Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real
estate investment trust, today announced its fourth quarter and
full year financial results for the fiscal year ended October 31,
2019.
Net income applicable to Class A Common and Common stockholders
for the quarter ended October 31, 2019 was $3,206,000, or $0.08 per
diluted Class A Common share and $0.07 per diluted Common share,
compared to $5,119,000, or $0.14 per diluted Class A Common share
and $0.12 per diluted Common share in last year’s fourth
quarter.
For the year ended October 31, 2019, net income applicable to
Class A Common and Common stockholders was $22,128,000, or $0.58
per diluted Class A Common share and $0.52 per diluted Common
share, compared to $25,217,000, or $0.67 per diluted Class A Common
share and $0.60 per diluted Common share in fiscal 2018.
Highlights for 4th Quarter 2019:
- Completed the public offering of 4,400,000 shares of 5.875%
Series K Cumulative Preferred Stock, which generated net proceeds
to the company of $106.5 million, to redeem the company’s higher
yielding 6.75% Series G Cumulative Preferred Stock on November 1,
2019 and for general corporate purposes.
- Generated net income applicable to Common and Class A Common
Stockholders for the fourth quarter of fiscal 2019 of $3,206,000,
or $0.08 per Class A Common share and $0.07 per Common share.
- Generated same property net operating income growth of 4.0% for
the fourth quarter of fiscal 2019.
Funds from operations (“FFO”) for the quarter ended October 31,
2019 was $10,997,000 or $0.29 per diluted Class A Common share and
$0.26 per diluted Common share ($0.35 per Class A Common share and
$0.31 per Common share, excluding the $2.4 million reduction in net
income available to Common and Class A Common Stockholders related
to the redemption of the 6.75% Series G preferred stock), compared
with $12,561,000, or $0.33 per diluted Class A Common share and
$0.30 per diluted Common share in last year’s fourth quarter.
For the year ended October 31, 2019, FFO was $51,955,000, or
$1.37 per diluted Class A Common share and $1.22 per diluted Common
share ($1.43 per Class A Common share and $1.27 per Common share,
excluding the $2.4 million reduction in net income available to
Common and Class A Common Stockholders related to the redemption of
the 6.75% Series G preferred stock), compared to $55,171,000, or
$1.47 per diluted Class A Common share and $1.30 per diluted Common
share ($1.37 per Class A Common share and $1.22 per Common share,
excluding the $3.7 million in lease termination income received
from Acme in the corresponding period of fiscal 2018).
FFO, Adjusted FFO and same property net operating income are
non-GAAP supplemental earnings measures which the company considers
meaningful in measuring its operating performance. A reconciliation
of GAAP net income to FFO to Adjusted FFO and a reconciliation of
same property net operating income to net income attributable to
Urstadt Biddle Properties Inc. are attached to this press
release.
At October 31, 2019, the company’s consolidated properties were
92.9% leased (versus 93.2% at the end of fiscal 2018) and 91.3%
occupied (versus 91.7% at the end of fiscal 2018). The drop in the
company’s leased rate in fiscal 2019 predominantly resulted from
the company’s purchase of Lakeview Plaza Shopping Center, located
in Brewster, NY in December 2018. Lakeview had 49,000 square feet
of vacancy when the company purchased the property, which, once
leased, will provide the company an additional return on its
investment. Also at October 31, 2019, the leased percentage treated
as leased, and the occupancy percentage treated as unoccupied,
65,700 square feet of retail space (1.4% of our consolidated square
footage) formerly occupied pursuant to a long-term ground lease by
Toys R’ Us and Babies R’ Us at the company’s Danbury Square
Shopping Center in Danbury, CT. After Toys R’ Us and Babies R’ Us
filed for bankruptcy in fiscal 2017, this ground lease was
purchased in August 2018 from Toys R’ Us and Babies R’ Us by a real
estate investor unrelated to the company. The lease rate for the
65,700 square foot space was and remains at $0 for the duration of
the ground lease, and the company did not have any other leases
with Toys R’ Us or Babies R’ Us. Accordingly, the company’s net
income and FFO were not impacted. As of the date of this press
release, the investor has not leased the space.
