Urstadt Biddle Properties Inc. Reports Third Quarter Operating Results For Fiscal 2022
Urstadt Biddle Properties reported its operating results for Q3 FY 2022, with net income of $6.6 million ($0.17 per diluted Class A share) and FFO of $14.6 million ($0.38 per diluted Class A share). The company repurchased 310,473 shares at an average price of $17.43, emphasizing strong liquidity with $12.2 million in cash and $114 million available on a credit facility. 92.1% of its portfolio was leased, showing a slight increase. Rental rates saw a 7.1% rise in renewals, but a 17.3% drop in new leases. Dividends of $0.2375 and $0.2145 were declared for Class A and Common shares, respectively.
- Q3 FY 2022 net income of $6.6 million ($0.17 per diluted Class A share).
- Funds from Operations (FFO) of $14.6 million ($0.38 per diluted Class A share).
- 92.1% of portfolio leased, a 0.2% increase from fiscal 2021.
- 7.1% increase in base rental rates on lease renewals.
- Repurchase of 310,473 shares at an average price of $17.43.
- Strong liquidity with $12.2 million cash and $114 million available on revolving credit.
- 17.3% decrease in average base rental rates for new leases.
- Net income decreased from $18.4 million in Q3 FY 2021 to $6.6 million in Q3 FY 2022.
- Net income for the first nine months decreased from $27.5 million in FY 2021 to $19.1 million in FY 2022.
FINANCIAL HIGHLIGHTS FOR THIRD QUARTER FISCAL 2022
-
We repurchased in the third quarter 310,473 shares of our Class A Common stock at an average price per share of
and 3,071 shares of our Common stock at an average price per share of$17.43 in open market transactions. Included in the above were 45,525 shares of Class A Common and 1,198 shares of Common Stock that settled in$18.17 August 2022 . -
net income attributable to common stockholders ($6.6 million per diluted Class A Common share).$0.17 -
of Funds from Operations (“FFO”) ($14.6 million per diluted Class A Common share).(1)$0.38 -
92.1% of our consolidated portfolio Gross Leasable Area (“GLA”) was leased atJuly 31, 2022 , an increase of0.2% from the end of fiscal 2021. -
7.1% average increase in base rental rates on 209,000 square feet of lease renewals signed in our third quarter of fiscal 2022. -
17.3% average decrease in base rental rates on 45,000 square feet of new leases signed in our third quarter of fiscal 2022. The decrease was predominantly related to a new lease with a national furniture company in 20,000 square feet of second floor space at ourRidgeway Shopping Center located inStamford, CT . This lease replaced Modell’s Sporting Goods, which filed for bankruptcy and vacated the property in 2020, and the base rent on this lease is27% below Modell’s last prior rent. With this lease removed, the decrease is8.9% . -
On
July 15, 2022 , we 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. -
We have
of cash and cash equivalents currently on our balance sheet.$12.2 million -
We have
currently available on our unsecured revolving credit facility.$114 million - We have no material 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
September 7, 2022 , the company’s Board of Directors declared a quarterly dividend of per Class A Common share and$0.23 75$0.21 45 per Common share, which will be paid onOctober 14, 2022 to holders of record onSeptember 30, 2022 . As a REIT, the company is required to distribute at least90% of its taxable income to its stockholders. Based on the company’s estimates, these levels of common stock dividends, when combined with the company’s preferred stock dividends, will satisfy that requirement (excluding any gains on sales of property). The Board will continue to consider the residual impact of COVID-19 on the company, and will make future dividend decisions based on this and other information available to it. -
In addition, in
September 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, which will be paid onOctober 28, 2022 to shareholders of record onOctober 14, 2022 .
