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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Urstadt Biddle Properties | NYSE:UBA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.14 | 0 | 01:00:00 |
Maryland
|
04-2458042
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
|
321 Railroad Avenue, Greenwich, CT
|
06830
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Name of each exchange
|
Title of each class
|
on which registered
|
|
|
Common Stock, par value $.01 per share
|
New York Stock Exchange
|
|
|
Class A Common Stock, par value $.01 per share
|
New York Stock Exchange
|
|
|
8.50% Series C Senior Cumulative Preferred Stock
|
New York Stock Exchange
|
|
|
7.50% Series D Senior Cumulative Preferred Stock
|
New York Stock Exchange
|
|
|
7.125% Series F Cumulative Preferred Stock
|
New York Stock Exchange
|
|
|
Preferred Share Purchase Rights
|
New York Stock Exchange
|
Securities registered pursuant to Section 12 (g) of the Act: None
|
|
|
|
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
|
|
Yes
□
|
No
x
|
|
|
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Act.
|
|
Yes
□
|
No
x
|
|
|
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
|
Yes
x
|
No
□
|
|
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes
x
No
o
|
|
|
|
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10‑K or any amendment to this Form 10‑K.
□
|
|
|
|
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one):
|
|
Large accelerated filer
□
|
Accelerated filer
x
|
Non-accelerated filer
□
|
Smaller reporting company
□
|
|
|
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
|
|
Yes
□
|
No
x
|
|
|
The aggregate market value of the voting common stock held by non-affiliates of the Registrant as of April 30, 2012 (price at which the common equity was last sold as of the last business day of the Registrant's most recently completed second fiscal quarter): Common Shares, par value $.01 per share $43,230,089; Class A Common Shares, par value $.01 per share $393,375,768.
|
|
|
|
Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock and Class A Common Stock, as of January 10, 2013 (latest date practicable): 9,029,415 Common Shares, par value $.01 per share, and 23,523,980 Class A Common Shares, par value $.01 per share.
|
Item No.
|
Page No.
|
|
|
PART I
|
|
|
|
|
1.
|
4
|
|
|
|
|
1 A.
|
9
|
|
|
|
|
1 B.
|
14
|
|
|
|
|
2.
|
14
|
|
|
|
|
3.
|
16
|
|
|
|
|
4.
|
16
|
|
|
|
|
|
PART II
|
|
|
|
|
5.
|
17
|
|
|
|
|
6.
|
19
|
|
|
|
|
7.
|
20
|
|
|
|
|
7 A.
|
32
|
|
|
|
|
8.
|
32
|
|
|
|
|
9.
|
32
|
|
|
|
|
9 A.
|
32
|
|
|
|
|
9 B.
|
35
|
|
|
|
|
|
PART III
|
|
|
|
|
10.
|
35
|
|
|
|
|
11.
|
35
|
|
|
|
|
12.
|
36
|
|
|
|
|
13.
|
36
|
|
|
|
|
14.
|
36
|
|
|
|
|
|
PART IV
|
|
|
|
|
15.
|
37
|
|
|
|
|
16.
|
63
|
Tenant
|
Number
of
Stores
|
% of Total
Annual Base Rent of
Core Properties
|
||||||
|
|
|
||||||
Stop & Shop Supermarket
|
5
|
8.7%
|
|
|||||
TJX Companies
|
6
|
4.4%
|
|
|||||
Bed Bath & Beyond
|
3
|
4.1%
|
|
|||||
Big Y
|
3
|
3.2%
|
|
|||||
A&P Supermarkets
|
3
|
2.9%
|
|
|||||
Staples
|
4
|
2.7%
|
|
|||||
CVS
|
5
|
2.5%
|
|
|||||
Toys R Us
|
2
|
2.1%
|
|
|||||
BJ's
|
1
|
1.7%
|
|
|||||
ShopRite
|
2
|
1.5%
|
|
|||||
|
34
|
33.8%
|
|
Year of
Expiration
|
Number of
Leases Expiring
|
Square Footage
|
Minimum
Base Rentals
|
Base Rent (%)
|
||||||||||||
2013
|
8
|
18,846
|
$
|
691,743
|
7
|
%
|
||||||||||
2014
|
3
|
5,958
|
224,145
|
2
|
%
|
|||||||||||
2015
|
4
|
40,740
|
893,376
|
9
|
%
|
|||||||||||
2016
|
1
|
3,242
|
106,980
|
1
|
%
|
|||||||||||
2017
|
3
|
61,196
|
2,071,720
|
20
|
%
|
|||||||||||
2018
|
7
|
119,649
|
3,691,052
|
36
|
%
|
|||||||||||
2019
|
1
|
2,950
|
96,706
|
1
|
%
|
|||||||||||
2020
|
1
|
2,350
|
102,225
|
1
|
%
|
|||||||||||
2021
|
1
|
42,700
|
826,195
|
8
|
%
|
|||||||||||
2022
|
5
|
28,899
|
1,060,830
|
10
|
%
|
|||||||||||
Thereafter
|
2
|
21,372
|
457,846
|
5
|
%
|
|||||||||||
|
||||||||||||||||
Total
|
36
|
347,902
|
$
|
10,222,818
|
100
|
%
|
·
|
requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures;
|
·
|
making us more vulnerable to economic and industry downturns and reducing our flexibility in response to changing business and economic conditions; or
|
·
|
requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt; and otherwise limiting our ability to borrow for operations, capital or to finance acquisitions in the future.
|
·
|
relating to the maintenance of the property securing the debt;
|
·
|
restricting our ability to assign or further encumber the properties securing the debt; and
|
·
|
restricting our ability to enter into certain new leases or to amend or modify certain existing leases without obtaining consent of the lenders.
|
·
|
permit unsecured debt to exceed $150 million;
|
·
|
create certain liens;
|
·
|
increase our overall secured and unsecured borrowing beyond certain levels;
|
·
|
consolidate, merge or sell all or substantially all of our assets;
|
·
|
permit secured debt to be more than 35% of gross asset value, as defined in the agreement; or
|
·
|
permit unsecured indebtedness to exceed, excluding preferred stock, 50% of eligible real estate asset value as defined in the agreement.
|
·
|
85% of our ordinary income for that year;
|
·
|
95% of our capital gain net income for that year; and
|
·
|
100% of our undistributed taxable income from prior years.
|
·
|
a transfer that violates the limitation is void;
|
·
|
shares transferred to a stockholder in excess of the ownership limitation are automatically converted, by the terms of our charter, into shares of "Excess Stock;"
|
·
|
a purported transferee gets no rights to the shares that violate the limitation except the right to designate a transferee of the Excess Stock held in trust; and
|
·
|
the Excess Stock will be held by us as trustee of a trust for the exclusive benefit of future transferees to whom the shares of capital stock ultimately will be transferred without violating the ownership limitation.
|
·
|
Our board of directors is divided into three classes, with directors in each class elected for three-year staggered terms.
|
·
|
Our directors may be removed only for cause upon the vote of the holders of two-thirds of the voting power of our common equity securities.
|
·
|
Our stockholders may call a special meeting of stockholders only if the holders of a majority of the voting power of our common equity securities request such a meeting in writing.
|
·
|
Any consolidation, merger, share exchange or transfer of all or substantially all of our assets must be approved by (a) a majority of our directors who are currently in office or who are approved or recommended by a majority of our directors who are currently in office (the "Continuing Directors") and (b) the holders of two-thirds of the voting power of our common equity securities.
|
·
|
Certain provisions of our charter may only be amended by (a) a vote of a majority of our Continuing Directors and (b) the holders of two-thirds of the voting power of our common equity securities. These provisions relate to the election, classification and removal of directors, the ownership limit and the stockholder vote required for certain business combination transactions
.
|
·
|
The number of directors may be increased or decreased by a vote of our board of directors.
