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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, today reported its operating results for the three and six month periods ended April 30, 2014.
Diluted Funds from Operations (FFO) for the quarter ended April 30, 2014 was $8,037,000 or $0.26 per Class A Common share and $0.23 per Common share, compared to $7,654,000 or $0.25 per Class A Common share and $0.22 per Common share in last year’s second quarter. For the first six months of fiscal 2014, diluted FFO amounted to $16,009,000 or $0.52 per Class A Common share and $0.46 per Common share compared to $11,353,000 or $0.37 per Class A Common share and $0.33 per Common share in the corresponding period of fiscal 2013.
The above FFO amounts for fiscal 2013 include several significant one-time items.In an effort to assist investors in analyzing changes to FFO, we have included a second FFO reconciliation table at the end of this report which explains the effect of these one-time items on the company’s FFO per share.
Net income from continuing operations applicable to Class A Common and Common stockholders for the second quarter of fiscal 2014 was $2,881,000 or $0.09 per diluted Class A Common share and $0.08 per diluted Common share compared to $2,704,000, or $0.09 per diluted Class A Common share and $0.08 per diluted Common share and in last year’s second quarter. Net income from continuing operations applicable to Class A Common and Common stockholders for the first six months of fiscal 2014 was $5,893,000 or $0.19 per diluted Class A Common share and $0.17 per diluted Common share compared to $1,615,000, or $0.05 per diluted Class A Common share and $0.05 per diluted Common share and in last year’s first six months.
The per share amounts for both FFO and net income in the first half of fiscal 2013 include the dilutive effect of the issuance of 2.5 million Class A Common shares in a follow-on public offering and 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 raised an additional $125 million, which funds were not fully invested until May 2013. With respect to those funds, $100 million of the preferred stock offering proceeds was used to redeem the Series E preferred stock in November 2013 and the Series C preferred stock, which was fully redeemed by May 2013. As a result of these redemptions, the company incurred charges to expense the original issue costs of the preferred stock of $406,000 in the second quarter of fiscal 2013 and $3.8 million in the first quarter of fiscal 2013. The first two quarters of fiscal 2013 also included payment of $476,000 in preferred stock dividends related to the Series C preferred stock, while the first two quarters of fiscal 2014 did not include dividends on this preferred stock as all such shares were redeemed by May of fiscal 2013. In addition, the per share amounts for FFO and net income for the six months ended April 30, 2014 and 2013 include one-time property acquisition costs of $413,000 and $278,000, respectively.