Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K REGULATION FD DISCLOSURE SUPPLEMENTAL PACKAGE 4Q 2016 - URSTADT BIDDLE PROPERTIES INC | form8k4q2016supplemental.htm |
EXHIBIT 99.1
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2016
|
 |
URSTADT BIDDLE PROPERTIES INC
321 RAILROAD AVENUE GREENWICH, CT 06830
203‐863‐8200
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2016
|
|
TABLE OF CONTENTS
|
1 -
|
|
PROPERTY PORTFOLIO
|
|
2 -
|
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INVESTMENT PROPERTY SAME STORE OPERATING INCOME – THREE AND TWELVE MONTH PERIODS ENDED October 31, 2016 AND 2015
|
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3 -
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NEW AND RENEWAL LEASING STATISTICS – ROLLING 4 QUARTERS ENDED October 31, 2016
|
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URSTADT BIDDLE PROPERTIES INC.
Property Portfolio - Detail
As Of October 31, 2016
|
|
|
3-Mile Radius
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gross Leasable Area
|
Percentage Leased
|
Annualized Base Rent PSF for Leased Space
|
Total
Population
|
Number of
Households
|
Median Household
Income
|
Average Household
Income
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Property Location
|
Property Name
|
Anchor Tenant's
|
% Owned
|
Year Acquired
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
Anchors
|
Shops
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Connecticut
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
Ridgeway
|
Stop & Shop Supermarket
|
100
|
%
|
2002
|
60,000
|
314,000
|
374,000
|
100.00
|
%
|
98.29
|
%
|
98.56
|
%
|
$
|
33.71
|
$
|
28.19
|
$
|
29.09
|
131,009
|
50,189
|
$
|
86,975
|
$
|
115,118
|
|||||||||||||||||||||||||||||||||||||||||||
|
Stratford
|
The Dock
|
Stop & Shop Supermarket / BJ's Wholesale
|
100
|
%
|
2005
|
167,754
|
110,731
|
278,485
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
16.04
|
$
|
20.85
|
$
|
17.95
|
85,806
|
33,695
|
62,872
|
71,996
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
New Milford Plaza
|
Wal-Mart / Stop & Shop Supermarket
|
100
|
%
|
2010
|
177,028
|
58,096
|
235,124
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
6.02
|
$
|
14.20
|
$
|
8.04
|
13,962
|
5,470
|
81,914
|
94,523
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Danbury₂
|
Danbury Square
|
Christmas Tree Shops
|
100
|
%
|
1995
|
47,555
|
146,407
|
193,962
|
100.00
|
%
|
97.55
|
%
|
98.15
|
%
|
$
|
23.45
|
$
|
14.66
|
$
|
16.85
|
48,060
|
16,719
|
67,221
|
79,878
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Darien
|
Goodwives
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
42,083
|
53,705
|
95,788
|
100.00
|
%
|
93.24
|
%
|
96.21
|
%
|
$
|
29.73
|
$
|
37.13
|
$
|
33.75
|
68,808
|
25,006
|
106,579
|
146,491
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Veteran's Plaza
|
Big Y Supermarket
|
100
|
%
|
2008
|
55,450
|
25,821
|
81,271
|
100.00
|
%
|
74.90
|
%
|
92.02
|
%
|
$
|
7.61
|
$
|
19.59
|
$
|
10.71
|
16,586
|
6,501
|
78,702
|
90,384
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Orange
|
Orange Meadows
|
Trader Joe's Supermarket
|
100
|
%
|
2003
|
11,553
|
66,153
|
77,706
|
100.00
|
%
|
95.37
|
%
|
96.06
|
%
|
$
|
20.72
|
$
|
18.80
|
$
|
19.10
|
50,845
|
20,004
|
77,718
|
93,292
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
Newfield Green
|
Grade A Market
|
100
|
%
|
2016
|
30,780
|
43,308
|
74,088
|
100.00
|
%
|
93.12
|
%
|
95.98
|
%
|
$
|
21.86
|
$
|
47.28
|
$
|
36.28
|
128,501
|
50,794
|
96,887
|
129,256
