Urstadt Biddle Properties Inc. increased the annualized dividend rate on its common shares and class A common shares by 2 cents per share.

The shopping center real estate investment trust increased the quarterly dividend rates for its common stock to 24.5 cents per share and its class A common stock to 27.5 cents per share.

The company will pay the dividends Jan. 18, 2019, to stockholders of record Jan. 4, 2019.