Both the percentage of property leased and the percentage of
property occupied referenced in the preceding paragraph exclude the
company’s unconsolidated joint ventures. At October 31, 2019, the
company had equity interests in six unconsolidated joint ventures
(726,000 square feet), which were 96.1% leased (versus 96.3% at the
end of fiscal 2018).
Commenting on the operating results, Willing L. Biddle,
President and CEO of Urstadt Biddle Properties Inc., said “We had
another strong operating quarter in the fourth quarter of 2019.
Although our FFO is down when compared with the fourth quarter of
fiscal 2018, and year to date when compared to last year’s annual
period, there were one-time transactions in each of those years
that affected the results. In the fourth quarter of fiscal 2019, we
completed a very successful financing transaction by issuing a new
series of preferred stock. Our new Series K preferred stock has a
coupon rate of 5.875%, making us one of the only non-rated
companies to issue perpetual preferred stock with an interest rate
below 6%, which we believe demonstrates the financial strength of
our company. Concurrent with the issuance of the Series K preferred
stock, we gave notice that we would be redeeming our higher
yielding 6.75% Series G preferred stock, which will save the
company over $656,000 per annum in preferred stock dividends on the
refinanced portion. However, as a result, the company incurred a
$2.4 million reduction in income available to common and class A
common shareholders in its fiscal 2019 fourth quarter related to
the original Series G issue costs. Through dividend savings, we
will recoup this redemption cost in approximately 3.6 years, and
thereafter continue to indefinitely enjoy such savings. This
financing transaction, coupled with our fiscal 2018 receipt of a
$3.7 million lease termination payment from Acme at our Newark, NJ
property, were the key reasons for the negative variance in our
FFO. We re-leased that Acme space to Seabra Supermarkets, the
preeminent Portuguese supermarket operator, which opened a
newly-built supermarket in June 2019. With these one-time
transactions removed, our fourth quarter 2019 Adjusted FFO
increased by 6.4% on a dollar value basis and 5.6% on a Class A
Common per share basis when compared with our operating results in
last year’s fourth quarter, and our full year 2019 Adjusted FFO
increased by 5.5% on a dollar value basis and 4.5% on a Class A
Common per share basis when compared with last year. The FFO
increases were the result of net operating income generated from
property acquisitions in fiscal 2018 and the first quarter of
fiscal 2019, as well as organic net operating income growth in our
existing portfolio, in particular one significant grocery tenant
lease renewal in the early part of fiscal 2019 at a significantly
higher rent. In addition, the FFO increases were bolstered by the
sale of our small marketable securities portfolio in the first
quarter of fiscal 2019, which resulted in a gain of $403,000.”
Mr. Biddle continued: “Leasing the vacant space in our portfolio
is management’s number one focus at this time. This quarter, we
signed leases for 171,000 square feet of vacant space in our
portfolio. Of the remaining 353,000 square feet of vacancy in our
portfolio, we have approximately 21,000 square feet in the lease
negotiation stage, and we are negotiating letters of intent with
potential tenants for an additional 131,000 square feet. In the
first quarter of fiscal 2019, we purchased the Lakeview Plaza
Shopping Center located in Brewster, NY. Lakeview Plaza is a
177,000 square foot shopping center that is anchored by a 45,000
square foot Acme Supermarket. This property, which we purchased at
auction, consists of five buildings on a 23-acre site. We purchased
this property at an attractive going-in yield. At the time of
purchase, this property had 49,000 square feet of vacancy, of which
we have a lease for a 6,200 square foot space in final stages of
negotiation. It remains our top priority to lease the remaining
42,800 square feet of vacancy as quickly as possible, which we
believe will be facilitated by the fact that we are nearing
completion of significant capital improvements at this property. We
currently have letters of intent out for an additional 18,000
square feet of this space, and we are hopeful that we will move
shortly to lease negotiation and execution. If we are able to lease
all of the inherited vacancy at Lakeview, we estimate that we could
add another $1-$1.3 million to this property’s net operating
income, which would improve our investment return for this property
to over 13%. In addition, this quarter we recaptured a 30,000
square foot store in Eastchester, NY from Acme and delivered it to
DeCicco’s Supermarkets, a premier regional supermarket operator.
