GREENWICH, CT-Urstadt Biddle Properties Inc. said Thursday afternoon that its board had voted to separate the roles of chairman and CEO, effectively July 1. Longtime CEO Charles Urstadt will remain chairman, while Willing Biddle, currently the REIT's president and COO, will take the CEO's chair.
Biddle will continue in his capacity as president and COO, UBP said in a release. He has held both roles since 1996. The equity REIT's board voted to split the chairman and CEO roles at its regularly scheduled meeting Thursday.
At that meeting, the directors also declared quarterly dividends on the company's class A common and common stock. The 25-cent dividends are payable July 19, 2013 to stockholders of record on July 5, and represent the 174th quarterly payouts since the company began operating in 1969.
The company's portfolio currently runs to 66 properties in New England, New York State and New Jersey. Comprised primarily of retail, it totals about 5.1 million square feet.
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