On January 26, 2023, Urstadt Biddle Properties Inc. (the "Company") entered into Amendment No. 1 to Amended and Restated Credit Agreement (the "Amended Credit Agreement") with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent, and Wells Fargo Bank N.A. and Bank of Montreal, as co-syndication agents, to (i) update the process by which the London Interbank Offered Rate (“LIBOR”) will be replaced with an adjusted Secured Overnight Financing Rate (“ SOFR”) as the interest reference rate for all loans under the Amended Credit Agreement and (ii) make certain other technical amendments and modifications to the terms of the Amended Credit Agreement.