Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K REGULATION FD DISCLOSURE SUPPLEMENTAL PACKAGE 4Q 2018 - URSTADT BIDDLE PROPERTIES INC | form8k4qsupplemental2018.htm |
Exhibit 99.1
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
OCTOBER 31, 2018
|
 |
 |
 |
|
URSTADT BIDDLE PROPERTIES INC.
321 RAILROAD AVENUE GREENWICH, CT 06830
203-863-8225
|
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
OCTOBER 31, 2018
|
|
TABLE OF CONTENTS
|
1.
|
|
|
2.
|
|
|
3.
|
|
|
|
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
|
72,000
|
302,114
|
374,114
|
100.00
|
%
|
94.56
|
%
|
95.61
|
%
|
$
|
30.46
|
$
|
30.20
|
$
|
30.25
|
136,893
|
54,064
|
$
|
99,386
|
$
|
132,926
|
|||||||||||||||||||||||||||||||||||||||||||
|
Stratford
|
The Dock
|
Stop & Shop Supermarket / BJ's Wholesale
|
100
|
%
|
2005
|
167,754
|
110,731
|
278,485
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
16.93
|
$
|
20.62
|
$
|
18.40
|
159,189
|
57,549
|
49,699
|
60,780
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
New Milford Plaza
|
Wal-Mart / Stop & Shop Supermarket
|
100
|
%
|
2010
|
177,028
|
58,216
|
235,244
|
100.00
|
%
|
91.41
|
%
|
97.87
|
%
|
$
|
6.52
|
$
|
14.76
|
$
|
8.43
|
14,872
|
6,076
|
77,162
|
106,559
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Danbury₂
|
Danbury Square
|
Christmas Tree Shops
|
100
|
%
|
1995
|
47,555
|
146,407
|
193,962
|
100.00
|
%
|
97.55
|
%
|
98.15
|
%
|
$
|
24.90
|
$
|
16.50
|
$
|
18.60
|
53,170
|
18,874
|
73,022
|
88,228
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Darien
|
Goodwives
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
42,083
|
53,704
|
95,787
|
100.00
|
%
|
97.84
|
%
|
98.79
|
%
|
$
|
33.99
|
$
|
38.23
|
$
|
36.34
|
36,064
|
13,530
|
165,794
|
229,507
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
High Ridge Center
|
Trader Joe's Supermarket/DSW Shoe Warehouse
|
11
|
%
|
2017
|
37,211
|
50,064
|
87,275
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
31.56
|
$
|
58.24
|
$
|
46.86
|
52,642
|
19,404
|
150,097
|
193,497
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Veteran's Plaza
|
Big Y Supermarket
|
100
|
%
|
2008
|
55,450
|
25,821
|
81,271
|
100.00
|
%
|
74.90
|
%
|
92.02
|
%
|
$
|
7.95
|
$
|
19.34
|
$
|
10.90
|
17,242
|
6,937
|
77,096
|
101,180
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Orange
|
Orange Meadows
|
Trader Joe's Supermarket
|
100
|
%
|
2003
|
11,553
|
65,964
|
77,517
|
100.00
|
%
|
95.35
|
%
|
96.05
|
%
|
$
|
22.03
|
$
|
19.09
|
$
|
19.54
|
50,060
|
20,318
|
90,440
|
109,062
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
Newfield Green
|
Grade A Market
|
100
|
%
|
2016
|
30,780
|
43,308
|
74,088
|
100.00
|
%
|
89.59
|
%
|
93.92
|
%
|
$
|
21.86
|
$
|
48.27
|
$
|
36.59
|
128,501
|
50,794
|
96,887
|
129,256
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Fairfield Plaza
|
TJ Max
|
100
|
%
|
2011
|
25,257
|
46,730
|
71,987
|
100.00
|
%
|
89.45
|
%
|
93.15
|
%
|
$
|
13.00
|
$
|
14.85
|
$
|
14.15
|
15,276
|
6,225
|
78,010
|
106,628
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Fairfield
|
Fairfield Center
|
Marshalls
|
100
|
%
|
2011
|
32,714
|
28,939
|
61,653
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
22.28
|
$
|
23.77
|
$
|
22.98
|
37,074
|
12,619
|
158,278
|
232,883
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ridgefield
|
Ridgefield
|
N/A
|
100
|
%
|
1998
|
-
|
62,230
|
62,230
|
0.00
|
%
|
91.07
|
