•
|
Of our 80 properties, 67 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 childcare center in Chester, NJ.
|
•
|
All 73 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 open and operating based on Annualized Base Rent ('ABR').
|
•
|
All of our shopping centers include necessity-based tenants, with approximately 71.1% 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 99.6% open.
|
•
|
Of the 863 tenants in our consolidated portfolio, we have received rent relief requests from 401 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. Subsequently, 118 of such 401 tenants withdrew their requests for rent relief or paid rent in full. We continue to receive a small number of new requests, and, in some cases, follow-on requests from tenants to which we had previously provided temporary rent relief, but these requests are tapering off and no new requests from tenants who had not previously requested rent relief were received during the quarter ended April 30, 2021. We have evaluated each request on a case-by-case basis to determine the best course of action, recognizing that in many cases some type of concession may be appropriate and beneficial to our long-term interests. Each negotiation has been specific to the individual tenant. Some concessions have been granted in the form of deferred rent and some have been in the form of rent abatements, in each case for some portion of rents due during calendar 2020 and/or 2021-2023. From the beginning of the pandemic through April 30, 2021, we have completed 274 lease modifications, consisting of base rent deferrals totaling $3.8 million, or 3.9% of our ABR, and rent abatements totaling $3.7 million, or 3.8% of our ABR. Included in these amounts were 8 rent deferrals and abatements completed in the three months ended April 30, 2021, which deferred $26,000 of base rents, or 0.03% of our ABR, and abated $287,000 of base rents, or 0.3% of our ABR. Included in the $287,000 aforementioned amount is $84,000 of base rents for periods subsequent to April 30, 2021.
|
•
|
91.2% of the total base rent, common area maintenance charges ('CAM') and real estate taxes payable for the period of April 2020 through April 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.
|
•
|
92.4% of the total base rent, CAM and real estate taxes payable for the second quarter of 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.
|
•
|
85.7% of the total base rent, CAM and real estate taxes payable for May 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.
|
•
|
We increased our provision for uncollectable tenant accounts receivable by $725,000 and $1.4 million for the three and six month periods ended April 30, 2021, respectively ($0.02 per Class A Common share in the three month period and $0.04 per Class A share in the six month period), primarily as a result of uncertainty regarding the ongoing COVID-19 pandemic. This figure represents a financial reporting charge to earnings and Funds From Operations ('FFO') (1), but the company intends to collect all unpaid rents from its tenants to the extent feasible.
|
•
|
In accordance with generally accepted accounting principles ('GAAP'), if the company determines that the collection of a tenant's future lease payments is not probable, the company must change the revenue recognition for that tenant to cash-basis from accrual basis. In light of the financial pressure that COVID-19 has been placing on many of our tenants, we have re-evaluated all of the tenants in our consolidated portfolio, and, as a result of this assessment, we have switched 89 tenants (9 tenants converted for the three months ended April 30, 2021 and 25 tenants converted for the six months ended April 30, 2021), or 10.3% of the approximately 863 tenants in our consolidated portfolio, to cash-basis accounting. This assessment required the company to write-off an additional $893,000 and $1.9 million in billed but uncollected rents related to these 89 tenants, for the three and six month periods ended April 30, 2021, respectively, and an additional $814,000 and $1.3 million in straight-line rent receivables in the three and six month periods ended April 30, 2021, respectively, related to the 9 tenants converted to cash-basis accounting for the three months ended April 30, 2021 and the 25 tenants converted to cash-basis accounting for the six months ended April 30, 2021 (combined representing $0.04 per Class A Common share for the three month period and $0.08 per Class A Common share for the six month period). There were no such write-offs in the corresponding periods of fiscal 2020. 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 $38.4 million of cash and cash equivalents currently on our balance sheet.
|
•
|
We have $89 million available on our unsecured revolving credit facility.
|
•
|
We have no material mortgage debt maturing until January 31, 2022.
|
•
|
We have one ongoing construction project with approximately $300,000 remaining to complete the project. Otherwise, only minimal construction is underway, although other projects are under consideration or in the early planning stages.
|
•
|
$4.6 million net income attributable to common stockholders ($0.12 income per diluted Class A Common share).
|
•
|
$11.7 million of FFO ($0.31 per diluted Class A Common share).
|
•
|
FFO was reduced by $2.4 million ($0.06 per Class A share) as a result of the above-noted increases in the COVID-19 related tenant accounts receivable reserves and write-offs in the quarter.
