Urstadt Biddle Properties Inc. Announces Appointment of Charles D. Urstadt as New Chairman of the Board, Replacing Former Cha...
18 December 2018 - 8:15AM
Business Wire
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.
Mr. Urstadt, age 90, joined the Company as a director in 1975
and served as Chief Executive Officer from 1989 to 2013. He is the
architect of the Company’s change of strategy implemented in 1989
to focus on grocery-anchored shopping centers in the New York
suburbs, and he has been the driving force behind the Company’s
growth since that time. Although Mr. Urstadt is stepping down as
Chairman, he will remain on the Board of Directors as Chairman
Emeritus and with the Company as an executive, continuing to
provide the Company with his extensive real estate expertise.
The Board of Directors has appointed Charles D. Urstadt, age 59,
to succeed Charles J. Urstadt as Chairman of the Board of
Directors.
Charles D. Urstadt has served on the Board of Directors since
1997 and as Vice Chairman since 2017. He has more than 35 years of
experience in the real estate industry as an investor and broker.
With over 20 years of experience as both a Director of the Company
and as a member of the Board’s Executive Committee, he has a deep
understanding of the Company’s business.
Willing L. Biddle, who remains President and Chief Executive
Officer of the Company, as well as a member of the Board of
Directors, commented: “I have been very fortunate to have worked
closely with Charles D. Urstadt for 25 years, and I am very excited
about his expanded position with the Company. Charlie and I have
worked very closely with Charles J. Urstadt for many years, and the
Company’s current strategy and goals will not be altered in any way
by this change. Since 1989, when Charles J. Urstadt became Chief
Executive Officer of the Company, our assets have grown 574% to
over $1.0 billion, and our revenues have grown 643% to $135
million. We have also completely repositioned the portfolio with
only two of the 85 properties we currently own being legacy
properties from 1989. We and the rest of the executive team will
continue to manage with excellence this regional REIT specializing
in grocery-anchored shopping centers in the affluent suburbs of New
York City. We fully expect Charles J. Urstadt to continue to amaze
everyone with his experience, intellect and stamina, coming to the
office every day to contribute his expertise and enthusiasm,
despite being 90 years young.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
85 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 195 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 25
consecutive years.
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John T. Hayes, CFO or Willing Biddle, CEOUrstadt Biddle
Properties Inc.203-863-8200
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