%
|
91.07
|
%
|
$
|
-
|
$
|
24.87
|
$
|
24.87
|
21,178
|
7,780
|
156,884
|
220,216
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich Offices
|
Various
|
Various
|
100
|
%
|
Various
|
-
|
58,107
|
58,107
|
0.00
|
%
|
96.53
|
%
|
96.53
|
%
|
$
|
-
|
$
|
32.31
|
$
|
32.31
|
71,942
|
26,662
|
127,832
|
195,321
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Commons
|
CVS
|
100
|
%
|
2014
|
15,629
|
32,018
|
47,647
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
63.85
|
$
|
40.20
|
$
|
47.96
|
66,066
|
24,292
|
140,188
|
220,157
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Westport
|
Greens Farm
|
N/A
|
100
|
%
|
2003
|
-
|
39,654
|
39,654
|
0.00
|
%
|
55.45
|
%
|
55.45
|
%
|
$
|
-
|
$
|
28.47
|
$
|
28.47
|
32,716
|
12,072
|
163,656
|
254,366
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Kings Shopping Center
|
Kings Supermarket
|
100
|
%
|
2014
|
18,432
|
20,797
|
39,229
|
100.00
|
%
|
90.72
|
%
|
95.08
|
%
|
$
|
27.50
|
$
|
37.94
|
$
|
32.78
|
96,677
|
39,204
|
104,874
|
149,806
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Derby
|
Aldi Square
|
Aldi Supermarket
|
100
|
%
|
2017
|
17,036
|
21,892
|
38,928
|
100.00
|
%
|
83.22
|
%
|
90.56
|
%
|
$
|
10.59
|
$
|
18.83
|
$
|
14.85
|
53,172
|
21,856
|
70,843
|
82,478
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Danbury
|
Airport Plaza
|
Buffalo Wild Wings
|
100
|
%
|
2002
|
8,116
|
24,572
|
32,688
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
29.65
|
$
|
29.37
|
$
|
29.44
|
54,173
|
19,233
|
72,988
|
88,266
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bethel
|
The Hub
|
Rite Aid & Nutmeg Liquors
|
100
|
%
|
2014
|
21,480
|
9,460
|
30,940
|
100.00
|
%
|
83.09
|
%
|
94.83
|
%
|
$
|
21.65
|
$
|
26.81
|
$
|
23.03
|
64,257
|
23,249
|
69,273
|
82,372
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
970 High Ridge
|
FedEx Office
|
100
|
%
|
2016
|
6,734
|
20,599
|
27,333
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
42.00
|
$
|
30.08
|
$
|
33.02
|
61,214
|
23,398
|
139,796
|
182,001
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ridgefield
|
Yankee Ridge Center
|
N/A
|
100
|
%
|
2018
|
-
|
22,972
|
22,972
|
0.00
|
%
|
84.97
|
%
|
84.97
|
%
|
$
|
-
|
$
|
27.15
|
$
|
27.15
|
21,323
|
7,794
|
160,155
|
223,382
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Plaza
|
Jos. A Banks Clothing
|
100
|
%
|
2013
|
4,025
|
10,880
|
14,905
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
41.00
|
$
|
43.09
|
$
|
42.52
|
73,417
|
27,863
|
128,798
|
201,766
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Monroe
|
Starbuck's Plaza
|
Starbucks
|
100
|
%
|
2007
|
1,658
|
8,483
|
10,141
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
38.50
|
$
|
25.22
|
$
|
27.39
|
15,770
|
5,600
|
124,589
|
154,374
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Greenwich Commons
|
Wells Fargo
|
100
|
%
|
2013
|
2,400
|
7,344
|
9,744
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
80.00
|
$
|
82.55
|
$
|
81.93
|
71,942
|
26,662
|
127,832
|
195,321
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Old Greenwich - CVS
|
CVS
|
11
|
%
|
2017
|
8,000
|
-
|
8,000
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
26.24
|
$
|
-
|
$
|
26.24
|
102,766
|
40,215
|
108,839
|
154,162
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
High Ridge - Chase
|
Chase Bank
|
11
|
%
|
2017
|
4,160
|
-
|
4,160
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