DeCicco’s will completely renovate the space and will pay a rent
substantially higher than Acme. We continue to actively pursue
investment properties meeting our geographic and financial
parameters.”
UBP Announces an Increase in Dividends to its Shareholders
for the Twenty-Sixth Consecutive Year
At its regular December meeting, the company’s Board of
Directors approved an increase in the quarterly dividend rate on
shares of the company’s Class A Common stock and Common stock. The
quarterly dividend rate declared for Class A Common stock was
increased to $0.28 per share and the quarterly dividend rate
declared for Common stock was increased to $0.25 per Common share,
which represents an annualized increase of $0.02 per share for both
classes of common stock. The $0.02 dividend increase on both the
Class A Common stock and Common stock represents the twenty-sixth
consecutive year that the company has increased total dividends to
its shareholders. The Class A Common and Common dividends are
payable January 17, 2020 to stockholders of record on January 3,
2020.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust that owns or has equity interests in
82 properties containing approximately 5.3 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 199 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 26
consecutive years.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
(Table Follows)
Urstadt Biddle Properties Inc.
(NYSE: UBA and UBP)
Year Ended October 31, 2019
and 2018 results
(in thousands, except per share
data)
Year Ended
Three Months Ended
October 31,
October 31,
2019
2018
2019
2018
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
Base rents
$
99,270
$
95,902
$
25,027
$
23,740
Recoveries from tenants
32,784
31,144
8,120
7,754
Lease termination income
221
3,795
27
5
Mortgage interest and other
5,310
4,511
1,114
1,044
Total Revenues
137,585
135,352
34,288
32,543
Operating Expenses
Property operating
21,901
22,009
5,231
5,159
Property taxes
23,363
21,167
5,760
5,563
Depreciation and amortization
27,927
28,324
7,001
7,037
General and administrative
9,405
9,223
2,256
2,199
Provision for tenant credit losses
956
859
237
185
Directors' fees and expenses
346
344
81
77
Total Operating Expenses
83,898
81,926
20,566
20,220
Operating Income
53,687
53,426
13,722
12,323
Non-Operating Income (Expense):
Interest expense
(14,102
)
(13,678
)
(3,495
)
(3,500
)
Equity in net income from unconsolidated
joint ventures
1,241
2,085
234
375
Gain on sale of marketable securities
403
-
-
-
Interest, dividends and other investment
income
403
350
175
104
Gain/(loss) on sale of properties
(19
)
-
(428
)
-
Net Income
41,613
42,183
10,208
9,302
Noncontrolling interests:
Net income attributable to noncontrolling
interests
(4,333
)
(4,716
)
(1,038
)
(1,121
)
Net income attributable to Urstadt Biddle
Properties Inc.