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Fairfield Plaza
|
TJ Max
|
100
|
%
|
2011
|
25,257
|
46,730
|
71,987
|
100.00
|
%
|
76.78
|
%
|
84.93
|
%
|
$
|
13.00
|
$
|
15.40
|
$
|
14.41
|
15,385
|
6,058
|
79,473
|
92,109
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Fairfield
|
Fairfield Center
|
Marshalls
|
100
|
%
|
2011
|
32,714
|
28,939
|
61,653
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
22.28
|
$
|
23.77
|
$
|
22.98
|
39,162
|
13,536
|
145,799
|
192,762
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich Offices
|
Various
|
Various
|
100
|
%
|
Various
|
-
|
57,923
|
57,923
|
0.00
|
%
|
91.74
|
%
|
91.74
|
%
|
$
|
-
|
$
|
31.36
|
$
|
31.36
|
70,820
|
26,000
|
109,587
|
164,731
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ridgefield
|
Ridgefield
|
N/A |
100
|
%
|
1998
|
-
|
51,996
|
51,996
|
0.00
|
%
|
90.87
|
%
|
90.87
|
%
|
$
|
-
|
$
|
23.34
|
$
|
23.34
|
21,536
|
7,876
|
146,207
|
199,313
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Commons
|
CVS
|
100
|
%
|
2014
|
15,629
|
32,069
|
47,698
|
100.00
|
%
|
95.44
|
%
|
96.93
|
%
|
$
|
58.05
|
$
|
36.20
|
$
|
43.59
|
69,025
|
25,447
|
117,146
|
179,593
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Kings Shopping Center
|
Kings Supermarket
|
100
|
%
|
2014
|
18,432
|
20,630
|
39,062
|
100.00
|
%
|
91.40
|
%
|
95.46
|
%
|
$
|
25.00
|
$
|
35.81
|
$
|
30.46
|
69,025
|
25,447
|
117,146
|
179,593
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Westport
|
Greens Farm
|
N/A |
100
|
%
|
2003
|
-
|
39,654
|
39,654
|
0.00
|
%
|
64.44
|
%
|
64.44
|
%
|
$
|
-
|
$
|
28.59
|
$
|
28.59
|
32,385
|
11,774
|
159,230
|
222,786
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Danbury
|
Airport Plaza
|
Buffalo Wild Wings
|
100
|
%
|
2002
|
8,116
|
24,572
|
32,688
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
26.95
|
$
|
28.81
|
$
|
28.35
|
49,025
|
17,097
|
66,458
|
78,825
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bethel
|
The Hub
|
Rite Aid & Nutmeg Liquors
|
100
|
%
|
2014
|
21,480
|
9,460
|
30,940
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
20.35
|
$
|
25.62
|
$
|
21.96
|
61,425
|
22,020
|
64,551
|
71,708
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
970 High Ridge
|
FedEx Offices
|
100
|
%
|
2016
|
6,734
|
20,599
|
27,333
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
41.00
|
$
|
29.46
|
$
|
32.30
|
54,667
|
20,341
|
142,800
|
185,482
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Plaza
|
Jos. A Banks Clothing
|
100
|
%
|
2013
|
4,025
|
10,827
|
14,852
|
100.00
|
%
|
84.36
|
%
|
88.60
|
%
|
$
|
41.00
|
$
|
45.53
|
$
|
44.15
|
69,025
|
25,447
|
117,146
|
179,593
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Monroe
|
Starbuck's Plaza
|
Starbucks
|
100
|
%
|
2007
|
1,658
|
8,483
|
10,141
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
38.53
|
$
|
22.05
|
$
|
24.75
|
16,558
|
5,814
|
117,079
|
138,773
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Greenwich Commons
|
Wells Fargo
|
100
|
%
|
2013
|
2,400
|
7,344
|
9,744
|
100.00
|
%
|
67.32
|
%
|
75.37
|
%
|
$
|
80.00
|
$
|
78.53
|
$
|
79.01
|
70,820
|
26,000
|
109,587
|
164,731
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Unionville
|
Friendly's - Unionville
|
N/A |
100
|
%
|
2013
|
2,530
|
-
|
2,530
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
$
|
-
|
$
|
-
|
$
|
-
|
26,353
|
10,340
|
95,338
|
120,209
|
|||||||||||||||||||||||||||||||||||||||||||||
|
731,178
|
1,177,447
|
1,908,625
|
99.7
|
%
|
94.3
|
%
|
96.4
|
%
|
$
|
18.19
|
$
|
25.51
|
$
|
22.61
