Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K REGULATION FD DISCLOSURE SUPPLEMENTAL PACKAGE 4Q 2020 - URSTADT BIDDLE PROPERTIES INC | form8k4qsupplemental.htm |
EXHIBIT 99.1
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2020
|
 |
|
URSTADT BIDDLE PROPERTIES INC
321 RAILROAD AVENUE
GREENWICH, CT 06830
203‐863‐8200
|
|
URSTADT BIDDLE PROPERTIES INC.
SUPPLEMENTAL INFORMATION
October 31, 2020
|
|
TABLE OF CONTENTS
|
1
|
PROPERTY PORTFOLIO
|
|
2
|
INVESTMENT PROPERTY SAME PROPERTY OPERATING INCOME – THREE AND TWELVE MONTHS ENDED October 31, 2020 AND 2019
|
|
3
|
NEW AND RENEWAL LEASING STATISTICS – ROLLING
FOUR QUARTERS ENDED October 31, 2020
|
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URSTADT BIDDLE PROPERTIES INC.
PROPERTY PORTFOLIO - DETAIL
October 31, 2020
|
|
|
Property Demographics ₁
3-Mile Radius
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Gross Leasable Area
|
Percentage Leased
|
Annualized Base Rent PSF for Leased Space
|
Total
Population
|
Number of
Households
|
Average Household
Income
|
Median 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
|
302,111
|
374,111
|
100.00
|
%
|
90.21
|
%
|
92.09
|
%
|
$
|
30.46
|
$
|
31.08
|
$
|
30.95
|
141,844
|
55,761
|
150,035
|
106,806
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stratford
|
The Dock
|
Stop & Shop Supermarket / BJ's Wholesale
|
100
|
%
|
2005
|
167,754
|
110,731
|
278,485
|
100.00
|
%
|
98.73
|
%
|
99.49
|
%
|
$
|
16.93
|
$
|
20.95
|
$
|
18.52
|
86,188
|
35,103
|
87,634
|
70,304
|
||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
New Milford Plaza
|
Wal-Mart / Stop & Shop Supermarket
|
100
|
%
|
2010
|
177,028
|
58,216
|
235,244
|
100.00
|
%
|
95.71
|
%
|
98.94
|
%
|
$
|
6.52
|
$
|
14.45
|
$
|
8.42
|
14,557
|
6,151
|
109,231
|
84,777
|
||||||||||||||||||||||||||||||||||||||||||||
|
Danbury₂
|
Danbury Square
|
Christmas Tree Shops
|
100
|
%
|
1995
|
47,555
|
146,407
|
193,962
|
100.00
|
%
|
94.70
|
%
|
96.00
|
%
|
$
|
24.90
|
$
|
14.27
|
$
|
16.99
|
62,983
|
23,154
|
90,816
|
72,679
|
||||||||||||||||||||||||||||||||||||||||||||
|
Darien
|
Goodwives
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
42,083
|
53,674
|
95,757
|
100.00
|
%
|
97.48
|
%
|
98.59
|
%
|
$
|
33.99
|
$
|
39.89
|
$
|
37.26
|
68,123
|
25,445
|
195,807
|
127,060
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
High Ridge Center
|
Trader Joe's Supermarket/DSW Shoe Warehouse
|
16
|
%
|
2017
|
37,211
|
49,911
|
87,122
|
100.00
|
%
|
94.48
|
%
|
96.84
|
%
|
$
|
32.52
|
$
|
59.07
|
$
|
47.36
|
54,638
|
20,718
|
209,748
|
151,078
|
||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Veteran's Plaza
|
Big Y Supermarket
|
100
|
%
|
2008
|
55,450
|
25,821
|
81,271
|
100.00
|
%
|
74.90
|
%
|
92.02
|
%
|
$
|
8.47
|
$
|
19.69
|
$
|
11.38
|
17,080
|
7,110
|
103,760
|
82,798
|
||||||||||||||||||||||||||||||||||||||||||||
|
Orange
|
Orange Meadows
|
Trader Joe's Supermarket/TJ Maxx
|
100
|
%
|
2003
|
38,313
|
39,148
|
77,461
|
100.00
|
%
|
83.38
|
%
|
91.60
|
%
|
$
|
17.82
|
$
|
20.88
|
$
|
19.23
|
51,889
|
21,534
|
110,118
|
92,442
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
Newfield Green
|
Grade A Market
|
100
|
%
|
2016
|
30,780
|
43,308
|
74,088
|
100.00
|
%
|
96.54
|
%
|
97.98
|
%
|
$
|
24.04
|
$
|
48.81
|
$
|
38.31
|
135,092
|
53,041
|
146,350
|
103,754
|
||||||||||||||||||||||||||||||||||||||||||||
|
New Milford
|
Fairfield Plaza
|
Staples/Vacant
|
100
|
%
|
