John T. Hayes, CFO

Urstadt Biddle Properties Inc.

(203) 863-8200

and Fiscal 2016 Operating Results

Greenwich, Connecticut, December 15, 2016 -- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today announced its fourth quarter and full year financial results for the fiscal year ended October 31, 2016.  The company also announced an increase in the quarterly dividend rate on its Class A Common and Common stock.

Net income applicable to Class A Common and Common stockholders for the quarter ended October 31, 2016 amounted to $6,750,000 or $0.18 per diluted Class A Common share and $0.16 per diluted Common share compared with $23,995,000 or $0.70 per diluted Class A Common share and $0.62 per diluted Common share in last year's fourth quarter.  For the year ended October 31, 2016, net income applicable to Class A Common and Common stockholders was $19,436,000 or $0.56 per diluted Class A Common share and $0.49 per diluted Common share compared to $34,659,000 or $1.02 per diluted Class A Common share and $0.90 per diluted Common share in fiscal 2015.  Both the three month and year ended October 31, 2015 amounts for net income applicable to Class A Common and Common stockholders include a $20,377,000 gain on the sale of the company's Meriden, CT property when it was sold in the fourth quarter of fiscal 2015.

Diluted Funds from Operations (FFO) for the quarter ended October 31, 2016 was $13,331,000 or $0.36 per Class A Common share and $0.31 per Common share, compared to $9,678,000 or $0.28 per Class A Common share and $0.25 per Common share in last year's fourth quarter.   For the year ended October 31, 2016, diluted FFO amounted to $43,603,000 or $1.25 per Class A Common share and $1.10 per Common share, compared with $38,056,000 or $1.12 per Class A Common share and $0.99 per Common share in fiscal 2015.  The FFO amounts above for fiscal 2015 include significant acquisition costs and excess preferred stock dividends due to the timing of redemption and issuance of classes of preferred stock, which in the company's view are not indicative of operating performance.  In an effort to assist investors in analyzing changes to FFO, the company has included a second FFO reconciliation table at the end of this report which explains the effect of these items on the company's Diluted FFO.  After removing these items from both the three month and full year periods ended October 31, 2016 and 2015, the company's adjusted Diluted FFO for the three month period ended October 31, 2016 was $13,538,000 or $0.36 per diluted Class A Common share and $0.32 per diluted Common share, compared to $9,726,000 or $0.29 per diluted Class A Common share and $0.25 per diluted Common share in last year's fourth quarter.  Adjusted FFO for the year ended October 31, 2016 was $44,015,000 or $1.26 per diluted Class A Common share and $1.11 per diluted Common share, compared to $40,392,000 or $1.19 per diluted Class A Common share and $1.05 per diluted Common share in fiscal 2015.

UBP Announces an Increase in Dividends to its Shareholders for the Twenty-third Consecutive Year

At their regular December meeting, the company's Directors approved an increase in the quarterly dividend rate on shares of the company's Class A Common stock and Common stock.  The quarterly dividend rate declared for Class A Common stock was increased to $0.265 per share and the quarterly dividend rate declared for Common stock was increased to $0.235 per Common share, which represents an annualized increase of $0.02 per share for the both classes of common stock.  The $0.02 dividend increase on both the Class A Common stock and Common stock represents the twenty-third consecutive year that the company has increased total dividends to its shareholders.  The Class A Common and Common dividends are payable January 20, 2017 to stockholders of record on January 6, 2017.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 75 properties containing approximately 5.0 million square feet of space.  Listed on the New York Stock Exchange since 1970, it provides investors with a means of participating in ownership of income-producing properties. It has paid 187 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 23 consecutive years.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)

Fiscal Year and Fourth quarter 2016 results

 (in thousands, except per share data)

The following information summarizes the Company's results of operations for the years ended October 31, 2016 and 2015 (amounts in thousands):

Note 1 - Properties held in both periods includes only properties owned for the entire periods of 2016 and 2015 including the Company's White Plains Property.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues

Base rents increased by 3.9% to $87.2 million in fiscal 2016, as compared with $83.9 million in the comparable period of 2015.  The increase in base rents and the changes in other income statement line items were attributable to:

In fiscal 2015, the Company purchased equity interests in six properties totaling approximately 409,000 square feet of GLA and sold two properties totaling approximately 298,000 square feet, and in fiscal 2016, the Company purchased two properties totaling 99,000 square feet.  These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in fiscal 2016 when compared with fiscal 2015.

Revenues

Base rents increased by $4.8 million in fiscal 2016 as compared to fiscal 2015, primarily as a result of the Company receiving $4.8 million in extension fees from the entity in contract to purchase our White Plains property.  In fiscal 2015, the Company entered into contract to sell our White Plains property and that closing was scheduled to occur in April 2016.  In February, the purchaser approached the Company and asked for an extension of the closing to October 2016.  In exchange for granting the extension the Company received $2.8 million.  In October, the purchaser approached us again and asked for an additional extension, and in exchange for granting that extension the Company received an additional $2 million.  The Company has recorded the entire $4.8 million in base rent on the accompanying consolidated income statements, as the fees collected for the extensions essentially amounted to the purchaser renting the shopping center until the closing of the sale, which is now scheduled for March of 2017.   In addition, the increase was caused by an increase in base rents billed at several of our other shopping centers in excess of the prior year for new leasing done in the portfolio in fiscal 2015 and 2016, offset by a reduction in base rents at the three shopping centers which were leased to A&P and were not assumed in the A&P bankruptcy process.  Two of those three spaces have been re-leased and are now paying rent.

