EXHIBIT 99.1
URSTADT BIDDLE PROPERTIES INC. SUPPLEMENTAL INFORMATION April 30, 2019 |
URSTADT BIDDLE PROPERTIES INC 321 RAILROAD AVENUE GREENWICH, CT 06830 203‐863‐8200 |
URSTADT BIDDLE PROPERTIES INC. SUPPLEMENTAL INFORMATION April 30, 2019 |
TABLE OF CONTENTS
1. | PROPERTY PORTFOLIO |
2. | INVESTMENT PROPERTY SAME STORE OPERATING INCOME – THREE AND SIX MONTHS PERIOD ENDED April 30, 2019 AND 2018 |
3. | NEW AND RENEWAL LEASING STATISTICS – ROLLING 4 QUARTERS ENDED APRIL 30, 2019 |
URSTADT BIDDLE PROPERTIES INC. PROPERTY PORTFOLIO - DETAIL April 30, 2019 |
Property Demographics ₁ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3-Mile Radius | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Leasable Area | Percentage Leased | Annualized Base Rent PSF for Leased Space | Total | Number of | Average Household | Median Household | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Location | Property Name | Anchor Tenant's | % Owned | Year Acquired | Anchors | Shops | Total | Anchors | Shops | Total | Anchors | Shops | Total | Population | Households | Income | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stamford | Ridgeway | Stop & Shop Supermarket | 100 | % | 2002 | 72,000 | 302,111 | 374,111 | 100.00 | % | 96.66 | % | 97.31 | % | $ | 30.46 | $ | 30.02 | $ | 30.11 | 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 | % | 100.00 | % | 100.00 | % | $ | 16.93 | $ | 20.71 | $ | 18.44 | 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 | % | 91.41 | % | 97.87 | % | $ | 6.52 | $ | 15.01 | $ | 8.49 | 14,557 | 6,151 | 109,231 | 84,777 | ||||||||||||||||||||||||||||||||||||||||||||
Danbury₂ | Danbury Square | Christmas Tree Shops | 100 | % | 1995 | 47,555 | 146,407 | 193,962 | 100.00 | % | 97.01 | % | 97.74 | % | $ | 24.90 | $ | 16.03 | $ | 18.26 | 62,983 | 23,154 | 90,816 | 72,679 | ||||||||||||||||||||||||||||||||||||||||||||
Darien | Goodwives | Stop & Shop Supermarket | 100 | % | 1998 | 42,083 | 53,674 | 95,757 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 33.99 | $ | 37.79 | $ | 36.12 | 68,123 | 25,445 | 195,807 | 127,060 | ||||||||||||||||||||||||||||||||||||||||||||
Stamford | High Ridge Center | Trader Joe's Supermarket/DSW Shoe Warehouse | 11 | % | 2017 | 37,211 | 49,964 | 87,175 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 32.52 | $ | 58.96 | $ | 47.67 | 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 | % | $ | 7.95 | $ | 19.39 | $ | 10.91 | 17,080 | 7,110 | 103,760 | 82,798 | ||||||||||||||||||||||||||||||||||||||||||||
Orange | Orange Meadows | Trader Joe's Supermarket | 100 | % | 2003 | 11,553 | 65,964 | 77,517 | 100.00 | % | 75.45 | % | 79.11 | % | $ | 22.03 | $ | 18.62 | $ | 19.26 | 51,889 | 21,534 | 110,118 | 92,442 | ||||||||||||||||||||||||||||||||||||||||||||
Stamford | Newfield Green | Grade A Market | 100 | % | 2016 | 30,780 | 43,308 | 74,088 | 100.00 | % | 89.59 | % | 93.92 | % | $ | 21.86 | $ | 50.64 | $ | 37.91 | 135,092 | 53,041 | 146,350 | 103,754 | ||||||||||||||||||||||||||||||||||||||||||||
