# EDGAR Filing Document

**Accession Number:** 0001029800
**File Stem:** 0001029800-23-000035
**Filing Date:** 2023-3
**Character Count:** 59066
**Document Hash:** b7577a92949d94cc2966488c51efc767
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001029800-23-000035.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001029800-23-000035

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230310

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** URSTADT BIDDLE PROPERTIES INC
- **CENTRAL INDEX KEY:** 0001029800
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 042458042
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12803
- **FILM NUMBER:** 23723980

**BUSINESS ADDRESS:**
- **STREET 1:** C/O URSTADT BIDDLE PROPERTIES INC.
- **STREET 2:** 321 RAILROAD AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 2038638200

**MAIL ADDRESS:**
- **STREET 1:** 321 RAILROAD AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HRE PROPERTIES INC
- **DATE OF NAME CHANGE:** 19961230

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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### FORM 8-K

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Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 10, 2023

![graphic](logolarge.gif)

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## URSTADT BIDDLE PROPERTIES INC
(Exact Name of Registrant as Specified in Its Charter)

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#### 001-12803
(Commission File Number)

---

| | |
|:---|:---|
| **Maryland**<br>| **04-2458042**<br>|
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |

---

#### 321 RAILROAD AVENUE

#### GREENWICH, Connecticut 06830
(Address of principal executive offices, including zip code)

(203) 863-8200

(Registrant's telephone number, including area code)

#### NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $.01 per share | UBP | NYSE |
| Class A Common Stock, par value $.01 per share | UBA | NYSE |
| 6.25% Series H Cumulative Preferred Stock | UBPPRH | NYSE |
| 5.875% Series K Cumulative Preferred Stock | UBPPRK | NYSE |
| Common Stock Rights to Purchase Preferred Shares | N/A | NYSE |
| Class A Common Stock Rights to Purchase Preferred Shares | N/A | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.
Supplemental Information Package referenced in Item 7.01 below is incorporated herein by reference.

#### Item 7.01 &nbsp;&nbsp;&nbsp;&nbsp; Regulation FD Disclosure.
On March 10, 2023, Urstadt Biddle Properties Inc. (the "Company") disclosed a supplemental information package on its corporate website in connection with its first quarter ended January 31, 2023. A copy of the supplemental information package is furnished with this report as Exhibit 99.1. Such information shall not be deemed "filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following exhibit is furnished as part of this report:

[Supplemental Information Package is filed as Exhibit 99.1.](exhibit99_1.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Date: March 10, 2023 | **URSTADT BIDDLE PROPERTIES INC.** |
|  | (Registrant) |
|  | <u>/s/ John T. Hayes</u>  |
|  | John T. Hayes |
|  | Senior Vice President & Chief Financial Officer |

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## Exhibit 99.1

#### EXHIBIT 99.1<br>

#### <br>

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| | |
|:---|:---|
| **Urstadt Biddle Properties Inc.**<br> **Supplemental Information**<br>**As of January 31, 2023**<br>| ![](logolarge.gif) |

---

![](image00001.jpg)

![](image00002.jpg)

URSTADT BIDDLE PROPERTIES INC

321 RAILROAD AVENUE

GREENWICH, CT 06830

203-863-8200 <br>

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| | |
|:---|:---|
| **Urstadt Biddle Properties Inc.**<br> **Supplemental Information**<br>**As of January 31, 2023**<br>| ![](logolarge.gif) |

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS**

### <br>

**1 PROPERTY PORTFOLIO<br>2 INVESTMENT PROPERTY SAME PROPERTY OPERATING INCOME –THREE MONTH PERIODS ENDED January 31, 2023 AND 2022 <br> 3 NEW AND RENEWAL LEASING STATISTICS –ROLLING 4 QUARTERS ENDED January 31, 2023**

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| | |
|:---|:---|
| **Urstadt Biddle Properties Inc.**<br> **Property Portfolio - Detail** **As of January 31, 2023**<br>| ![](logolarge.gif) |

