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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, 2011.
Diluted Funds from Operations (FFO) for the quarter ended July 31, 2011 was $8,196,000 or $0.29 per Class A Common share and $0.27 per Common share, compared to $8,496,000 or $0.34 per Class A Common share and $0.31 per Common share in last year’s third quarter. For the first nine months of fiscal 2011, diluted FFO amounted to $26,607,000 or $0.95 per Class A Common share and $0.87 per Common share compared to $21,974,000 or $0.88 per Class A Common share and $0.80 per Common share in the corresponding period of fiscal 2010.
Net income applicable to Class A Common and Common stockholders was $4,249,000 or $0.15 per diluted Class A Common share and $0.14 per diluted Common share in the third quarter of fiscal 2011 compared to $4,519,000 or $0.18 per diluted Class A Common share and $0.16 per diluted Common share in the same quarter last year. Net income applicable to Common and Class A Common stockholders for the first nine months of fiscal 2011 was $14,764,000 or $0.53 per diluted Class A Common share and $0.48 per diluted Common share compared to $10,545,000 or $0.42 per diluted Class A Common share and $0.38 per diluted Common share for the same period last year. The per share amounts for both FFO and net income in fiscal 2011 include 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 nine months ended July 31, 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. Another grocery store tenant has leased the space and is now open. The Company will begin accruing rent related to the new lease in the fourth quarter of fiscal 2011. FFO and net income for the nine month and three month periods ended July 31, 2010 included $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.