In fiscal 2016, the Company leased or renewed approximately 418,400 square feet (or approximately 10.4% of total consolidated property leasable area).  At October 31, 2016, the Company's consolidated properties were approximately 93.3% leased.  The above percentages exclude the Company's White Plains property, which is being held vacant for sale.

For the year ended October 31, 2016, recoveries from tenants for properties owned in both periods (which represent reimbursements from tenants for operating expenses and property taxes) decreased by a net $2.4 million. This decrease was primarily the result of incurring $1.9 million less in operating expenses for properties owned in both periods, predominantly attributable to a significant reduction in snow removal costs during fiscal 2016 as compared with fiscal 2015.  In addition, this decrease was also the result of having two anchor stores formerly occupied by A&P vacant for most of the first and second quarters of fiscal 2016, which reduced the company's recovery rate for operating costs.

Expenses

Property operating expenses for properties owned in both fiscal year 2016 and 2015 decreased by $1.9 million.  This decrease was primarily the result of having $1.9 million less in operating expenses in the portfolio, predominantly attributable to a significant reduction in snow removal costs during fiscal 2016 as compared with fiscal 2015.

Real estate taxes for properties owned in both fiscal year 2016 and 2015 increased by $291,000 as a result of normal tax assessment increases at some of our properties.

Interest expense for properties owned in both fiscal year 2016 and 2015 decreased by $989,000 as a result of the Company having less outstanding on its Facility in fiscal 2016 as compared with fiscal 2015, the Company repaying two mortgages totaling $12.0 million in fiscal 2015 and 2016 and the Company repaying its $25 million term loan in August 2015.

Depreciation and amortization expense from properties owned in the year ended October 31, 2016 as compared to the corresponding prior period, increased by $187,000 as a result of an increase in capital improvements on properties held in both periods.

General and administrative expense for the year ended October 31, 2016, when compared with the year ended October 31, 2015, increased by $708,000, as a result of increased compensation expense for additional staffing at the Company, increased bonus compensation for our employees and an increase in restricted stock amortization as a result of newer tranches of restricted stock grants being valued at a higher stock price than that of expiring tranches of restricted stock.

Non-GAAP Financial Measure

Funds from Operations ("FFO")

The company considers FFO to be a meaningful additional measure of operating performance primarily because it excludes the assumption that the value of its real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure.  FFO is presented to assist investors in analyzing the performance of the company.  The company reports FFO in addition to net income applicable to common shareholders and net cash provided by operating activities.  FFO is helpful as it excludes various items included in net income that are not indicative of the company's operating performance, such as gains (or losses) from sales of property and depreciation and amortization.  The company has adopted the definition suggested by the National Association of Real Estate Investment Trusts ("NAREIT").  The company defines FFO as net income computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property plus real estate related depreciation and amortization, and after adjustments for unconsolidated joint ventures.  FFO does not represent cash flows from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.  FFO should not be considered as an alternative to net income as an indicator of the company's operating performance or as an alternative to cash flow as a measure of liquidity.  Since all companies do not calculate FFO in a similar fashion, the company's calculation of FFO presented herein may not be comparable to similarly titled measures as reported by other companies.

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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)

Funds from Operations

Fiscal Year and Fourth quarter Ended 2016 Results

 (in thousands, except per share data)

The following table reconciles the company's net income available to Common and Class A Common Stockholders to Funds From Operations for the three months and fiscal year ended October 31, 2016 and 2015 after removing the excess preferred stock dividends, preferred stock redemption charges and property acquisition costs. (See Note 1).

Note 1 – The company sold preferred stock in October and November of 2014 for the principal purpose of redeeming its Series D preferred stock.  The company redeemed the Series D on November 21, 2014.  The company incurred excess preferred stock dividends of $268,000 in the first quarter of fiscal 2015 as a result of having the new series of preferred stock outstanding prior to being able to redeem the series D preferred stock.

		October 31, 2016				October 31, 2015
		(Unaudited)
Assets
Cash and Cash Equivalents		$	7,271			$	6,623
Real Estate investments before accumulated depreciation		$	1,016,838			$	941,690
Investments in and advances to unconsolidated joint ventures		$	38,469			$	39,305
Mortgage note receivable		$	13,500			$	-
Total Assets		$	931,324			$	861,075
Liabilities
Revolving credit lines		$	8,000			$	22,750
Mortgage notes payable and other loans		$	273,016			$	260,457
Total Liabilities		$	314,038			$	304,342
Redeemable Noncontrolling Interests		$	18,253			$	15,955
Preferred Stock		$	204,375			$	204,375
Total Stockholders' Equity		$	599,033			$	540,778