Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real
estate investment trust, today reported financial and operating
results for the fiscal year ended October 31, 2022, and provided
information regarding financial and operational activities.
FINANCIAL HIGHLIGHTS
FOR THE FOURTH QUARTER FISCAL 2022
- We repurchased in the fourth quarter of fiscal 2022 in open
market transactions 937,984 shares of our Class A Common stock at
an average price per share of $16.62 and 17,844 shares of our
Common stock at an average price per share of $16.92. The average
price per share paid for repurchases during the fourth quarter
represented an approximate 11% discount to the Class A Common and
Common share prices as of October 31, 2022.
- $6.9 million net income attributable to Common and Class A
Common stockholders ($0.18 per diluted Class A Common share).
- $14.7 million of funds from operations (“FFO”) ($0.39 per
diluted Class A Common share).(1)
- 93.0% of our consolidated portfolio gross leasable area (“GLA”)
was leased at October 31, 2022, an increase of 1.1% from the end of
fiscal 2021.
- 2.0% average increase in base rental rates on 108,300 square
feet of lease renewals signed in the fourth quarter of fiscal
2022.
- 19.3% average increase in base rental rates on 72,200 square
feet of new leases signed in the fourth quarter of fiscal 2022. The
increase was predominantly related to a new lease with a national
furniture company in 23,300 square feet of space at our Orange
Meadows Shopping Center located in Orange, CT. This lease replaces
five smaller local tenants, and the base rent on this lease is 68%
above the average of the prior tenants’ most recent rents.
- On October 14, 2022, the company paid a $0.2375 per share
quarterly cash dividend on our Class A Common Stock and a $0.2145
per share quarterly cash dividend on our Common Stock.
- $15.0 million of cash and cash equivalents currently on our
balance sheet.
- $94 million currently available on our unsecured revolving
credit facility.
- No mortgage debt maturing until 2024.
(1) A reconciliation of GAAP net income to FFO is provided at
the end of this press release.
Dividend
Declarations
- On December 14, 2022, the company’s Board of Directors declared
a quarterly dividend of $0.25 per Class A Common share and $0.225
per Common share that will be paid on January 13, 2023 to holders
of record on January 6, 2023. This increase represents an increase
of $0.05 per share per annum on the Class A Common and $0.042 per
share per annum on the Common Stock. The Board determined that this
level of dividend is appropriate, after taking into account, among
other things, the continued strength of the company’s liquidity and
financial position. 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 REIT requirement (excluding any
gains on sales of property).
- In addition, in December 2022, 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, 2023 to shareholders of
record on January 13, 2023.
Commenting on the operating results, Willing L. Biddle,
President and CEO of Urstadt Biddle Properties Inc., said “With the
Covid-19 pandemic becoming a problem of the past, we are encouraged
to see a continued rebound in our tenants’ businesses and robust
demand for vacant space at our properties. This quarter, we renewed
108,300 square feet of existing tenant leases and signed 72,200
square feet of new leases, and we are pleased that the leased rate
in our portfolio climbed to 93.0% as of October 31, 2022.
Additionally, renewal rents increased by 2.0%, our sixth
consecutive quarterly increase on renewals. The average rental
rates on new leases increased this quarter by 19.3%, due in
significant part to a new lease for 22,300 square feet with Bob’s
Discount Furniture at our Orange Meadows Shopping Center in Orange,
CT. We believe the increasing demand for space coupled with
decreasing supply will have a positive effect on our occupancy and
rents going forward. Our leasing and management teams are very busy
working to deliver space for our new tenants, and we have a strong
pipeline of new leases that include 146,500 square feet in the
lease negotiation phase and another 76,000 square feet subject to
letters of intent. We are grateful for the tremendous efforts and
perseverance of our team as well as that of our tenants, who have
worked together to get through the challenges of the last two plus
years.”
Mr. Biddle continued… “Our earnings and FFO have returned to
pre-pandemic levels, but there is still room to grow the income of
our existing portfolio as we fill our vacancies with new tenants.
