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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)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
||
Common Stock, par value $.01 per share
|
UBP
|
New York Stock Exchange
|
||
Class A Common Stock, par value $.01 per share
|
UBA
|
New York Stock Exchange
|
||
6.25% Series H Cumulative Preferred Stock
|
UBPPRH
|
New York Stock Exchange
|
||
5.875% Series K Cumulative Preferred Stock
|
UBPPRK
|
New York Stock Exchange
|
||
Common Stock Rights to Purchase Preferred Shares
|
N/A
|
New York Stock Exchange
|
||
Class A Common Stock Rights to Purchase Preferred Shares
|
N/A
|
New York Stock Exchange
|
Yes ☐
|
No ☒
|
Yes ☐
|
No ☒
|
Yes ☒
|
No ☐
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
Yes ☐
|
No ☒
|
Item No.
|
Page No.
|
|
PART I
|
||
1.
|
2
|
|
1A.
|
4
|
|
1B.
|
13
|
|
2.
|
14
|
|
3.
|
16
|
|
4.
|
16
|
|
PART II
|
||
5.
|
17
|
|
6.
|
Selected Financial Data [Reserved]
|
18
|
7.
|
19
|
|
7A.
|
34
|
|
8.
|
35
|
|
9.
|
35
|
|
9A.
|
35
|
|
9B.
|
38
|
|
9C
|
39
|
|
PART III
|
||
10.
|
40
|
|
11.
|
40
|
|
12.
|
40
|
|
13.
|
40
|
|
14.
|
40
|
|
PART IV
|
||
15.
|
41
|
|
16
|
68
|
|
69
|
•
|
negative impacts from the continued spread of COVID-19 or from the emergence of a new strain of novel corona virus, including on the U.S. or
global economy or on our business, financial position or results of operations;
|
•
|
economic and other market conditions, including real estate and market conditions, that could impact us, our properties or the financial
stability of our tenants;
|
•
|
consumer spending and confidence trends, as well as our ability to anticipate changes in consumer buying practices and the space needs of
tenants;
|
•
|
our relationships with our tenants and their financial condition and liquidity;
|
•
|
any difficulties in renewing leases, filling vacancies or negotiating improved lease terms;
|
•
|
the inability of our properties to generate increased, or even sufficient, revenues to offset expenses, including amounts we are required to pay to
municipalities for real estate taxes, payments for common area maintenance expenses at our properties and salaries for our management team and other employees;
|
•
|
the market value of our assets and the supply of, and demand for, retail real estate in which we invest;
|
•
|
risks of real estate acquisitions and dispositions, including our ability to identify and acquire retail real estate that meet our investment
standards in our markets, as well as the potential failure of transactions to close;
|
•
|
risks of operating properties through joint ventures that we do not fully control;
|
•
|
financing risks, such as the inability to obtain debt or equity financing on favorable terms or the inability to comply with various
financial covenants included in our Unsecured Revolving Credit Facility (the "Facility") or other debt instruments we currently have or may subsequently obtain, as well as the level and volatility of interest rates, which could impact the
market price of our common stock and the cost of our borrowings;
|
•
|
environmental risk and regulatory requirements;
|
•
|
risks related to our status as a real estate investment trust, including the application of complex federal income tax regulations that are
subject to change;
|
•
|
legislative and regulatory changes generally that may impact us or our tenants; and
|
•
|
other risks identified in this Annual Report on Form 10-K under Item 1A. Risk Factors and in the other reports filed by the Company with the
Securities and Exchange Commission (the “SEC”).
|
• |
maintain our focus on community and neighborhood shopping centers, anchored principally by regional supermarkets, pharmacy chains or wholesale clubs, which we
believe can provide a more stable revenue flow even during difficult economic times, given the focus on food and other types of staple goods;
|
• |
acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the metropolitan tri-state
area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals, with the hope of growing our assets through acquisitions subject to the availability of acquisitions that meet our investment parameters;
|
• |
selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition criteria;
|
• |
invest in our properties for the long-term through regular maintenance, periodic renovations and capital improvements, enhancing their attractiveness to tenants and
customers (e.g. curbside pick-up), as well as increasing their value;
|
• |
leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to meet the needs of
existing or new tenants;
|
• |
proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, anticipating tenant weakness when necessary
by pre-leasing their spaces and replacing below-market-rent leases with increased market rents, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents;
|
• |
improve and refine the quality of our tenant mix at our shopping centers;
|
• |
maintain strong working relationships with our tenants, particularly our anchor tenants;
|
• |
maintain a conservative capital structure with low leverage levels, ample liquidity and diverse sources of capital; and
|
• |
control property operating and administrative costs.
|
Tenant
|
Number
of Stores
|
% of Total Annual
Base Rent of Properties
|
||||||
Stop & Shop
|
11
|
10.3
|
%
|
|||||
CVS
|
9
|
4.4
|
%
|
|||||
Acme
|
6
|
3.7
|
%
|
|||||
The TJX Companies
|
4
|
2.7
|
%
|
|||||
ShopRite
|
3
|
1.9
|
%
|
|||||
Bed Bath & Beyond (includes Harmon Cosmetics)
|
2
|
1.6
|
%
|
|||||
BJ's
|
3
|
1.6
|
%
|
|||||
Staples
|
3
|
1.4
|
%
|
|||||
Walgreens
|
4
|
1.2
|
%
|
|||||
J.P Morgan Chase
|
8
|
1.1
|
%
|
|||||
53
|
29.9
|
%
|
Year of Expiration
|
Number of
Leases Expiring
|
Square Footage
of Expiring Leases
|
Minimum
Base Rentals
|
Percentage of
Total Annual
Base Rent that is
Represented by
the Expiring Leases
|
||||||||||||
2023 (Note A below)
|
14
|
93,870
|
$
|
3,169,500
|
28.8
|
%
|
||||||||||
2024
|
2
|
1,925
|
85,700
|
0.8
|
%
|
|||||||||||
2025
|
2
|
42,000
|
1,138,800
|
10.4
|
%
|
|||||||||||
2026
|
2
|
5,724
|
149,200
|
1.4
|
%
|
|||||||||||
2027
|
6
|
101,422
|
3,460,800
|
31.5
|
%
|
|||||||||||
2028
|
2
|
37,125
|
1,293,600
|
11.8
|
%
|
|||||||||||
2029
|
1
|
4,000
|
95,300
|
0.9
|
%
|
|||||||||||
2030
|
1
|
2,347
|
61,300
|
0.6
|
%
|
|||||||||||
2031
|
3
|
46,541
|
1,003,400
|
9.1
|
%
|
|||||||||||
2032
|
2
|
9,935
|
262,300
|
2.4
|
%
|
|||||||||||
Thereafter
|
1
|
9,390
|
272,300
|
2.5
|
%
|
|||||||||||
Total
|
36
|
354,279
|
$
|
10,992,200
|
100
|
%
|
•
|
providing department-specific training and access to online training seminars and opportunities to participate in industry
conferences;
|
•
|
introducing the next generation of real estate leaders through summer internship programs;
|
•
|
providing annual reviews and regular feedback to assist in employee development and providing opportunities for employees to
provide suggestions to management and safely register complaints;
|
•
|
providing family leave, for example, for the birth or adoption of a child, as well as sick leave, that exceeds minimum
regulatory requirements;
|
•
|
focusing on creating a workplace that values employee health and safety, and to that end providing expanded paid sick leave
during the early part of the COVID-19 pandemic;
|
•
|
committing to the full inclusion of all qualified employees and applicants and providing equal employment opportunities to all
persons, in accordance with the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans with Disabilities Act; and
|
•
|
appreciating the many contributions of a diverse workforce, understanding that diverse backgrounds bring diverse perspectives,
resulting in unique insights.
|
•
|
a deterioration in consumer sentiment, changes in consumer behavior
in favor of e-commerce, or negative public perception of the COVID-19 health risk, which could result in decreased foot traffic to our shopping centers and
tenant businesses for an extended period of time, which could negatively impact our tenants’ businesses;
|
•
|
the inability of tenants to meet their lease obligations or other obligations (including repayment of deferred rents) to us in full, or at
all, or to otherwise seek modifications of such obligations or declare bankruptcy due to economic and business conditions;
|
•
|
the ability and willingness of new tenants to enter into leases during what is perceived to be uncertain times, the ability and willingness
of existing tenants to renew their leases upon expiration, and our ability to re-lease the properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant;
|
•
|
disruptions to the supply chain or lack of employees available or willing to work due to perceptions of COVID-19 health risk, as well as
general labor shortages, that could make it difficult for our tenants to operate, as well as to pay rent;
|
•
|
state, local or industry-initiated efforts, such as a rent freeze for tenants, the suspension of a landlord’s ability to enforce evictions,
or the mandatory closures of businesses, which could affect our ability to collect rent or enforce remedies for the failure to pay rent;
|
•
|
severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions, which could make it
difficult for us to access debt and equity capital, draw on our credit facility or obtain additional indebtedness or refinance indebtedness as it becomes due; and
|
•
|
volatility in the trading prices of our Common Stock and Class A Common Stock.
|
• |
We may share decision-making authority with our joint venture partners regarding certain major decisions affecting the ownership or operation of the joint venture and the
joint venture property, such as, but not limited to, (i) additional capital contribution requirements, (ii) obtaining, refinancing or paying off debt, and (iii) obtaining consent prior to the sale or transfer of our interest in the joint
venture to a third party, which may prevent us from taking actions that are opposed by our joint venture partners;
|
• |
Our joint venture partners may have business interests or goals with respect to the property that conflict with our business interests and goals, which could increase the
likelihood of disputes regarding the ownership, management or disposition of the property;
|
• |
Disputes may develop with our joint venture partners over decisions affecting the property or the joint venture, which may result in litigation or arbitration that would
increase our expenses and distract our officers from focusing their time and effort on our business, disrupt the day-to-day operations of the property such as by delaying the implementation of important decisions until the conflict is resolved,
and possibly force a sale of the property if the dispute cannot be resolved; and
|
• |
The activities of a joint venture could adversely affect our ability to qualify as a REIT.
|
• |
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 to respond to changing business and economic conditions;
|
• |
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, working capital or to finance acquisitions in the future; or
|
• |
limiting our flexibility in conducting our business, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms.
|
• |
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.
|
• |
our income may not be matched by our related expenses at the time the income is considered received for purposes of determining taxable income; and
|
• |
non-deductible capital expenditures, creation of reserves, or debt service requirements may reduce available cash but not taxable income.
|
• |
our financial condition and results of future operations;
|
• |
the performance of lease terms by tenants;
|
• |
the terms of our loan covenants;
|
• |
payment obligations on debt; and
|
• |
our ability to acquire, finance or redevelop and lease additional properties at attractive rates.
|
• |
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 receives 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 (i) 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 (ii) the affirmative vote of holders of our stock representing a majority of all votes entitled to be cast on
the matter.
|
• |
Certain provisions of our charter may only be amended by (i) a vote of a majority of our Continuing Directors and (ii) the affirmative vote of holders of our stock
representing a majority of all votes entitled to be cast on the matter.
