Urstadt Biddle Properties Inc. Reports Fourth Quarter and Fiscal 2022 Operating Results and Announcement of an Increase to the Common Stock and Class A Common Stock Dividends
Urstadt Biddle Properties reported its fiscal 2022 results, highlighting a net income of $6.9 million for Q4, translating to $0.18 per diluted Class A Common share. The company leased 93.0% of its portfolio, with rental rates increasing by 2.0% for renewals and 19.3% for new leases, boosted by a significant lease with a national tenant. A quarterly dividend of $0.25 was declared, reflecting confidence in liquidity. The firm repurchased 937,984 Class A shares at an average of $16.62, aiming to enhance shareholder value. For the year, net income fell to $26.1 million, impacted by lower gains on property sales.
- 93.0% of gross leasable area leased, up 1.1% from fiscal 2021.
- Q4 FFO of $14.7 million, up from $14.1 million YoY.
- 19.3% average increase in rental rates for new leases signed in Q4.
- Net income for fiscal 2022 decreased to $26.1 million from $33.6 million in 2021.
- Gains on property sales dropped significantly - from $11.9 million to $0.8 million YoY.
FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER FISCAL 2022
-
We repurchased in the fourth quarter of fiscal 2022 in open market transactions 937,984 shares of our Class A Common stock at an average price per share of
and 17,844 shares of our Common stock at an average price per share of$16.62 . The average price per share paid for repurchases during the fourth quarter represented an approximate$16.92 11% discount to the Class A Common and Common share prices as ofOctober 31, 2022 . -
net income attributable to Common and Class A Common stockholders ($6.9 million per diluted Class A Common share).$0.18 -
of funds from operations (“FFO”) ($14.7 million per diluted Class A Common share).(1)$0.39 -
93.0% of our consolidated portfolio gross leasable area (“GLA”) was leased atOctober 31, 2022 , an increase of1.1% from the end of fiscal 2021. -
2.0% average increase in base rental rates on 108,300 square feet of lease renewals signed in the fourth quarter of fiscal 2022. -
19.3% average increase in base rental rates on 72,200 square feet of new leases signed in the fourth quarter of fiscal 2022. The increase was predominantly related to a new lease with a national furniture company in 23,300 square feet of space at ourOrange Meadows Shopping Center located inOrange, CT . This lease replaces five smaller local tenants, and the base rent on this lease is68% above the average of the prior tenants’ most recent rents. -
On
October 14, 2022 , the company paid a per share quarterly cash dividend on our Class A Common Stock and a$0.23 75$0.21 45 per share quarterly cash dividend on our Common Stock. -
of cash and cash equivalents currently on our balance sheet.$15.0 million -
currently available on our unsecured revolving credit facility.$94 million - No mortgage debt maturing until 2024.
(1) A reconciliation of GAAP net income to FFO is provided at the end of this press release.
Dividend Declarations
-
On
December 14, 2022 , the company’s Board of Directors declared a quarterly dividend of per Class A Common share and$0.25 per Common share that will be paid on$0.22 5January 13, 2023 to holders of record onJanuary 6, 2023 . This increase represents an increase of per share per annum on the Class A Common and$0.05 per share per annum on the Common Stock. The Board determined that this level of dividend is appropriate, after taking into account, among other things, the continued strength of the company’s liquidity and financial position. Also, as a REIT, the company is required to distribute at least$0.04 290% of the company’s taxable income to its stockholders. Based on the company’s estimates, this level of common stock dividend, when combined with the company’s preferred stock dividends, will satisfy that REIT requirement (excluding any gains on sales of property).
-
In addition, in
December 2022 , the Board declared the regular contractual quarterly dividend with respect to each of the company’s Series H and Series K cumulative redeemable preferred stock that will be paid onJanuary 31, 2023 to shareholders of record onJanuary 13, 2023 .
