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December 14, 2012

Greenwich REIT Urstadt Biddle's 4Q net plummets

Greenwich landlord Urstadt Biddle Properties Inc. saw fourth-quarter net income fall more than half amid continued challenges in filling its empty commercial spaces.

For three months ended Halloween, Urstadt netted $1.6 million, or a nickel a diluted common share, down from the $3.8 million, or 12 cents a share, netted the same period a year earlier.

Fourth-quarter revenue was $23.1 million vs. $22.2 million a year earlier.

For fiscal 2012, the real estate investment trust's net was $13 million, or 41 cents a diluted share, down from $18.6 million, or 60 cents a share, a year ago.

Full-year revenue flattened to $91.3 million vs. $91 million in fiscal 2011.

Urstadt's per-share results reflect its two public stock offering during the fourth quarter and fiscal year.

In addition, it lifted its Class A common stock dividend a penny, to 25 cents. Its common stock payout remains 22 ½ cents each. Both will be paid Jan. 18 to stockholders on record by Jan. 4.

Also, it declared dividends on three series of preferred: $2.125 for series C; 46.875 cents for each share of series D; and 48.49 for each series F share. The dividends are payable Jan. 31 to stockholders of record on Jan. 18.

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