Commenting on the operating results,
Net income applicable to Class A Common and Common stockholders for the third quarter of fiscal 2022 was
FFO for the third 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)
nine and Three Months Ended (in thousands, except per share data) |
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|
Nine Months Ended |
Three Months Ended |
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|
|
|
|||||
|
2022 |
2021 |
2022 |
2021 |
|||
|
|
|
|
|
|||
Revenues |
|
|
|
|
|||
Lease income |
|
|
|
|
|||
Lease termination income |
691 |
801 |
631 |
96 |
|||
Other income |
3,712 |
3,403 |
960 |
1,183 |
|||
Total Revenues |
107,039 |
101,533 |
35,484 |
34,330 |
|||
|
|
|
|
|
|||
Operating Expenses |
|
|
|
|
|||
Property operating |
18,915 |
17,733 |
5,514 |
5,284 |
|||
Property taxes |
17,787 |
17,785 |
5,976 |
6,009 |
|||
Depreciation and amortization |
22,360 |
21,773 |
7,644 |
7,063 |
|||
General and administrative |
7,673 |
6,876 |
2,485 |
2,139 |
|||
Directors' fees and expenses |
283 |
277 |
82 |
79 |
|||
Total Operating Expenses |
67,018 |
64,444 |
21,701 |
20,574 |
|||
|
|
|
|
|
|||
Operating Income |
40,021 |
37,089 |
13,783 |
13,756 |
|||
|
|
|
|
|
|||
Non-Operating Income (Expense): |
|
|
|
|
|||
Interest expense |
(9,750) |
(10,062) |
(3,186) |
(3,329) |
|||
Equity in net income from unconsolidated joint ventures |
814 |
1,025 |
224 |
365 |
|||
Gain (loss) on sale of properties |
768 |
12,214 |
- |
11,808 |
|||
Interest, dividends and other investment income |
216 |
171 |
103 |
75 |
|||
Net Income |
32,069 |
40,437 |
10,924 |
22,675 |
|||
|
|
|
|
|
|||
Noncontrolling interests: |
|
|
|
|
|||
Net income attributable to noncontrolling interests |
(2,695) |
(2,724) |
(881) |
(887) |
|||
Net income attributable to |
29,374 |
37,713 |
10,043 |
21,788 |
|||
Preferred stock dividends |
(10,238) |
(10,238) |
(3,413) |
(3,413) |
|||
|
|
|
|
|
|||
Net Income Applicable to Common and Class A Common Stockholders |
|
|
|
|
|||
|
|
|
|
|
|||
Diluted Earnings Per Share: |
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|
|
|
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Per Common Share: |
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|
|
|
|||
Per Class A Common Share: |
|
|
|
|
|||
|
|
|
|
|
|||
Weighted Average Number of Shares Outstanding (Diluted): |
|
|
|
|
|||
Common and Common Equivalent |
9,766 |
9,564 |
9,794 |
9,697 |
|||
Class A Common and Class A Common Equivalent |
29,800 |
29,722 |
29,801 |
29,828 |
Results of Operations
The following information summarizes our results of operations for the nine months and three months ended
Nine Months Ended |
|
Change Attributable to |
|||||||||
|
|
Increase |
|
Property |
Properties Held In |
||||||
Revenues |
2022 |
2021 |
(Decrease) |
% Change |
Acquisitions/Sales |
Both Periods (Note 1) |
|||||
Base rents |
|
|
|
|
|
|
|||||
Recoveries from tenants |
25,768 |
27,043 |
(1,275) |
(4.7)% |
165 |
(1,440) |
|||||
Uncollectable amounts in lease income |
(172) |
(1,379) |
1,207 |
(87.5)% |
- |
1,207 |
|||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent) |
(16) |
(3,137) |
3,121 |
(99.5)% |
- |
3,121 |
|||||
Total lease income |
102,636 |
97,329 |
|||||||||
Lease termination |
691 |
801 |
(110) |
(13.7)% |
- |
(110) |
|||||
Other income |
3,712 |
3,403 |
309 |
|
6 |
303 |
|||||
|
|
|
|
|
|
|
|||||
Operating Expenses |
|
|
|
|
|
|
|||||
Property operating |
18,915 |
17,733 |
1,182 |
|
32 |
1,150 |
|||||
Property taxes |
17,787 |
17,785 |
2 |
- |
92 |
(90) |
|||||
Depreciation and amortization |
22,360 |
21,773 |
587 |
|
487 |
100 |
|||||
General and administrative |
7,673 |
6,876 |
797 |
|
n/a |
n/a |
|||||
|
|
|
|
|
|
||||||
Non-Operating Income/Expense |
|
|
|
|
|
||||||
Interest expense |
9,750 |
10,062 |
(312) |
(3.1)% |
- |
(312) |
|||||
Interest, dividends, and other investment income |
216 |
171 |
45 |
|
n/a |
n/a |
Three Months Ended |
|
Change Attributable to |
|||||||||
|
|
Increase |
|
Property |
Properties Held In |
||||||
Revenues |
2022 |
2021 |
(Decrease) |
% Change |
Acquisitions/Sales |
Both Periods (Note 1) |
|||||
Base rents |
|
|
|
|
|
|
|||||
Recoveries from tenants |
8,111 |
8,251 |
(140) |
(1.7)% |
118 |
(258) |
|||||
Uncollectable amounts in lease income |
(21) |
- |
(21) |
(100.0)% |
- |
(21) |
|||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent) |
(57) |
10 |
(67) |
(670.0)% |
- |
(67) |
|||||
Total lease income |
33,893 |
33,051 |
|||||||||