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Yorktown
|
Staples Plaza
|
Staples
|
100
|
%
|
2005
|
15,322
|
105,235
|
120,557
|
100.0
|
%
|
69.0
|
%
|
72.9
|
%
|
$
|
16.50
|
$
|
21.02
|
$
|
20.23
|
33,270
|
11,759
|
101,560
|
118,703
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Arcadian
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
64,858
|
72,399
|
137,257
|
100.0
|
%
|
91.7
|
%
|
95.6
|
%
|
$
|
12.13
|
$
|
25.48
|
$
|
18.88
|
33,939
|
12,450
|
103,805
|
115,540
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Somers Commons
|
Home Goods
|
100
|
%
|
2003
|
30,000
|
104,760
|
134,760
|
100.0
|
%
|
94.5
|
%
|
95.8
|
%
|
$
|
17.50
|
$
|
21.56
|
$
|
20.61
|
17,424
|
6,253
|
93,269
|
105,909
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel
|
Carmel ShopRite Center
|
ShopRite Supermarket
|
100
|
%
|
1995
|
48,806
|
80,078
|
128,884
|
100.0
|
%
|
93.1
|
%
|
95.7
|
%
|
$
|
12.00
|
$
|
15.25
|
$
|
13.97
|
18,825
|
7,326
|
119,110
|
143,797
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Towne Centre at Somers
|
CVS
|
100
|
%
|
1999
|
14,013
|
66,401
|
80,414
|
100.0
|
%
|
86.1
|
%
|
88.5
|
%
|
$
|
31.07
|
$
|
29.60
|
$
|
29.89
|
34,668
|
11,883
|
104,300
|
127,658
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Orangeburg
|
Orangetown Shopping Center
|
CVS
|
34
|
%
|
2012
|
12,410
|
61,849
|
74,259
|
100.0
|
%
|
87.2
|
%
|
89.3
|
%
|
$
|
28.29
|
$
|
18.38
|
$
|
20.23
|
111,440
|
42,193
|
146,297
|
186,590
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
Eastchester Mall
|
Acme Supermarket
|
100
|
%
|
1997
|
29,754
|
40,132
|
69,886
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
10.00
|
$
|
34.98
|
$
|
24.34
|
227,135
|
87,166
|
66,880
|
80,041
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Yonkers
|
McLean Shopping Center
|
Acme Supermarket
|
54
|
%
|
2014
|
35,000
|
22,989
|
57,989
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
2.09
|
$
|
46.63
|
$
|
19.75
|
555,073
|
205,526
|
52,527
|
63,144
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Rye
|
Rye Portfolio
|
N/A |
100
|
%
|
2004
|
-
|
38,782
|
38,782
|
0.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
-
|
$
|
35.44
|
$
|
35.44
|
80,165
|
28,103
|
106,604
|
153,053
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Briarcliff Manor
|
Chilmark
|
CVS
|
100
|
%
|
2001
|
13,900
|
32,838
|
46,738
|
100.0
|
%
|
76.5
|
%
|
83.5
|
%
|
$
|
36.00
|
$
|
34.52
|
$
|
35.05
|
55,048
|
18,220
|
121,825
|
150,372
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Rockledge
|
Westchester Community College
|
100
|
%
|
1999
|
12,558
|
16,449
|
29,007
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
17.25
|
$
|
21.42
|
$
|
19.62
|
40,811
|
13,705
|
112,272
|
133,681
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Katonah
|
Village Commons
|
Katonah Pharmacy
|
100
|
%
|
2010
|
2,836
|
25,152
|
27,988
|
100.0
|
%
|
92.7
|
%
|
93.5
|
%
|
$
|
41.50
|
$
|
40.66
|
$
|
40.75
|
14,947
|
4,894
|
131,557
|
182,505
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Harrison
|
Harrison Shopping Center
|
Key Food
|
100
|
%
|
2015
|
12,018
|
14,175
|
26,193
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
22.00
|
$
|
38.36
|
$
|
30.85
|
69,000
|
24,883
|
126,551
|
193,039
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Pelham
|
Pelham
|
Mason Supermarket
|
100
|
%
|
2006
|
10,000
|
14,915
|
24,915
|
100.0
|
%
|
92.5
|
%
|
95.5
|
%
|
$
|
20.00
|
$
|
38.95
|
$
|
30.99
|
297,881
|
112,401
|
61,377
|
76,864
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