2011
|
45,645
|
26,342
|
71,987
|
44.67
|
%
|
62.31
|
%
|
51.12
|
%
|
$
|
15.00
|
$
|
15.63
|
$
|
15.28
|
15,055
|
6,350
|
109,673
|
85,261
|
||||||||||||||||||||||||||||||||||||||||||||
|
Fairfield
|
Fairfield Center
|
Marshalls
|
100
|
%
|
2011
|
32,714
|
28,939
|
61,653
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
22.28
|
$
|
23.77
|
$
|
22.98
|
75,472
|
27,670
|
139,372
|
98,163
|
||||||||||||||||||||||||||||||||||||||||||||
|
Ridgefield
|
Ridgefield
|
N/A
|
100
|
%
|
1998
|
-
|
61,870
|
61,870
|
0.00
|
%
|
92.33
|
%
|
92.33
|
%
|
$
|
-
|
$
|
25.34
|
$
|
25.34
|
21,367
|
8,010
|
240,260
|
161,072
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich Offices
|
Various
|
Various
|
100
|
%
|
Various
|
-
|
57,746
|
57,746
|
0.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
-
|
$
|
32.88
|
$
|
32.88
|
71,502
|
26,826
|
202,331
|
128,331
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Commons
|
CVS
|
100
|
%
|
2014
|
15,629
|
32,018
|
47,647
|
100.00
|
%
|
84.64
|
%
|
89.68
|
%
|
$
|
63.85
|
$
|
40.22
|
$
|
48.86
|
65,349
|
24,506
|
231,151
|
143,730
|
||||||||||||||||||||||||||||||||||||||||||||
|
Westport
|
Greens Farm
|
N/A
|
100
|
%
|
2003
|
-
|
39,654
|
39,654
|
0.00
|
%
|
27.35
|
%
|
27.35
|
%
|
$
|
-
|
$
|
34.86
|
$
|
34.86
|
32,646
|
12,221
|
291,970
|
176,113
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Kings Shopping Center
|
Kings Supermarket
|
100
|
%
|
2014
|
18,432
|
20,846
|
39,278
|
100.00
|
%
|
85.21
|
%
|
92.15
|
%
|
$
|
27.50
|
$
|
40.05
|
$
|
33.66
|
102,757
|
41,202
|
163,205
|
111,227
|
||||||||||||||||||||||||||||||||||||||||||||
|
Derby
|
Aldi Square
|
Aldi Supermarket
|
100
|
%
|
2017
|
19,069
|
19,859
|
38,928
|
100.00
|
%
|
88.67
|
%
|
94.22
|
%
|
$
|
9.47
|
$
|
21.74
|
$
|
15.36
|
54,292
|
22,677
|
84,621
|
70,782
|
||||||||||||||||||||||||||||||||||||||||||||
|
Danbury
|
Airport Plaza
|
Buffalo Wild Wings
|
100
|
%
|
2002
|
8,116
|
24,572
|
32,688
|
100.00
|
%
|
87.58
|
%
|
90.67
|
%
|
$
|
29.65
|
$
|
30.32
|
$
|
30.14
|
54,899
|
19,970
|
93,489
|
73,702
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bethel
|
The Hub
|
Rite Aid/Vacant
|
100
|
%
|
2014
|
21,480
|
9,460
|
30,940
|
35.36
|
%
|
100.00
|
%
|
55.13
|
%
|
$
|
27.01
|
$
|
25.23
|
$
|
26.02
|
64,897
|
23,850
|
87,496
|
69,035
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
970 High Ridge
|
FedEx Office
|
100
|
%
|
2016
|
6,734
|
20,599
|
27,333
|
100.00
|
%
|
89.32
|
%
|
91.95
|
%
|
$
|
42.00
|
$
|
33.44
|
$
|
35.73
|
61,116
|
23,905
|
200,165
|
143,703
|
||||||||||||||||||||||||||||||||||||||||||||
|
Ridgefield
|
Yankee Ridge Center
|
N/A
|
100
|
%
|
2018
|
-
|
22,957
|
22,957
|
0.00
|
%
|
96.52
|
%
|
96.52
|
%
|
$
|
-
|
$
|
27.35
|
$
|
27.35
|
21,188
|
7,953
|
240,158
|
161,234
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Cos Cob Plaza
|
Vacant
|
100
|
%
|
2013
|
4,025
|
10,880
|
14,905
|
0.00
|
%
|
100.00
|
%
|
73.00
|
%
|
$
|
-
|
$
|
35.21
|
$
|
35.21
|
75,863
|
29,029
|
213,902
|
132,169
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Greenwich Commons
|
Wells Fargo
|
100
|
%
|
2013
|
2,400
|
7,344
|
9,744
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
$
|
80.00
|
$
|
82.41
|
$
|
81.82
|
71,502
|
26,826
|
202,331
|
128,331
|
||||||||||||||||||||||||||||||||||||||||||||
|
Greenwich
|
Old Greenwich - CVS
|
CVS
|
16
|
%
|
2017
|
8,000
|
-
|
8,000
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
30.17
