STATE OF
MARYLAND
(State or Other Jurisdiction
of Incorporation) |
1-12803
(Commission File Number) |
04-2458042
(I.R.S. Employer Identification No.)
|
321 Railroad
Avenue, Greenwich, CT
(Address of Principal Executive Offices) |
|
06830
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
|
(a) |
Not applicable
|
(b) |
Not applicable
|
(c) |
Not applicable.
|
(d) |
The following exhibit is furnished as part of this report:
|
Date: December 17, 2018
|
URSTADT BIDDLE PROPERTIES INC.
|
(Registrant)
|
|
/s/ John T. Hayes
|
|
John T. Hayes
|
|
Senior Vice President & Chief Financial Officer
|
Year Ended
|
Three Months
Ended
|
|||||||||||||||
October 31,
|
October 31,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
Revenues
|
||||||||||||||||
Base rents
|
$
|
95,902
|
$
|
88,383
|
$
|
23,740
|
$
|
23,520
|
||||||||
Recoveries from tenants
|
31,144
|
28,676
|
7,754
|
7,697
|
||||||||||||
Lease termination income
|
3,795
|
2,432
|
5
|
-
|
||||||||||||
Mortgage interest and other
|
4,511
|
4,069
|
1,044
|
1,096
|
||||||||||||
Total Revenues
|
135,352
|
123,560
|
32,543
|
32,313
|
||||||||||||
Operating Expenses
|
||||||||||||||||
Property operating
|
22,009
|
20,074
|
5,159
|
5,439
|
||||||||||||
Property taxes
|
21,167
|
19,621
|
5,563
|
5,145
|
||||||||||||
Depreciation and amortization
|
28,324
|
26,512
|
7,037
|
7,070
|
||||||||||||
General and administrative
|
9,223
|
9,183
|
2,199
|
2,290
|
||||||||||||
Provision for tenant credit losses
|
859
|
583
|
185
|
154
|
||||||||||||
Directors' fees and expenses
|
344
|
321
|
77
|
81
|
||||||||||||
Total Operating Expenses
|
81,926
|
76,294
|
20,220
|
20,179
|
||||||||||||
Operating Income
|
53,426
|
47,266
|
12,323
|
12,134
|
||||||||||||
Non-Operating Income (Expense):
|
||||||||||||||||
Interest expense
|
(13,678
|
)
|
(12,981
|
)
|
(3,500
|
)
|
(3,181
|
)
|
||||||||
Equity in net income from unconsolidated joint ventures
|
2,085
|
2,057
|
375
|
579
|
||||||||||||
Interest, dividends and other investment income
|
350
|
356
|
104
|
202
|
||||||||||||
Gain/(loss) on sale of properties
|
-
|
18,734
|
-
|
(38
|
)
|
|||||||||||
Net Income
|
42,183
|
55,432
|
9,302
|
9,696
|
||||||||||||
Noncontrolling interests:
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
(4,716
|
)
|
(2,499
|
)
|
(1,121
|
)
|
(1,048
|
)
|
||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
37,467
|
52,933
|
8,181
|
8,648
|
||||||||||||
Preferred stock dividends
|
(12,250
|
)
|
(14,960
|
)
|
(3,062
|
)
|
(4,249
|
)
|
||||||||
Redemption of preferred stock
|
-
|
(4,075
|
)
|
-
|
(4,075
|
)
|
||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
25,217
|
$
|
33,898
|
$
|
5,119
|
$
|
324
|
||||||||
Diluted Earnings Per Share:
|
||||||||||||||||
Per Common Share:
|
$
|
0.60
|
$
|
0.80
|
$
|
0.12
|
$
|
0.01
|
||||||||
Per Class A Common Share:
|
$
|
0.67
|
$
|
0.90
|
$
|
0.14
|
$
|
0.01
|
||||||||
Weighted Average Number of Shares Outstanding (Diluted):
|
||||||||||||||||
Common and Common Equivalent
|
9,114
|
9,026
|
9,271
|
9,110
|
||||||||||||
Class A Common and Class A Common Equivalent
|
29,513
|
29,503
|
29,606
|
29,547