New Milford | Fairfield Plaza | Staples | 100 | % | 2011 | 20,388 | 51,599 | 71,987 | 100.00 | % | 38.98 | % | 56.26 | % | $ | 14.00 | $ | 15.37 | $ | 14.68 | 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 | % | 96.46 | % | 96.46 | % | $ | - | $ | 25.29 | $ | 25.29 | 21,367 | 8,010 | 240,260 | 161,072 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich Offices | Various | Various | 100 | % | Various | - | 58,107 | 58,107 | 0.00 | % | 96.53 | % | 96.53 | % | $ | - | $ | 32.06 | $ | 32.06 | 71,502 | 26,826 | 202,331 | 128,331 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich | Cos Cob Commons | CVS | 100 | % | 2014 | 15,629 | 32,018 | 47,647 | 100.00 | % | 98.23 | % | 98.81 | % | $ | 63.85 | $ | 40.76 | $ | 48.43 | 65,349 | 24,506 | 231,151 | 143,730 | ||||||||||||||||||||||||||||||||||||||||||||
Westport | Greens Farm | N/A | 100 | % | 2003 | - | 39,654 | 39,654 | 0.00 | % | 55.45 | % | 55.45 | % | $ | - | $ | 28.74 | $ | 28.74 | 32,646 | 12,221 | 291,970 | 176,113 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich | Kings Shopping Center | Kings Supermarket | 100 | % | 2014 | 18,432 | 20,846 | 39,278 | 100.00 | % | 93.14 | % | 96.36 | % | $ | 27.50 | $ | 38.37 | $ | 33.08 | 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 | $ | 21.22 | $ | 15.11 | 54,292 | 22,677 | 84,621 | 70,782 | ||||||||||||||||||||||||||||||||||||||||||||
Danbury | Airport Plaza | Buffalo Wild Wings | 100 | % | 2002 | 8,116 | 24,572 | 32,688 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 29.65 | $ | 28.55 | $ | 28.82 | 54,899 | 19,970 | 93,489 | 73,702 | ||||||||||||||||||||||||||||||||||||||||||||
Bethel | The Hub | Rite Aid & Nutmeg Liquors | 100 | % | 2014 | 21,480 | 9,460 | 30,940 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 21.65 | $ | 24.52 | $ | 22.53 | 64,897 | 23,850 | 87,496 | 69,035 | ||||||||||||||||||||||||||||||||||||||||||||
Stamford | 970 High Ridge | FedEx Office | 100 | % | 2016 | 6,734 | 20,599 | 27,333 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 42.00 | $ | 30.28 | $ | 33.17 | 61,116 | 23,905 | 200,165 | 143,703 | ||||||||||||||||||||||||||||||||||||||||||||
Ridgefield | Yankee Ridge Center | N/A | 100 | % | 2018 | - | 22,957 | 22,957 | 0.00 | % | 88.95 | % | 88.95 | % | $ | - | $ | 27.25 | $ | 27.25 | 21,188 | 7,953 | 240,158 | 161,234 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich | Cos Cob Plaza | Jos. A Banks Clothing | 100 | % | 2013 | 4,025 | 10,880 | 14,905 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 41.00 | $ | 43.35 | $ | 42.72 | 75,863 | 29,029 | 213,902 | 132,169 | ||||||||||||||||||||||||||||||||||||||||||||
Monroe | Starbuck's Plaza | Starbucks | 100 | % | 2007 | 1,658 | 8,483 | 10,141 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 38.50 | $ | 25.30 | $ | 27.46 | 15,701 | 5,678 | 182,824 | 133,549 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich | Greenwich Commons | Wells Fargo | 100 | % | 2013 | 2,400 | 7,344 | 9,744 | 100.00 | % | 100.00 | % | 100.00 | % | $ | 80.00 | $ | 84.89 | $ | 83.69 | 71,502 | 26,826 | 202,331 | 128,331 | ||||||||||||||||||||||||||||||||||||||||||||
Greenwich | Old Greenwich - CVS | CVS | 11 | % | 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 | Chase Bank | 11 | % | 2017 | 4,160 | - | 4,160 | 100.00 | % | 0.00 | % | 100.00 | % | $ | 74.08 | $ | - | $ | 74.08 | 54,638 | 20,718 | 209,748 | 151,078 | ||||||||||||||||||||||||||||||||||||||||||||
Unionville | Unionville Family Restaurant | Unionville Family Restaurant | 100 | % | 2013 | 2,530 | - | 2,530 | 100.00 | % | 0.00 | % | 100.00 | % | $ | 21.98 | $ | - | $ | 21.98 | 27,741 | 11,277 | 168,379 | 125,357 | ||||||||||||||||||||||||||||||||||||||||||||
806,749 | 1,273,383 | 2,080,132 | 100.0 | % | 91.6 | % | 94.9 | % | $ | 19.95 | $ | 28.41 | $ | 24.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brewster | Lakeview Plaza | Acme Supermarket | 100 | % | 2018 | 45,366 | 131,663 | 177,029 | 100.0 | % | 63.1 | % | 72.6 | % | $ | 9.50 | $ | 22.53 | $ | 17.93 | 14,843 | 5,519 | 130,806 | 105,158 | ||||||||||||||||||||||||||||||||||||||||||||
Carmel | Carmel ShopRite Center | ShopRite Supermarket | 100 | % | 1995 | 48,806 | 95,497 | 144,303 | 100.0 | % | 92.1 | % | 94.8 | % | $ | 12.00 | $ | 13.92 | $ | 13.24 | 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 | $ | 25.35 | $ | 23.24 | 40,079 | 13,506 | 154,388 | 111,476 | ||||||||||||||||||||||||||||||||||||||||||||
Somers | Somers Commons | Home Goods | 100 | % | 2003 | 30,000 | 104,760 | 134,760 | 100.0 | % | 95.3 | % | 96.3 | % | $ | 19.00 | $ | 22.55 | $ | 21.73 | 36,448 | 13,720 | 145,558 | 112,652 | ||||||||||||||||||||||||||||||||||||||||||||
Yorktown3 | Staples Plaza | Staples | 100 | % | 2005 | 15,322 | 105,434 | 120,756 | 100.0 | % | 89.2 | % | 90.5 | % | $ | 18.15 | $ | 19.63 | $ | 19.42 | 35,057 | 12,538 | 160,304 | 118,229 | ||||||||||||||||||||||||||||||||||||||||||||
Somers | Towne Centre at Somers | CVS | 100 | % | 1999 | 14,013 | 66,401 | 80,414 | 100.0 | % | 92.5 | % | 93.8 | % | $ | 29.04 | $ | 29.13 | $ | 29.12 | 21,214 | 8,270 | 178,093 | 124,563 | ||||||||||||||||||||||||||||||||||||||||||||
Orangeburg | Orangetown Shopping Center | CVS | 45 | % | 2012 | 12,410 | 61,868 | 74,278 | 100.0 | % | 84.4 | % | 87.0 | % | $ | 29.98 | $ | 19.46 | $ | 21.48 | 41,857 | 13,899 | 178,942 | 120,337 | ||||||||||||||||||||||||||||||||||||||||||||
Eastchester | Eastchester Mall | Acme Supermarket | 100 | % | 1997 | 29,754 | 40,132 | 69,886 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 10.00 | $ | 39.10 | $ | 26.71 | 113,782 | 43,462 | 238,056 | 157,825 | ||||||||||||||||||||||||||||||||||||||||||||
Yonkers | McLean Shopping Center | Acme Supermarket | 53 | % | 2014 | 35,000 | 22,989 | 57,989 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 2.20 | $ | 51.91 | $ | 21.91 | 559,725 | 210,360 | 75,918 | 56,529 | ||||||||||||||||||||||||||||||||||||||||||||
Briarcliff Manor4 | Chilmark | CVS | 100 | % | 2001 | 13,900 | 32,838 | 46,738 | 100.0 | % | 90.9 | % | 93.6 | % | $ | 36.00 | $ | 32.04 | $ | 33.30 | 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 | % | $ | - | $ | 38.23 | $ | 38.23 | 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 | $ | 23.12 | $ | 20.24 | 40,079 | 13,506 | 154,388 | 111,476 | ||||||||||||||||||||||||||||||||||||||||||||
Katonah | Village Commons | Katonah Pharmacy | 100 | % | 2010 | 2,836 | 25,152 | 27,988 | 100.0 | % | 86.7 | % | 88.1 | % | $ | 42.75 | $ | 38.88 | $ | 39.33 | 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 | % | $ | 31.08 | $ | 37.26 | $ | 35.36 | 136,412 | 52,723 | 190,471 | 132,984 | ||||||||||||||||||||||||||||||||||||||||||||
Harrison | Harrison Shopping Center | Key Food | 100 | % | 2015 | 12,018 | 14,175 | 26,193 | 100.0 | % | 94.9 | % | 97.3 | % | $ | 22.83 | $ | 41.12 | $ | 32.49 | 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 | % | $ | 20.00 | $ | 39.57 | $ | 31.72 | 319,545 | 120,943 | 92,562 | 67,535 | ||||||||||||||||||||||||||||||||||||||||||||
Eastchester | Eastchester Plaza | CVS | 100 | % | 2012 | 13,506 | 10,195 | 23,701 | 100.0 | % | 100.0 | % | 100.0 | % | $ | 30.50 | $ | 37.64 | $ | 33.57 | 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 | % | 100.0 | % | 100.0 | % | $ | 45.50 | $ | 28.52 | $ | 31.33 | 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 | % | $ | 27.25 | $ | 32.50 | $ | 27.89 | 254,868 | 97,349 | 95,179 | 77,713 | ||||||||||||||||||||||||||||||||||||||||||||
Carmel | Friendly's - Carmel | N/A | 100 | % | 2013 | - | 3,660 | 3,660 | 0.0 | % | 0.0 | % | 0.0 | % | $ | - | $ | - | $ | - | 21,144 | 7,864 | 117,180 | 95,051 | ||||||||||||||||||||||||||||||||||||||||||||
Kingston | Kingston | Taste of Italy | 100 | % | 2013 | 3,372 | - | 3,372 | 100.0 | % | 0.0 | % | 100.0 | % | $ | 25.65 | $ | - | $ | 25.65 | 18,543 | 8,137 | 64,377 | 50,492 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 66,599 | 20,302 | 156,424 | 124,458 | ||||||||||||||||||||||||||||||||||||||||||||
394,326 | 894,236 | 1,288,562 | 100.0 | % | 88.7 | % | 92.1 | % | $ | 18.16 | $ | 26.40 | $ | 23.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | 96.1 | % | 97.0 | % | $ | 21.29 | $ | 25.87 | $ | 24.80 | 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 | % | $ | - | $ | 22.87 | $ | 22.87 | 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 | $ | 33.13 | $ | 28.79 | 65,171 | 23,282 | 251,533 | 169,419 | ||||||||||||||||||||||||||||||||||||||||||||
Newark | Ferry Plaza | Seabra Foods | 84 | % | 2008 | 63,433 | 44,435 | 107,868 | 100.0 | % | 91.2 | % | 96.4 | % | $ | 14.27 | $ | 34.47 | $ | 22.15 | 215,114 | 73,980 | 62,397 | 47,096 | ||||||||||||||||||||||||||||||||||||||||||||
Wayne | Valley Ridge | Whole Foods | 100 | % | 1992 | 40,000 | 64,625 | 104,625 | 100.0 | % | 92.6 | % | 95.4 | % | $ | 16.50 | $ | 32.08 | $ | 25.84 | 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 | % | $ | 9.20 | $ | 29.85 | $ | 15.04 | 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 | $ | 25.48 | $ | 22.46 | 32,720 | 13,257 | 127,823 | 104,719 | ||||||||||||||||||||||||||||||||||||||||||||
