Charles J. Urstadt, chairman of the board of directors of Urstadt Biddle Properties Inc., will step down as chairman effective January 1, 2019, having served in that capacity since 1986. Urstadt joined the company as a director in 1975 and served as Chief Executive Officer from 1989 to 2013. The board of directors has appointed Charles D. Urstadt to succeed Charles J. Urstadt as chairman of the board of directors.
The board of directors of Urstadt Biddle Properties approved an increase in the quarterly dividend rate declared for its Common stock and Class A Common stock. The quarterly dividend rate declared for the Common Stock was increased to 24.5c per share and the quarterly dividend rate declared for the Class A Common stock was increased to 27.5c per share, which represents an annualized increase of $0.02 per share for both classes of common stock. The 2c dividend increase represents the twenty-fifth consecutive year that the company has increased total dividends to its shareholders. The common and Class A Common dividends are payable January 18, 2019 to stockholders of record on January 4, 2019. The dividends declared will represent the 196th consecutive quarterly dividend on common shares declared since the company began operating in 1969.
Urstadt Biddle Properties announced that it has acquired, for $12M Lakeview Plaza Shopping Center, located in the town of Southeast in Putnam County, NY. Lakeview is a 177,000 square foot shopping center anchored by a 54,000 square foot Acme Supermarket. The property consists of five buildings on a 23 acre site located on Route 22. The location benefits from the traffic traveling north and south on Route 22, which has an average daily traffic count of 30,500. Lakeview is currently 73% leased to a diverse mixture of local, regional and national tenants. The property was built between 1972 and 1981, and renovated in 1999. The parking lot has 908 spaces serving the shopping center and access to the property includes two signalized points of ingress/egress along Route 22.
Urstadt Biddle Properties announced that it has acquired Tanglewood Shopping Center, located in Yonkers, NY. Tanglewood is a 27,000 square foot shopping center consisting of two retail buildings. The primary building, which fronts Central Park Avenue, consists of approximately 22,300 square feet and is anchored by a new AutoZone. Other tenants in the primary building include Dunkin' Donuts, WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a stationery store and a hair salon. The secondary building consists of approximately 4,700 SF and is tenanted by CKO Kickboxing, a nail salon and a market. The property is currently 100% leased.