GREENWICH, Conn., Dec. 16, 2021
GREENWICH, Conn.--(BUSINESS WIRE)-- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported financial and operating results for the fiscal year ended October 31, 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 October 31, 2021)
RENTAL COLLECTIONS UPDATE (as of December 1, 2021)
HIGHLIGHTS FOR FOURTH 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.
Commenting on the operating results, Willing L. Biddle, President and CEO of Urstadt Biddle Properties Inc., said “After almost two years of the Covid-19 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. As a result of the continued improvement, our Board of Directors declared an increased dividend of $0.03 cents per annum on both classes of common stock. This dividend represents a 3.3% increase over the prior Class A Common Stock dividend level. We are pleased to report that we renewed 600,000 square feet of existing tenant leases and signed 142,000 square feet of new leases in fiscal 2021. Demand for space is increasing, and in the fourth quarter we signed 53,000 square feet of new leases, with the percentage of our portfolio leased increasing by 0.4% to 92.1%. We are encouraged that the increased demand is leading to increased rents, and this is the second consecutive quarter of increasing rents on renewals, following five consecutive quarters of rental rate decreases on renewals. In our fourth quarter, rental rates on renewals increased 9.4% and rental rates on new leases decreased by 4.9%. We believe the surge of retailer demand will continue, and our leasing team is very busy with a strong pipeline of new leasing deals in process. We are grateful for the tremendous efforts and perseverance of our tenants and of our UBP team, who have worked 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 viruses on the front lines.”
Mr. Biddle continued…. “Although public health and business conditions are improving, certain categories of our tenants, including certain smaller health and fitness providers, day care operators, hair and nail salons and other personal service tenants, continue to be impacted by the pandemic to various degrees, and tenant collections remain difficult for those tenant categories. Work-from-home trends have decreased the demand for dry cleaning, for example, and certain full-service restaurants, particularly those without outdoor seating, continue to struggle. We will continue to work with those tenants who we believe will have a viable business model when greater demand returns for their services. 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. Although our earnings and FFO have bounced back close to pre-pandemic levels, there is still room to grow the income of our existing portfolio, as our properties have an average vacancy rate of 8% and demand for space is growing. In fact, we hope to be able to increase our occupancy rate back to our historical occupancy average of 95% in the not-too-distant future. This quarter, we collected 95.7% of our rents billed, and our allowance for doubtful accounts significantly decreased. We also collected approximately 93% of deferred tenant billings that were scheduled to be repaid in fiscal 2021, and we had far fewer rent abatements in both our fourth quarter and in fiscal 2021 when compared with those periods last year. As a result, our same property operating income significantly improved. Rent collections were relatively solid in fiscal 2021, amounting to 94.9% for the first quarter, 94.7% for the second quarter, 95.6% for the third quarter and 95.7% for the fourth quarter. We anticipate that our collections will continue to improve going forward, as demand for space is growing, which should give us the opportunity to fill existing vacancies and replace those tenants who are struggling and cannot return to paying full rent. Our strong balance sheet and liquidity are the underpinnings of our company’s success, and well-located, grocery-anchored community and neighborhood shopping centers have proven to be solid investments in good times and bad. After fiscal year-end, we sold our single tenant building located in Chester, New Jersey, which we acquired several years ago as part of a two property transaction with a grocery-anchored shopping center. This sale reinforces our strategy of continuing to concentrate our portfolio in grocery, pharmacy or wholesale club-anchored properties located in the suburban communities that surround New York City. We remain confident about 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. Many major companies occupying New York City office buildings have yet to fully re-open their offices, and it seems clear that working from home on at least a partial basis to avoid health risks, as well as to limit the cost, time and difficulty of commuting, is going to continue to be the norm. More people working at home or at satellite offices in the suburbs is good for UBP’s business.