---

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | | | Property Demographics ₁ | Property Demographics ₁ | Property Demographics ₁ | Property Demographics ₁ |
|  | | | | | | | | | | | | | | 3-Mile Radius | 3-Mile Radius | 3-Mile Radius | 3-Mile Radius |
|  | | | | | Gross Leasable Area | Gross Leasable Area | Gross Leasable Area | Percentage Leased | Percentage Leased | Percentage Leased | Annualized Base Rent PSF for Leased Space | Annualized Base Rent PSF for Leased Space | Annualized Base Rent PSF for Leased Space | Total | Number of | Average Household | Median Household |
| Property Location | Property Name | Anchor Tenant's | % Owned | Year Acquired | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Population | Households | Income | Income |
| **Connecticut** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Stamford | Ridgeway | Stop & Shop Supermarket | 100% | 2002 | 72000 | 302111 | 374111 | 100.00% | 97.78% | 98.21% | $33.28 | $29.86 | $30.53 | 143500 | 55000 | 162400 | 109900 |
| Stratford | The Dock | Stop & Shop Supermarket / BJ's Wholesale | 100% | 2005 | 167754 | 110731 | 278485 | 100.00% | 98.92% | 99.6% | $16.93 | $21.24 | $19.22 | 90300 | 35700 | 86900 | 71900 |
| New Milford | New Milford Plaza | Wal-Mart / Stop & Shop Supermarket | 100% | 2010 | 177028 | 58216 | 235244 | 100.00% | 100.00% | 100.0% | $6.83 | $15.87 | $9.07 | 18800 | 7300 | 118600 | 91400 |
| Danbury₂ | Danbury Square | Christmas Tree Shops | 100% | 1995 | 47555 | 146407 | 193962 | 100.00% | 89.28% | 91.9% | $22.00 | $14.69 | $16.64 | 48800 | 17000 | 94400 | 70800 |
| Shelton | Shelton Square | Stop & Shop Supermarket / TJX | 100% | 2022 | 92650 | 95926 | 188576 | 100.00% | 96.13% | 98.0% | $19.54 | $18.17 | $18.86 | 38700 | 15100 | 129900 | 101400 |
| Darien | Goodwives | Stop & Shop Supermarket | 100% | 1998 | 42083 | 53674 | 95757 | 100.00% | 80.42% | 89.0% | $33.99 | $39.50 | $36.78 | 68300 | 24800 | 200500 | 118200 |
| Stamford | High Ridge Center | Trader Joe's Supermarket | 33% | 2017 | 13265 | 73857 | 87122 | 100.00% | 61.88% | 67.7% | $40.67 | $56.47 | $52.92 | 56300 | 20400 | 216300 | 145100 |
| New Milford | Veteran's Plaza | Big Y Supermarket | 100% | 2008 | 55450 | 25821 | 81271 | 100.00% | 93.28% | 97.9% | $8.86 | $19.45 | $12.07 | 20400 | 7800 | 103000 | 77600 |
| Orange | Orange Meadows | Trader Joe's Supermarket/TJ Maxx | 100% | 2003 | 38313 | 39236 | 77549 | 100.00% | 100.00% | 100.0% | $18.61 | $29.15 | $23.95 | 49100 | 19400 | 113000 | 94000 |
| Stamford | Newfield Green | Grade A Market | 100% | 2016 | 30780 | 43308 | 74088 | 100.00% | 94.00% | 96.5% | $24.04 | $48.79 | $38.13 | 133000 | 51200 | 157100 | 107200 |
| New Milford | Fairfield Plaza | Staples | 100% | 2011 | 20388 | 51599 | 71987 | 100.00% | 83.47% | 88.2% | $15.00 | $15.56 | $15.38 | 15100 | 5900 | 114100 | 86300 |
| Fairfield | Fairfield Center | Marshalls | 100% | 2011 | 32714 | 28939 | 61653 | 100.00% | 100.00% | 100.0% | $24.51 | $26.36 | $25.38 | 72400 | 26000 | 135700 | 98400 |