|
• |
The number of directors may be increased or decreased by a vote of our Board of Directors.
|
Retail Properties:
|
Year Renovated
|
Year Completed
|
Year Acquired
|
Gross Leasable Sq Feet
|
Acres
|
Number of Tenants
|
% Leased
|
Principal Tenants
|
Stamford, CT
|
1997
|
1950
|
2002
|
374,000
|
13.6
|
36
|
98%
|
Stop & Shop
|
Stratford, CT
|
1988
|
1978
|
2005
|
281,000
|
33.2
|
20
|
99%
|
Stop & Shop, BJ's
|
Scarsdale, NY (1)
|
2004
|
1958
|
2010
|
244,000
|
14.0
|
22
|
95%
|
ShopRite
|
New Milford, CT
|
2002
|
1972
|
2010
|
235,000
|
20.0
|
14
|
100%
|
Walmart/Stop & Shop
|
Riverhead, NY (2)
|
-
|
2014
|
2014
|
198,000
|
20.7
|
4
|
100%
|
Walmart
|
Danbury, CT
|
-
|
1989
|
1995
|
194,000
|
19.3
|
15
|
93%
|
Christmas Tree Shops
|
Carmel, NY (3)
|
2006
|
1971
|
2010
|
189,000
|
22.0
|
30
|
90%
|
Tops Markets
|
Shelton, CT
|
1994
|
1982
|
2022
|
189,000
|
22.0
|
17
|
97%
|
Stop & Shop
|
Brewster, NY
|
1998
|
1977
|
2019
|
174,000
|
23.0
|
26
|
88%
|
Acme Supermarket
|
Carmel, NY
|
1999
|
1983
|
1995
|
145,000
|
19.0
|
15
|
94%
|
ShopRite
|
Ossining, NY
|
2000
|
1978
|
1998
|
137,000
|
11.4
|
23
|
92%
|
Stop & Shop
|
Somers, NY (4)
|
-
|
2002
|
2003
|
135,000
|
26.0
|
25
|
75%
|
Goodwill
|
Midland Park, NJ
|
1999
|
1970
|
2015
|
130,000
|
7.9
|
24
|
81%
|
Kings Supermarket
|
Yorktown, NY (5)
|
1997
|
1973
|
2005
|
123,000
|
16.4
|
13
|
83%
|
Staples
|
New Providence, NJ
|
2010
|
1965
|
2013
|
109,000
|
7.8
|
22
|
100%
|
Acme Markets
|
Newark, NJ
|
-
|
1995
|
2008
|
108,000
|
8.4
|
13
|
100%
|
Seabra Supermarket
|
Wayne, NJ
|
1992
|
1959
|
1992
|
103,000
|
9.0
|
42
|
97%
|
Whole Foods Market
|
Darien, CT
|
1992
|
1955
|
1998
|
96,000
|
9.5
|
20
|
92%
|
Stop & Shop
|
Pompton Lakes, NJ (6)
|
2000
|
1965
|
2015
|
94,000
|
12.0
|
18
|
65%
|
Planet Fitness
|
Emerson, NJ
|
2013
|
1981
|
2007
|
93,000
|
7.0
|
9
|
89%
|
ShopRite
|
Stamford, CT (7)
|
2013
|
1963 & 1968
|
2017
|
87,000
|
6.7
|
24
|
68%
|
Trader Joes
|
New Milford, CT
|
-
|
1966
|
2008
|
81,000
|
7.6
|
6
|
87%
|
Big Y
|
Somers, NY
|
-
|
1991
|
1999
|
80,000
|
10.8
|
33
|
99%
|
CVS
|
Orange, CT
|
-
|
1990
|
2003
|
77,000
|
10.0
|
8
|
100%
|
Trader Joes/TJ Maxx
|
Kinnelon, NJ
|
2015
|
1961
|
2015
|
77,000
|
7.5
|
13
|
100%
|
Marshalls
|
Montvale, NJ (2)
|
2010
|
1965
|
2013
|
76,000
|
9.9
|
12
|
89%
|
The Fresh Market
|
Orangeburg, NY (8)
|
2014
|
1966
|
2012
|
74,000
|
10.6
|
24
|
94%
|
CVS
|
Dumont, NJ (9)
|
-
|
1992
|
2017
|
74,000
|
5.5
|
28
|
93%
|
Stop & Shop
|
Stamford, CT
|
2000
|
1970
|
2016
|
74,000
|
9.7
|
15
|
98%
|
ShopRite (Grade A)
|
New Milford, CT
|
-
|
2003
|
2011
|
72,000
|
8.8
|
8
|
88%
|
Staples/All Out Fitness
|
Eastchester, NY
|
2013
|
1978
|
1997
|
70,000
|
4.0
|
13
|
100%
|
DeCicco's Market
|
Boonton, NJ
|
2016
|
1999
|
2014
|
63,000
|
5.4
|
9
|
97%
|
Acme Markets
|
Ridgefield, CT
|
1999
|
1930
|
1998
|
62,000
|
3.0
|
36
|
88%
|
Keller Williams
|
Fairfield, CT
|
-
|
1995
|
2011
|
62,000
|
7.0
|
3
|
100%
|
Marshalls
|
Bloomfield, NJ
|
2016
|
1977
|
2014
|
59,000
|
5.1
|
10
|
100%
|
Walgreens/Food World
|
Yonkers, NY (10)
|
-
|
1982
|
2014
|
58,000
|
5.0
|
12
|
96%
|
Acme Markets
|
Cos Cob, CT
|
2008
|
1986
|
2014
|
48,000
|
1.1
|
30
|
98%
|
CVS
|
Briarcliff Manor, NY (11)
|
2014
|
1975
|
2001
|
47,000
|
1.0
|
18
|
96%
|
CVS
|
Wyckoff, NJ
|
2014
|
1971
|
2015
|
43,000
|
5.2
|
15
|
95%
|
Walgreens
|
Westport, CT
|
-
|
1986
|
2003
|
40,000
|
3.0
|
3
|
51%
|
BevMax
|
Old Greenwich, CT
|
-
|
1976
|
2014
|
39,000
|
1.4
|
13
|
93%
|
Kings Supermarket
|
Rye, NY
|
-
|
Various
|
2004
|
39,000
|
1.0
|
21
|
100%
|
A&S Deli
|
Derby, CT
|
-
|
2014
|
2017
|
38,000
|
5.3
|
8
|
100%
|
Aldi Supermarket
|
Passaic, NJ
|
2016
|
1974
|
2017
|
37,000
|
2.9
|
4
|
91%
|
Dollar Tree/Family Dollar
|
Danbury, CT
|
2012
|
1988
|
2002
|
33,000
|
2.7
|
7
|
100%
|
Buffalo Wild Wings
|
Bethel, CT
|
1967
|
1957
|
2014
|
31,000
|
4.0
|
7
|
100%
|
Rite Aid/La Placita Supermarket
|
Ossining, NY
|
2001
|
1981
|
1999
|
29,000
|
4.0
|
3
|
88%
|
Westchester Community College
|
Katonah, NY
|
1986
|
Various
|
2010
|
28,000
|
1.7
|
33
|
71%
|
Squires
|
Stamford, CT
|
1995
|
1960
|
2016
|
27,000
|
1.1
|
6
|
92%
|
Federal Express
|
Yonkers, NY
|
1992
|
1955
|
2018
|
27,000
|
2.7
|
14
|
88%
|
AutoZone
|
Waldwick, NJ
|
-
|
1953
|
2017
|
27,000
|
1.8
|
9
|
90%
|
United States Post Office
|
Harrison, NY
|
-
|
1970
|
2015
|
26,000
|
1.6
|
10
|
100%
|
Harrison Market
|
Pelham, NY
|
2014
|
1975
|
2006
|
25,000
|
1.0
|
7
|
88%
|
Manor Market
|
Eastchester, NY
|
2014
|
1963
|
2012
|
24,000
|
2.1
|
5
|
100%
|
CVS
|
Ridgefield, CT
|
-
|
1960
|
2018
|
23,000
|
2.7
|
12
|
84%
|
William Pitt
|
Waldwick, NJ
|
-
|
1961
|
2008
|
20,000
|
1.8
|
1
|
100%
|
Rite Aid
|
Somers, NY
|
-
|
1987
|
1992
|
19,000
|
4.9
|
10
|
100%
|
Putnam County Savings Bank
|
Cos Cob, CT
|
1970
|
1947
|
2013
|
15,000
|
0.9
|
10
|
99%
|
Veterinarian Emergency
|
Riverhead, NY (2)
|
-
|
2000
|
2014
|
13,000
|
2.7
|
3
|
100%
|
Applebee's
|
Greenwich, CT
|
-
|
1961
|
2013
|
10,000
|
0.8
|
6
|
100%
|
Wells Fargo Bank
|
Old Greenwich, CT (7)
|
2001
|
1941
|
2017
|
8,000
|
0.8
|
1
|
100%
|
CVS
|
Fort Lee, NJ
|
-
|
1967
|
2015
|
7,000
|
0.4
|
1
|
100%
|
H-Mart
|
Kingston, NY
|
-
|
Various
|
2013
|
3,000
|
3.0
|
1
|
100%
|
Marine's Taste of Italy
|
Office Properties and Bank Branches
|
||||||||
Greenwich, CT
|
-
|
Various
|
Various
|
58,000
|
2.8
|
15
|
100%
|
UBP
|
Bronxville & Yonkers
|
-
|
1960
|
2008 & 2009
|
19,000
|
0.7
|
5
|
100%
|
M&T Bank, Chase Bank
|
Stamford, CT (7)
|
2012
|
1960
|
2017
|
4,000
|
0.5
|
1
|
100%
|
Chase Bank
|
New City, NY
|
-
|
1973
|
2018
|
3,000
|
1.0
|
1
|
100%
|
Putnam County Savings Bank
|
5,307,000
|
505.4
|
942
|
Year of Expiration
|
Number of
Leases Expiring
|
Square Footage
of Expiring Leases
|
Minimum Base Rents
|
Percentage of Total
Annual Base Rent
that is Represented
by the Expiring Leases
|
||||||||||||
2023 (1)
|
204
|
493,155
|
$
|
14,559,000
|
14.3
|
%
|
||||||||||
2024
|
128
|
441,754
|
11,667,000
|
11.4
|
%
|
|||||||||||
2025
|
104
|
453,073
|
11,488,000
|
11.2
|
%
|
|||||||||||
2026
|
80
|
290,684
|
8,453,000
|
8.3
|
%
|
|||||||||||
2027
|
90
|
507,814
|
12,769,000
|
12.5
|
%
|
|||||||||||
2028
|
62
|
475,355
|
9,549,000
|
9.3
|
%
|
|||||||||||
2029
|
44
|
307,608
|
7,509,000
|
7.4
|
%
|
|||||||||||
2030
|
31
|
130,583
|
3,189,000
|
3.1
|
%
|
|||||||||||
2031
|
39
|
224,523
|
5,194,000
|
5.1
|
%
|
|||||||||||
2032
|
56
|
294,896
|
7,076,000
|
6.9
|
%
|
|||||||||||
Thereafter
|
33
|
566,660
|
10,690,000
|
10.5
|
%
|
|||||||||||
871
|
4,186,105
|
$
|
102,143,000
|
100
|
%
|
(1) |
Represents lease expirations from November 1, 2022 to
October 31, 2023 and month-to-month leases.