Our collection rate on rents billed has returned to pre-pandemic
levels and most of our tenants are able to pay rent without
assistance. Our strong balance sheet and liquidity are the
underpinnings of our company’s success and well-located,
grocery-anchored community and neighborhood shopping centers have
proven to be solid investments in good times and bad. Due to our
long-term strategy, 87% of our properties, measured by square
footage, are anchored by grocery stores, wholesale clubs or
pharmacies, and these businesses have remained solid throughout the
pandemic. During our fourth quarter, we continued capitalizing on a
significant dislocation between the current value of
grocery-anchored shopping centers in the private market versus the
price of our company’s stock. We repurchased 937,984 shares of our
Class A Common stock at an average price per share of $16.62 and
17,844 shares of our Common stock at an average price per share of
$16.92, which we believe was a good use of our cash and a way to
add value to our stockholders.”
Net income applicable to Class A Common and Common stockholders
for the fourth quarter of fiscal 2022 was $6,918,000 or $0.18 per
diluted Class A Common share and $0.16 per diluted Common share,
compared to net income of $6,158,000 or $0.16 per diluted Class A
Common share and $0.14 per diluted Common share in last year’s
fourth quarter. Net income attributable to Class A Common and
Common stockholders for fiscal year ended October 31, 2022 was
$26,054,000 or $0.68 per diluted Class A Common share and $0.61 per
diluted Common share, compared to $33,633,000 or $0.88 per diluted
Class A Common share and $0.79 per diluted Common share in fiscal
2021. Net income applicable to Class A Common and Common
stockholders for the year ended October 31, 2022 and 2021 includes
gains on property sales of $767,000 and $11.9 million,
respectively, or $0.02 and $0.31 per Class A Common share,
respectively.
FFO for the fourth quarter of fiscal 2022 was $14,738,000 or
$0.39 per diluted Class A Common share and $0.35 per diluted Common
share, compared with $14,144,000 or $0.37 per diluted Class A
Common share and $0.33 per diluted Common share in last year’s
fourth quarter. For the year ended October 31, 2022, FFO amounted
to $56,545,000 or $1.47 per diluted Class A Common share and $1.33
per diluted Common share, compared to $52,251,000 or $1.36 per
diluted Class A Common share and $1.22 per diluted Common share in
the corresponding period of fiscal 2021.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
77 properties containing approximately 5.3 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 211 consecutive quarters
of uninterrupted dividends to its shareholders since its
inception.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
(Table Follows)
Urstadt Biddle Properties Inc.
(NYSE: UBA and UBP)
Year Ended October 31, 2022
and 2021 results
(in thousands, except per share
data)
Year Ended
October 31,
Three Months Ended
October 31,
2022
2021
2022
2021
Unaudited
Unaudited
Unaudited
Revenues
Lease income
$137,660
$130,364
$35,024
$33,035
Lease termination
721
967
30
166
Other
4,722
4,250
1,010
847
Total Revenues
143,103
135,581
36,064
34,048
Expenses
Property operating
25,124
22,938
6,209
5,205
Property taxes
23,700
23,674
5,913
5,889
Depreciation and amortization
29,799
29,032
7,439
7,259
General and administrative
9,934
8,985
2,261
2,109
Directors' fees and expenses
500
355
217
78
Total Operating Expenses
89,057
84,984
22,039
20,540
Operating Income
54,046
50,597
14,025
13,508
Non-Operating Income (Expense):
Interest expense
(13,175)
(13,087)
(3,425)
(3,025)
Equity in net income from unconsolidated
joint ventures
1,397
1,323
583
298
Interest, dividends and other investment
income
239
231
23
59
Gain (loss) on sale of property
767
11,864
(1)
(349)
Net Income
43,274
50,928
11,205
10,491
Noncontrolling interests:
Net income attributable to noncontrolling
interests
(3,570)
(3,645)
(875)
(921)
Net income attributable to Urstadt Biddle
Properties Inc.