Eastchester Plaza
|
CVS
|
100
|
%
|
2012
|
13,506
|
10,195
|
23,701
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
30.50
|
$
|
37.64
|
$
|
33.57
|
176,909
|
68,597
|
107,873
|
134,690
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bronxville & Yonkers
|
N/A |
People's United Bank / JP Morgan Chase Bank
|
100
|
%
|
2008 & 2009
|
16,527
|
2,278
|
18,805
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
27.25
|
$
|
31.50
|
$
|
27.77
|
254,868
|
97,349
|
77,713
|
95,179
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Heritage 202
|
Putnam County Savings Bank
|
100
|
%
|
1992
|
3,184
|
16,074
|
19,258
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
45.50
|
$
|
27.51
|
$
|
30.48
|
19,978
|
7,698
|
117,392
|
141,086
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel
|
Friendly's - Carmel
|
N/A |
100
|
%
|
2013
|
-
|
3,660
|
3,660
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
$
|
-
|
$
|
-
|
$
|
-
|
19,094
|
6,802
|
90,862
|
104,003
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Kingston
|
Kingston
|
Taste of Italy
|
100
|
%
|
2013
|
3,372
|
-
|
3,372
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
25.65
|
$
|
-
|
$
|
25.65
|
19,113
|
7,864
|
49,465
|
59,514
|
|||||||||||||||||||||||||||||||||||||||||||||
|
338,064
|
728,361
|
1,066,425
|
100.0
|
%
|
88.8
|
%
|
92.4
|
%
|
$
|
16.86
|
$
|
26.54
|
$
|
23.22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New Jersey
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Midland Park
|
Midland Park Shopping Center
|
Kings Supermarket
|
100
|
%
|
2015
|
29,550
|
100,775
|
130,325
|
100.0
|
%
|
93.8
|
%
|
95.2
|
%
|
$
|
21.29
|
$
|
22.10
|
$
|
21.91
|
106,870
|
38,585
|
130,986
|
166,242
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Pompton Lakes
|
Pompton Lakes Town Square
|
N/A |
100
|
%
|
2015
|
62,845
|
62,368
|
125,213
|
0.0
|
%
|
85.6
|
%
|
42.6
|
%
|
$
|
-
|
$
|
23.43
|
$
|
23.43
|
50,024
|
18,960
|
97,398
|
113,230
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Providence
|
Village Shopping Center
|
Acme Supermarket
|
100
|
%
|
2013
|
45,464
|
63,163
|
108,627
|
100.0
|
%
|
96.8
|
%
|
98.1
|
%
|
$
|
21.75
|
$
|
32.06
|
$
|
27.66
|
61,922
|
22,078
|
144,650
|
188,830
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Newark
|
Ferry Plaza
|
Acme Supermarket
|
84
|
%
|
2008
|
63,433
|
44,435
|
107,868
|
100.0
|
%
|
87.4
|
%
|
94.8
|
%
|
$
|
20.12
|
$
|
28.39
|
$
|
23.26
|
217,910
|
72,283
|
42,507
|
51,497
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Wayne
|
Valley Ridge
|
Wayne Natural Food Market
|
100
|
%
|
1992
|
36,000
|
66,125
|
102,125
|
100.0
|
%
|
89.8
|
%
|
93.4
|
%
|
$
|
17.00
|
$
|
31.19
|
$
|
25.83
|
44,589
|
15,684
|
89,700
|
106,009
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Emerson
|
Shop Rite Plaza
|
ShopRite Supermarket
|
100
|
%
|
2007
|
53,450
|
39,212
|
92,662
|
100.0
|
%
|
75.9
|
%
|
89.8
|
%
|
$
|
9.20
|
$
|
24.30
|
$
|
14.60
|
93,236
|
32,727
|
107,812
|
122,143
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Kinnelon
|
Meadtown Shopping Center
|
Marshall's
|
100
|
%
|
2015
|
24,511
|
52,360
|
76,871
|
100.0
|
%
|
97.7
|
%
|
98.4
|
%
|
$
|
16.00
|
$
|
24.04
|
$
|
21.43
|
28,448
|
11,350
|
97,449
|
111,201
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Bloomfield Crossing
|
Walgreen's / Food World
|
100
|
%
|
2014
|
42,548
|
16,688
|
59,236
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
11.82
|
$
|
30.69
|
$
|
17.13
|
285,076
|
107,498
|
64,739
|
78,256
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Boonton
