Urstadt Biddle Properties Inc. Reports Fourth Quarter And Fiscal 2010 Operating Results
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today announced its fourth quarter and full year financial results for the fiscal year ended October 31, 2010. The company also announced an increase in the quarterly dividend rates on its Class A and Common stock.
Diluted funds from operations (“FFO”) for the quarter ended October 31, 2010 amounted to $8,079,000 or $0.28 per Common share and $0.30 per Class A Common share compared with $6,958,000 or $0.25 per Common share and $0.28 per Class A Common share in last year’s fourth quarter. For the year ended October 31, 2010, diluted FFO amounted to $30,053,000 or $1.07 per Common Share and $1.18 per Class A Common share compared with $30,108,000 or $1.10 per Common Share and $1.22 per Class A Common share in fiscal 2009.
Net income applicable to Common and Class A Common stockholders for the quarter ended October 31, 2010 amounted to $3,903,000 or $0.13 per diluted Common share and $0.15 per diluted Class A Common share compared with $3,157,000 or $0.11 per diluted Common share and $0.13 per diluted Class A Common share in last year’s fourth quarter. For the year ended October 31, 2010 net income applicable to Common and Class A Common stockholders was $14,448,000 or $0.52 per diluted Common share and $0.57 per diluted Class A Common share compared to $14,649,000 or $0.54 per diluted Common share and $0.59 per diluted Class A Common share in fiscal 2009.
Net income for the fiscal year ended October 31, 2010 includes a loss on property held for sale in the amount of $300,000. In addition, net income and FFO for fiscal year and fourth quarter ended October 31, 2010 include charges of $307,000 and $58,000 respectively, related to property acquisition costs incurred in fiscal 2010. Prior to fiscal 2010, these costs were not expensed under generally accepted accounting principles. FFO and net income for the fiscal year ended October 31, 2010 also includes $633,000 in lease termination income predominately related to a settlement with Bed Bath and Beyond ($516,000) that vacated space at the company’s Staples Plaza property, and the settlement of a lease guarantee obligation with another tenant ($70,000) that vacated the company’s Rockledge property in a prior period, which space has been re-leased.
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