Urstadt Biddle announces third quarter financial results. (2002).

Urstadt Biddle Properties Inc., a real estate investment trust, reported its financial results for the nine month and three month periods ended July 31, 2002.

For the first nine months of fiscal year 2002, diluted funds from operations increased to $15,065,000 or $0.80 per diluted common share and $0.88 per diluted class "A" common share, on higher shares outstanding from $11,206,000 or $0.92 per diluted common share and $1.02 per diluted class "A" common share for the same period in fiscal 2001. Diluted FFO for the third quarter ended July 31, 2002 was $5,212,000 or $0.25 per diluted common share and $0.28 per diluted class "A" common share compared to $4,705,000 or $0.38 per diluted common share and $0.42 per diluted class "A" common share in the same period a year ago.

Net income for the first nine months of fiscal 2002 was $12,081,000 or $0.65 per diluted common share and $0.72 per diluted class "A" common share, compared to $5,059,000 or $0.43 per diluted common share and $0.47 per diluted class "A" common share for the same period last year. Net income in the nine months of fiscal 2002 included $3,071,000 gain from the repurchase of preferred stock earlier in the year. Net income and FF0 in the nine month periods ended July 31, 2002 and 2001 included $765,000 and $1,137,000, respectively, from lease termination payments received. Net income for the three months ended July 31, 2002 was $2,958,000 or $0.15 per diluted common share and $0.16 per diluted class "A" common share, compared to $2,424,000, or $0.20 per diluted common share and $0.22 per diluted class "A" common share in the same period, last year. Net income and FFO in the three months ended July 31, 2002 and 2001 included income of $250,000 and $1,137,000 from lease termination payments.

Willing L. Biddle, president and chief operating officer of the company, stated, "We are pleased with our operating results for the third quarter. We closed on the purchase of the 360,000 square foot Ridgeway Shopping Center in Stamford, Connecticut for $89.9 million and raised more than $82 million in a public offering of class 'A' shares. We have recently signed a contract to purchase a shopping center in Fairfield county and are negotiating with owners of a number of other shopping centers in our tar get area of Fairfield, Westchester, and Putnam counties. Our core properties are performing well and we continued to strengthen our tenant base with the addition of a number of quality national retailers."

"In the short term we continue to expect our earnings and funds from operations per share to be impacted by the increase in shares outstanding resulting from the recent stock offering until the proceeds have been fully invested. We believe the current dividend rate is adequately covered by our funds from operations and we are cautiously optimistic about the acquisition opportunities we see."

In a separate announcement, UBP's board of directors declared the company's regular quarterly dividends on its common and class "A" common shares.

The dividends are payable on Oct. 18, 2002 to shareholders of record on Sept. 30, 2002. The dividends were declared in the amount of $0.185 per common share and $0.205 per class "A" common share.