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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 |
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported financial and operating results for the three and nine months ended July 31, 2021, and provided information regarding financial and operational activities in light of the ongoing COVID-19 pandemic.
The following is a discussion of our current dividend levels and statistics about our portfolio that are useful in assessing the impact of COVID-19 on our business:
Dividend Declarations
COVID-19 UPDATE (as of July 31, 2021)
RENTAL COLLECTIONS UPDATE (as of September 1, 2021)
THIRD QUARTER 2021
(1) A reconciliation of GAAP net income to FFO is provided at the end of this press release. (2) A reconciliation of income from continuing operations to same property net operating income is provided at the end of this press release.
“After 18 months of the Covid pandemic’s disruption to the shopping center business, we are encouraged to see a strong rebound in our tenants’ businesses and in new demand for vacant space at our properties. We are excited to report that we renewed 471,000 square feet of space and signed 89,000 square feet of new leases in the first three quarters of fiscal 2021. In the third quarter, the percentage of our portfolio leased increased by 1.1% to 91.2%. Following five quarters of rental rate declines due to the pandemic, this trend reversed in the third quarter, with rental rates on renewals rising 1.1% and rental rates on new leases rising 4.1%. Leasing demand is strong, and we are hopeful these trends will continue based on the leasing deals we have in our pipeline. The period since March 2020 has been a difficult one for our business, and we are grateful for the strong efforts and perseverance of our tenants and our UBP team in working together to get through this. Our thoughts and prayers continue to go out to all of those impacted by the pandemic, along with great appreciation and respect for those who have led, and continue to lead, the fight against the virus on the front lines.” said Willing L. Biddle, President and Chief Executive Officer.
Mr. Biddle continued…. “Although public health and business conditions are improving, certain categories of our tenants, including health and fitness, day care, hair and nail salons and other personal services, continue to be impacted. In addition, work-from-home trends have decreased the demand for dry cleaning, and certain sit-down restaurants, particularly those without outdoor seating, continue to struggle. Thankfully, due to our long-term strategy, 86% of our properties, measured by square footage, are anchored by grocery stores, wholesale clubs or pharmacies, and these businesses have remained solid throughout the pandemic. While our earnings continue to be negatively impacted as a result of pandemic-induced reductions in tenant collections, as is also true with nearly all of our retail REIT peers, this quarter we collected 94% of our rents billed and our allowance for doubtful accounts significantly decreased. We also collected over $2.4 million in the quarter from tenants that we are required to account for on a cash basis in accordance with GAAP. As a result, we did not have a reduction of earnings or FFO for cash basis tenants. Given that we collected approximately 95% of deferred tenant billings that were scheduled to be repaid in the first nine months of fiscal 2021, as well as the fact that we had far fewer rent abatements in both our nine and three month periods of fiscal 2021 when compared with those periods last year, our same property operating income significantly improved. Rent collections were relatively solid in the first three quarters of fiscal 2021, amounting to 94.3% for the first quarter, 94.4% for the second quarter and 94.1% in our third quarter. Additionally, we anticipate that our collections will continue to improve going forward, as demand for space is growing. This, of course, gives us the opportunity to fill existing vacancies and replace struggling tenants. On that note, what is most important is that our tenants’ businesses are rebounding to once again become healthy, profitable and positioned for long-term success. Our anchor grocery stores, drug stores and wholesale clubs continue to experience strong sales, and we are very encouraged to see increased leasing activity across our portfolio. Our strong balance sheet and liquidity are the underpinnings of our company’s success, and well-located, grocery-anchored community and neighborhood shopping centers have proven to be solid investments even in unforeseen pandemics. Other noteworthy events this quarter include the sale of our last non-core property, which was located in Newington, NH. The Newington sales price was $13.4 million, and we recognized a gain on sale of $11.8 million. This sale is consistent with our long-standing strategy of concentrating our portfolio in high quality, grocery-anchored neighborhood and community shopping centers in the metropolitan tri-state area outside of the City of New York. In addition, the previously-announced new Lidl supermarket at our Pompton Lake property opened for business on September 1 with lines out the door even on a rainy day. We remain confident in the future due to the improving stability of our tenants, the positive demographic trend of people moving to the suburbs around New York City and the increased leasing demand we are seeing. Our Board of Directors approved a dividend payment for the third quarter at the same level as the previous quarter. In summary, we are very much looking forward to increasing our occupancy over the remaining months of the year, and we hope to execute on some acquisitions we have in our pipeline.”