72.28
|
$
|
-
|
$
|
72.28
|
54,667
|
20,341
|
142,800
|
185,482
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Unionville
|
Unionville Family Restaurant
|
Unionville Family Restaurant
|
100
|
%
|
2013
|
2,530
|
-
|
2,530
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
21.34
|
$
|
-
|
$
|
21.34
|
69,946
|
28,146
|
85,777
|
110,025
|
|||||||||||||||||||||||||||||||||||||||||||||
|
809,585
|
1,271,006
|
2,080,591
|
100.0
|
%
|
93.6
|
%
|
96.1
|
%
|
$
|
19.84
|
$
|
27.98
|
$
|
24.69
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New
York
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Arcadian
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
64,858
|
72,399
|
137,257
|
100.0
|
%
|
98.1
|
%
|
99.0
|
%
|
$
|
12.13
|
$
|
25.27
|
$
|
19.00
|
40,154
|
13,453
|
105,254
|
138,823
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Somers Commons
|
Home Goods
|
100
|
%
|
2003
|
30,000
|
104,760
|
134,760
|
100.0
|
%
|
95.3
|
%
|
96.3
|
%
|
$
|
19.00
|
$
|
22.92
|
$
|
22.01
|
34,896
|
12,975
|
106,468
|
129,492
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel
|
Carmel ShopRite Center
|
ShopRite Supermarket
|
100
|
%
|
1995
|
48,806
|
95,497
|
144,303
|
100.0
|
%
|
94.2
|
%
|
96.2
|
%
|
$
|
12.00
|
$
|
14.00
|
$
|
13.30
|
18,629
|
6,802
|
92,445
|
111,446
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Yorktown3
|
Staples Plaza
|
Staples
|
100
|
%
|
2005
|
15,322
|
105,434
|
120,756
|
100.0
|
%
|
86.3
|
%
|
88.1
|
%
|
$
|
18.15
|
$
|
19.66
|
$
|
19.44
|
34,435
|
12,202
|
109,137
|
132,635
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Towne Centre at Somers
|
CVS
|
100
|
%
|
1999
|
14,013
|
66,401
|
80,414
|
100.0
|
%
|
89.6
|
%
|
91.4
|
%
|
$
|
29.04
|
$
|
29.23
|
$
|
29.19
|
20,617
|
7,898
|
120,777
|
161,566
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Orangeburg
|
Orangetown Shopping Center
|
CVS
|
44
|
%
|
2012
|
12,410
|
61,868
|
74,278
|
100.0
|
%
|
84.4
|
%
|
87.0
|
%
|
$
|
29.98
|
$
|
19.21
|
$
|
21.27
|
35,790
|
12,111
|
110,960
|
147,597
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
Eastchester Mall
|
Acme Supermarket
|
100
|
%
|
1997
|
29,754
|
40,132
|
69,886
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
10.00
|
$
|
40.04
|
$
|
27.25
|
111,032
|
42,148
|
147,471
|
201,929
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Yonkers
|
McLean Shopping Center
|
Acme Supermarket
|
53
|
%
|
2014
|
35,000
|
22,989
|
57,989
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
2.20
|
$
|
50.65
|
$
|
21.41
|
558,021
|
210,954
|
52,624
|
66,633
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Briarcliff Manor4
|
Chilmark
|
CVS
|
100
|
%
|
2001
|
13,900
|
32,838
|
46,738
|
100.0
|
%
|
88.3
|
%
|
91.8
|
%
|
$
|
36.00
|
$
|
31.83
|
$
|
33.18
|
44,964
|
15,241
|
110,115
|
146,290
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Rye
|
Rye Portfolio
|
N/A
|
100
|
%
|
2004
|
-
|
38,782
|
38,782
|
0.0
|
%
|
84.2
|
%
|
84.2
|
%
|
$
|
-
|
$
|
39.02
|
$
|
39.02
|
80,563
|
28,216
|
114,718
|
169,453
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Rockledge
|
Westchester Community College
|
100
|
%
|
1999
|
12,558
|
16,449
|
29,007
|
100.0
|
%
|
78.9
|
%
|
88.1
|
%
|
$
|
17.25
|
$
|
22.73
|
$
|
20.04
|
40,154
|
13,453
|
105,254
|
138,823
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Katonah
|
Village Commons
|
Katonah Pharmacy
|
100
|
%
|
2010
|
2,836
