URSTADT BIDDLE ROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2021



URSTADT BIDDLE PROPERTIES INC
321 RAILROAD AVENUE
GREENWICH, CT 06830
203‐863‐8200


URSTADT BIDDLE ROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2021


TABLE OF CONTENTS


1
PROPERTY PORTFOLIO
2
INVESTMENT PROPERTY SAME PROPERTY OPERATING INCOME - THREE AND TWELVE MONTHS ENDED October 31, 2021 AND 2020
3
NEW AND RENEWAL LEASING STATISTICS - ROLLING FOUR QUARTERS ENDEDOctober 31, 2021



URSTADT BIDDLE ROPERTIES INC.
PROPERTY PORTFOLIO - DETAIL
October 31, 2021

Property Demographics ₁
3-Mile Radius
Gross Leasable Area
Percentage Leased
Annualized Base Rent PSF for Leased Space
Total
Population
Number of
Households
Average Household
Income
Median Household
Income
Property Location
Property Name
Anchor Tenant's
% Owned
Year Acquired
Anchors
Shops
Total
Anchors
Shops
Total
Anchors
Shops
Total
Connecticut
Stamford
Ridgeway
Stop & Shop Supermarket
100
%
2002
72,000
302,111
374,111
100.00
%
89.46
%
91.5
%
$
30.46
$
30.41
$
30.42
143,500
55,000
162,400
109,900
Stratford
The Dock
Stop & Shop Supermarket / BJ's Wholesale
100
%
2005
167,754
110,731
278,485
100.00
%
97.32
%
98.9
%
$
16.93
$
22.27
$
18.67
84,400
33,300
88,000
73,200
New Milford
New Milford Plaza
Wal-Mart / Stop & Shop Supermarket
100
%
2010
177,028
58,216
235,244
100.00
%
100.00
%
100.0
%
$
6.52
$
14.82
$
8.58
18,800
7,300
118,600
91,400
Danbury₂
Danbury Square
Christmas Tree Shops
100
%
1995
47,555
146,407
193,962
100.00
%
94.70
%
96.0
%
$
24.90
$
15.32
$
17.77
48,800
17,000
94,400
70,800
Darien
Goodwives
Stop & Shop Supermarket
100
%
1998
42,083
53,674
95,757
100.00
%
68.65
%
82.4
%
$
33.99
$
42.68
$
38.05
68,300
24,800
200,500
118,200
Stamford
High Ridge Center
Trader Joe's Supermarket/DSW Shoe Warehouse
25
%
2017
37,211
49,911
87,122
100.00
%
88.31
%
93.3
%
$
32.52
$
52.69
$
43.46
56,300
20,400
216,300
145,100
New Milford
Veteran's Plaza
Big Y Supermarket
100
%
2008
55,450
25,821
81,271
100.00
%
87.45
%
96.0
%
$
8.47
$
19.05
$
11.54
20,400
7,800
103,000
77,600
Orange
Orange Meadows
Trader Joe's Supermarket/TJ Maxx
100
%
2003
38,313
39,148
77,461
100.00
%
54.71
%
77.1
%
$
17.82
$
18.00
$
17.88
49,100
19,400
113,000
94,000
Stamford
Newfield Green
Grade A Market
100
%
2016
30,780
43,308
74,088
100.00
%
96.54
%
98.0
%
$
24.04
$
49.19
$
38.53
133,000
51,200
157,100
107,200
New Milford
Fairfield Plaza
Staples/All Out Fitness
100
%
2011
45,645
26,342
71,987
100.00
%
62.31
%
86.2
%
$
15.00
$
15.82
$
15.22
15,100
5,900
114,100
86,300
Fairfield
Fairfield Center
Marshalls
100
%
2011
32,714
28,939
61,653
100.00
%
100.00
%
100.0
%
$
24.51
$
26.36
$
25.38
75,000
26,800
135,600
97,800
Ridgefield
Ridgefield
N/A
100
%
1998
-
61,870
61,870
0.00
%
88.77
%
88.8
%
$
-
$
