Eye-Catching Stock: Urstadt Biddle Properties Inc. (NYSE: UBA)

On Friday, Shares of Urstadt Biddle Properties Inc. (NYSE: UBA) dropped -2.03% to $19.78. The stock recorded $19.76 as its minimum price and hit the max level of $20.24, during its most recent trading session. It traded total volume of 9,292 shares lower than the average volume of 81.34K shares.

Urstadt Biddle Properties Inc. (NYSE:UBA) recently stated its operating results for the three and nine month periods ended July 31, 2018.

Net income applicable to Class A Common and Common stockholders for the third quarter of fiscal 2018 was $5,579.0K or $0.15 per diluted Class A Common share and $0.13 per diluted Common share, contrast to $6,061.0K or $0.16 per diluted Class A Common share and $0.14 per diluted Common share in last year’s third quarter. Net income attributable to Class A Common and Common stockholders for the first nine months of fiscal 2018 was $20,098.0K or $0.53 per diluted Class A Common share and $0.47 per diluted Common share, contrast to $33,574.0K or $0.90 per diluted Class A Common share and $0.79 per diluted Common share in the first nine months of fiscal 2017. Net income for the three and nine month periods ended July 31, 2017 includes a loss on sale of properties of $688.0K and net income for the nine month period ended July 31, 2017 includes a net gain on sale of properties in the amount of $18.80M.

Funds from operations (“FFO”) for the third quarter of fiscal 2018 was $13,410.0K or $0.35 per diluted Class A Common share and $0.32 per diluted Common share, contrast with $13,815.0K or $0.37 per diluted Class A Common share and $0.33 per diluted Common share in last year’s third quarter. For the first nine months of fiscal 2018, FFO amounted to $42,610.0K or $1.13 per diluted Class A Common share and $1.01 per diluted Common share, contrast to $35,384.0K or $0.94 per diluted Class A Common share and $0.84 per diluted Common share in the corresponding period of fiscal 2017.

Both FFO and net income for the nine month period ended July 31, 2018 include $3.70M in lease termination income the company received from the grocery store tenant in the company’s Newark, NJ property when that tenant vacated the property before the end of its lease. Both FFO and net income for the three and nine month periods ended July 31, 2017 include lease termination income of $2.10M regarding the termination of the only lease at the company’s Stratfield Road property located in Fairfield, CT, which was sold in the third quarter of fiscal 2017.

Revenues:

Base rents increased 11.3% to $72.20M for the nine month period ended July 31, 2018 as contrast with $64.90M in the comparable period of 2017. Base rents increased by 11.8% to $24.70M for the three month period ended July 31, 2018 as contrast with $22.10M in the comparable period of 2017.

Expenses:

Operating Expenses:

In the nine month and three month periods ended July 31, 2018, property operating expenses increased by $1.40M and $650.0K, respectively, when contrast with the corresponding prior periods, predominantly as a result of a boost in snow removal costs, roof repairs and parking lot repairs at the company’s properties.

Real Estate Tax:

In the nine month and three month periods ended July 31, 2018, property taxes increased by $460.0K and $223.0K, respectively, when contrast with the corresponding prior periods, as a result of a boost in property tax assessments for a number of the company’s properties owned in both periods.

Interest:

In the nine month period ended July 31, 2018, interest expense reduced by $239.0K, when contrast with the corresponding prior period as a result of the refinancing of the company’s leading mortgage (secured by the company’s Ridgeway property) after the second quarter of fiscal 2017 and the reduction of mortgage principal from normal amortization. The Ridgeway mortgage interest rate was reduced from 5.52% to 3.398% on a principal balance of about $44.0M. This decrease was partially offset by a boost in the mortgage principal on the Ridgeway mortgage from $44.0M to $50.0M as a result of the refinancing. Interest expense was relatively unchanged for the three month period ended July 31, 2018, when contrast to the corresponding prior period.

UBA has the market capitalization of $776.71M and its EPS growth ratio for the past five years was 17.40%. The return on assets ratio of the Company was 2.00% while its return on investment ratio stands at 6.80%. Price to sales ratio was 5.73 while 79.80% of the stock was owned by institutional investors.

Hubert Smith

Hubert Smith

I am Hubert Smith and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind stocksmarketcap.com with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category.

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