|
25,152
|
27,988
|
100.0
|
%
|
86.7
|
%
|
88.1
|
%
|
$
|
42.75
|
$
|
40.63
|
$
|
40.88
|
14,845
|
4,859
|
137,695
|
214,827
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Yonkers
|
Tanglewood Shopping Center
|
Autozone
|
100
|
%
|
2018
|
8,300
|
18,675
|
26,975
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
31.08
|
$
|
36.86
|
$
|
35.08
|
136,577
|
51,734
|
131,564
|
184,765
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Harrison
|
Harrison Shopping Center
|
Key Food
|
100
|
%
|
2015
|
12,018
|
14,175
|
26,193
|
100.0
|
%
|
94.9
|
%
|
97.3
|
%
|
$
|
22.83
|
$
|
41.23
|
$
|
32.55
|
69,354
|
24,658
|
129,782
|
192,316
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Pelham
|
Pelham
|
Mason Supermarket
|
100
|
%
|
2006
|
10,000
|
14,915
|
24,915
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
20.00
|
$
|
38.60
|
$
|
31.13
|
310,275
|
117,961
|
63,379
|
81,026
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
Eastchester Plaza
|
CVS
|
100
|
%
|
2012
|
13,506
|
10,195
|
23,701
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
30.50
|
$
|
37.64
|
$
|
33.57
|
176,985
|
68,404
|
113,045
|
146,913
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Heritage 202
|
Putnam County Savings Bank
|
100
|
%
|
1992
|
3,184
|
16,074
|
19,258
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
45.50
|
$
|
28.18
|
$
|
31.05
|
21,362
|
8,141
|
120,380
|
160,786
|
|||||||||||||||||||||||||||||||||||||||||||||
|
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
|
$
|
32.50
|
$
|
27.89
|
254,868
|
97,349
|
77,713
|
95,179
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel
|
Friendly's - Carmel
|
N/A
|
100
|
%
|
2013
|
-
|
3,660
|
3,660
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
$
|
-
|
$
|
-
|
$
|
-
|
18,629
|
6,802
|
92,445
|
111,446
|
|||||||||||||||||||||||||||||||||||||||||||||
|
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
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New City
|
New City Pad
|
Putnam County Savings Bank
|
75
|
%
|
2018
|
2,596
|
-
|
2,596
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
47.80
|
$
|
-
|
$
|
47.80
|
66,899
|
20,190
|
123,884
|
150,155
|
|||||||||||||||||||||||||||||||||||||||||||||
|
348,960
|
762,673
|
1,111,633
|
100.0
|
%
|
91.6
|
%
|
94.2
|
%
|
$
|
17.66
|
$
|
26.84
|
$
|
23.78
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 1 - Demographics provided by Applied Geographic Solutions, 4/2017
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 2 - Leased square footage includes 65,700 square feet leased at zero rent by the successor tenant
to Toys "R" Us and Babies "R" Us
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 4 - Property is shadow anchored by an Acme Supermarket
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New
Jersey
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Midland Park
|
Midland Park Shopping Center
|
Kings Supermarket
|
100
|
%
|
2015
|
29,550
|
100,775
|
130,325
|
100.0
|
%
|
96.1
|
%
|
97.0
|
%
|
$
|
21.29
|
$
|
25.87
|
$
|
24.80
|
31,425
|
12,560
|
97,000
|
118,124
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Pompton Lakes
|
Pompton Lakes Town Square
|
N/A
|
100
|
%
|
2015
|
62,845
|
62,368
|
125,213
|
0.0
|
%
|
95.0
|
%
|
47.3
|
%
|
$
|
-
|
$
|
22.76
|
$
|
22.76
|
52,154
|
19,970
|
95,525
|
113,500
|
|||||||||||||||||||||||||||||||||||||||||||||
|
New Providence
|
Village Shopping Center