Commenting on the operating results,
Net income applicable to Class A Common and Common stockholders for the fourth quarter of fiscal 2022 was
FFO for the fourth quarter of fiscal 2022 was
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
(Table Follows) |
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||||||||
Year Ended |
||||||||
(in thousands, except per share data) |
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|
Year Ended
|
|
Three Months Ended
|
|||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
Unaudited |
|
|
|
Unaudited |
|
Unaudited |
|
Revenues |
|
|
|
|
||||
Lease income |
|
|
|
|
||||
Lease termination |
721 |
967 |
30 |
166 |
||||
Other |
4,722 |
4,250 |
1,010 |
847 |
||||
Total Revenues |
143,103 |
135,581 |
36,064 |
34,048 |
||||
|
|
|
|
|
||||
Expenses |
|
|
|
|
||||
Property operating |
25,124 |
22,938 |
6,209 |
5,205 |
||||
Property taxes |
23,700 |
23,674 |
5,913 |
5,889 |
||||
Depreciation and amortization |
29,799 |
29,032 |
7,439 |
7,259 |
||||
General and administrative |
9,934 |
8,985 |
2,261 |
2,109 |
||||
Directors' fees and expenses |
500 |
355 |
217 |
78 |
||||
Total Operating Expenses |
89,057 |
84,984 |
22,039 |
20,540 |
||||
|
|
|
|
|
||||
Operating Income |
54,046 |
50,597 |
14,025 |
13,508 |
||||
|
|
|
|
|
||||
Non-Operating Income (Expense): |
|
|
|
|
||||
Interest expense |
(13,175) |
(13,087) |
(3,425) |
(3,025) |
||||
Equity in net income from unconsolidated joint ventures |
1,397 |
1,323 |
583 |
298 |
||||
Interest, dividends and other investment income |
239 |
231 |
23 |
59 |
||||
Gain (loss) on sale of property |
767 |
11,864 |
(1) |
(349) |
||||
Net Income |
43,274 |
50,928 |
11,205 |
10,491 |
||||
|
|
|
|
|
||||
Noncontrolling interests: |
|
|
|
|
||||
Net income attributable to noncontrolling interests |
(3,570) |
(3,645) |
(875) |
(921) |
||||
Net income attributable to |
39,704 |
47,283 |
10,330 |
9,570 |
||||
Preferred stock dividends |
(13,650) |
(13,650) |
(3,412) |
(3,412) |
||||
|
|
|
|
|
||||
Net Income (Loss) Applicable to Common and Class A Common Stockholders |
|
|
|
|
||||
|
|
|
|
|
||||
Diluted Earnings (Loss) Per Share: |
|
|
|
|
||||
Per Common Share: |
|
|
|
|
||||
Per Class A Common Share: |
|
|
|
|
||||
|
|
|
|
|
||||
Weighted Average Number of Shares Outstanding (Diluted): |
|
|
|
|
||||
Common and Common Equivalent |
9,781 |
9,608 |
9,825 |
9,741 |
||||
Class A Common and Class A Common Equivalent |
29,677 |
29,753 |
29,312 |
29,845 |
Results of Operations
The following information summarizes our results of operations for the year ended
|
Year Ended |
|
|
|
|
|
Change Attributable to: |
||||||||||
Revenues |
2022 |
|
2021 |
|
Increase (Decrease) |
|
% Change |
|
Property Acquisitions/Sales |
|
Properties Held in Both Periods (Note 1) |
||||||
Base rents |
$ |
103,559 |
|
$ |
99,488 |
|
$ |
4,071 |
|
|
|
$ |
1,592 |
|
$ |
2,479 |
|
Recoveries from tenants |
|
34,067 |
|
|
35,090 |
|
|
(1,023) |
|
(2.9)% |
|
|
319 |
|
|
(1,342) |
|
Less uncollectable amounts in lease income |
|
13 |
|
|
1,529 |
|
|
1,516 |
|
|
|
|
- |
|
|
1,516 |
|
Less ASC Topic 842 cash basis lease income reversal |
|
(47) |
|
|
2,685 |
|
|
2,732 |
|
|
|
|
- |
|
|
2,732 |
|
Total lease income |
|
137,660 |
|
|
130,364 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lease termination |
|
721 |
|
|
967 |
|
|
(246) |
|
(25.4)% |
|
|
- |
|
|
(246) |
|
Other income |
|
4,722 |
|
|
4,250 |
|
|
472 |
|
|
|
|
6 |
|
|
466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||
Property operating |
|
25,124 |
|
|
22,938 |
|
|
2,186 |
|
|
|
|
196 |
|
|
1,990 |
|
Property taxes |
|
23,700 |
|
|
23,674 |
|
|
26 |
|
|
|
|
156 |
|
|
(130) |
|
Depreciation and amortization |
|
29,799 |
|
|
29,032 |
|
|
767 |
|
|
|
|
749 |
|
|
18 |
|
General and administrative |
|
9,934 |
|
|
8,985 |
|
|
949 |
|
|
|
|
n/a |
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-Operating Income/Expense |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense |
|
13,175 |
|
|
13,087 |
|
|
88 |
|
|
|
|
- |
|
|
88 |
|
Interest, dividends, and other investment income |
|
239 |
|
|
231 |
|
|
8 |
|
|
|
|
n/a |
|
|
n/a |
Note 1 – Properties held in both periods includes only properties owned for the entire periods of 2022 and 2021 and for interest expense the amount also includes parent company interest expense. All other properties are included in the property acquisition/sales column. There are no properties excluded from the analysis.
