•
|
On September 2, 2021, the company's Board of Directors declared a quarterly dividend of $0.207 per Common share and $0.23 per Class A Common share that will be paid on October 15, 2021 to holders of record on October 1, 2021. The Board determined that this level of dividend, which was instituted beginning with our July 2021 dividend, is appropriate, after taking into account the improved liquidity position of the Company, the significant progress made in vaccinating the U.S. public and the signs of general business improvement in our markets. 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 September 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 October 29, 2021 to shareholders of record on October 15, 2021.
|
•
|
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.
|
•
|
All 72 of our shopping centers, free-standing, net-leased retail bank branches and restaurant properties are open and operating, with 99.4% of our total tenants based on Annualized Base Rent ('ABR') open and operating.
|
•
|
All of our shopping centers include necessity-based tenants, with approximately 70.9% 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, but these requests have tapered off, and we received no new requests during the quarter ended July 31, 2021 from tenants who had not previously requested rent relief.
|
•
|
As of July 31, 2021, we have received 402 rent relief requests from the approximately 860 tenants in our consolidated portfolio. Approximately 117 of the 402 tenants withdrew their requests for rent relief or paid their rent in full. From the beginning of COVID-19 through July 31, 2021, we have completed 284 lease modifications, consisting of base rent deferrals totaling $3.9 million, or 4.1% of our annualized ABR, and rent abatements totaling $4.1 million, or 4.3% of our ABR. Included in the aforementioned amounts are the rent deferrals and abatements completed in the three months ended July 31, 2021, which amounted to 10 rent deferrals or abatements, which deferred $99,000 of base rents and abated $414,000 of base rents.
|
•
|
92.8% of the total base rent, common area maintenance charges ('CAM') and real estate taxes payable for the period of April 2020 through July 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.
|
•
|
94.1% of the total base rent, CAM and real estate taxes payable for the third 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.
|
•
|
91.6% of the total base rent, CAM and real estate taxes payable for August 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 the three months ended July 31, 2021. In addition, 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 nine months ended July 31, 2021 and 2020, we recognized collectability adjustments totaling $4.5 million ($0.12 per Class A Common share) and $6.2 million ($0.16 per Class A Common share), respectively. During the three months ended July 31, 2020, we recognized collectability adjustments totaling $4.3 million ($0.11 per Class A Common share). We did not have any reductions of lease income for collectability adjustments in the three months ended July 31, 2021 as the amount of collections received from tenants for previously reserved rents, as well as from tenants accounted for on a cash basis in accordance with ASC Topic 842, equaled or exceeded any new reserves for uncollectable receivables or the quarterly billings for tenants accounted for on a cash basis. In addition, as a result of not converting any tenants to cash basis accounting in the three months ended July 31, 2021, we did not have any write-offs during such period of previously recorded straight-line rents. As of July 31, 2021, the revenue from approximately 10.3% 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 $23.0 million of cash and cash equivalents currently on our balance sheet.
|
•
|
We have $119 million currently available on our unsecured revolving credit facility.
|
•
|
We have no material mortgage debt maturing until January 31, 2022.
|
•
|
$18.4 million net income attributable to common stockholders ($0.48 income per diluted Class A Common share).
|
•
|
$14.0 million of FFO ($0.36 per diluted Class A Common share). (1) |
•
|
$7.5 million or 44.1% increase in same property net operating income in fiscal 2021 when compared with fiscal 2020. (2) |
•
|
91.2% of our consolidated portfolio Gross Leasable Area ('GLA') was leased at July 31, 2021.
|
•
|
4.1% average increase in base rental rates on new leases in our third quarter of fiscal 2021.
|
•
|
1.1% average increase in base rental rates on lease renewals in our third quarter of fiscal 2021.
|
•
|
On July 16, 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.