|
$
|
-
|
$
|
30.17
|
100,246
|
40,188
|
163,419
|
111,467
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stamford
|
High Ridge - Chase
|
J.P Morgan Chase Bank
|
16
|
%
|
2017
|
4,160
|
-
|
4,160
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
75.94
|
$
|
-
|
$
|
75.94
|
54,638
|
20,718
|
209,748
|
151,078
|
||||||||||||||||||||||||||||||||||||||||||||
|
Stratford
|
Knott's Landing
|
Chipotle
|
100
|
%
|
2020
|
2,400
|
-
|
2,400
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
57.50
|
$
|
-
|
$
|
57.50
|
86,188
|
35,103
|
87,634
|
70,304
|
||||||||||||||||||||||||||||||||||||||||||||
|
Unionville
|
Unionville Family Restaurant
|
Unionville Family Restaurant
|
100
|
%
|
2013
|
2,530
|
-
|
2,530
|
100.00
|
%
|
0.00
|
%
|
100.00
|
%
|
$
|
22.64
|
$
|
-
|
$
|
22.64
|
27,741
|
11,277
|
168,379
|
125,357
|
||||||||||||||||||||||||||||||||||||||||||||
|
859,508
|
1,212,413
|
2,071,921
|
95.0
|
%
|
90.1
|
%
|
92.1
|
%
|
$
|
19.97
|
$
|
28.80
|
$
|
25.02
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New York
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Brewster
|
Lakeview Plaza
|
Acme Supermarket
|
100
|
%
|
2018
|
45,366
|
130,128
|
175,494
|
100.0
|
%
|
64.2
|
%
|
73.5
|
%
|
$
|
9.50
|
$
|
22.35
|
$
|
17.83
|
14,843
|
5,519
|
130,806
|
105,158
|
||||||||||||||||||||||||||||||||||||||||||||
|
Carmel
|
Carmel ShopRite Center
|
ShopRite Supermarket
|
100
|
%
|
1995
|
65,342
|
80,078
|
145,420
|
100.0
|
%
|
87.5
|
%
|
93.1
|
%
|
$
|
10.86
|
$
|
15.23
|
$
|
13.12
|
19,025
|
7,113
|
119,676
|
96,839
|
||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Arcadian
|
Stop & Shop Supermarket
|
100
|
%
|
1998
|
64,858
|
72,399
|
137,257
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
20.88
|
$
|
24.99
|
$
|
23.05
|
40,079
|
13,506
|
154,388
|
111,476
|
||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Somers Commons
|
Home Goods
|
100
|
%
|
2003
|
30,000
|
104,760
|
134,760
|
100.0
|
%
|
94.9
|
%
|
96.1
|
%
|
$
|
19.00
|
$
|
23.15
|
$
|
22.19
|
36,448
|
13,720
|
145,558
|
112,652
|
||||||||||||||||||||||||||||||||||||||||||||
|
Yorktown3
|
Staples Plaza
|
Staples
|
100
|
%
|
2005
|
15,322
|
105,376
|
120,698
|
100.0
|
%
|
80.3
|
%
|
82.8
|
%
|
$
|
18.15
|
$
|
20.50
|
$
|
20.14
|
35,057
|
12,538
|
160,304
|
118,229
|
||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Towne Centre at Somers
|
CVS
|
100
|
%
|
1999
|
14,013
|
66,401
|
80,414
|
100.0
|
%
|
98.9
|
%
|
99.1
|
%
|
$
|
29.04
|
$
|
31.71
|
$
|
31.24
|
21,214
|
8,270
|
178,093
|
124,563
|
||||||||||||||||||||||||||||||||||||||||||||
|
Orangeburg
|
Orangetown Shopping Center
|
CVS
|
45
|
%
|
2012
|
12,410
|
61,868
|
74,278
|
100.0
|
%
|
82.5
|
%
|
85.4
|
%
|
$
|
29.98
|
$
|
19.33
|
$
|
21.41
|
41,857
|
13,899
|
178,942
|
120,337
|
||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
DeCicco's Plaza
|
DeCicco & Sons Market
|
100
|
%
|
1997
|
29,754
|
40,132
|
69,886
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
22.00
|
$
|
41.54
|
$
|
33.22
|
113,782
|
43,462
|
238,056
|
157,825
|
||||||||||||||||||||||||||||||||||||||||||||
|
Yonkers
|
McLean Shopping Center
|
Acme Supermarket
|
53
|
%
|
2014
|
35,000
|
22,989
|
57,989
|
100.0
|
%
|
86.5
|
%
|
94.6
|
%
|
$
|
2.20
|
$
|
55.64
|
$
|
21.55
|
559,725
|
210,360
|
75,918
|
56,529
|
||||||||||||||||||||||||||||||||||||||||||||
|
Briarcliff Manor4
|
Chilmark
|
CVS
|
100
|
%
|
2001
|
13,900
|
32,838
|
46,738
|
100.0
|
