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Published on 2/15/2006 in the Prospect News High Yield Daily.

Fitch affirms Urstadt Biddle

Fitch Ratings said it affirmed the BB rating of Urstadt Biddle Properties Inc.'s preferred stock, reflecting its low leverage and strong coverage ratios in comparison to comparably rated REITs. The company generates stable, consistent cash flows through the ownership of solid quality, predominantly grocery-anchored shopping centers located primarily in the high-income, mature suburban markets.

In addition, the management team is well seasoned with highly localized expertise, and the company has reasonable lease expiration and debt maturity schedules.

The ratings acknowledge, however, the significant geographic asset, and tenant concentrations inherent in the portfolio and the overall small size of the company ($520 million in undepreciated book capital), the agency said.

EBITDA coverage of interest expense is 5.2x and debt plus preferred to total book capitalization is 43%, Fitch said.


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