On August 28, 2014, Urstadt Biddle Properties Inc. (the "Company"), through a wholly-owned subsidiary, acquired two retail properties totaling 89,000 square feet located in Greenwich, Connecticut (Fairfield County) (the "Greenwich Properties") for $47.4 million from an unaffiliated property owner. The properties were purchased free and clear of mortgages.  The purchase was funded with available cash, borrowings under the company's unsecured revolving credit facility and a $25 million unsecured term loan.

On February 19, 2014, the Company, through two wholly-owned subsidiaries, completed the purchase of a fifty percent tenant-in-common interest in the Gateway Plaza Shopping Center (the "Gateway Property") and Applebee's Plaza (the "Applebee's Plaza Property") for a combined purchase price of $14.05 million from an unaffiliated property owner.  Both properties are located in Riverhead, NY (Suffolk County) (the "Retail Joint Ventures"). The Applebee's Plaza property was purchased subject to an existing first mortgage payable encumbering the property in the amount of $1.2 million. The mortgage matures in January 2019 and bears interest at a fixed rate of 5.98% per annum.  Simultaneously with the closing of our interest in the Gateway Property, a $14 million first mortgage payable was placed on the property.  The mortgage loan has a term of ten years and bears interest at a fixed rate of 4.18% per annum.  The Company funded its remaining equity needed to complete the two investments with borrowings under its unsecured revolving credit facility and a portion of the proceeds from the sale of its non-core portfolio.