| Ridgefield | Ridgefield | N/A | 100% | 1998 | - | 61870 | 61870 | 0.00% | 95.93% | 95.9% | $- | $25.12 | $25.12 | 20400 | 7400 | 238200 | 162800 |
| Greenwich Offices | Various | Various | 100% | Various | - | 57746 | 57746 | 0.00% | 92.58% | 92.6% | $- | $31.97 | $31.97 | 71900 | 26500 | 185100 | 111700 |
| Greenwich | Cos Cob Commons | CVS | 100% | 2014 | 15629 | 32018 | 47647 | 100.00% | 96.98% | 98.0% | $70.24 | $43.01 | $52.13 | 67500 | 24500 | 242000 | 136700 |
| Westport | Greens Farm | BevMax | 100% | 2003 | 14100 | 25554 | 39654 | 100.00% | 24.43% | 51.3% | $17.48 | $41.95 | $24.99 | 31500 | 11400 | 276900 | 166300 |
| Greenwich | Kings Shopping Center | Kings Supermarket | 100% | 2014 | 18432 | 20894 | 39326 | 100.00% | 82.95% | 90.9% | $30.22 | $41.12 | $35.50 | 104600 | 40900 | 188000 | 117500 |
| Derby | Aldi Square | Aldi Supermarket | 100% | 2017 | 19069 | 18722 | 37791 | 100.00% | 100.00% | 100.0% | $9.47 | $23.03 | $16.19 | 55200 | 22100 | 88200 | 72500 |
| Danbury | Airport Plaza | Buffalo Wild Wings | 100% | 2002 | 8116 | 24547 | 32663 | 100.00% | 100.00% | 100.0% | $29.65 | $29.93 | $29.86 | 53000 | 18700 | 93800 | 71100 |
| Bethel | The Hub | Rite Aid/La Placita Market | 100% | 2014 | 21480 | 9506 | 30986 | 100.00% | 73.70% | 91.9% | $15.60 | $24.84 | $17.87 | 63800 | 22800 | 84700 | 68500 |
| Stamford | 970 High Ridge | FedEx Office | 100% | 2016 | 6734 | 20599 | 27333 | 100.00% | 89.32% | 92.0% | $42.00 | $31.62 | $34.40 | 59300 | 22100 | 206000 | 137500 |
| Ridgefield | Yankee Ridge Center | N/A | 100% | 2018 | - | 22957 | 22957 | 0.00% | 100.00% | 100.0% | $- | $28.61 | $28.61 | 21800 | 7900 | 229700 | 157800 |
| Greenwich | Cos Cob Plaza | Veterinary Emergency Group | 100% | 2013 | 4025 | 10880 | 14905 | 100.00% | 98.33% | 98.8% | $60.00 | $48.04 | $51.31 | 75400 | 27200 | 243300 | 135900 |
| Greenwich | Greenwich Commons | Wells Fargo | 100% | 2013 | 2400 | 7344 | 9744 | 100.00% | 100.00% | 100.0% | $88.00 | $87.22 | $87.41 | 68700 | 25100 | 207600 | 122400 |
| Greenwich | Old Greenwich - CVS | CVS | 33% | 2017 | 8000 | - | 8000 | 100.00% | 0.00% | 100.0% | $30.17 | $- | $30.17 | 104600 | 40900 | 188000 | 117500 |
| Stamford | High Ridge - Chase | J.P Morgan Chase Bank | 33% | 2017 | 4160 | - | 4160 | 100.00% | 0.00% | 100.0% | $81.78 | $- | $81.78 | 57800 | 21400 | 208100 | 139600 |
| Stratford | Knott's Landing | Chipotle | 100% | 2020 | 2400 | 800 | 3200 | 100.00% | 100.00% | 100.0% | $57.50 | $118.00 | $72.63 | 91000 | 35800 | 85800 | 71100 |
|  |  |  |  |  | 914525 | 1343262 | 2257787 | 100.0% | 91.5% | 94.9% | $20.16 | $27.93 | $24.69 |  |  |  |  |
| **New York** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Brewster | Lakeview Plaza | Acme Supermarket | 100% | 2018 | 45366 | 128808 | 174174 | 100.0% | 83.6% | 87.9% | $9.50 | $21.51 | $17.95 | 15400 | 5600 | 115400 | 100800 |
