•
|
On December 15, 2021, the company's Board of Directors declared a quarterly dividend of $0.2375 per Class A Common share and $0.2145 per Common share that will be paid on January 14, 2022 to holders of record on January 5, 2022. This increase represents an increase of $0.03 per share per annum on both the Class A Common and Common stock. The Board determined that this level of dividend is appropriate, after taking into account the improved liquidity and financial position of the company and the signs of general business improvement in our markets, including our tenants' businesses. Also, as a REIT, the company is required to distribute at least 90% of the company's taxable income to its stockholders. Based on the company's estimates, this level of common stock dividend, when combined with the company's preferred stock dividends, will satisfy that requirement (excluding any gains on sales of property). The Board will continue to monitor the ongoing COVID-19 situation and its impact on the company, and make future dividend decisions based on this and other information available to it.
|
•
|
In addition, in December 2021, the Board declared the regular contractual quarterly dividend with respect to each of the company's Series H and Series K cumulative redeemable preferred stock that will be paid on January 31, 2022 to shareholders of record on January 14, 2022.
|
•
|
Of our 79 properties, 66 are shopping centers, 3 are free-standing, net-leased retail bank branches and 3 are restaurant properties. The remaining properties are 6 small suburban office buildings in Greenwich, CT and Bronxville, NY and a former childcare center in Chester, NJ. The Chester property was sold in December 2021.
|
•
|
All 72 of our shopping centers, free-standing, net-leased retail bank branches and restaurant properties are open and operating, with 99.6% of our total tenants based on Annualized Base Rent ("ABR") open and operating.
|
•
|
All of our shopping centers include necessity-based tenants, with approximately 70.4% of our tenants, based on ABR, either designated "essential businesses" during the early stay-at-home period of the pandemic in the tri-state area or otherwise permitted to operate through curbside pick-up and other modified operating procedures in accordance with state guidelines. These businesses are 99.8% open.
|
•
|
Similar to other retail landlords across the United States, we received a number of requests for rent relief from tenants, with most requests received during the early days of the pandemic when stay-at-home orders were in place and many businesses were required to close. We continued to receive a smaller number of new requests even after businesses began to re-open, and, in some cases, follow-on requests from tenants to whom we had already provided rent relief. These requests have tapered off and we received only four new requests during the quarter ended October 31, 2021 from tenants who had not previously requested rent relief.
|
•
|
As of October 31, 2021, we have received 402 rent relief requests from the approximately 832 tenants in our consolidated portfolio. 117 of the 402 tenants withdrew their requests for rent relief or paid their rent in full. From the beginning of COVID-19 through October 31, 2021, we completed 288 lease modifications consisting of base rent deferrals totaling $3.9 million, or 4.0% of our annualized ABR, and rent abatements totaling $4.4 million, or 4.5% of our ABR. Included in the aforementioned amounts are the rent deferrals and abatements completed in the three months ended October 31, 2021, which amounted to 10 rent deferrals or abatements, which deferred $27,000 of base rents and abated $309,000 of base rents. We have collected approximately 93% of deferred tenant billings that were scheduled to be repaid in fiscal 2021.
|
•
|
94.0% of the total base rent, common area maintenance charges ("CAM") and real estate taxes payable for the period of April 2020 through October 2021 has been paid. This percentage is based on collections of pre-pandemic contractual lease amounts billed, exclusive of the application of any security deposits.
|
•
|
95.7% of the total base rent, CAM and real estate taxes payable for the fourth quarter of fiscal 2021 has been paid. This percentage is based on collections of pre-pandemic contractual lease amounts billed, exclusive of the application of any security deposits.
|
•
|
92.6% of the total base rent, CAM and real estate taxes payable for November 2021 has been paid to date. This percentage is based on collections of pre-pandemic contractual lease amounts billed, exclusive of the application of any security deposits.
|
•
|
From the beginning of the COVID-19 pandemic through the end of the second quarter of fiscal 2021, we converted 89 tenants to cash basis accounting in accordance with ASC Topic 842. We did not convert any additional tenants to cash basis accounting in our third quarter ended July 31, 2021 or in our fourth quarter ended October 31, 2021. As of October 31, 2021, 27 of the 89 tenants are no longer tenants in the company's properties. When one of the company's tenants is converted to cash basis accounting in accordance with ASC Topic 842, all previously recorded straight-line rent receivables need to be reversed in the period that the tenant is converted to cash basis revenue recognition. During the fourth quarter of fiscal 2021, we restored 13 of the original 89 tenants to accrual-basis revenue recognition as those tenants paid all of their billed rents for six consecutive months and have no significant unpaid billings as of October 31, 2021, leaving 49 tenants on cash-basis accounting. When a tenant is restored to accrual-basis revenue recognition, the company records revenue on a straight-line basis. As such, the company recorded straight-line rent revenue in the amount of $582,000 for these 13 tenants in the quarter ended October 31, 2021.
