Company officials state that the increase in FFO was due torecent leasing activity at some of its properties. Urstadt BiddleProperties is a self-administered equity REIT that owns 23properties totaling more than three million sf of space. Its coreproperties consist primarily of shopping centers in theNortheast.
William Biddle, president and chief operating officer of theGreenwich, CT, based firm, comments, "As a result of recentsuccessful leasing activity we expect the company's funds fromoperations to be positively affected in the next fiscal year andthereafter. We seek property acquisitions that are acretitive toearnings and are currently in contract negotiations to purchaseadditional properties in our target area of Westchester County, NewYork and Fairfield County, Connecticut."
The company also reports that on Sept. 13 its Board of Directorsdeclared quarterly dividends on the company's common stock andclass A common ctock.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