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Per Share
Purchased
|
Total Number
of Shares Re-
purchased as
Part of Publicly
Announced
Plan or
Program (a)
|
Maximum
Number of
Shares That
May be
Purchased
Under the Plan
or Program (a)
|
||||||||||||
August 1, 2022 – August 31, 2022
|
45,525
|
$
|
18.31
|
45,525
|
1,621,488
|
|||||||||||
September 1, 2022 – September 30, 2022
|
300,797
|
$
|
16.03
|
300,797
|
1,312,867
|
|||||||||||
October 1, 2022 – October 31, 2022
|
591,662
|
$
|
16.78
|
591,662
|
1,507,162
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Per Share
Purchased
|
Total Number
of Shares Re-
purchased as
Part of Publicly
Announced
Plan or
Program (a)
|
Maximum
Number of
Shares That
May be
Purchased
Under the Plan
or Program (a)
|
||||||||||||
August 1, 2022 – August 31, 2022
|
1,198
|
$
|
18.50
|
1,198
|
1,621,488
|
|||||||||||
September 1, 2022 – September 30, 2022
|
7,824
|
$
|
15.99
|
7,824
|
1,312,867
|
|||||||||||
October 1, 2022 – October 31, 2022
|
8,822
|
$
|
17.53
|
8,822
|
1,507,162
|
•
|
As of October 31, 2022, all of our 71
retail shopping centers, stand-alone restaurants and stand-alone bank branches are open and operating.
|
•
|
As of October 31, 2022, approximately
87% of our GLA is located in properties anchored by grocery stores, pharmacies or wholesale clubs, 3.7% of our GLA is located in outdoor retail shopping centers adjacent to regional malls, and 7.8% of our GLA is located in outdoor
neighborhood convenience retail, with the remaining 1.5% of our GLA consisting of six suburban office buildings located in Greenwich, Connecticut and Bronxville, New York and three retail bank branches. All six suburban office buildings are
open and all of the retail bank branches are open.
|
•
|
maintain our focus on community and neighborhood shopping centers, anchored principally by regional supermarkets, pharmacy chains or wholesale
clubs, which we believe can provide a more stable revenue flow even during difficult economic times, given the focus on food and other types of staple goods;
|
•
|
acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the
metropolitan tri-state area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals, with
the hope of growing our assets through acquisitions subject to the availability of acquisitions that meet our investment parameters;
|
•
|
selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our
acquisition criteria;
|
•
|
invest in our properties for the long term through regular maintenance, periodic renovations and capital improvements, enhancing their
attractiveness to tenants and customers (e.g. curbside pick-up), as well as increasing their value;
|
•
|
leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to
meet the needs of existing or new tenants;
|
•
|
proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, anticipating tenant
weakness when necessary by pre-leasing their spaces and replacing below-market-rent leases with increased market rents, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents;
|
•
|
improve and refine the quality of our tenant mix at our shopping centers;
|
•
|
maintain strong working relationships with our tenants, particularly our anchor tenants;
|
•
|
maintain a conservative capital structure with low debt levels; and
|
•
|
control property operating and administrative costs.
|
•
|
In September 2021, we entered into a purchase and sale agreement to sell our property located in Chester, NJ to an unrelated
third party for a sale price of $1.96 million, as that property no longer met our investment objectives. In accordance with ASC Topic 360-10-45, the property met all the criteria to be classified as held for sale in the fourth quarter of
fiscal 2021, and accordingly we recorded a loss on property held for sale of $342,000, which loss was included in continuing operations in the consolidated statement of income for the year ended October 31, 2021. This loss has been added back
to our FFO as discussed below in this Item 7. The amount of the loss represented the net carrying amount of the property over the fair value of the asset, less estimated cost to sell. In December 2021, the Chester sale was completed and we
realized an additional loss on sale of property of $7,000, which loss is included in continuing operations in the consolidated statement of income for the year ended October 31, 2022.
|
•
|
In November 2021, we redeemed 59,819 units of UB High Ridge, LLC from noncontrolling members. The total cash price paid for the redemptions was
$1.4 million. As a result of the redemptions, our ownership percentage of High Ridge increased to 26.9% from 24.6%.
|
•
|
In December 2021, we refinanced our existing $6.5 million first mortgage payable secured by our Boonton, NJ property. The new mortgage has a
principal balance of $11 million and requires payments of principal and interest at a fixed interest rate of 3.45%. The new mortgage matures in November 2031.
|
•
|
In February 2022, we sold one free-standing restaurant property located in Bloomfield, NJ, as that property no longer met our investment
objectives. The property was sold for $1.8 million and we recorded a gain on sale of property in our second quarter of fiscal 2022 in the amount of $544,000.
|
•
|
In February 2022, we refinanced our existing $22.8 million first mortgage secured by our Stratford, CT property. The new mortgage has a principal
balance of $35.0 million, a term of 10 years, and requires payments of principal and interest at a variable rate based on the Secured Overnight Finance Rate
(“SOFR”), plus an applicable spread. Concurrent with entering into the mortgage, we entered into an interest rate swap agreement with the lender as the counterparty, which converts the variable rate based on SOFR to a fixed rate of
interest totaling 3.0525% per annum.
|
•
|
In February 2022, we purchased Shelton Square shopping center, and in July 2022 exercised an option to purchase a pad site adjacent to the shopping
center (collectively, "Shelton"), for an aggregate of $35.6 million (exclusive of closing costs). Shelton is a 188,000 square foot grocery-anchored shopping center located in Shelton, CT. We funded the purchase with available cash, a $20
million borrowing on our Facility, $10 million of which was repaid in March 2022, and proceeds from mortgage borrowings.
|
•
|
In March 2022, we sold one free-standing restaurant property located in Unionville, CT, as that property no longer met our investment objectives.
The property was sold for $950,000 and we recorded a gain on sale of property in our second quarter of fiscal 2022 in the approximate amount of $204,000.
|
•
|
In March 2022, we redeemed the remaining units of UB New City, LLC from the noncontrolling member. The total cash price paid for the redemption
was $502,000. As a result of the redemption, we now own 100% of the entity.
|
•
|
In March 2022, we repaid our first mortgage secured by our Passaic, NJ property in the amount of $3.1 million with available cash.
|
•
|
In August 2022, we redeemed 59,760 units of UB High Ridge, LLC from noncontrolling members. The total cash price paid for the redemptions was $1.4
million. As a result of the redemptions, our ownership percentage of High Ridge increased to 29.2% from 26.9%.
|
•
|
In October 2022, we redeemed 8,000 units of UB Dumont I, LLC from noncontrolling members. The total cash price paid for the redemptions was
$168,000. As a result of the redemptions, our ownership percentage of Dumont increased to 37.8% from 36.4%.
|
•
|
In the fiscal year ended October 31, 2022,
we repurchased 1,202,932 shares of our Class A Common stock at an average price of $16.76 per share and 19,717 shares of our Common stock at an average price per share of $17.02 under previously announced share repurchase programs, as we
believed it was a good use of our cash and a way to add value to our stockholders.
|
•
|
Valuation of investment properties
|
•
|
Revenue recognition
|
•
|
Determining the amount of our allowance for doubtful accounts
|
•
|
unsecured indebtedness may not exceed $400 million;
|
•
|
secured indebtedness may not exceed 40% of gross asset value, as determined under the Facility;
|
•
|
total secured and unsecured indebtedness, excluding preferred stock, may not be more than 60% of gross asset value;
|
•
|
total secured and unsecured indebtedness, plus preferred stock, may not be more than 70% of gross asset value;
|
•
|
unsecured indebtedness may not exceed 60% of the eligible real asset value of unencumbered properties in the unencumbered asset pool as defined
under the Facility;
|
•
|
earnings before interest, taxes, depreciation and amortization must be at least 175% of fixed charges, which exclude preferred stock dividends;
|
•
|
the net operating income from unencumbered properties must be 200% of unsecured interest expenses;
|
•
|
not more than 25% of the gross asset value and unencumbered asset pool may be attributable to the Company's pro rata share of the value of
unencumbered properties owned by non-wholly owned subsidiaries or unconsolidated joint ventures; and
|
•
|
the number of un-mortgaged properties in the unencumbered asset pool must be at least 10 and at least 10 properties must be owned by the Company or
a wholly-owned subsidiary.
|
Payments Due by Period
|
||||||||||||||||||||||||||||
Total
|
2023
|
2024
|
2025
|
2026
|
2027
|
Thereafter
|
||||||||||||||||||||||
Mortgage notes payable and other loans
|
$
|
302,316
|
$
|
7,612
|
$
|
26,449
|
$
|
87,483
|
$
|
12,940
|
$
|
43,333
|
$
|
124,499
|
||||||||||||||
Interest on mortgage notes payable
|
62,402
|
12,522
|
12,135
|
8,719
|
7,381
|
6,794
|
14,851
|
|||||||||||||||||||||
Capital improvements to properties*
|
10,500
|
10,500
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total Contractual Obligations
|
$
|
375,218
|
$
|
30,634
|
$
|
38,584
|
$
|
96,202
|
$
|
20,321
|
$
|
50,127
|
$
|
139,350
|
● |
a 66.67% equity interest in the Putnam Plaza Shopping Center,
|
● |
an 11.792% equity interest in Midway Shopping Center L.P.,
|
● |
a 50% equity interest in the Chestnut Ridge Shopping Center,
|
● |
a 50% equity interest in the Gateway Plaza shopping center and the Riverhead Applebee’s Plaza, and
|
● |
a 20% economic interest in a partnership that owns a suburban office building with ground level retail.
|
Principal Balance
|
||||||||||||||
Joint Venture Description
|
Location
|
Original Balance
|
At October 31, 2022
|
Fixed Interest Rate Per Annum
|
Maturity Date
|
|||||||||
Midway Shopping Center
|
Scarsdale, NY
|
$
|
32,000
|
$
|
23,700
|
4.80
|
%
|
Dec-2027
|
||||||
Putnam Plaza Shopping Center
|
Carmel, NY
|
$
|
18,900
|
$
|
17,700
|
4.81
|
%
|
Oct-2028
|
||||||
Gateway Plaza
|
Riverhead, NY
|
$
|
14,000
|
$
|
14,000
|
4.07
|
%
|
July-2032
|
•
|
Proceeds from revolving credit line borrowings in the amount of $40.5 million.
|
•
|
Proceeds from mortgage notes payable and other loans of $46.0 million.
|
•
|
Proceeds from revolving credit line borrowings in the amount of $39.2 million.
|
•
|
Proceeds from revolving credit line borrowings in the amount of $35.0 million.
|
•
|
Dividends to shareholders in the amount of $50.9 million, an increase of $8.2 million when compared with the prior period.
|
•
|
The repurchase of shares of Common and Class A stock in the amount of $20.5 million.
|
•
|
Repayment of mortgage notes payable $32.4 million.