Dumont | Washington Commons | Stop & Shop Supermarket | 36 | % | 2017 | 44,282 | 29,905 | 74,187 | 100.0 | % | 97.8 | % | 99.1 | % | $ | 19.45 | $ | 28.77 | $ | 23.16 | 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 | $ | 33.86 | $ | 24.02 | 49,019 | 19,135 | 161,858 | 122,654 | ||||||||||||||||||||||||||||||||||||||||||||
Bloomfield | Bloomfield Crossing | Walgreen's / Superfresh Supermarket | 100 | % | 2014 | 42,548 | 16,688 | 59,236 | 100.0 | % | 85.3 | % | 95.9 | % | $ | 13.04 | $ | 32.86 | $ | 18.01 | 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 | % | 90.5 | % | 94.0 | % | $ | 22.46 | $ | 31.27 | $ | 27.82 | 82,065 | 29,434 | 202,691 | 145,278 | ||||||||||||||||||||||||||||||||||||||||||||
Passaic | Van Houton Farms | N/A | 100 | % | 2017 | 30,569 | 5,950 | 36,519 | 0.0 | % | 100.0 | % | 16.3 | % | $ | - | $ | 29.39 | $ | 29.39 | 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 | % | 100.0 | % | 100.0 | % | $ | 25.00 | $ | 25.93 | $ | 25.74 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
Bernardsville | Bernards Square Office Building | N/A | 100 | % | 2013 | - | 14,405 | 14,405 | 0.0 | % | 100.0 | % | 100.0 | % | $ | - | $ | 25.12 | $ | 25.12 | 19,059 | 6,593 | 207,918 | 145,235 | ||||||||||||||||||||||||||||||||||||||||||||
Chester | Rainbow Childcare Center | Rainbow Child Care Center | 100 | % | 2013 | 9,120 | - | 9,120 | 100.0 | % | 0.0 | % | 100.0 | % | $ | 19.00 | $ | - | $ | 19.00 | 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 | % | $ | 40.01 | $ | - | $ | 40.01 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
548,849 | 555,528 | 1,104,377 | 83.0 | % | 92.7 | % | 87.9 | % | $ | 18.16 | $ | 28.79 | $ | 23.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Hampshire | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Newington | Newington Plaza | Savers | 100 | % | 1979 | 27,167 | 74,936 | 102,103 | 100.0 | % | 86.5 | % | 90.1 | % | $ | 10.80 | $ | 18.87 | $ | 16.48 | 20,642 | 10,465 | 102,930 | 82,244 | ||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated | 1,777,091 | 2,798,083 | 4,575,174 | 94.7 | % | 90.7 | % | 92.30 | % | $ | 18.90 | $ | 27.61 | $ | 24.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scarsdale, NY | Midway Shopping Center | ShopRite Supermarket | 12 | % | 2010 | 73,758 | 176,009 | 249,767 | 100.0 | % | 93.5 | % | 95.44 | % | $ | 15.65 | $ | 32.06 | $ | 26.98 | 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 | $ | 25.16 | $ | 9.06 | 19,838 | 7,504 | 88,939 | 57,963 | ||||||||||||||||||||||||||||||||||||||||||||
Carmel, NY | Putnam Plaza | Tops Markets | 67 | % | 2010 | 60,858 | 128,536 | 189,394 | 100.0 | % | 91.3 | % | 94.09 | % | $ | 7.98 | $ | 18.91 | $ | 15.18 | 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 | % | 88.8 | % | 91.60 | % | $ | 24.34 | $ | 31.02 | $ | 29.19 | 54,758 | 19,156 | 210,346 | 146,904 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 19,838 | 7,504 | 88,939 | 57,963 | ||||||||||||||||||||||||||||||||||||||||||||
Total Unconsolidated | 327,135 | 399,225 | 726,360 | 100.0 | % | 92.7 | % | 96.01 | % | $ | 10.04 | $ | 27.21 | $ | 19.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Core Portfolio | 2,104,226 | 3,197,308 | 5,301,534 | 95.6 | % | 91.0 | % | 92.81 | % | $ | 17.46 | $ | 27.56 | $ | 23.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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URSTADT BIDDLE PROPERTIES INC. CORE PORTFOLIO SAME-STORE OPERATING INCOME DISCLOSURE April 30, 2019 |
Six Months Ended April 30, | Three Months Ended April 30, | |||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
Same-Store Operating Results: | ||||||||||||||||||||||||
Number of Properties (Note 3) | 75 | 75 | ||||||||||||||||||||||
Revenue (Note 2) | ||||||||||||||||||||||||
Minimum Rent | $ | 47,608 | $ | 47,295 | 0.7 | % | $ | 23,902 | $ | 23,791 | 0.5 | % | ||||||||||||
Recoveries from tenants | 16,048 | 16,303 | -1.6 | % | 7,993 | 8,096 | -1.3 | % | ||||||||||||||||
Other property income (Note 4) | 350 | 642 | -45.5 | % | 185 | 477 | -61.1 | % | ||||||||||||||||
64,006 | 64,240 | -0.4 | % | 32,080 | 32,363 | -0.9 | % | |||||||||||||||||
Expenses | ||||||||||||||||||||||||
Property operating | 7,096 | 8,404 | -15.6 | % | 3,730 | 4,106 | -9.2 | % | ||||||||||||||||
Property taxes | 11,328 | 10,255 | 10.5 | % | 5,540 | 5,115 | 8.3 | % | ||||||||||||||||
Other non-recoverable operating expenses | 820 | 969 | -15.4 | % | 394 | 507 | -22.2 | % | ||||||||||||||||
19,244 | 19,628 | -2.0 | % | 9,664 | 9,728 | -0.7 | % | |||||||||||||||||
Same-Store Net Operating Income | $ | 44,762 | $ | 44,612 | 0.3 | % | $ | 22,416 | $ | 22,635 | -1.0 | % | ||||||||||||
Other reconciling items: | ||||||||||||||||||||||||
Other non same-property net operating income | 1,447 | 150 | 714 | 121 | ||||||||||||||||||||
Other Interest income | 177 | 144 | 100 | 50 | ||||||||||||||||||||
Other Dividend Income | 97 | 97 | - | 97 | ||||||||||||||||||||
Consolidated lease termination income | 16 | 3,754 | (0 | ) | 3,754 | |||||||||||||||||||
Consolidated amortization of above and below market leases | 291 | 265 | 156 | 158 | ||||||||||||||||||||
Consolidated straight line rent income | 600 | 280 | 165 | 63 | ||||||||||||||||||||
Equity in net income of unconsolidated joint ventures | 718 | 1,227 | 376 | 667 | ||||||||||||||||||||
Taxable REIT subsidiary income/(loss) | 125 | 111 | (47 | ) | (32 | ) | ||||||||||||||||||
Solar income/(loss) | (175 | ) | (152 | ) | (58 | ) | (60 | ) | ||||||||||||||||
Storage income/(loss) | 452 | 386 | 233 | 199 | ||||||||||||||||||||
Gain on sale of marketable securities | 403 | - | - | - | ||||||||||||||||||||
Interest expense | (7,110 | ) | (6,739 | ) | (3,532 | ) | (3,316 | ) | ||||||||||||||||
General and administrative expenses | (4,919 | ) | (4,702 | ) | (2,265 | ) | (2,283 | ) | ||||||||||||||||
Provision for tenant credit losses | (496 | ) | (372 | ) | (242 | ) | (162 | ) | ||||||||||||||||
Directors fees and expenses | (192 | ) | (188 | ) | (84 | ) | (86 | ) | ||||||||||||||||
Depreciation and amortization | (13,925 | ) | (13,917 | ) | (6,985 | ) | (6,968 | ) | ||||||||||||||||
Adjustment for intercompany expenses and other | (2,293 | ) | (1,854 | ) | (986 | ) | (814 | ) | ||||||||||||||||
Total other -net | (24,784 | ) | (21,511 | ) | (12,456 | ) | (8,613 | ) | ||||||||||||||||
Income from continuing operations | 19,978 | 23,101 | -13.5 | % | 9,960 | 14,022 | -29.0 | % | ||||||||||||||||
Gain on sale of real estate | - | - | - | - | ||||||||||||||||||||
Net income | 19,978 | 23,101 | -13.5 | % | 9,960 | 14,022 | -29.0 | % | ||||||||||||||||
Net income attributable to noncontrolling interests | (2,201 | ) | (2,457 | ) | (1,100 | ) | (1,362 | ) | ||||||||||||||||
Net income attributable to Urstadt Biddle Properties Inc. | 17,777 | 20,644 | -13.9 | % | 8,860 | 12,660 | -30.0 | % | ||||||||||||||||
Same-Store Operating Expense Ratio (Note 1) | 87.1 | % | 87.4 | % | -0.3 | % | 86.2 | % | 87.8 | % | -1.8 | % |
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 - | Six month and three months ended April 30, 2018 amounts include $288,000 one-time payment by ShopRite to Company for reimbursement of expansion costs incurred by Company at the Company's Emerson, NJ property |
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. |
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URSTADT BIDDLE PROPERTIES INC. LEASING ACTIVITY April 30, 2019 |
Leases | Square | New Rent | Prior Rent | Cash Basis | ||||||||||||||||
Signed | Feet | Per Sq. Ft (a) | Per Sq. Ft. (a) | Change | ||||||||||||||||
Total Comparable Leases: | ||||||||||||||||||||
2nd Quarter 2019 | 54 | 165,286 | $ | 26.24 | $ | 26.42 | -0.7 | % | ||||||||||||
1st Quarter 2019 | 58 | 169,923 | $ | 24.89 | $ | 25.49 | -2.3 | % | ||||||||||||
4th Quarter 2018 | 72 | 272,693 | $ | 19.72 | $ | 19.39 | 1.7 | % | ||||||||||||
3rd Quarter 2018 | 48 | 103,061 | $ | 37.92 | $ | 37.87 | 0.1 | % | ||||||||||||
Totals | 232 | 710,963 | $ | 25.11 | $ | 25.16 | -0.2 | % | ||||||||||||
New Leases - Comparable: | ||||||||||||||||||||
2nd Quarter 2019 | 21 | 37,856 | $ | 24.83 | $ | 28.17 | -11.8 | % | ||||||||||||
1st Quarter 2019 | 13 | 24,870 | $ | 28.67 | $ | 33.09 | -13.3 | % | ||||||||||||
4th Quarter 2018 | 19 | 84,723 | $ | 17.64 | $ | 17.41 | 1.4 | % | ||||||||||||
3rd Quarter 2018 | 12 | 15,053 | $ | 33.73 | $ | 38.07 | -11.4 | % | ||||||||||||
Totals | 65 | 162,502 | $ | 22.50 | $ | 24.23 | -7.2 | % | ||||||||||||
Renewals - Comparable: | ||||||||||||||||||||
2nd Quarter 2019 | 33 | 127,430 | $ | 26.66 | $ | 25.90 | 2.9 | % | ||||||||||||
1st Quarter 2019 | 45 | 145,053 | $ | 24.24 | $ | 24.19 | 0.2 | % | ||||||||||||
4th Quarter 2018 | 53 | 187,970 | $ | 20.66 | $ | 20.28 | 1.9 | % | ||||||||||||
3rd Quarter 2018 | 36 | 88,008 | $ | 38.64 | $ | 37.83 | 2.1 | % | ||||||||||||
Totals | 167 | 548,461 | $ | 25.89 | $ | 25.44 | 1.8 | % |
(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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