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 78 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 207 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
(Table Follows)
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) Year Ended October 31, 2021 and 2020 results (in thousands, except per share data) | |||||||||||
| Year Ended October 31, |
| Three Months Ended October 31, | ||||||||
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
|
| Unaudited |
|
|
|
|
| Unaudited |
|
| Unaudited |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Lease income |
| $130,364 |
|
| $120,941 |
|
| $33,035 |
|
| $30,938 |
Lease termination |
| 967 |
|
| 705 |
|
| 166 |
|
| 245 |
Other |
| 4,250 |
|
| 5,099 |
|
| 847 |
|
| 1,135 |
Total Revenues |
| 135,581 |
|
| 126,745 |
|
| 34,048 |
|
| 32,318 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Property operating |
| 22,938 |
|
| 19,542 |
|
| 5,205 |
|
| 4,457 |
Property taxes |
| 23,674 |
|
| 23,464 |
|
| 5,889 |
|
| 5,849 |
Depreciation and amortization |
| 29,032 |
|
| 29,187 |
|
| 7,259 |
|
| 7,600 |
General and administrative |
| 8,985 |
|
| 10,643 |
|
| 2,109 |
|
| 2,148 |
Directors’ fees and expenses |
| 355 |
|
| 373 |
|
| 78 |
|
| 86 |
Total Operating Expenses |
| 84,984 |
|
| 83,209 |
|
| 20,540 |
|
| 20,140 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
| 50,597 |
|
| 43,536 |
|
| 13,508 |
|
| 12,178 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Operating Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| (13,087) |
|
| (13,508) |
|
| (3,025) |
|
| (3,385) |
Equity in net income from unconsolidated joint ventures |
| 1,323 |
|
| 1,433 |
|
| 298 |
|
| 273 |
Gain on sale of marketable securities |
| - |
|
| 258 |
|
| - |
|
| - |
Interest, dividends and other investment income |
| 231 |
|
| 398 |
|
| 59 |
|
| 39 |
Gain (loss) on sale of property |
| 11,864 |
|
| (6,047) |
|
| (349) |
|
| (5,719) |
Net Income |
| 50,928 |
|
| 26,070 |
|
| 10,491 |
|
| 3,386 |
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests: |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests |
| (3,645) |
|
| (3,887) |
|
| (921) |
|
| (886) |
Net income attributable to Urstadt Biddle Properties Inc. |
| 47,283 |
|
| 22,183 |
|
| 9,570 |
|
| 2,500 |
Preferred stock dividends |
| (13,650) |
|
| (13,650) |
|
| (3,412) |
|
| (3,413) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Applicable to Common and Class A Common Stockholders |
| $33,633 |
|
| $8,533 |
|
| $6,158 |
|
| $(913) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings (Loss) Per Share: |
|
|
|
|
|
|
|
|
|
|
|
Per Common Share: |
| $0.79 |
|
| $0.20 |
|
| $0.14 |
|
| $(0.02) |
Per Class A Common Share: |
| $0.88 |
|
| $0.22 |
|
| $0.16 |
|
| $(0.02) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding (Diluted): |
|
|
|
|
|
|
|
|
|
|
|
Common and Common Equivalent |
| 9,608 |
|
| 9,385 |
|
| 9,741 |
|
| 9,190 |
Class A Common and Class A Common Equivalent |
| 29,753 |
|
| 29,576 |
|
| 29,845 |
|
| 29,504 |
Results of Operations
The following information summarizes our results of operations for the year ended October 31, 2021 and 2020 (amounts in thousands):
| Year Ended October 31, |
|
|
|
| Change Attributable to: | |||||||||||
Revenues | 2021 |
| 2020 |
| Increase (Decrease) |
| % Change | Property Acquisitions/Sales |
| Properties Held in Both Periods | |||||||
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 |
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 increased by 0.1% to $99.5 million for the fiscal year ended October 31, 2021 as compared with $99.4 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 fiscal 2020, we sold two properties totaling 18,100 square feet. In fiscal 2021 we sold two properties totaling 105,800 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the fiscal year ended October 31, 2021 when compared with fiscal 2020.