37,280
37,467
9,170
8,181
Preferred stock dividends
(12,789
)
(12,250
)
(3,601
)
(3,062
)
Redemption of preferred stock
(2,363
)
-
(2,363
)
-
Net Income Applicable to Common and
Class A Common Stockholders
$
22,128
$
25,217
$
3,206
$
5,119
Diluted Earnings Per Share:
Per Common Share:
$
0.52
$
0.60
$
0.07
$
0.12
Per Class A Common Share:
$
0.58
$
0.67
$
0.08
$
0.14
Weighted Average Number of Shares
Outstanding (Diluted):
Common and Common Equivalent
9,349
9,114
9,457
9,271
Class A Common and Class A Common
Equivalent
29,654
29,513
29,703
29,606
Results of Operations
The following information summarizes the company's results of
operations for the years ended October 31, 2019 and 2018 (amounts
in thousands):
Year Ended October 31,
Change Attributable to
Revenues:
2019 (Unaudited)
2018
Increase (Decrease)
% Change
Property Acquisitions/Sales
Properties Held In Both Periods
(Note 1)
Base rents
$99,270
$95,902
$3,368
3.5%
$2,816
$552
Recoveries from tenants
32,784
31,144
1,640
5.3%
1,091
549
Lease termination
221
3,795
(3,574)
-94.2%
-
(3,574)
Other income
5,310
4,511
799
17.7%
270
529
Operating Expenses:
Property operating
21,901
22,009
(108)
-0.5%
990
(1,098)
Property taxes
23,363
21,167
2,196
10.4%
820
1,376
Depreciation and amortization
27,927
28,324
(397)
-1.4%
412
(809)
General and administrative
9,405
9,223
182
2.0%
n/a
n/a
Non-Operating Income/Expense:
Interest expense
14,102
13,678
424
3.1%
213
211
Interest, dividends, and other investment
income
403
350
53
15.1%
n/a
n/a
Note 1 – Properties held in both periods includes only
properties owned for the entire periods of 2019 and 2018, and for
interest expense the amount also includes parent company interest
expense. All other properties are included in the property
acquisition/sales column. There are no properties excluded from the
analysis.
Revenues
Base rents increased by 3.5% to $99.3 million in fiscal 2019, as
compared with $95.9 million in the comparable period of 2018. The
increase in base rents and the changes in other income statement
line items were attributable to:
Property Acquisitions and Properties
Sold:
In fiscal 2018, the company purchased three properties totaling
53,700 square feet of GLA. In fiscal 2019, the company purchased
one property totaling 177,000 square feet and sold one property
totaling 10,100 square feet. These properties accounted for all of
the revenue and expense changes attributable to property
acquisitions and sales in the fiscal year ended 2019 when compared
with fiscal 2018.
Properties Held in Both
Periods:
Revenues
Base Rent
The net increase in base rents for the fiscal year ended 2019
when compared to the corresponding prior period, was predominantly
caused by positive leasing activity at several properties held in
both periods, accentuated by a lease renewal with a grocery-store
tenant at a significantly higher rent than the expiring period
rent, both of which created a positive variance in base rent.
In fiscal 2019, the company leased or renewed approximately
676,000 square feet (or approximately 14.8% of total consolidated
property leasable area). At October 31, 2019, the company’s
consolidated properties were 92.9% leased (93.2% leased at October
31, 2018).
Tenant Recoveries
In the fiscal year ended 2019, recoveries from tenants (which
represent reimbursements from tenants for operating expenses and
property taxes) increased by $549,000 when compared with the
corresponding prior period. This increase was a result of an
increase in property tax expense caused by an increase in property
tax assessments, predominantly related to properties the company
owns in Stamford, CT. This increase was partially offset by a
decrease in property operating expenses mostly related to a
decrease in snow removal costs at our properties owned in both
periods.
Lease Termination Income
In April 2018, the company reached agreement with the grocery
tenant at our Newark, NJ property to terminate its 63,000 square
foot lease in exchange for a one-time $3.7 million lease
termination payment, which the company received and recorded as
revenue in the second quarter of fiscal 2018. Also in March 2018,
the company leased that same space to a new grocery store operator
who took possession in May 2018. While the rental rate on the new
lease is 30% less than the rental rate on the terminated lease, the
company hopes that part of this decreased rental rate will be
recaptured with the receipt of percentage rent in subsequent years
as the store matures and its sales increase. The new lease required
no landlord work or tenant improvement allowance.
Expenses
Property Operating
In fiscal year ended October 31, 2019, property operating
expenses decreased by $1.1 million when compared with the
corresponding prior periods, predominantly as a result of a
decrease in snow removal costs at our properties owned in both
periods.
Property Taxes
In the fiscal year ended October 31, 2019, property taxes
increased by $1.4 million when compared with the corresponding
prior period, as a result of an increase in property tax
assessments for a number of our properties owned in both periods,
specifically those located in Stamford, CT.