%
|
94.4
|
%
|
96.0
|
%
|
$
|
36.00
|
$
|
30.64
|
$
|
32.30
|
44,727
|
15,159
|
166,128
|
119,401
|
||||||||||||||||||||||||||||||||||||||||||||
|
Rye
|
Rye Portfolio
|
N/A
|
100
|
%
|
2004
|
-
|
38,682
|
38,682
|
0.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
-
|
$
|
40.97
|
$
|
40.97
|
81,291
|
28,687
|
184,337
|
120,135
|
||||||||||||||||||||||||||||||||||||||||||||
|
Ossining
|
Rockledge
|
Westchester Community College
|
100
|
%
|
1999
|
12,558
|
16,449
|
29,007
|
100.0
|
%
|
78.9
|
%
|
88.1
|
%
|
$
|
17.25
|
$
|
24.11
|
$
|
20.74
|
40,079
|
13,506
|
154,388
|
111,476
|
||||||||||||||||||||||||||||||||||||||||||||
|
Katonah
|
Village Commons
|
N/A
|
100
|
%
|
2010
|
-
|
27,988
|
27,988
|
0.0
|
%
|
58.7
|
%
|
58.7
|
%
|
$
|
-
|
$
|
36.10
|
$
|
36.10
|
14,779
|
4,877
|
239,255
|
152,230
|
||||||||||||||||||||||||||||||||||||||||||||
|
Yonkers
|
Tanglewood Shopping Center
|
Autozone
|
100
|
%
|
2018
|
8,300
|
18,675
|
26,975
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
32.64
|
$
|
39.12
|
$
|
37.13
|
136,412
|
52,723
|
190,471
|
132,984
|
||||||||||||||||||||||||||||||||||||||||||||
|
Harrison
|
Harrison Shopping Center
|
Key Food
|
100
|
%
|
2015
|
12,018
|
14,175
|
26,193
|
100.0
|
%
|
87.8
|
%
|
93.4
|
%
|
$
|
25.03
|
$
|
38.49
|
$
|
31.88
|
70,310
|
25,203
|
215,856
|
137,867
|
||||||||||||||||||||||||||||||||||||||||||||
|
Pelham
|
Pelham
|
Mason Supermarket
|
100
|
%
|
2006
|
10,000
|
14,915
|
24,915
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
22.44
|
$
|
40.12
|
$
|
33.02
|
319,545
|
120,943
|
92,562
|
67,535
|
||||||||||||||||||||||||||||||||||||||||||||
|
Eastchester
|
Eastchester Plaza
|
CVS
|
100
|
%
|
2012
|
13,506
|
10,195
|
23,701
|
100.0
|
%
|
77.9
|
%
|
90.5
|
%
|
$
|
33.55
|
$
|
39.82
|
$
|
35.87
|
178,526
|
69,448
|
173,645
|
121,195
|
||||||||||||||||||||||||||||||||||||||||||||
|
Somers
|
Heritage 202
|
Putnam County Savings Bank
|
100
|
%
|
1992
|
3,184
|
16,074
|
19,258
|
100.0
|
%
|
73.5
|
%
|
77.9
|
%
|
$
|
52.32
|
$
|
32.05
|
$
|
36.36
|
21,692
|
8,413
|
175,912
|
123,495
|
||||||||||||||||||||||||||||||||||||||||||||
|
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
|
%
|
$
|
18.22
|
$
|
40.28
|
$
|
20.89
|
254,868
|
97,349
|
95,179
|
77,713
|
||||||||||||||||||||||||||||||||||||||||||||
|
Kingston
|
Kingston
|
Taste of Italy
|
100
|
%
|
2013
|
3,372
|
-
|
3,372
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
28.73
|
$
|
-
|
$
|
28.73
|
18,543
|
8,137
|
64,377
|
50,492
|
||||||||||||||||||||||||||||||||||||||||||||
|
New City
|
New City Pad
|
Putnam County Savings Bank
|
84
|
%
|
2018
|
2,596
|
-
|
2,596
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
48.76
|
$
|
-
|
$
|
48.76
|
66,599
|
20,302
|
156,424
|
124,458
|
||||||||||||||||||||||||||||||||||||||||||||
|
408,026
|
876,400
|
1,284,426
|
100.0
|
%
|
86.0
|
%
|
90.5
|
%
|
$
|
18.41
|
$
|
27.40
|
$
|
24.24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 1 - Demographics provided by Applied Geographic Solutions, 4/2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by BFRI, LLC at zero
rent
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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
|
%
|
86.0
|
%
|
89.1
|
%
|
$
|
24.49
|
$
|
26.37
|
$
|
25.89
|
109,808
|
39,080
|
200,521
|
146,928
|
||||||||||||||||||||||||||||||||||||||||||||
|
Pompton Lakes
|
Pompton Lakes Town Square
|
N/A
|
100
|
%
|
2015
|
62,845
|
62,368