|
•
|
Amortization of mortgage notes payable $7.4 million.
|
•
|
Repayments of revolving credit line borrowings $10.0 million.
|
•
|
Dividends to shareholders in the amount of $42.7 million.
|
•
|
Repayment of mortgage notes payable $34.6 million.
|
•
|
Amortization of mortgage notes payable $6.9 million.
|
•
|
Repayments of revolving credit line borrowings $35.0 million.
|
•
|
Acquisitions of noncontrolling interests of $5.1 million.
|
•
|
Distributions to noncontrolling interests of $3.6 million.
|
•
|
Repurchase of Common and Class A Common stock in the amount of $1.0 million.
|
•
|
Dividends to shareholders in the amount of $44.2 million.
|
•
|
Repayment of mortgage notes payable in the amount of $7.1 million.
|
•
|
Acquisitions of noncontrolling interests in the amount of $3.9 million.
|
•
|
Redemption of preferred stock series in the amount of $75.0 million.
|
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
|
Year Ended October 31,
|
Change Attributable to:
|
|||||||||||||||||||||||
Revenues
|
2021
|
2020
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions/Sales
|
Properties Held in
Both Periods (Note 2)
|
||||||||||||||||||
Base rents
|
$
|
99,488
|
$
|
99,387
|
$
|
101
|
0.1
|
%
|
$
|
(113
|
)
|
$
|
214
|
|||||||||||
Recoveries from tenants
|
35,090
|
28,889
|
6,201
|
21.5
|
%
|
(105
|
)
|
6,306
|
||||||||||||||||
Less uncollectable amounts in lease income
|
1,529
|
3,916
|
(2,387
|
)
|
(61.0
|
)%
|
-
|
(2,387
|
)
|
|||||||||||||||
Less ASC Topic 842 cash basis lease income reversal
|
2,685
|
3,419
|
(734
|
)
|
(21.5
|
)%
|
(158
|
)
|
(576
|
)
|
||||||||||||||
Total lease income
|
130,364
|
120,941
|
||||||||||||||||||||||
Lease termination
|
967
|
705
|
262
|
37.2
|
%
|
-
|
262
|
|||||||||||||||||
Other income
|
4,250
|
5,099
|
(849
|
)
|
(16.7
|
)%
|
(10
|
)
|
(839
|
)
|
||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
22,938
|
19,542
|
3,396
|
17.4
|
%
|
220
|
3,176
|
|||||||||||||||||
Property taxes
|
23,674
|
23,464
|
210
|
0.9
|
%
|
52
|
158
|
|||||||||||||||||
Depreciation and amortization
|
29,032
|
29,187
|
(155
|
)
|
(0.5
|
)%
|
73
|
(228
|
)
|
|||||||||||||||
General and administrative
|
8,985
|
10,643
|
(1,658
|
)
|
(15.6
|
)%
|
n/a
|
n/a
|
||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
13,087
|
13,508
|
(421
|
)
|
(3.1
|
)%
|
-
|
(421
|
)
|
|||||||||||||||
Interest, dividends, and other investment income
|
231
|
398
|
(167
|
)
|
(42.0
|
)%
|
n/a
|
n/a
|
• |
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events
in the determination of net income); and
|
• |
should not be considered an alternative to net income as an indication of our performance.
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
26,054
|
$
|
33,633
|
$
|
8,533
|
||||||
Real property depreciation
|
23,403
|
22,936
|
22,662
|
|||||||||
Amortization of tenant improvements and allowances
|
4,211
|
4,429
|
4,694
|
|||||||||
Amortization of deferred leasing costs
|
2,114
|
1,599
|
1,737
|
|||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,530
|
1,518
|
1,499
|
|||||||||
(Gain)/loss on sale of properties
|
(767
|
)
|
(11,864
|
)
|
6,047
|
|||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
56,545
|
$
|
52,251
|
$
|
45,172
|
||||||
•
|
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.
|
•
|
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.
|
•
|
An increase in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for real estate taxes
and common area maintenance in fiscal 2021 and a general increase in the rate at which we recover costs from our tenants as a result of the reduced impact of the COVID-19 pandemic on our tenants businesses, which resulted in a positive
variance in fiscal 2021 when compared to the same period of fiscal 2020.
|
•
|
A $262,000 increase in lease termination income in fiscal 2021 when compared with the corresponding prior period as a result of one tenant that
occupied multiple spaces in our portfolio ceasing operations and buying out the remaining terms of its leases.
|
•
|
A net decrease in general and administrative expenses of $1.7 million,
predominantly related to a decrease in compensation and benefits expense in fiscal 2021 when compared to the corresponding prior period. The decrease was the result of accelerated vesting of restricted stock grant value upon the death
of our former Chairman Emeritus in the second quarter of fiscal 2020.
|
•
|
A decrease in uncollectable amounts in lease income of $2.4 million.
In the second quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants' receivables given the onset of the COVID-19
pandemic in March 2020. A number of non-credit small shop tenants' businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed
stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents for such tenants would likely be uncollectable. During the fiscal year ended
October 31, 2021, many of our tenants saw early signs of business improvement as regulatory restrictions were relaxed and individuals began returning to pre-pandemic activities following significant progress made in vaccinating the U.S.
public. As a result, the uncollectable amounts in lease income have been declining. We have even recovered receivables that were previously reserved for.
|
•
|
A decrease in the reversal of lease income as a result of the application of ASC Topic 842 "Leases" in fiscal 2021 when compared with fiscal 2020.
ASC Topic 842 requires 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, and in addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a
result of continuing to analyze our entire tenant base, we determined that as a result of the COVID-19 pandemic, 89 tenants' future lease payments were no longer probable of collection. All of these tenants were converted to cash basis after
our second quarter of fiscal 2020 and prior to our third quarter of fiscal 2021. As a result of this assessment, we reversed $734,000 more in billed but uncollected rent and straight-line rent for cash basis tenants in the fiscal year ended
October 31, 2020 than we did in fiscal 2021. In addition, as the effect of the pandemic has lessened, even certain tenants accounted for on a cash-basis have paid more of their rents in fiscal 2021 than they did in fiscal 2020, which created
a positive variance in FFO in fiscal 2021 when compared with fiscal 2020.
|
•
|
A decrease of $242,000 in net income to noncontrolling interests. This decrease was caused by our redemption of noncontrolling units in
fiscal 2020 and fiscal 2021. In addition, distributions decreased to noncontrolling unit owners whose distributions per unit were based on the dividend rate of our Class A Common stock, which was significantly reduced in the first half of
fiscal 2021 when compared to the corresponding prior period.
|
•
|
A decrease in gain on marketable securities as we had invested excess cash in marketable securities and sold them in fiscal 2020, realizing a gain
of $258,000 in fiscal 2020. We did not have similar gains in fiscal 2021, which creates a negative variance in fiscal 2021 when compared with fiscal 2020.
|
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)%
|
For the Fiscal Year Ended October 31,
|
||||||||||||||||||||||||||||||||
2023
|
2024
|
2025
|
2026
|
2027
|
Thereafter
|
Total
|
Estimated Fair Value
|
|||||||||||||||||||||||||
Mortgage notes payable and other loans
|
$
|
7,612
|
$
|
26,449
|
$
|
87,483
|
$
|
12,940
|
$
|
43,333
|
$
|
124,499
|
$
|
302,316
|
$
|
277,574
|
||||||||||||||||
Weighted average interest rate for debt maturing
|
n/a
|
4.15
|
%
|
3.93
|
%
|
3.53
|
%
|
3.50
|
%
|
3.85
|
%
|
3.83
|
%
|
/s/ PKF O'Connor Davies, LLP
|
New York, New York
|
January 12, 2023
|
A. |
Index to Financial Statements and Financial Statement Schedule
|
1. |
Financial Statements
|
2. |
Financial Statement Schedule --
|
B. |
Exhibits
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
|
4.1
|
Common Stock: See Exhibits 3.1 (a)-(p) hereto.
|
|
|
4.2
|
|
4.3
|
Series H Preferred Shares: See Exhibits 3.1 (a)-(p) hereto.
|
4.4
|
Series I Preferred Shares: See Exhibits 3.1 (a)-(p) hereto.
|
4.5
|
Series J Preferred Shares: See Exhibits 3.1 (a)-(p) hereto.
|
4.6
|
Series K Preferred Shares: See Exhibits 3.1 (a)-(p) hereto.
|
4.7
|
|
10.1
|
|
10.2
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
10.10
|
|
21
|
|
23
|
|
31.1
|
|
31.2
|
|
32
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the
Inline XBRL document).
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
# |
Management contract, compensation plan arrangement.
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
Item 15.