Interest
In the fiscal year ended October 31, 2019, interest expense
increased by a net $211,000 when compared with the corresponding
prior period, as a result of the company having a larger balance
drawn on our revolving credit facility for a large portion of
fiscal 2019 when compared with the corresponding prior periods,
offset by mortgage refinancings at lower interest rates than the
refinanced mortgage notes.
Depreciation and Amortization
In the fiscal year ended October 31, 2019, depreciation and
amortization decreased by $809,000 when compared with the prior
period, primarily as a result of increased ASC Topic 805
amortization expense for lease intangibles in fiscal year ended
October 31, 2018 for a tenant who vacated the property and whose
lease was terminated.
General and Administrative
Expenses
General and administrative expense was relatively unchanged in
the fiscal year ended October 31, 2019 when compared with the
corresponding prior period.
Non-GAAP Financial Measure Funds from Operations
(“FFO”)
The company considers FFO to be an additional measure of our
operating performance. We report FFO in addition to net income
applicable to common stockholders and net cash provided by
operating activities. Management has adopted the definition
suggested by The National Association of Real Estate Investment
Trusts (“NAREIT”) and defines FFO to mean net income (computed in
accordance with GAAP) excluding gains or losses from sales of
property, plus real estate-related depreciation and amortization
and after adjustments for unconsolidated joint ventures.
Management considers FFO a meaningful, additional measure of
operating performance because it primarily excludes the assumption
that the value of the company’s real estate assets diminishes
predictably over time and industry analysts have accepted it as a
performance measure. FFO is presented to assist investors in
analyzing the performance of the company. It is helpful as it
excludes various items included in net income that are not
indicative of our operating performance, such as gains (or losses)
from sales of property and depreciation and amortization. However,
FFO:
- does not represent cash flows from operating activities in
accordance with GAAP (which, unlike FFO, generally reflects all
cash effects of transactions and other events in the determination
of net income); and
- should not be considered an alternative to net income as an
indication of our performance.
FFO as defined by us may not be comparable to similarly titled
items reported by other real estate investment trusts due to
possible differences in the application of the NAREIT definition
used by such REITs.
Non-GAAP Financial Measure Funds from Operations, as Adjusted
(“Adjusted FFO”)
The company provides disclosure of Adjusted FFO because it
believes it is a useful supplemental measure of its operating
performance that facilitates comparability of historical financial
periods. Adjusted FFO is calculated by making certain adjustments
to FFO to account for items that company does not believe are
representative of ongoing operating results, including
non-comparable revenue and expenses and reductions in net income
for preferred stock redemptions. The company’s method of
calculating Adjusted FFO may be different from methods used by
other REITs and, accordingly, may not be comparable to such other
REITs.
The table below provides a reconciliation of net income
applicable to Common and Class A Common Stockholders in accordance
with GAAP to FFO and from FFO to Adjusted FFO for three month and
fiscal years ended October 31, 2019 and 2018.
Tables Follow:
Urstadt Biddle Properties Inc.