|
•
|
90.1% of our consolidated portfolio Gross Leasable Area ('GLA') was leased at April 30, 2021.
|
•
|
13.5% average decrease in base rental rates on new leases over the last two quarters
|
•
|
2.2% average decrease in base rental rates on lease renewals over the last two quarters.
|
•
|
On April 16, 2021, we paid a $0.14 per share quarterly cash dividend on our Class A Common Stock and a $0.125 per share quarterly cash dividend on our Common Stock.
|
•
|
On June 4, 2021, our Board of Directors increased the dividend level (see below).
|
•
|
On June 4, 2021, the company's Board of Directors declared a quarterly dividend of $0.207 per Common share and $0.23per Class A Common share that will be paid on July 16, 2021 to holders of record on July 2, 2021. The Board determined that the increased level is appropriate, after taking into account the improved liquidity position of the Company, the significant progress made in vaccinating the U.S. public, the resulting decline in COVID-19 cases, and the early signs of business improvement as operating restrictions are relaxed and individuals begin returning to pre-pandemic activities. 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, based on the company's estimates, will satisfy that requirement (excluding any gains on sales of property). The Board will continue to monitor the on-going COVID-19 situation going forward and its continued effect on the company, and the Board will make future dividend decisions based on this and other information available to them.
|
•
|
In addition, in June 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 July 30, 2021 to shareholders of record on July 16, 2021.
|
Six Months Ended
|
Three Months Ended
| |||||||||||||||
April 30,
|
April 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenues
| ||||||||||||||||
Lease income
|
$
|
64,278
|
$
|
63,148
|
$
|
31,795
|
$
|
30,203
| ||||||||
Lease termination income
|
705
|
348
|
-
|
139
| ||||||||||||
Other income
|
2,220
|
2,132
|
1,131
|
938
| ||||||||||||
Total Revenues
|
67,203
|
65,628
|
32,926
|
31,280
| ||||||||||||
Operating Expenses
| ||||||||||||||||
Property operating
|
12,449
|
10,730
|
6,135
|
4,801
| ||||||||||||
Property taxes
|
11,776
|
11,718
|
5,915
|
5,908
| ||||||||||||
Depreciation and amortization
|
14,710
|
14,283
|
7,192
|
7,148
| ||||||||||||
General and administrative
|
4,737
|
6,384
|
2,093
|
3,607
| ||||||||||||
Directors' fees and expenses
|
198
|
193
|
89
|
88
| ||||||||||||
Total Operating Expenses
|
43,870
|
43,308
|
21,424
|
21,552
| ||||||||||||
Operating Income
|
23,333
|
22,320
|
11,502
|
9,728
| ||||||||||||
Non-Operating Income (Expense):
| ||||||||||||||||
Interest expense
|
(6,733
|
)
|
(6,648
|
)
|
(3,341
|
)
|
(3,309
|
)
| ||||||||
Equity in net income from unconsolidated joint ventures
|
660
|
976
|
310
|
463
| ||||||||||||
Unrealized holding gains arising during the period
|
-
|
109
|
-
|
109
| ||||||||||||
Gain (loss) on sale of properties
|
406
|
(328
|
)
|
434
|
11
| |||||||||||
Interest, dividends and other investment income
|
96
|
332
|
53
|
238
| ||||||||||||
Net Income
|
17,762
|
16,761
|
8,958
|
7,240
| ||||||||||||
Noncontrolling interests:
| ||||||||||||||||
Net income attributable to noncontrolling interests
|
(1,837
|
)
|
(2,066
|
)
|
(925
|
)
|
(1,028
|
)
| ||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
15,925
|
14,695
|
8,033
|
6,212
| ||||||||||||
Preferred stock dividends
|
(6,825
|
)
|
(6,825
|
)
|
(3,412
|
)
|
(3,413
|
)
| ||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
9,100
|
$
|
7,870
|
$
|
4,621
|
$
|
2,799
| ||||||||
Diluted Earnings Per Share:
| ||||||||||||||||
Per Common Share:
|
$
|
0.21
|
$
|
0.18
|
$
|
0.11
|
$
|
0.07
| ||||||||
Per Class A Common Share:
|
$
|
0.24
|
$
|
0.21
|
$
|
0.12
|
$
|
0.07
| ||||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,498
|
9,534
|
9,603
|
9,447
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,667
|
29,643
|
29,764
|
29,631
| ||||||||||||
Six months ended
| ||||||||||||||||||||||||
