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Urstadt Biddle Properties Reports FFO Increase, Shopping for New Property

GREENWICH, CT-In addition to a favorable third quarter financial report, the shopping center REIT reveals it is in talks to purchase additional properties in the Westchester-Fairfield area.

By John Jordan | Updated on September 14, 2000

GREENWICH, CT-Urstadt Biddle Properties reports that for the first nine months of this year its diluted Funds From Operations increased 3.2% to $9,022,000 or $0.78 per diluted common share and $0.87 per diluted Class A common share from $8,745,000 or $0.76 per diluted common share and $0.85 per diluted Class A common share for the same period in fiscal year 1999.

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.”

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