|
Nine Months Ended
|
Three Months Ended
| |||||||||||||||
July 31,
|
July 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenues
| ||||||||||||||||
Lease income
|
$
|
97,329
|
$
|
90,003
|
$
|
33,051
|
$
|
26,855
| ||||||||
Lease termination income
|
801
|
460
|
96
|
112
| ||||||||||||
Other income
|
3,403
|
3,964
|
1,183
|
1,832
| ||||||||||||
Total Revenues
|
101,533
|
94,427
|
34,330
|
28,799
| ||||||||||||
Operating Expenses
| ||||||||||||||||
Property operating
|
17,733
|
15,085
|
5,284
|
4,355
| ||||||||||||
Property taxes
|
17,785
|
17,615
|
6,009
|
5,897
| ||||||||||||
Depreciation and amortization
|
21,773
|
21,587
|
7,063
|
7,304
| ||||||||||||
General and administrative
|
6,876
|
8,495
|
2,139
|
2,111
| ||||||||||||
Directors' fees and expenses
|
277
|
287
|
79
|
94
| ||||||||||||
Total Operating Expenses
|
64,444
|
63,069
|
20,574
|
19,761
| ||||||||||||
Operating Income
|
37,089
|
31,358
|
13,756
|
9,038
| ||||||||||||
Non-Operating Income (Expense):
| ||||||||||||||||
Interest expense
|
(10,062
|
)
|
(10,123
|
)
|
(3,329
|
)
|
(3,475
|
)
| ||||||||
Equity in net income from unconsolidated joint ventures
|
1,025
|
1,160
|
365
|
184
| ||||||||||||
Unrealized holding gains arising during the period
|
-
|
-
|
-
|
(109
|
)
| |||||||||||
Gain on sale of marketable securities
|
-
|
258
|
-
|
258
| ||||||||||||
Gain (loss) on sale of properties
|
12,214
|
(328
|
)
|
11,808
|
-
| |||||||||||
Interest, dividends and other investment income
|
171
|
359
|
75
|
27
| ||||||||||||
Net Income
|
40,437
|
22,684
|
22,675
|
5,923
| ||||||||||||
Noncontrolling interests:
| ||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,724
|
)
|
(3,001
|
)
|
(887
|
)
|
(935
|
)
| ||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
37,713
|
19,683
|
21,788
|
4,988
| ||||||||||||
Preferred stock dividends
|
(10,238
|
)
|
(10,237
|
)
|
(3,413
|
)
|
(3,412
|
)
| ||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
27,475
|
$
|
9,446
|
$
|
18,375
|
$
|
1,576
| ||||||||
Diluted Earnings Per Share:
| ||||||||||||||||
Per Common Share:
|
$
|
0.64
|
$
|
0.22
|
$
|
0.43
|
$
|
0.04
| ||||||||
Per Class A Common Share:
|
$
|
0.72
|
$
|
0.25
|
$
|
0.48
|
$
|
0.04
| ||||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,564
|
9,479
|
9,697
|
9,281
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,722
|
29,610
|
29,828
|
29,540
| ||||||||||||
Nine months ended
|
Change Attributable to
| |||||||||||||||||||||||
July 31,
|
Increase
|
Property
|
Properties Held In
| |||||||||||||||||||||
Revenues
|
2021
|
2020
|
(Decrease)
|
% Change
|
Acquisitions/Sales
|
Both Periods (Note 1)
| ||||||||||||||||||
Base rents
|
$
|
74,802
|
$
|
75,013
|
$
|
(211
|
)
|
(0.3
|
)%
|
$
|
(125
|
)
|
$
|
(86
|
)
| |||||||||
Recoveries from tenants
|
27,043
|
21,166
|
5,877
|
27.8
|
%
|
(9
|
)
|
5,886
| ||||||||||||||||
Uncollectable amounts in lease income
|
(1,379
|
)
|
(3,490
|
)
|
2,111
|
(60.5
|
)%
|
-
|
2,111
| |||||||||||||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
|
(3,137
|
)
|
(2,686
|
)
|
(451
|
)
|
16.8
|
%
|
158
|
(609
|
)
| |||||||||||||
Lease termination
|
801
|
460
|
341
|
74.1
|
%
|
-
|
341
| |||||||||||||||||
Other income
|
3,403
|
3,964
|
(561
|
)
|
(14.2
|
)%
|
(12
|
)
|
(549
|
)
| ||||||||||||||
Operating Expenses
| ||||||||||||||||||||||||
Property operating
|
17,733
|
15,085
|
2,648
|
17.6
|
%
|
181
|
2,467
| |||||||||||||||||
Property taxes
|
17,785
|
17,615
|
170
|
1.0
|
%
|
108
|
62
| |||||||||||||||||
Depreciation and amortization
|
21,773
|
21,587
|
186
|
0.9
|
%
|
218
|
(32
|
)
| ||||||||||||||||
General and administrative
|
6,876
|
8,495
|
(1,619
|
)
|
(19.1
|
)%
|
n/a
|
n/a
| ||||||||||||||||
Non-Operating Income/Expense
| ||||||||||||||||||||||||
Interest expense
