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Urstadt Biddle Properties reported financial results for Q2 2022, highlighting a net income of $7.1 million or $0.18 per diluted Class A share. The company achieved $14.3 million in Funds From Operations (FFO), reflecting a significant recovery post-COVID-19. The same property net operating income rose by 4.7% year-over-year, and rental rates increased by 2.5% for new leases and 3.5% for renewals. The company declared a quarterly dividend of $0.2375 per Class A share, demonstrating improved liquidity and operational performance.
The Board of Directors of Urstadt Biddle Properties declared quarterly dividends for both Class A Common Stock and Common Stock, amounting to $0.2375 and $0.2145 per share, respectively. These dividends are payable on July 15, 2022, to shareholders of record on July 1, 2022. This marks the 210th consecutive quarterly dividend since the company's inception in 1969. Additionally, dividends for Series H and Series K Preferred Stock were announced at $0.390625 and $0.3672, payable on July 29, 2022. Urstadt Biddle Properties, a self-administered REIT, operates 77 properties across 5.3 million square feet.
Urstadt Biddle Properties Inc. (NYSE: UBP, UBA) has declared its quarterly dividends, announcing $0.2375 for Class A Common Stock and $0.2145 for Common Stock, payable on April 14, 2022, with a record date of April 1, 2022. Additionally, dividends for Series H Preferred Stock and Series K Preferred Stock are set at $0.390625 and $0.3672, respectively, payable on April 29, 2022, to stockholders of record on April 14, 2022. This marks the 209th consecutive quarterly dividend since inception in 1969.
Urstadt Biddle Properties (NYSE: UBA, UBP) reported a net income of $5.4 million ($0.14 per diluted Class A share) for Q1 fiscal 2022. Funds from Operations (FFO) reached $12.9 million, also at $0.33 per diluted Class A share. Same property net operating income rose by 6.1%, and 92.6% of its Gross Leasable Area was leased. While new lease rates decreased by 4.9%, renewal rates increased by 2.6%. A quarterly dividend of $0.2375 was paid on January 14, 2022. The company has $24.6 million in cash and $124 million available in its credit facility, demonstrating strong liquidity.
Urstadt Biddle Properties Inc. (NYSE: UBA, UBP) has completed the refinancing of a mortgage for The Dock Shopping Center in Stratford, Connecticut. This refinancing features a 10-year term with a fixed interest rate of 3.0525%, enabled by an interest rate swap agreement with The Bank of New York Mellon. The shopping center, 99% leased, spans 278,000 square feet and houses major retailers. Post-refinancing, the company boasts a low debt ratio of 23% relative to enterprise value, with no significant mortgages maturing in 2022.
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square Shopping Center in Shelton, CT for $33.6 million. The center spans 186,000 square feet and is anchored by a 67,000 square foot Stop & Shop, which also leases an additional 70,000 square feet. Currently, Shelton Square is 96.5% leased to various tenants, contributing to a strong daytime population of 32,000 within a 3-mile radius. This acquisition aligns with the company's strategy of targeting leading grocers in key markets.
Urstadt Biddle Properties Inc. has raised the annualized dividend rate by
Urstadt Biddle Properties Inc. (UBA, UBP) reported financial results for the fiscal year ending October 31, 2021, amid ongoing pandemic challenges. The company declared a quarterly dividend increase to $0.2375 for Class A and $0.2145 for Common shares, effective January 14, 2022. Their portfolio, primarily essential businesses, saw a 92.1% leasing rate by year-end. Despite some tenant collection challenges, rental collections reached 95.7% in Q4, with a net income of $6.2M ($0.16/share) and FFO of $14.1M ($0.37/share). Liquidity remains strong with $24.1M in cash and $124M available in credit facilities.
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced quarterly dividends of
Urstadt Biddle Properties Inc. (NYSE: UBA, UBP) reported Q3 2021 financial results, posting $18.4 million in net income or $0.48 per diluted Class A Common share. The company declared a quarterly dividend of $0.207 and $0.23 per Class A Common share, following improved liquidity and operational recovery amid COVID-19. As of July 31, 2021, 91.2% of the portfolio was leased. The sale of a non-core property contributed an $11.8 million gain. The company reported strong rental collections, with 94.1% of rents paid in Q3 2021, signaling recovery in tenant businesses.
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