|
•
|
During the fiscal years ended 2021 and 2020, we recognized collectability adjustments totaling $4.2 million ($0.11 per Class A Common share) and $7.3 million ($0.19 per Class A Common share), respectively. During the quarter ended October 31, 2021, we recovered previous collectability adjustments of $303,000 ($0.01 per Class A Common share). During the quarter ended October 31, 2020, we recognized collectability adjustments of $1.2 million ($0.03 per Class A Common share). As of October 31, 2021, the revenue from approximately 5.9% or 49 of our tenants (based on total commercial leases) is being recognized on a cash basis. These figures represent a financial reporting charge to earnings and FFO, but the company intends to collect all unpaid rents from its tenants to the extent feasible.
|
•
|
We have $24.1 million of cash and cash equivalents currently on our balance sheet.
|
•
|
We have $124 million currently available on our unsecured revolving credit facility.
|
•
|
We have no material mortgage debt maturing until March 31, 2022, and that mortgage debt is in the process of being refinanced at a lower interest rate than under the existing mortgage.
|
•
|
$6.2 million net income attributable to common stockholders ($0.16 income per diluted Class A Common share).
|
•
|
$14.1 million of FFO ($0.37 per diluted Class A Common share).(1) |
•
|
$1.9 million or 9.1% increase in same property net operating income in the fourth quarter of fiscal 2021 when compared with the fourth quarter of fiscal 2020.(2) |
•
|
92.1% of our portfolio Gross Leasable Area ("GLA") was leased at October 31, 2021, an increase of 1.6% from the end of fiscal 2020.
|
•
|
4.9% average decrease in base rental rates on new leases in our fourth quarter of fiscal 2021.
|
•
|
9.4% average increase in base rental rates on lease renewals in our fourth quarter of fiscal 2021.
|
•
|
On October 15, 2021, we paid a $0.23 per share quarterly cash dividend on our Class A Common Stock and a $0.207 per share quarterly cash dividend on our Common Stock.
|
Year Ended
October 31,
|
Three Months Ended
October 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Unaudited
|
Unaudited
|
Unaudited
| ||||||||||||||
Revenues
| ||||||||||||||||
Lease income
|
$
|
130,364
|
$
|
120,941
|
$
|
33,035
|
$
|
30,938
| ||||||||
Lease termination
|
967
|
705
|
166
|
245
| ||||||||||||
Other
|
4,250
|
5,099
|
847
|
1,135
| ||||||||||||
Total Revenues
|
135,581
|
126,745
|
34,048
|
32,318
| ||||||||||||
Expenses
| ||||||||||||||||
Property operating
|
22,938
|
19,542
|
5,205
|
4,457
| ||||||||||||
Property taxes
|
23,674
|
23,464
|
5,889
|
5,849
| ||||||||||||
Depreciation and amortization
|
29,032
|
29,187
|
7,259
|
7,600
| ||||||||||||
General and administrative
|
8,985
|
10,643
|
2,109
|
2,148
| ||||||||||||
Directors' fees and expenses
|
355
|
373
|
78
|
86
| ||||||||||||
Total Operating Expenses
|
84,984
|
83,209
|
20,540
|
20,140
| ||||||||||||
Operating Income
|
50,597
|
43,536
|
13,508
|
12,178
| ||||||||||||
Non-Operating Income (Expense):
| ||||||||||||||||
Interest expense
|
(13,087
|
)
|
(13,508
|
)
|
(3,025
|
)
|
(3,385
|
)
| ||||||||
Equity in net income from unconsolidated joint ventures
|
1,323
|
1,433
|
298
|
273
| ||||||||||||
Gain on sale of marketable securities
|
-
|
258
|
-
|
-
| ||||||||||||
Interest, dividends and other investment income
|
231
|
398
|
59
|
39
| ||||||||||||
Gain (loss) on sale of property
|
11,864
|
(6,047
|
)
|
(349
|
)
|
(5,719
|
)
| |||||||||
Net Income
|
50,928
|
26,070
|
10,491
|
3,386
| ||||||||||||
Noncontrolling interests:
| ||||||||||||||||
Net income attributable to noncontrolling interests
|
(3,645
|
)
|
(3,887
|
)
|
(921
|
)
|
(886
|
)
| ||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
47,283
|
22,183
|
9,570
|
2,500
| ||||||||||||
Preferred stock dividends
|
(13,650
|
)
|
(13,650
|
)
|
(3,412
|
)
|
(3,413
|
)
| ||||||||
Net Income (Loss) Applicable to Common and Class A Common Stockholders
|
$
|
33,633
|
$
|
8,533