|
10,062
|
10,123
|
(61
|
)
|
(0.6
|
)%
|
-
|
(61
|
)
| |||||||||||||||
Interest, dividends, and other investment income
|
171
|
359
|
(188
|
)
|
(52.4
|
)%
|
n/a
|
n/a
|
Three Months Ended
|
Change Attributable to
| |||||||||||||||||||||||
July 31,
|
Increase
|
Property
|
Properties Held In
| |||||||||||||||||||||
Revenues
|
2021
|
2020
|
(Decrease)
|
% Change
|
Acquisitions/Sales
|
Both Periods (Note 1)
| ||||||||||||||||||
Base rents
|
$
|
24,790
|
$
|
24,130
|
$
|
660
|
2.7
|
%
|
$
|
(99
|
)
|
$
|
759
| |||||||||||
Recoveries from tenants
|
8,251
|
7,056
|
1,195
|
16.9
|
%
|
(4
|
)
|
1,199
| ||||||||||||||||
Uncollectible amounts in lease income
|
-
|
(1,645
|
)
|
1,645
|
(100.0
|
)%
|
-
|
1,645
| ||||||||||||||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
|
10
|
(2,686
|
)
|
2,696
|
(100.4
|
)%
|
158
|
2,538
| ||||||||||||||||
Lease termination income
|
96
|
112
|
(16
|
)
|
(14.3
|
)%
|
-
|
(16
|
)
| |||||||||||||||
Other income
|
1,183
|
1,832
|
(649
|
)
|
(35.4
|
)%
|
(21
|
)
|
(628
|
)
| ||||||||||||||
Operating Expenses
| ||||||||||||||||||||||||
Property operating
|
5,284
|
4,355
|
929
|
21.3
|
%
|
92
|
837
| |||||||||||||||||
Property taxes
|
6,009
|
5,897
|
112
|
1.9
|
%
|
84
|
28
| |||||||||||||||||
Depreciation and amortization
|
7,063
|
7,304
|
(241
|
)
|
(3.3
|
)%
|
81
|
(322
|
)
| |||||||||||||||
General and administrative
|
2,139
|
2,111
|
28
|
1.3
|
%
|
n/a
|
n/a
| |||||||||||||||||
Non-Operating Income/Expense
| ||||||||||||||||||||||||
Interest expense
|
3,329
|
3,475
|
(146
|
)
|
(4.2
|
)%
|
-
|
(146
|
)
| |||||||||||||||
Interest, dividends, and other investment income
|
75
|
27
|
48
|
177.8
|
%
|
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:
|
Nine months ended
|
Three Months Ended
| ||||||||||||||
July 31,
|
July 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
27,475
|
$
|
9,446
|
$
|
18,375
|
$
|
1,576
| ||||||||
Real property depreciation
|
17,198
|
16,994
|
5,737
|
5,658
| ||||||||||||
Amortization of tenant improvements and allowances
|
3,312
|
3,245
|
960
|
1,170
| ||||||||||||
Amortization of deferred leasing costs
|
1,209
|
1,279
|
363
|
451
| ||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,126
|
1,122
|
376
|
375
| ||||||||||||
(Gain)/loss on sale of property
|
(12,213
|
)
|
328
|
(11,807
|
)
|
-
| ||||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
38,107
|
$
|
32,414
|
$
|
14,004
|
$
|
9,230
| ||||||||
Funds from Operations (Diluted) Per Share:
| ||||||||||||||||
Common
|
$
|
0.89
|
$
|
0.76
|
$
|
0.33
|
$
|
0.22
| ||||||||
Class A Common
|
$
|
1.00
|
$
|
0.85
|
$
|
0.36
|
$
|
0.24
| ||||||||
Weighted Average Number of Shares Outstanding (Diluted):
| ||||||||||||||||
Common and Common Equivalent
|
9,564
|
9,479
|
9,697
|
9,281
| ||||||||||||
Class A Common and Class A Common Equivalent
|
29,722
|
29,610
|
29,828
|
29,540
| ||||||||||||
•
|
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 nine months of 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 the first nine months of fiscal 2021 when compared to the same period of fiscal 2020.
|
•
|
A $341,000 increase in lease termination income in the first nine months of 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 $1.6 million, predominantly related to a decrease in compensation and benefits expense in the nine months ended July 31, 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 $2.1 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 nine month period endedJuly 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 of $277,000 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 nine months 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 first half of fiscal 2021 when compared to the corresponding prior period.