25.59
$
25.59
20,400
7,400
238,200
162,800
Greenwich Offices
Various
Various
100
%
Various
-
57,746
57,746
0.00
%
96.51
%
96.5
%
$
-
$
32.16
$
32.16
71,900
26,500
185,100
111,700
Greenwich
Cos Cob Commons
CVS
100
%
2014
15,629
32,018
47,647
100.00
%
84.42
%
89.5
%
$
63.85
$
40.67
$
49.17
67,500
24,500
242,000
137,700
Westport
Greens Farm
BevMax
100
%
2003
14,100
25,554
39,654
100.00
%
35.59
%
58.5
%
$
16.85
$
38.91
$
25.50
31,500
11,400
276,900
166,300
Greenwich
Kings Shopping Center
Acme Supermarket
100
%
2014
18,432
20,847
39,279
100.00
%
85.93
%
92.5
%
$
27.50
$
39.53
$
33.43
104,600
40,900
188,000
117,500
Derby
Aldi Square
Aldi Supermarket
100
%
2017
19,069
18,723
37,792
100.00
%
87.98
%
94.0
%
$
9.47
$
22.76
$
15.63
55,200
22,100
88,200
72,500
Danbury
Airport Plaza
Buffalo Wild Wings
100
%
2002
8,116
24,572
32,688
100.00
%
87.58
%
90.7
%
$
29.65
$
29.70
$
29.68
53,000
18,700
93,800
71,100
Bethel
The Hub
Rite Aid/La Placita Market
100
%
2014
21,480
9,460
30,940
100.00
%
78.86
%
93.5
%
$
16.66
$
28.33
$
19.67
63,800
22,800
84,700
68,500
Stamford
970 High Ridge
FedEx Office
100
%
2016
6,734
20,599
27,333
100.00
%
89.32
%
92.0
%
$
42.15
$
33.58
$
35.88
59,300
22,100
206,000
137,500
Ridgefield
Yankee Ridge Center
N/A
100
%
2018
-
22,957
22,957
0.00
%
100.00
%
100.0
%
$
-
$
27.78
$
27.78
21,800
7,900
229,700
157,800
Greenwich
Cos Cob Plaza
Veterinary Emergency Group
100
%
2013
4,025
10,880
14,905
100.00
%
86.39
%
90.1
%
$
60.00
$
47.20
$
51.04
75,400
27,200
243,300
135,900
Greenwich
Greenwich Commons
Wells Fargo
100
%
2013
2,400
7,344
9,744
100.00
%
100.00
%
100.0
%
$
88.00
$
83.15
$
84.35
71,900
26,500
185,100
111,700
Greenwich
Old Greenwich - CVS
CVS
25
%
2017
8,000
-
8,000
100.00
%
0.00
%
100.0
%
$
30.17
$
-
$
30.17
104,600
40,900
188,000
117,500
Stamford
High Ridge - Chase
J.P Morgan Chase Bank
25
%
2017
4,160
-
4,160
100.00
%
0.00
%
100.0
%
$
77.84
$
-
$
77.84
56,300
20,400
216,300
145,100
Stratford
Knott's Landing
Chipotle
100
%
2020
2,400
800
3,200
100.00
%
100.00
%
100.0
%
$
57.50
$
38.00
$
52.63
84,400
33,300
88,000
73,200
Unionville
Unionville Family Restaurant
Unionville Family Restaurant
100
%
2013
2,530
-
2,530
100.00
%
0.00
%
100.0
%
$
23.32
$
-
$
23.32
27,741
11,277
168,379
125,357
873,608
1,197,978
2,071,586
100.0
%
88.2
%
93.1
%
$
19.93
$
28.71
$
24.69
New York
Brewster
Lakeview Plaza
Acme Supermarket
100
%
2018
45,366
128,730
174,096
100.0
%
71.6
%
79.0
%
$
9.50
$
22.11
$
17.95
15,400
5,600
115,400
100,800
Carmel
Carmel ShopRite Center
ShopRite Supermarket
100
%
1995
65,342
80,078
145,420
100.0
%
86.4
%
92.5
%
$
10.86
$
15.65
$
13.33
15,500
5,600
116,600
92,700
Ossining
Arcadian
Stop & Shop Supermarket
100
%
1998
64,858
72,399
137,257
100.0
%
85.3
%
92.2
%
$
20.88
$
25.53
$