|
Boonton Acme Center
|
Acme Supermarket
|
100
|
%
|
2014
|
49,463
|
13,278
|
62,741
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
19.21
|
$
|
31.71
|
$
|
21.85
|
44,917
|
16,884
|
106,868
|
129,527
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Wyckoff
|
Cedar Hill Shopping Center
|
Walgreen's
|
100
|
%
|
2015
|
15,960
|
27,410
|
43,370
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
22.46
|
$
|
28.54
|
$
|
26.30
|
82,600
|
29,960
|
128,250
|
171,576
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Waldwick
|
Waldwick Rite Aid
|
Rite Aid
|
100
|
%
|
2007
|
20,000
|
-
|
20,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
22.62
|
$
|
-
|
$
|
22.62
|
76,754
|
27,193
|
142,405
|
185,006
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bernardsville
|
Bernards Square Office Building
|
N/A |
100
|
%
|
2013
|
-
|
14,405
|
14,405
|
0.0
|
%
|
73.0
|
%
|
73.0
|
%
|
$
|
-
|
$
|
26.91
|
$
|
26.91
|
19,059
|
6,593
|
145,235
|
207,918
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Chester
|
Rainbow Childcare Center
|
Rainbow Child Care Center
|
100
|
%
|
2013
|
9,120
|
-
|
9,120
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
18.00
|
$
|
-
|
$
|
18.00
|
9,447
|
3,218
|
164,650
|
250,629
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Friendly's - Bloomfield
|
Friendly's
|
100
|
%
|
2013
|
2,630
|
-
|
2,630
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
41.33
|
$
|
-
|
$
|
41.33
|
191,823
|
73,393
|
83,381
|
102,344
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Fort Lee
|
H-Mart Plaza
|
H-Mart
|
100
|
%
|
2015
|
7,000
|
-
|
7,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
38.11
|
$
|
-
|
$
|
38.11
|
35,345
|
16,371
|
52,334
|
86,489
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hillsdale
|
Friendly's - Hillsdale
|
Friendly's
|
100
|
%
|
2013
|
2,457
|
-
|
2,457
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
32.61
|
$
|
-
|
$
|
32.61
|
76,705
|
27,153
|
119,354
|
136,990
|
|||||||||||||||||||||||||||||||||||||||||||||
|
464,431
|
500,219
|
964,650
|
86.5
|
%
|
91.2
|
%
|
88.91
|
%
|
$
|
18.11
|
$
|
26.76
|
$
|
22.71
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New Hampshire
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Newington
|
Newington Plaza
|
Savers
|
100
|
%
|
1979
|
27,167
|
74,893
|
102,060
|
100.0
|
%
|
84.4
|
%
|
88.6
|
%
|
$
|
10.80
|
$
|
17.45
|
$
|
15.45
|
17,701
|
8,590
|
64,817
|
76,847
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Consolidated
|
1,560,840
|
2,480,920
|
4,041,760
|
95.8
|
%
|
91.8
|
%
|
93.33
|
%
|
$
|
17.74
|
$
|
25.83
|
$
|
22.62
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unconsolidated Joint Ventures
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Scarsdale, NY
|
Midway Shopping Center
|
ShopRite Supermarket
|
12
|
%
|
2010
|
73,758
|
176,009
|
249,767
|
100.0
|
%
|
98.9
|
%
|
99.2
|
%
|
$
|
15.65
|
$
|
32.40
|
$
|
27.42
|
114,418
|
43,359
|
132,018
|
162,698
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel, NY
|
Putnam Plaza
|
Tops Markets
|
67
|
%
|
2010
|
60,858
|
128,536
|
189,394
|
100.0
|
%
|
96.1
|
%
|
97.4
|
%
|
$
|
6.94
|
$
|
18.35
|
$
|
14.58
|
19,114
|
6,812
|
90,765
|
103,841
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Gateway Plaza
|
Walmart
|
50
|
%
|
2014
|
167,951
|
30,500
|
198,451
|
100.0
|
%
|
86.9
|
%
|
97.98
|
%
|
$
|
6.15
|
$
|
25.19
|
$
|
8.75
|
16,475
|
6,032
|
61,909
|
70,656
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Montvale, NJ
|
Chestnut Ridge
|
The Fresh Market Inc.