| Carmel | Carmel ShopRite Center | ShopRite Supermarket | 100% | 1995 | 65342 | 80124 | 145466 | 100.0% | 88.4% | 93.6% | $10.86 | $16.04 | $13.56 | 15500 | 5600 | 116600 | 92700 |
| Ossining | Arcadian | Stop & Shop Supermarket | 100% | 1998 | 64858 | 72404 | 137262 | 100.0% | 85.3% | 92.2% | $20.88 | $26.72 | $23.73 | 42300 | 14100 | 150400 | 106500 |
| Somers6 | Somers Commons | Goodwill / Tractor Supply | 100% | 2003 | 40573 | 94187 | 134760 | 100.0% | 92.4% | 94.7% | $18.51 | $21.46 | $20.52 | 31600 | 11800 | 137200 | 109500 |
| Yorktown3 | Staples Plaza | Staples | 100% | 2005 | 15322 | 107669 | 122991 | 100.0% | 82.6% | 84.8% | $20.00 | $24.55 | $23.88 | 31400 | 11400 | 138800 | 110900 |
| Somers | Towne Centre at Somers | CVS | 100% | 1999 | 14013 | 66140 | 80153 | 100.0% | 98.5% | 98.8% | $31.94 | $31.63 | $31.69 | 22100 | 8400 | 161800 | 129500 |
| Orangeburg | Orangetown Shopping Center | CVS | 44% | 2012 | 12410 | 61868 | 74278 | 100.0% | 93.1% | 94.3% | $31.78 | $19.40 | $21.59 | 44500 | 14900 | 152100 | 117100 |
| Eastchester | DeCicco's Plaza | DeCicco & Sons Market | 100% | 1997 | 29754 | 40132 | 69886 | 100.0% | 76.8% | 86.7% | $25.00 | $44.89 | $35.12 | 112700 | 42600 | 240900 | 146300 |
| Yonkers | McLean Shopping Center | Acme Supermarket | 53% | 2014 | 35000 | 22989 | 57989 | 100.0% | 96.1% | 98.5% | $2.20 | $54.31 | $22.36 | 539200 | 202200 | 75000 | 58200 |
| Briarcliff Manor4 | Chilmark | CVS | 100% | 2001 | 13900 | 32838 | 46738 | 100.0% | 94.4% | 96.0% | $36.00 | $33.68 | $34.40 | 44500 | 15000 | 150000 | 107800 |
| Rye | Rye Portfolio | N/A | 100% | 2004 | - | 38682 | 38682 | 0.0% | 100.0% | 100.0% | $- | $42.86 | $42.86 | 75600 | 26100 | 185400 | 116700 |
| Ossining | Rockledge | Westchester Community College | 100% | 1999 | 12558 | 16449 | 29007 | 100.0% | 78.9% | 88.1% | $18.75 | $25.13 | $21.99 | 42300 | 14100 | 150400 | 106500 |
| Katonah | Village Commons | N/A | 100% | 2010 | - | 27921 | 27921 | 0.0% | 85.3% | 85.3% | $- | $38.74 | $38.74 | 15600 | 5200 | 196700 | 124500 |
| Yonkers | Tanglewood Shopping Center | Autozone | 100% | 2018 | 8300 | 18675 | 26975 | 100.0% | 77.1% | 84.1% | $32.64 | $44.71 | $40.29 | 135700 | 51800 | 183400 | 126200 |
| Harrison | Harrison Shopping Center | Key Food | 100% | 2015 | 12018 | 14175 | 26193 | 100.0% | 100.0% | 100.0% | $25.03 | $39.81 | $33.03 | 70300 | 24600 | 219100 | 130300 |
| Pelham | Pelham | Mason Supermarket | 100% | 2006 | 10000 | 14915 | 24915 | 100.0% | 79.5% | 87.7% | $23.35 | $44.18 | $34.65 | 307200 | 115600 | 91800 | 70800 |
| Eastchester | Eastchester Plaza | CVS | 100% | 2012 | 13506 | 10195 | 23701 | 100.0% | 100.0% | 100.0% | $33.55 | $37.44 | $35.22 | 112700 | 42600 | 240900 | 146300 |
| Somers | Heritage 202 | Putnam County Savings Bank | 100% | 1992 | 3184 | 16074 | 19258 | 100.0% | 100.0% | 100.0% | $52.32 | $30.85 | $34.40 | 21000 | 8000 | 153900 | 126700 |
| Bronxville & Yonkers | N/A | M&T Bank/ JP Morgan Chase Bank | 100% | 2008 & 2009 | 16527 | 2278 | 18805 | 100.0% | 100.0% | 100.0% | $20.83 | $36.71 | $22.75 | 263900 | 101100 | 115400 | 86300 |