|
Acme Supermarket
|
100
|
%
|
2013
|
45,464
|
63,163
|
108,627
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
21.75
|
$
|
32.19
|
$
|
27.82
|
63,679
|
22,814
|
159,355
|
215,818
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Newark
|
Ferry Plaza
|
Seabra Foods
|
84
|
%
|
2008
|
63,433
|
44,435
|
107,868
|
100.0
|
%
|
87.4
|
%
|
94.8
|
%
|
$
|
14.00
|
$
|
28.77
|
$
|
19.61
|
217,867
|
73,560
|
44,453
|
55,142
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Wayne
|
Valley Ridge
|
Whole Foods
|
100
|
%
|
1992
|
40,000
|
64,625
|
104,625
|
100.0
|
%
|
91.2
|
%
|
94.6
|
%
|
$
|
16.50
|
$
|
32.66
|
$
|
26.13
|
119,265
|
40,190
|
77,785
|
97,354
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Emerson
|
Shop Rite Plaza
|
ShopRite Supermarket
|
100
|
%
|
2007
|
53,450
|
39,212
|
92,662
|
100.0
|
%
|
47.8
|
%
|
77.9
|
%
|
$
|
9.20
|
$
|
30.54
|
$
|
14.74
|
51,833
|
18,303
|
141,152
|
183,032
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Kinnelon
|
Meadtown Shopping Center
|
Marshall's
|
100
|
%
|
2015
|
24,511
|
52,360
|
76,871
|
100.0
|
%
|
97.7
|
%
|
98.4
|
%
|
$
|
16.00
|
$
|
25.44
|
$
|
22.38
|
31,425
|
12,560
|
97,000
|
118,124
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Dumont
|
Washington Commons
|
Stop & Shop Supermarket
|
31
|
%
|
2017
|
44,282
|
29,905
|
74,187
|
100.0
|
%
|
97.8
|
%
|
99.1
|
%
|
$
|
19.45
|
$
|
28.07
|
$
|
22.88
|
151,323
|
51,459
|
115,341
|
151,379
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Boonton
|
Boonton Acme Center
|
Acme Supermarket
|
100
|
%
|
2014
|
49,463
|
13,278
|
62,741
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
21.37
|
$
|
33.66
|
$
|
23.97
|
48,593
|
18,680
|
107,522
|
133,232
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Bloomfield Crossing
|
Walgreen's / Superfresh Supermarket
|
100
|
%
|
2014
|
42,548
|
16,688
|
59,236
|
100.0
|
%
|
85.3
|
%
|
95.9
|
%
|
$
|
13.04
|
$
|
33.00
|
$
|
18.04
|
410,215
|
150,952
|
49,784
|
60,330
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Wyckoff
|
Cedar Hill Shopping Center
|
Walgreen's
|
100
|
%
|
2015
|
15,960
|
27,410
|
43,370
|
100.0
|
%
|
88.1
|
%
|
92.5
|
%
|
$
|
22.46
|
$
|
31.37
|
$
|
27.82
|
80,559
|
29,162
|
131,337
|
174,572
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Passaic
|
Van Houton Farms
|
N/A
|
100
|
%
|
2017
|
30,569
|
5,950
|
36,519
|
0.0
|
%
|
100.0
|
%
|
16.3
|
%
|
$
|
-
|
$
|
28.98
|
$
|
28.98
|
283,855
|
98,455
|
71,417
|
86,988
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Waldwick
|
Waldwick Plaza
|
United States Postal Service
|
100
|
%
|
2017
|
5,567
|
20,954
|
26,521
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
25.00
|
$
|
25.78
|
$
|
25.62
|
77,853
|
26,813
|
149,819
|
196,890
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Waldwick
|
Waldwick Rite Aid
|
Rite Aid
|
100
|
%
|
2007
|
20,000
|
-
|
20,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
26.22
|
$
|
-
|
$
|
26.22
|
77,151
|
26,993
|
142,404
|
191,616
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bernardsville
|
Bernards Square Office Building
|
N/A
|
100
|
%
|
2013
|
-
|
14,405
|
14,405
|
0.0
|
%
|
82.6
|
%
|
82.6
|
%
|
$
|
-
|
$
|
26.19
|
$
|
26.19
|
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
|
%
|
$
|
19.00
|
$
|
-
|
$
|
19.00
|
113,138
|
43,096
|
64,612
|
75,840
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Fort Lee
|
H-Mart Plaza
|
H-Mart
|
100
|
