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Urstadt Biddle Properties (UBA) to Repurchase 2M Shares

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Urstadt Biddle Properties Inc. announced a share repurchase program of up to 2 million shares. This is likely to be accretive for the shareholders of this Greenwich, CT-based retail real estate investment trust (REIT) going forward.

Urstadt Biddle Properties’ core portfolio primarily comprises community shopping centers located in the Northeast. However, the new repurchase program replaces the previous program and may be executed in the open market or in private transactions. This buyback program will be financed with available cash and the program may be suspended at any time.

Shares of Urstadt Biddle Properties underperformed the Zacks categorized REIT and Equity Trust –Retail industry in the last three months. While the stock lost 0.7%, the industry declined o.5%. The company’s funds from operations (FFO) per share estimates for both the second-quarter and full-year 2017 moved down in the last 30 days.



Currently, Urstadt Biddle Properties carries a Zacks Rank #4 (Sell).

Investors interested in the REIT space may consider better-ranked stocks like DCT Industrial Trust Inc. , Gaming and Leisure Properties, Inc. (GLPI - Free Report) and PS Business Parks, Inc. , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, DCT Industrial Trust’s FFO per share for second-quarter 2017 remained unchanged at 59 cents.

In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 remained unchanged at 77 cents.

In the last 30 days, PS Business Parks FFO per share for second-quarter 2017 moved up 2% to $1.53.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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