Net income applicable to Class A Common and Common stockholders for the third quarter of fiscal 2021 was $18,375,000 or $0.48 per diluted Class A Common share and $0.43 per diluted Common share, compared to $1,576,000 or $0.04 per diluted Class A Common share and $0.04 per diluted Common share in last year’s third quarter. Net income attributable to Class A Common and Common stockholders for the first nine months of fiscal 2021 was $27,475,000 or $0.72 per diluted Class A Common share and $0.64 per diluted Common share, compared to $9,446,000 or $0.25 per diluted Class A Common share and $0.22 per diluted Common share in the first nine months of fiscal 2020.
Net income during both the nine and three-month periods ended July 31, 2021 includes $11.8 million gain on the sale of our Newington, NH property, which was sold in June 2021.
FFO for the third quarter of fiscal 2021 was $14,004,000 or $0.36 per diluted Class A Common share and $0.33 per diluted Common share, compared with $9,230,000 or $0.24 per diluted Class A Common share and $0.22 per diluted Common share in last year’s third quarter. For the first nine months of fiscal 2021, FFO amounted to $38,107,000 or $1.00 per diluted Class A Common share and $0.89 per diluted Common share, compared to $32,414,000 or $0.85 per diluted Class A Common share and $0.76 per diluted Common share in the corresponding period of fiscal 2020.
At July 31, 2021, the company’s consolidated properties were 91.2% leased (versus 90.4% at the end of fiscal 2020). The company currently has 387,000 square feet of vacancy in its consolidated portfolio, 93,000 square feet of which is in the lease negotiation stage. In addition, the company is negotiating letters of intent with potential tenants on another 131,000 square feet of vacant space.
The percentage of property leased in the preceding paragraph excludes the company’s unconsolidated joint ventures. At July 31, 2021, the company had equity interests in six unconsolidated joint ventures (718,000 square feet), which were 94.2% leased (versus 91.1% at October 31, 2020).
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 79 properties containing approximately 5.1 million square feet of space. Listed on the New York Stock Exchange since 1970, it provides investors with a means of participating in ownership of income-producing properties. It has paid 206 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
(Table Follows)
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
Nine Months and Three Months Ended July 31, 2021 and 2020 results (Unaudited)
(in thousands, except per share data)
Nine Months Ended
Three Months Ended
July 31,
July 31,
2021
2020
2021
2020
Revenues
Lease income
$97,329
$90,003
$33,051
$26,855
Lease termination income
801
460
96
112
Other income
3,403
3,964
1,183
1,832
Total Revenues
101,533
94,427
34,330
28,799
Operating Expenses
Property operating
17,733
15,085
5,284
4,355
Property taxes
17,785
17,615
6,009
5,897
Depreciation and amortization
21,773
21,587
7,063
7,304
General and administrative
6,876
8,495
2,139
2,111
Directors' fees and expenses
277
287
79
94
Total Operating Expenses
64,444
63,069
20,574
19,761
Operating Income
37,089
31,358
13,756
9,038
Non-Operating Income (Expense):
Interest expense
(10,062)
(10,123)
(3,329)
(3,475)
Equity in net income from unconsolidated joint ventures
1,025
1,160
365
184
Unrealized holding gains arising during the period
-
-
-
(109)
Gain on sale of marketable securities
-
258
-
258
Gain (loss) on sale of properties
12,214
(328)
11,808
-
Interest, dividends and other investment income
171
359
75
27
Net Income
40,437
22,684
22,675
5,923
Noncontrolling interests:
Net income attributable to noncontrolling interests
(2,724)
(3,001)
(887)
(935)
Net income attributable to Urstadt Biddle Properties Inc.