|
•
|
An increase in the reversals of straight-line rent for tenants accounted for on a cash basis in accordance with ASC Topic 842 in the first nine months of fiscal 2021 when compared with the first nine months of fiscal 2020.
|
•
|
A decrease in uncollectable amounts in lease income of $1.6 million. In the third 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 three months ended July 31, 2021, many of our tenants continued to see 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 for vaccinated persons. As a result, the uncollectable amounts in lease income have been declining. We have even recovered receivables that were previously reserved for.
|
•
|
In the three months ended July 31, 2021, we did not have any reductions of lease income for collectability adjustments related to the 89 tenants in our portfolio that we account for on a cash basis in accordance with ASC Topic 842, as the amount of collections equaled or exceeded the quarterly billings for tenants accounted for on a cash basis, which created a $1.8 million positive variance. In addition, as a result of not converting any tenants to cash basis accounting in the three months ended July 31, 2021, we did not have any write-offs of previously recorded straight-line rent in the three months ended July 31, 2021 and we had $910,000 in write-offs of straight-line rents in the third quarter of fiscal 2020 relating to cash basis tenants.
|
Nine Months Ended July 31,
|
Three Months Ended July 31,
| |||||||||||||||||||||||
2021
|
2020
|
% Change
|
2021
|
2020
|
% Change
| |||||||||||||||||||
Same Property Operating Results:
| ||||||||||||||||||||||||
Number of Properties (Note 4)
|
74 |
74 | ||||||||||||||||||||||
Revenue (Note 2)
| ||||||||||||||||||||||||
Base Rent (Note 3)
|
$
|
74,627
|
$
|
70,673
|
5.6
|
%
|
$
|
24,659
|
$
|
21,529
|
14.5
|
%
| ||||||||||||
Uncollectable amounts in lease income-same property
|
(1,380
|
)
|
(3,460
|
)
|
-60.1
|
%
|
-
|
(1,615
|
)
|
-100.0
|
%
| |||||||||||||
ASC Topic 842 cash-basis
lease income reversal-same property
|
(1,882
|
)
|
(1,776
|
)
|
6.0
|
%
|
10
|
(1,776
|
)
|
-100.6
|
%
| |||||||||||||
Recoveries from tenants
|
26,742
|
20,857
|
28.2
|
%
|
9,273
|
6,960
|
33.2
|
%
| ||||||||||||||||
Other property income
|
304
|
787
|
-61.4
|
%
|
88
|
576
|
-84.9
|
%
| ||||||||||||||||
98,411
|
87,081
|
13.0
|
%
|
34,030
|
25,674
|
32.5
|
%
| |||||||||||||||||
Expenses
| ||||||||||||||||||||||||
Property operating
|
10,977
|
8,609
|
27.5
|
%
|
3,269
|
2,361
|
38.5
|
%
| ||||||||||||||||
Property taxes
|
17,586
|
17,521
|
0.4
|
%
|
5,902
|
5,869
|
0.6
|
%
| ||||||||||||||||
Other non-recoverable operating expenses
|
1,464
|
1,315
|
11.3
|
%
|
453
|
502
|
-9.8
|
%
| ||||||||||||||||
30,027
|
27,445
|
9.4
|
%
|
9,624
|
8,732
|
10.2
|
%
| |||||||||||||||||
Same Property Net Operating Income
|
68,384
|
59,636
|
14.7
|
%
|
24,406
|
16,942
|
44.1
|
%
| ||||||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
| ||||||||||||||||||||||||
Other reconciling items:
| ||||||||||||||||||||||||
Other non same-property net operating income
|
804
|
1,088
|
89
|
313
| ||||||||||||||||||||
Other Interest income
|
349
|
336
|
118
|
88
| ||||||||||||||||||||
Other Dividend Income
|
-
|
182
|
-
|
-
| ||||||||||||||||||||
Consolidated lease termination income
|
801
|
460
|
97
|
112
| ||||||||||||||||||||
Consolidated amortization of above and below market leases