April 30,
|
Change Attributable to
| |||||||||||||||||||||||
Revenues
|
2021
|
2020
|
Increase (Decrease)
|
% Change
|
Property Acquisitions/Sales
|
Properties Held In Both Periods (Note 1)
| ||||||||||||||||||
Base rents
|
$
|
48,757
|
$
|
50,883
|
$
|
(2,126
|
)
|
-4.2
|
%
|
$
|
112
|
$
|
(2,238
|
)
| ||||||||||
Recoveries from tenants
|
18,792
|
14,110
|
4,682
|
33.2
|
%
|
33
|
4,649
| |||||||||||||||||
Uncollectible amounts in lease income
|
(1,379
|
)
|
(1,845
|
)
|
466
|
-25.3
|
%
|
-
|
466
| |||||||||||||||
ASC Topic 842 cash basis lease income reversal
|
(1,892
|
)
|
-
|
(1,892
|
)
|
100.0
|
%
|
-
|
(1,892
|
)
| ||||||||||||||
Lease termination
|
705
|
348
|
357
|
102.6
|
%
|
-
|
357
| |||||||||||||||||
Other income
|
2,220
|
2,132
|
88
|
4.1
|
%
|
(16
|
)
|
104
| ||||||||||||||||
Operating Expenses
| ||||||||||||||||||||||||
Property operating
|
12,449
|
10,730
|
1,719
|
16.0
|
%
|
25
|
1,694
| |||||||||||||||||
Property taxes
|
11,776
|
11,718
|
58
|
0.5
|
%
|
22
|
36
| |||||||||||||||||
Depreciation and amortization
|
14,710
|
14,283
|
427
|
3.0
|
%
|
182
|
245
| |||||||||||||||||
General and administrative
|
4,737
|
6,384
|
(1,647
|
)
|
-25.8
|
%
|
n/a
|
n/a
| ||||||||||||||||
Non-Operating Income/Expense
| ||||||||||||||||||||||||
Interest expense
|
6,733
|
6,648
|
85
|
1.3
|
%
|
-
|
85
| |||||||||||||||||
Interest, dividends, and other investment income
|
96
|
332
|
(236
|
)
|
-71.1
|
%
|
n/a
|
n/a
|
Three Months Ended
| ||||||||||||||||||||||||
April 30,
|
Change Attributable to
| |||||||||||||||||||||||
Revenues
|
2021
|
2020
|
Increase (Decrease)
|
% Change
|
Property Acquisitions/Sales
|
Properties Held In Both Periods (Note 1)
| ||||||||||||||||||
Base rents
|
$
|
24,598
|
$
|
25,591
|
$
|
(993
|
)
|
-3.9
|
%
|
$
|
46
|
$
|
(1,039
|
)
| ||||||||||
Recoveries from tenants
|
8,814
|
6,115
|
2,699
|
44.1
|
%
|
33
|
2,666
| |||||||||||||||||
Uncollectible amounts in lease income
|
(724
|
)
|
(1,503
|
)
|
779
|
-51.8
|
%
|
-
|
779
| |||||||||||||||
ASC Topic 842 cash basis lease income reversal
|
(893
|
)
|
-
|
(893
|
)
|
100.0
|
%
|
-
|
(893
|
)
| ||||||||||||||
Lease termination
|
-
|
139
|
(139
|
)
|
-100
|
%
|
-
|
(139
|
)
| |||||||||||||||
Other income
|
1,131
|
938
|
193
|
20.6
|
%
|
8
|
185
| |||||||||||||||||
Operating Expenses
| ||||||||||||||||||||||||
Property operating
|
6,135
|
4,801
|
1,334
|
27.8
|
%
|
32
|
1,302
| |||||||||||||||||
Property taxes
|
5,915
|
5,908
|
7
|
0.1
|
%
|
23
|
(16
|
)
| ||||||||||||||||
Depreciation and amortization
|
7,192
|
7,148
|
44
|
0.6
|
%
|
106
|
(62
|
)
| ||||||||||||||||
General and administrative
|
2,093
|
3,607
|
(1,514
|
)
|
-42.0
|
%
|
n/a
|
n/a
| ||||||||||||||||
Non-Operating Income/Expense
| ||||||||||||||||||||||||
Interest expense
|
3,341
|
3,309
|
32
|
1.0
|
%
|
-
|
32
| |||||||||||||||||
Interest, dividends, and other investment income
|
53
|
238
|
(185
|
)
|
-77.7
|
%
|
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 Available to Common and Class A Common Stockholders To Funds From Operations:
|
Six Months Ended
April 30,
|
Three Months Ended
April 30,
| ||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
9,100
|
$
|
7,870
|
$
|
4,621
|
$
|
2,799
| ||||||||
Real property depreciation
|
11,461
|
11,336
|
5,759
|
5,665
| ||||||||||||
Amortization of tenant improvements and allowances
|
2,352
|
2,075
|
1,037
|
1,039
| ||||||||||||
Amortization of deferred leasing costs
|
846
|
828
|
370
|
421
| ||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
750
|
747
|
375
|
374
| ||||||||||||
(Gain)/loss on sale of property
|
(406
|
)
|
328
|
(434
|
)
|
(11
|
)
| |||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
24,103
|
$
|
23,184
|
$
|
11,728
|
$
|
10,287
| ||||||||
Funds from Operations (Diluted) Per Share:
| ||||||||||||||||
Common
|
$
|
0.56
|
$
|
0.54
|
$
|
0.27
|
$
|
0.24
| ||||||||
Class A Common
|
$
|
0.63
|
$
|
0.61
|
$
|
0.31
|
$
|
0.27
| ||||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,498
|
9,534
|
9,603
|
9,447