%
|
2015
|
7,000
|
-
|
7,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
40.01
|
$
|
-
|
$
|
40.01
|
544,873
|
208,367
|
60,466
|
76,752
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Friendly's - Bloomfield
|
Friendly's
|
100
|
%
|
2013
|
2,630
|
-
|
2,630
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
45.46
|
$
|
-
|
$
|
45.46
|
410,215
|
150,952
|
49,784
|
60,330
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Hillsdale
|
Friendly's - Hillsdale
|
Friendly's
|
100
|
%
|
2013
|
2,457
|
-
|
2,457
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
35.87
|
$
|
-
|
$
|
35.87
|
76,705
|
27,153
|
119,354
|
136,990
|
|||||||||||||||||||||||||||||||||||||||||||||
|
548,849
|
555,528
|
1,104,377
|
83.0
|
%
|
91.2
|
%
|
87.1
|
%
|
$
|
18.02
|
$
|
28.27
|
$
|
23.42
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New
Hampshire
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Newington
|
Newington Plaza
|
Savers
|
100
|
%
|
1979
|
27,167
|
74,936
|
102,103
|
100.0
|
%
|
86.5
|
%
|
90.1
|
%
|
$
|
10.80
|
$
|
18.56
|
$
|
16.27
|
20,170
|
10,112
|
81,372
|
99,216
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Consolidated
|
1,734,561
|
2,664,143
|
4,398,704
|
94.6
|
%
|
92.3
|
%
|
93.2
|
%
|
$
|
18.72
|
$
|
27.47
|
$
|
23.97
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unconsolidated
Joint Ventures
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Scarsdale, NY
|
Midway Shopping Center
|
ShopRite Supermarket
|
12
|
%
|
2010
|
73,758
|
176,009
|
249,767
|
100.0
|
%
|
95.3
|
%
|
96.70
|
%
|
$
|
15.65
|
$
|
32.85
|
$
|
27.60
|
112,572
|
42,501
|
137,766
|
182,011
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Gateway Plaza
|
Walmart
|
50
|
%
|
2014
|
167,951
|
30,350
|
198,301
|
100.0
|
%
|
100.0
|
%
|
100.00
|
%
|
$
|
6.15
|
$
|
25.16
|
$
|
9.06
|
16,475
|
6,032
|
61,909
|
70,656
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Carmel, NY
|
Putnam Plaza
|
Tops Markets
|
67
|
%
|
2010
|
60,858
|
128,536
|
189,394
|
100.0
|
%
|
92.5
|
%
|
94.88
|
%
|
$
|
7.98
|
$
|
18.47
|
$
|
14.92
|
21,071
|
7,615
|
92,755
|
111,385
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Montvale, NJ
|
Chestnut Ridge
|
The Fresh Market Inc.
|
50
|
%
|
2013
|
19,205
|
57,130
|
76,335
|
100.0
|
%
|
85.3
|
%
|
89.01
|
%
|
$
|
24.34
|
$
|
30.62
|
$
|
28.84
|
51,833
|
18,303
|
141,152
|
183,032
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Spring Valley, NY
|
Plaza 59
|
Spring Valley Foods Inc.
|
50
|
%
|
2013
|
3,355
|
21,000
|
24,355
|
100.0
|
%
|
92.9
|
%
|
93.84
|
%
|
$
|
35.00
|
$
|
32.84
|
$
|
33.16
|
133,837
|
36,129
|
77,114
|
93,306
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Applebee's Plaza
|
Applebee's
|
50
|
%
|
2014
|
5,363
|
7,200
|
12,563
|
100.0
|
%
|
100.0
|
%
|
100.00
|
%
|
$
|
26.90
|
$
|
33.28
|
$
|
30.55
|
16,475
|
6,032
|
61,909
|
70,656
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Unconsolidated
|
330,490
|
420,225
|
750,715
|
100.0
|
%
|
93.4
|
%
|
96.29
|
%
|
$
|
10.29
|
$
|
27.63
|
$
|
19.70
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Core Portfolio
|
2,065,051
|
3,084,368
|
5,149,419
|
95.5
|
%
|
92.5
|
%
|
93.7
|
%
|
$
|
17.31
|
$
|
27.49
|
$
|
23.33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 1 - Demographics provided by Applied Geographic Solutions, 4/2017
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 2 - Leased square footage includes 65,700 square feet leased at zero rent by the successor tenant