|
125,213
|
0.0
|
%
|
93.2
|
%
|
46.4
|
%
|
$
|
-
|
$
|
24.47
|
$
|
24.47
|
56,465
|
21,737
|
125,529
|
101,840
|
||||||||||||||||||||||||||||||||||||||||||||
|
New Providence
|
Village Shopping Center
|
Acme Supermarket
|
100
|
%
|
2013
|
45,464
|
63,163
|
108,627
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
22.75
|
$
|
36.23
|
$
|
30.59
|
65,171
|
23,282
|
251,533
|
169,419
|
||||||||||||||||||||||||||||||||||||||||||||
|
Newark
|
Ferry Plaza
|
Seabra Foods
|
100
|
%
|
2008
|
63,433
|
44,435
|
107,868
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
14.27
|
$
|
29.86
|
$
|
20.69
|
215,114
|
73,980
|
62,397
|
47,096
|
||||||||||||||||||||||||||||||||||||||||||||
|
Wayne
|
Valley Ridge
|
Whole Foods
|
100
|
%
|
1992
|
40,000
|
64,625
|
104,625
|
100.0
|
%
|
91.0
|
%
|
94.5
|
%
|
$
|
16.50
|
$
|
34.36
|
$
|
27.13
|
118,957
|
39,968
|
110,130
|
85,858
|
||||||||||||||||||||||||||||||||||||||||||||
|
Emerson
|
Shop Rite Plaza
|
ShopRite Supermarket
|
100
|
%
|
2007
|
53,450
|
39,212
|
92,662
|
100.0
|
%
|
53.8
|
%
|
80.4
|
%
|
$
|
9.48
|
$
|
30.39
|
$
|
15.39
|
94,557
|
32,795
|
173,651
|
129,160
|
||||||||||||||||||||||||||||||||||||||||||||
|
Kinnelon
|
Meadtown Shopping Center
|
Marshall's
|
100
|
%
|
2015
|
24,511
|
52,360
|
76,871
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
16.00
|
$
|
27.36
|
$
|
23.74
|
32,720
|
13,257
|
127,823
|
104,719
|
||||||||||||||||||||||||||||||||||||||||||||
|
Dumont
|
Washington Commons
|
Stop & Shop Supermarket
|
36
|
%
|
2017
|
44,282
|
29,905
|
74,187
|
100.0
|
%
|
93.3
|
%
|
97.3
|
%
|
$
|
19.45
|
$
|
32.21
|
$
|
24.38
|
151,520
|
51,669
|
157,948
|
118,881
|
||||||||||||||||||||||||||||||||||||||||||||
|
Boonton
|
Boonton Acme Center
|
Acme Supermarket
|
100
|
%
|
2014
|
49,463
|
13,278
|
62,741
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
$
|
21.37
|
$
|
36.39
|
$
|
24.55
|
49,019
|
19,135
|
161,858
|
122,654
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Bloomfield Crossing
|
Walgreen's / Food World
|
100
|
%
|
2014
|
42,548
|
16,688
|
59,236
|
100.0
|
%
|
85.3
|
%
|
95.9
|
%
|
$
|
6.12
|
$
|
32.03
|
$
|
12.62
|
315,879
|
122,723
|
93,191
|
74,350
|
||||||||||||||||||||||||||||||||||||||||||||
|
Wyckoff
|
Cedar Hill Shopping Center
|
Walgreen's
|
100
|
%
|
2015
|
15,960
|
27,410
|
43,370
|
100.0
|
%
|
93.6
|
%
|
95.9
|
%
|
$
|
22.46
|
$
|
31.77
|
$
|
28.20
|
82,065
|
29,434
|
202,691
|
145,278
|
||||||||||||||||||||||||||||||||||||||||||||
|
Passaic
|
Van Houton Farms
|
Dollar Tree/Family Dollar
|
100
|
%
|
2017
|
20,816
|
15,703
|
36,519
|
100.0
|
%
|
37.9
|
%
|
73.3
|
%
|
$
|
10.50
|
$
|
26.91
|
$
|
14.15
|
287,060
|
99,901
|
95,493
|
76,636
|
||||||||||||||||||||||||||||||||||||||||||||
|
Waldwick
|
Waldwick Plaza
|
United States Postal Service
|
100
|
%
|
2017
|
5,567
|
20,954
|
26,521
|
100.0
|
%
|
93.6
|
%
|
94.9
|
%
|
$
|
25.00
|
$
|
28.03
|
$
|
27.36
|
78,990
|
27,271
|
226,218
|
158,515
|
||||||||||||||||||||||||||||||||||||||||||||
|
Waldwick
|
Waldwick Rite Aid
|
Rite Aid
|
100
|
%
|
2007
|
20,000
|
-
|
20,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
26.22
|
$
|
-
|
$
|
26.22
|
77,970
|
26,946
|
227,939
|
158,405
|
||||||||||||||||||||||||||||||||||||||||||||
|
Chester
|
Rainbow Childcare Center
|
Vacant
|
100
|
%
|
2013
|
9,120
|
-
|
9,120
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
$
|
-
|
$
|
-
|
$
|
-
|
10,003
|
3,448
|
263,871
|
178,921
|
