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Urstadt Biddle Properties Inc. Announces the Acquisition of the Veteran's Plaza Shopping Center in New Milford, Connecticut

GREENWICH, Conn.-(Business Wire)-August 28, 2008 - Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has purchased the Veteran’s Plaza Shopping Center in New Milford, Connecticut for $10.3 million. In conjunction with the purchase, UBP assumed an existing first mortgage of $3.6 million. The seller was a family owned investment fund. UBP funded the acquisition with available cash remaining from its successful sale of $60 million of preferred stock in March of 2008.

Veteran’s Plaza is a 78,609 square foot shopping center anchored by a 50,650 square foot Big Y Supermarket. The property is located in New Milford, CT in Litchfield County, bordering Fairfield County. The property is 100% leased to national or regional tenants including Rite Aid, Blockbuster Video and Danbury Saving Bank.

Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are very pleased to have purchased this shopping center in our primary acquisition market. The property is 100% leased and anchored by a successful Big Y Supermarket. This acquisition coupled with our purchase of Ferry Plaza Shopping Center in early fiscal 2008 puts the Company well on its way to achieving our acquisition goals for the year.”

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust providing investors with a means of participating in ownership of income-producing properties with the liquidity of being listed on the New York Stock Exchange since 1969. UBP owns or has interests in 44 properties containing approximately 3.9 million square feet of space and has paid 154 consecutive quarters of uninterrupted dividends to its shareholders since its inception in 1969.

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