However, FFO:

·
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and

·
should not be considered an alternative to net income as an indication of our performance.

FFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs.  The table below provides a reconciliation of net income applicable to Common and Class A Common Stockholders in accordance with GAAP to FFO for three month and fiscal years ended October 31, 2017 and 2016


Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
Fiscal Year and Fourth quarter ended 2017 Results
 (in thousands, except per share data)


Reconciliation of Net Income Available to Common and Class A Common Stockholders To Funds From Operations
 
Fiscal Year Ended
October 31,
   
Three Months Ended
October 31,
 
   
2017
   
2016
   
2017
   
2016
 
Net Income Applicable to Common and Class A Common Stockholders
 
$
33,898
   
$
19,436
   
$
324
   
$
6,750
 
                                 
Real property depreciation
   
20,505
     
18,866
     
5,400
     
4,750
 
Amortization of tenant improvements and allowances
   
4,448
     
3,517
     
1,208
     
1,276
 
Amortization of deferred leasing costs
   
1,468
     
557
     
440
     
173
 
Depreciation and amortization on unconsolidated joint ventures
   
1,618
     
1,589
     
409
     
385
 
(Gain)/loss on sale of asset
   
(18,734
)
   
(362
)
   
38
     
(3
)
Funds from Operations Applicable to Common and Class A Common Stockholders
 
$
43,203
   
$
43,603
   
$
7,819
   
$
13,331
 
                                 
Funds from Operations (Diluted) Per Share:
                               
Common
 
$
1.02
   
$
1.10
   
$
0.18
   
$
0.31
 
Class A Common
 
$
1.15
   
$
1.25
   
$
0.21
   
$
0.36
 






Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
 
Balance Sheet Highlights
 
(in thousands)
 
             
   
October 31,
   
October 31,
 
   
2017
   
2016
 
   
(Unaudited)
       
Assets
           
  Cash and Cash Equivalents
 
$
8,674
   
$
7,271
 
                 
  Real Estate investments before accumulated depreciation
 
$
1,090,402
   
$
1,016,838
 
                 
  Investments in and advances to unconsolidated joint ventures
 
$
38,049
   
$
38,469
 
                 
  Mortgage note receivable
 
$
-
   
$
13,500
 
                 
  Total Assets
 
$
996,713
   
$
931,324
 
                 
Liabilities
               
  Revolving credit line
 
$
4,000
   
$
8,000
 
                 
  Mortgage notes payable and other loans
 
$
297,071
   
$
273,016
 
                 
  Total Liabilities
 
$
328,122
   
$
314,038
 
                 
  Redeemable Noncontrolling Interests
 
$
81,361
   
$
18,253
 
                 
  Preferred Stock
 
$
190,000
   
$
204,375
 
                 
Total Stockholders' Equity
 
$
587,230
   
$
599,033
 

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