39,704
47,283
10,330
9,570
Preferred stock dividends
(13,650)
(13,650)
(3,412)
(3,412)
Net Income (Loss) Applicable to Common
and Class A Common Stockholders
$26,054
$33,633
$6,918
$6,158
Diluted Earnings (Loss) Per
Share:
Per Common Share:
$0.61
$0.79
$0.16
$0.14
Per Class A Common Share:
$0.68
$0.88
$0.18
$0.16
Weighted Average Number of Shares
Outstanding (Diluted):
Common and Common Equivalent
9,781
9,608
9,825
9,741
Class A Common and Class A Common
Equivalent
29,677
29,753
29,312
29,845
Results of Operations
The following information summarizes our results of operations
for the year ended October 31, 2022 and 2021 (amounts in
thousands):
Year Ended October 31,
Change Attributable to:
Revenues
2022
2021
Increase
(Decrease)
%
Change
Property
Acquisitions/Sales
Properties
Held in
Both
Periods
(Note 1)
Base rents
$
103,559
$
99,488
$
4,071
4.1%
$
1,592
$
2,479
Recoveries from tenants
34,067
35,090
(1,023)
(2.9)%
319
(1,342)
Less uncollectable amounts in lease
income
13
1,529
1,516
99.1%
-
1,516
Less ASC Topic 842 cash basis lease income
reversal
(47)
2,685
2,732
101.8%
-
2,732
Total lease income
137,660
130,364
Lease termination
721
967
(246)
(25.4)%
-
(246)
Other income
4,722
4,250
472
11.1%
6
466
Operating Expenses
Property operating
25,124
22,938
2,186
9.5%
196
1,990
Property taxes
23,700
23,674
26
0.1%
156
(130)
Depreciation and amortization
29,799
29,032
767
2.6%
749
18
General and administrative
9,934
8,985
949
10.6%
n/a
n/a
Non-Operating Income/Expense
Interest expense
13,175
13,087
88
0.7%
-
88
Interest, dividends, and other investment
income
239
231
8
3.5%
n/a
n/a
Note 1 – Properties held in both periods includes only
properties owned for the entire periods of 2022 and 2021 and for
interest expense the amount also includes parent company interest
expense. All other properties are included in the property
acquisition/sales column. There are no properties excluded from the
analysis.
Base rents increased by 4.1% to $103.6 million for the fiscal
year ended October 31, 2022 as compared with $99.5 million in the
comparable period of 2021. The change in base rent and the changes
in other income statement line items analyzed in the table above
were attributable to:
Property Acquisitions and Properties
Sold: In Fiscal 2022, we acquired one property totaling
188,000 square feet and sold three properties totaling 14,300
square feet. In fiscal 2021 we sold two properties totaling 105,800
square feet. These properties accounted for all of the revenue and
expense changes attributable to property acquisitions and sales in
the fiscal year ended October 31, 2022 when compared with fiscal
2021.
Properties Held in Both
Periods:
Revenues
Base Rent In the fiscal year ended
October 31, 2022, base rent for properties held in both periods
increased by $2.5 million when compared with the corresponding
prior periods as a result of additional leasing in the portfolio in
fiscal 2022 when compared to the corresponding prior period.
In fiscal 2022, we leased or renewed approximately 942,000
square feet (or approximately 20.6% of total consolidated GLA). At
October 31, 2022, the Company’s consolidated properties were 93.0%
leased (91.9% leased at October 31, 2021).
Tenant Recoveries In the fiscal
year ended October 31, 2022, recoveries from tenants (which
represent reimbursements from tenants for operating expenses and
property taxes) decreased by a net $1.3 million when compared with
the corresponding prior period.
The decrease in tenant recoveries was the result of an
under-accrual adjustment in the first quarter of fiscal 2021. We
completed the 2020 annual reconciliations for both common area
maintenance and real estate taxes in the first quarter of fiscal
2021, and those reconciliations resulted in us billing our tenants
more than we had anticipated and accrued for in the prior period.
This increased tenant reimbursement income in the first quarter of
fiscal 2021, and caused a negative variance in the first quarter of
fiscal 2022. This net decrease was offset by an increase in
property operating expenses in the fiscal year ended October 31,
2022, when compared to the corresponding prior periods,
predominantly related to insurance, environmental costs and roof
repairs.
Uncollectable Amounts in Lease
Income In the year ended October 31, 2022, uncollectable
amounts in lease income decreased by $1.5 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 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 in which they operate and 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. This stress
continued through the first half of fiscal 2021. Our assessment was
that any billed but unpaid rents would likely be uncollectable.