(NYSE: UBA and UBP)
Fiscal Year and Fourth Quarter
Ended 2019 Results
(in thousands, except per share
data)
Reconciliation of Net Income Available
to Common and Class A Common Stockholders To Funds From
Operations
Fiscal Year Ended
October
31,
Three Months Ended
October
31,
2019 (Unaudited)
2018
2019
(Unaudited)
2018
Net Income Applicable to Common and Class
A Common Stockholders
$
22,128
$
25,217
$
3,206
$
5,119
Real property depreciation
22,668
22,139
5,738
5,581
Amortization of tenant improvements and
allowances
3,521
4,039
815
993
Amortization of deferred leasing costs
1,652
2,057
429
439
Depreciation and amortization on
unconsolidated joint ventures
1,505
1,719
376
429
(Gain)/loss on sale of property
19
-
428
-
Loss on sale of property in unconsolidated
joint venture
462
-
5
-
Funds from Operations Applicable to Common
and Class A Common Stockholders (Note 1)
$
51,955
$
55,171
$
10,997
$
12,561
Funds from Operations (Diluted) Per
Share: (Note 1)
Common
$
1.22
$
1.30
$
0.26
$
0.30
Class A Common
$
1.37
$
1.47
$
0.29
$
0.33
Weighted Average Number of Shares
Outstanding (Diluted):
Common and Common Equivalent
9,349
9,114
9,457
9,271
Class A Common and Class A Common
Equivalent
29,654
29,513
29,703
29,606
Note 1 – Funds from operations (“FFO”) available for Class A
Common and Common stockholders for the fourth quarter and full
fiscal year 2019 includes a $2.4 million reduction in income
available to common and class a common shareholders related to the
redemption of the 6.75% Series G preferred stock and FFO available
for Class A Common and Common stockholders for the full fiscal year
2018 includes the one-time receipt of $3.7 million in lease
termination income from a grocery store tenant who vacated one of
our properties in 2018. If these two transactions were excluded,
our Adjusted FFO and Adjusted FFO per diluted share would be as
follows:
Fiscal Year Ended October 31,
Three Months Ended October 31,
2019
2018
2019
2018
Funds from Operations (in
thousands):
$
51,955
$
55,171
$
10,997
$
12,561
Adjustments:
Redemption of preferred stock
2,363
-
2,363
-
Lease termination income
-
(3,700
)
-
-
Adjusted Funds from Operations
$
54,318
$
51,471
$
13,360
$
12,561
Adjusted Funds from Operations
(Diluted) Per Share:
Common
$
1.27
$
1.22
$
0.31
$
0.30
Class A Common
$
1.43
$
1.37
$
0.35
$
0.33
Non-GAAP Financial Measure Same Property Net Operating Income
(“NOI”)
We present Same Property Net Operating Income ("Same Property
NOI"), which is a non-GAAP financial measure. Same Property NOI
excludes from Net Operating Income (“NOI”) properties that have not
been owned for the full periods presented. The most directly
comparable GAAP financial measure to NOI is operating income. To
calculate NOI, operating income is adjusted to add back
depreciation and amortization, general and administrative expense,
interest expense, amortization of above and below-market lease
intangibles and to exclude straight-line rent adjustments,
interest, dividends and other investment income, equity in net
income of unconsolidated joint ventures, gain/loss on sale of
operating properties.
We use Same Property NOI internally as a performance measure and
believe Same Property NOI provides useful information to investors
regarding our financial condition and results of operations because
it reflects only those income and expense items that are incurred
at the property level. Our management also uses Same Property NOI
to evaluate property level performance and to make decisions about
resource allocations. Further, we believe Same Property NOI is
useful to investors as a performance measure because, when compared
across periods, Same Property NOI reflects the impact on operations
from trends in occupancy rates, rental rates and operating costs on
an unleveraged basis, providing perspective not immediately
apparent from income from continuing operations. Same Property NOI
excludes certain components from net income attributable to Urstadt
Biddle Properties Inc. in order to provide results that are more
closely related to a property’s results of operations. For example,
interest expense is not necessarily linked to the operating
performance of a real estate asset and is often incurred at the
corporate level as opposed to the property level. In addition,
depreciation and amortization, because of historical cost
accounting and useful life estimates, may distort operating
performance at the property level. Same Property NOI presented by
us may not be comparable to Same Property NOI reported by other
REITs that define Same Property NOI differently.
Table Follows:
Urstadt Biddle Properties Inc.