|
50
|
%
|
2013
|
19,205
|
57,130
|
76,335
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
23.40
|
$
|
31.98
|
$
|
29.82
|
52,743
|
18,568
|
135,691
|
162,154
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Spring Valley, NY
|
Plaza 59
|
Spring Valley Foods Inc.
|
50
|
%
|
2013
|
3,355
|
21,000
|
24,355
|
100.0
|
%
|
92.9
|
%
|
93.8
|
%
|
$
|
40.86
|
$
|
33.57
|
$
|
34.64
|
88,092
|
28,853
|
92,610
|
105,302
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Applebee's Plaza
|
Applebee's
|
50
|
%
|
2014
|
5,363
|
7,206
|
12,569
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
26.90
|
$
|
29.00
|
$
|
28.10
|
16,475
|
6,032
|
61,909
|
70,656
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Unconsolidated
|
330,490
|
420,381
|
750,871
|
100.0
|
%
|
97.1
|
%
|
98.35
|
%
|
$
|
10.11
|
$
|
27.61
|
$
|
19.78
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
97.7
|
%
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Core Portfolio
|
1,891,330
|
2,901,301
|
4,792,631
|
96.5
|
%
|
92.5
|
%
|
94.12
|
%
|
$
|
16.36
|
$
|
26.10
|
$
|
22.16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Property Under Development
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
White Plains
|
Westchester Pavilion
|
N/A |
100
|
%
|
2003
|
-
|
189,215
|
189,215
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
$
|
-
|
$
|
-
|
$
|
-
|
104,063
|
40173
|
104,821
|
132,219
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Portfolio
|
1,891,330
|
3,090,516
|
4,981,846
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note 1 - Demographics provided by Applied Geographic Solutions, 4/2013 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note 2 - Leased square footage includes 65,700 of square feet for Toy's "R" Us and Babies "R" Us at zero rent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1
|
URSTADT BIDDLE PROPERTIES INC.
Core Portfolio Same-Store Operating Income Disclosure
(in thousands, except for number of properties and percentages)
|
|
|
Year Ended October 31,
|
Three Months Ended October 31,
|
|||||||||||||||||||||||
|
2016
|
2015
|
% Change
|
2016
|
2015
|
% Change
|
|||||||||||||||||||
|
Same-Store Operating Results:
|
||||||||||||||||||||||||
|
Number of Properties (Notes 3 and 4)
|
59 | 59 | ||||||||||||||||||||||
|
Revenue (Note 2)
|
||||||||||||||||||||||||
|
Minimum Rent
|
$
|
72,165
|
$
|
71,358
|
1.1
|
%
|
$
|
18,280
|
$
|
17,904
|
2.1
|
%
|
||||||||||||
|
Recoveries from tenants
|
22,909
|
24,925
|
-8.1
|
%
|
6,042
|
5,618
|
7.6
|
%
|
||||||||||||||||
|
Other property income
|
1,058
|
1,170
|
-9.5
|
%
|
238
|
354
|
-32.8
|
%
|
||||||||||||||||
|
96,132
|
97,453
|
-1.4
|
%
|
24,560
|
23,876
|
2.9
|
%
|