|
$
|
6,158
|
$
|
(913
|
)
| |||||||
Diluted Earnings (Loss) Per Share:
| ||||||||||||||||
Per Common Share:
|
$
|
0.79
|
$
|
0.20
|
$
|
0.14
|
$
|
(0.02
|
)
| |||||||
Per Class A Common Share:
|
$
|
0.88
|
$
|
0.22
|
$
|
0.16
|
$
|
(0.02
|
)
| |||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,608
|
9,385
|
9,741
|
9,190
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,753
|
29,576
|
29,845
|
29,504
|
Year Ended October 31,
|
Change Attributable to:
| |||||||||||||||||||||||
Revenues
|
2021
|
2020
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions/Sales
|
Properties Held in
Both Periods (Note 1)
| ||||||||||||||||||
Base rents
|
$
|
99,488
|
$
|
99,387
|
$
|
101
|
0.1
|
%
|
$
|
(113
|
)
|
$
|
214
| |||||||||||
Recoveries from tenants
|
35,090
|
28,889
|
6,201
|
21.5
|
%
|
(105
|
)
|
6,306
| ||||||||||||||||
Less uncollectable amounts in lease income
|
1,529
|
3,916
|
(2,387
|
)
|
(61.0
|
)%
|
-
|
(2,387
|
)
| |||||||||||||||
Less ASC Topic 842 cash basis lease income reversal
|
2,685
|
3,419
|
(734
|
)
|
(21.5
|
)%
|
(158
|
)
|
(576
|
)
| ||||||||||||||
Total lease income
|
130,364
|
120,941
| ||||||||||||||||||||||
Lease termination
|
967
|
705
|
262
|
37.2
|
%
|
-
|
262
| |||||||||||||||||
Other income
|
4,250
|
5,099
|
(849
|
)
|
(16.7
|
)%
|
(10
|
)
|
(839
|
)
| ||||||||||||||
Operating Expenses
| ||||||||||||||||||||||||
Property operating
|
22,938
|
19,542
|
3,396
|
17.4
|
%
|
220
|
3,176
| |||||||||||||||||
Property taxes
|
23,674
|
23,464
|
210
|
0.9
|
%
|
52
|
158
| |||||||||||||||||
Depreciation and amortization
|
29,032
|
29,187
|
(155
|
)
|
(0.5
|
)%
|
73
|
(228
|
)
| |||||||||||||||
General and administrative
|
8,985
|
10,643
|
(1,658
|
)
|
(15.6
|
)%
|
n/a
|
n/a
| ||||||||||||||||
Non-Operating Income/Expense
| ||||||||||||||||||||||||
Interest expense
|
13,087
|
13,508
|
(421
|
)
|
(3.1
|
)%
|
-
|
(421
|
)
| |||||||||||||||
Interest, dividends, and other investment income
|
231
|
398
|
(167
|
)
|
(42.0
|
)%
|
n/a
|
n/a
|
◾
|
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.
|
Reconciliation of Net Income (Loss) Available to Common and Class A Common Stockholders to Funds From Operations:
|
Fiscal Year ended
|
Three Months Ended
| ||||||||||||||
October 31,
|
October 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Net Income (Loss) Applicable to Common and Class A Common Stockholders
|
$
|
33,633
|
$
|
8,533
|
$
|
6,158
|
$
|
(913
|
)
| |||||||
Real property depreciation
|
22,936
|
22,662
|
5,738
|
5,668
| ||||||||||||
Amortization of tenant improvements and allowances
|
4,429
|
4,694
|
1,117
|
1,449
| ||||||||||||
Amortization of deferred leasing costs
|
1,599
|
1,737
|
390
|
458
| ||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,518
|
1,499
|
392
|
377
| ||||||||||||
(Gain)/loss on sale of property
|
(11,864
|
)
|
6,047
|
349
|
5,719
| |||||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
52,251
|
$
|
45,172
|
$
|
14,144
|
$
|
12,758
| ||||||||
Funds from Operations (Diluted) Per Share:
| ||||||||||||||||
Common
|
$
|
1.22
|
$
|
1.06
|
$
|
0.33
|
$
|
0.30
| ||||||||
Class A Common
|
$
|
1.36
|
$
|
1.19
|
$
|
0.37
|
$
|
0.34
| ||||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,608
|
9,385
|
9,741
|
9,190
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,753
|
29,576
|
29,845
|
29,503
| ||||||||||||
•
|
An increase in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for real estate taxes and common area maintenance in fiscal 2021 and a general increase in the rate at which we recover costs from our tenants as a result of the reduced impact of the COVID-19 pandemic on our tenants businesses, which resulted in a positive variance in fiscal 2021 when compared to the same period of fiscal 2020.
|
•
|
A $262,000 increase in lease termination income in fiscal 2021 when compared with the corresponding prior period as a result of one tenant that occupied multiple spaces in our portfolio ceasing operations and buying out the remaining terms of its leases.