Same Property Net Operating Income
(In thousands, except for number of
properties and percentages)
Twelve Months Ended October
31,
Three Months Ended October
31,
2019 (Unaudited)
2018
% Change
2019 (Unaudited)
2018
% Change
Number of Properties (Note 3)
74
74
Revenue (Note 2):
Minimum Rent
$
94,897
$
93,592
1.4
%
$
23,889
$
23,297
2.5
%
Recoveries from tenants
31,317
30,768
1.8
%
7,800
7,584
2.8
%
Other property income
1,015
1,043
-2.7
%
172
196
-12.2
%
127,229
125,403
1.5
%
31,861
31,077
2.5
%
Expenses:
Property operating
13,199
14,467
-8.8
%
3,253
3,330
-2.3
%
Property taxes
22,406
20,950
6.9
%
5,480
5,476
0.1
%
Other non-recoverable operating
expenses
1,775
2,164
-18.0
%
459
473
-3.0
%
37,380
37,581
-0.5
%
9,192
9,279
-0.9
%
Same property Net Operating Income
$
89,849
$
87,822
2.3
%
$
22,669
$
21,798
4.0
%
Reconciliation of Same Property NOI to
Most Directly Comparable GAAP Measure:
Other non-same property net operating
income
3,375
1,010
977
318
Other Interest income
489
246
221
51
Other Dividend Income
97
291
-
97
Consolidated lease termination income
221
3,795
27
5
Consolidated amortization of above and
below market leases
614
1,209
166
112
Consolidated straight line rent income
914
957
242
127
Equity in net income of unconsolidated
joint ventures
1,241
2,085
234
375
Taxable REIT subsidiary income/(loss)
96
(15
)
(126
)
(33
)
Solar income/(loss)
(226
)
(172
)
(32
)
(27
)
Storage income/(loss)
937
816
244
219
Gain on sale of marketable securities
403
-
-
-
Interest expense
(14,102
)
(13,678
)
(3,495
)
(3,500
)
General and administrative expenses
(9,405
)
(9,223
)
(2,256
)
(2,199
)
Provision for tenant credit losses
(956
)
(859
)
(237
)
(185
)
Directors fees and expenses
(346
)
(344
)
(81
)
(77
)
Depreciation and amortization
(27,927
)
(28,324
)
(7,001
)
(7,037
)
Adjustment for intercompany expenses and
other
(3,640
)
(3,430
)
(916
)
(740
)
Total other -net
(48,215
)
(45,636
)
(12,033
)
(12,494
)
Net income before gain/(loss) on sale of
real estate
41,634
42,186
-1.3
%
10,636
9,304
14.3
%
Gain/(loss) on sale of real estate
(19
)
-
(428
)
-
Net income
41,615
42,186
-1.4
%
10,208
9,304
9.7
%
Net income attributable to noncontrolling
interests
(4,333
)
(4,716
)
(1,038
)
(1,121
)
Net income attributable to Urstadt Biddle
Properties Inc.
$
37,282
$
37,470
-0.5
%
$
9,170
$
8,183
12.1
%
Same Property Operating Expense Ratio
(Note 1)
88.0
%
86.9
%
1.2
%
89.3
%
86.1
%
3.7
%
Note 1 - Represents the percentage of property operating expense
and real estate tax expense recovered from tenants under operating
leases
Note 2 - Excludes straight line rent, above/below market lease
rent, lease termination income
Note 3 - Includes only properties owned for the entire period of
both periods presented
Urstadt Biddle Properties Inc.
(NYSE: UBA and UBP)
Balance Sheet
Highlights
(in thousands)
October 31,
October 31,
2019
2018
(Unaudited)
Assets
Cash and Cash Equivalents
$
94,079
$
10,285
Real Estate Investments Before
Accumulated Depreciation
$
1,141,770
$
1,118,075
Investments in and Advances to
Unconsolidated Joint Ventures
$
29,374
$
37,434
Total Assets
$
1,072,304
$
1,008,233
Liabilities
Revolving Credit Line
$
-
$
28,595
Mortgage Notes Payable and Other
Loans
$
306,606
$
293,801
Preferred stock called for
redemption
$
75,000
-
Total Liabilities
$
414,704
$
347,834
Redeemable Noncontrolling
Interests
$
77,876
$
78,258
Preferred Stock
$
225,000
$
190,000
Total Stockholders’ Equity
$
579,724
$
582,141
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191218005787/en/
Willing L. Biddle, CEO or John T. Hayes, CFO Urstadt Biddle
Properties Inc. (203) 863-8200
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