|
|
Year
Renovated
|
Year
Completed
|
Year
Acquired
|
Gross
Leasable
Sq Feet
|
Acres
|
Number
of
Tenants
|
%
Leased
|
Principal Tenant
|
Retail Properties:
|
|
|
|
|
|
|
|
|
Stamford, CT
|
1997
|
1950
|
2002
|
350,000
|
13.6
|
36
|
99
|
Stop & Shop Supermarket
|
Springfield, MA
|
1996
|
1970
|
1970
|
328,000
|
26.0
|
28
|
88
|
Big Y Supermarket
|
Meriden, CT
|
2001
|
1989
|
1993
|
316,000
|
29.2
|
21
|
76
|
Big Y Supermarket
|
Stratford, CT
|
1988
|
1978
|
2005
|
273,000
|
29.0
|
17
|
95
|
Stop & Shop Supermarket
|
Scarsdale, NY (1)
|
2004
|
1958
|
2010
|
247,000
|
14.0
|
31
|
100
|
ShopRite Supermarket
|
New Milford, CT
|
2002
|
1972
|
2010
|
231,000
|
20.0
|
10
|
92
|
Walmart
|
Yorktown, NY
|
1997
|
1973
|
2005
|
200,000
|
16.4
|
8
|
62
|
Staples
|
Danbury, CT
|
-
|
1989
|
1995
|
194,000
|
19.3
|
21
|
98
|
Christmas Tree Shops
|
White Plains, NY
|
1994
|
1958
|
2003
|
191,000
|
3.5
|
9
|
65
|
Toys "R" Us
|
Carmel, NY (2)
|
2006
|
1971
|
2010
|
189,000
|
22.0
|
33
|
85
|
Hannaford Brothers
|
Ossining, NY
|
2000
|
1978
|
1998
|
137,000
|
11.4
|
24
|
97
|
Stop & Shop Supermarket
|
Somers, NY
|
-
|
2002
|
2003
|
135,000
|
26.0
|
24
|
92
|
Home Goods
|
Carmel, NY
|
1999
|
1983
|
1995
|
129,000
|
19.0
|
16
|
95
|
ShopRite Supermarket
|
Newark, NJ (3)
|
- |
1995
|
2008
|
108,000
|
8.4
|
13
|
87
|
Pathmark
|
Wayne, NJ
|
1992
|
1959
|
1992
|
102,000
|
9.0
|
42
|
94
|
A&P Supermarket
|
Newington, NH
|
1994
|
1975
|
1979
|
102,000
|
14.3
|
7
|
94
|
Savers
|
Darien, CT
|
1992
|
1955
|
1998
|
96,000
|
9.5
|
18
|
86
|
Stop & Shop Supermarket
|
Emerson, NJ
|
-
|
1981
|
2007
|
93,000
|
7.0
|
15
|
89
|
ShopRite Supermarket
|
New Milford, CT
|
-
|
1966
|
2008
|
81,000
|
7.6
|
4
|
90
|
Big Y Supermarket
|
Somers, NY
|
-
|
1991
|
1999
|
80,000
|
10.8
|
30
|
87
|
CVS
|
Orange, CT
|
-
|
1990
|
2003
|
77,000
|
10.0
|
9
|
83
|
Trader Joe's Supermarket
|
Orangeburg, NY (4)
|
-
|
1966
|
2012
|
74,000
|
10.6
|
27
|
94
|
CVS
|
New Milford, CT
|
-
|
2003
|
2011
|
72,000
|
8.8
|
8
|
90
|
TJ Maxx
|
Eastchester, NY
|
2002
|
1978
|
1997
|
70,000
|
4.0
|
14
|
100
|
A&P Fresh
|
Fairfield, CT
|
-
|
1995
|
2011
|
63,000
|
7.0
|
3
|
100
|
Marshall's
|
Ridgefield, CT
|
1999
|
1930
|
1998
|
52,000
|
2.1
|
32
|
76
|
Keller Williams
|
Westport, CT
|
-
|
1986
|
2003
|
40,000
|
3.0
|
7
|
80
|
Pier One Imports
|
Rye, NY
|
-
|
Various
|
2004
|
39,000
|
1.0
|
19
|
90
|
Cosi
|
Briarcliff Manor, NY
|
-
|
1975
|
2001
|
38,000
|
1.0
|
16
|
77
|
Dress Barn
|
Danbury, CT
|
-
|
1988
|
2002
|
33,000
|
2.7
|
5
|
100
|
Chuck E Cheese
|
Ossining, NY
|
2001
|
1981
|
1999
|
29,000
|
4.0
|
4
|
100
|
Westchester Community College
|
Katonah, NY
|
1986
|
Various
|
2010
|
28,000
|
1.7
|
23
|
86
|
Squires
|
Pelham, NY
|
-
|
1975
|
2006
|
26,000
|
1.0
|
9
|
97
|
Gristede's Supermarket
|
Queens, NY
|
-
|
1960
|
2006
|
26,000
|
1.0
|
13
|
94
|
Various
|
Eastchester, NY
|
-
|
1963
|
2012
|
24,000
|
2.1
|
2
|
68
|
CVS
|
Waldwick, NJ
|
-
|
1961
|
2008
|
20,000
|
1.8
|
1
|
100
|
RiteAid
|
Somers, NY
|
-
|
1987
|
1992
|
19,000
|
4.9
|
11
|
95
|
Putnam County Savings Bank
|
Monroe, CT
|
-
|
2005
|
2007
|
10,000
|
2.0
|
6
|
100
|
Starbucks
|
|
|
|
|
|
|
|
|
|
Office Properties and
Bank Branches
|
|
|
|
|
|
|
|
|
Greenwich, CT
|
-
|
various
|
various
|
59,000
|
2.8
|
16
|
90
|
Prescott Investors
|
Bronxville and Yonkers, NY
|
-
|
1960
|
2008 & 2009
|
22,000
|
0.7
|
4
|
88
|
People's United Bank, JP Morgan Chase
|
|
|
|
|
4,403,000
|
|
636
|
|
|
Location
|
Year
Renovated
|
Year
Completed
|
Year
Acquired
|
Rentable
Square Feet
|
Acres
|
# of
Tenants
|
Leased
|
Principal Tenant
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Dallas, TX
|
1989
|
1970
|
1970
|
255,000
|
14.5
|
1
|
100
|
%
|
Chrysler Group, LLC
|
|||||||||||
|
|
|
|
|
||||||||||||||||
St. Louis, MO
|
2000
|
1970
|
1970
|
192,000
|
16.0
|
1
|
100
|
%
|
Chrysler Group, LLC
|
|||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
|
447,000
|
2
|
|
||||||||||||||
|
|
|
|
|
||||||||||||||||
Total Portfolio
|
|
|
|
4,850,000
|
638
|
|
Year of Lease
Expiration
|
Number of Leases
Expiring
|
Square Footage of
Expiring Leases
|
Minimum Base
Rentals
|
Percentage of Total
Leased Square Feet
|
||||||||||||
2013 (1)
|
108
|
288,548
|
$
|
6,108,441
|
9
|
%
|
||||||||||
2014
|
77
|
382,055
|
6,046,800
|
9
|
%
|
|||||||||||
2015
|
69
|
422,762
|
8,415,053
|
12
|
%
|
|||||||||||
2016
|
59
|
289,404
|
6,528,591
|
10
|
%
|
|||||||||||
2017
|
67
|
830,089
|
10,123,833
|
15
|
%
|
|||||||||||
2018
|
33
|
412,517
|
7,832,075
|
12
|
%
|
|||||||||||
2019
|
36
|
165,482
|
3,056,977
|
5
|
%
|
|||||||||||
2020
|
26
|
178,637
|
2,987,895
|
4
|
%
|
|||||||||||
2021
|
32
|
202,858
|
4,534,107
|
7
|
%
|
|||||||||||
2022
|
36
|
298,273
|
5,567,459
|
8
|
%
|
|||||||||||
Thereafter
|
30
|
535,879
|
6,382,116
|
9
|
%
|
|||||||||||
|
||||||||||||||||
Total
|
573
|
4,006,504
|
$
|
67,583,347
|
100
|
%
|
(1)
|
Represents lease expirations from November 1, 2012 to October 31, 2013 and month-to-month leases.
