Urstadt Biddle Properties Inc. Announces Completion Of $35 Million Mortgage Loan Financing For The Dock Shopping Center In Stratford, Ct

Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP) announced today that two wholly-owned subsidiaries of the Company have completed the mortgage refinancing of one of the Company’s retail properties, The Dock Shopping Center in Stratford, Connecticut. The mortgage financing has a ten year term with monthly payments based on a thirty year amortization period at a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”), plus an applicable spread. Concurrent with entering into the mortgage, the Company entered into an interest rate swap agreement with the lender as the counterparty, which converts the variable rate based on SOFR to a fixed rate of interest totaling 3.0525% per annum