Properties Held in Both Periods:
Revenues
Base Rent
In the fiscal year ended October 31, 2021, base rent for properties held in both periods increased by $214,000 when compared with the corresponding prior periods as a result of additional leasing in the portfolio in fiscal 2021 when compared to the corresponding prior period.
In fiscal 2021, we leased or renewed approximately 742,000 square feet (or approximately 16.8% of total consolidated GLA). At October 31, 2021, the Company’s consolidated properties were 91.9% leased (90.4% leased at October 31, 2020).
Tenant Recoveries
In the fiscal year ended October 31, 2021, recoveries from tenants (which represent reimbursements from tenants for operating expenses and property taxes) increased by a net $6.3 million when compared with the corresponding prior period.
The increase in tenant recoveries was the result of having higher common area maintenance expenses in the fiscal year ended October 31, 2021 when compared with the corresponding prior period related to snow removal, landscaping 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 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 fiscal year ended October 31, 2021, uncollectable amounts in lease income decreased by $2.4 million when compared with the prior year. 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 fiscal year ended 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 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 of October 31, 2021, 27 of the 89 tenants are no longer tenants in the Company’s properties. During the three months ended October 31, 2021, we restored 13 of the 89 tenants to accrual-basis accounting as those tenants have now demonstrated their ability to service the payments due under their leases and have no arrears balances. As of October 31, 2021, 49 tenants continue to be accounted for on a cash-basis, or 5.9% of our approximate 832 tenants. As a result of this assessment, we reversed $576,000 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.
Expenses
Property Operating
In the fiscal year ended October 31, 2021, property operating expenses increased by $3.2 million when compared to the prior period as a result of having higher common area maintenance expenses related to snow removal, landscaping and parking lot repairs.
Property Taxes
In the fiscal year ended October 31, 2021, property tax expense was relatively unchanged when compared with the corresponding prior period.
Interest
In the fiscal year ended October 31, 2021, interest expense decreased by $421,000 when compared with the corresponding prior period, predominantly related to the refinancing of a mortgage secured by our New Providence, NJ property in fiscal 2021 and by repaying all outstanding amounts on our Facility in fiscal 2021.
Depreciation and Amortization
In the fiscal year ended October 31, 2021, depreciation and amortization was relatively unchanged when compared with the corresponding prior period.
General and Administrative Expenses
In the fiscal year ended October 31, 2021, general and administrative expenses decreased by $1.7 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.
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 three month and fiscal years ended October 31, 2021 and 2020. (Amounts in thousands).
(Table Follows)
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) Fiscal Year and fourth quarter ended 2021 results (in thousands, except per share data) | ||||
Reconciliation of Net Income (Loss) Available to Common and Class A | Fiscal Year ended | Three Months Ended | ||
| October 31, | October 31, | ||
| 2021 | 2020 | 2021 | 2020 |
Net Income (Loss) Applicable to Common and Class A Common Stockholders | $33,633 | $8,533 | $6,158 | ($913) |
|
|
|
|
|
Real property depreciation | 22,936 | 22,662 | 5,738 | 5,668 |
Amortization of tenant improvements and allowances | 4,429 | 4,694 | 1,117 | 1,449 |
Amortization of deferred leasing costs | 1,599 | 1,737 | 390 | 458 |
Depreciation and amortization on unconsolidated joint ventures | 1,518 | 1,499 | 392 | 377 |
(Gain)/loss on sale of property | (11,864) | 6,047 | 349 | 5,719 |
|
|
|
|
|
Funds from Operations Applicable to Common and Class A Common Stockholders | $52,251 | $45,172 | $14,144 | $12,758 |
|
|
|
|
|
Funds from Operations (Diluted) Per Share: |
|
|
|
|
Common | $1.22 | $1.06 | $0.33 | $0.30 |
Class A Common | $1.36 | $1.19 | $0.37 | $0.34 |
|
|
|
|
|
Weighted Average Number of Shares Outstanding (Diluted): |
|
|
|
|
Common and Common Equivalent | 9,608 | 9,385 | 9,741 | 9,190 |
Class A Common and Class A Common Equivalent | 29,753 | 29,576 | 29,845 | 29,503 |
|
|
|
|
|
FFO amounted to $52.3 million in fiscal 2021 compared to $45.2 million in fiscal 2020.