Base rents increased by
Property Acquisitions and Properties Sold:
In Fiscal 2022, we acquired one property totaling 188,000 square feet and sold three properties totaling 14,300 square feet. In fiscal 2021 we sold two properties totaling 105,800 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the fiscal year ended
Properties Held in Both Periods:
Revenues
Base Rent
In the fiscal year ended
In fiscal 2022, we leased or renewed approximately 942,000 square feet (or approximately
Tenant Recoveries
In the fiscal year ended
The decrease in tenant recoveries was the result of an under-accrual adjustment in the first quarter of fiscal 2021. We completed the 2020 annual reconciliations for both common area maintenance and real estate taxes in the first quarter of fiscal 2021, and those reconciliations resulted in us billing our tenants more than we had anticipated and accrued for in the prior period. This increased tenant reimbursement income in the first quarter of fiscal 2021, and caused a negative variance in the first quarter of fiscal 2022. This net decrease was offset by an increase in property operating expenses in the fiscal year ended
Uncollectable Amounts in Lease Income
In the year ended
ASC Topic 842 Cash Basis Lease Income Reversals
We adopted ASC Topic 842 "Leases" at the beginning of fiscal 2020. ASC Topic 842 requires, among other things, that if the collectability of a specific tenant’s future lease payments as contracted are not probable of collection, revenue recognition for that tenant must be converted to cash-basis accounting and be limited to the lesser of the amount billed or collected from that tenant. In addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a result of continuing to analyze our entire tenant base, we determined that as a result of the COVID-19 pandemic, 89 tenants' future lease payments were no longer probable of collection. All such tenants were converted to cash basis after our second quarter of fiscal 2020 and prior to our third quarter of fiscal 2021. As of
As of
Expenses
Property Operating
In the fiscal year ended
Property Taxes
In the fiscal year ended
Interest
In the fiscal year ended
Depreciation and Amortization
In the fiscal year ended
General and Administrative Expenses
In the fiscal year ended
Non-GAAP Financial Measure
Funds from Operations (“FFO”)
We consider FFO to be an additional measure of our operating performance. We report FFO in addition to net income applicable to common stockholders and net cash provided by operating activities. Management has adopted the definition suggested by
Management considers FFO to be a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of the company’s real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure. FFO is presented to assist investors in analyzing the performance of the company. It is helpful as it excludes various items included in net income that are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, FFO:
- does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and
- should not be considered an alternative to net income as an indication of our performance.
FFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs. The table below provides a reconciliation of net income applicable to Common and Class A Common stockholders in accordance with GAAP to FFO for three month and fiscal years ended
(Table Follows) |
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Fiscal Year and fourth quarter ended 2022 results |
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(in thousands, except per share data) |
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Reconciliation of Net Income Available to Common and Class A Common Stockholders to Funds From Operations: |
Fiscal Year ended |
|
Three Months Ended |
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|
|
|
|
|||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net Income Applicable to Common and Class A Common Stockholders |
|
|
|
|
||||
|
|
|
|
|
||||
Real property depreciation |
23,403 |
22,936 |
5,902 |
5,738 |
||||
Amortization of tenant improvements and allowances |
4,211 |
4,429 |
1,057 |
1,117 |
||||
Amortization of deferred leasing costs |
2,114 |
1,599 |
462 |
390 |
||||
Depreciation and amortization on unconsolidated joint ventures |
1,530 |
1,518 |
398 |
392 |
||||
(Gain)/loss on sale of property |
(767) |
(11,864) |
1 |
349 |
||||
|
|
|
|
|
||||
Funds from Operations Applicable to Common and Class A Common Stockholders |
|
|
|
|
||||
|
|
|
|
|
||||
Funds from Operations (Diluted) Per Share: |
|
|
|
|
||||
Common |
|
|
|
|
||||
Class A Common |
|
|
|
|
||||
|
|
|
|
|
||||
Weighted Average Number of Shares Outstanding (Diluted): |
|
|
|
|
||||
Common and Common Equivalent |
9,781 |
9,608 |
9,825 |
9,741 |
||||
Class A Common and Class A Common Equivalent |
29,677 |
29,753 |
29,312 |
29,845 |
FFO amounted to
The net increase in FFO in fiscal 2022 when compared with fiscal 2021 was predominantly attributable, among other things, to:
Increases:
- An increase in base rent for new leasing in the portfolio after the first quarter of fiscal 2021.