| Kingston | Kingston | Taste of Italy | 100% | 2013 | 3372 | - | 3372 | 100.0% | 0.0% | 100.0% | $28.73 | $- | $28.73 | 20500 | 8500 | 72600 | 54100 |
| New City | New City Pad | Putnam County Savings Bank | 100% | 2018 | 2596 | - | 2596 | 100.0% | 0.0% | 100.0% | $51.74 | $- | $51.74 | 68200 | 20900 | 142400 | 116200 |
|  |  |  |  |  | 418599 | 866523 | 1285122 | 100.0% | 88.6% | 92.3% | $18.99 | $28.09 | $24.88 |  |  |  |  |
| Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 |  |  |  |
| Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. |  |  |  |
| Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club |  |  |  |
| Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket |  |  |  |
| Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket |  |  |  |
| Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket |  |  |  |
| **New Jersey** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Midland Park | Midland Park Shopping Center | Kings Supermarket | 100% | 2015 | 29550 | 100775 | 130325 | 100.0% | 75.7% | 81.2% | $24.49 | $25.09 | $24.93 | 108800 | 39200 | 182400 | 140100 |
| New Providence | Village Shopping Center | Acme Supermarket | 100% | 2013 | 45464 | 63163 | 108627 | 100.0% | 100.0% | 100.0% | $22.75 | $35.90 | $30.40 | 59200 | 21100 | 241800 | 158100 |
| Newark | Ferry Plaza | Seabra Foods | 100% | 2008 | 63433 | 44435 | 107868 | 100.0% | 100.0% | 100.0% | $14.27 | $32.00 | $21.57 | 219900 | 73200 | 58800 | 44700 |
| Wayne | Valley Ridge | Whole Foods | 100% | 1992 | 38792 | 64188 | 102980 | 100.0% | 96.2% | 97.6% | $16.50 | $34.72 | $27.69 | 118600 | 39000 | 99900 | 81400 |
| Pompton Lakes5 | Pompton Lakes Town Square | Planet Fitness | 100% | 2015 | 18000 | 47987 | 65987 | 100.0% | 90.1% | 92.8% | $18.97 | $27.52 | $25.00 | 50400 | 18800 | 124600 | 104200 |
| Emerson | Shop Rite Plaza | ShopRite Supermarket | 100% | 2007 | 53450 | 39212 | 92662 | 100.0% | 74.5% | 89.2% | $9.57 | $24.97 | $15.01 | 94900 | 33400 | 154900 | 124900 |
| Kinnelon | Meadtown Shopping Center | Marshall's | 100% | 2015 | 24511 | 52360 | 76871 | 100.0% | 100.0% | 100.0% | $17.00 | $27.47 | $24.13 | 28700 | 11000 | 124900 | 102900 |
| Dumont | Washington Commons | Stop & Shop Supermarket | 43% | 2017 | 44282 | 29905 | 74187 | 100.0% | 81.5% | 92.6% | $20.42 | $33.83 | $25.18 | 141900 | 49000 | 147100 | 117000 |
| Boonton | Boonton Acme Center | Acme Supermarket | 100% | 2014 | 49463 | 13278 | 62741 | 100.0% | 86.2% | 97.1% | $21.37 | $37.83 | $24.46 | 47900 | 18400 | 148300 | 111900 |
| Bloomfield | Bloomfield Crossing | Walgreen's / Food World | 100% | 2014 | 42548 | 16688 | 59236 | 100.0% | 100.0% | 100.0% | $7.06 | $34.63 | $14.83 | 328700 | 123300 | 98200 | 78100 |
| Wyckoff | Cedar Hill Shopping Center | Walgreen's | 100% | 2015 | 15960 | 27410 | 43370 | 100.0% | 100.0% | 100.0% | $26.68 | $32.36 | $30.27 | 82500 | 29900 | 178700 | 133400 |