During the year ended October 31, 2022, many of our tenants
continued to experience business improvement as regulatory
restrictions continued to ease and individuals continued to return
to pre-pandemic activities. As a result, the uncollectable amounts
in lease income declined during such period, when compared with the
corresponding period of the prior year and in addition we were
successful in collecting prior period unpaid rents that we had
fully reserved for.
ASC Topic 842 Cash Basis Lease Income
Reversals We adopted ASC Topic 842 "Leases" at the beginning
of fiscal 2020. ASC Topic 842 requires, among 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. 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 such 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, 2022, 34 of these
89 tenants are no longer tenants in the Company's properties. As a
result of converting these tenants to cash-basis accounting in
fiscal 2021, we reversed straight-line rent receivables in the net
amount of $673,000 and reversed billed but unpaid rents related to
cash-basis tenants of $2.0 million. There were no significant
charges related to cash-basis tenants in the year ended October 31,
2022.
As of October 31, 2022, 32 tenants continue to be accounted for
on a cash basis, or approximately 3.7% of our tenants. Many of our
cash-basis tenants are now paying a larger portion of their billed
rents, which results in an increase in revenue recognition for
those tenants accounted for on a cash basis when compared with the
corresponding period of the prior year.
Expenses
Property Operating In the fiscal
year ended October 31, 2022, property operating expenses increased
by $2.0 million when compared to the prior period as a result of
having higher common area maintenance expenses related to
insurance, environmental costs and roof repairs.
Property Taxes In the fiscal year
ended October 31, 2022, property tax expense was relatively
unchanged when compared with the corresponding prior period.
Interest In the fiscal year ended
October 31, 2022, interest expense was relatively unchanged, when
compared with the corresponding prior period.
Depreciation and Amortization In
the fiscal year ended October 31, 2022, depreciation and
amortization was relatively unchanged, when compared with the
corresponding prior period.
General and Administrative Expenses
In the fiscal year ended October 31, 2022, general and
administrative expenses increased by $949,000 when compared with
the corresponding prior period, predominantly related to an
increase in employee compensation, state tax expense related to a
capital gain for a property we sold that was located in New
Hampshire and professional fees.
Non-GAAP Financial Measure Funds from Operations
(“FFO”)
We consider FFO to be an additional measure of our operating
performance. We report FFO in addition to net income applicable to
common stockholders and net cash provided by operating activities.
Management has adopted the definition suggested by The National
Association of Real Estate Investment Trusts (“NAREIT”) and defines
FFO to mean net income (computed in accordance with GAAP) excluding
gains or losses from sales of property, plus real estate-related
depreciation and amortization and after adjustments for
unconsolidated joint ventures.
Management considers FFO to be a meaningful, additional measure
of operating performance because it primarily excludes the
assumption that the value of the company’s real estate assets
diminishes predictably over time and industry analysts have
accepted it as a performance measure. FFO is presented to assist
investors in analyzing the performance of the company. It is
helpful as it excludes various items included in net income that
are not indicative of our operating performance, such as gains (or
losses) from sales of property and depreciation and amortization.
However, FFO:
- does not represent cash flows from operating activities in
accordance with GAAP (which, unlike FFO, generally reflects all
cash effects of transactions and other events in the determination
of net income); and
- should not be considered an alternative to net income as an
indication of our performance.
FFO as defined by us may not be comparable to similarly titled
items reported by other real estate investment trusts due to
possible differences in the application of the NAREIT definition
used by such REITs. The table below provides a reconciliation of
net income applicable to Common and Class A Common stockholders in
accordance with GAAP to FFO for three month and fiscal years ended
October 31, 2022 and 2021. (Amounts in thousands).
(Table Follows)
Urstadt Biddle Properties Inc.