23.15
42,300
14,100
150,400
106,500
Somers
Somers Commons
Home Goods
100
%
2003
30,000
104,760
134,760
100.0
%
94.9
%
96.1
%
$
19.00
$
20.19
$
19.92
31,600
11,800
137,200
109,500
Yorktown3
Staples Plaza
Staples
100
%
2005
15,322
107,596
122,918
100.0
%
80.7
%
83.1
%
$
18.15
$
22.53
$
21.87
31,400
11,400
138,800
110,900
Somers6
Towne Centre at Somers
CVS
100
%
1999
14,013
66,401
80,414
100.0
%
98.9
%
99.1
%
$
29.04
$
31.91
$
31.40
22,100
8,400
161,800
129,500
Orangeburg
Orangetown Shopping Center
CVS
44
%
2012
12,410
61,868
74,278
100.0
%
78.9
%
82.4
%
$
29.98
$
20.24
$
22.22
44,500
14,900
152,100
117,100
Eastchester
DeCicco's Plaza
DeCicco & Sons Market
100
%
1997
29,754
40,132
69,886
100.0
%
100.0
%
100.0
%
$
22.00
$
41.68
$
33.30
113,782
43,462
238,056
157,825
Yonkers
McLean Shopping Center
Acme Supermarket
53
%
2014
35,000
22,989
57,989
100.0
%
90.3
%
96.1
%
$
2.20
$
53.94
$
21.46
539,200
202,200
75,000
58,200
Briarcliff Manor4
Chilmark
CVS
100
%
2001
13,900
32,838
46,738
100.0
%
94.4
%
96.0
%
$
36.00
$
32.67
$
33.70
44,500
15,000
150,000
107,800
Rye
Rye Portfolio
N/A
100
%
2004
-
38,682
38,682
0.0
%
95.6
%
95.6
%
$
-
$
40.85
$
40.85
81,291
28,687
184,337
120,135
Ossining
Rockledge
Westchester Community College
100
%
1999
12,558
16,449
29,007
100.0
%
78.9
%
88.1
%
$
17.25
$
17.22
$
17.24
42,300
14,100
150,400
106,500
Katonah
Village Commons
N/A
100
%
2010
-
27,988
27,988
0.0
%
70.7
%
70.7
%
$
-
$
38.04
$
38.04
15,600
5,200
196,700
124,500
Yonkers
Tanglewood Shopping Center
Autozone
100
%
2018
8,300
18,675
26,975
100.0
%
100.0
%
100.0
%
$
32.64
$
39.64
$
37.48
135,700
51,800
183,400
126,200
Harrison
Harrison Shopping Center
Key Food
100
%
2015
12,018
14,175
26,193
100.0
%
100.0
%
100.0
%
$
25.03
$
37.97
$
32.03
70,300
24,600
219,100
130,300
Pelham
Pelham
Mason Supermarket
100
%
2006
10,000
14,915
24,915
100.0
%
100.0
%
100.0
%
$
22.89
$
41.65
$
34.12
307,200
115,600
91,800
70,800
Eastchester
Eastchester Plaza
CVS
100
%
2012
13,506
10,195
23,701
100.0
%
100.0
%
100.0
%
$
33.55
$
36.99
$
35.03
180,000
69,800
164,400
113,900
Somers
Heritage 202
Putnam County Savings Bank
100
%
1992
3,184
16,074
19,258
100.0
%
100.0
%
100.0
%
$
52.32
$
29.90
$
33.61
21,000
8,000
153,900
126,700
Bronxville & Yonkers
N/A
People's United Bank / JP Morgan Chase Bank
100
%
2008 & 2009
16,527
2,278
18,805
100.0
%
100.0
%
100.0
%
$
20.83
$
35.58
$
22.61
263,900
101,100
115,400
86,300
Kingston
Kingston
Taste of Italy
100
%
2013
3,372
-
3,372
100.0
%
0.0
%
100.0
%
$
28.73
$
-
$
28.73
18,543
8,137
64,377
50,492
New City
New City Pad
Putnam County Savings Bank
84
%
2018
2,596
-
2,596
100.0
%
0.0
%
100.0
%
$
49.73
$
-
$
49.73
66,599
20,302
156,424
124,458
408,026
877,222
1,285,248
100.0
%
86.8
%
91.0
%
$
18.53
$
27.40
$
24.31

Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent.
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
Note 4 - Property is shadow anchored by an Acme Supermarket
Note 5 - Property is shadow anchored by an Lidl Supermarket
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket
New Jersey
Midland Park
Midland Park Shopping Center
Kings Supermarket
100
%
2015
29,550
100,775
130,325
100.0
%
85.7
%
88.9
%
$
24.49
$
26.02
$
25.63
108,800
39,200
182,400
140,100
New Providence
Village Shopping Center
Acme Supermarket
100
%
2013
45,464
63,163
108,627
100.0
%
100.0
%
100.0
%
$
22.75
$
35.18
$
29.98
59,200
21,100
241,800
158,100
Newark
Ferry Plaza
Seabra Foods
100
%
2008
63,433
44,435
107,868
100.0
%
100.0
%
100.0
%
$
14.27
$
30.43
$
20.93
219,900
73,200
58,800
44,700
Wayne
Valley Ridge
Whole Foods
100
%
1992
38,792
64,625
103,417
100.0
%
89.7
%
93.6
%
$
16.50
$
34.14
$
27.07
118,600
39,000
99,900
81,400
Pompton Lakes5
Pompton Lakes Town Square
Planet Fitness
100
%
2015
18,000
76,065
94,065
100.0
%
54.8
%
63.5
%
$
15.00
$
26.92
$
23.33
52,800
19,500
126,400
105,900
Emerson
Shop Rite Plaza
ShopRite Supermarket
100
%
2007
53,450
39,212
92,662
100.0
%
74.5
%
89.2
%
$
9.48
$
24.39
$
14.75
94,900
33,400
154,900
124,900
Kinnelon
Meadtown Shopping Center
Marshall's
100
%
2015
24,511
52,360
76,871
100.0
%
100.0
%
100.0
%
$
17.00
$
26.94
$
23.77
28,700
11,000
124,900
102,900
Dumont
Washington Commons
Stop & Shop Supermarket
36
%
2017
44,282
29,905
74,187
100.0
%
83.7
%
93.4
%
$
19.45
$
30.24
$
23.35
141,900
49,000
147,100
117,000
Boonton
Boonton Acme Center
Acme Supermarket
100
%
2014
49,463
13,278
62,741
100.0
%
91.5
%
98.2
%
$
21.37
$
35.70
$
24.20
47,900
18,400
148,300
111,900
Bloomfield
Bloomfield Crossing
Walgreen's / Food World
100
%
2014
42,548
16,688
59,236
100.0
%
85.3
%
95.9
%
$
7.06
$
33.16
$
13.60
315,879
122,723
93,191
74,350
Wyckoff
Cedar Hill Shopping Center
Walgreen's
100
%
2015
15,960
27,410
43,370
100.0
%
86.2
%
91.3
%
$
26.68
$
32.71
$
30.28
82,500
29,900
178,700
133,400
Passaic
Van Houton Farms
Dollar Tree/Family Dollar
100
%
2017
20,816
15,703
36,519
100.0
%
17.8
%
64.7
%
$
10.50
$
28.64
$
12.65
285,600
9,900
95,900
77,300
Waldwick
Waldwick Plaza
United States Postal Service
100
%
2017
5,567
20,954
26,521
100.0
%
87.1
%
89.8
%
$
25.00
$
28.51
$
27.69
79,800
27,800
202,900
150,000
Waldwick
Waldwick Rite Aid
Rite Aid
100
%
2007
20,000
-
20,000
100.0
%
0.0
%
100.0
%
$
26.22
$
-
$
26.22
79,700
27,800
203,300
149,900
Chester
Rainbow Childcare Center
Vacant
100
%
2013
9,120
-
9,120
0.0
%
0.0
%
0.0
%
$
-
$
-
$
-
10,003
3,448
263,871
178,921
Fort Lee
H-Mart Plaza
H-Mart
100
%
2015
7,000
-
7,000
100.0
%
0.0
%
100.0
%
$
44.11
$
-
$
44.11
545,900
208,500
83,600
62,700
Bloomfield
Friendly's - Bloomfield
Friendly's
100
%
2013
2,630
-
2,630
100.0
%
0.0
%
100.0
%
$
45.46
$
-
$
45.46
199,320
78,935
128,264
100,760
490,586
564,573
1,055,159
98.1
%
83.5
%
90.3
%
$
17.55
$
29.88
$
23.65
Total Consolidated
1,772,220
2,639,773
4,411,993
99.5
%
86.7
%
91.85
%
$
18.96
$
28.52
$
24.33
Unconsolidated Joint Ventures
Scarsdale, NY
Midway Shopping Center
ShopRite Supermarket
12
%
2010
73,758
170,544
244,302
100.0
%
91.0
%
93.7
%
$
17.15
$
33.72
$
28.38
112,400
42,100
217,400
140,600
Riverhead, NY
Gateway Plaza
Walmart
50
%
2014
167,951
30,350
198,301
100.0
%
100.0
%
100.0
%
$
6.15
$
27.56
$
9.43
19,300
7,200
71,500
58,600
Carmel, NY
Putnam Plaza
Tops Markets
67
%
2010
60,858
128,536
189,394
100.0
%
82.6
%
88.2
%
$
7.49
$
19.76
$
15.29
16,500
5,900
120,400
101,600
Montvale, NJ
Chestnut Ridge
The Fresh Market
50
%
2013
19,205
57,183
76,388
100.0
%
88.8
%
91.6
%
$
24.56
$
30.22
$
28.67
53,300
18,600
194,200
143,400
Riverhead, NY
Applebee's Plaza
Applebee's
50
%
2014
5,363
7,194
12,557
100.0
%
100.0
%
100.0
%
$
30.93
$
34.79
$
33.14
19,300
7,200
71,500
58,600
Total Unconsolidated
327,135
393,807
720,942
100.0
%
88.8
%
93.87
%
$
10.37
$
28.46
$
19.71