|
Page
|
|
43
|
||
44
|
||
45
|
||
46
|
||
47
|
||
48
|
||
64
|
||
Schedule
|
||
III
|
66
|
|
October 31, 2022
|
October 31, 2021
|
|||||||
ASSETS
|
||||||||
Real Estate Investments:
|
||||||||
Real Estate – at cost
|
$
|
1,190,356
|
$
|
1,148,382
|
||||
Less: Accumulated depreciation
|
(303,488
|
)
|
(278,605
|
)
|
||||
886,868
|
869,777
|
|||||||
Investments in and advances to unconsolidated joint ventures
|
29,586
|
29,027
|
||||||
916,454
|
898,804
|
|||||||
Cash and cash equivalents
|
14,966
|
24,057
|
||||||
Tenant receivables
|
22,889
|
23,806
|
||||||
Prepaid expenses and other assets
|
34,559
|
19,175
|
||||||
Deferred charges, net of accumulated amortization
|
8,458
|
8,010
|
||||||
Total Assets
|
$
|
997,326
|
$
|
973,852
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Revolving credit lines
|
$
|
30,500
|
$
|
-
|
||||
Mortgage notes payable and other loans
|
302,316
|
296,449
|
||||||
Accounts payable and accrued expenses
|
5,399
|
11,443
|
||||||
Deferred compensation – officers
|
54
|
62
|
||||||
Other liabilities
|
23,205
|
22,599
|
||||||
Total Liabilities
|
361,474
|
330,553
|
||||||
Redeemable Noncontrolling Interests
|
61,550
|
67,395
|
||||||
Commitments and Contingencies
|
|
|
||||||
Stockholders' Equity:
|
||||||||
6.25% Series H Cumulative Preferred Stock
(liquidation preference of $25 per share); 4,600,000 shares issued and outstanding
|
115,000
|
115,000
|
||||||
5.875% Series K Cumulative Preferred
Stock (liquidation preference of $25 per share) 4,400,000 shares issued and outstanding
|
110,000
|
110,000
|
||||||
Excess Stock, par value $0.01 per share;
20,000,000 shares authorized; none
issued and outstanding
|
-
|
-
|
||||||
Common Stock, par value $0.01 per share;
30,000,000 shares authorized; 10,247,072
and 10,153,689 shares issued and outstanding
|
104
|
103
|
||||||
Class A Common Stock, par value $0.01 per
share; 100,000,000 shares authorized; 28,963,433 and 30,073,807 shares issued and outstanding
|
290
|
301
|
||||||
Additional paid in capital
|
511,471
|
528,713
|
||||||
Cumulative distributions in excess of net income
|
(179,754
|
)
|
(170,493
|
)
|
||||
Accumulated other comprehensive income (loss)
|
17,191
|
(7,720
|
)
|
|||||
Total Stockholders' Equity
|
574,302
|
575,904
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
997,326
|
$
|
973,852
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Revenues
|
||||||||||||
Lease income
|
$
|
137,660
|
$
|
130,364
|
$
|
120,941
|
||||||
Lease termination
|
721
|
967
|
705
|
|||||||||
Other
|
4,722
|
4,250
|
5,099
|
|||||||||
Total Revenues
|
143,103
|
135,581
|
126,745
|
|||||||||
Expenses
|
||||||||||||
Property operating
|
25,124
|
22,938
|
19,542
|
|||||||||
Property taxes
|
23,700
|
23,674
|
23,464
|
|||||||||
Depreciation and amortization
|
29,799
|
29,032
|
29,187
|
|||||||||
General and administrative
|
9,934
|
8,985
|
10,643
|
|||||||||
Directors' fees and expenses
|
500
|
355
|
373
|
|||||||||
Total Operating Expenses
|
89,057
|
84,984
|
83,209
|
|||||||||
Operating Income
|
54,046
|
50,597
|
43,536
|
|||||||||
Non-Operating Income (Expense):
|
||||||||||||
Interest expense
|
(13,175
|
)
|
(13,087
|
)
|
(13,508
|
)
|
||||||
Equity in net income from unconsolidated joint ventures
|
1,397
|
1,323
|
1,433
|
|||||||||
Gain on sale of marketable securities
|
-
|
-
|
258
|
|||||||||
Interest, dividends and other investment income
|
239
|
231
|
398
|
|||||||||
Gain (loss) on sale of properties
|
767
|
11,864
|
(6,047
|
)
|
||||||||
Net Income
|
43,274
|
50,928
|
26,070
|
|||||||||
Noncontrolling interests:
|
||||||||||||
Net income attributable to noncontrolling interests
|
(3,570
|
)
|
(3,645
|
)
|
(3,887
|
)
|
||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
39,704
|
47,283
|
22,183
|
|||||||||
Preferred stock dividends
|
(13,650
|
)
|
(13,650
|
)
|
(13,650
|
)
|
||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
26,054
|
$
|
33,633
|
$
|
8,533
|
||||||
Basic Earnings Per Share:
|
||||||||||||
Per Common Share
|
$
|
0.62
|
$
|
0.80
|
$
|
0.20
|
||||||
Per Class A Common Share
|
$
|
0.69
|
$
|
0.89
|
$
|
0.23
|
||||||
Diluted Earnings Per Share:
|
||||||||||||
Per Common Share
|
$
|
0.61
|
$
|
0.79
|
$
|
0.20
|
||||||
Per Class A Common Share
|
$
|
0.68
|
$
|
0.88
|
$
|
0.22
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Net Income
|
$
|
43,274
|
$
|
50,928
|
$
|
26,070
|
||||||
Other comprehensive income:
|
||||||||||||
Change in unrealized gain (loss) on interest rate swaps
|
22,077
|
7,080
|
(6,546
|
)
|
||||||||
Change in unrealized gain (loss) on interest rate swaps-equity investees
|
2,834
|
906
|
(710
|
)
|
||||||||
Total comprehensive income
|
68,185
|
58,914
|
18,814
|
|||||||||
Comprehensive income attributable to noncontrolling interests
|
(3,570
|
)
|
(3,645
|
)
|
(3,887
|
)
|
||||||
Total comprehensive income attributable to Urstadt Biddle Properties Inc.
|
64,615
|
55,269
|
14,927
|
|||||||||
Preferred stock dividends
|
(13,650
|
)
|
(13,650
|
)
|
(13,650
|
)
|
||||||
Total comprehensive income applicable to Common and Class A Stockholders
|
$
|
50,965
|
$
|
41,619
|
$
|
1,277
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
43,274
|
$
|
50,928
|
$
|
26,070
|
||||||
Adjustments to reconcile net income to net cash provided
|
||||||||||||
by operating activities:
|
||||||||||||
Depreciation and amortization
|
29,799
|
29,032
|
29,187
|
|||||||||
Straight-line rent adjustment
|
(241
|
)
|
2,396
|
(2,641
|
)
|
|||||||
Provisions for tenant credit losses
|
23
|
3,540
|
6,244
|
|||||||||
(Gain) on sale of marketable securities
|
-
|
-
|
(258
|
)
|
||||||||
Restricted stock compensation expense and other adjustments
|
3,677
|
3,909
|
5,448
|
|||||||||
Deferred compensation arrangement
|
(7
|
)
|
41
|
(33
|
)
|
|||||||
(Gain) loss on sale of properties
|
(767
|
)
|
(11,864
|
)
|
6,047
|
|||||||
Equity in net (income) of unconsolidated joint ventures
|
(1,397
|
)
|
(1,323
|
)
|
(1,433
|
)
|
||||||
Distributions of operating income from unconsolidated joint ventures
|
1,397
|
1,323
|
1,433
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Tenant receivables
|
1,135
|
(3,796
|
)
|
(6,715
|
)
|
|||||||
Accounts payable and accrued expenses
|
691
|
1,006
|
609
|
|||||||||
Other assets and other liabilities, net
|
167
|
(1,523
|
)
|
(2,075
|
)
|
|||||||
Net Cash Flow Provided by Operating Activities
|
77,751
|
73,669
|
61,883
|
|||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Acquisitions of real estate investments
|
(35,671
|
)
|
-
|
-
|
||||||||
Deposits on acquisition of real estate investments
|
-
|
(10
|
)
|
(1,030
|
)
|
|||||||
Return of deposits on real estate investments
|
-
|
500
|
530
|
|||||||||
Improvements to properties and deferred charges
|
(15,572
|
)
|
(15,463
|
)
|
(22,336
|
)
|
||||||
Net proceeds from sale of properties
|
4,399
|
16,707
|
3,732
|
|||||||||
Purchases of securities available for sale
|
-
|
(955
|
)
|
(6,983
|
)
|
|||||||
Proceeds from the sale of available for sale securities
|
-
|
-
|
7,240
|
|||||||||
Investment in note receivable
|
409
|
(1,738
|
)
|
-
|
||||||||
Return of capital from unconsolidated joint ventures
|
2,203
|
514
|
27
|
|||||||||
Net Cash Flow (Used in) Investing Activities
|
(44,232
|
)
|
(445
|
)
|
(18,820
|
)
|
||||||
Cash Flows from Financing Activities:
|
||||||||||||
Dividends paid -- Common and Class A Common Stock
|
(37,263
|
)
|
(29,025
|
)
|
(30,018
|
)
|
||||||
Dividends paid -- Preferred Stock
|
(13,650
|
)
|
(13,650
|
)
|
(14,188
|
)
|
||||||
Amortization payments on mortgage notes payable
|
(7,389
|
)
|
(6,888
|
)
|
(7,089
|
)
|
||||||
Proceeds from mortgage note payable and other loans
|
46,000
|
39,238
|
-
|
|||||||||
Repayment of mortgage notes payable and other loans
|
(32,412
|
)
|
(34,645
|
)
|
-
|
|||||||
Proceeds from revolving credit line borrowings
|
40,500
|
-
|
35,000
|
|||||||||
Sales of additional shares of Common and Class A Common Stock
|
197
|
148
|
149
|
|||||||||
Repayments on revolving credit line borrowings
|
(10,000
|
)
|
(35,000
|
)
|
-
|
|||||||
Acquisitions of noncontrolling interests
|
(3,897
|
)
|
(5,126
|
)
|
(758
|
)
|
||||||
Distributions to noncontrolling interests
|
(3,570
|
)
|
(3,645
|
)
|
(3,887
|
)
|
||||||
Repurchase of shares of Class A Common Stock
|
(20,536
|
)
|
(1,049
|
)
|
-
|
|||||||
Payment of taxes on shares withheld for employee taxes
|
(590
|
)
|
(320
|
)
|
(573
|
)
|
||||||
Net proceeds from issuance of Preferred Stock
|
-
|
-
|
17
|
|||||||||
Redemption of preferred stock
|
-
|
-
|
(75,000
|
)
|
||||||||
Net Cash Flow (Used in) Financing Activities
|
(42,610
|
)
|
(89,962
|
)
|
(96,347
|
)
|
||||||
Net Increase/(Decrease) In Cash and Cash Equivalents
|
(9,091
|
)
|
(16,738
|
)
|
(53,284
|
)
|
||||||
Cash and Cash Equivalents at Beginning of Year
|
24,057
|
40,795
|
94,079
|
|||||||||
Cash and Cash Equivalents at End of Year
|
$
|
14,966
|
$
|
24,057
|
$
|
40,795
|
6.25%
Series H
Preferred
Stock
Issued
|
6.25%
Series H
Preferred
Stock
Amount
|
5.875% Series K Preferred
Stock
Issued
|
5.875% Series K
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, 2019
|
4,600,000
|
$
|
115,000
|
4,400,000
|
$
|
110,000
|
9,963,751
|
$
|
101
|
29,893,241
|
$
|
299
|
$
|
520,988
|
$
|
(158,213
|
)
|
$
|
(8,451
|
)
|
$
|
579,724
|
||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,533
|
-
|
8,533
|
||||||||||||||||||||||||||||||||||||
Change in unrealized (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,256
|
)
|
(7,256
|
)
|
||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.6875
per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,923
|
)
|
-
|
(6,923
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.77 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,095
|
)
|
-
|
(23,095
|
)
|
||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
4,451
|
-
|
6,837
|
-
|
149
|
-
|
-
|
149
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
105,450
|
1
|
120,800
|
1
|
(2
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,873
|
)
|
-
|
(573
|
)
|
-
|
-
|
(573
|
)
|
|||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(700
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,465
|
-
|
-
|
5,465
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
15,047
|
-
|
15,047
|
||||||||||||||||||||||||||||||||||||
Balances - October 31, 2020
|
4,600,000
|
115,000
|
4,400,000
|
110,000
|
10,073,652
|
102
|
29,996,305
|
300
|
526,027
|
(164,651
|
)
|
(15,707
|
)
|
571,071
|
||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
33,633
|
-
|
33,633
|
||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,987
|
7,987
|
||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.664
per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,756
|
)
|
-
|
(6,756
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.74 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(22,269
|
)
|
-
|
(22,269
|
)
|
||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
3,341
|
-
|
5,355
|
-
|
148
|
-
|
-
|
148
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
105,850
|
1
|
125,800
|
1
|
(2
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,249
|
)
|
-
|
(319
|
)
|
-
|
-
|
(319
|
)
|
|||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,250
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Repurchase of Common and Class A Common stock
|
-
|
-
|
-
|
-
|
(29,154
|
)
|
-
|
(29,154
|
)
|
-
|
(1,049
|
)
|
-
|
-
|
(1,049
|
)
|
||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,908
|
-
|
-
|
3,908
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,450
|
)
|
-
|
(10,450
|
)
|
||||||||||||||||||||||||||||||||||
Balances - October 31, 2021
|
4,600,000
|
115,000
|
4,400,000
|
110,000
|
10,153,689
|
103
|
30,073,807
|
301
|
528,713
|
(170,493
|
)
|
(7,720
|
)
|
575,904
|
||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
26,054
|
-
|
26,054
|
||||||||||||||||||||||||||||||||||||
Change in unrealized gains on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
24,911
|
24,911
|
||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.858
per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,805
|
)
|
-
|
(8,805
|
)
|
||||||||||||||||||||||||||||||||||
Class A common stock ($0.95 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,458
|
)
|
-
|
(28,458
|
)
|
||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
3,600
|
-
|
7,538
|
-
|
197
|
-
|
-
|
197
|
||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
109,500
|
1
|
149,000
|
1
|
(2
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(27,680
|
)
|
-
|
(590
|
)
|
-
|
-
|
(590
|
)
|
|||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(36,300
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||
Repurchase of Common and Class A Common stock
|
-
|
-
|
-
|
-
|
(19,717
|
)
|
-
|
(1,202,932
|
)
|
(12
|
)
|
(20,524
|
)
|
-
|
-
|
(20,536
|
)
|
|||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,677
|
-
|
-
|
3,677
|
||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,948
|
-
|
1,948
|
||||||||||||||||||||||||||||||||||||
Balances - October 31, 2022
|
4,600,000
|
$
|
115,000
|
4,400,000
|
$
|
110,000
|
10,247,072
|
$
|
104
|
28,963,433
|
$
|
290
|
$
|
511,471
|
$
|
(179,754
|
)
|
$
|
17,191
|
$
|
574,302
|
• |
Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or
|
• |
The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create
outputs (i.e. revenue generated before and after the transaction).
