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)
|
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☐ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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||||
Title of each
class
|
|
Trading
Symbol(s)
|
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Name of each
exchange on which registered
|
|
|
|
|
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Common Stock, par value $.01 per share
|
|
UBP
|
|
New York Stock Exchange
|
|
|
|
|
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Class A Common Stock, par value $.01 per share
|
|
UBA
|
|
New York Stock Exchange
|
|
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|
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6.75% Series G Cumulative Preferred Stock
|
|
UBPPRG
|
|
New York Stock Exchange
|
|
|
|
|
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6.25% Series H Cumulative Preferred Stock
|
|
UBPPRH
|
|
New York Stock Exchange
|
|
|
|
|
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Common Stock Rights to Purchase Preferred Shares
|
|
N/A
|
|
New York Stock Exchange
|
|
|
|
|
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Class A Common Stock Rights to Purchase Preferred Shares
|
|
N/A
|
|
New York Stock Exchange
|
(a) |
Not applicable
|
(b) |
Not applicable
|
(c) |
Not applicable.
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(d) |
The following exhibit is furnished as part of this report:
|
Date: June 7, 2019
|
URSTADT BIDDLE PROPERTIES INC.
|
(Registrant)
|
|
/s/ John T. Hayes |
|
John T. Hayes
|
|
Senior Vice President & Chief Financial Officer
|
Six Months Ended
|
Three Months
Ended
|
|||||||||||||||
April 30,
|
April 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Revenues
|
||||||||||||||||
Base rents
|
$
|
49,706
|
$
|
47,494
|
$
|
24,928
|
$
|
23,910
|
||||||||
Recoveries from tenants
|
16,825
|
16,316
|
8,373
|
8,109
|
||||||||||||
Lease termination income
|
17
|
3,754
|
-
|
3,754
|
||||||||||||
Other income
|
2,200
|
2,436
|
992
|
1,232
|
||||||||||||
Total Revenues
|
68,748
|
70,000
|
34,293
|
37,005
|
||||||||||||
Operating Expenses
|
||||||||||||||||
Property operating
|
11,715
|
12,046
|
5,851
|
5,740
|
||||||||||||
Property taxes
|
11,718
|
10,304
|
5,805
|
5,157
|
||||||||||||
Depreciation and amortization
|
13,925
|
13,917
|
6,985
|
6,968
|
||||||||||||
General and administrative
|
4,919
|
4,702
|
2,265
|
2,283
|
||||||||||||
Provision for tenant credit losses
|
496
|
372
|
242
|
162
|
||||||||||||
Directors' fees and expenses
|
192
|
188
|
84
|
86
|
||||||||||||
Total Operating Expenses
|
42,965
|
41,529
|
21,232
|
20,396
|
||||||||||||
Operating Income
|
25,783
|
28,471
|
13,061
|
16,609
|
||||||||||||
Non-Operating Income (Expense):
|
||||||||||||||||
Interest expense
|
(7,110
|
)
|
(6,739
|
)
|
(3,532
|
)
|
(3,316
|
)
|
||||||||
Equity in net income from unconsolidated joint ventures
|
718
|
1,227
|
376
|
667
|
||||||||||||
Gain on sale of marketable securities
|
403
|
-
|
-
|
-
|
||||||||||||
Interest, dividends and other investment income
|
184
|
142
|
55
|
62
|
||||||||||||
Net Income
|
19,978
|
23,101
|
9,960
|
14,022
|
||||||||||||
Noncontrolling interests:
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,201
|
)
|
(2,457
|
)
|
(1,100
|
)
|
(1,362
|
)
|
||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
17,777
|
20,644
|
8,860
|
12,660
|
||||||||||||
Preferred stock dividends
|
(6,125
|
)
|
(6,125
|
)
|
(3,062
|
)
|
(3,062
|
)
|
||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
11,652
|
$
|
14,519
|
$
|
5,798
|
$
|
9,598
|
||||||||
Diluted Earnings Per Share:
|
||||||||||||||||
Per Common Share:
|
$
|
0.27
|
$
|
0.34
|
$
|
0.14
|
$
|
0.23
|
||||||||
Per Class A Common Share:
|
$
|
0.31
|
$
|
0.39
|
$
|
0.15
|
$
|
0.25
|
||||||||
Weighted Average Number of Shares Outstanding (Diluted):
|
||||||||||||||||
Common and Common Equivalent
|
9,271
|
9,104
|
9,342
|
9,150
|
||||||||||||
Class A Common and Class A Common Equivalent
|
29,604
|
29,512
|
29,649
|
29,531
|
||||||||||||
Six months ended
|
||||||||||||||||||||||||
April 30,
|
Change Attributable to
|
|||||||||||||||||||||||
Revenues
|
2019
|
2018
|
Increase (Decrease)
|
% Change
|
Property Acquisitions/Sales
|
Properties Held In Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
49,706
|
$
|
47,494
|
$
|
2,212
|
4.7
|
%
|
$
|
1,672
|
$
|
540
|
||||||||||||
Recoveries from tenants
|
16,825
|
16,316
|
509
|
3.1
|
%
|
763
|
(254
|
)
|
||||||||||||||||
Lease termination
|
17
|
3,754
|
(3,737
|
)
|
-99.5
|
%
|
-
|
(3,737
|
)
|
|||||||||||||||
Other income
|
2,200
|
2,436
|
(236
|
)
|
-9.7
|
%
|
42
|
(278
|
)
|
|||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
11,715
|
12,046
|
(331
|
)
|
-2.7
|
%
|
713
|
(1,044
|
)
|
|||||||||||||||
Property taxes
|
11,718
|
10,304
|
1,414
|
13.7
|
%
|
419
|
995
|
|||||||||||||||||
Depreciation and amortization
|
13,925
|
13,917
|
8
|
0.1
|
%
|
266
|
(258
|
)
|
||||||||||||||||
General and administrative
|
4,919
|
4,702
|
217
|
4.6
|
%
|
n/a
|
n/a
|
|||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
7,110
|
6,739
|
371
|
5.5
|
%
|
72
|
299
|
|||||||||||||||||
Interest, dividends, and other investment income
|
184
|
142
|
42
|
29.6
|
%
|
n/a
|
n/a
|
Three Months Ended
|
||||||||||||||||||||||||
April 30,
|
Change Attributable to
|
|||||||||||||||||||||||
Revenues
|
2019
|
2018
|
Increase (Decrease)
|
% Change
|
Property Acquisitions/Sales
|
Properties Held In Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
24,928
|
$
|
23,910
|
$
|
1,018
|
4.3
|
%
|
$
|
841
|
$
|
177
|
||||||||||||
Recoveries from tenants
|
8,373
|
8,109
|
264
|
3.3
|
%
|
367
|
(103
|
)
|
||||||||||||||||
Lease termination
|
-
|
3,754
|
(3,754
|
)
|
-100.0
|
%
|
-
|
(3,754
|
)
|
|||||||||||||||
Other income
|
992
|
1,232
|
(240
|
)
|
-19.5
|
%
|
5
|
(245
|
)
|
|||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
5,851
|
5,740
|
111
|
1.9
|
%
|
371
|
(260
|
)
|
||||||||||||||||
Property taxes
|
5,805
|
5,157
|
648
|
12.6
|
%
|
222
|
426
|
|||||||||||||||||
Depreciation and amortization
|
6,985
|
6,968
|
17
|
0.2
|
%
|
126
|
(109
|
)
|
||||||||||||||||
General and administrative
|
2,265
|
2,283
|
(18
|
)
|
-0.8
|
%
|
n/a
|
n/a
|
||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
3,532
|
3,316
|
216
|
6.5
|
%
|
32
|
184
|
|||||||||||||||||
Interest, dividends, and other investment income
|
55
|
62
|
(7
|
)
|
-11.3
|
%
|
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:
|
Six Months Ended
April 30,
|
Three Months Ended
April 30,
|
||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
11,652
|
$
|
14,519
|
$
|
5,798
|
$
|
9,598
|
||||||||
Real property depreciation
|
11,333
|
10,996
|
5,669
|
5,538
|
||||||||||||
Amortization of tenant improvements and allowances
|
1,732
|
2,079
|
849
|
1,037
|
||||||||||||
Amortization of deferred leasing costs
|
812
|
798
|
419
|
372
|
||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
753
|
808
|
373
|
405
|
||||||||||||
Loss on sale of property in unconsolidated joint venture
|
457
|
-
|
94
|
-
|
||||||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
26,739
|
$
|
29,200
|
$
|
13,202
|
$
|
16,950
|
||||||||
Funds from Operations (Diluted) Per Share:
|
||||||||||||||||
Common
|
$
|
0.63
|
$
|
0.69
|
$
|
0.31
|
$
|
0.40
|
||||||||
Class A Common
|
$
|
0.71
|
$
|
0.78
|
$
|
0.35
|
$
|
0.45
|
||||||||
Urstadt Biddle Properties Inc.
|
||||||||
Balance Sheet Highlights
|
||||||||
(in thousands)
|
||||||||
April 30,
|
October 31,
|
|||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and Cash Equivalents
|
$
|
8,782
|
$
|
10,285
|
||||
Real Estate investments before accumulated depreciation
|
$
|
1,138,740
|
$
|
1,118,075
|
||||
Investments in and advances to unconsolidated joint ventures
|
$
|
31,244
|
$
|
37,434
|
||||
Total Assets
|
$
|
1,001,538
|
$
|
1,008,233
|
||||
Liabilities
|
||||||||
Revolving credit line
|
$
|
26,345
|
$
|
28,595
|
||||
Mortgage notes payable and other loans
|
$
|
301,316
|
$
|
293,801
|
||||
Total Liabilities
|
$
|
356,577
|
$
|
347,834
|
||||
Redeemable Noncontrolling Interests
|
$
|
79,008
|
$
|
78,258
|
||||
Preferred Stock
|
$
|
190,000
|
$
|
190,000
|
||||
Total Stockholders’ Equity
|
$
|
565,953
|
$
|
582,141
|
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