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,667
|
29,643
|
29,764
|
29,631
| ||||||||||||
•
|
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 the first six months of fiscal 2021, which resulted in a positive variance in the first half of fiscal 2021 when compared to the same period of fiscal 2020.
|
•
|
A $357,000 increase in lease termination income in the first six months of fiscal 2021 when compared with the corresponding prior period as a result of one tenant who occupied multiple spaces in our portfolio ceasing operations and buying out the remaining terms of their leases.
|
•
|
A net decrease in general and administrative expenses of $1.6 million, predominantly related to a decrease in compensation and benefits expense in the six months ended April 30, 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 $466,000. 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 on-set 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 first six months ended April 30, 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 and the resulting decline in COVID-19 cases. As a result, the uncollectable amounts in lease income has been declining.
|
•
|
A decrease of $229,000 in net income to noncontrolling interests. This decrease was caused by our redemption of noncontrolling units in the second half of fiscal 2020 and first half of 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 six months ended April 30, 2021 when compared to the corresponding prior period.
|
•
|
A decrease in lease income related to additional vacancies in the portfolio in the first six months of 2021, predominantly at 8 properties. In addition, the vacancy rate increased at our six unconsolidated joint venture properties in the six months ended April 30, 2021 when compared to the first six months of fiscal 2020. This reduced the amount of equity in earnings we record for those joint ventures.
|
•
|
An increase in the write-off of lease income in the first six months of 2021for tenants in our portfolio whose future lease payments were deemed to be not probable of collection, requiring us under GAAP to convert revenue recognition for those tenants to cash-basis accounting. This caused a write-off of lease income in the six months endedApril 30, 2021 of $1.9 million, which consisted of the reversal of billed but uncollected lease income for all 89 tenants converted to cash-basis accounting and the write-off of accounts receivable related to the 9 tenants converted to cash-basis accounting in the second quarter of fiscal 2021. There were no such reversals in the six month periods ended April 30, 2020. In addition, we reversed accrued straight-line rents receivable for tenants converted to cash basis in the six months ended April 30, 2021 of $1.3 million. There were no such reversals of lease income in the six months endedApril 30,2020.
|
•
|
An increase in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for common area maintenance in the second quarter of fiscal 2021, which resulted in a positive variance in the second quarter of fiscal 2021 when compared to the same period of fiscal 2020.
|
•
|
A net decrease in general and administrative expenses of $1.5 million, predominantly related to a decrease in compensation and benefits expense in the second quarter of 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 $779,000. 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 on-set 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 first six months ended April 30, 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 and the resulting decline in COVID-19 cases. As a result, the uncollectable amounts in lease income has been declining.
|
•
|
A decrease of $103,000 in net income to noncontrolling interests. This decrease was caused by our redemption of noncontrolling units in the second half of fiscal 2020 and first half of 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 second quarter of fiscal 2021 when compared to the corresponding prior period.