|
455
|
525
|
166
|
175
| ||||||||||||||||||||
Consolidated straight line rent income
|
(2,702
|
)
|
1,780
|
(371
|
)
|
1,230
| ||||||||||||||||||
Equity in net income of unconsolidated joint ventures
|
1,025
|
1,160
|
365
|
184
| ||||||||||||||||||||
Taxable REIT subsidiary income/(loss)
|
419
|
719
|
165
|
393
| ||||||||||||||||||||
Solar income/(loss)
|
(159
|
)
|
(91
|
)
|
88
|
107
| ||||||||||||||||||
Storage income/(loss)
|
805
|
714
|
360
|
240
| ||||||||||||||||||||
Unrealized holding gains arising during the periods
|
-
|
-
|
-
|
(109
|
)
| |||||||||||||||||||
Gain on sale of marketable securities
|
-
|
258
|
-
|
258
| ||||||||||||||||||||
Interest expense
|
(10,062
|
)
|
(10,123
|
)
|
(3,329
|
)
|
(3,475
|
)
| ||||||||||||||||
General and administrative expenses
|
(6,876
|
)
|
(8,495
|
)
|
(2,139
|
)
|
(2,111
|
)
| ||||||||||||||||
Uncollectable amounts in lease income
|
(1,380
|
)
|
(3,490
|
)
|
-
|
(1,645
|
)
| |||||||||||||||||
Uncollectable amounts in lease income-same property
|
1,380
|
3,460
|
-
|
1,615
| ||||||||||||||||||||
ASC Topic 842 cash-basis lease income reversal
|
(1,882
|
)
|
(1,776
|
)
|
10
|
(1,776
|
)
| |||||||||||||||||
ASC Topic 842 cash-basis lease income reversal-same property
|
1,882
|
1,776
|
(10
|
)
|
1,776
| |||||||||||||||||||
Directors fees and expenses
|
(277
|
)
|
(287
|
)
|
(79
|
)
|
(94
|
)
| ||||||||||||||||
Depreciation and amortization
|
(21,773
|
)
|
(21,587
|
)
|
(7,063
|
)
|
(7,304
|
)
| ||||||||||||||||
Adjustment for intercompany expenses and other
|
(2,970
|
)
|
(3,233
|
)
|
(2,006
|
)
|
(996
|
)
| ||||||||||||||||
Total other -net
|
(40,161
|
)
|
(36,624
|
)
|
(13,539
|
)
|
(11,019
|
)
| ||||||||||||||||
Income from continuing operations
|
28,223
|
23,012
|
22.6
|
%
|
10,867
|
5,923
|
83.5
|
%
| ||||||||||||||||
Gain (loss) on sale of real estate
|
12,214
|
(328
|
)
|
11,808
|
-
| |||||||||||||||||||
Net income
|
40,437
|
22,684
|
78.3
|
%
|
22,675
|
5,923
|
282.8
|
%
| ||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,724
|
)
|
(3,001
|
)
|
(887
|
)
|
(935
|
)
| ||||||||||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
37,713
|
$
|
19,683
|
91.6
|
%
|
$
|
21,788
|
$
|
4,988
|
336.8
|
%
| ||||||||||||
Same Property Operating Expense Ratio (Note 1)
|
93.6
|
%
|
79.8
|
%
|
13.8
|
%
|
101.1
|
%
|
84.6
|
%
|
16.5
|
%
|
Urstadt Biddle Properties Inc.
| ||||||||
Balance Sheet Highlights
| ||||||||
(in thousands)
| ||||||||
July 31,
|
October 31,
| |||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
Assets
| ||||||||
Cash and Cash Equivalents
|
$
|
22,991
|
$
|
40,795
| ||||
Real Estate investments before accumulated depreciation
|
$
|
1,146,941
|
$
|
1,149,182
| ||||
Investments in and advances to unconsolidated joint ventures
|
$
|
28,807
|
$
|
28,679
| ||||
Total Assets
|
$
|
982,122
|
$
|
1,010,179
| ||||
Liabilities
| ||||||||
Revolving credit line
|
$
|
5,000
|
$
|
35,000
| ||||
Mortgage notes payable and other loans
|
$
|
293,975
|
$
|
299,434
| ||||
Total Liabilities
|
$
|
339,957
|
$
|
377,037
| ||||
Redeemable Noncontrolling Interests
|
$
|
67,396
|
$
|
62,071
| ||||
Preferred Stock
|
$
|
225,000
|
$
|
225,000
| ||||
Total Stockholders' Equity
|
$
|
574,769
|
$
|
571,071
|
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Disclaimer
Urstadt Biddle Properties Inc. published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 20:31:08 UTC.