(NYSE: UBA and UBP)
Fiscal Year and fourth quarter
ended 2022 results
(in thousands, except per share
data)
Reconciliation of Net Income Available to
Common and Class A Common Stockholders to Funds From
Operations:
Fiscal Year ended
Three Months Ended
October 31,
October 31,
2022
2021
2022
2021
Net Income Applicable to Common and Class
A Common Stockholders
$26,054
$33,633
$6,918
$6,158
Real property depreciation
23,403
22,936
5,902
5,738
Amortization of tenant improvements and
allowances
4,211
4,429
1,057
1,117
Amortization of deferred leasing costs
2,114
1,599
462
390
Depreciation and amortization on
unconsolidated joint ventures
1,530
1,518
398
392
(Gain)/loss on sale of property
(767)
(11,864)
1
349
Funds from Operations Applicable to Common
and Class A Common Stockholders
$56,545
$52,251
$14,738
$14,144
Funds from Operations (Diluted) Per
Share:
Common
$1.33
$1.22
$0.35
$0.33
Class A Common
$1.47
$1.36
$0.39
$0.37
Weighted Average Number of Shares
Outstanding (Diluted):
Common and Common Equivalent
9,781
9,608
9,825
9,741
Class A Common and Class A Common
Equivalent
29,677
29,753
29,312
29,845
FFO amounted to $56.5 million in fiscal 2022 compared to $52.3
million in fiscal 2021.
The net increase in FFO in fiscal 2022 when compared with fiscal
2021 was predominantly attributable, among other things, to:
Increases:
- An increase in base rent for new leasing in the portfolio after
the first quarter of fiscal 2021.
- A $1.5 million net increase in operating income related to our
Shelton Square shopping center acquisition in the first quarter of
fiscal 2022 compared with the loss of operating income for
properties sold in fiscal 2021 and fiscal 2022.
- A decrease in uncollectable amounts in lease income of $1.5
million in the fiscal year ended October 31, 2022, when compared
with the corresponding prior period. 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 in which they operate and 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. This stress
continued through our first half of fiscal 2021. Our assessment was
that any billed but unpaid rents would likely be uncollectable.
During the fiscal year ended October 31, 2022, many of our tenants
continued to see signs of business improvement as regulatory
restrictions continued to ease and individuals continued to return
to pre-pandemic activities. As a result, the uncollectable amounts
in lease income declined in fiscal 2022, when compared with the
prior year. In addition, we collected prior period unpaid rents for
tenants that we had fully reserved for.
- We adopted ASC Topic 842 "Leases" at the beginning of fiscal
2020. ASC Topic 842 requires, among 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. 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 such 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, 2022, 34 of these
89 tenants are no longer tenants in the Company's properties. As a
result of converting these tenants to cash-basis accounting, we
reversed straight-line rent receivables in the net amount of
$673,000 and reversed billed but uncollected rents in the amount of
$2.0 million in the fiscal year ended October 31, 2021. There were
no significant charges related to cash-basis tenants in the fiscal
year ended October 31, 2022. As of October 31, 2022, 3.7% of our
tenants continue to be accounted for on a cash basis. Many of our
cash-basis tenants are now paying a larger portion of their billed
rents, which results in an increase in revenue recognition for
those tenants accounted for on a cash basis when compared with the
corresponding period of the prior year.
Decreases:
- A decrease 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
quarter of fiscal 2021, which increased revenue in the first
quarter of fiscal 2021 and caused a negative variance in the fiscal
year ended October 31, 2022.
- A $949,000 increase in general and administrative expenses
predominantly related to increases in employee compensation, state
tax expense related to a capital gain for a property we sold that
was located in New Hampshire and professional fees in fiscal 2022,
when compared to the corresponding prior period.
Non-GAAP Financial Measure Same Property 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.
Table Follows:
Urstadt Biddle Properties Inc.