| Passaic | Van Houton Farms | Dollar Tree/Family Dollar | 100% | 2017 | 20816 | 15703 | 36519 | 100.0% | 79.9% | 91.4% | $10.50 | $13.38 | $11.58 | 285600 | 99000 | 95900 | 77300 |
| Waldwick | Waldwick Plaza | United States Postal Service | 100% | 2017 | 5567 | 20954 | 26521 | 100.0% | 87.8% | 90.3% | $25.00 | $28.23 | $27.48 | 79800 | 27800 | 202900 | 150000 |
| Waldwick | Waldwick Rite Aid | Rite Aid | 100% | 2007 | 20000 | - | 20000 | 100.0% | 0.0% | 100.0% | $30.42 | $- | $30.42 | 79700 | 27800 | 203300 | 149900 |
| Fort Lee | H-Mart Plaza | H-Mart | 100% | 2015 | 7000 | - | 7000 | 100.0% | 0.0% | 100.0% | $44.11 | $- | $44.11 | 545900 | 208500 | 83600 | 62700 |
|  |  |  |  |  | 478836 | 536058 | 1014894 | 100.0% | 89.8% | 94.6% | $17.83 | $30.16 | $24.01 |  |  |  |  |
| Total Consolidated |  |  |  |  | 1811960 | 2745843 | 4557803 | 100.0% | 90.2% | 94.11% | $19.27 | $28.41 | $24.59 |  |  |  |  |
| **Unconsolidated Joint Ventures** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Scarsdale, NY | Midway Shopping Center | ShopRite Supermarket | 12% | 2010 | 73758 | 170544 | 244302 | 100.0% | 92.2% | 94.6% | $17.15 | $33.76 | $28.46 | 112400 | 42100 | 217400 | 140600 |
| Riverhead, NY | Gateway Plaza | Walmart | 50% | 2014 | 167951 | 30350 | 198301 | 100.0% | 100.0% | 100.0% | $6.15 | $27.86 | $9.47 | 19300 | 7200 | 71500 | 58600 |
| Carmel, NY | Putnam Plaza | Tops Markets | 67% | 2010 | 60858 | 128536 | 189394 | 100.0% | 85.7% | 90.3% | $8.29 | $20.22 | $15.97 | 16500 | 5900 | 120400 | 101600 |
| Montvale, NJ | Chestnut Ridge | The Fresh Market | 50% | 2013 | 19205 | 57183 | 76388 | 100.0% | 85.3% | 89.0% | $24.56 | $30.43 | $28.77 | 53300 | 18600 | 194200 | 143400 |
| Riverhead, NY | Applebee's Plaza | Applebee's | 50% | 2014 | 5363 | 7194 | 12557 | 100.0% | 100.0% | 100.0% | $30.93 | $36.63 | $34.20 | 19300 | 7200 | 71500 | 58600 |
| Total Unconsolidated |  |  |  |  | 327135 | 393807 | 720942 | 100.0% | 89.8% | 94.43% | $10.52 | $28.64 | $19.93 |  |  |  |  |
| Total Core Portfolio |  |  |  |  | 2139095 | 3139650 | 5278745 | 100.0% | 90.2% | 94.16% | $17.93 | $28.44 | $23.95 |  |  |  |  |
| Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 | Note 1 - Demographics provided by Real Estate Intelligence, Feb 2023 |  |  |  |  |
| Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. | Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent. |  |  |  |  |
| Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club | Note 3 - Property is shadow anchored by a BJ's Wholesale Club |  |  |  |  |
| Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket | Note 4 - Property is shadow anchored by an Acme Supermarket |  |  |  |  |
| Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket | Note 5 - Property is shadow anchored by an Lidl Supermarket |  |  |  |  |
| Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket | Note 6 - Property is shadow anchored by an Stop & Shop Supermarket |  |  |  |  |

