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, 2011. 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, 2011 amounted to $7,846,000 or $0.25 per Common share and $0.28 per Class A Common share compared with $8,079,000 or $0.28 per Common share and $0.30 per Class A Common share in last year’s fourth quarter. For the year ended October 31, 2011, diluted FFO amounted to $34,453,000 or $1.12 per Common Share and $1.23 per Class A Common share compared with $30,053,000 or $1.07 per Common Share and $1.18 per Class A Common share in fiscal 2010.
Net income applicable to Common and Class A Common stockholders for the quarter ended October 31, 2011 amounted to $3,785,000 or $0.12 per diluted Common share and $0.14 per diluted Class A Common share compared with $3,903,000 or $0.13 per diluted Common share and $0.15 per diluted Class A Common share in last year’s fourth quarter. For the year ended October 31, 2011 net income applicable to Common and Class A Common stockholders was $18,549,000 or $0.60 per diluted Common share and $0.66 per diluted Class A Common share compared to $14,448,000 or $0.52 per diluted Common share and $0.57 per diluted Class A Common share in fiscal 2010. 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 2010.
FFO and net income applicable to Class A Common and Common stockholders for the fiscal year ended October 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 began accruing rent related to the new lease in the fourth quarter of fiscal 2011. FFO and net income for the fiscal year ended October 31, 2010 included $633,000 in lease termination income primarily 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. In addition, net income for the fiscal year ended October 31, 2010 included a loss on property held for sale in the amount of $300,000.
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