|
Common shares:
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
||||||||||||||
|
Low
|
High
|
Low
|
High
|
||||||||||||
First Quarter
|
$
|
15.50
|
$
|
19.06
|
$
|
15.64
|
$
|
17.25
|
||||||||
Second Quarter
|
$
|
17.76
|
$
|
19.90
|
$
|
15.18
|
$
|
16.99
|
||||||||
Third Quarter
|
$
|
16.99
|
$
|
19.39
|
$
|
15.90
|
$
|
17.87
|
||||||||
Fourth Quarter
|
$
|
17.79
|
$
|
19.81
|
$
|
13.71
|
$
|
17.12
|
Class A Common shares:
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
||||||||||||||
|
Low
|
High
|
Low
|
High
|
||||||||||||
First Quarter
|
$
|
15.61
|
$
|
19.75
|
$
|
18.40
|
$
|
19.97
|
||||||||
Second Quarter
|
$
|
18.44
|
$
|
20.15
|
$
|
18.12
|
$
|
20.05
|
||||||||
Third Quarter
|
$
|
17.45
|
$
|
19.98
|
$
|
17.46
|
$
|
19.56
|
||||||||
Fourth Quarter
|
$
|
18.88
|
$
|
20.78
|
$
|
15.31
|
$
|
18.23
|
|
Common Shares
|
Class A Common Shares
|
||||||||||||||||||||||
Dividend
Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary
Income
|
Non-Taxable
Portion
|
Gross Dividend
Paid Per Share
|
Ordinary
Income
|
Non-Taxable
Portion
|
||||||||||||||||||
January 20, 2012
|
$
|
.225
|
$
|
.124
|
$
|
.101
|
$
|
.2475
|
$
|
.137
|
$
|
.1105
|
||||||||||||
April 20, 2012
|
$
|
.225
|
$
|
.124
|
$
|
.101
|
$
|
.2475
|
$
|
.137
|
$
|
.1105
|
||||||||||||
July 20, 2012
|
$
|
.225
|
$
|
.124
|
$
|
.101
|
$
|
.2475
|
$
|
.137
|
$
|
.1105
|
||||||||||||
October 19, 2012
|
$
|
.225
|
$
|
.124
|
$
|
.101
|
$
|
.2475
|
$
|
.137
|
$
|
.1105
|
||||||||||||
|
$
|
.90
|
$
|
.496
|
$
|
.404
|
$
|
.99
|
$
|
.548
|
$
|
.442
|
|
Common Shares
|
Class A Common Shares
|
||||||||||||||||||||||
Dividend
Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary
Income
|
Non-Taxable
Portion
|
Gross Dividend
Paid Per Share
|
Ordinary
Income
|
Non-Taxable
Portion
|
||||||||||||||||||
January 21, 2011
|
$
|
.2225
|
$
|
.1655
|
$
|
.057
|
$
|
.245
|
$
|
.182
|
$
|
.063
|
||||||||||||
April 15, 2011
|
$
|
.2225
|
$
|
.1655
|
$
|
.057
|
$
|
.245
|
$
|
.182
|
$
|
.063
|
||||||||||||
July 15, 2011
|
$
|
.2225
|
$
|
.1655
|
$
|
.057
|
$
|
.245
|
$
|
.182
|
$
|
.063
|
||||||||||||
October 21, 2011
|
$
|
.2225
|
$
|
.1655
|
$
|
.057
|
$
|
.245
|
$
|
.182
|
$
|
.063
|
||||||||||||
|
$
|
.89
|
$
|
.662
|
$
|
.228
|
$
|
.98
|
$
|
.728
|
$
|
.252
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Per Share
Purchased
|
Total Number
Shares Re-
purchased as
Part of Publicly
Announced
Plan or
Program
|
Maximum
Number of
Shares That
May be
Purchased
Under the Plan
or Program
|
August 1, 2012 – August 31, 2012
|
-
|
-
|
-
|
771,822
|
September 1, 2012 – September 30, 2012
|
-
|
-
|
-
|
771,822
|
October 1, 2012 – October 31, 2012
|
-
|
-
|
-
|
771,822
|
Year Ended October 31,
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|||||||||||||||
Total Assets
|
$
|
724,243
|
$
|
576,264
|
$
|
557,053
|
$
|
504,539
|
$
|
506,117
|
||||||||||
|
||||||||||||||||||||
Revolving Credit Lines
|
$
|
11,600
|
$
|
41,850
|
$
|
11,600
|
$
|
-
|
$
|
5,100
|
||||||||||
|
||||||||||||||||||||
Mortgage Notes Payable and Other Loans
|
$
|
143,236
|
$
|
118,135
|
$
|
118,202
|
$
|
116,417
|
$
|
104,954
|
||||||||||
|
||||||||||||||||||||
Redeemable Preferred Stock
|
$
|
21,510
|
$
|
96,203
|
$
|
96,203
|
$
|
96,203
|
$
|
96,203
|
||||||||||
|
||||||||||||||||||||
Operating Data:
|
||||||||||||||||||||
Total Revenues
|
$
|
91,295
|
$
|
91,011
|
$
|
85,149
|
$
|
82,727
|
$
|
80,856
|
||||||||||
|
||||||||||||||||||||
Total Expenses and payments to noncontrolling interests
|
$
|
63,789
|
$
|
60,612
|
$
|
58,211
|
$
|
55,645
|
$
|
52,649
|
||||||||||
|
||||||||||||||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
28,260
|
$
|
31,643
|
$
|
27,542
|
$
|
27,743
|
$
|
28,525
|
||||||||||
|
||||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Basic Earnings Per Share:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
.47
|
$
|
.68
|
$
|
.58
|
$
|
.60
|
$
|
.66
|
||||||||||
Common Stock
|
$
|
.43
|
$
|
.62
|
$
|
.53
|
$
|
.55
|
$
|
.60
|
||||||||||
|
||||||||||||||||||||
Diluted Earnings Per Share:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
.46
|
$
|
.66
|
$
|
.57
|
$
|
.59
|
$
|
.64
|
||||||||||
Common Stock
|
$
|
.41
|
$
|
.60
|
$
|
.52
|
$
|
.54
|
$
|
.58
|
||||||||||
|
||||||||||||||||||||
Cash Dividends Paid on:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
.99
|
$
|
.98
|
$
|
.97
|
$
|
.96
|
$
|
.95
|
||||||||||
Common Stock
|
$
|
.90
|
$
|
.89
|
$
|
.88
|
$
|
.87
|
$
|
.86
|
||||||||||
|
||||||||||||||||||||
Other Data:
|
||||||||||||||||||||
|
||||||||||||||||||||
Net Cash Flow Provided by (Used in):
|
||||||||||||||||||||
Operating Activities
|
$
|
52,504
|
$
|
46,548
|
$
|
45,156
|
$
|
42,611
|
$
|
44,997
|
||||||||||
|
||||||||||||||||||||
Investing Activities
|
$
|
(10,778
|
)
|
$
|
(42,351
|
)
|
$
|
(51,179
|
)
|
$
|
(3,095
|
)
|
$
|
(33,694
|
)
|
|||||
|
||||||||||||||||||||
Financing Activities
|
$
|
31,837
|
$
|
(15,343
|
)
|
$
|
11,358
|
$
|
(30,840
|
)
|
$
|
(13,857
|
)
|
|||||||
|
||||||||||||||||||||
Funds from Operations (Note
1
)
|
$
|
30,627
|
$
|
34,453
|
$
|
30,053
|
$
|
30,108
|
$
|
30,444
|
·
|
Has leased subsequent to year end 6,000 square feet, (1.39% of the Company's vacant space)
|
·
|
Has 16,500 square feet of leases ready to be executed (3.82% of the Company's vacant space)
|
·
|
Is currently in negotiations on new leases for approximately 130,000 square feet (29% of the Company's vacant space)
|
§
|
Acquire neighborhood and community shopping centers in the northeastern part of the United States with a concentration in Fairfield County, Connecticut, Westchester and Putnam Counties, New York and Bergen County, New Jersey
|
§
|
Hold core properties for long-term investment and enhance their value through regular maintenance, periodic renovation and capital improvement
|
§
|
Selectively dispose of non-core and underperforming properties and re-deploy the proceeds into properties located in the northeast region
|
§
|
Increase property values by aggressively marketing available GLA and renewing existing leases
|
§
|
Renovate, reconfigure or expand existing properties to meet the needs of existing or new tenants
|
§
|
Negotiate and sign leases which provide for regular or fixed contractual increases to minimum rents
|
§
|
Control property operating and administrative costs
|
Buildings
|
30-40 years
|
Property Improvements
|
10-20 years
|
Furniture/Fixtures
|
3-10 years
|
Tenant Improvements
|
Shorter of lease term or their useful life
|
·
|
Proceeds from revolving credit line borrowings for property acquisitions in the amount of $58.0 million.
|
·
|
Proceeds from mortgaging a previously unencumbered property in amount of $28.0 million.
|
·
|
Proceeds from the sale of 2.5 million shares of Class A Common stock in a follow-on public offering.
|
·
|
Proceeds from the sale of 5.175 million shares of a new Series of Redeemable Preferred Stock (Series F) in a public offering.
|
·
|
Proceeds from revolving credit line borrowings for property acquisitions in the amount of $30.3 million.
|
·
|
Proceeds from Class A Common stock offering of $46.0 million.
|
·
|
Proceeds from revolving credit line borrowings for property acquisitions in the amount of $44.0 million.
|
·
|
Dividends to shareholders in the amount of $42.6 million.
|
·
|
Repayment of mortgage notes payable in the amount of $15.0 million.
|
·
|
Repayment of revolving credit line borrowings in the amount of $88.3 million.
|
·
|
Repurchase of shares of the Company's Series C and redemption of all of the Series E Senior Cumulative Preferred Stock in the combined amount of $81 million.
|
·
|
Dividends to shareholders in the amount of $41.3 million.
|
·
|
Repayment of mortgage notes payable in the amount of $6.6 million.
|
·
|
Dividends to shareholders in the amount of $38.9 million.
|
·
|
Repayment of revolving credit line borrowings in the amount of $32.4 million.
|
·
|
Repayment of mortgage notes payable in the amount of $7.4 million.
|
Payments Due by Period
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total
|
2013
|
2014
|
2015
|
2016
|
2017
|
Thereafter
|
|||||||||||||||||||||
Mortgage notes payable
|
$
|
143,236
|
$
|
6,091
|
$
|
2,987
|
$
|
7,607
|
$
|
3,207
|
$
|
52,763
|
$
|
70,581
|
||||||||||||||
Revolving Credit Lines
|
|
11,600
|
-
|
-
|
-
|
-
|
11,600
|
-
|
||||||||||||||||||||
Tenant obligations*
|
1,764
|
1,741
|
-
|
23
|
-
|
-
|
-
|
|||||||||||||||||||||
Total Contractual Obligations
|
$
|
156,600
|
$
|
7,832
|
$
|
2,987
|
$
|
7,630
|
$
|
3,207
|
$
|
64,363
|
$
|
70,581
|
§
|
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 the Company's performance.