37,713
19,683
21,788
4,988
Preferred stock dividends
(10,238)
(10,237)
(3,413)
(3,412)
Net Income Applicable to Common and Class A Common Stockholders
$27,475
$9,446
$18,375
$1,576
Diluted Earnings Per Share:
Per Common Share:
$0.64
$0.22
$0.43
$0.04
Per Class A Common Share:
$0.72
$0.25
$0.48
$0.04
Weighted Average Number of Shares Outstanding (Diluted):
Common and Common Equivalent
9,564
9,479
9,697
9,281
Class A Common and Class A Common Equivalent
29,722
29,610
29,828
29,540
Results of Operations
The following information summarizes our results of operations for the nine months and three months ended July 31, 2021 and 2020 (amounts in thousands):
Nine months ended
Change Attributable to
July 31,
Increase
Property
Properties Held In
Revenues
2021
2020
(Decrease)
% Change
Acquisitions/Sales
Both Periods (Note 1)
Base rents
$74,802
$75,013
$(211)
(0.3)%
$(125)
$(86)
Recoveries from tenants
27,043
21,166
5,877
27.8%
(9)
5,886
Uncollectable amounts in lease income
(1,379)
(3,490)
2,111
(60.5)%
-
2,111
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
(3,137)
(2,686)
(451)
16.8%
158
(609)
Lease termination
801
460
341
74.1%
-
341
Other income
3,403
3,964
(561)
(14.2)%
(12)
(549)
Operating Expenses
Property operating
17,733
15,085
2,648
17.6%
181
2,467
Property taxes
17,785
17,615
170
1.0%
108
62
Depreciation and amortization
21,773
21,587
186
0.9%
218
(32)
General and administrative
6,876
8,495
(1,619)
(19.1)%
n/a
n/a
Non-Operating Income/Expense
Interest expense
10,062
10,123
(61)
(0.6)%
-
(61)
Interest, dividends, and other investment income
171
359
(188)
(52.4)%
n/a
n/a
Three Months Ended
Change Attributable to
July 31,
Increase
Property
Properties Held In
Revenues
2021
2020
(Decrease)
% Change
Acquisitions/Sales
Both Periods (Note 1)
Base rents
$24,790
$24,130
$660
2.7%
$(99)
$759
Recoveries from tenants
8,251
7,056
1,195
16.9%
(4)
1,199
Uncollectible amounts in lease income
-
(1,645)
1,645
(100.0)%
-
1,645
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
10
(2,686)
2,696
(100.4)%
158
2,538
Lease termination income
96
112
(16)
(14.3)%
-
(16)
Other income
1,183
1,832
(649)
(35.4)%
(21)
(628)
Operating Expenses
Property operating
5,284
4,355
929
21.3%
92
837
Property taxes
6,009
5,897
112
1.9%
84
28
Depreciation and amortization
7,063
7,304
(241)
(3.3)%
81
(322)
General and administrative
2,139
2,111
28
1.3%
n/a
n/a
Non-Operating Income/Expense
Interest expense
3,329
3,475
(146)
(4.2)%
-
(146)
Interest, dividends, and other investment income
75
27
48
177.8%
n/a
n/a
Note 1 – Properties held in both periods includes only properties owned for the entire periods of 2021 and 2020 and for interest expense the amount also includes parent company interest expense. All other properties are included in the property acquisition/sales column. There are no properties excluded from the analysis.
Base rents decreased by 0.3% to $74.8 million for the nine month period ended July 31, 2021 as compared with $75.0 million in the comparable period of 2020. Base rents increased by 2.7% to $24.8 million for the three months ended July 31, 2021 as compared with $24.1 million in the comparable period of 2020. The change in base rent and the changes in other income statement line items analyzed in the table above were attributable to:
Property Acquisitions and Properties Sold:
In the first nine months of fiscal 2020, we sold two properties totaling 18,100 square feet. In the first nine months of fiscal 2021 we sold two properties totaling 105,800 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the nine months ended July 31, 2021 when compared with fiscal 2020.