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| **Urstadt Biddle Properties Inc.**<br> **Same Property Operating Income Disclosure**<br> **As of January 31, 2023**<br>| ![](logolarge.gif) |

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended Jan 31, | Three Months Ended Jan 31, | Three Months Ended Jan 31, |
|  | 2023 | 2022 | % Change |
| Same Property Operating Results: |  |  |  |
| Number of Properties (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |  |
| Revenue (Note 2) |  |  |  |
| Base Rent (Note 3) | $25966 | $25245 | 2.9% |
| Provision for tenant credit losses-same property | (104) | (113) | -8.0% |
| ASC Topic 842 cash-basis lease income reversal-same property | 124 | (87) | -242.5% |
| Recoveries from tenants | 8688 | 9270 | -6.3% |
| Other property income | 137 | 336 | -59.2% |
|  | 34811 | 34651 | 0.5% |
| Expenses |  |  |  |
| Property operating | 4098 | 3906 | 4.9% |
| Property taxes | 5893 | 5913 | -0.3% |
| Other non-recoverable operating expenses | 647 | 549 | 17.9% |
|  | 10638 | 10368 | 2.6% |
| Same Property Net Operating Income | $24173 | $24283 | -0.5% |
| <u>Other reconciling items:</u> |  |  |  |
| Other non same-property net operating income | 746 | 30 |  |
| Other Interest income | 180 | 125 |  |
| Other Dividend income | 8 | 8 |  |
| Consolidated lease termination income | 1557 | 28 |  |
| Consolidated amortization of above and below market leases | 183 | 174 |  |
| Consolidated straight line rent income | 372 | 5 |  |
| Equity in net income of unconsolidated joint ventures | 420 | 267 |  |
| Taxable REIT subsidiary income/(loss) | (3) | 186 |  |
| Solar income/(loss) | 2 | (211) |  |
| Unrealized holding gains arising during the periods | - | - |  |
| Gain on sale of marketable securities | - | - |  |
| Interest expense | (3647) | (3302) |  |
| General and administrative expenses | (2726) | (2680) |  |
| Provision for tenant credit losses | (104) | (113) |  |
| Provision for tenant credit losses-same property | 104 | 113 |  |
| ASC Topic 842 cash-basis lease income reversal | 124 | (87) |  |
| ASC Topic 842 cash-basis lease income reversal-same property | (124) | 87 |  |
| Directors fees and expenses | (119) | (107) |  |
| Depreciation and amortization | (8404) | (7144) |  |
| Adjustment for intercompany expenses and other | (1670) | (1943) |  |
| Total other - net | (13101) | (14564) |  |
| Income from continuing operations | 11072 | 9719 | 13.9% |
| Gain (loss) on sale of real estate | (4) | 2 |  |
| Net income | 11068 | 9721 | 13.9% |
| Net income attributable to noncontrolling interests | (853) | (911) |  |
| Net income attributable to Urstadt Biddle Properties Inc. | 10215 | 8810 | 15.9% |
| Same Property Operating Expense Ratio (Note 1) | 87.0% | 94.4% | -7.5% |
| Note 1 - Includes only properties owned for the entire period of both periods presented. |  |  |  |
| Note 2 - Excludes straight line rent, above/below market lease rent, lease termination income. |  |  |  |
| Note 3 - Base rents for the three month period ended January 31, 2023 are reduced by approximately $0, for rents that were deferred, and approximately $0, for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2023, are increased by approximately $19,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2023 periods. | Note 3 - Base rents for the three month period ended January 31, 2023 are reduced by approximately $0, for rents that were deferred, and approximately $0, for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2023, are increased by approximately $19,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2023 periods. | Note 3 - Base rents for the three month period ended January 31, 2023 are reduced by approximately $0, for rents that were deferred, and approximately $0, for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2023, are increased by approximately $19,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2023 periods. | Note 3 - Base rents for the three month period ended January 31, 2023 are reduced by approximately $0, for rents that were deferred, and approximately $0, for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2023, are increased by approximately $19,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2023 periods. |
| Base rents for the three month period ended January 31, 2022 are reduced by approximately $51,000, for rents that were deferred, and approximately $124,000 for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2022, are increased by approximately $287,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2022 periods. | Base rents for the three month period ended January 31, 2022 are reduced by approximately $51,000, for rents that were deferred, and approximately $124,000 for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2022, are increased by approximately $287,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2022 periods. | Base rents for the three month period ended January 31, 2022 are reduced by approximately $51,000, for rents that were deferred, and approximately $124,000 for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2022, are increased by approximately $287,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2022 periods. | Base rents for the three month period ended January 31, 2022 are reduced by approximately $51,000, for rents that were deferred, and approximately $124,000 for rents that were abated, because of COVID-19. Base rents for the three month period ended January 31, 2022, are increased by approximately $287,000, in COVID-19 deferred rents that were billed and collected in the fiscal 2022 periods. |
| Note 4 - Represents the percentage of property operating expense and real estate tax. |  |  |  |
| Non-GAAP Financial Measure - Net Operating Income:<br> &nbsp;&nbsp;&nbsp;&nbsp; | Non-GAAP Financial Measure - Net Operating Income:<br> &nbsp;&nbsp;&nbsp;&nbsp; | Non-GAAP Financial Measure - Net Operating Income:<br> &nbsp;&nbsp;&nbsp;&nbsp; | Non-GAAP Financial Measure - Net Operating Income:<br> &nbsp;&nbsp;&nbsp;&nbsp; |
| We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income ("NOI") properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.<br>We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently. | We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income ("NOI") properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.<br>We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently. | We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income ("NOI") properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.<br>We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently. | We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income ("NOI") properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.<br>We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently. |