|||||||||||||||||
|
Expenses
|
||||||||||||||||||||||||
|
Property operating
|
11,108
|
12,649
|
-12.2
|
%
|
2,964
|
2,887
|
2.7
|
%
|
||||||||||||||||
|
Property taxes
|
15,630
|
15,335
|
1.9
|
%
|
3,970
|
3,933
|
0.9
|
%
|
||||||||||||||||
|
Other non-recoverable operating expenses
|
1,861
|
2,076
|
-10.4
|
%
|
479
|
577
|
-17.0
|
%
|
||||||||||||||||
|
28,599
|
30,060
|
-4.9
|
%
|
7,413
|
7,397
|
0.2
|
%
|
|||||||||||||||||
|
Same-Store Net Operating Income
|
$
|
67,533
|
$
|
67,393
|
0.2
|
%
|
$
|
17,147
|
$
|
16,479
|
4.1
|
%
|
||||||||||||
|
Other reconciling items:
|
||||||||||||||||||||||||
|
Other non same-property net operating income
|
12,074
|
9,698
|
5,550
|
2,176
|
||||||||||||||||||||
|
Other Interest income
|
169
|
110
|
47
|
35
|
||||||||||||||||||||
|
Consolidated lease termination income
|
618
|
472
|
238
|
325
|
||||||||||||||||||||
|
Consolidated amortization of above and below market leases
|
157
|
415
|
15
|
(162
|
)
|
|||||||||||||||||||
|
Consolidated straight line rent income
|
1,902
|
1,551
|
123
|
553
|
||||||||||||||||||||
|
Equity in net income of unconsolidated joint ventures
|
2,019
|
1,941
|
535
|
527
|
||||||||||||||||||||
|
Taxable REIT subsidiary income/(loss)
|
(921
|
)
|
(828
|
)
|
(466
|
)
|
(286
|
)
|
||||||||||||||||
|
Solar income/(loss)
|
(72
|
)
|
(104
|
)
|
(3
|
)
|
73
|
|||||||||||||||||
|
Storage income/(loss)
|
353
|
66
|
109
|
50
|
||||||||||||||||||||
|
Interest expense
|
(12,983
|
)
|
(13,475
|
)
|
(3,232
|
)
|
(3,364
|
)
|
||||||||||||||||
|
General and administrative expenses
|
(9,284
|
)
|
(8,576
|
)
|
(2,144
|
)
|
(2,083
|
)
|
||||||||||||||||
|
Provision for tenant credit losses
|
(1,161
|
)
|
(1,271
|
)
|
(326
|
)
|
(533
|
)
|
||||||||||||||||
|
Directors fees and expenses
|
(318
|
)
|
(330
|
)
|
(83
|
)
|
(69
|
)
|
||||||||||||||||
|
Acquisition costs (non included in net operating income)
|
(412
|
)
|
(2,068
|
)
|
(207
|
)
|
(48
|
)
|
||||||||||||||||
|
Depreciation and amortization
|
(23,025
|
)
|
(22,435
|
)
|
(6,223
|
)
|
(5,601
|
)
|
||||||||||||||||
|
Adjustment for intercompany expenses and other
|
(2,044
|
)
|
(2,724
|
)
|
(531
|
)
|
(663
|
)
|
||||||||||||||||
|
Total other -net
|
(32,928
|
)
|
(37,558
|
)
|
(6,598
|
)
|
(9,070
|
)
|
||||||||||||||||
|
Income from continuing operations
|
34,605
|
29,835
|
16.0
|
%
|
10,549
|
7,409
|
42.4
|
%
|
||||||||||||||||
|
Gain on sale of real estate
|
-
|
20,377
|
-
|
20,377
|
||||||||||||||||||||
|
Net income
|
34,605
|
50,212
|
-31.1
|
%
|
10,549
|
27,786
|
-62.0
|
%
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
(889
|
)
|
(948
|
)
|
(230
|
)
|
(220
|
)
|
||||||||||||||||
|
Net income attributable to Urstadt Biddle Properties Inc.