Properties Held in Both Periods:
Revenues
Base Rent
In the nine month period ended July 31, 2021, base rent for properties held in both periods was relatively unchanged when compared with the corresponding prior periods.
In the three month period ended July 31, 2021, base rent for properties held in both period increased by $759,000 when compared with the corresponding prior period as a result of new leasing completed after the third quarter of fiscal 2020 at approximately 6 properties.
In the first nine months of fiscal 2021, we leased or renewed approximately 560,000 square feet (or approximately 12.7% of total GLA). At July 31, 2021, the Company’s consolidated properties were 91.2% leased (90.4% leased at October 31, 2020).
Tenant Recoveries
In the nine month and three month periods ended July 31, 2021, recoveries from tenants (which represent reimbursements from tenants for operating expenses and property taxes) increased by a net $5.9 million and $1.2 million, respectively, when compared with the corresponding prior period.
The increase in tenant recoveries was the result of having higher common area maintenance expenses in the nine months and three months of fiscal 2021 when compared with the corresponding prior periods related to snow removal and parking lot repairs. In addition, we completed the 2020 annual reconciliations for both common area maintenance and real estate taxes in the first half of fiscal 2021 and those reconciliations resulted in us billing our tenants more than we had anticipated and accrued for in the prior period, which increased tenant reimbursement income in the first half of fiscal 2021. In addition, the percentage of common area maintenance and real estate tax costs that we recover from our tenants generally increased in fiscal 2021 when compared with fiscal 2020 as the effects of the pandemic on our tenants businesses is lessening.
Uncollectable Amounts in Lease Income
In the nine month and three month periods ended July 31, 2021, uncollectable amounts in lease income decreased by $2.1 million and $1.6 million, respectively. In the second quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants' receivables given the on-set of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants' businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents would likely be uncollectable. During the nine months ended July 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.
ASC Topic 842 Cash Basis Lease Income Reversals
The Company adopted ASC Topic 842 "Leases" at the beginning of fiscal 2020. ASC Topic 842 requires amongst 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 have determined that as a result of the COVID-19 pandemic, 89 tenants' future lease payments are no longer probable of collection (10.3% of our approximate 860 tenants). 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 $345,000 more in straight-line rent reversals for cash basis tenants in the nine months ended July 31, 2021 when compared to the prior period.
For the three months ended July 31, 2021 we did not convert any tenants to cash basis, and as a result, we did not reverse any straight-line rent receivables, which created a $910,000 positive variance. In addition, in the three months ended July 31, 2021, we did not have any reductions of lease income for collectability adjustments for cash basis tenants as the amount of collections received from those tenants equaled or exceeded the quarterly billings for tenants accounted for on a cash basis, which created a positive variance of $1.8 million.
Expenses
Property Operating
In the nine month and three month periods ended July 31, 2021, property operating expenses increased by $2.5 million and $ 837,000, respectively, as a result of having higher common area maintenance expenses in the nine months and three months of fiscal 2021 when compared with the corresponding prior periods related to snow removal and parking lot repairs.
Property Taxes
In the nine month and three month periods ended July 31, 2021, property tax expense was relatively unchanged when compared with the corresponding prior period.
Interest
In the nine month and three month periods ended July 31, 2021, interest expense was relatively unchanged when compared with the corresponding prior period.
Depreciation and Amortization
In the nine month period ended July 31, 2021, depreciation and amortization was relatively unchanged when compared with the corresponding prior period. In the three month period ended July 31, 2021, depreciation and amortization decreased by $322,000 when compared with the corresponding prior period as a result of the write-off of tenant improvements for tenants who vacated the portfolio in fiscal 2020.
General and Administrative Expenses
In the nine month period ended July 31, 2021, general and administrative expenses decreased by $1.6 million when compared with the corresponding prior period, predominantly related to a decrease in compensation and benefits expense. 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. General and administrative expenses was relatively unchanged for the three month period ended July 31, 2021.