|
|
Year Ended October 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
12,966
|
$
|
18,549
|
$
|
14,448
|
||||||
|
||||||||||||
Real property depreciation
|
13,277
|
12,258
|
11,689
|
|||||||||
Amortization of tenant improvements and allowances
|
2,906
|
2,450
|
2,810
|
|||||||||
Amortization of deferred leasing costs
|
479
|
541
|
523
|
|||||||||
Depreciation and amortization on unconsolidated joint ventures
|
911
|
655
|
283
|
|||||||||
Loss on sale of asset
|
88
|
-
|
300
|
|||||||||
|
||||||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
30,627
|
$
|
34,453
|
$
|
30,053
|
||||||
|
||||||||||||
Net Cash Provided by (Used in):
|
||||||||||||
Operating Activities
|
$
|
52,504
|
|
$
|
46,548
|
$
|
45,156
|
|||||
Investing Activities
|
$
|
(10,778
|
)
|
$
|
(42,351
|
)
|
$
|
(51,179
|
)
|
|||
Financing Activities
|
$
|
31,837
|
$
|
(15,343
|
)
|
$
|
11,358
|
|
Year Ended
|
|
|
|
|
|||||||||||||||||||
|
October 31,
|
|
|
Change Attributable to:
|
||||||||||||||||||||
Revenues
|
2012
|
2011
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions
|
Properties Held In
Both Periods
|
||||||||||||||||||
Base rents
|
$
|
68,443
|
$
|
64,249
|
$
|
4,194
|
6.5
|
%
|
$
|
3,146
|
$
|
1,048
|
||||||||||||
Recoveries from tenants
|
20,603
|
21,552
|
(949
|
)
|
(4.4
|
)%
|
778
|
(1,727
|
)
|
|||||||||||||||
Mortgage interest and other
|
2,160
|
2,014
|
146
|
7.2
|
%
|
3
|
143
|
|||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
14,203
|
14,750
|
(547
|
)
|
(3.7
|
)%
|
592
|
(1,139
|
)
|
|||||||||||||||
Property taxes
|
15,114
|
14,522
|
592
|
4.1
|
%
|
627
|
(35
|
)
|
||||||||||||||||
Depreciation and amortization
|
16,721
|
15,292
|
1,429
|
9.3
|
%
|
861
|
568
|
|||||||||||||||||
General and administrative
|
7,545
|
7,521
|
24
|
0.3
|
%
|
n/
|
a
|
n/
|
a
|
|||||||||||||||
|
||||||||||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
9,148
|
7,865
|
1,283
|
16.3
|
%
|
291
|
992
|
|||||||||||||||||
Interest, dividends, and other investment income
|
892
|
851
|
41
|
4.8
|
%
|
n/
|
a
|
n/
|
a
|
|
Year Ended
|
|
|
|
|
|||||||||||||||||||
|
October 31,
|
|
|
Change Attributable to:
|
||||||||||||||||||||
Revenues
|
2011
|
2010
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions
|
Properties Held In
Both Periods
|
||||||||||||||||||
Base rents
|
$
|
64,249
|
$
|
63,419
|
$
|
830
|
1.3
|
%
|
$
|
1,853
|
$
|
(1,023
|
)
|
|||||||||||
Recoveries from tenants
|
21,552
|
20,074
|
1,478
|
7.4
|
%
|
553
|
925
|
|||||||||||||||||
Mortgage interest and other
|
2,014
|
1,023
|
991
|
96.9
|
%
|
26
|
965
|
|||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
14,750
|
13,626
|
1,124
|
8.3
|
%
|
441
|
683
|
|||||||||||||||||
Property taxes
|
14,522
|
13,682
|
840
|
6.1
|
%
|
346
|
494
|
|||||||||||||||||
Depreciation and amortization
|
15,292
|
15,066
|
226
|
1.5
|
%
|
444
|
(218
|
)
|
||||||||||||||||
General and administrative
|
7,521
|
6,873
|
648
|
9.4
|
%
|
n/
|
a
|
n/
|
a
|
|||||||||||||||
|
||||||||||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
7,865
|
7,585
|
280
|
3.7
|
%
|
360
|
(80
|
)
|
||||||||||||||||
Interest, dividends, and other investment income
|
851
|
396
|
455
|
114.9
|
%
|
n/
|
a
|
n/
|
a
|
For the years ended October 31,
|
||||||||||||||||||||||||||||||||
|
2013
|
2014
|
2015
|
2016
|
2017
|
Thereafter
|
Total
|
Estimated
Fair Value
|
||||||||||||||||||||||||
Mortgage notes payable
|
$
|
6,091
|
$
|
2,987
|
$
|
7,607
|
$
|
3,207
|
$
|
52,763
|
$
|
70,581
|
$
|
143,236
|
$
|
139,318
|
||||||||||||||||
Weighted average interest rate for debt maturing
|
6.3
|
%
|
n/
|
a
|
5.0
|
%
|
n/
|
a
|
5.2
|
%
|
6.0
|
%
|
New York, New York
January 10, 2013
|
/s/ PKF O'Connor Davies
A Division of O'Connor Davies, LLP
|
|
|
|
|
Name
|
Age
|
Offices Held
|
|
|
|
Charles J. Urstadt
|
84
|
Chairman (since 1986) and Chief Executive Officer (since September 1989); Mr. Urstadt has been a Director since 1975.
|
|
|
|
Willing L. Biddle
|
51
|
President and Chief Operating Officer (since December 1996); Executive Vice President (March 1996 to December 1996); Senior Vice President – Management (1995 to 1996); Vice President – Retail (1993 to 1995); Mr. Biddle has been a director since 1997.
|
|
|
|
Thomas D. Myers
|
61
|
Executive Vice President (since March 2009), Secretary (since 2000) and Chief Legal Officer (since August 2008); Senior Vice President (2003-2009); Co-Counsel (2007-2008); Vice President (1995-2003); Associate Counsel (1995-2007).
|
|
|
|
John T. Hayes
|
46
|
Senior Vice President, Treasurer and Chief Financial Officer (since July 2008); Vice President and Controller (March 2007 to June 2008).
|
|
|
|
||
(14)
|
|
Code of Ethics for Chief Executive Officer and Senior Financial Officers (incorporated by reference to Exhibit 14 of the Company's Annual Report on Form 10-K for the year ended October 31, 2003 (SEC File No. 001-12803)).
|
||
|
|
|
||
(21)
|
|
List of Company's subsidiaries
|
||
|
|
|
||
(23)
|
|
Consent of PKF O'Connor Davies, a Division of O'Connor Davies, LLP
|
||
|
|
|
||
(31.1)
|
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Charles J. Urstadt.
|
||
|
|
|
||
(31.2)
|
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by John T. Hayes.
|
||
|
|
|
||
(32)
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Charles J. Urstadt and John T. Hayes.
|
||
|
|
|
||
101
|
|
The following materials from Urstadt Biddle Properties Inc. Annual Report on Form 10-K for the year ended October 31, 2012, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Cash Flows, 4) the Consolidated Statements of Stockholders' Equity and (5) Notes to Consolidated Financial Statements detail tagged.
|
|
URSTADT BIDDLE PROPERTIES INC.
|
|
Item 15.
|
INDEX TO FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES
|
Page
|
|
|
|
|
Consolidated Balance Sheets at October 31, 2012 and 2011
|
41
|
|
|
|
|
Consolidated Statements of Income for each of the three years in the period ended October 31, 2012
|
42
|
|
|
|
|
Consolidated Statements of Cash Flows for each of the three years in the period ended October 31, 2012
|
43
|
|
|
|
|
Consolidated Statements of Stockholders' Equity for each of the three years in the period ended October 31, 2012
|
44
|
|
|
|
|
Notes to Consolidated Financial Statements
|
45
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
60
|
|
|
|
Schedules
|
|
|
|
|
|
III
|
Real Estate and Accumulated Depreciation - October 31, 2012
|
61
|
|
|
|
IV
|
Mortgage Loans on Real Estate - October 31, 2012
|
62
|
|
|
|
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.
