Urstadt Biddle Properties Inc. Reports Operating Results For The Third Quarter And First Nine Months Of Fiscal 2010
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today announced its third quarter and nine months financial results for the period ended July 31, 2010.
Diluted Funds from Operations (FFO) for the quarter ended July 31, 2010 was $8,496,000 or $0.34 per Class A Common share and $0.31 per Common share, compared to $7,442,000 or $0.30 per Class A Common share and $0.27 per Common share in last year’s third quarter. For the first nine months of fiscal 2010, diluted FFO amounted to $21,974,000 or $0.88 per Class A Common share and $0.80 per Common share compared to $23,150,000 or $0.94 per Class A Common share and $0.85 per Common share in the same period of fiscal 2009.
Net income applicable to Class A Common and Common stockholders was $4,519,000 or $0.18 per diluted Class A Common share and $0.16 per diluted Common share in the third quarter of fiscal 2010 compared to $3,779,000 or $0.15 per diluted Class A Common share and $0.14 per diluted Common share in the same quarter last year. Net income applicable to Class A Common and Common stockholders for the first nine months of fiscal 2010 was $10,545,000 or $0.42 per diluted Class A Common share and $0.38 per diluted Common share compared to $11,492,000 or $0.47 per diluted Class A Common share and $0.42 per diluted Common share for the same period last year.
Net income for the nine month period ended July 31, 2010 includes a loss on property held for sale in the amount of $300,000. In addition, net income and FFO for the nine month and three month periods ended July 31, 2010 includes a charge of $249,000 and $93,000, respectively, related to property acquisition costs incurred in fiscal 2010. Previous to fiscal 2010 these costs were not expensed under generally accepted accounting principles. FFO and net income for the nine month and three month periods ended July 31, 2010 also includes $586,000 in lease termination income related to a settlement with Bed Bath and Beyond, which vacated space at the Company’s Staples Plaza property ($516,000) and the settlement of a lease guarantee obligation with another tenant that vacated the Company’s Rockledge property ($70,000) in a prior period, which space has been re-leased.
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