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|:---|:---|
| **Urstadt Biddle Properties Inc.**<br> **Leasing Activity**<br> **As of January 31, 2023**<br>| ![](logolarge.gif) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | New Rent | New Rent | Prior Rent | Prior Rent | |
|  | Leases<br>Signed | Square<br>Feet | Per Sq. Ft (a) | Per Sq. Ft (a) | Per Sq. Ft. (a) | Per Sq. Ft. (a) | Cash Basis<br>Change |
| Total Comparable Leases: |  |  |  |  |  |  |  |
| 1st Quarter 2023 | 54 | 158296 | $| 28.17 | $| 26.45 | 6.5% |
| 4th Quarter 2022 | 64 | 180511 | $| 29.93 | $| 27.83 | 7.5% |
| 3rd Quarter 2022 | 51 | 254136 | $| 20.10 | $| 19.77 | 1.7% |
| 2nd Quarter 2022 | 72 | 276818 | $| 26.28 | $| 25.43 | 3.3% |
| Totals | 241 | 869761 | $| 25.58 | $| 24.46 | 4.6% |
| New Leases - Comparable: |  |  |  |  |  |  |  |
| 1st Quarter 2023 | 18 | 73893 | $| 20.90 | $| 18.95 | 10.3% (d) |
| 4th Quarter 2022 | 23 | 72165 | $| 26.48 | $| 22.20 | 19.3% (c) |
| 3rd Quarter 2022 | 19 | 45034 | $| 20.60 | $| 24.92 | -17.3% (b) |
| 2nd Quarter 2022 | 14 | 27213 | $| 28.58 | $| 27.89 | 2.5% |
| Totals | 74 | 218305 | $ | 23.64 | $| 22.37 | 5.7% |
| Renewals - Comparable: |  |  |  |  |  |  |  |
| 1st Quarter 2023 | 36 | 84403 | $| 34.54 | $| 33.02 | 4.6% |
| 4th Quarter 2022 | 41 | 108346 | $| 32.22 | $| 31.58 | 2.0% |
| 3rd Quarter 2022 | 32 | 209102 | $| 19.99 | $| 18.66 | 7.1% |
| 2nd Quarter 2022 | 58 | 249605 | $| 26.03 | $| 25.16 | 3.5% |
| Totals | 167 | 651456 | $| 26.22 | $| 25.16 | 4.2% |
| (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. | (a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.<br> ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term. |
| (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. | (b) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property. |
| (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. | (c) Includes a 68% increase for 23,362 square feet at our Orange property, a 47% increase for 2,996 square feet at our Darien property, and a 28% decrease for 9,753 square feet at our Passaic property. |
| (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property | (d) Includes a 174% increase for 24,950 square feet at our Shelton property, a 10% increase for 3,573 square feet at our Yorktown property, and a 57% decrease for 2,730 square feet at our Ridgefield property and a 13% decrease for 26,573 square feet at our Somers property |

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