Urstadt Biddle Properties Inc. (UBP), Urstadt Biddle Properties Inc. (“UBP”) is a Real Estate Investment Trust (“REIT”) founded in 1969, whose primary investments are in open air shopping centers and retail properties in the New York Metropolitan area. As a REIT we are not required to pay federal and state income taxes. The basic requirement of a REIT is that it must be primarily in the business of owning real estate and pay dividends to shareholders equal to at least 90% of its taxable income. Our general business plan is to own open air shopping centers and retail properties in the New York Metro area with a focus on the counties within commuting distance to the north and west of NYC, to self manage and lease all our properties, to have a conservative amount of debt, and keep our ownership relatively simple by investing in fee positions (owning the land and buildings) and avoiding if possible complicated joint venture or leasehold investments. We strive to buy well located properties in our market where we can increase the value over time through renovation and/or leasing that will increase cash flow and thus the value of the property. The commercial real estate business is glacial and our philosophy recognizes that it often can take many years for a property to reach its full potential. Although commercial real estate can be risky business; we have chosen to avoid the business of developing vacant land into shopping centers and we are in the more stable business of buying existing shopping centers and improving them.
We are experienced in structuring tax efficient structures for sellers wishing to defer capital gains taxes through the formation of DownREITS and other partnership forms. We are also experienced in assisting owners wishing to buyout partners or resolve partnership disputes and divergent interests of potential sellers. We also provide property management and leasing services for other property owners in our target market.
We were formerly known as HRE Properties and our name was changed in 1996 to our present name to recognize the major shareholders and leadership of the Company and reduce confusion in the market. We own or have interest in 43 properties totaling over 400 acres of land improved with over 4 million square feet of leasable area.
We have two Classes of Common Stock that are traded on the New York Stock Exchange (NYSE) under the ticker symbols UBP and UBA. These stocks are virtually identical in their rights except that UBA receives a higher dividend than UBP (at least 10% greater per our corporate charter). Each share of UBP receives one vote per share, whereas each share of UBA receives 1/20th of a vote per share. As of October 1, 2008 there are approximately 7,980,000 and 18,330,000 shares outstanding of UBP and UBA, respectively. Approximately 60% of the outstanding shares of UBP are owned by senior management of the Company. Our Series C and Series D Preferred Stock are listed and traded on the NYSE under the symbols UBPPC and UBPPD, respectively. Our Series E Preferred Stock is not registered or listed on any market exchange.
We are proud of our accomplishments and optimistic about our future and invite you to explore the rest of our website to learn more about he company and depending on your interests either consider leasing stores from us, talking to us about a property you own or represent for sale, or invest alongside management in the publicly traded stock of our Company.
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As of November 21, 2008
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Urstadt Biddle Properties Inc.
321 Railroad Avenue
Greenwich, CT 06830
(203) 863-8200Investor Relations Contact
Ms. Athena Bludé
(203) 863-8225
ablude@ubproperties.com
Transfer Agent
The Bank of New York
BNY Mellon Shareowner Services
480 Washington Blvd
Jersey City, NJ 07310-1900
Telephone Inquiries: 866.203.6250
Outside the US: 201.680.6685
Hearing Impaired - TDD: 800.231.5469
shrrelations@mellon.com
Click here to view our Annual Report. |
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