This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Urstadt Biddle Properties Inc. Reports First Quarter Operating Results For Fiscal 2013

Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the quarter ended January 31, 2013.

Diluted Funds from Operations (FFO) for the first quarter of fiscal 2013 was $3,701,000 or $0.12 per Class A Common share and $0.11 per Common share, compared to $8,231,000 or $0.29 per Class A Common share and $0.27 per Common share in last year’s first quarter. FFO for the first quarter of fiscal 2013 includes $4,235,000 (approximately $0.14 per Class A Common Share) in incremental preferred stock dividends and one time non-recurring charges related to the redemption of preferred stock. In an effort to assist investors in analyzing changes to FFO, we have included a second FFO reconciliation table located at the end of this press release that explains the effect of these one time charges on the company’s FFO and FFO per share in the first quarter of fiscal 2013.

Net income (loss) applicable to Class A Common and Common stockholders was $(706,000) or $(0.02) per diluted Class A Common share and $(0.02) per diluted Common share in the first quarter of fiscal 2013 compared to $3,764,000 or $0.13 per diluted Class A Common share and $0.12 per diluted Common share in the same quarter last year.

The per share amounts for both FFO and net income in the first quarter of fiscal 2013 include the effect of the company issuing 2.5 million Class A Common shares in a follow-on public offering and issuing 5.175 million shares of a new Series F Preferred Stock, both in October 2012. The common stock offering raised net proceeds of $48 million and the preferred stock offering an additional $125 million. The primary purpose of the preferred stock offering was to fund the future redemption of the Series E and Series C preferred stock. Although the company incurred an incremental $476,000 in preferred stock dividends for the three months ended January 31, 2013 as a result of the October 2012 preferred offering, the pricing of that offering will allow the company to save $1.375 million in annual preferred dividends in perpetuity upon full redemption of the Series E and Series C preferred stock. Following the stock offerings, the company elected to redeem the Series E preferred stock in November 2012 at a make whole price of $1.8 million plus the $25 per share liquidation value and also re-purchased approximately 44% of the Series C preferred stock outstanding at a slight premium, but for less than the cost of scheduled dividends to the stated call date. The company plans on redeeming the remaining Series C preferred stock in May 2013 at the earliest date permissible. As a result of the redemption of the Series E preferred stock, a portion of the Series C preferred stock and the Company’s announced intention to redeem the remaining outstanding shares of the Series C preferred stock, the company incurred charges to expense the original issue costs of the Series C and Series E preferred stock of $3.8 million of which $1.9 million was chargeable in the quarter ended January 31, 2013.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -1.70%
FB $116.56 -0.15%
GOOG $690.54 -0.07%
TSLA $238.32 -3.80%
YHOO $36.29 -0.82%


Chart of I:DJI
DOW 17,697.87 -132.89 -0.75%
S&P 500 2,056.80 -19.01 -0.92%
NASDAQ 4,756.8350 -48.4560 -1.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs