URSTADT BIDDLE PROPERTIES INC. | ![]() |
SUPPLEMENTAL INFORMATION | |
OCTOBER 31, 2013 | |
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URSTADT BIDDLE PROPERTIES INC. | |
321 RAILROAD AVENUE | |
GREENWICH, CT 06830 | |
203-863-8200 | |
URSTADT BIDDLE PROPERTIES INC. | ![]() |
SUPPLEMENTAL INFORMATION | |
OCTOBER 31, 2013 | |
TABLE OF CONTENTS | |
1 - | CORE PORTFOLIO PROPERTY DETAILS |
2 - | CORE PORTFOLIO SAME STORE OPERATING INCOME - TWELVE MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2013 |
3 - | NEW AND RENEWAL LEASING STATISTICS - BY QUARTER AND YEAR TO DATE |
Urstadt Biddle Properties Inc.
Core Portfolio Properties - Detail
As Of October 31, 2013
Gross Leasable Area | Percentage Leased | Annualized Base Rent PSF for Leased Space | Property Demographics ₁ 3-Mile Radius | ||||||||||||||||||
Property Location | Property Name | Anchor Tenant's | % Owned | Year Acquired | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Total Pop. | # HH | Median HH Income | Avg. HH Income | ||||
Connecticut | |||||||||||||||||||||
Stamford | Ridgeway | Stop & Shop Supermarket | 100% | 2002 | 60,000 | 290,384 | 350,384 | 100.0% | 100.0% | 100.0% | $33.71 | $29.01 | $29.81 | 131,009 | 50,189 | $86,975 | $115,118 | ||||
Meriden | Townline Square | Big Y Supermarket & Burlington Coat Factory | 100% | 1993 | 116,696 | 198,200 | 314,896 | 100.0% | 89.9% | 93.7% | $5.89 | $13.10 | $10.25 | 62,741 | 24,421 | 60,566 | 71,727 | ||||
Stratford | The Dock | Stop & Shop Supermarket & BJ's Wholesale Club | 100% | 2005 | 167,754 | 108,065 | 275,819 | 100.0% | 84.7% | 94.0% | $16.04 | $21.01 | $17.79 | 85,806 | 33,695 | 62,872 | 71,996 | ||||
New Milford | New Milford Plaza | Wal-Mart & Stop & Shop Supermarket | 100% | 2010 | 177,028 | 55,716 | 232,744 | 100.0% | 76.9% | 94.5% | $6.02 | $13.29 | $7.44 | 13,962 | 5,470 | 81,914 | 94,523 | ||||
Danbury₂ | Danbury Square | Christmas Tree Shops | 100% | 1995 | 47,555 | 146,407 | 193,962 | 100.0% | 93.6% | 95.2% | $23.45 | $13.95 | $16.40 | 48,060 | 16,719 | 67,221 | 79,878 | ||||
Darien | Goodwives | Stop & Shop Supermarket | 100% | 1998 | 42,083 | 53,471 | 95,554 | 100.0% | 94.8% | 97.1% | $29.73 | $35.15 | $32.69 | 68,808 | 25,006 | 106,579 | 146,491 | ||||
New Milford | Veteran's Plaza | Big Y Supermarket | 100% | 2008 | 55,450 | 25,224 | 80,674 | 100.0% | 66.8% | 89.6% | $7.12 | $17.27 | $9.49 | 16,586 | 6,501 | 78,702 | 90,384 | ||||
Orange | Orange Meadows | Trader Joe's Supermarket | 100% | 2003 | 11,553 | 65,963 | 77,516 | 100.0% | 100.0% | 100.0% | $20.72 | $17.85 | $18.27 | 50,845 | 20,004 | 77,718 | 93,292 | ||||
New Milford | Fairfield Plaza | TJ Max | 100% | 2011 | 25,257 | 46,830 | 72,087 | 100.0% | 83.9% | 89.6% | $12.00 | $14.45 | $13.49 | 15,385 | 6,058 | 79,473 | 92,109 | ||||
Fairfield | Fairfield Center | Marshalls | 100% | 2011 | 32,714 | 28,949 | 61,663 | 100.0% | 100.0% | 100.0% | $20.25 | $23.21 | $21.64 | 39,162 | 13,536 | 145,799 | 192,762 | ||||
Greenwich Offices | N/A | Various | 100% | Various | - | 57,698 | 57,698 | 0.0% | 82.1% | 82.1% | $- | $27.98 | $27.98 | 70,820 | 26,000 | 109,587 | 164,731 | ||||
Ridgefield | N/A | N/A | 100% | 1998 | - | 50,852 | 50,852 | 0.0% | 84.6% | 84.6% | $- | $24.74 | $24.74 | 21,536 | 7,876 | 146,207 | 199,313 | ||||
Westport | Greens Farm | Pier One Imports | 100% | 2003 | 14,100 | 25,584 | 39,684 | 100.0% | 92.8% | 95.4% | $29.73 | $25.16 | $26.86 | 32,385 | 11,774 | 159,230 | 222,786 | ||||
Danbury | Airport Plaza | Buffalo Wild Wings | 100% | 2002 | 8,116 | 24,914 | 33,030 | 100.0% | 40.2% | 54.9% | $26.95 | $30.75 | $29.05 | 49,025 | 17,097 | 66,458 | 78,825 | ||||
Greenwich | Cos Cob Plaza | Jos. A Banks Clothing | 100% | 2013 | 4,025 | 10,580 | 14,605 | 100.0% | 74.4% | 81.5% | $38.00 | $38.17 | $38.11 | 69,025 | 25,447 | 117,146 | 179,593 | ||||
Monroe | Starbuck's Plaza | Starbucks | 100% | 2007 | 1,658 | 8,483 | 10,141 | 100.0% | 100.0% | 100.0% | $38.50 | $22.81 | $25.37 | 16,558 | 5,814 | 117,079 | 138,773 | ||||
Greenwich | Greenwich Commons | Cosi | 100% | 2013 | 2,400 | 7,344 | 9,744 | 100.0% | 99.6% | 99.7% | $71.00 | $61.35 | $63.74 | 70,820 | 26,000 | 109,587 | 164,731 | ||||
Waterbury | N/A | Friendly's | 100% | 2013 | 4,747 | - | 4,747 | 100.0% | 0.0% | 100.0% | $34.37 | $- | $34.37 | 79,359 | 30,649 | 44,216 | 53,565 | ||||
Unionville | N/A | Friendly's | 100% | 2013 | 3,254 | - | 3,254 | 100.0% | 0.0% | 100.0% | $15.19 | $- | $15.19 | 26,353 | 10,340 | 95,338 | 120,209 | ||||
774,390 | 1,204,664 | 1,979,054 | 100.0% | 90.4% | 94.2% | $15.07 | $21.93 | $19.08 | |||||||||||||
New York | |||||||||||||||||||||
Yorktown | Staples Plaza | Staples | 100% | 2005 | 24,000 | 176,367 | 200,367 | 100.0% | 37.5% | 45.0% | $16.50 | $18.21 | $17.76 | 33,270 | 11,759 | 101,560 | 118,703 | ||||
White Plains | Westchester Pavilion | Sports Authority and Toys "R" Us | 100% | 2003 | 89,850 | 101,006 | 190,856 | 100.0% | 33.2% | 64.7% | $25.03 | $20.77 | $23.87 | 104,063 | 40173 | 104,821 | 132,219 | ||||
Ossining | Arcadian | Stop & Shop Supermarket | 100% | 1998 | 64,858 | 72,399 | 137,257 | 100.0% | 100.0% | 100.0% | $11.26 | $23.43 | $17.68 | 40,716 | 13,639 | 112,959 | 134,395 | ||||
Somers | Somers Commons | Home Goods | 100% | 2003 | 30,000 | 104,856 | 134,856 | 100.0% | 92.5% | 94.2% | $17.50 | $20.36 | $19.69 | 33,939 | 12,450 | 103,805 | 115,540 | ||||
Carmel | Shop Rite Center | ShopRite Supermarket | 100% | 1995 | 48,806 | 80,078 | 128,884 | 100.0% | 95.6% | 97.3% | $11.03 | $13.59 | $12.59 | 17,424 | 6,253 | 93,269 | 105,909 | ||||
Somers | Somerstown Center | CVS | 100% | 1999 | 14,013 | 66,401 | 80,414 | 100.0% | 90.7% | 92.3% | $31.07 | $29.57 | $29.85 | 18,825 | 7,326 | 119,110 | 143,797 | ||||
Orangeburg | Orangetown Shopping Center | CVS | 100% | 2012 | 12,410 | 61,849 | 74,259 | 100.0% | 92.7% | 93.9% | $28.29 | $16.49 | $18.59 | 34,668 | 11,883 | 104,300 | 127,658 | ||||
Eastchester | Eastchester Mall | A&P Fresh | 100% | 1997 | 29,754 | 40,132 | 69,886 | 100.0% | 92.5% | 95.7% | $3.71 | $35.56 | $21.39 | 111,440 | 42,193 | 146,297 | 186,590 | ||||
Rye | N/A | Cosi | 100% | 2004 | 2,455 | 36,537 | 38,992 | 100.0% | 94.1% | 94.5% | $53.04 | $31.26 | $32.71 | 80,165 | 28,103 | 106,604 | 153,053 | ||||
Briarcliff Manor | Chilmark | Dress Barn | 100% | 2001 | 4,500 | 33,643 | 38,143 | 100.0% | 100.0% | 100.0% | $33.50 | $24.29 | $25.38 | 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% | $14.25 | $19.76 | $17.37 | 40,811 | 13,705 | 112,272 | 133,681 | ||||
Katonah | N/A | Mrs. Green's | 100% | 2010 | 2,836 | 25,119 | 27,955 | 100.0% | 100.0% | 100.0% | $41.48 | $34.17 | $34.91 | 14,947 | 4,894 | 131,557 | 182,505 | ||||
Pelham | N/A | Gristede's Supermarket | 100% | 2006 | 10,000 | 15,640 | 25,640 | 100.0% | 88.2% | 92.8% | $18.00 | $32.34 | $26.31 | 297,881 | 112,401 | 61,377 | 76,864 | ||||
Eastchester | Eastchester Plaza | CVS | 100% | 2012 | 13,506 | 10,195 | 23,701 | 100.0% | 77.9% | 90.5% | $27.83 | $30.43 | $28.79 | 176,909 | 68,597 | 107,873 | 134,690 | ||||
Bronxville & Yonkers & Briarcliff | N/A | People's United Bank & JP Morgan Chase Bank | 100% | 2008 & 2009 | 19,027 | 2,278 | 21,305 | 100.0% | 99.8% | 100.0% | $24.98 | $14.09 | $22.54 | 265,743 | 101,630 | 67,132 | 81,788 | ||||
Somers | Heritage 202 | Putnam County Savings Bank | 100% | 1992 | 3,184 | 16,074 | 19,258 | 100.0% | 100.0% | 100.0% | $41.06 | $30.18 | $31.98 | 19,978 | 7,698 | 117,392 | 141,086 | ||||
Queens | N/A | Glatt Kosher Restaurant | 100% | 2006 | 5,070 | 6,060 | 11,130 | 100.0% | 100.0% | 100.0% | $31.77 | $23.91 | $27.49 | 750,164 | 263,302 | 57,704 | 70,799 | ||||
Carmel | N/A | Friendly's | 100% | 2013 | 3,660 | - | 3,660 | 100.0% | 0.0% | 100.0% | $35.43 | $- | $35.43 | 19,094 | 6,802 | 90,862 | 104,003 | ||||
Kingston | N/A | Friendly's | 100% | 2013 | 3,460 | - | 3,460 | 100.0% | 0.0% | 100.0% | $20.51 | $- | $20.51 | 19,113 | 7,864 | 49,465 | 59,514 | ||||
393,947 | 865,083 | 1,259,030 | 99.4% | 76.1% | 83.4% | $18.84 | $22.96 | $21.42 | |||||||||||||
New Jersey | |||||||||||||||||||||
New Providence | Village Shopping Center | A&P Supermarket | 100% | 2013 | 45,540 | 63,016 | 108,556 | 100.0% | 73.0% | 84.3% | $20.00 | $26.55 | $23.29 | 61,922 | 22,078 | 144,650 | 188,830 | ||||
Newark | Ferry Plaza | Pathmark Supermarket | 84% | 2008 | 63,433 | 44,558 | 107,991 | 100.0% | 74.8% | 89.6% | $20.15 | $28.29 | $22.95 | 217,910 | 72,283 | 42,507 | 51,497 | ||||
Wayne | Valley Ridge | A&P Supermarket | 100% | 1992 | 36,000 | 66,125 | 102,125 | 100.0% | 89.8% | 93.4% | $14.10 | $29.60 | $23.75 | 229,112 | 74,821 | 59,015 | 70,674 | ||||
Emerson | Shop Rite Plaza | ShopRite Supermarket | 100% | 2007 | 53,450 | 39,600 | 93,050 | 100.0% | 79.8% | 91.4% | $8.95 | $24.34 | $14.67 | 93,236 | 32,727 | 107,812 | 122,143 | ||||
Waldwick | N/A | Rite Aid | 100% | 2007 | 20,000 | - | 20,000 | 100.0% | 0.0% | 100.0% | $22.62 | $- | $22.62 | 76,903 | 26,901 | 141,890 | 175,331 | ||||
Bernardsville | N/A | Laboratory Corporation of America | 100% | 2013 | 1,841 | 12,539 | 14,380 | 100.0% | 69.2% | 73.2% | $30.00 | $23.76 | $24.85 | 19,059 | 6,593 | 145,235 | 207,918 | ||||
Chester | N/A | Clockwork Day Care | 100% | 2013 | 9,120 | - | 9,120 | 100.0% | 0.0% | 100.0% | $25.50 | $- | $25.50 | 9,450 | 3,192 | 166,057 | 229,638 | ||||
Bloomfield | N/A | 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 | ||||
Hillsdale | N/A | 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 | ||||
234,471 | 225,838 | 460,309 | 100.0% | 79.3% | 89.8% | $17.50 | $27.36 | $21.77 | |||||||||||||
Massachusetts | |||||||||||||||||||||
Springfield | Five Town Plaza | Big Y Supermarket & Burlington Coat Factory | 100% | 1970 | 147,363 | 181,009 | 328,372 | 100.0% | 81.1% | 89.6% | $10.61 | $10.12 | $10.36 | 71,429 | 26,694 | 57,681 | 67,143 | ||||
New Hampshire | |||||||||||||||||||||
Newington | Newington Plaza | Savers | 100% | 1979 | 27,167 | 74,936 | 102,103 | 100.0% | 95.2% | 96.5% | $9.80 | $16.80 | $14.87 | 17,701 | 8,590 | 64,817 | 76,847 | ||||
Total Consolidated | 1,577,338 | 2,551,530 | 4,128,868 | 99.8% | 84.1% | 90.1% | $15.86 | $21.72 | $19.24 | ||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||
Scarsdale, NY | Midway Shopping Center | ShopRite Supermarket | 12% | 2010 | 69,692 | 177,675 | 247,367 | 100.0% | 98.9% | 99.2% | $13.44 | $30.51 | $25.66 | 114,418 | 43,359 | 132,018 | 162,698 | ||||
Carmel, NY | Putnam Plaza | Hannaford Brothers | 67% | 2010 | 60,858 | 128,387 | 189,245 | 100.0% | 90.0% | 93.2% | $6.94 | $16.53 | $13.22 | 19,114 | 6,812 | 90,765 | 103,841 | ||||
Montvale, NJ | Chestnut Ridge | The Fresh Market Inc. | 50% | 2013 | 19,205 | 57,060 | 76,265 | 100.0% | 92.3% | 94.2% | $22.05 | $28.45 | $26.74 | 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% | $36.86 | $29.92 | $30.94 | 88,092 | 28,853 | 92,610 | 105,302 | ||||
Total Unconsolidated | 153,110 | 384,122 | 537,232 | 100.0% | 94.6% | 96.2% | $12.45 | $25.73 | $21.80 | ||||||||||||
Total Core Portfolio | 1,730,448 | 2,935,652 | 4,666,100 | 99.9% | 85.5% | 90.8% | $15.56 | $22.30 | $19.55 | ||||||||||||
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
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Urstadt Biddle Properties Inc.
Core Portfolio Same-Store Operating Income Disclosure
(in thousands, except for number of properties and percentages)
Twelve Months Ended October 31, | Three Months Ended October 31, | |||||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||||||
Number of Properties | 44 | 44 | - | 44 | 44 | - | ||||||||||||||||||
Core property leased rate | 90.1 | % | 89.2 | % | 0.9 | % | 90.1 | % | 89.2 | % | 0.9 | % | ||||||||||||
Core property occupancy rate | 86.9 | % | 88.1 | % | -1.2 | % | 86.9 | % | 88.1 | % | -1.2 | % | ||||||||||||
Revenue (Note 2) | ||||||||||||||||||||||||
Minimum Rent | $ | 65,051 | $ | 64,585 | 0.7 | % | $ | 16,325 | $ | 16,158 | 1.0 | % | ||||||||||||
Recoveries from tenants | 21,709 | 20,314 | 6.9 | % | $ | 5,195 | $ | 5,123 | 1.4 | % | ||||||||||||||
Other property income | 1,518 | 1,501 | 1.1 | % | $ | 368 | $ | 293 | 25.6 | % | ||||||||||||||
88,278 | 86,400 | 2.2 | % | 21,888 | 21,574 | 1.5 | % | |||||||||||||||||
Expenses | ||||||||||||||||||||||||
Property operating | 11,793 | 9,868 | 19.5 | % | 2,620 | 2,421 | 8.2 | % | ||||||||||||||||
Property taxes | 14,619 | 14,716 | -0.7 | % | 3,631 | 3,741 | -2.9 | % | ||||||||||||||||
Other non-recoverable operating expenses | 1,558 | 1,249 | 24.7 | % | 211 | 298 | -29.2 | % | ||||||||||||||||
27,970 | 25,833 | 8.3 | % | 6,462 | 6,460 | 0.0 | % | |||||||||||||||||
Net Operating Income | $ | 60,308 | $ | 60,567 | -0.4 | % | $ | 15,426 | $ | 15,114 | 2.1 | % | ||||||||||||
Operating Expense Ratio (Note 1) | 82.2 | % | 82.6 | % | -0.5 | % | 83.1 | % | 83.1 | % | 0.0 | % | ||||||||||||
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 rent, lease termination fees. |
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Urstadt Biddle Properties Inc.
Leasing Activity
For The Year Ended October 31, 2013
Leases | Square | New Rent | Prior Rent | Cash Basis | ||||||||||||||||
Signed | Feet | Per Sq. Ft (a) | Per Sq. Ft. (a) | Change | ||||||||||||||||
Total Comparable Leases: | ||||||||||||||||||||
4th Quarter 2013 | 51 | 191,862 | $ | 20.15 | $ | 18.75 | 7.5 | % | ||||||||||||
3rd Quarter 2013 | 30 | 199,207 | $ | 13.30 | $ | 13.20 | 0.8 | % | ||||||||||||
2nd Quarter 2013 | 40 | 230,595 | $ | 13.66 | $ | 14.61 | -6.5 | % | ||||||||||||
1st Quarter 2013 | 34 | 146,195 | $ | 25.27 | $ | 23.85 | 5.9 | % | ||||||||||||
Totals | 155 | 767,859 | 17.40 | 17.04 | 2.1 | % | ||||||||||||||
New Leases - Comparable: | ||||||||||||||||||||
4th Quarter 2013 | 26 | 46,257 | $ | 28.66 | $ | 25.51 | 12.4 | % | ||||||||||||
3rd Quarter 2013 | 9 | 36,171 | $ | 15.66 | $ | 16.60 | -5.7 | % | ||||||||||||
2nd Quarter 2013 | 15 | 89,042 | $ | 14.82 | $ | 17.76 | -16.6 | % | ||||||||||||
1st Quarter 2013 | 16 | 41,459 | $ | 30.88 | $ | 26.18 | 18.0 | % | ||||||||||||
Totals | 66 | 212,929 | $ | 21.10 | $ | 20.89 | 1.0 | % | ||||||||||||
Renewals - Comparable: | ||||||||||||||||||||
4th Quarter 2013 | 25 | 145,605 | $ | 17.45 | $ | 16.60 | 5.1 | % | ||||||||||||
3rd Quarter 2013 | 21 | 163,036 | $ | 12.77 | $ | 12.44 | 2.7 | % | ||||||||||||
2nd Quarter 2013 | 25 | 141,553 | $ | 12.94 | $ | 12.63 | 2.4 | % | ||||||||||||
1st Quarter 2013 | 18 | 104,736 | $ | 23.04 | $ | 22.93 | 0.5 | % | ||||||||||||
Totals | 89 | 554,930 | $ | 15.98 | $ | 15.56 | 2.7 | % | ||||||||||||
(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. |
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