to Toys "R" Us and Babies "R" Us
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1
|
|
|
Year Ended October 31,
|
Three Months Ended October 31,
|
|||||||||||||||||||||||
|
2018
|
2017
|
% Change
|
2018
|
2017
|
% Change
|
|||||||||||||||||||
|
Same-Store Operating Results:
|
||||||||||||||||||||||||
|
Number of Properties (Note 3)
|
67 | 67 | ||||||||||||||||||||||
|
Revenue (Note 2)
|
||||||||||||||||||||||||
|
Minimum Rent
|
$
|
86,334
|
$
|
84,671
|
2.0
|
%
|
$
|
21,519
|
$
|
21,350
|
0.8
|
%
|
||||||||||||
|
Recoveries from tenants
|
28,705
|
27,682
|
3.7
|
%
|
7,040
|
7,187
|
-2.0
|
%
|
||||||||||||||||
|
Other property income
|
1,031
|
764
|
35.0
|
%
|
173
|
180
|
-3.7
|
%
|
||||||||||||||||
|
116,070
|
113,116
|
2.6
|
%
|
28,732
|
28,717
|
0.1
|
%
|
|||||||||||||||||
|
Expenses
|
||||||||||||||||||||||||
|
Property operating
|
13,579
|
13,027
|
4.2
|
%
|
3,085
|
3,390
|
-9.0
|
%
|
||||||||||||||||
|
Property taxes
|
19,461
|
18,744
|
3.8
|
%
|
5,042
|
4,780
|
5.5
|
%
|
||||||||||||||||
|
Other non-recoverable operating expenses
|
2,006
|
1,892
|
6.0
|
%
|
450
|
654
|
-31.2
|
%
|
||||||||||||||||
|
35,046
|
33,663
|
4.1
|
%
|
8,577
|
8,824
|
-2.8
|
%
|
|||||||||||||||||
|
Same-Store Net Operating Income
|
$
|
81,025
|
$
|
79,453
|
2.0
|
%
|
$
|
20,155
|
$
|
19,892
|
1.3
|
%
|
||||||||||||
|
Other reconciling
items:
|
||||||||||||||||||||||||
|
Other non same-property net operating income
|
7,806
|
3,747
|
1,961
|
1,906
|
||||||||||||||||||||
|
Other Interest income
|
246
|
899
|
51
|
360
|
||||||||||||||||||||
|
Consolidated lease termination income
|
3,795
|
2,432
|
5
|
1
|
||||||||||||||||||||
|
Consolidated amortization of above and below market leases
|
1,209
|
223
|
112
|
109
|
||||||||||||||||||||
|
Consolidated straight line rent income
|
957
|
507
|
127
|
389
|
||||||||||||||||||||
|
Equity in net income of unconsolidated joint ventures
|
2,085
|
2,057
|
375
|
579
|
||||||||||||||||||||
|
Taxable REIT subsidiary income/(loss)
|
(15
|
)
|
(564
|
)
|
(33
|
)
|
(236
|
)
|
||||||||||||||||
|
Solar income/(loss)
|
(172
|
)
|
(101
|
)
|
(27
|
)
|
25
|
|||||||||||||||||
|
Storage income/(loss)
|
816
|
604
|
219
|
181
|
||||||||||||||||||||
|
Interest expense
|
(13,678
|
)
|
(12,981
|
)
|
(3,500
|
)
|
(3,181
|
)
|
||||||||||||||||
|
General and administrative expenses
|
(9,223
|
)
|
(9,183
|
)
|
(2,199
|
)
|
(2,290
|
)
|
||||||||||||||||
|
Provision for tenant credit losses
|
(859
|
)
|
(583
|
)
|
(185
|
)
|
(154
|
)
|
||||||||||||||||
|
Directors fees and expenses
|
(344
|
)
|
(321
|
)
|
(77
|
)
|
(81
|
)
|
||||||||||||||||
|
Depreciation and amortization
|
(28,324
|
)
|
(26,512
|
)
|
(7,037
|
)
|
(7,070
|
)
|
||||||||||||||||
|
Adjustment for intercompany expenses and other
|
(3,139
|
)
|
(2,981
|
)
|
(643
|
)
|
(697
|
)
|
||||||||||||||||
|
Total other -net
|
(38,842
|
)
|
(42,755
|
)
|
(10,853
|
)
|
(10,158
|
)
|
||||||||||||||||
|
Income from continuing operations
|
42,183
|
36,698
|
14.9
|
%
|
9,302
|
9,734
|
-4.4
|
%
|
||||||||||||||||
|
Gain on sale of real estate
|
-
|
18,734
|
-
|
(38
|
)
|
|||||||||||||||||||
|
Net income
|
42,183
|
55,432
|
-23.9
|
%
|
9,302
|
9,696
|
-4.1
|
%
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
(4,716
|
)
|
(2,499
|
)
|
(1,121
|
)
|
(1,048
|
)
|
||||||||||||||||
|
Net income attributable to Urstadt Biddle Properties Inc.