|
•
|
A decrease in lease income related to additional vacancies in the portfolio in the three months ended April 30, 2021 when compared to the corresponding prior period, predominantly at 8 properties. In addition, the vacancy rate increased at our six unconsolidated joint venture properties in the three months ended April 30, 2021 when compared to the corresponding prior period. This reduced the amount of equity in earnings we record for those joint ventures.
|
•
|
An increase in the write-off of lease income in the three months ended April 30, 2021 when compared to the corresponding prior period. This increase was related to tenants in our portfolio whose future lease payments were deemed to be not probable of collection, requiring us under GAAP to convert revenue recognition for those tenants to cash-basis accounting. This caused a write-off of lease income in the amount of $893,000, which consisted of the reversal of billed but uncollected lease income for all 89 tenants converted to cash-basis accounting and the write-off of accounts receivable related to the 9 tenants converted to cash-basis accounting in the second quarter of fiscal 2021. There were no such reversals in the three months ended April 30, 2020. In addition, we reversed accrued straight-line rents receivable for these aforementioned 9 tenants in the three months ended April 30, 2021 of $814,000. There were no such reversals of lease income in the three months ended April 30, 2020.
|
Six Months Ended April 30,
|
Three Months Ended April 30,
| |||||||||||||||||||||||
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
| |||||||||||||||||||
Same Property Operating Results:
| ||||||||||||||||||||||||
Number of Properties (Note 3)
| 75 | 75 | ||||||||||||||||||||||
Revenue (Note 2)
| ||||||||||||||||||||||||
Base Rent (Note 3)
|
$
|
50,619
|
$
|
49,906
|
1.4
|
%
|
$
|
26,066
|
$
|
24,890
|
4.7
|
%
| ||||||||||||
Uncollectable amounts in lease income-same property
|
(1,379
|
)
|
(1,845
|
)
|
-25.3
|
%
|
(725
|
)
|
(1,502
|
)
|
-51.7
|
%
| ||||||||||||
ASC Topic 842 cash-basis
lease income reversal-same property
|
(1,892
|
)
|
-
|
100.0
|
%
|
(893
|
)
|
-
|
100.0
|
%
| ||||||||||||||
Recoveries from tenants
|
18,755
|
14,116
|
32.9
|
%
|
8,783
|
6,125
|
43.4
|
%
| ||||||||||||||||
Other property income
|
222
|
211
|
5.2
|
%
|
178
|
79
|
125.3
|
%
| ||||||||||||||||
66,325
|
62,388
|
6.3
|
%
|
33,409
|
29,592
|
12.9
|
%
| |||||||||||||||||
Expenses
| ||||||||||||||||||||||||
Property operating
|
7,842
|
6,437
|
21.8
|
%
|
3,939
|
3,054
|
29.0
|
%
| ||||||||||||||||
Property taxes
|
11,746
|
11,712
|
0.3
|
%
|
5,892
|
5,910
|
-0.3
|
%
| ||||||||||||||||
Other non-recoverable operating expenses
|
1,032
|
841
|
22.7
|
%
|
668
|
414
|
61.4
|
%
| ||||||||||||||||
20,620
|
18,990
|
8.6
|
%
|
10,499
|
9,378
|
12.0
|
%
| |||||||||||||||||
Same Property Net Operating Income
|
$
|
45,705
|
$
|
43,398
|
5.3
|
%
|
$
|
22,910
|
$
|
20,214
|
13.3
|
%
| ||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
| ||||||||||||||||||||||||
Other reconciling items:
| ||||||||||||||||||||||||
Other non same-property net operating income
|
103
|
81
|
73
|
39
| ||||||||||||||||||||
Other Interest income
|
231
|
248
|
123
|
107
| ||||||||||||||||||||
Other Dividend Income
|
-
|
182
|
-
|
182
| ||||||||||||||||||||
Consolidated lease termination income
|
704
|
348
|
-
|
139
| ||||||||||||||||||||