The net increase in FFO in fiscal 2021 when compared with fiscal 2020 was predominantly attributable, among other things, to:
Increases:
Decreases:
Non-GAAP Financial Measure
Same Property Net Operating Income
We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income (“NOI”) properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.
We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently.
Table Follows:
Urstadt Biddle Properties Inc. Same Property Net Operating Income (In thousands, except for number of properties and percentages) | ||||||||
Twelve Months Ended October 31, | Three Months Ended October 31, | |||||||
|
| 2021 | 2020 | % Change |
| 2021 | 2020 | % Change |
Same Property Operating Results: | ||||||||
|
|
|
| |||||
Number of Properties (Note 1) | 74 | 74 | ||||||
Revenue (Note 2) |
|
|
|
|
|
| ||
Base Rent (Note 3) | $ 99,136 | $ 93,564 | 6.0% |
| $ 24,509 | $ 22,891 | 7.1% | |
Uncollectable amounts in lease income |
| (1,528) | (3,802) | (59.8)% |
| (148) | (342) | (56.7)% |
ASC Topic 842 cash-basis lease income reversal-same property |
| (2,011) | (2,306) | (12.8)% |
| (129) | (530) | (75.7)% |
Recoveries from tenants | 34,788 | 28,503 | 22.1% |
| 8,046 | 7,646 | 5.2% | |
Other property income | 402 | 879 | (54.3)% |
| 98 | 92 | 6.5% | |
130,787 | 116,838 | 11.9% |
| 32,376 | 29,757 | 8.8% | ||
|
|
|
|
|
|
| ||
Expenses |
|
|
|
|
|
|
| |
Property operating | 14,084 | 11,248 | 25.2% |
| 3,107 | 2,639 | 17.7% | |
Property taxes | 23,522 | 23,343 | 0.8% |
| 5,936 | 5,822 | 2.0% | |
Other non-recoverable operating expenses | 2,037 | 1,758 | 15.9% |
| 573 | 443 | 29.3% | |
39,643 | 36,349 | 9.1% |
| 9,616 | 8,904 | 8.0% | ||
|
|
|
|
|
|
| ||
Same Property Net Operating Income | $ 91,144 | $ 80,489 | 13.2% |
| $ 22,760 | $ 20,853 | 9.1% | |
|
|
|
|
|
|
| ||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| ||
Other reconciling items: |
|
|
|
|
|
|
| |
Other non same-property net operating income | 884 | 1,284 |
|
| 80 | 196 |
| |
Other Interest income | 471 | 428 |
|
| 122 | 92 |
| |
Other Dividend Income | - | 182 |
|
| - | - |
| |
Consolidated lease termination income | 967 | 705 |
|
| 166 | 245 |
| |
Consolidated amortization of above and below market leases | 632 | 706 |
|
| 177 | 183 |
| |
Consolidated straight line rent income | (2,396) | 2,678 |
|
| 306 | 898 |
| |
Equity in net income of unconsolidated joint ventures | 1,323 | 1,433 |
|
| 298 | 273 |
| |
Taxable REIT subsidiary income/(loss) | 303 | 920 |
|
| (116) | 201 |
| |
Solar income/(loss) | (163) | (72) |
|
| (4) | 19 |
| |
Storage income/(loss) | 1,236 | 979 |
|
| 431 | 265 |
| |
Unrealized holding gains arising during the periods | - | - |
|
| - | - |
| |
Gain on sale of marketable securities |
| - | 258 |
|
| - | - |
|
Interest expense | (13,087) | (13,508) |
|
| (3,025) | (3,385) |
| |
General and administrative expenses | (8,985) | (10,643) |
|
| (2,109) | (2,148) |
| |
Uncollectable amounts in lease income |
| (1,529) | (3,916) |
|
| (149) | (426) |
|
Uncollectable amounts in lease income - same property |
| 1,529 | 3,802 |
|
| 149 | 342 |
|
ASC Topic 842 cash-basis lease income reversal |
| (2,011) | (2,327) |
