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 2020

Greenwich, Connecticut, June 8, 2020 --
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported financial and operating results for the three and six months ended April 30, 2020, and provided information regarding financial and operational activities in light of the ongoing COVID-19 pandemic.

The following are statistics about our portfolio that are useful in assessing the impact of Covid-19 on our business:

COVID-19 UPDATE (as of May 22, 2020)

Of our 81 properties, 74 are shopping centers and/or free-standing, net-leased retail bank or restaurant properties.  The remaining properties are small two-story suburban office buildings in Greenwich, CT and Bronxville, NY and a childcare center in Chester, NJ.
72 of our shopping centers and/or free-standing, net-leased retail bank or restaurant properties are open and operating (two restaurant properties are closed).
68.7% of our tenants, based on gross leasable area (“GLA”), are designated “essential businesses” or are otherwise permitted to operate through curbside pick-up and other modified operating procedures in accordance with state guidelines.
87.5% of our tenants designated as “essential businesses” or otherwise permitted to operate are open and operating (based on GLA).
62.7% of our total tenants are open and operating (based on GLA).
We have received 339 rent relief requests from our tenants, out of approximately 900 tenants in our consolidated portfolio.  Our plan is to work with our tenants, and on a case-by-case basis, reach agreement on lease modification terms that reflect the long-term interests of the company, as well as our tenants, recognizing that our tenants’ return to profitability on the back side of the pandemic is an important part of our mutual long-term goals.  Not all requests for rent relief will result in lease modification. We have completed 50 rent relief agreements with tenants.

RENTAL COLLECTIONS UPDATE (as of June 1, 2020)

68.7% of total April 2020 base rent, common area maintenance charges (CAM) and real estate taxes have been paid.
60.3% of total May 2020 base rent, CAM and real estate taxes have been paid.

The following are statistics about our company and balance sheet as of April 30, 2020 that are useful in assessing the impact of Covid-19 on our business:

We increased our provision for uncollectable tenant accounts receivable by $1.5 million in the quarter ended April 30, 2020 ($0.04 per Class A Common share), primarily as a result of the uncertainty regarding the on-going COVID-19 pandemic.
We have $33.9 million of cash & cash equivalents currently on our balance sheet.
We converted $7.1 million in liquid marketable securities to cash on May 22, 2020.
We have $64 million available on our unsecured revolving credit facility.
We have no material debt maturing for approximately the next 21 months.
We have reduced expectations for our Acquisitions Department and have temporarily redirected their efforts to tenant negotiations.
The health and safety of the company’s employees and their families is a top priority. Since mid-March, we seamlessly transitioned 100% of our workforce to working on a remote basis.  In accordance with Connecticut state regulations, our office opened at less than 50% capacity on May 20, 2020, with employees encouraged to continue working from home when feasible.

SECOND QUARTER 2020

$2.8 million of net income attributable to common stockholders ($0.07 per diluted Class A Common share).
$10.3 million of Funds From Operations (FFO)(1) ($0.27 per diluted Class A Common share).
FFO was reduced by a $1.4 million ($0.04 per Class A Common share) one-time increase in compensation expense as a result of the acceleration of amortization of restricted stock grants upon the passing of our former Chairman Emeritus, Charles J. Urstadt in March 2020.
FFO was reduced by an additional $1.5 million ($0.04 per Class A share) due to the above-noted increase in the company’s provision for uncollectable tenant accounts receivable, primarily as a result of the COVID-19 pandemic.
91.9% of our consolidated portfolio was leased at April 30, 2020.
7.1% average increase in base rental rates on new leases over the last four quarters.
2.7% average increase in base rental rates on lease renewals over the last four quarters.
On April 17, 2020, we paid a $0.28 per share quarterly cash dividend on our Class A Common Stock and $0.25 per share quarterly cash dividend paid on our Common Stock.
 (1) A reconciliation of GAAP net income to FFO is provided at the end of this press release.
Dividend Declarations:
The company’s Board of Directors declared the regular contractual quarterly dividend with respect to each of the company’s Series H and Series K cumulative redeemable preferred stock. All dividends on the preferred stock will be paid on July 31, 2020, to shareholders of record on July 17, 2020.
As a result of COVID-19 and the economic uncertainties resulting from the COVID-19 pandemic, the company’s Board of Directors reduced the dividend on its Common and Class A Common stock to $0.07 per Class A Common share and $0.0625 per Common share, respectively, a reduction of approximately 75% from second quarter dividends of $0.25 per Common share and $0.28 per Class A Common share, which will preserve $8.2 million of cash in the third quarter.   Dividends on the Common shares and Class A Common shares will be paid on July 17, 2020 to holders of record on July 3, 2020. The company’s Board of Directors will continue to monitor the company’s financial performance and economic outlook and intends, at a later date, to adjust the Class A Common and Common stock dividends during fiscal 2020 to at least the amount required to maintain compliance with its REIT taxable income distribution requirements.