|
37,467
|
52,933
|
-29.2
|
%
|
8,181
|
8,648
|
-5.4
|
%
|
||||||||||||||||
|
Same-Store Operating Expense Ratio (Note 1)
|
86.9
|
%
|
87.1
|
%
|
-0.3
|
%
|
86.6
|
%
|
88.0
|
%
|
-1.5
|
%
|
||||||||||||
|
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
|
|
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
|
|
|
Leases
|
Square
|
New Rent
|
Prior Rent
|
Cash Basis
|
|||||||||||||||||
|
Signed
|
Feet
|
Per Sq. Ft (a)
|
Per Sq. Ft. (a)
|
Change
|
|||||||||||||||||
|
Total Comparable Leases:
|
|||||||||||||||||||||
|
4th Quarter 2018
|
72
|
272,693
|
$
|
19.72
|
$
|
19.39
|
1.7
|
%
|
|||||||||||||
|
3rd Quarter 2018
|
48
|
103,061
|
$
|
37.92
|
$
|
37.87
|
0.1
|
%
|
|||||||||||||
|
2nd Quarter 2018
|
50
|
206,377
|
$
|
21.27
|
$
|
21.02
|
1.2
|
%
|
|||||||||||||
|
1st Quarter 2018
|
45
|
107,977
|
$
|
32.37
|
$
|
31.43
|
3.0
|
%
|
|||||||||||||
|
Totals
|
215
|
690,108
|
$
|
24.88
|
$
|
24.52
|
1.5
|
%
|
|||||||||||||
|
New Leases - Comparable:
|
|||||||||||||||||||||
|
4th Quarter 2018
|
19
|
84,723
|
$
|
17.64
|
$
|
17.41
|
1.4
|
%
|
|||||||||||||
|
3rd Quarter 2018
|
12
|
15,053
|
$
|
33.73
|
$
|
38.07
|
-11.4
|
%
|
|||||||||||||
|
2nd Quarter 2018
|
16
|
87,450
|
$
|
16.65
|
$
|
22.32
|
-25.4
|
%
|
(b)
|
||||||||||||
|
1st Quarter 2018
|
13
|
23,164
|
$
|
27.47
|
$
|
27.63
|
-0.6
|
%
|
|||||||||||||
|
Totals
|
60
|
210,390
|
$
|
19.47
|
$
|
22.05
|
-11.7
|
%
|
|||||||||||||
|
Renewals - Comparable:
|
|||||||||||||||||||||
|
4th Quarter 2018
|
53
|
187,970
|
$
|
20.66
|
$
|
20.28
|
1.9
|
%
|
|||||||||||||
|
3rd Quarter 2018
|
36
|
88,008
|
$
|
38.64
|
$
|
37.83
|
2.1
|
%
|
|||||||||||||
|
2nd Quarter 2018
|
34
|
118,927
|
$
|
24.67
|
$
|
20.07
|
22.9
|
%
|
(c)
|
||||||||||||
|
1st Quarter 2018
|
32
|
84,813
|
$
|
33.70
|
$
|
32.47
|
3.8
|
%
|
|||||||||||||
|
Totals
|
155
|
479,718
|
$
|
27.26
|
$
|
25.60
|
6.5
|
%
|
|||||||||||||
|
(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 new grocery store lease signed at our Ferry Plaza Property with Seabra Foods at a 30%
reduction from the prior grocery store tenant Acme, who terminated their lease with us early in exchange for a $3.7 million lease
termination payment. The new Seabra lease also has an achievable percentage rent clause that we hope will provide additional rent once the
new store operations mature.
|
|
|
|
|
(c)
|
Includes the renewal of Stop and Shop at our Arcadian property, the renewal term is for 15 years
and includes 10% rent increases every five years. The new rent during the first five year term is 72% higher than the expiring rent. The renewal is effective on November 1, 2018.
|
3