|
• |
The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and
experienced in performing the process;
|
• |
The process cannot be replaced without significant cost, effort, or delay; or
|
• |
The process is considered unique or scarce.
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Revenues
|
$
|
54
|
$
|
1,125
|
$
|
2,024
|
||||||
Property operating expense
|
(26
|
)
|
(456
|
)
|
(573
|
)
|
||||||
Depreciation and amortization
|
(14
|
)
|
(132
|
)
|
(528
|
)
|
||||||
Net Income
|
$
|
14
|
$
|
537
|
$
|
923
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Numerator
|
||||||||||||
Net income applicable to common stockholders – basic
|
$
|
5,790
|
$
|
7,366
|
$
|
1,849
|
||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
187
|
190
|
34
|
|||||||||
Net income applicable to common stockholders – diluted
|
$
|
5,977
|
$
|
7,556
|
$
|
1,883
|
||||||
Denominator
|
||||||||||||
Denominator for basic EPS-weighted average common shares
|
9,326
|
9,244
|
9,144
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
455
|
364
|
241
|
|||||||||
Denominator for diluted EPS – weighted average common equivalent shares
|
9,781
|
9,608
|
9,385
|
|||||||||
Numerator
|
||||||||||||
Net income applicable to Class A common stockholders – basic
|
$
|
20,264
|
$
|
26,267
|
$
|
6,684
|
||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
(187
|
)
|
(190
|
)
|
(34
|
)
|
||||||
Net income applicable to Class A common stockholders – diluted
|
$
|
20,077
|
$
|
26,077
|
$
|
6,650
|
||||||
Denominator
|
||||||||||||
Denominator for basic EPS – weighted average Class A common shares
|
29,481
|
29,576
|
29,506
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
196
|
177
|
70
|
|||||||||
Denominator for diluted EPS – weighted average Class A common equivalent shares
|
29,677
|
29,753
|
29,576
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Ridgeway Revenues
|
10.1
|
%
|
10.4
|
%
|
11.2
|
%
|
||||||
All Other Property Revenues
|
89.9
|
%
|
89.6
|
%
|
88.8
|
%
|
||||||
Consolidated Revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Year Ended October 31,
|
||||||||
2022
|
2021
|
|||||||
Ridgeway Assets
|
6.5
|
%
|
6.3
|
%
|
||||
All Other Property Assets
|
93.5
|
%
|
93.7
|
%
|
||||
Consolidated Assets (Note 1)
|
100.0
|
%
|
100.0
|
%
|
Year Ended October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Ridgeway Percent Leased
|
98
|
%
|
92
|
%
|
92
|
%
|
Year Ended October 31,
|
||||||||||||
Ridgeway Significant Tenants (by base rent):
|
2022
|
2021
|
2020
|
|||||||||
The Stop & Shop Supermarket Company
|
21
|
%
|
21
|
%
|
20
|
%
|
||||||
Bed, Bath & Beyond
|
15
|
%
|
15
|
%
|
14
|
%
|
||||||
Marshall’s Inc., a division of the TJX Companies
|
11
|
%
|
11
|
%
|
10
|
%
|
||||||
All Other Tenants at Ridgeway (Note 2)
|
53
|
%
|
53
|
%
|
56
|
%
|
||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
Year Ended October 31, 2022
|
||||||||||||
Income Statement (In Thousands):
|
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
|||||||||
Revenues
|
$
|
14,448
|
$
|
128,655
|
$
|
143,103
|
||||||
Operating Expenses
|
$
|
4,553
|
$
|
44,271
|
$
|
48,824
|
||||||
Interest Expense
|
$
|
1,603
|
$
|
11,572
|
$
|
13,175
|
||||||
Depreciation and Amortization
|
$
|
2,200
|
$
|
27,599
|
$
|
29,799
|
||||||
Income from Continuing Operations
|
$
|
6,092
|
$
|
37,182
|
$
|
43,274
|
Year Ended October 31, 2021
|
||||||||||||
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
||||||||||
Revenues
|
$
|
14,167
|
$
|
121,414
|
$
|
135,581
|
||||||
Operating Expenses
|
$
|
4,495
|
$
|
42,117
|
$
|
46,612
|
||||||
Interest Expense
|
$
|
1,632
|
$
|
11,455
|
$
|
13,087
|
||||||
Depreciation and Amortization
|
$
|
2,238
|
$
|
26,794
|
$
|
29,032
|
||||||
Income from Continuing Operations
|
$
|
5,802
|
$
|
45,126
|
$
|
50,928
|
Year Ended October 31, 2020
|
||||||||||||
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
||||||||||
Revenues
|
$
|
14,180
|
$
|
112,565
|
$
|
126,745
|
||||||
Operating Expenses
|
$
|
4,424
|
$
|
38,582
|
$
|
43,006
|
||||||
Interest Expense
|
$
|
1,673
|
$
|
11,835
|
$
|
13,508
|
||||||
Depreciation and Amortization
|
$
|
2,494
|
$
|
26,693
|
$
|
29,187
|
||||||
Income from Continuing Operations
|
$
|
5,589
|
$
|
20,481
|
$
|
26,070
|
Consolidated
Investment Properties
|
Unconsolidated
Joint Ventures
|
2022
Totals
|
2021
Totals
|
|||||||||||||
Retail
|
$
|
880,256
|
$
|
29,586
|
$
|
909,842
|
$
|
891,921
|
||||||||
Office
|
6,612
|
-
|
6,612
|
6,883
|
||||||||||||
Total
|
$
|
886,868
|
$
|
29,586
|
$
|
916,454
|
$
|
898,804
|
October 31,
|
||||||||
2022
|
2021
|
|||||||
Land
|
$
|
245,844
|
$
|
235,233
|
||||
Buildings and improvements
|
944,512
|
913,149
|
||||||
1,190,356
|
1,148,382
|
|||||||
Accumulated depreciation
|
(303,488
|
)
|
(278,605
|
)
|
||||
$
|
886,868
|
$
|
869,777
|
Shelton
|
||||
Assets:
|
||||
Land
|
$
|
11,484
|
||
Building and improvements
|
$
|
21,803
|
||
In-place leases
|
$
|
2,285
|
||
Above market leases
|
$
|
1,179
|
||
Liabilities:
|
||||
In-place leases
|
$
|
-
|
||
Below market leases
|
$
|
1,081
|
Principal
Repayments
|
Scheduled
Amortization
|
Total
|
||||||||||
2023
|
$
|
-
|
$
|
7,612
|
$
|
7,612
|
||||||
2024
|
18,711
|
7,738
|
26,449
|
|||||||||
2025
|
82,277
|
5,206
|
87,483
|
|||||||||
2026
|
7,751
|
5,189
|
12,940
|
|||||||||
2027
|
39,104
|
4,229
|
43,333
|
|||||||||
Thereafter
|
113,440
|
11,059
|
124,499
|
|||||||||
$
|
261,283
|
$
|
41,033
|
$
|
302,316
|
October 31,
|
||||||||
2022
|
2021
|
|||||||
Beginning Balance
|
$
|
67,395
|
$
|
62,071
|
||||
Partial Redemption of High Ridge Noncontrolling Interest
|
(2,681
|
)
|
(5,126
|
)
|
||||
Redemption of New City Noncontrolling Interest
|
(502
|
)
|
-
|
|||||
Partial Redemption of Dumont Noncontrolling Interest
|
(168
|
)
|
-
|
|||||
Redemption of UB Rye, LLC Noncontrolling Interest
|
(546
|
)
|
-
|
|||||
Change in Redemption Value
|
(1,948
|
)
|
10,450
|
|||||
Ending Balance
|
$
|
61,550
|
$
|
67,395
|
October 31,
|
||||||||
2022
|
2021
|
|||||||
Chestnut Ridge Shopping Center (50%)
|
$
|
11,617
|
$
|
12,188
|
||||
Gateway Plaza (50%)
|
5,858
|
6,845
|
||||||
Putnam Plaza Shopping Center (66.67%)
|
4,952
|
3,231
|
||||||
Midway Shopping Center, L.P. (11.792%)
|
3,647
|
3,982
|
||||||
Applebee's at Riverhead (50%)
|
2,789
|
2,058
|
||||||
81 Pondfield Road Company (20%)
|
723
|
723
|
||||||
Total
|
$
|
29,586
|
$
|
29,027
|
October 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Operating lease income:
|
||||||||||||
Fixed lease income (Base Rent)
|
$
|
102,587
|
$
|
98,918
|
$
|
98,678
|
||||||
Variable lease income (Recoverable Costs)
|
34,067
|
35,090
|
28,889
|
|||||||||
Other lease related income, net:
|
||||||||||||
Above/below market rent amortization
|
972
|
570
|
706
|
|||||||||
Uncollectable amounts in lease income
|
(13
|
)
|
(1,529
|
)
|
(3,916
|
)
|
||||||
ASC Topic 842 cash basis lease income reversal
|
47
|
(2,685
|
)
|
(3,416
|
)
|
|||||||
Total lease income
|
$
|
137,660
|
$
|
130,364
|
$
|
120,941
|
Fiscal Year Ending
|
||||
2023 (a)
|
$
|
95,060
|
||
2024
|
85,624
|
|||
2025
|
73,713
|
|||
2026
|
64,768
|
|||
2027
|
56,057
|
|||
Thereafter
|
229,029
|
|||
Total
|
$
|
604,251
|
Common Shares
|
Class A Common Shares
|
|||||||||||||||||||||||||||||||
Dividend Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
||||||||||||||||||||||||
January 14, 2022
|
$
|
0.2145
|
$
|
0.20704
|
$
|
0.00426
|
$
|