“Our thoughts and prayers go out to all of those impacted by the COVID-19 pandemic, along with great appreciation and respect for those operating every day on the front lines,” said Willing L. Biddle, President and Chief Executive Officer. Mr. Biddle continued….“Our company entered this pandemic in a very strong position both from an operating and balance sheet perspective, and we fully expect to emerge in good shape given our superior real estate, low leverage, high percentage of grocery and pharmacy anchored properties,  financial liquidity, flexibility and dedicated employees.  The New York City suburbs, where our properties are primarily located, was one of the hardest hit areas of the country. We have been focused on protecting the health and well-being of our employees, supporting our tenants and working with the communities to which we and our properties belong.  Thankfully, our long-term strategy has resulted in 84% of our properties, measured by square feet, being anchored by grocery stores, wholesale clubs or pharmacies, and these businesses have remained open during this crisis, proving how critical they are to the communities that they serve. Commercial landlords like us are facing difficult times with many stores forced to temporarily close, many of our tenants struggling and limited assistance available to commercial property owners from government sources or lenders. However, our tenant mix and low leverage gives us the ability to work with our tenants so that they can survive this crisis and operate in a profitable manner when this is over.”

Net income applicable to Class A Common and Common stockholders for the second quarter of fiscal 2020 was $2,799,000 or $0.07 per diluted Class A Common share and $0.07 per diluted Common share, compared to $5,798,000 or $0.15 per diluted Class A Common share and $0.14 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 2020 was $7,870,000 or $0.21 per diluted Class A Common share and $0.18 per diluted Common share, compared to $11,652,000 or $0.31 per diluted Class A Common share and $0.27 per diluted Common share in the first six months of fiscal 2019.

FFO for the second quarter of fiscal 2020 was $10,287,000 or $0.27 per diluted Class A Common share and $0.24 per diluted Common share, compared with $13,202,000 or $0.35 per diluted Class A Common share and $0.31 per diluted Common share in last year’s second quarter.  For the first six months of fiscal 2020, FFO amounted to $23,184,000 or $0.61 per diluted Class A Common share and $0.54 per diluted Common share, compared to $26,739,000 or $0.71 per diluted Class A Common share and $0.63 per diluted Common share in the corresponding period of fiscal 2019.

Both net income applicable to Class A Common and Common stockholders and FFO for the six and three months ended April 30, 2020 were reduced by $1.4 million (or $0.04 per share) relating to the acceleration of amortization of the grant value of restricted stock upon the death of our former Chairman Emeritus, Charles J. Urstadt, in March of 2020.  In addition, both net income applicable to Class A Common and Common stockholders and FFO for the six and three months ended April 30, 2020 were reduced by an uncollectable amount of lease income in the amount of $1.8 million and $1.5 million, respectively.  These amounts represented a $1.3 million increase ($0.03 per share) in the provision for the six months and three months ended April 30, 2020 when compared to the corresponding prior periods, primarily as a result of additional tenant credit losses caused by the COVID-19 pandemic.

At April 30, 2020, the company’s consolidated properties were 91.9% leased (versus 92.9% at the end of fiscal 2019) and 90.3% occupied (versus 91.4% at the end of fiscal 2019).  The company currently has 367,000 square feet of vacancy in its consolidated portfolio, 33,500 square feet of which is in the lease negotiation stage.  In addition, the company is negotiating letters of intent with potential tenants on another 114,000 square feet of vacant space.  Also, as previously discussed, at April 30, 2020, the leased percentage treats as leased, and the April 30, 2020 occupancy percentage treats as unoccupied, 65,700 square feet of retail space (1.4% of our consolidated square footage) formerly ground leased by Toys R’ Us and Babies R’ Us at the company’s Danbury Square shopping center in Danbury, CT.  Toys R’ Us and Babies R’ Us went bankrupt in fiscal 2017, and this ground lease was purchased from Toys R’ Us and Babies R’ Us and assumed by a real estate investor in August 2018.  The lease rate for the 65,700 square foot space was and remains at $0 for the duration of the lease, and the company did not have any other leases with Toys R’ Us or Babies R’ Us, so the company’s cash flow was not impacted by the bankruptcy of Toys R’ Us and Babies R’ Us.  As of the date of this press release, the company has not been informed if the new owner of the lease has a tenant for the space.


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, 2020, the company had equity interests in six unconsolidated joint ventures (719,000 square feet), which were 94.4% leased (96.1% at October 31, 2019).


Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 81 properties containing approximately 5.3 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 201 consecutive quarters of uninterrupted dividends to its shareholders since its inception.

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 Monday, June 8, 2020 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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