|
|
October 31,
|
|||||||
ASSETS
|
2012
|
2011
|
||||||
|
|
|
||||||
Real Estate Investments:
|
|
|
||||||
Core properties – at cost
|
$
|
659,780
|
$
|
630,572
|
||||
Non-core properties – at cost
|
595
|
595
|
||||||
|
660,375
|
631,167
|
||||||
Less: Accumulated depreciation
|
(140,511
|
)
|
(126,693
|
)
|
||||
|
519,864
|
504,474
|
||||||
Investments in and advances to unconsolidated joint ventures
|
26,708
|
26,384
|
||||||
Mortgage note receivable
|
898
|
999
|
||||||
|
547,470
|
531,857
|
||||||
|
||||||||
Cash and cash equivalents
|
78,092
|
4,529
|
||||||
Restricted cash
|
63,979
|
865
|
||||||
Marketable securities
|
994
|
932
|
||||||
Tenant receivables
|
21,549
|
22,717
|
||||||
Prepaid expenses and other assets
|
6,958
|
10,407
|
||||||
Deferred charges, net of accumulated amortization
|
5,201
|
4,957
|
||||||
Total Assets
|
$
|
724,243
|
$
|
576,264
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
||||||||
Liabilities:
|
||||||||
Revolving credit lines
|
$
|
11,600
|
$
|
41,850
|
||||
Mortgage notes payable and other loans
|
143,236
|
118,135
|
||||||
Preferred stock called for redemption
|
58,508
|
-
|
||||||
Accounts payable and accrued expenses
|
1,632
|
893
|
||||||
Deferred compensation – officers
|
194
|
188
|
||||||
Other liabilities
|
13,134
|
13,953
|
||||||
Total Liabilities
|
228,304
|
175,019
|
||||||
|
||||||||
Redeemable Noncontrolling Interests
|
11,421
|
2,824
|
||||||
|
||||||||
Redeemable Preferred Stock, par value $.01 per share; issued and outstanding 224,027 and 2,800,000 shares
|
21,510
|
96,203
|
||||||
|
||||||||
|
||||||||
Commitments and Contingencies
|
||||||||
|
||||||||
Stockholders' Equity:
|
||||||||
7.5% Series D Senior Cumulative Preferred Stock (liquidation preference of $25 per share); 2,450,000 shares issued and outstanding
|
61,250
|
61,250
|
||||||
7.125% Series F Cumulative Preferred Stock (liquidation preference of $25 per share); 5,175,000 and -0- shares issued and outstanding
|
129,375
|
-
|
||||||
Excess Stock, par value $.01 per share; 10,000,000 shares authorized; none issued and outstanding
|
-
|
-
|
||||||
Common Stock, par value $.01 per share; 30,000,000 shares authorized; 8,854,465 and 8,671,888 shares issued and outstanding
|
89
|
87
|
||||||
Class A Common Stock, par value $.01 per share; 40,000,000 shares authorized; 23,460,880 and 20,891,330 shares issued and outstanding
|
235
|
209
|
||||||
Additional paid in capital
|
362,777
|
315,288
|
||||||
Cumulative distributions in excess of net income
|
(90,701
|
)
|
(74,462
|
)
|
||||
Accumulated other comprehensive (loss)
|
(17
|
)
|
(154
|
)
|
||||
Total Stockholders' Equity
|
463,008
|
302,218
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
724,243
|
$
|
576,264
|
|
Year Ended October 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Revenues
|
|
|
|
|||||||||
Base rents
|
$
|
68,443
|
$
|
64,249
|
$
|
63,419
|
||||||
Recoveries from tenants
|
20,603
|
21,552
|
20,074
|
|||||||||
Lease termination income
|
89
|
3,196
|
633
|
|||||||||
Other income
|
2,160
|
2,014
|
1,023
|
|||||||||
Total Revenues
|
91,295
|
91,011
|
85,149
|
|||||||||
|
||||||||||||
Expenses
|
||||||||||||
Property operating
|
14,203
|
14,750
|
13,626
|
|||||||||
Property taxes
|
15,114
|
14,522
|
13,682
|
|||||||||
Depreciation and amortization
|
16,721
|
15,292
|
15,066
|
|||||||||
General and administrative
|
7,545
|
7,521
|
6,873
|
|||||||||
Acquisition costs
|
296
|
89
|
307
|
|||||||||
Directors' fees and expenses
|
262
|
261
|
313
|
|||||||||
Total Operating Expenses
|
54,141
|
52,435
|
49,867
|
|||||||||
|
||||||||||||
Operating Income
|
37,154
|
38,576
|
35,282
|
|||||||||
|
||||||||||||
Non-Operating Income (Expense):
|
||||||||||||
Interest expense
|
(9,148
|
)
|
(7,865
|
)
|
(7,585
|
)
|
||||||
Equity in net income (loss) from unconsolidated joint ventures
|
(138
|
)
|
393
|
208
|
||||||||
Other expense
|
-
|
(6
|
)
|
(452
|
)
|
|||||||
Interest, dividends and other investment income
|
892
|
851
|
396
|
|||||||||
|
||||||||||||
Net Income
|
28,760
|
31,949
|
27,849
|
|||||||||
|
||||||||||||
Noncontrolling interests:
|
||||||||||||
Net income attributable to noncontrolling interests
|
(500
|
)
|
(306
|
)
|
(307
|
)
|
||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
28,260
|
31,643
|
27,542
|
|||||||||
Preferred stock dividends
|
(13,267
|
)
|
(13,094
|
)
|
(13,094
|
)
|
||||||
Redemption of preferred stock
|
(2,027
|
)
|
-
|
-
|
||||||||
|
||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
12,966
|
$
|
18,549
|
$
|
14,448
|
||||||
|
||||||||||||
Basic Earnings Per Share:
|
||||||||||||
Common
|
$
|
0.43
|
$
|
0.62
|
$
|
0.53
|
||||||
Class A Common
|
$
|
0.47
|
$
|
0.68
|
$
|
0.58
|
||||||
|
||||||||||||
Diluted Earnings Per Share:
|
||||||||||||
Common
|
$
|
0.41
|
$
|
0.60
|
$
|
0.52
|
||||||
Class A Common
|
$
|
0.46
|
$
|
0.66
|
$
|
0.57
|
||||||
|
||||||||||||
Dividends Per Share:
|
||||||||||||
Common
|
$
|
0.90
|
$
|
0.89
|
$
|
0.88
|
||||||
Class A Common
|
$
|
0.99
|
$
|
0.98
|
$
|
0.97
|
|
Year Ended October 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
|
|
|
|||||||||
Cash Flows from Operating Activities:
|
|
|
|
|||||||||
Net income
|
$
|
28,760
|
$
|
31,949
|
$
|
27,849
|
||||||
Adjustments to reconcile net income to net cash provided
|
||||||||||||
by operating activities:
|
||||||||||||
Depreciation and amortization
|
16,721
|
15,292
|
15,066
|
|||||||||
Straight-line rent adjustment
|
(832
|
)
|
(634
|
)
|
(877
|
)
|
||||||
Provisions for tenant credit losses
|
665
|
1,009
|
671
|
|||||||||
Loss on property held for sale
|
-
|
-
|
300
|
|||||||||
Restricted stock compensation expense and other adjustments
|
3,812
|
3,881
|
3,277
|
|||||||||
Deferred compensation arrangement
|
6
|
(116
|
)
|
(50
|
)
|
|||||||
Equity in net loss/(income) of unconsolidated joint ventures
|
138
|
(393
|
)
|
(208
|
)
|
|||||||
Lease termination income
|
-
|
(2,988
|
)
|
-
|
||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Tenant receivables
|
1,335
|
(2,588
|
)
|
(799
|
)
|
|||||||
Accounts payable and accrued expenses
|
812
|
(428
|
)
|
425
|
||||||||
Other assets and other liabilities, net
|
1,068
|
1,568
|
(672
|
)
|
||||||||
Restricted Cash
|
19
|
(4
|
)
|
174
|
||||||||
Net Cash Flow Provided by Operating Activities
|
52,504
|
46,548
|
45,156
|
|||||||||
|
||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Acquisitions of real estate investments
|
(5,432
|
)
|
(23,329
|
)
|
(22,261
|
)
|
||||||
Investments in and advances to unconsolidated joint ventures
|
(1,044
|
)
|
(1,598
|
)
|
(23,919
|
)
|
||||||
Acquisitions of noncontrolling interests
|
-
|
(8,787
|
)
|
-
|
||||||||
Deposits on acquisition of real estate investments
|
(129
|
)
|
(1,252
|
)
|
(60
|
)
|
||||||
Returns of deposits on real estate investments
|
843
|
-
|
-
|
|||||||||
Improvements to properties and deferred charges
|
(6,523
|
)
|
(8,134
|
)
|
(4,728
|
)
|
||||||
Net proceeds from sale of properties
|
533
|
-
|
-
|
|||||||||
Distributions to noncontrolling interests
|
(500
|
)
|
(306
|
)
|
(307
|
)
|
||||||
Distribution from unconsolidated joint ventures
|
412
|
165
|
16
|
|||||||||
Payments received on mortgage notes and other receivables
|
1,062
|
890
|
80
|
|||||||||
|
||||||||||||
Net Cash Flow (Used in) Investing Activities
|
(10,778
|
)
|
(42,351
|
)
|
(51,179
|
)
|
||||||
|
||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Dividends paid -- Common and Class A Common Stock
|
(29,331
|
)
|
(28,173
|
)
|
(25,783
|
)
|
||||||
Dividends paid -- Preferred Stock
|
(13,267
|
)
|
(13,094
|
)
|
(13,094
|
)
|
||||||
Principal repayments on mortgage notes payable
|
(15,049
|
)
|
(6,589
|
)
|
(7,378
|
)
|
||||||
Proceeds from revolving credit line borrowings
|
58,000
|
30,250
|
43,950
|
|||||||||
Proceeds from loan financing
|
28,000
|
1,546
|
-
|
|||||||||
Sales of additional shares of Common and Class A Common Stock
|
47,799
|
717
