Urstadt Biddle Properties Inc. Announces the Retirement of Charles J. Urstadt from the Board of Directors
December 18 2019 - 3:20PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
that on December 18, 2019, Charles J. Urstadt, age 91, retired from
the Board of Directors of the Company, concluding more than 30
years of service as a director. From 1986 to December 2018, he had
served as Chairman of the Board of Directors, before stepping down
from his role as Chairman but remaining on as a director. Charles
D. Urstadt succeeded him as Chairman. Charles J. Urstadt also
served as Chief Executive Officer from 1989 through 2013, when
Willing L. Biddle succeeded him as President and Chief Executive
Officer. Although no longer serving on the Board of Directors,
Charles J. Urstadt will remain with the Company in a non-executive
role and as Chairman & Director, Emeritus.
Willing L. Biddle, President and CEO, commented, “When Charlie
took leadership of the Company in the late 1980s, it was externally
advised and lacked geographic focus, as well as owning an
assortment of office, industrial and retail properties. Under his
leadership, the Company put in place a new strategy of selling the
diverse assets and buying primarily grocery anchored properties in
the New York metro market. As a result, the company has been
transformed and we stand on solid ground, having celebrated our
50th anniversary, with great prospects for the future. We thank
Charlie for more than 30 years of exceptional service and look
forward to his continued contributions.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust that owns or has equity interests in
82 properties containing approximately 5.3 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 199 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 26
consecutive years.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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Willing Biddle, CEO John T. Hayes, CFO Urstadt Biddle Properties
Inc. (203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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