Non-GAAP Financial Measure Funds from Operations (“FFO”)
We consider FFO to be an additional measure of our operating performance. We report FFO in addition to net income applicable to common stockholders and net cash provided by operating activities. Management has adopted the definition suggested by The National Association of Real Estate Investment Trusts (“NAREIT”) and defines FFO to mean net income (computed in accordance with GAAP) excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures.
Management considers FFO to be a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of the company’s real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure. FFO is presented to assist investors in analyzing the performance of the company. It is helpful as it excludes various items included in net income that are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, FFO:
FFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs. The table below provides a reconciliation of net income applicable to Common and Class A Common stockholders in accordance with GAAP to FFO for the nine month and three month periods ended July 31, 2021 and 2020 (amounts in thousands):
(Table Follows)
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
Nine Months and Three Months Ended July 31, 2021 and 2020
(in thousands, except per share data)
Reconciliation of Net Income Available to Common and Class A Common Stockholders to Funds From Operations:
Nine months ended
Three Months Ended
July 31,
July 31,
2021
2020
2021
2020
Net Income Applicable to Common and Class A Common Stockholders
$27,475
$9,446
$18,375
$1,576
Real property depreciation
17,198
16,994
5,737
5,658
Amortization of tenant improvements and allowances
3,312
3,245
960
1,170
Amortization of deferred leasing costs
1,209
1,279
363
451
Depreciation and amortization on unconsolidated joint ventures
1,126
1,122
376
375
(Gain)/loss on sale of property
(12,213)
328
(11,807)
-
Funds from Operations Applicable to Common and Class A Common Stockholders
$38,107
$32,414
$14,004
$9,230
Funds from Operations (Diluted) Per Share:
Common
$0.89
$0.76
$0.33
$0.22
Class A Common
$1.00
$0.85
$0.36
$0.24
Weighted Average Number of Shares Outstanding (Diluted):
Common and Common Equivalent
9,564
9,479
9,697
9,281
Class A Common and Class A Common Equivalent
29,722
29,610
29,828
29,540
FFO amounted to $38.1 million in the nine months ended July 31, 2021 compared to $32.4 million in the comparable period of fiscal 2020. The net increase in FFO is attributable, among other things to:
Increases:
Decreases:
FFO amounted to $14.0 million in the three months ended July 31, 2021 compared to $9.2 million in the comparable period of fiscal 2020. The net increase in FFO is attributable, among other things to:
Increases:
Non-GAAP Financial Measure Same Property Net Operating Income
We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income (“NOI”) properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.
We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently.
Table Follows:
Urstadt Biddle Properties Inc.
Same Property Net Operating Income
(In thousands, except for number of properties and percentages)
Nine Months Ended July 31,
Three Months Ended July 31,
2021
2020
% Change
2021
2020
% Change
Same Property Operating Results:
Number of Properties (Note 4)
74
74
Revenue (Note 2)
Base Rent (Note 3)
$74,627
$70,673
5.6%
$24,659
$21,529
14.5%
Uncollectable amounts in lease income-same property
(1,380)
(3,460)
-60.1%
-
(1,615)
-100.0%
ASC Topic 842 cash-basis
lease income reversal-same property
(1,882)
(1,776)
6.0%
10
(1,776)
-100.6%
Recoveries from tenants
26,742
20,857
28.2%
9,273
6,960
33.2%
Other property income
304
787
-61.4%
88
576
-84.9%
98,411
87,081
13.0%
34,030
25,674
32.5%
Expenses
Property operating
10,977
8,609
27.5%
3,269
2,361
38.5%
Property taxes
17,586
17,521
0.4%
5,902
5,869
0.6%
