Urstadt Biddle Properties is a real estate investment trust engaged in the acquisition, ownership and management of commercial real estate. Co.'s business is the ownership of real estate investments, which consist principally of investments in properties, with primary focus on neighborhood and community shopping centers in the metropolitan New York tri-state area outside of the City of New York. In addition to its business of owning and managing real estate, Co. is involved in the beer, wine and spirits retail business, through its subsidiaries. Each subsidiary corporation owns and operates a beer, wine and spirits retail store at one of Co.'s shopping centers.