Total Core Portfolio
2,099,355
3,033,580
5,132,935
99.6
%
87.0
%
92.13
%
$
17.61
$
28.51
$
23.67
Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent.
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
Note 4 - Property is shadow anchored by an Acme Supermarket
Note 5 - Property is shadow anchored by an Lidl Supermarket
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket

1

URSTADT BIDDLE ROPERTIES INC.
CORE PORTFOLIO SAME PROPERTY OPERATING INCOME DISCLOSURE
October 31, 2021


Twelve Months Ended Oct 31,
Three Months Ended Oct 31,
2021
2020
% Change
2021
2020
% Change
Same Property Operating Results:
Number of Properties (Note 1)
74 74
Revenue (Note 2)
Base Rent (Note 3)
$
99,136
$
93,564
6.0
%
$
24,509
$
22,891
7.1
%
Provision for tenant credit losses-same property
(1,528
)
(3,802
)
-59.8
%
(148
)
(342
)
-56.7
%
ASC Topic 842 cash-basis lease income reversal-same property
(2,011
)
(2,306
)
-12.8
%
(129
)
(530
)
-75.7
%
Recoveries from tenants
34,788
28,503
22.1
%
8,046
7,646
5.2
%
Other property income
402
879
-54.3
%
98
92
6.5
%
130,787
116,838
11.9
%
32,376
29,757
8.8
%
Expenses
Property operating
14,084
11,248
25.2
%
3,107
2,639
17.7
%
Property taxes
23,522
23,343
0.8
%
5,936
5,822
2.0
%
Other non-recoverable operating expenses
2,037
1,758
15.9
%
573
443
29.3
%
39,643
36,349
9.1
%
9,616
8,904
8.0
%
Same Property Net Operating Income
$
91,144
$
80,489
13.2
%
$
22,760
$
20,853
9.1
%
Other reconciling items:
Other non same-property net operating income
884
1,284
80
196
Other Interest income
471
428
122
92
Other Dividend income
-
182
-
-
Consolidated lease termination income
967
705
166
245
Consolidated amortization of above and below market leases
632
706
177
183
Consolidated straight line rent income
(2,396
)
2,678
306
898
Equity in net income of unconsolidated joint ventures
1,323
1,433
298
273
Taxable REIT subsidiary income/(loss)
303
920
(116
)
201
Solar income/(loss)
(163
)
(72
)
(4
)
19
Storage income/(loss)
1,236
979
431
265
Unrealized holding gains arising during the periods
-
-
-
-
Gain on sale of marketable securities
-
258
-
-
Interest expense
(13,087
)
(13,508
)
(3,025
)
(3,385
)
General and administrative expenses
(8,985
)
(10,643
)
(2,109
)
(2,148
)
Provision for tenant credit losses
(1,529
)
(3,916
)
(149
)
(426
)
Provision for tenant credit losses-same property
1,529
3,802
149
342
ASC Topic 842 cash-basis lease income reversal
(2,011
)
(2,327
)
(129
)
(551
)
ASC Topic 842 cash-basis lease income reversal-same property
2,011
2,306
129
530
Directors fees and expenses
(355
)
(373
)
(78
)
(86
)
Depreciation and amortization
(29,032
)
(29,187
)
(7,259
)
(7,600
)
Adjustment for intercompany expenses and other
(3,878
)
(4,027
)
(908
)
(796
)
Total other -net
(52,080
)
(48,372
)
(11,919
)
(11,748
)
Income from continuing operations
39,064
32,117
21.6
%
10,841
9,105
19.1
%
Gain (loss) on sale of real estate
11,864
(6,047
)
(350
)
(5,719
)
Net income
50,928
26,070
95.4
%
10,491
3,386
209.8
%
Net income attributable to noncontrolling interests
(3,645
)
(3,887
)
(921
)
(886
)
Net income attributable to Urstadt Biddle Properties Inc.
47,283
22,183
113.1
%
9,570
2,500
282.8
%
Same Property Operating Expense Ratio (Note 4)
92.5
%
82.4
%
10.1
%
89.0
%
90.4
%
-1.4
%