Lease termination |
631 |
96 |
535 |
|
- |
535 |
|||||
Other income |
960 |
1,183 |
(223) |
(18.9)% |
2 |
(225) |
|||||
Operating Expenses |
|||||||||||
Property operating |
5,514 |
5,284 |
230 |
|
57 |
173 |
|||||
Property taxes |
5,976 |
6,009 |
(33) |
(0.5)% |
41 |
(74) |
|||||
Depreciation and amortization |
7,644 |
7,063 |
581 |
|
256 |
325 |
|||||
General and administrative |
2,485 |
2,139 |
346 |
|
n/a |
n/a |
|||||
Non-Operating Income/Expense |
|||||||||||
Interest expense |
3,186 |
3,329 |
(143) |
(4.3)% |
- |
(143) |
|||||
Interest, dividends, and other investment income |
103 |
75 |
28 |
|
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 the first nine months of 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 105,000 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the nine and three month periods ended
Properties Held in Both Periods:
Revenues
Base Rent
For properties held in both periods, base rent for the nine and three month periods ended
In the first nine months of fiscal 2022, we leased or renewed approximately 762,000 square feet (or approximately
Tenant Recoveries
In the nine and three month periods ended
Uncollectable Amounts in Lease Income
In the nine months 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 nine and three month periods ended
Property Taxes
In the nine and three month periods ended
Interest
In the nine and three month periods ended
Depreciation and Amortization
In the nine and three month periods ended
General and Administrative Expenses
In the nine and three month periods 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 FFO 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 the nine month and three month periods ended
(Table Follows)
Nine Months and Three Months Ended (in thousands, except per share data) |
||||
Reconciliation of Net Income Available to Common and Class A Common Stockholders To Funds From Operations: |
Nine Months Ended |
Three Months Ended |
||
|
|
|
||
|
2022 |
2021 |
2022 |
2021 |
Net Income Applicable to Common and Class A Common Stockholders |
|
|
|
|
|
|
|
|
|
Real property depreciation |
17,501 |
17,198 |
5,879 |
5,737 |
Amortization of tenant improvements and allowances |
3,154 |
3,312 |
1,031 |
960 |
Amortization of deferred leasing costs |
1,652 |
1,209 |
716 |
363 |
Depreciation and amortization on unconsolidated joint ventures |
1,132 |
1,126 |
386 |
376 |
(Gain)/loss on sale of property |
(768) |
(12,213) |
- |
(11,807) |
|
|
|
|
|
Funds from Operations Applicable to Common and Class A Common Stockholders |
$41,807 |
|
$14,642 |
|
Funds from Operations (Diluted) Per Share: |
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Class A Common |
|
|
|
|
Common |
|
|
|
|
FFO amounted to
Increases:
- An increase in base rent for new leasing in the portfolio after the first quarter of fiscal 2021.
-
A decrease in uncollectable amounts in lease income of
in the nine months ended$1.3 million July 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 quarter of fiscal 2021. Our assessment was that any billed but unpaid rents would likely be uncollectable. During the nine months endedJuly 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 during such period, when compared with the corresponding period of the prior year. -
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
July 31, 2022 , 33 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 amount of and reversed billed but uncollected rents in the amount of$1.2 million in the nine month period ended$1.9 million July 31, 2021 . There were no significant charges related to cash-basis tenants in the nine months endedJuly 31, 2022 .
As of
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 first nine months of fiscal 2022.
-
A
increase in general and administrative expenses predominantly related to an increase employee compensation, state tax expense related to a capital gain for a property we sold that was located in$797,000 New Hampshire and professional fees in the first nine months of fiscal 2022, when compared to the corresponding prior period.
FFO amounted to
Increases:
- A net increase in base rent for new leasing in the portfolio after the first quarter of fiscal 2021.
-
An increase in lease termination income in three months ended
July 31, 2022 when compared with the corresponding prior period as a result of one national tenant exercising a termination right in their lease for which they paid a termination penalty.
