Contract
Exhibit 1
On May 23, 2007, Urstadt Property Company, Inc. ("UPCO"),
of which Xx. Xxxxxxx is controlling shareholder, as general partner,
and Xxxxxxx X. Xxxxxxx, as limited partner, formed Urstadt Realty
Shares II L.P., a Delaware limited partnership ("URS II"), for
estate planning purposes and for the purpose of consolidating,
holding and voting a number of the shares of stock of the Issuer
held by each of them (the "Transaction"). Pursuant to a
Limited Partnership Agreement between UPCO, as the 1%
general partner, and Xx. Xxxxxxx, as the 99% limited partner,
UPCO contributed 5,472 shares of Common Stock to URS II
as capital contribution in exchange for its general partner
interest; and Xx. Xxxxxxx contributed 541,705 shares
of Common Stock to URS II (of which 381,250 shares are
restricted shares pursuant to the Issuer's Amended and
Restated Restricted Stock Award Plan) as a capital contribution
in exchange for his limited partner interest. The Transaction had
no effect on Xx. Xxxxxxx'x ultimate beneficial ownership of
Common Stock of the Issuer.