Other non-recoverable operating expenses
1,464
1,315
11.3%
453
502
-9.8%
30,027
27,445
9.4%
9,624
8,732
10.2%
Same Property Net Operating Income
68,384
59,636
14.7%
24,406
16,942
44.1%
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
Other reconciling items:
Other non same-property net operating income
804
1,088
89
313
Other Interest income
349
336
118
88
Other Dividend Income
-
182
-
-
Consolidated lease termination income
801
460
97
112
Consolidated amortization of above and below market leases
455
525
166
175
Consolidated straight line rent income
(2,702)
1,780
(371)
1,230
Equity in net income of unconsolidated joint ventures
1,025
1,160
365
184
Taxable REIT subsidiary income/(loss)
419
719
165
393
Solar income/(loss)
(159)
(91)
88
107
Storage income/(loss)
805
714
360
240
Unrealized holding gains arising during the periods
-
-
-
(109)
Gain on sale of marketable securities
-
258
-
258
Interest expense
(10,062)
(10,123)
(3,329)
(3,475)
General and administrative expenses
(6,876)
(8,495)
(2,139)
(2,111)
Uncollectable amounts in lease income
(1,380)
(3,490)
-
(1,645)
Uncollectable amounts in lease income-same property
1,380
3,460
-
1,615
ASC Topic 842 cash-basis lease income reversal
(1,882)
(1,776)
10
(1,776)
ASC Topic 842 cash-basis lease income reversal-same property
1,882
1,776
(10)
1,776
Directors fees and expenses
(277)
(287)
(79)
(94)
Depreciation and amortization
(21,773)
(21,587)
(7,063)
(7,304)
Adjustment for intercompany expenses and other
(2,970)
(3,233)
(2,006)
(996)
Total other -net
(40,161)
(36,624)
(13,539)
(11,019)
Income from continuing operations
28,223
23,012
22.6%
10,867
5,923
83.5%
Gain (loss) on sale of real estate
12,214
(328)
11,808
-
Net income
40,437
22,684
78.3%
22,675
5,923
282.8%
Net income attributable to noncontrolling interests
(2,724)
(3,001)
(887)
(935)
Net income attributable to Urstadt Biddle Properties Inc.
$37,713
$19,683
91.6%
$21,788
$4,988
336.8%
Same Property Operating Expense Ratio (Note 1)
93.6%
79.8%
13.8%
101.1%
84.6%
16.5%
Note 1 -
Represents the percentage of property operating expense and real estate tax expense recovered from tenants under operating leases.
Note 2 -
Excludes straight-line rent, above/below market lease rent, lease termination income.
Note 3 -
Base rents for the three and nine month periods ended July 31, 2021 are reduced by approximately $99,000 and $538,000, respectively, in rents that were deferred and approximately $414,000 and $2.7 million, in rents that were abated because of COVID-19. Base rents for the three and nine month periods ended July 31, 2021, are increased by approximately $826,000 and $2.8 million, respectively, in COVID-19 deferred rents that were billed and collected in those periods. Base rents for the nine and three months ended July 31, 2020 are reduced by approximately $1.9 million in rents that were deferred and approximately $492,000 in rents that were abated as a result of COVID-19.
Note 4 -
Includes only properties owned for the entire period of both periods presented
Urstadt Biddle Properties Inc.
Balance Sheet Highlights
(in thousands)
July 31,
October 31,
2021
2020
(Unaudited)
Assets
Cash and Cash Equivalents
$22,991
$40,795
Real Estate investments before accumulated depreciation
$1,146,941
$1,149,182
Investments in and advances to unconsolidated joint ventures
$28,807
$28,679
Total Assets
$982,122
$1,010,179
Liabilities
Revolving credit line
$5,000
$35,000
Mortgage notes payable and other loans
$293,975
$299,434
Total Liabilities
$339,957
$377,037
Redeemable Noncontrolling Interests
$67,396
$62,071
Preferred Stock
$225,000
$225,000
Total Stockholders’ Equity
$574,769
$571,071
View source version on businesswire.com: https://www.businesswire.com/news/home/20210908005969/en/
Willing L. Biddle, CEO or John T. Hayes, CFO Urstadt Biddle Properties Inc. (203) 863-8200
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