|
| (129) | (551) |
|
ASC Topic 842 cash-basis lease income reversal-same property |
| 2,011 | 2,306 |
|
| 129 | 530 |
|
Directors fees and expenses | (355) | (373) |
|
| (78) | (86) |
| |
Depreciation and amortization | (29,032) | (29,187) |
|
| (7,259) | (7,600) |
| |
Adjustment for intercompany expenses and other | (3,878) | (4,027) |
|
| (908) | (796) |
| |
|
|
|
|
|
|
| ||
Total other -net | (52,080) | (48,372) |
|
| (11,919) | (11,748) |
| |
Income from continuing operations | 39,064 | 32,117 | 21.6% |
| 10,841 | 9,105 | 19.1% | |
Gain (loss) on sale of real estate |
| 11,864 | (6,047) |
|
| (350) | (5,719) |
|
Net income | 50,928 | 26,070 | 95.4% |
| 10,491 | 3,386 | 209.8% | |
Net income attributable to noncontrolling interests | (3,645) | (3,887) |
|
| (921) | (886) |
| |
Net income attributable to Urstadt Biddle Properties Inc. | $47,283 | $22,183 | 113.1% |
| $9,570 | $2,500 | 282.8% | |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
Same Property Operating Expense Ratio (Note 4) | 92.5% | 82.4% | 10.1% |
| 89.0% | 90.4% | (1.4)% |
Note 1 - Includes only properties owned for the entire period of both periods presented.
Note 2 - Excludes straight line rent, above/below market lease rent, lease termination income.
Note 3 - Base rents for the three and twelve month periods ended October 31, 2021 are reduced by approximately $27,000 and $552,000, respectively, in rents that were deferred and approximately $309,000 and $3.0 million, in rents that were abated because of COVID-19. Base rents for the three and twelve month periods ended October 31, 2021, are increased by approximately $346,000 and $3.2 million, respectively, in COVID-19 deferred rents that were billed and collected in those periods.
Base rents for the three and twelve month periods ended October 31, 2020 are reduced by approximately $854,000 and $3.4 million, respectively, in rents that were deferred and approximately $934,000 and $1.4 million, in rents that were abated because of COVID-19.
Note 4 -Represents the percentage of property operating expense and real estate tax
Urstadt Biddle Properties Inc. | |||
Balance Sheet Highlights | |||
(in thousands) | |||
|
|
| |
| October 31, | October 31, | |
| 2021 | 2020 | |
| (Unaudited) |
| |
Assets |
|
| |
Cash and Cash Equivalents | $24,057 | $40,795 | |
|
|
| |
Real Estate investments before accumulated depreciation | $1,148,382 | $1,149,182 | |
|
|
| |
Investments in and advances to unconsolidated joint ventures | $29,027 | $28,679 | |
|
|
| |
Total Assets | $973,852 | $1,010,179 | |
|
|
| |
Liabilities |
|
| |
Revolving credit line | $- | $35,000 | |
|
|
| |
Mortgage notes payable and other loans | $296,449 | $299,434 | |
|
|
| |
Total Liabilities | $330,553 | $377,037 | |
|
|
| |
Redeemable Noncontrolling Interests | $67,395 | $62,071 | |
|
|
| |
Preferred Stock | $225,000 | $225,000 | |
|
|
| |
Total Stockholders’ Equity | $575,904 | $571,071 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005934/en/
Willing L. Biddle, CEO or
John T. Hayes, CFO
Urstadt Biddle Properties Inc.
(203) 863-8200
Source: Urstadt Biddle Properties Inc.
Last updated: 2024-03-29 - v1.3