Consolidated amortization of above and below market leases
|
289
|
350
|
179
|
173
| ||||||||||||||||||||
Consolidated straight line rent income
|
(2,331
|
)
|
550
|
(1,763
|
)
|
488
| ||||||||||||||||||
Equity in net income of unconsolidated joint ventures
|
660
|
976
|
310
|
463
| ||||||||||||||||||||
Taxable REIT subsidiary income/(loss)
|
254
|
326
|
(126
|
)
|
195
| |||||||||||||||||||
Solar income/(loss)
|
(247
|
)
|
(198
|
)
|
(93
|
)
|
(86
|
)
| ||||||||||||||||
Storage income/(loss)
|
445
|
474
|
192
|
238
| ||||||||||||||||||||
Unrealized holding gains arising during the periods
|
-
|
109
|
-
|
109
| ||||||||||||||||||||
Interest expense
|
(6,733
|
)
|
(6,648
|
)
|
(3,341
|
)
|
(3,309
|
)
| ||||||||||||||||
General and administrative expenses
|
(4,737
|
)
|
(6,384
|
)
|
(2,093
|
)
|
(3,607
|
)
| ||||||||||||||||
Uncollectable amounts in lease income
|
(1,379
|
)
|
(1,845
|
)
|
(725
|
)
|
(1,502
|
)
| ||||||||||||||||
Uncollectable amounts in lease income-same property
|
1,379
|
1,845
|
725
|
1,502
| ||||||||||||||||||||
ASC Topic 842 cash-basis lease income reversal
|
(1,892
|
)
|
-
|
(893
|
)
|
-
| ||||||||||||||||||
ASC Topic 842 cash-basis lease income reversal-same property
|
1,892
|
-
|
893
|
-
| ||||||||||||||||||||
Directors fees and expenses
|
(198
|
)
|
(193
|
)
|
(89
|
)
|
(88
|
)
| ||||||||||||||||
Depreciation and amortization
|
(14,710
|
)
|
(14,283
|
)
|
(7,192
|
)
|
(7,148
|
)
| ||||||||||||||||
Adjustment for intercompany expenses and other
|
(2,079
|
)
|
(2,247
|
)
|
(566
|
)
|
(880
|
)
| ||||||||||||||||
Total other -net
|
(28,349
|
)
|
(26,309
|
)
|
(14,386
|
)
|
(12,985
|
)
| ||||||||||||||||
Income from continuing operations
|
17,356
|
17,089
|
1.6
|
%
|
8,524
|
7,229
|
17.9
|
%
| ||||||||||||||||
Gain (loss) on sale of real estate
|
406
|
(328
|
)
|
434
|
11
| |||||||||||||||||||
Net income
|
17,762
|
16,761
|
6.0
|
%
|
8,958
|
7,240
|
23.7
|
%
| ||||||||||||||||
Net income attributable to noncontrolling interests
|
(1,837
|
)
|
(2,066
|
)
|
(925
|
)
|
(1,028
|
)
| ||||||||||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
15,925
|
$
|
14,695
|
8.4
|
%
|
8,033
|
6,212
|
29.3
|
%
| ||||||||||||||
Same Property Operating Expense Ratio (Note 1)
|
95.7
|
%
|
77.8
|
%
|
18.0
|
%
|
89.3
|
%
|
68.3
|
%
|
21.0
|
%
|
Urstadt Biddle Properties Inc.
| ||||||||
Balance Sheet Highlights
| ||||||||
(in thousands)
| ||||||||
April 30,
|
October 31,
| |||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
Assets
| ||||||||
Cash and Cash Equivalents
|
$
|
38,446
|
$
|
40,795
| ||||
Marketable Securities
|
$
|
-
|
$
|
-
| ||||
Real Estate investments before accumulated depreciation
|
$
|
1,150,941
|
$
|
1,149,182
| ||||
Investments in and advances to unconsolidated joint ventures
|
$
|
29,247
|
$
|
28,679
| ||||
Total Assets
|
$
|
1,001,733
|
$
|
1,010,179
| ||||
Liabilities
| ||||||||
Revolving credit line
|
$
|
35,000
|
$
|
35,000
| ||||
Mortgage notes payable and other loans
|
$
|
295,773
|
$
|
299,434
| ||||
Total Liabilities
|
$
|
367,625
|
$
|
377,037
| ||||
Redeemable Noncontrolling Interests
|
$
|
66,081
|
$
|
62,071
| ||||
Preferred Stock
|
$
|
225,000
|
$
|
225,000
| ||||
Total Stockholders' Equity
|
$
|
568,027
|
$
|
571,071
|
Attachments
- Original document
- Permalink
Disclaimer
Urstadt Biddle Properties Inc. published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 20:20:04 UTC.