-
A
net increase in operating income related to our$1.5 million Shelton Square shopping center acquisition in the first quarter of fiscal 2022 compared with the loss of operating income for properties sold in fiscal 2021 and fiscal 2022. -
A decrease in uncollectable amounts in lease income of
in the fiscal year ended$1.5 million October 31, 2022 , when compared with the corresponding prior period. We significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants' receivables given the onset of the COVID-19 pandemic inMarch 2020 . A number of non-credit small shop tenants' businesses were deemed non-essential by the states in which they operate and forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. This stress continued through our first half of fiscal 2021. Our assessment was that any billed but unpaid rents would likely be uncollectable. During the fiscal year endedOctober 31, 2022 , many of our tenants continued to see signs of business improvement as regulatory restrictions continued to ease and individuals continued to return to pre-pandemic activities. As a result, the uncollectable amounts in lease income declined in fiscal 2022, when compared with the prior year. In addition, we collected prior period unpaid rents for tenants that we had fully reserved for. -
We adopted ASC Topic 842 "Leases" at the beginning of fiscal 2020. ASC Topic 842 requires, among other things, that if the collectability of a specific tenant’s future lease payments as contracted are not probable of collection, revenue recognition for that tenant must be converted to cash-basis accounting and be limited to the lesser of the amount billed or collected from that tenant. In addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a result of continuing to analyze our entire tenant base, we determined that as a result of the COVID-19 pandemic, 89 tenants' future lease payments were no longer probable of collection. All such tenants were converted to cash basis after our second quarter of fiscal 2020 and prior to our third quarter of fiscal 2021. As of
October 31, 2022 , 34 of these 89 tenants are no longer tenants in the Company's properties. As a result of converting these tenants to cash-basis accounting, we reversed straight-line rent receivables in the net amount of and reversed billed but uncollected rents in the amount of$673,000 in the fiscal year ended$2.0 million October 31, 2021 . There were no significant charges related to cash-basis tenants in the fiscal year endedOctober 31, 2022 .
As ofOctober 31, 2022 ,3.7% of our tenants continue to be accounted for on a cash basis. Many of our cash-basis tenants are now paying a larger portion of their billed rents, which results in an increase in revenue recognition for those tenants accounted for on a cash basis when compared with the corresponding period of the prior year.
Decreases:
-
A decrease in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for real estate taxes and common area maintenance in the first quarter of fiscal 2021, which increased revenue in the first quarter of fiscal 2021 and caused a negative variance in the fiscal year ended
October 31, 2022 . -
A
increase in general and administrative expenses predominantly related to increases in employee compensation, state tax expense related to a capital gain for a property we sold that was located in$949,000 New Hampshire and professional fees in fiscal 2022, when compared to the corresponding prior period.
Non-GAAP Financial Measure
Same Property Net Operating Income
We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income (“NOI”) properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.
We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to
Table Follows: |
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Same Property Net Operating Income |
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(In thousands, except for number of properties and percentages) |
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|
Twelve Months Ended |
|
Three Months Ended |
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2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
||
Same Property Operating Results: |
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|
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|
|
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Number of Properties (Note 1) |
72 |
72 |
||||||||||
Revenue (Note 2) |
|
|
|
|
|
|||||||
Base Rent (Note 3) |
|
|
(0.3)% |
|
|
|
||||||
Uncollectable amounts in lease income |