||||||||||||||||||||||||||||||||||||||||||||
|
Fort Lee
|
H-Mart Plaza
|
H-Mart
|
100
|
%
|
2015
|
7,000
|
-
|
7,000
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
42.01
|
$
|
-
|
$
|
42.01
|
551,047
|
213,046
|
90,120
|
63,877
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bloomfield
|
Friendly's - Bloomfield
|
Friendly's
|
100
|
%
|
2013
|
2,630
|
-
|
2,630
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
45.46
|
$
|
-
|
$
|
45.46
|
199,320
|
78,935
|
128,264
|
100,760
|
||||||||||||||||||||||||||||||||||||||||||||
|
Hillsdale
|
Friendly's - Hillsdale
|
Friendly's
|
100
|
%
|
2013
|
2,457
|
-
|
2,457
|
100.0
|
%
|
0.0
|
%
|
100.0
|
%
|
$
|
35.87
|
$
|
-
|
$
|
35.87
|
77,718
|
27,251
|
187,962
|
137,224
|
||||||||||||||||||||||||||||||||||||||||||||
|
539,096
|
550,876
|
1,089,972
|
86.7
|
%
|
89.2
|
%
|
87.9
|
%
|
$
|
17.43
|
$
|
30.08
|
$
|
23.92
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
New Hampshire
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Newington
|
Newington Plaza
|
Savers
|
100
|
%
|
1979
|
27,167
|
74,936
|
102,103
|
100.0
|
%
|
74.5
|
%
|
81.3
|
%
|
$
|
15.15
|
$
|
16.92
|
$
|
16.34
|
20,642
|
10,465
|
102,930
|
82,244
|
||||||||||||||||||||||||||||||||||||||||||||
|
Total Consolidated
|
1,833,797
|
2,714,625
|
4,548,422
|
93.7
|
%
|
88.2
|
%
|
90.42
|
%
|
$
|
18.83
|
$
|
28.35
|
$
|
24.37
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unconsolidated Joint Ventures
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Scarsdale, NY
|
Midway Shopping Center
|
ShopRite Supermarket
|
12
|
%
|
2010
|
73,758
|
168,244
|
242,002
|
100.0
|
%
|
94.3
|
%
|
96.05
|
%
|
$
|
15.65
|
$
|
33.46
|
$
|
27.81
|
331,285
|
127,037
|
99,550
|
74,627
|
||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Gateway Plaza
|
Walmart
|
50
|
%
|
2014
|
167,951
|
30,350
|
198,301
|
100.0
|
%
|
100.0
|
%
|
100.00
|
%
|
$
|
6.15
|
$
|
27.08
|
$
|
9.35
|
19,838
|
7,504
|
88,939
|
57,963
|
||||||||||||||||||||||||||||||||||||||||||||
|
Carmel, NY
|
Putnam Plaza
|
Tops Markets
|
67
|
%
|
2010
|
60,858
|
128,536
|
189,394
|
100.0
|
%
|
82.6
|
%
|
88.18
|
%
|
$
|
7.49
|
$
|
20.10
|
$
|
15.51
|
19,316
|
7,165
|
119,969
|
99,074
|
||||||||||||||||||||||||||||||||||||||||||||
|
Montvale, NJ
|
Chestnut Ridge
|
The Fresh Market
|
50
|
%
|
2013
|
19,205
|
57,130
|
76,335
|
100.0
|
%
|
44.4
|
%
|
58.35
|
%
|
$
|
22.50
|
$
|
45.79
|
$
|
35.75
|
54,758
|
19,156
|
210,346
|
146,904
|
||||||||||||||||||||||||||||||||||||||||||||
|
Riverhead, NY
|
Applebee's Plaza
|
Applebee's
|
50
|
%
|
2014
|
5,363
|
7,194
|
12,557
|
100.0
|
%
|
100.0
|
%
|
100.00
|
%
|
$
|
26.90
|
$
|
37.40
|
$
|
32.91
|
19,838
|
7,504
|
88,939
|
57,963
|
||||||||||||||||||||||||||||||||||||||||||||
|
Total Unconsolidated
|
327,135
|
391,454
|
718,589
|
100.0
|
%
|
83.7
|
%
|
91.13
|
%
|
$
|
9.84
|
$
|
29.58
|
$
|
19.72
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total Core Portfolio
|
2,160,932
|
3,106,079
|
5,267,011
|
94.7
|
%
|
87.6
|
%
|
90.51
|
%
|
$
|
17.39
|
$
|
28.49
|
$
|
23.73
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note 1 - Demographics provided by Applied Geographic Solutions, 10/2018
|
||||
|
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by BFRI, LLC at zero
rent
|
||||
|
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
|
||||
|
Note 4 - Property is shadow anchored by an Acme Supermarket
|
||||
1
|
URSTADT BIDDLE PROPERTIES INC.