|
||||||||||||
Year Ended October 31,
|
Change Attributable to:
|
|||||||||||||||||||||||
Revenues
|
2018
|
2017
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions/Sales
|
Properties Held in
Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
95,902
|
$
|
88,383
|
$
|
7,519
|
8.5
|
%
|
$
|
5,624
|
$
|
1,895
|
||||||||||||
Recoveries from tenants
|
31,144
|
28,676
|
2,468
|
8.6
|
%
|
1,444
|
1,024
|
|||||||||||||||||
Lease termination
|
3,795
|
2,432
|
1,363
|
56.0
|
%
|
(2,148
|
)
|
3,511
|
||||||||||||||||
Other income
|
4,511
|
4,069
|
442
|
10.9
|
%
|
(198
|
)
|
640
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
22,009
|
20,074
|
1,935
|
9.6
|
%
|
1,133
|
802
|
|||||||||||||||||
Property taxes
|
21,167
|
19,621
|
1,546
|
7.9
|
%
|
833
|
713
|
|||||||||||||||||
Depreciation and amortization
|
28,324
|
26,512
|
1,812
|
6.8
|
%
|
1,895
|
(83
|
)
|
||||||||||||||||
General and administrative
|
9,223
|
9,183
|
40
|
0.4
|
%
|
n/a
|
n/a
|
|||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
13,678
|
12,981
|
697
|
5.4
|
%
|
646
|
51
|
|||||||||||||||||
Interest, dividends, and other investment income
|
350
|
356
|
(6
|
)
|
-1.7
|
%
|
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.
|
Reconciliation of Net Income Available to Common and Class A Common Stockholders To Funds From
Operations
|
Fiscal Year Ended
October 31,
|
Three Months Ended
October 31,
|
||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
25,217
|
$
|
33,898
|
$
|
5,119
|
$
|
324
|
||||||||
Real property depreciation
|
22,139
|
20,505
|
5,581
|
5,400
|
||||||||||||
Amortization of tenant improvements and allowances
|
4,039
|
4,448
|
993
|
1,208
|
||||||||||||
Amortization of deferred leasing costs
|
2,057
|
1,468
|
439
|
440
|
||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,719
|
1,618
|
429
|
409
|
||||||||||||
(Gain)/loss on sale of asset
|
-
|
(18,734
|
)
|
-
|
38
|
|||||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
55,171
|
$
|
43,203
|
$
|
12,561
|
$
|
7,819
|
||||||||
Funds from Operations (Diluted) Per Share:
|
||||||||||||||||
Common
|
$
|
1.30
|
$
|
1.02
|
$
|
0.30
|
$
|
0.18
|
||||||||
Class A Common
|
$
|
1.47
|
$
|
1.15
|
$
|
0.33
|
$
|
0.21
|
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)
|
||||||||
Balance Sheet Highlights
|
||||||||
(in thousands)
|
||||||||
October 31,
|
October 31,
|
|||||||
2018
|
2017
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and Cash Equivalents
|
$
|
10,285
|
$
|
8,674
|
||||
Real Estate investments before accumulated depreciation
|
$
|
1,118,075
|
$
|
1,090,402
|
||||
Investments in and advances to unconsolidated joint ventures
|
$
|
37,434
|
$
|
38,049
|
||||
Total Assets
|
$
|
1,008,233
|
$
|
996,713
|
||||
Liabilities
|
||||||||
Revolving credit line
|
$
|
28,595
|
$
|
4,000
|
||||
Mortgage notes payable and other loans
|
$
|
293,801
|
$
|
297,071
|
||||
Total Liabilities
|
$
|
347,834
|
$
|
328,122
|
||||
Redeemable Noncontrolling Interests
|
$
|
78,258
|
$
|
81,361
|
||||
Preferred Stock
|
$
|
190,000
|
$
|
190,000
|
||||
Total Stockholders’ Equity
|
$
|
582,141
|
$
|
587,230
|