(13) |
(1,520) |
(99.1)% |
159 |
(149) |
(206.7)% |
||||||
ASC Topic 842 cash-basis lease income reversal-same property |
(10) |
(2,011) |
(99.5)% |
56 |
(129) |
(143.4)% |
||||||
Recoveries from tenants |
33,506 |
34,847 |
(3.8)% |
8,143 |
8,044 |
|
||||||
Other property income |
1,491 |
476 |
|
229 |
117 |
|
||||||
133,788 |
130,857 |
|
33,338 |
32,382 |
|
|||||||
|
|
|
|
|
|
|||||||
Expenses |
|
|
|
|
|
|
||||||
Property operating |
14,469 |
14,107 |
|
3,487 |
3,111 |
|
||||||
Property taxes |
23,387 |
23,542 |
(0.7)% |
5,833 |
5,887 |
(0.9)% |
||||||
Other non-recoverable operating expenses |
2,523 |
2,053 |
|
899 |
573 |
|
||||||
40,379 |
39,702 |
|
10,219 |
9,571 |
|
|||||||
|
|
|
|
|
|
|||||||
Same Property Net Operating Income |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|||||||
Other reconciling items: |
|
|
|
|
|
|
||||||
Other non same-property net operating income |
2,131 |
937 |
|
686 |
55 |
|
||||||
Other Interest income |
657 |
471 |
|
187 |
122 |
|
||||||
Other Dividend Income |
84 |
52 |
|
24 |
16 |
|
||||||
Consolidated lease termination income |
723 |
967 |
|
32 |
166 |
|
||||||
Consolidated amortization of above and below market leases |
972 |
632 |
|
274 |
177 |
|
||||||
Consolidated straight line rent income |
241 |
(2,396) |
|
289 |
306 |
|
||||||
Equity in net income of unconsolidated joint ventures |
1,397 |
1,323 |
|
583 |
298 |
|
||||||
Taxable REIT subsidiary income/(loss) |
(287) |
303 |
|
(107) |
(116) |
|
||||||
Solar income/(loss) |
(361) |
(163) |
|
(128) |
(4) |
|
||||||
Storage income/(loss) |
2,225 |
1,236 |
|
653 |
431 |
|
||||||
Unrealized holding gains arising during the periods |
- |
- |
|
- |
- |
|
||||||
Gain on sale of marketable securities |
- |
- |
|
- |
- |
|
||||||
Interest expense |
(13,175) |
(13,087) |
|
(3,425) |
(3,025) |
|
||||||
General and administrative expenses |
(9,934) |
(8,985) |
|
(2,261) |
(2,109) |
|
||||||
Uncollectable amounts in lease income |
(13) |
(1,529) |
|
159 |
(149) |
|
||||||
Uncollectable amounts in lease income - same property |
13 |
1,520 |
|
(159) |
149 |
|
||||||
ASC Topic 842 cash-basis lease income reversal |
(10) |
(2,011) |
|
56 |
(129) |
|
||||||
ASC Topic 842 cash-basis lease income reversal-same property |
10 |
2,011 |
|
(56) |
129 |
|
||||||
Directors fees and expenses |
(500) |
(355) |
|
(217) |
(78) |
|
||||||
Depreciation and amortization |
(29,799) |
(29,032) |
|
(7,439) |
(7,259) |
|
||||||
Adjustment for intercompany expenses and other |
(5,276) |
(3,985) |
|
(1,064) |
(950) |
|
||||||
|
|
|
|
|
|
|||||||
Total other -net |
(50,902) |
(52,091) |
|
(11,913) |
(11,970) |
|
||||||
Income from continuing operations |
42,507 |
39,064 |
|
11,206 |
10,841 |
|
||||||
Gain (loss) on sale of real estate |
767 |
11,864 |
|
(1) |
(350) |
|
||||||
Net income |
43,274 |
50,928 |
(15.0)% |
11,205 |
10,491 |
|
||||||
Net income attributable to noncontrolling interests |
(3,570) |
(3,645) |
|
(875) |
(921) |
|
||||||
Net income attributable to |
|
|
(16.0)% |
|
|
|
||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Same Property Operating Expense Ratio (Note 4) |
|
|
(4.0)% |
|
|
(2.0)% |
Note 1 - Includes only properties owned for the entire period of both periods presented.
Note 2 - Excludes straight line rent, above/below market lease rent, lease termination income.
Note 3 - Base rents for the three and twelve month periods ended
Base rents for the three and twelve month periods ended
Note 4 -Represents the percentage of property operating expense and real estate tax.
|
||||
Balance Sheet Highlights |
||||
(in thousands) |
||||
|
|
|
||
|
|
|
||
|
2022 |
2021 |
||
|
(Unaudited) |
|
||
Assets |
|
|
||
Cash and Cash Equivalents |
|
|
||
|
|
|
||
Real Estate investments before accumulated depreciation |
|
|
||
|
|
|
||
Investments in and advances to unconsolidated joint ventures |
|
|
||
|
|
|
||
Total Assets |
|
|
||
|
|
|
||
Liabilities |
|
|
||
Revolving credit line |
|
$- |
||
|
|
|
||
Mortgage notes payable and other loans |
|
|
||
|
|
|
||
Total Liabilities |
|
|
||
|
|
|
||
Redeemable Noncontrolling Interests |
|
|
||
|
|
|
||
Preferred Stock |
|
|
||
|
|
|
||
Total Stockholders’ Equity |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005970/en/
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Source:
FAQ
What is the net income for Urstadt Biddle Properties in Q4 2022?
How much did Urstadt Biddle Properties repurchase in shares during Q4 2022?
What are the upcoming dividends for Urstadt Biddle Properties?
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