Urstadt Biddle Properties Inc. Announces Pricing of Series H Preferred Stock Offering

GREENWICH, Conn.–(BUSINESS WIRE)–$UBA #REITUrstadt
Biddle Properties Inc.
(NYSE:UBA), a self-administered equity real
estate investment trust (the “Company”), today announced the pricing of
its underwritten public offering of 4,000,000 shares of its 6.250%
Series H Cumulative Redeemable Preferred Stock, liquidation preference
of $25.00 per share, for estimated net proceeds before expenses of
approximately $96.850 million. In connection with the offering, the
Company has granted the underwriters an option for 30 days to purchase
up to an additional 600,000 shares of Series H Preferred Stock to cover
overallotments, if any. The offering is subject to customary closing
conditions and settlement is expected to occur on or about September 18,
2017. The Company intends to apply to list the Series H Preferred Stock
on the NYSE under the symbol “UBPPRH”.

The Company intends to use the net proceeds from the offering to fund
the redemption of all of the outstanding shares of its existing Series F
preferred stock. The Company intends to use the remaining net proceeds,
if any, for other general corporate purposes, which may include the
repayment of outstanding indebtedness, the funding of capital
improvements to the Company’s existing properties and the acquisition of
additional properties. Pending the use of the net proceeds as described
above, the Company may use the net proceeds to make investments in
short-term income-producing securities that are consistent with its
qualification as a REIT.

BMO Capital Markets Corp. and Wells Fargo Securities, LLC are acting as
joint book-running managers for the offering. D.A. Davidson & Co.,
J.J.B. Hilliard, W.L. Lyons, LLC, FBR Capital Markets & Co., a B.
Riley Financial Company
, BNY Mellon Capital Markets, LLC and
Deutsche Bank Securities Inc. are acting as co-managers for the offering.

A final prospectus supplement and accompanying base prospectus related
to the offering will be filed with the Securities and Exchange
Commission. Copies of the final prospectus supplement and accompanying
base prospectus, when available, may be obtained by contacting BMO
Capital Markets Corp., Attention: Syndicate Department, 3 Times Square,
25th Floor, New York, New York 10036 or by telephone at (800) 414-3627
or by email at bmoprospectus@bmo.com;
or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd
Avenue South, Suite 1000, Minneapolis, Minnesota 55402 or by telephone
at (800) 645-3751 or by email at wfscustomerservice@wellsfargo.com.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.

Urstadt Biddle Properties Inc. is a self-administered equity real estate
investment trust which owns or has equity interests in 81 properties
containing approximately 5.1 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 190 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.

This press release contains statements that constitute “forward-looking
statements,” including with regard to the Company’s securities offering
and the anticipated use of the net proceeds from the offering. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. No assurance can be
given that the securities offering discussed above will be completed on
the terms described, or at all, or that the net proceeds from the
offering will be used as indicated. Completion of the securities
offering on the terms described, and the application of the net proceeds
from the offering, are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in or
incorporated by reference into the Risk Factors section of the Company’s
Registration Statement on Form S-3. Copies are available on the SEC’s
website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.

Contacts

Urstadt Biddle Properties Inc.
Willing L. Biddle
President and
CEO
or
John T. Hayes
Senior Vice President & CFO
203-863-8200