0.00319
|
$
|
0.2375
|
$
|
0.22924
|
$
|
0.004721
|
$
|
0.00354
|
||||||||||||||||
April 14, 2022
|
$
|
0.2145
|
$
|
0.20704
|
$
|
0.00426
|
$
|
0.00319
|
$
|
0.2375
|
$
|
0.22924
|
$
|
0.004721
|
$
|
0.00354
|
||||||||||||||||
July 15, 2022
|
$
|
0.2145
|
$
|
0.20704
|
$
|
0.00426
|
$
|
0.00319
|
$
|
0.2375
|
$
|
0.22924
|
$
|
0.004721
|
$
|
0.00354
|
||||||||||||||||
October 14, 2022
|
$
|
0.2145
|
$
|
0.20704
|
$
|
0.00426
|
$
|
0.00319
|
$
|
0.2375
|
$
|
0.22924
|
$
|
0.004721
|
$
|
0.00354
|
||||||||||||||||
$
|
0.858
|
$
|
0.82816
|
$
|
0.01704
|
$
|
0.01276
|
$
|
0.95
|
$
|
0.91696
|
$
|
0.018884
|
$
|
0.01416
|
Common Shares
|
Class A Common Shares
|
|||||||||||||||||||||||||||||||
Dividend Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
||||||||||||||||||||||||
January 15, 2021
|
$
|
0.125
|
$
|
0.10924
|
$
|
0.01576
|
$
|
-
|
$
|
0.14
|
$
|
0.12235
|
$
|
0.01765
|
$
|
-
|
||||||||||||||||
April 16, 2021
|
$
|
0.125
|
$
|
0.10924
|
$
|
0.01576
|
$
|
-
|
$
|
0.14
|
$
|
0.12235
|
$
|
0.01765
|
$
|
-
|
||||||||||||||||
July 16, 2021
|
$
|
0.207
|
$
|
0.18090
|
$
|
0.02610
|
$
|
-
|
$
|
0.23
|
$
|
0.20100
|
$
|
0.02900
|
$
|
-
|
||||||||||||||||
October 15, 2021
|
$
|
0.207
|
$
|
0.18090
|
$
|
0.02610
|
$
|
-
|
$
|
0.23
|
$
|
0.20100
|
$
|
0.02900
|
$
|
-
|
||||||||||||||||
$
|
0.664
|
$
|
0.58028
|
$
|
0.08372
|
$
|
-
|
$
|
0.74
|
$
|
0.64670
|
$
|
0.09330
|
$
|
-
|
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, 2021
|
927,800
|
$
|
17.08
|
521,700
|
$
|
20.12
|
||||||||||
Granted
|
109,500
|
$
|
18.47
|
149,000
|
$
|
21.32
|
||||||||||
Vested
|
(103,100
|
)
|
$
|
18.30
|
(87,100
|
)
|
$
|
23.45
|
||||||||
Forfeited
|
-
|
$
|
-
|
(36,300
|
)
|
$
|
19.49
|
|||||||||
Non-vested at October 31, 2022
|
934,200
|
$
|
17.11
|
547,300
|
$
|
19.96
|
• |
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
|
Total
|
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||||||||
October 31, 2022
|
||||||||||||||||
Assets:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
15,856
|
$
|
-
|
$
|
15,856
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Redeemable noncontrolling interests
|
$
|
61,550
|
$
|
11,979
|
$
|
49,571
|
$
|
-
|
||||||||
October 31, 2021
|
||||||||||||||||
Assets:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
515
|
$
|
-
|
$
|
515
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
6,735
|
$
|
-
|
$
|
6,735
|
$
|
-
|
||||||||
Redeemable noncontrolling interests
|
$
|
67,395
|
$
|
20,283
|
$
|
46,566
|
$
|
546
|
-
|
We obtained an understanding of management’s process to identify indicators of impairment and we evaluated the design and tested the operating
effectiveness of the controls that address the identification of indicators of impairment.
|
-
|
We evaluated management’s property by property analysis by testing real estate assets for possible indicators of impairment, including searching
for adverse asset-specific and/or market conditions, as well as assessing the properties’ holding periods, including expected asset dispositions.
|
-
|
We analyzed and independently calculated estimated fair vales and future cash flow analysis used by management in their assessment of impairment
indicators.
|
-
|
We independently analyzed properties experiencing a significant decrease in NOI and evaluated whether such properties resulted in potential
indicators of impairment.
|
-
|
We performed inquiries with management to determine whether factors were identified in the current period that may be an impairment indicator,
including changes in tenant vacancies, expected holding periods, or changes in market rental rates.
|
/s/ PKF O'Connor Davies, LLP
|
We have served as the Company’s auditor since 2006.
|
New York, New York
|
January 12, 2023
|
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
|
||||||||||||||||||||||||||||||||
Description and Location
|
Encumbrances
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
Totals
|
Accumulated Depreciation (b)
|
Date Constructed/Acquired
|
Life on which
depreciation for
building and
improvements
in latest income
statement is
computed (c)
|
|||||||||||||||||||||||
Real Estate Subject to Operating Leases (a):
|
||||||||||||||||||||||||||||||||||
Office Buildings:
|
||||||||||||||||||||||||||||||||||
Greenwich, CT
|
$
|
-
|
$
|
708
|
$
|
1,641
|
$
|
-
|
$
|
505
|
$
|
708
|
$
|
2,146
|
$
|
2,854
|
$
|
1,020
|
2001
|
31.5
|
||||||||||||||
Greenwich, CT
|
-
|
488
|
1,139
|
-
|
570
|
488
|
1,709
|
2,197
|
932
|
2000
|
31.5
|
|||||||||||||||||||||||
Greenwich, CT
|
-
|
570
|
2,359
|
-
|
1,281
|
570
|
3,640
|
4,210
|
1,911
|
1998
|
31.5
|
|||||||||||||||||||||||
Greenwich, CT
|
-
|
199
|
795
|
(1)
|
565
|
198
|
1,360
|
1,558
|
780
|
1993
|
31.5
|
|||||||||||||||||||||||
Greenwich, CT
|
-
|
111
|
444
|
1
|
321
|
112
|
765
|
877
|
438
|
1994
|
31.5
|
|||||||||||||||||||||||
-
|
2,076
|
6,378
|
-
|
3,242
|
2,076
|
9,620
|
11,696
|
5,081
|
||||||||||||||||||||||||||
Retail Properties:
|
||||||||||||||||||||||||||||||||||
Bronxville, NY
|
-
|
60
|
239
|
95
|
770
|
155
|
1,009
|
1,164
|
317
|
2009
|
39
|
|||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
183
|
734
|
213
|
855
|
1,068
|
286
|
2009
|
39
|
|||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
85
|
342
|
115
|
463
|
578
|
155
|
2009
|
39
|
|||||||||||||||||||||||
New Milford, CT
|
-
|
2,114
|
8,456
|
110
|
887
|
2,224
|
9,343
|
11,567
|
3,409
|
2008
|
39
|
|||||||||||||||||||||||
New Milford, CT
|
-
|
4,492
|
17,967
|
166
|
3,521
|
4,658
|
21,488
|
26,146
|
7,380
|
2010
|
39
|
|||||||||||||||||||||||
Newark, NJ
|
9,601
|
5,252
|
21,023
|
-
|
2,233
|
5,252
|
23,256
|
28,508
|
8,927
|
2008
|
39
|
|||||||||||||||||||||||
Waldwick, NJ
|
-
|
1,266
|
5,064
|
-
|
41
|
1,266
|
5,105
|
6,371
|
1,942
|
2007
|
39
|
|||||||||||||||||||||||
Emerson NJ
|
68
|
3,633
|
14,531
|
-
|
1,949
|
3,633
|
16,480
|
20,113
|
6,736
|
2007
|
39
|
|||||||||||||||||||||||
Pelham, NY
|
-
|
1,694
|
6,843
|
-
|
149
|
1,694
|
6,992
|
8,686
|
2,941
|
2006
|
39
|
|||||||||||||||||||||||
Stratford, CT
|
34,143
|
10,173
|
40,794
|
3,928
|
27,901
|
14,101
|
68,695
|
82,796
|
26,255
|
2005
|
39
|
|||||||||||||||||||||||
Yorktown Heights, NY
|
-
|
5,786
|
23,221
|
-
|
16,271
|
5,786
|
39,492
|
45,278
|
14,102
|
2005
|
39
|
|||||||||||||||||||||||
Rye, NY
|
-
|
909
|
3,637
|
-
|
293
|
909
|
3,930
|
4,839
|
1,882
|
2004
|
39
|
|||||||||||||||||||||||
Rye, NY
|
-
|
483
|
1,930
|
-
|
106
|
483
|
2,036
|
2,519
|
956
|
2004
|
39
|
|||||||||||||||||||||||
Rye, NY
|
-
|
239
|
958
|
-
|
64
|
239
|
1,022
|
1,261
|
486
|
2004
|
39
|
|||||||||||||||||||||||
Rye, NY
|
-
|
695
|
2,782
|
-
|
20
|
695
|
2,802
|
3,497
|
1,335
|
2004
|
39
|
|||||||||||||||||||||||
Somers, NY
|
-
|
4,318
|
17,268
|
-
|
594
|
4,318
|
17,862
|
22,180
|
8,761
|
2003
|
39
|
|||||||||||||||||||||||
Westport, CT
|
-
|
2,076
|
8,305
|
-
|
896
|
2,076
|
9,201
|
11,277
|
4,542
|
2003
|
39
|
|||||||||||||||||||||||
Orange, CT
|
-
|
2,320
|
10,564
|
-
|
6,180
|
2,320
|
16,744
|
19,064
|
6,993
|
2003
|
39
|
|||||||||||||||||||||||
Stamford, CT
|
44,324
|
17,964
|
71,859
|
2
|
4,708
|
17,966
|
76,567
|
94,533
|
38,841
|
2002
|
39
|
|||||||||||||||||||||||
Danbury, CT
|
-
|
2,459
|
4,566
|
-
|
1,118
|
2,459
|
5,684
|
8,143
|
3,111
|
2002
|
39
|
|||||||||||||||||||||||
Briarcliff, NY
|
-
|
2,222
|
5,185
|
1,234
|
8,763
|
3,456
|
13,948
|
17,404
|
4,997
|
2001
|
40
|
|||||||||||||||||||||||
