Urstadt Biddle Properties reports first quarter results.

Urstadt Biddle Properties Inc. (UBP.A and UBP) a real estate investment trust, today reported its results for the first quarter ended. Jan. 31. For the three months ended Jan. 31, diluted Funds from Operations (FFO) increased to $4.871 million or $0.27 per Common share and $0.30 per Glass A Common share compared to $3,096,000 or $0.26 per Common share and $0.29 per Class-A Common share for the comparable quarter in fiscal 2001. FFO for the first quarter of fiscal 2002 included $515,000 of nonrecurring lease termination income received from a former tenant at Eastchester Mall.

Net Income Applicable to Common and Class A Common stockholders for the first quarter of fiscal 2002 was $6.092 million or $0.35. per diluted Common share and $0.38 per diluted Class A Common share compared to net income of $1.146 million or $0.10 per diluted Common share and $0.11 per diluted Class A Common share-in last year's first quarter. This quarter's net income included a gain of $3.071 million on the repurchase of 200,000 shares of the Company's Series B Senior Cumulative Preferred Stock in a negotiated transaction with the preferred stockholder.

Commenting on the quarter's operating results, Willing L. Biddle, president and chief operating officer of UBP, said "We are pleased to report that the company's operating revenues this quarter increased 13.6% compared to last year's first quarter, as a result of recent acquisitions, new leasing at several core properties, and generally higher renewal rents on expiring leases. Looking ahead, we expect to continue our strategic plan to acquire shopping centers in our region. However, in the near term our earnings and FFO may be effected by lower returns on short-term cash awaiting reinvestment in higher yielding real estate properties." Biddle continued "Our primary leasing activity in the second half of the year will be focused on re-leasing approximately 60,000 SF of office space which is expected to become available later this year."

At their regular quarterly meeting today, the Directors of Urstadt Biddle Properties Inc. declared regular quarterly dividends on the Company's Class A Common Stock (UBP.A) and Common Stock (UBP). The dividends were declared in the amount of $0.185 for each share of Common Stock and $0.205 for each share of Class A Common Stock. The dividends are payable April 19 to stockholders of record on March 28. The dividends were declared at the same rate as the previous quarter -and are the 130th consecutive quarterly dividends declared since the Company began operating in 1969.