|
46,013
|
|||||||||
Repayments on revolving credit line borrowings
|
(88,250
|
)
|
-
|
(32,350
|
)
|
|||||||
Net proceeds from issuance of Series F Preferred Stock
|
125,281
|
-
|
-
|
|||||||||
Redemption of preferred stock including restricted cash
|
(81,346
|
)
|
-
|
-
|
||||||||
|
||||||||||||
Net Cash Flow Provided by (Used in) Financing Activities
|
31,837
|
(15,343
|
)
|
11,358
|
||||||||
|
||||||||||||
Net Increase/(Decrease) In Cash and Cash Equivalents
|
73,563
|
(11,146
|
)
|
5,335
|
||||||||
Cash and Cash Equivalents at Beginning of Year
|
4,529
|
15,675
|
10,340
|
|||||||||
|
||||||||||||
Cash and Cash Equivalents at End of Year
|
$
|
78,092
|
$
|
4,529
|
$
|
15,675
|
||||||
|
|
7.5% Series D Preferred Stock
Issued
|
7.5% Series D Preferred
Stock
Amount
|
7.125% Series F Preferred
Stock
Issued
|
7.125% Series F Preferred
Stock
Amount
|
Common
Stock Issued |
Common Stock
Amount
|
Class A Common
Stock Issued
|
Class A Common Stock
Amount
|
Additional Paid In
Capital
|
Cumulative Distributions In Excess of
Net Income
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Stockholders
Equity
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Balances – October 31, 2009
|
2,450,000
|
$
|
61,250
|
-
|
$
|
-
|
8,222,514
|
$
|
82
|
18,241,275
|
$
|
182
|
$
|
261,433
|
$
|
(49,150
|
)
|
$
|
(216
|
)
|
$
|
273,581
|
||||||||||||||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
14,448
|
-
|
14,448
|
||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) in marketable securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
190
|
190
|
||||||||||||||||||||||||||||||||||||
Change in unrealized loss on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(203
|
)
|
(203
|
)
|
||||||||||||||||||||||||||||||||||
Total comprehensive income
|
14,435
|
|||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.88 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,412
|
)
|
-
|
(7,412
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.97 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(18,371
|
)
|
-
|
(18,371
|
)
|
||||||||||||||||||||||||||||||||||
Sale of Class A Common Shares
|
-
|
-
|
-
|
-
|
-
|
-
|
2,500,000
|
25
|
44,897
|
-
|
-
|
44,922
|
||||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
62,976
|
-
|
8,873
|
-
|
1,091
|
-
|
-
|
1,091
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
175,950
|
2
|
69,550
|
1
|
(3
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,277
|
-
|
-
|
3,277
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,072
|
)
|
-
|
(4,072
|
)
|
||||||||||||||||||||||||||||||||||
Balances – October 31, 2010
|
2,450,000
|
61,250
|
-
|
|
-
|
8,461,440
|
84
|
20,819,698
|
208
|
310,695
|
(64,557
|
)
|
(229
|
)
|
307,451
|
|||||||||||||||||||||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18,549
|
-
|
18,549
|
||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) in marketable securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Change in unrealized (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
75
|
75
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
18,624
|
|||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.89 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,705
|
)
|
-
|
(7,705
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.98 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(20,468
|
)
|
-
|
(20,468
|
)
|
||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
34,498
|
1
|
8,532
|
-
|
715
|
-
|
-
|
716
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
175,950
|
2
|
63,100
|
1
|
(3
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,881
|
-
|
-
|
3,881
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(281
|
)
|
-
|
(281
|
)
|
||||||||||||||||||||||||||||||||||
Balances – October 31, 2011
|
2,450,000
|
61,250
|
-
|
-
|
8,671,888
|
87
|
20,891,330
|
209
|
315,288
|
(74,462
|
)
|
(154
|
)
|
302,218
|
||||||||||||||||||||||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12,966
|
-
|
12,966
|
||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) in marketable securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
64
|
64
|
||||||||||||||||||||||||||||||||||||
Change in unrealized (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
73
|
73
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
13,103
|
||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.90 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,966
|
)
|
-
|
(7,966
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.99 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(21,365
|
)
|
-
|
(21,365
|
)
|
||||||||||||||||||||||||||||||||||
Sale of Class A Common Shares
|
-
|
-
|
-
|
-
|
-
|
-
|
2,500,000
|
25
|
47,504
|
-
|
-
|
47,529
|
||||||||||||||||||||||||||||||||||||
Issuance of Series F Preferred Stock
|
-
|
-
|
5,175,000
|
129,375
|
-
|
-
|
-
|
-
|
(4,094
|
)
|
-
|
-
|
125,281
|
|||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
6,627
|
-
|
7,950
|
-
|
270
|
-
|
-
|
270
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
175,950
|
2
|
61,600
|
1
|
(3
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,812
|
-
|
-
|
3,812
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
126
|
-
|
126
|
||||||||||||||||||||||||||||||||||||
Balances – October 31, 2012
|
2,450,000
|
$
|
61,250
|
5,175,000
|
$
|
129,375
|
8,854,465
|
$
|
89
|
23,460,880
|
$
|
235
|
$
|
362,777
|
$
|
(90,701
|
)
|
$
|
(17
|
)
|
$
|
463,008
|
||||||||||||||||||||||||||
|
Description:
|
Fair Market
Value
|
Cost
Basis
|
Net Unrealized
Gain/(Loss)
|
Gross
Unrealized
Gains
|
Gross Unrealized
(Loss)
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
REIT Common and Preferred Stocks
|
$
|
994
|
$
|
956
|
$
|
38
|
$
|
38
|
$
|
-
|
|
Year Ended October 31
,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Net income applicable to Common and Class A Common Stockholders
|
$
|
12,966
|
$
|
18,549
|
$
|
14,448
|
||||||
|
||||||||||||
Change in unrealized gains/(losses) in marketable equity securities
|
64
|
-
|
190
|
|||||||||
|
||||||||||||
Change in unrealized (loss) on interest rate swap
|
73
|
75
|
(203
|
)
|
||||||||
|
||||||||||||
Total comprehensive income
|
$
|
13,103
|
$
|
18,624
|
$
|
14,435
|
|
Year Ended October 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Numerator
|
|
|
|
|||||||||
Net income applicable to common stockholders – basic
|
$
|
3,166
|
$
|
4,536
|
$
|
3,795
|
||||||
Effect of dilutive securities:
|
||||||||||||
Stock awards
|
236
|
265
|
175
|
|||||||||
Net income applicable to common stockholders – diluted
|
$
|
3,402
|
$
|
4,801
|
$
|
3,970
|
||||||
Denominator
|
||||||||||||
Denominator for basic EPS-weighted average common shares
|
7,370
|
7,306
|
7,176
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock and other awards
|
834
|
655
|
519
|
|||||||||
Denominator for diluted EPS – weighted average common equivalent shares
|
8,204
|
7,961
|
7,695
|
|||||||||
|
||||||||||||
Numerator
|
||||||||||||
Net income applicable to Class A common stockholders – basic
|
$
|
9,800
|
$
|
14,013
|
$
|
10,653
|
||||||
Effect of dilutive securities:
|
||||||||||||
Stock awards
|
(236
|
)
|
(265
|
)
|
(175
|
)
|
||||||
Net income applicable to Class A common stockholders – diluted
|
$
|
9,564
|
$
|
13,748
|
$
|
10,478
|
||||||
|
||||||||||||
Denominator
|
||||||||||||
Denominator for basic EPS – weighted average Class A common shares
|
20,740
|
20,496
|
18,273
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock and other awards
|
224
|
208
|
150
|
|||||||||
Denominator for diluted EPS – weighted average Class A common
|
||||||||||||
equivalent shares
|
20,964
|
20,704
|
18,423
|
|
Core Properties
|
Non-Core Properties
|
Unconsolidated Joint Venture
|
Mortgage Notes Receivable
|
2012
Totals
|
2011
Totals
|
||||||||||||||||||
Retail
|
$
|
511,662
|
$
|
- |
$
|
26,708
|
$
|
898
|
$
|
539,268
|
$
|
523,481
|
||||||||||||
Office
|
7,649
|
-
|
-
|
-
