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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today announced its second quarter and six months financial results for the period ended April 30, 2011.
Diluted Funds from Operations (FFO) for the quarter ended April 30, 2011 was $7,600,000 or $0.27 per Class A Common share and $0.25 per Common share, compared to $6,784,000 or $0.27 per Class A Common share and $0.25 per Common share in last year’s second quarter. For the first six months of fiscal 2011, diluted FFO amounted to $18,411,000 or $0.66 per Class A Common share and $0.60 per Common share compared to $13,478,000 or $0.54 per Class A Common share and $0.49 per Common share in the corresponding period of fiscal 2010.
Net income applicable to Class A Common and Common stockholders was $3,639,000 or $0.13 per diluted Class A Common share and $0.12 per diluted Common share in the second quarter of fiscal 2011 compared to $2,886,000 or $0.12 per diluted Class A Common share and $0.10 per diluted Common share in the same quarter last year. Net income applicable to Common and Class A Common stockholders for the first six months of fiscal 2011 was $10,515,000 or $0.38 per diluted Class A Common share and $0.34 per diluted Common share compared to $6,026,000 or $0.24 per diluted Class A Common share and $0.22 per diluted Common share for the same period last year. The per share amounts for both FFO and net income in fiscal 2011 includes the effect of the Company issuing 2.5 million Class A Common shares in a follow on public offering in September of 2010.
FFO and net income applicable to Class A Common and Common stockholders for the six months ended April 30, 2011 included lease termination income in the amount of $2.99 million 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 fourth quarter of fiscal 2011 when the tenant opens for business. In addition, net income and FFO for the six month periods ended April 30, 2011 and 2010 were reduced by acquisition costs of $53,000 and $156,000, respectively, for property acquisitions in those periods. Prior to fiscal 2010 these costs were not expensed under generally accepted accounting principles.