Same Property Net Operating
Income
(In thousands, except for number of
properties and percentages)
Twelve Months Ended October
31,
Three Months Ended October
31,
2022
2021
%
Change
2022
2021
%
Change
Same Property Operating Results:
Number of Properties (Note 1)
72
72
Revenue (Note 2)
Base Rent (Note 3)
$98,814
$99,065
(0.3)%
$24,751
$24,499
1.0%
Uncollectable amounts in lease income
(13)
(1,520)
(99.1)%
159
(149)
(206.7)%
ASC Topic 842 cash-basis lease income
reversal-same property
(10)
(2,011)
(99.5)%
56
(129)
(143.4)%
Recoveries from tenants
33,506
34,847
(3.8)%
8,143
8,044
1.2%
Other property income
1,491
476
213.2%
229
117
95.7%
133,788
130,857
2.2%
33,338
32,382
3.0%
Expenses
Property operating
14,469
14,107
2.6%
3,487
3,111
12.1%
Property taxes
23,387
23,542
(0.7)%
5,833
5,887
(0.9)%
Other non-recoverable operating
expenses
2,523
2,053
22.9%
899
573
56.9%
40,379
39,702
1.7%
10,219
9,571
6.8%
Same Property Net Operating Income
$93,409
$91,155
2.5%
$23,119
$22,811
1.4%
Reconciliation of Same Property NOI to
Most Directly Comparable GAAP Measure:
Other reconciling
items:
Other non same-property net operating
income
2,131
937
686
55
Other Interest income
657
471
187
122
Other Dividend Income
84
52
24
16
Consolidated lease termination income
723
967
32
166
Consolidated amortization of above and
below market leases
972
632
274
177
Consolidated straight line rent income
241
(2,396)
289
306
Equity in net income of unconsolidated
joint ventures
1,397
1,323
583
298
Taxable REIT subsidiary income/(loss)
(287)
303
(107)
(116)
Solar income/(loss)
(361)
(163)
(128)
(4)
Storage income/(loss)
2,225
1,236
653
431
Unrealized holding gains arising during
the periods
-
-
-
-
Gain on sale of marketable securities
-
-
-
-
Interest expense
(13,175)
(13,087)
(3,425)
(3,025)
General and administrative expenses
(9,934)
(8,985)
(2,261)
(2,109)
Uncollectable amounts in lease income
(13)
(1,529)
159
(149)
Uncollectable amounts in lease income -
same property
13
1,520
(159)
149
ASC Topic 842 cash-basis lease income
reversal
(10)
(2,011)
56
(129)
ASC Topic 842 cash-basis lease income
reversal-same property
10
2,011
(56)
129
Directors fees and expenses
(500)
(355)
(217)
(78)
Depreciation and amortization
(29,799)
(29,032)
(7,439)
(7,259)
Adjustment for intercompany expenses and
other
(5,276)
(3,985)
(1,064)
(950)
Total other -net
(50,902)
(52,091)
(11,913)
(11,970)
Income from continuing operations
42,507
39,064
8.8%
11,206
10,841
3.4%
Gain (loss) on sale of real estate
767
11,864
(1)
(350)
Net income
43,274
50,928
(15.0)%
11,205
10,491
6.8%
Net income attributable to noncontrolling
interests
(3,570)
(3,645)
(875)
(921)
Net income attributable to Urstadt Biddle
Properties Inc.
$39,704
$47,283
(16.0)%
$10,330
$9,570
7.9%
Same Property Operating Expense Ratio
(Note 4)
88.5%
92.6%
(4.0)%
87.4%
89.4%
(2.0)%
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, 2022 are reduced by approximately $0 and $87,000,
respectively, in rents that were deferred and approximately $0 and
$160,000, in rents that were abated because of COVID-19. Base rents
for the three and twelve month periods ended October 31, 2022, are
increased by approximately $5,000 and $470,000, respectively, in
COVID-19 deferred rents that were billed and collected in the
fiscal 2022 periods.
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 nine month periods ended
October 31, 2021, are increased by approximately $345,000 and $3.0
million, respectively, in COVID-19 deferred rents that were billed
and collected in the fiscal 2021 periods.
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,
2022
2021
(Unaudited)
Assets
Cash and Cash Equivalents
$14,966
$24,057
Real Estate investments before
accumulated depreciation
$1,190,356
$1,148,382
Investments in and advances to
unconsolidated joint ventures
$29,586
$29,027
Total Assets
$997,326
$973,852
Liabilities
Revolving credit line
$30,500
$-
Mortgage notes payable and other
loans
$302,316
$296,449
Total Liabilities
$361,474
$330,553
Redeemable Noncontrolling
Interests
$61,550
$67,395
Preferred Stock
$225,000
$225,000
Total Stockholders’ Equity
$574,302
$575,904
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221215005970/en/
Willing L. Biddle, CEO or John T. Hayes, CFO Urstadt Biddle
Properties Inc. (203) 863-8200
Urstadt Biddle Properties (NYSE:UBP)
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부터 10월(10) 2024 으로 11월(11) 2024
Urstadt Biddle Properties (NYSE:UBP)
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