|
7,649
|
7,792
|
||||||||||||||||||
Industrial
|
-
|
553
|
-
|
-
|
553
|
584
|
||||||||||||||||||
|
$
|
519,311
|
$
|
553
|
$
|
26,708
|
$
|
898
|
$
|
547,470
|
$
|
531,857
|
|
2012
|
2011
|
||||||
Northeast
|
$
|
546,019
|
$
|
530,274
|
||||
Midwest
|
303
|
324
|
||||||
Southwest
|
1,148
|
1,259
|
||||||
|
$
|
547,470
|
$
|
531,857
|
|
2012
|
2011
|
||||||
Land
|
$
|
121,382
|
$
|
116,220
|
||||
Buildings and improvements
|
538,398
|
514,352
|
||||||
|
659,780
|
630,572
|
||||||
Accumulated depreciation
|
(140,469
|
)
|
(126,682
|
)
|
||||
|
$
|
519,311
|
$
|
503,890
|
|
2012
|
2011
|
||||||
Land
|
$
|
450
|
$
|
450
|
||||
Buildings and improvements
|
145
|
145
|
||||||
|
595
|
595
|
||||||
Accumulated depreciation
|
(42
|
)
|
(11
|
)
|
||||
|
$
|
553
|
$
|
584
|
|
Principal
Repayments
|
Scheduled
Amortization
|
Total
|
|||||||||
2013
|
$
|
3,191
|
$
|
2,900
|
$
|
6,091
|
||||||
2014
|
-
|
2,987
|
2,987
|
|||||||||
2015
|
4,480
|
3,127
|
7,607
|
|||||||||
2016
|
-
|
3,207
|
3,207
|
|||||||||
2017
|
49,623
|
3,140
|
52,763
|
|||||||||
Thereafter
|
64,471
|
6,110
|
70,581
|
|||||||||
|
$
|
121,765
|
$
|
21,471
|
$
|
143,236
|
|
October 31,
2012
|
October 31,
2011
|
||||||
8.50% Series C Senior Cumulative Preferred Stock; liquidation preference of $100 per share; issued and outstanding 224,027 and 400,000 shares
|
$
|
21,510
|
$
|
38,406
|
||||
8.50% Series E Senior Cumulative Preferred Stock; liquidation preference of $25 per share; issued and outstanding -0- and 2,400,000 shares
|
-
|
57,797
|
||||||
Total Redeemable Preferred Stock
|
$
|
21,510
|
$
|
96,203
|
|
October 31,
2012
|
October 31,
2011
|
||||||
|
|
|
||||||
Beginning Balance
|
$
|
2,824
|
$
|
11,330
|
||||
Initial Orangeburg noncontrolling interest
|
8,724
|
-
|
||||||
Purchase of Noncontrolling Interests
|
-
|
(8,787
|
)
|
|||||
Change in Redemption Value
|
(127
|
)
|
281
|
|||||
|
||||||||
Ending Balance
|
$
|
11,421
|
$
|
2,824
|
|
October 31, 2012
|
October 31, 2011
|
||||||
|
|
|
||||||
Midway Shopping Center, L.P. (11.642%)
|
$
|
19,165
|
$
|
18,904
|
||||
Putnam Plaza Shopping Center (66.67%)
|
6,820
|
6,757
|
||||||
81 Pondfield Road Company (20%)
|
723
|
723
|
||||||
Total
|
$
|
26,708
|
$
|
26,384
|
||||
|
|
Common Shares
|
Class A Common Shares
|
||||||||||||||
|
Shares
|
Weighted-Average Grant Date
Fair Value
|
Shares
|
Weighted-Average Grant Date
Fair Value
|
||||||||||||
Non-vested at October 31, 2011
|
1,343,250
|
$
|
15.18
|
386,700
|
$
|
16.51
|
||||||||||
Granted
|
175,950
|
$
|
17.04
|
61,600
|
$
|
18.35
|
||||||||||
Vested
|
(45,800
|
)
|
$
|
17.55
|
(48,400
|
)
|
$
|
17.95
|
||||||||
Non-vested at October 31, 2012
|
1,473,400
|
$
|
15.33
|
399,900
|
$
|
16.62
|
·
|
Level 1- Quoted prices for identical instruments in active markets
|
·
|
Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable
|
·
|
Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
Total
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Fiscal Year Ended October 31, 2012
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
||||||||||||
Available for Sale Securities
|
$
|
994
|
$
|
994
|
$
|
-
|
$
|
-
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreement
|
$
|
55
|
$
|
-
|
$
|
55
|
$
|
-
|
||||||||
|
||||||||||||||||
Redeemable noncontrolling interests
|
$
|
11,421
|
$
|
8,584
|
$
|
-
|
$
|
2,837
|
||||||||
|
||||||||||||||||
Fiscal Year Ended October 31, 2011
|
||||||||||||||||
|
||||||||||||||||
Assets:
|
||||||||||||||||
Available for Sale Securities
|
$
|
932
|
$
|
932
|
$
|
-
|
$
|
-
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreement
|
$
|
128
|
$
|
-
|
$
|
128
|
$
|
-
|
||||||||
|
||||||||||||||||
Redeemable noncontrolling interests
|
$
|
2,824
|
$
|
-
|
$
|
-
|
$
|
2,824
|
|
Year Ended October 31, 2012
|
Year Ended October 31, 2011
|
||||||||||||||||||||||||||||||
|
Quarter Ended
|
Quarter Ended
|
||||||||||||||||||||||||||||||
|
Jan 31
|
Apr 30
|
July 31
|
Oct 31
|
Jan 31
|
Apr 30
|
July 31
|
Oct 31
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Revenues
|
$
|
22,684
|
$
|
22,485
|
$
|
23,083
|
$
|
23,059
|
$
|
24,526
|
$
|
22,353
|
$
|
21,961
|
$
|
22,171
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc.
|
$
|
7,037
|
$
|
6,674
|
$
|
7,494
|
$
|
7,053
|
$
|
10,149
|
$
|
6,913
|
$
|
7,522
|
$
|
7,059
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Preferred Stock Dividends
|
(3,273
|
)
|
(3,274
|
)
|
(3,273
|
)
|
(3,447
|
)
|
(3,273
|
)
|
(3,274
|
)
|
(3,273
|
)
|
(3,274
|
)
|
||||||||||||||||
Redemption of Preferred Stock
|
-
|
-
|
-
|
(2,027
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
3,764
|
$
|
3,400
|
$
|
4,221
|
$
|
1,579
|
$
|
6,876
|
$
|
3,639
|
$
|
4,249
|
$
|
3,785
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||||||||||
Basic Earnings Per Share:
|
||||||||||||||||||||||||||||||||
Class A Common Stock
|
$
|
.14
|
$
|
.12
|
$
|
.15
|
$
|
.06
|
$
|
.25
|
$
|
.13
|
$
|
.16
|
$
|
.14
|
||||||||||||||||
Common Stock
|
$
|
.13
|
$
|
.11
|
$
|
.14
|
$
|
.05
|
$
|
.23
|
$
|
.12
|
$
|
.14
|
$
|
.13
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Diluted Earnings Per Share:
|
||||||||||||||||||||||||||||||||
Class A Common Stock
|
$
|
.13
|
$
|
.12
|
$
|
.15
|
$
|
.05
|
$
|
.25
|
$
|
.13
|
$
|
.15
|
$
|
.14
|
||||||||||||||||
Common Stock
|
$
|
.12
|
$
|
.11
|
$
|
.14
|
$
|
.05
|
$
|
.23
|
$
|
.12
|
$
|
.14
|
$
|
.12
|
New York, New York
January 10, 2013
|
/s/ PKF O'Connor Davies
A Division of O'Connor Davies, LLP
|
|
|
|
|
COL. A
|
COL. B
|
COL. C
|
COL. D
|
COL. E
|
COL. F
|
COL. G/H
|
COL. I
|
|||||||||||||||||||||||||||||||||||||
|
|
Initial Cost to Company
|
Cost Capitalized Subsequent
to Acquisition
|
Amount at which Carried at Close of Period
|
Life on which
depreciation for
|
|||||||||||||||||||||||||||||||||||||||
Description and
Location
|
Encumbrances
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
TOTAL (a)
|
Accumulated
Depreciation
|
Date
Constructed/
|
income statement is
computed (Note (c))
|
|||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases (Note (a)):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Office Buildings:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
$
|
708
|
$
|
1,641
|
$
|
-
|
$
|
164
|
$
|
708
|
$
|
1,805
|
$
|
2,513
|
$
|
514
|
2001
|
31.5
|
|||||||||||||||||||||||||
Greenwich, CT
|
-
|
488
|
1,139
|
-
|
330
|
488
|
1,469
|
1,957
|
402
|
2000
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
570
|
2,359
|
-
|
789
|
570
|
3,148
|
3,718
|
1,112
|
1998
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
199
|
795
|
-
|
717
|
199
|
1,512
|
1,711
|
413
|
1993
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
111
|
444
|
-
|
5
|
111
|
449
|
560
|
371
|
1994
|
31.5
|
|||||||||||||||||||||||||||||||||
|
-
|
2,076
|
6,378
|
-
|
2,005
|
2,076
|
8,383
|
10,459
|
2,812
|
|||||||||||||||||||||||||||||||||||
Retail Properties:
|
||||||||||||||||||||||||||||||||||||||||||||
Bronxville, NY
|
-
|
60
|
239
|
95
|
776
|
155
|
1,015
|
1,170
|
69
|
2009
|
39.0
|
|||||||||||||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
183
|
734
|
213
|
855
|
1,068
|
66
|
2009
|
39.0
|
|||||||||||||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
85
|
341
|
115
|
462
|
577
|
36
|
2009
|
39.0
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
3,267
|
2,114
|
8,456
|
71
|
284
|
2,185
|
8,740
|
10,925
|
928
|
2008
|
39.0
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
-
|
4,492
|
17,967
|
166
|
667
|
4,658
|
18,634
|
23,292
|
1,185
|
2010
|
39.0
|
|||||||||||||||||||||||||||||||||
Newark, NJ
|
12,075
|
5,252
|
21,023
|
-
|
1,718
|
5,252
|
22,741
|
27,993
|
2,452
|
2008
|
39.0
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
-
|
279
|
1,117
|
-
|
-
|
279
|
1,117
|
1,396
|
134
|
2008
|
39.0
|
|||||||||||||||||||||||||||||||||
Waldwick, NJ
|
-
|
1,266
|
5,064
|
-
|
(1
|
) |
1,266
|
5,063
|
6,329
|
638
|
2007
|
39.0
|
||||||||||||||||||||||||||||||||
Emerson NJ