Decreases:
-
A
increase in general and administrative expenses predominantly related to an increase in state tax expense related to a capital gain for a property we sold that was located in$346,000 New Hampshire and professional fees in the three months endedJuly 31, 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 we 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:
Same Property Net Operating Income (In thousands, except for number of properties and percentages) |
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|
Nine Months Ended |
Three Months Ended |
||||||||||
2022 |
2021 |
% Change |
2022 |
2021 |
% Change |
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Same Property Operating Results: |
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|
|
|
|
|||||||||
Number of Properties (Note 1) |
72 |
72 |
||||||||||
Revenue (Note 2) |
||||||||||||
Base Rent (Note 3) |
|
|
(0.7)% |
|
|
(0.7)% |
||||||
Uncollectable amounts in lease income-same property |
|
(172) |
(1,371) |
(87.5)% |
|
(20) |
9 |
(322.2)% |
||||
ASC Topic 842 cash-basis lease income reversal-same property |
|
(66) |
(1,882) |
(96.5)% |
|
(56) |
(27) |
|
||||
Recoveries from tenants |
25,363 |
26,803 |
(5.4)% |
7,935 |
8,191 |
(3.1)% |
||||||
Other property income |
1,262 |
359 |
|
132 |
132 |
- |
||||||
100,450 |
98,475 |
|
32,453 |
32,946 |
(1.5)% |
|||||||
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|||||||
Property operating |
10,982 |
10,996 |
(0.1)% |
3,180 |
3,276 |
(2.9)% |
||||||
Property taxes |
17,554 |
17,655 |
(0.6)% |
5,876 |
5,957 |
(1.4)% |
||||||
Other non-recoverable operating expenses |
1,624 |
1,480 |
|
662 |
464 |
|
||||||
30,160 |
30,131 |
|
9,718 |
9,697 |
|
|||||||
|
|
|
|
|
|
|||||||
Same Property Net Operating Income |
|
|
|
|
|
(2.2)% |
||||||
|
|
|
|
|
||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure: |
|
|
|
|
||||||||
|
|
|
|
|||||||||
Other reconciling items: |
|
|
|
|
||||||||
Other non same-property net operating income |
1,445 |
882 |
695 |
132 |
||||||||
Other Interest income |
470 |
349 |
184 |
118 |
||||||||
Other Dividend Income |
60 |
36 |
60 |
36 |
||||||||
Consolidated lease termination income |
691 |
801 |
631 |
96 |
||||||||
Consolidated amortization of above and below market leases |
698 |
455 |
301 |
165 |
||||||||
Consolidated straight line rent income |
(48) |
(2,702) |
7 |
(371) |
||||||||
Equity in net income of unconsolidated joint ventures |
814 |
1,025 |
224 |
365 |
||||||||
Taxable REIT subsidiary income/(loss) |
(180) |
419 |
(45) |
165 |
||||||||
Solar income/(loss) |
(233) |
(159) |
59 |
88 |
||||||||
Storage income/(loss) |
1,572 |
805 |
571 |
360 |
||||||||
Unrealized holding gains arising during the periods |
- |
- |
- |
- |
||||||||
Gain on marketable securities |
- |
- |
- |
- |
||||||||
Interest expense |
(9,750) |
(10,062) |
|
(3,186) |
(3,329) |
|||||||
General and administrative expenses |
(7,673) |
(6,876) |
(2,485) |
(2,139) |
||||||||
Uncollectable amounts in lease income |
(172) |
(1,380) |
(20) |
- |
||||||||
Uncollectable amounts in lease income-same property |
|
172 |
1,371 |
|
|
20 |
(9) |
|
||||
ASC Topic 842 cash-basis lease income reversal |
|
(66) |
(1,882) |
|
|
(56) |
10 |
|
||||
ASC Topic 842 cash-basis lease income reversal-same property |
|
66 |
1,882 |
|
|
56 |
27 |
|
||||
Directors fees and expenses |
(283) |
(277) |
(82) |
(79) |
||||||||
Depreciation and amortization |
(22,360) |
(21,773) |
(7,644) |
(7,063) |
||||||||
Adjustment for intercompany expenses and other |
(4,212) |
(3,035) |
(1,101) |
(954) |
||||||||
|
|
|
|
|||||||||
Total other -net |
(38,989) |
(40,121) |
(11,811) |
(12,382) |
||||||||
Income from continuing operations |
31,301 |
28,223 |
|
10,924 |
10,867 |
|
||||||
Gain (loss) on sale of real estate |
|
768 |
12,214 |
|
|
- |
11,808 |
|
||||
Net income |
32,069 |
40,437 |
(20.7)% |
10,924 |
22,675 |
(51.8)% |
||||||
Net income attributable to noncontrolling interests |
(2,695) |
(2,724) |
|
(881) |
(887) |
|
||||||
Net income attributable to |
|
|
(22.1)% |
|
|
(53.9)% |
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|
|
|
|
|
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Same Property Operating Expense Ratio (Note 4) |
|
|
(4.7)% |
|
|
(1.1)% |
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 nine month periods ended
Base rents for the three and nine month periods ended
Note 4 -Represents the percentage of property operating expense and real estate tax.
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Balance Sheet Highlights |
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(in thousands) |
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2022 |
2021 |
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(Unaudited) |
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Assets |
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Cash and Cash Equivalents |
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|
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Real Estate investments before accumulated depreciation |
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Investments in and advances to unconsolidated joint ventures |
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Total Assets |
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Liabilities |
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Revolving credit line |
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Mortgage notes payable and other loans |
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Total Liabilities |
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Redeemable Noncontrolling Interests |
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Preferred Stock |
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Total Stockholders’ Equity |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220908006072/en/
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Source:
FAQ
What were the financial highlights for Urstadt Biddle Properties in Q3 FY 2022?
What was the leasing percentage for Urstadt Biddle Properties as of July 31, 2022?
What dividends were declared by Urstadt Biddle Properties in September 2022?