|
33,716
|
49,264
|
-31.6
|
%
|
10,319
|
27,566
|
-62.6
|
%
|
||||||||||||||||
|
Same-Store Operating Expense Ratio (Note 1)
|
85.7
|
%
|
89.1
|
%
|
-3.8
|
%
|
87.1
|
%
|
82.4
|
%
|
5.8
|
%
|
||||||||||||
|
Note
|
1 - Represents the percentage of property operating expense and real estate tax expense recovered from tenants under operating leases
|
|
Note
|
2 - Excludes straight line rent, above/below market lease rent, lease termination income
|
|
Note
|
3 - Includes only properties owned for the entire period of both periods presented
|
|
Note
|
4 - Beginning in fiscal 2015 the above analysis does not include our Westchester Pavilion property as that property is under re-development and we are vacating the property to accomplish the redevelopment
|
Non-GAAP Financial Measure - Net Operating Income:
We present Net Operating Income ("NOI"), which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income from continuing operations which, to calculate NOI, 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, investment income, equity in net income of unconsolidated joint ventures, gain/loss on sale of operating properties and other income. We use NOI internally as a performance measure and believe 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 NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with income from continuing operations as presented in our consolidated financial statements. NOI should not be considered as an alternative to income from continuing operations as an indication of our performance or to cash flows as a measure of liquidity or our ability to make dividend payments.
2
|
URSTADT BIDDLE PROPERTIES INC.
Leasing Activity
Rolling Last 4 Quarters ended October 31, 2016
|
|
|
Leases
|
Square
|
New Rent
|
Prior Rent
|
Cash Basis
|
||||||||||||||||
|
Signed
|
Feet
|
Per Sq. Ft (a)
|
Per Sq. Ft. (a)
|
Change
|
||||||||||||||||
|
Total Comparable Leases:
|
||||||||||||||||||||
|
4th Quarter 2016
|
44
|
111,257
|
$
|
24.53
|
$
|
24.01
|
2.1
|
%
|
||||||||||||
|
3rd Quarter 2016
|
41
|
65,386
|
$
|
29.16
|
$
|
29.69
|
-1.8
|
%
|
||||||||||||
|
2nd Quarter 2016
|
41
|
144,715
|
$
|
22.57
|
$
|
19.85
|
13.7
|
%
|
||||||||||||
|
1st Quarter 2016
|
28
|
90,120
|
$
|
25.46
|
$
|
25.26
|
0.8
|
%
|
||||||||||||
|
Totals
|
154
|
411,478
|
$
|
24.78
|
$
|
23.73
|
4.4
|
%
|
||||||||||||
|
New Leases - Comparable:
|
||||||||||||||||||||
|
4th Quarter 2016
|
12
|
16,452
|
$
|
24.23
|
$
|
29.33
|
-17.4
|
%
|
||||||||||||
|
3rd Quarter 2016
|
12
|
16,439
|
$
|
36.30
|
$
|
37.08
|
-2.1
|
%
|
||||||||||||
|
2nd Quarter 2016
|
21
|
112,690
|
$
|
19.19
|
$
|
15.78
|
21.6
|
%
|
||||||||||||
|
1st Quarter 2016
|
7
|
41,987
|
$
|
21.63
|
$
|
22.96
|
-5.8
|
%
|
||||||||||||
|
Totals
|
52
|
187,568
|
$
|
21.68
|
$
|
20.44
|
6.0
|
%
|
||||||||||||
|
Renewals - Comparable:
|
||||||||||||||||||||
|
4th Quarter 2016
|
32
|
94,805
|
$
|
24.58
|
$
|
23.09
|
6.5
|
%
|
||||||||||||
|
3rd Quarter 2016
|
29
|
48,947
|
$
|
26.76
|
$
|
27.21
|
-1.7
|
%
|
||||||||||||
|
2nd Quarter 2016
|
20
|
32,025
|
$
|
34.49
|
$
|
34.18
|
0.9
|
%
|
||||||||||||
|
1st Quarter 2016
|
21
|
48,133
|
$
|
28.79
|
$
|
27.27
|
5.6
|
%
|
||||||||||||
|
Totals
|
102
|
223,910
|
$
|
27.38
|
$
|
26.48
|
3.4
|
%
|
||||||||||||
|
(a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq.
|
||||||||||||||||||||
|
ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.
|
||||||||||||||||||||
|
(b) Includes tenant allowance and landlord work. Excludes first generation space.
|
||||||||||||||||||||
3