|
735
|
3,633
|
14,531
|
-
|
1,329
|
3,633
|
15,860
|
19,493
|
2,200
|
2007
|
39.0
|
|||||||||||||||||||||||||||||||||
Monroe, CT
|
-
|
765
|
3,060
|
-
|
135
|
765
|
3,195
|
3,960
|
467
|
2007
|
39.0
|
|||||||||||||||||||||||||||||||||
Queens, NY
|
-
|
951
|
3,802
|
(57
|
)
|
(221
|
)
|
894
|
3,581
|
4,475
|
547
|
2006
|
39.0
|
|||||||||||||||||||||||||||||||
Queens, NY
|
-
|
826
|
3,304
|
(34
|
)
|
(137
|
)
|
792
|
3,167
|
3,959
|
483
|
2006
|
39.0
|
|||||||||||||||||||||||||||||||
Pelham, NY
|
-
|
1,694
|
6,843
|
-
|
(66
|
) |
1,694
|
6,777
|
8,471
|
1,139
|
2006
|
39.0
|
||||||||||||||||||||||||||||||||
Stratford, CT
|
27,720
|
10,173
|
40,794
|
(94
|
)
|
8,839
|
10,079
|
49,633
|
59,712
|
10,149
|
2005
|
39.0
|
||||||||||||||||||||||||||||||||
Yorktown Heights, NY
|
-
|
5,786
|
23,221
|
-
|
268
|
5,786
|
23,489
|
29,275
|
4,433
|
2005
|
39.0
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
-
|
909
|
3,637
|
-
|
350
|
909
|
3,987
|
4,896
|
824
|
2004
|
39.0
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
1,530
|
483
|
1,930
|
-
|
7
|
483
|
1,937
|
2,420
|
422
|
2004
|
39.0
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
690
|
239
|
958
|
-
|
87
|
239
|
1,045
|
1,284
|
241
|
2004
|
39.0
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
1,571
|
695
|
2,782
|
-
|
(1
|
)
|
695
|
2,781
|
3,476
|
605
|
2004
|
39.0
|
||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
4,318
|
17,268
|
-
|
547
|
4,318
|
17,815
|
22,133
|
4,531
|
2003
|
39.0
|
|||||||||||||||||||||||||||||||||
Westport, CT
|
-
|
2,076
|
8,305
|
-
|
206
|
2,076
|
8,511
|
10,587
|
2,164
|
2003
|
39.0
|
|||||||||||||||||||||||||||||||||
White Plains, NY
|
-
|
8,065
|
32,258
|
-
|
6,756
|
8,065
|
39,014
|
47,079
|
10,334
|
2003
|
39.0
|
|||||||||||||||||||||||||||||||||
Orange, CT
|
-
|
2,320
|
10,564
|
-
|
1,141
|
2,320
|
11,705
|
14,025
|
3,192
|
2003
|
39.0
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
48,502
|
17,965
|
71,859
|
-
|
5,957
|
17,965
|
77,816
|
95,781
|
21,580
|
2002
|
39.0
|
|||||||||||||||||||||||||||||||||
Danbury, CT
|
-
|
2,459
|
4,566
|
-
|
919
|
2,459
|
5,485
|
7,944
|
1,485
|
2002
|
39.0
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
-
|
2,222
|
5,185
|
-
|
677
|
2,222
|
5,862
|
8,084
|
1,520
|
2001
|
40.0
|
|||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
1,833
|
7,383
|
-
|
588
|
1,833
|
7,971
|
9,804
|
3,197
|
1999
|
31.5
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
-
|
380
|
1,531
|
-
|
342
|
380
|
1,873
|
2,253
|
676
|
1999
|
40.0
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
16,809
|
2,300
|
9,708
|
2
|
3,820
|
2,302
|
13,528
|
15,830
|
4,893
|
1998
|
40.0
|
|||||||||||||||||||||||||||||||||
Ridgefield, CT
|
-
|
900
|
3,793
|
-
|
1,501
|
900
|
5,294
|
6,194
|
1,554
|
1998
|
40.0
|
|||||||||||||||||||||||||||||||||
Darien, CT
|
17,774
|
4,260
|
17,192
|
-
|
779
|
4,260
|
17,971
|
22,231
|
6,479
|
1998
|
40.0
|
|||||||||||||||||||||||||||||||||
Eastchester, NY
|
-
|
1,500
|
6,128
|
-
|
2,161
|
1,500
|
8,289
|
9,789
|
2,707
|
1997
|
31.0
|
|||||||||||||||||||||||||||||||||
Danbury, CT
|
-
|
3,850
|
15,811
|
-
|
3,790
|
3,850
|
19,601
|
23,451
|
9,104
|
1995
|
31.5
|
|||||||||||||||||||||||||||||||||
Carmel, NY
|
-
|
1,488
|
5,973
|
-
|
1,752
|
1,488
|
7,725
|
9,213
|
3,670
|
1995
|
31.5
|
|||||||||||||||||||||||||||||||||
Meriden, CT
|
-
|
5,000
|
20,309
|
-
|
4,921
|
5,000
|
25,230
|
30,230
|
13,342
|
1993
|
31.5
|
|||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
821
|
2,600
|
-
|
549
|
821
|
3,149
|
3,970
|
1,330
|
1992
|
31.5
|
|||||||||||||||||||||||||||||||||
Wayne, NJ
|
574
|
2,492
|
9,966
|
-
|
1,344
|
2,492
|
11,310
|
13,802
|
5,256
|
1992
|
31.0
|
|||||||||||||||||||||||||||||||||
Newington, NH
|
-
|
728
|
1,997
|
-
|
1,827
|
728
|
3,824
|
4,552
|
2,487
|
1979
|
40.0
|
|||||||||||||||||||||||||||||||||
Springfield, MA
|
-
|
1,372
|
3,656
|
337
|
10,041
|
1,709
|
13,697
|
15,406
|
9,620
|
1970
|
40.0
|
|||||||||||||||||||||||||||||||||
Katonah, NY
|
-
|
1,704
|
6,816
|
-
|
-
|
1,704
|
6,816
|
8,520
|
451
|
2010
|
39.0
|
|||||||||||||||||||||||||||||||||
Fairfield, CT
|
-
|
3,393
|
13,574
|
153
|
612
|
3,546
|
14,186
|
17,732
|
352
|
2011
|
39.0
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
4,809
|
2,168
|
8,672
|
-
|
-
|
2,168
|
8,672
|
10,840
|
352
|
2011
|
39.0
|
|||||||||||||||||||||||||||||||||
Eastchester, NY
|
1,800
|
7,200
|
78
|
355
|
1,878
|
7,555
|
9,433
|
170
|
2012
|
39.0
|
||||||||||||||||||||||||||||||||||
Orangeburg, NY
|
7,180
|
3,200
|
12,800
|
30
|
237
|
3,230
|
13,037
|
16,267
|
193
|
2012
|
39.0
|
|||||||||||||||||||||||||||||||||
|
143,236
|
118,291
|
464,084
|
1,015
|
65,931
|
119,306
|
530,015
|
649,321
|
137,657
|
|||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Industrial Distribution Centers
|
||||||||||||||||||||||||||||||||||||||||||||
Dallas, TX
|
- |
217
|
-
|
-
|
46
|
217
|
46
|
263
|
13
|
1970
|
40.0
|
|||||||||||||||||||||||||||||||||
St. Louis, MO
|
-
|
233
|
934
|
-
|
(835
|
)
|
233
|
99
|
332
|
29
|
1970
|
40.0
|
||||||||||||||||||||||||||||||||
|
-
|
450
|
934
|
-
|
(789
|
) |
450
|
145
|
595
|
42
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Total
|
$
|
143,236
|
$
|
120,817
|
$
|
471,396
|
$
|
1,015
|
$
|
67,147
|
$
|
121,832
|
$
|
538,543
|
$
|
660,375
|
$
|
140,511
|
||||||||||||||||||||||||||
|
URSTADT BIDDLE PROPERTIES INC.
|
OCTOBER 31, 2012
|
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
|
(In thousands)
|
URSTADT BIDDLE PROPERTIES INC.
|
|
|
OCTOBER 31, 2012
|
|
|
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Continued)
|
||
(In thousands)
|
|
|
NOTES TO SCHEDULE IV
|
Year Ended October 31
|
|||||||||||
|
|
|
|
|||||||||
(a) Reconciliation of Mortgage Loans on Real Estate
|
|
|
|
|||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
|
|
|
|||||||||
Balance at beginning of period:
|
$
|
999
|
$
|
1,090
|
$
|
1,170
|
||||||
|
||||||||||||
Deductions during the current period:
|
||||||||||||
Collections of principal and amortization of discounts
|
(101
|
)
|
(91
|
)
|
(80
|
)
|
||||||
|
||||||||||||
Balance at end of period:
|
$
|
898
|
$
|
999
|
$
|
1,090
|
||||||
|
||||||||||||
(b) The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages
|
||||||||||||
(c) At October 31, 2012 no mortgage loans were delinquent in payment of currently due principal or interest.
|
||||||||||||
(d) There are no prior liens for any of the Mortgage Loans on Real Estate.
|
|
URSTADT BIDDLE PROPERTIES INC
.
|
|
(Registrant)
|
|
|
|
/s/ Charles J. Urstadt
|
|
Charles J. Urstadt
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
|
/s/ John T. Hayes
|
|
John T. Hayes
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer
|
Dated: January 11, 2013
|
and Principal Accounting Officer)
|
/s/ Charles J. Urstadt
Charles J. Urstadt
Chairman and Director
(Principal Executive Officer)
|
January 11, 2013
|
|
|
/s/ Willing L. Biddle
Willing L. Biddle
President and Director
|
January 11, 2013
|
|
|
/s/ John T. Hayes
John T. Hayes
Senior Vice President & Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
January 11, 2013
|
|
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/s/ Kevin J. Bannon
Kevin J. Bannon
Director
|
January 11, 2013
|
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/s/ E. Virgil Conway
E. Virgil Conway
Director
|
January 11, 2013
|
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|
/s/ Robert R. Douglass
Robert R. Douglass
Director
|
January 11, 2013
|
|
|
/s/ Richard Grellier
Richard Grellier
Director
|
January 11, 2013
|
|
|
/s/ George H.C. Lawrence
George H. C. Lawrence
Director
|
January 11, 2013
|
|
|
/s/ Robert J. Mueller
Robert J. Mueller
Director
|
January 11, 2013
|
|
|
/s/ Charles D. Urstadt
Charles D. Urstadt
Director
|
January 11, 2013
|
|
|
1 Year Urstadt Biddle Properties Chart |
1 Month Urstadt Biddle Properties Chart |
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