Company officials state that the increase in FFO was due to recent leasing activity at some of its properties. Urstadt Biddle Properties is a self-administered equity REIT that owns 23 properties totaling more than three million sf of space. Its core properties consist primarily of shopping centers in the Northeast.
William Biddle, president and chief operating officer of the Greenwich, CT, based firm, comments, "As a result of recent successful leasing activity we expect the company's funds from operations to be positively affected in the next fiscal year and thereafter. We seek property acquisitions that are acretitive to earnings and are currently in contract negotiations to purchase additional properties in our target area of Westchester County, New York and Fairfield County, Connecticut."
The company also reports that on Sept. 13 its Board of Directors declared quarterly dividends on the company's common stock and class A common ctock.
The dividends were declared in the amount of $0.175 for each share of common stock and $0.195 for each share of class A common stock. The dividends are payable October 20, 2000 to stockholders of record on September 29, 2000. The dividends were declared at the same rate as the previous quarter and represent the 124th consecutive quarterly dividend since the company began operations in 1969.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