October 31, 2020
|
|
|
Year Ended October 31,
|
Three Months Ended October 31,
|
|||||||||||||||||||||||
|
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
|||||||||||||||||||
|
Number of Properties (Note 4)
|
74 |
74 |
||||||||||||||||||||||
|
Revenue (Note 2):
|
||||||||||||||||||||||||
|
Base Rent (Note 3)
|
$
|
92,141
|
$
|
95,700
|
-3.7
|
%
|
$
|
22,391
|
$
|
24,102
|
-7.1
|
%
|
||||||||||||
|
Uncollectable amounts in lease income-same property
|
(3,802
|
)
|
(956
|
)
|
297.7
|
%
|
(312
|
)
|
(237
|
)
|
31.6
|
%
|
||||||||||||
|
ASC Topic 842 cash-basis lease income reversal-same property
|
(2,306
|
)
|
-
|
100.0
|
%
|
(548
|
)
|
-
|
100.0
|
%
|
||||||||||||||
|
Recoveries from tenants
|
27,827
|
31,706
|
-12.2
|
%
|
7,507
|
7,847
|
-4.3
|
%
|
||||||||||||||||
|
Other property income
|
852
|
984
|
-13.4
|
%
|
89
|
159
|
-44.0
|
%
|
||||||||||||||||
|
114,712
|
127,434
|
-10.0
|
%
|
29,127
|
31,871
|
-8.6
|
%
|
|||||||||||||||||
|
Expenses:
|
||||||||||||||||||||||||
|
Property operating
|
10,834
|
13,232
|
-18.1
|
%
|
2,575
|
3,239
|
-20.5
|
%
|
||||||||||||||||
|
Property taxes
|
22,642
|
22,585
|
0.3
|
%
|
5,648
|
5,546
|
1.8
|
%
|
||||||||||||||||
|
Other non-recoverable operating expenses
|
1,696
|
1,824
|
-7.0
|
%
|
402
|
471
|
-14.6
|
%
|
||||||||||||||||
|
35,172
|
37,641
|
-6.6
|
%
|
8,625
|
9,256
|
-6.8
|
%
|
|||||||||||||||||
|
Same Property Net Operating Income
|
79,540
|
89,793
|
-11.4
|
%
|
20,502
|
22,615
|
-9.3
|
%
|
||||||||||||||||
|
Other reconciling items:
|
||||||||||||||||||||||||
|
Other non-same property net operating income
|
1,850
|
2,174
|
456
|
708
|
||||||||||||||||||||
|
Other Interest income
|
428
|
489
|
93
|
221
|
||||||||||||||||||||
|
Other Dividend income
|
182
|
97
|
-
|
-
|
||||||||||||||||||||
|
Consolidated lease termination income
|
705
|
221
|
245
|
27
|
||||||||||||||||||||
|
Consolidated amortization of above and below market leases
|
706
|
614
|
183
|
166
|
||||||||||||||||||||
|
Consolidated straight-line rent income
|
2,641
|
914
|
898
|
242
|
||||||||||||||||||||
|
Equity in net income of unconsolidated joint ventures
|
1,433
|
1,241
|
273
|
234
|
||||||||||||||||||||
|
Taxable REIT subsidiary income/(loss)
|
920
|
96
|
201
|
(126
|
)
|
|||||||||||||||||||
|
Solar income/(loss)
|
(72
|
)
|
(226
|
)
|
20
|
(32
|
)
|
|||||||||||||||||
|
Storage income/(loss)
|
979
|
937
|
265
|
244
|
||||||||||||||||||||
|
Gain on sale of marketable securities
|
258
|
403
|
-
|
-
|
||||||||||||||||||||
|
Interest expense
|
(13,508
|
)
|
(14,102
|
)
|
(3,385
|
)
|
(3,495
|
)
|
||||||||||||||||
|
General and administrative expenses
|
(10,643
|
)
|
(9,405
|
)
|
(2,148
|
)
|
(2,256
|
)
|
||||||||||||||||
|
Provision for tenant credit losses
|
(3,916
|
)
|
(956
|
)
|
(426
|
)
|
(237
|
)
|
||||||||||||||||
|
Provision for tenant credit losses-same property
|
3,802
|
956
|
312
|
237
|
||||||||||||||||||||
|
ASC Topic 842 cash-basis lease income reversal
|
(2,327
|
)
|
-
|
(551
|
)
|
-
|
||||||||||||||||||
|
ASC Topic 842 cash-basis lease income reversal-same property
|
2,306
|
-
|
548
|
-
|
||||||||||||||||||||
|
Directors fees and expenses
|
(373
|
)
|
(346
|
)
|
(86
|
)
|
(81
|
)
|
||||||||||||||||
|
Depreciation and amortization
|
(29,187
|
)
|
(27,930
|
)
|
(7,600
|
)
|
(7,002
|
)
|
||||||||||||||||
|
Adjustment for intercompany expenses and other
|
(3,607
|
)
|
(3,338
|
)
|
(695
|
)
|
(829
|
)
|
||||||||||||||||
|
Total other -net
|
(47,423
|
)
|
(48,161
|
)
|
(11,397
|
)
|
(11,979
|
)
|
||||||||||||||||
|
Income from continuing operations
|
32,117
|
41,632
|
-22.9
|
%
|
9,105
|
10,636
|
-14.4
|
%
|
||||||||||||||||
|
Gain (loss) on sale of real estate
|
(6,047
|
)
|
(19
|
)
|
(5,719
|
)
|
(428
|
)
|
||||||||||||||||
|
Net income
|
26,070
|
41,613
|
-37.4
|
%
|
3,386
|
10,208
|
-66.8
|
%
|
||||||||||||||||
|
Net income attributable to noncontrolling interests
|
(3,887
|
)
|
(4,333
|
)
|
(886
|
)
|
(1,038
|
)
|
||||||||||||||||
|
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
22,183
|
$
|
37,280
|
-40.5
|
%
|
$
|
2,500
|
$
|
9,170
|
-72.7
|
%
|
||||||||||||
|
Same Property Operating Expense Ratio (Note 1)
|
83.1
|
%
|
88.5
|
%
|
-5.4
|
%
|
91.3
|
%
|
89.3
|
%
|
2.0
|
%
|
||||||||||||
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 and lease termination income.
