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Urstadt Biddle Properties Inc. Announces New Lease With Giffels Associates

17 January 2001

Urstadt Biddle Properties Inc. Announces New Lease With Giffels Associates

    GREENWICH, Conn.--Jan. 17, 2001--Urstadt Biddle Properties Inc. announced that it has completed a new 100,000 square foot long-term lease with GIFFELS ASSOCIATES at its Southfield, Michigan office building. Giffels, which currently occupies 86,000 square feet of space in the 202,000 square foot office building, has been a tenant in the property for more than 18 years. The new lease, which expires in 2007, was negotiated at a higher rent rate than the expired lease and is valued at nearly $14 million. As a result of the new lease Urstadt Biddle Properties Inc. annual funds from operations will increase by approximately .05(cent) per share in 2001 and thereafter.
    Giffels Associates was acquired by Arcadis Geraghty & Miller Inc. in 1999 and is one of the leading automotive design and engineering firms within the U.S. The building, which is located in the Detroit suburbs, is 100% occupied.
    Willing Biddle, President of UBP said: "We are very pleased that Giffels has decided to remain in our building and we look forward to continuing our long term relationship with this prestigious engineering firm. This lease demonstrates the strength of our quality real estate and substantially enhances the long-term value of this property in our portfolio."
    UBP is a self-administered equity real estate trust providing investors with a means of participating in ownership of income-producing properties with investment liquidity. UBP owns twenty five (25) properties containing more than 3.3 million square feet of space and has paid thirty years of uninterrupted dividends since its inception in 1969.

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.