Somers, NY
|
-
|
1,833
|
7,383
|
-
|
4,578
|
1,833
|
11,961
|
13,794
|
6,127
|
1999
|
31.5
|
|||||||||||||||||||||||
Briarcliff, NY
|
-
|
380
|
1,531
|
-
|
300
|
380
|
1,831
|
2,211
|
998
|
1999
|
40
|
|||||||||||||||||||||||
Briarcliff, NY
|
13,492
|
2,300
|
9,708
|
2
|
2,567
|
2,302
|
12,275
|
14,577
|
7,015
|
1998
|
40
|
|||||||||||||||||||||||
Ridgefield, CT
|
-
|
900
|
3,793
|
291
|
3,515
|
1,191
|
7,308
|
8,499
|
3,207
|
1998
|
40
|
|||||||||||||||||||||||
Darien, CT
|
23,433
|
4,260
|
17,192
|
-
|
1,023
|
4,260
|
18,215
|
22,475
|
10,572
|
1998
|
40
|
|||||||||||||||||||||||
Eastchester, NY
|
-
|
1,500
|
6,128
|
-
|
2,855
|
1,500
|
8,983
|
10,483
|
5,113
|
1997
|
31
|
|||||||||||||||||||||||
Danbury, CT
|
-
|
3,850
|
15,811
|
-
|
1,462
|
3,850
|
17,273
|
21,123
|
11,394
|
1995
|
31.5
|
|||||||||||||||||||||||
Carmel, NY
|
-
|
1,488
|
5,973
|
-
|
428
|
1,488
|
6,401
|
7,889
|
4,221
|
1995
|
31.5
|
|||||||||||||||||||||||
Somers, NY
|
-
|
821
|
2,600
|
-
|
1,051
|
821
|
3,651
|
4,472
|
2,237
|
1992
|
31.5
|
|||||||||||||||||||||||
Wayne, NJ
|
17,137
|
2,492
|
9,966
|
-
|
7,412
|
2,492
|
17,378
|
19,870
|
9,410
|
1992
|
31
|
|||||||||||||||||||||||
Katonah, NY
|
-
|
1,704
|
6,816
|
-
|
455
|
1,704
|
7,271
|
8,975
|
2,241
|
2010
|
39
|
|||||||||||||||||||||||
Fairfield, CT
|
-
|
3,393
|
13,574
|
153
|
1,236
|
3,546
|
14,810
|
18,356
|
4,366
|
2011
|
39
|
|||||||||||||||||||||||
New Milford, CT
|
-
|
2,168
|
8,672
|
-
|
612
|
2,168
|
9,284
|
11,452
|
2,606
|
2011
|
39
|
|||||||||||||||||||||||
Eastchester, NY
|
-
|
1,800
|
7,200
|
78
|
607
|
1,878
|
7,807
|
9,685
|
2,147
|
2012
|
39
|
|||||||||||||||||||||||
Orangetown, NY
|
6,097
|
3,200
|
12,800
|
30
|
7,767
|
3,230
|
20,567
|
23,797
|
5,110
|
2012
|
39
|
|||||||||||||||||||||||
Greenwich, CT
|
4,061
|
1,600
|
6,401
|
28
|
755
|
1,628
|
7,156
|
8,784
|
1,876
|
2013
|
39
|
|||||||||||||||||||||||
Various
|
-
|
223
|
893
|
-
|
-
|
223
|
893
|
1,116
|
219
|
2013
|
39
|
|||||||||||||||||||||||
Greenwich, CT
|
5,065
|
1,998
|
7,994
|
53
|
331
|
2,051
|
8,325
|
10,376
|
2,033
|
2013
|
39
|
|||||||||||||||||||||||
New Providence, NJ
|
20,364
|
6,970
|
27,880
|
463
|
3,004
|
7,433
|
30,884
|
38,317
|
7,903
|
2013
|
39
|
|||||||||||||||||||||||
Bethel, CT
|
-
|
1,800
|
7,200
|
(18)
|
828
|
1,782
|
8,028
|
9,810
|
1,650
|
2014
|
39
|
|||||||||||||||||||||||
Bloomfield, NJ
|
-
|
2,201
|
8,804
|
218
|
2,390
|
2,419
|
11,194
|
13,613
|
2,404
|
2014
|
39
|
|||||||||||||||||||||||
Boonton, NJ
|
10,605
|
3,670
|
14,680
|
14
|
493
|
3,684
|
15,173
|
18,857
|
3,394
|
2014
|
39
|
|||||||||||||||||||||||
Yonkers, NY
|
5,000
|
3,060
|
12,240
|
333
|
1,432
|
3,393
|
13,672
|
17,065
|
2,797
|
2014
|
39
|
|||||||||||||||||||||||
Greenwich, CT
|
6,997
|
3,223
|
12,893
|
6
|
347
|
3,229
|
13,240
|
16,469
|
2,757
|
2014
|
40
|
|||||||||||||||||||||||
Greenwich, CT
|
13,582
|
6,257
|
25,029
|
27
|
1,157
|
6,284
|
26,186
|
32,470
|
5,416
|
2014
|
40
|
|||||||||||||||||||||||
Midland Park, NJ
|
18,301
|
8,740
|
34,960
|
(44)
|
907
|
8,696
|
35,867
|
44,563
|
7,431
|
2015
|
39
|
|||||||||||||||||||||||
Pompton Lakes, NJ
|
-
|
8,140
|
32,560
|
(1,869)
|
(979)
|
6,271
|
31,581
|
37,852
|
5,293
|
2015
|
39
|
|||||||||||||||||||||||
Wyckoff, NJ
|
7,265
|
3,490
|
13,960
|
17
|
344
|
3,507
|
14,304
|
17,811
|
2,911
|
2015
|
39
|
|||||||||||||||||||||||
Kinnelon, NJ
|
9,670
|
4,540
|
18,160
|
(28)
|
3,980
|
4,512
|
22,140
|
26,652
|
6,289
|
2015
|
39
|
|||||||||||||||||||||||
Fort Lee, NJ
|
-
|
798
|
3,192
|
(14)
|
(55)
|
784
|
3,137
|
3,921
|
597
|
2015
|
39
|
|||||||||||||||||||||||
Harrison, NY
|
-
|
2,000
|
8,000
|
(10)
|
1,410
|
1,990
|
9,410
|
11,400
|
1,665
|
2015
|
39
|
|||||||||||||||||||||||
Stamford, CT
|
19,810
|
12,686
|
32,620
|
-
|
1,667
|
12,686
|
34,287
|
46,973
|
5,484
|
2016
|
39
|
|||||||||||||||||||||||
Stamford, CT
|
-
|
3,691
|
9,491
|
-
|
93
|
3,691
|
9,584
|
13,275
|
1,504
|
2016
|
39
|
|||||||||||||||||||||||
Derby, CT
|
-
|
651
|
7,652
|
-
|
286
|
651
|
7,938
|
8,589
|
1,217
|
2017
|
39
|
|||||||||||||||||||||||
Passaic, NJ
|
-
|
2,039
|
5,616
|
1
|
1,568
|
2,040
|
7,184
|
9,224
|
1,218
|
2017
|
39
|
|||||||||||||||||||||||
Stamford, CT (HRC)
|
9,093
|
17,178
|
43,677
|
189
|
1,221
|
17,367
|
44,898
|
62,265
|
6,485
|
2017
|
39
|
|||||||||||||||||||||||
Stamford, CT (HRChase)
|
-
|
2,376
|
1,458
|
-
|
-
|
2,376
|
1,458
|
3,834
|
209
|
2017
|
39
|
|||||||||||||||||||||||
Old Greenwich , CT (HRCVS)
|
1,006
|
2,295
|
2,700
|
-
|
4
|
2,295
|
2,704
|
4,999
|
388
|
2017
|
39
|
|||||||||||||||||||||||
Waldwick, NJ
|
-
|
2,761
|
5,571
|
1
|
315
|
2,762
|
5,886
|
8,648
|
806
|
2017
|
39
|
|||||||||||||||||||||||
Dumont, NJ
|
8,989
|
6,646
|
15,341
|
3
|
440
|
6,649
|
15,781
|
22,430
|
2,141
|
2017
|
39
|
|||||||||||||||||||||||
Ridgefield, CT
|
-
|
293
|
2,782
|
-
|
480
|
293
|
3,262
|
3,555
|
477
|
2017
|
39
|
|||||||||||||||||||||||
Yonkers, NY
|
-
|
7,525
|
5,920
|
1
|
350
|
7,526
|
6,270
|
13,796
|
744
|
2017
|
39
|
|||||||||||||||||||||||
New City, NY
|
-
|
2,494
|
631
|
12
|
4
|
2,506
|
635
|
3,141
|
72
|
2017
|
39
|
|||||||||||||||||||||||
Brewster, NY
|
11,050
|
4,106
|
10,620
|
2,789
|
3,383
|
6,895
|
14,003
|
20,898
|
1,490
|
2019
|
39
|
|||||||||||||||||||||||
Shelton, CT
|
-
|
11,484
|
21,804
|
-
|
19
|
11,484
|
21,823
|
33,307
|
419
|
2022
|
39
|
|||||||||||||||||||||||
299,153
|
235,239
|
795,310
|
8,529
|
139,582
|
243,768
|
934,892
|
1,178,660
|
298,407
|
||||||||||||||||||||||||||
Total
|
$
|
299,153
|
$
|
237,315
|
$
|
801,688
|
$
|
8,529
|
$
|
142,824
|
$
|
245,844
|
$
|
944,512
|
$
|
1,190,356
|
$
|
303,488
|
(c) |
Tenant improvement costs are depreciated over the life
of the related leases, which range from 5 to 20 years.
|
(d) |
The depreciation provision represents the expense
calculated on real property only.
|
(e) |
The aggregate cost for Federal Income Tax purposes for
real estate subject to operating leases was approximately $932 million at October 31, 2022.
|
URSTADT BIDDLE PROPERTIES INC.
|
||
(Registrant)
|
||
Dated: January 13, 2023
|
/s/ Willing L. Biddle
|
|
Willing L. Biddle
|
||
President and Chief Executive Officer
|
||
Dated: January 13, 2023
|
/s/ John T. Hayes
|
|
John T. Hayes
|
||
Senior Vice President and Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
/s/ Charles D. Urstadt
|
January 13, 2023
|
|
Charles D. Urstadt
|
||
Chairman and Director
|
||
/s/ Willing L. Biddle
|
January 13, 2023
|
|
Willing L. Biddle
|
||
President, Chief Executive Officer and Director
|
||
(Principal Executive Officer)
|
||
/s/ John T. Hayes
|
January 13, 2023
|
|
John T. Hayes
|
||
Senior Vice President & Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
||
/s/ Kevin J. Bannon
|
January 13, 2023
|
|
Kevin J. Bannon
|
||
Director
|
||
/s/ Catherine U. Biddle
|
January 13, 2023
|
|
Catherine U. Biddle
|
||
Director
|
||
/s/ Richard Grellier
|
January 13, 2023
|
|
Richard Grellier
|
||
Director
|
||
/s/ Robert J. Mueller
|
January 13, 2023
|
|
Robert J. Mueller
|
||
Director
|
||
/s/ Bryan O. Colley
|
January 13, 2023
|
|
Bryan O. Colley
|
||
Director
|
||
/s/ Noble Carpenter
|
January 13, 2023
|
|
Noble Carpenter
|
||
Director
|
||
/s/ Willis H. Stephens Jr.
|
January 13, 2023
|
|
Willis H. Stephens Jr
|
||
Director
|
||
1 Year Urstadt Biddle Properties Chart |
1 Month Urstadt Biddle Properties Chart |
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