Note 3 - Base rents for the three months and fiscal year ended October 31, 2020 are reduced by
approximately $854,000 and $3.4 million, respectively, in rents that were deferred and approximately $934,000 and $1.4 million, respectively, in rents that were abated as a result of COVID-19.
Note 4 - Includes only properties owned for the entire period of both periods presented.
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 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. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently.
2
|
URSTADT BIDDLE PROPERTIES INC.
LEASING ACTIVITY
October 31, 2020
|
|
|
Leases
|
Square
|
New Rent
|
Prior Rent
|
Cash Basis
|
|||||||||||||||||
|
Signed
|
Feet
|
Per Sq. Ft (a)
|
Per Sq. Ft. (a)
|
Change
|
|||||||||||||||||
|
Total Comparable Leases:
|
|||||||||||||||||||||
|
4th Quarter 2020
|
39
|
73,160
|
$
|
24.53
|
$
|
26.19
|
-6.3
|
%
|
|||||||||||||
|
3rd Quarter 2020
|
35
|
69,974
|
$
|
29.00
|
$
|
29.78
|
-2.6
|
%
|
|||||||||||||
|
2nd Quarter 2020
|
36
|
110,752
|
$
|
23.94
|
$
|
24.88
|
-3.8
|
%
|
|||||||||||||
|
1st Quarter 2020
|
43
|
145,847
|
$
|
28.14
|
$
|
26.39
|
6.6
|
%
|
|||||||||||||
|
Totals
|
153
|
399,733
|
$
|
26.47
|
$
|
26.53
|
-0.2
|
%
|
|||||||||||||
|
New Leases - Comparable:
|
|||||||||||||||||||||
|
4th Quarter 2020
|
14
|
16,770
|
$
|
18.10
|
$
|
20.96
|
-13.7
|
%
|
(d)
|
||||||||||||
|
3rd Quarter 2020
|
9
|
4,825
|
$
|
30.48
|
$
|
38.07
|
-19.9
|
%
|
(c)
|
||||||||||||
|
2nd Quarter 2020
|
10
|
21,492
|
$
|
30.24
|
$
|
34.38
|
-12.0
|
%
|
(b)
|
||||||||||||
|
1st Quarter 2020
|
9
|
14,283
|
$
|
16.32
|
$
|
15.51
|
5.2
|
%
|
|||||||||||||
|
Totals
|
42
|
57,370
|
$
|
23.24
|
$
|
26.07
|
-10.8
|
%
|
|||||||||||||
|
Renewals - Comparable:
|
|||||||||||||||||||||
|
4th Quarter 2020
|
25
|
56,390
|
$
|
26.45
|
$
|
27.75
|
-4.7
|
%
|
|||||||||||||
|
3rd Quarter 2020
|
26
|
65,149
|
$
|
28.89
|
$
|
29.17
|
-1.0
|
%
|
|||||||||||||
|
2nd Quarter 2020
|
26
|
89,260
|
$
|
22.42
|
$
|
22.59
|
-0.7
|
%
|
|||||||||||||
|
1st Quarter 2020
|
34
|
131,564
|
$
|
29.43
|
$
|
27.57
|
6.7
|
%
|
|||||||||||||
|
Totals
|
111
|
342,363
|
$
|
27.01
|
$
|
26.61
|
1.5
|
%
|
|||||||||||||
|
(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 a 30.2% decrease for a space totaling 2,095 square feet at Town Center of Somers, as well as 21.1% decrease for former
Urgent Care space totalling 4,500 square feet at our Newfield Green property.
|
|||||||||||||||||||||
|
(c) Includes a 44.7% decrease for a space totaling 1,200 square feet at Cedar Hill of Wycoff,
|
|||||||||||||||||||||
|
(d) Includes a 49.2% decrease for a space totaling 5,000 square feet at our New Milford Plaza Property.
|
|||||||||||||||||||||
3