|
•
|
A net decrease in general and administrative expenses of $1.7 million, predominantly related to a decrease in compensation and benefits expense in fiscal 2021 when compared to the corresponding prior period. The decrease was the result of accelerated vesting of restricted stock grant value upon the death of our former Chairman Emeritus in the second quarter of fiscal 2020.
|
•
|
A decrease in uncollectable amounts in lease income of $2.4 million. In the second quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants' receivables given the onset of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants' businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents for such tenants would likely be uncollectable. During the fiscal year ended October 31, 2021, many of our tenants saw early signs of business improvement as regulatory restrictions were relaxed and individuals began returning to pre-pandemic activities following significant progress made in vaccinating the U.S. public. As a result, the uncollectable amounts in lease income have been declining. We have even recovered receivables that were previously reserved for.
|
•
|
A decrease in the reversal of lease income as a result of the application of ASC Topic 842 "Leases" in fiscal 2021 when compared with fiscal 2020. ASC Topic 842 requires amongst other things, that if the collectability of a specific tenant's future lease payments as contracted are not probable of collection, revenue recognition for that tenant must be converted to cash-basis accounting and be limited to the lesser of the amount billed or collected from that tenant, and in addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a result of continuing to analyze our entire tenant base, we determined that as a result of the COVID-19 pandemic, 89 tenants' future lease payments were no longer probable of collection. All of these tenants were converted to cash basis after our second quarter of fiscal 2020 and prior to our third quarter of fiscal 2021. As of October 31, 2021, 27 of the 89 tenants are no longer tenants in the Company's properties. During the three months ended October 31, 2021, we restored 13 of the 89 tenants to accrual-basis accounting as those tenants have now demonstrated their ability to service the payments due under their leases and have no significant arrears balances. As of October 31, 2021, 49 tenants continue to be accounted for on a cash-basis, or 5.9% of our approximate 832 tenants. As a result of this assessment, we reversed $734,000 more in billed but uncollected rent and straight-line rent for cash basis tenants in the fiscal year ended October 31, 2020 than we did in fiscal 2021. In addition, as the effect of the pandemic has lessened, even tenants accounted for on a cash-basis have paid more of their rents in fiscal 2021 than they did in fiscal 2020 and that created a positive variance in FFO in fiscal 2021 when compared with fiscal 2020.
|
•
|
A decrease of $242,000 in net income to noncontrolling interests. This decrease was caused by our redemption of noncontrolling units in fiscal 2020 fiscal 2021. In addition, distributions decreased to noncontrolling unit owners whose distributions per unit were based on the dividend rate of our Class A Common stock, which was significantly reduced in the first half of fiscal 2021 when compared to the corresponding prior period.
|
•
|
A decrease in gain on marketable securities as we had invested excess cash in marketable securities and sold them in fiscal 2020 realizing a gain of $258,000 in fiscal 2020. We did not have similar gains in fiscal 2021, which creates a negative variance if fiscal 2021 when compared with fiscal 2020.
|
Twelve Months Ended October 31,
|
Three Months Ended October 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
|
%
| ||||||||||||
Uncollectable amounts in lease income
|
(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
|
%
| ||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
| ||||||||||||||||||||||||
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
|
)
| ||||||||||||||||
Uncollectable amounts in lease income
|
(1,529
|
)
|
(3,916
|
)
|
(149
|
)
|
(426
|
)
| ||||||||||||||||
Uncollectable amounts in lease income - 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 |
Urstadt Biddle Properties Inc.
| ||||||||
Balance Sheet Highlights
| ||||||||
(in thousands)
| ||||||||
October 31,
|
October 31,
| |||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
Assets
| ||||||||
Cash and Cash Equivalents
|
$
|
24,057
|
$
|
40,795
| ||||
Real Estate investments before accumulated depreciation
|
$
|
1,148,382
|
$
|
1,149,182
| ||||
Investments in and advances to unconsolidated joint ventures
|
$
|
29,027
|
$
|
28,679
| ||||
Total Assets
|
$
|
973,852
|
$
|
1,010,179
| ||||
Liabilities
| ||||||||
Revolving credit line
|
$
|
-
|
$
|
35,000
| ||||
Mortgage notes payable and other loans
|
$
|
296,449
|
$
|
299,434
| ||||
Total Liabilities
|
$
|
330,553
|
$
|
377,037
| ||||
Redeemable Noncontrolling Interests
|
$
|
67,395
|
$
|
62,071
| ||||
Preferred Stock
|
$
|
225,000
|
$
|
225,000
| ||||
Total Stockholders' Equity
|
$
|
575,904
|
$
|
571,071
|
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Disclaimer
Urstadt Biddle Properties Inc. published this content on 16 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 21:28:11 UTC.