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Urstadt Biddle Properties Inc. Reports First Quarter Of Fiscal 2011 Operating Results

Stocks in this article: UBA UBP

Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the quarter ended January 31, 2011.

Diluted Funds from Operations (FFO) for the first quarter of fiscal 2011 was $10,811,000 or $0.39 per Class A Common share and $0.35 per Common share, compared to $6,694,000 or $0.27 per Class A Common share and $0.24 per Common share in last year’s first quarter.

Net income applicable to Class A Common and Common stockholders was $6,876,000 or $0.25 per diluted Class A Common share and $0.23 per diluted Common share in the first quarter of fiscal 2011 compared to $3,140,000 or $0.13 per diluted Class A Common share and $0.11 per diluted Common share in the same quarter last year.

FFO and net income applicable to Class A Common and Common stockholders for the quarter ended January 31, 2011 included lease termination income in the amount of $2,988,000 relating to a lease termination settlement with a grocery store tenant that vacated its space in the Company’s Meriden property prior to expiration of its lease. The Company has re-leased the space to another grocery store tenant and should begin accruing rent related to the new lease in the third or fourth quarter of fiscal 2011 when the tenant opens for business.

Rental revenues and net operating income (exclusive of the $2.9 million lease termination income) from properties owned in the three months ended January 31, 2011, when compared to the same period of fiscal 2010, increased by approximately $300,000 and $460,000, respectively, as a result of the increased leased percentage, as well as increases in base rents in the existing lease portfolio. In addition, new leasing in the last three quarters of fiscal 2010 caused an increase in the amount the Company was able to accrue for common area maintenance and real estate tax rental revenue at some of the Company’s core properties. At January 31, 2011 the percentage of the gross leasable area of the core properties that was leased amounted to 93.40%, an increase of 1.39% from the beginning of fiscal 2010. The Company has three equity investments in unconsolidated joint ventures (447,000 square feet); at January 31, 2011 those properties were 91.4% leased.

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