Note 1 -
Includes only properties owned for the entire period of both periods presented
Note 2 -
Excludes straight line rent, above/below market lease rent, lease termination income.
Note 3 -
Base rents for the three and twelve month periods ended October 31, 2021 are reduced by approximately $27,000 and $552,000, respectively, in rents that were deferred and approximately $309,000 and $3.0 million, in rents that were abated because of COVID-19. Base rents for the three and twelve month periods ended October 31, 2021, are increased by approximately $346,000 and $3.2 million, respectively, in COVID-19 deferred rents that were billed and collected in those periods.

Base rents for the three and twelve month periods ended October 31, 2020 are reduced by approximately $854,000 and $3.4 million, respectively, in rents that were deferred and approximately $934,000 and $1.4 million, in rents that were abated because of COVID-19.
Note 4 -
Represents the percentage of property operating expense and real estate tax

Non-GAAP Financial Measure - Net Operating Income:
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, and 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.

2

URSTADT BIDDLE ROPERTIES INC.
LEASING ACTIVITY
October 31, 2021

Leases
Square
New Rent
Prior Rent
Cash Basis
Signed
Feet
Per Sq. Ft (a)
Per Sq. Ft. (a)
Change
Total Comparable Leases:
4th Quarter 2021
60
181,866
$
25.85
$
24.48
5.6
%
3rd Quarter 2021
63
135,684
$
30.58
$
30.01
1.9
%
2nd Quarter 2021
53
235,573
$
20.84
$
21.59
-3.5
%
1st Quarter 2021
46
188,585
$
18.07
$
18.91
-4.4
%
Totals
222
741,708
$
23.14
$
23.16
-0.1
%
New Leases - Comparable:
4th Quarter 2021
17
52,873
$
21.19
$
22.28
-4.9
%
3rd Quarter 2021
19
38,204
$
28.20
$
27.08
4.1
%
2nd Quarter 2021
11
32,815
$
19.10
$
22.31
-14.4
%
(b)
1st Quarter 2021
13
17,962
$
27.34
$
31.18
-12.3
%
(c)
Totals
60
141,854
$
23.37
$
24.71
-5.4
%
Renewals - Comparable:
4th Quarter 2021
43
128,993
$
27.76
$
25.38
9.4
%
(d)
3rd Quarter 2021
44
97,480
$
31.50
$
31.15
1.1
%
2nd Quarter 2021
42
202,758
$
21.12
$
21.47
-1.6
%
1st Quarter 2021
33
170,623
$
17.10
$
17.62
-3.0
%
Totals
162
599,854
$
23.09
$
22.79
1.3
%

(a)
New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.
(b)
Includes a 42% decrease for one space totaling 13,884 square feet at our Bethel property, 34.5% decrease for space totaling 700 square feet at our Ridgeway property, as well as 15% decrease for space totaling 3,200 square feet at our Derby property
(c)
Includes a 27% decrease for two spaces totaling 4,010 square feet at our Harrison property, as well as 39% decrease for space totaling 1,100 square feet at our Ridgefield property
(d)
Includes an 88% increase for a co-anchor space of 8,950 square feet at our Bloomfield property.



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Urstadt Biddle Properties Inc. published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 21:30:07 UTC.