Urstadt Biddle Properties (UBA) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

URSTADT BIDDLE PROPERTIES INC. SUPPLEMENTAL INFORMATION July 31, 2021  

URSTADT BIDDLE PROPERTIES INC. SUPPLEMENTAL INFORMATION July 31, 2021  

Table of Contents

1	PROPERTY PORTFOLIO
2	SAME PROPERTY OPERATING INCOME – THREE AND NINE MONTHS PERIODS ENDED July 31, 2021 AND 2020
3	NEW AND RENEWAL LEASING STATISTICS – ROLLING 4 QUARTERS ENDED July 31, 2021

URSTADT BIDDLE PROPERTIES INC. PROPERTY PORTFOLIO - DETAIL July 31, 2021  

																																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
1	Stamford	Ridgeway		Stop & Shop Supermarket			100	%		2002		72,000		302,111		374,111		100.00	%		89.46	%		91.5	%	$	30.46	$	30.43	$	30.44		141,844		55,761		150,035		106,806
1	Stratford	The Dock		Stop & Shop Supermarket / BJ's Wholesale			100	%		2005		167,754		110,731		278,485		100.00	%		97.32	%		98.9	%	$	16.93	$	22.25	$	18.66		86,188		35,103		87,634		70,304
1	New Milford	New Milford Plaza		Wal-Mart / Stop & Shop Supermarket			100	%		2010		177,028		58,216		235,244		100.00	%		100.00	%		100.0	%	$	6.52	$	14.82	$	8.58		14,557		6,151		109,231		84,777
1	Danbury₂	Danbury Square		Christmas Tree Shops			100	%		1995		47,555		146,407		193,962		100.00	%		94.70	%		96.0	%	$	24.90	$	15.32	$	17.77		62,983		23,154		90,816		72,679
1	Darien	Goodwives		Stop & Shop Supermarket			100	%		1998		42,083		53,674		95,757		100.00	%		81.29	%		89.5	%	$	33.99	$	40.10	$	37.10		68,123		25,445		195,807		127,060
1	Stamford	High Ridge Center		Trader Joe's Supermarket/DSW Shoe Warehouse			24	%		2017		37,211		49,911		87,122		100.00	%		88.31	%		93.3	%	$	32.52	$	54.19	$	44.27		54,638		20,718		209,748		151,078
1	New Milford	Veteran's Plaza		Big Y Supermarket			100	%		2008		55,450		25,821		81,271		100.00	%		87.45	%		96.0	%	$	8.47	$	18.69	$	11.43		17,080		7,110		103,760		82,798
1	Orange	Orange Meadows		Trader Joe's Supermarket/TJ Maxx			100	%		2003		38,313		39,148		77,461		100.00	%		54.71	%		77.1	%	$	17.82	$	15.52	$	16.99		51,889		21,534		110,118		92,442
1	Stamford	Newfield Green		Grade A Market			100	%		2016		30,780		43,308		74,088		100.00	%		96.54	%		98.0	%	$	24.04	$	49.19	$	38.53		135,092		53,041		146,350		103,754
1	New Milford	Fairfield Plaza		Staples/Vacant			100	%		2011		45,645		26,342		71,987		44.67	%		62.31	%		51.1	%	$	15.00	$	15.82	$	15.36		15,055		6,350		109,673		85,261
1	Fairfield	Fairfield Center		Marshalls			100	%		2011		32,714		28,939		61,653		100.00	%		100.00	%		100.0	%	$	24.51	$	26.36	$	25.38		75,472		27,670		139,372		98,163
1	Ridgefield	Ridgefield			N/A		100	%		1998		-		61,870		61,870		0.00	%		90.93	%		90.9	%	$	-	$	24.52	$	24.52		21,367		8,010		240,260		161,072
5	Greenwich Offices	Various		Various			100	%	Various			-		57,746		57,746		0.00	%		96.51	%		96.5	%	$	-	$	31.77	$	31.77		71,502		26,826		202,331		128,331
1	Greenwich	Cos Cob Commons		CVS			100	%		2014		15,629		32,018		47,647		100.00	%		81.30	%		87.4	%	$	63.85	$	40.26	$	49.11		65,349		24,506		231,151		143,730
1	Westport	Greens Farm		BevMax			100	%		2003		14,100		25,554		39,654		100.00	%		35.59	%		58.5	%	$	16.85	$	38.91	$	25.50		32,646		12,221		291,970		176,113
1	Greenwich	Kings Shopping Center		Acme Supermarket			100	%		2014		18,432		20,846		39,278		100.00	%		84.61	%		91.8	%	$	27.50	$	39.70	$	33.47		102,757		41,202		163,205		111,227
1	Derby	Aldi Square		Aldi Supermarket			100	%		2017		19,069		18,723		37,792		100.00	%		87.98	%		94.0	%	$	9.47	$	22.76	$	15.63		54,292		22,677		84,621		70,782
1	Danbury	Airport Plaza		Buffalo Wild Wings			100	%		2002		8,116		24,572		32,688		100.00	%		87.58	%		90.7	%	$	29.65	$	29.26	$	29.37		54,899		19,970		93,489		73,702
1	Bethel	The Hub		Rite Aid/La Placita Market			100	%		2014		21,480		9,460		30,940		100.00	%		100.00	%		100.0	%	$	16.66	$	25.75	$	19.44		64,897		23,850		87,496		69,035
1	Stamford	970 High Ridge		FedEx Office			100	%		2016		6,734		20,599		27,333		100.00	%		89.32	%		92.0	%	$	42.15	$	33.58	$	35.88		61,116		23,905		200,165		143,703
1	Ridgefield	Yankee Ridge Center			N/A		100	%		2018		-		22,957		22,957		0.00	%		100.00	%		100.0	%	$	-	$	27.21	$	27.21		21,188		7,953		240,158		161,234
1	Greenwich	Cos Cob Plaza		Veterinary Emergency Group			100	%		2013		4,025		10,880		14,905		100.00	%		97.42	%		98.1	%	$	60.00	$	46.76	$	50.40		75,863		29,029		213,902		132,169
1	Greenwich	Greenwich Commons		Wells Fargo			100	%		2013		2,400		7,344		9,744		100.00	%		100.00	%		100.0	%	$	88.00	$	81.20	$	82.87		71,502		26,826		202,331		128,331
1	Greenwich	Old Greenwich - CVS		CVS			24	%		2017		8,000		-		8,000		100.00	%		0.00	%		100.0	%	$	30.17	$	-	$	30.17		100,246		40,188		163,419		111,467
1	Stamford	High Ridge - Chase		J.P Morgan Chase Bank			24	%		2017		4,160		-		4,160		100.00	%		0.00	%		100.0	%	$	77.84	$	-	$	77.84		54,638		20,718		209,748		151,078
1	Stratford	Knott's Landing		Chipotle			100	%		2020		2,400		800		3,200		100.00	%		100.00	%		100.0	%	$	57.50	$	38.00	$	52.63		86,337		35,044		87,101		69,931
1	Unionville	Unionville Family Restaurant		Unionville Family Restaurant			100	%		2013		2,530		-		2,530		100.00	%		0.00	%		100.0	%	$	23.32	$	-	$	23.32		27,741		11,277		168,379		125,357
												873,608		1,197,977		2,071,585		97.1	%		89.0	%		92.4	%	$	20.08	$	28.56	$	24.75
	New York
1	Brewster	Lakeview Plaza		Acme Supermarket			100	%		2018		45,366		128,730		174,096		100.0	%		68.0	%		76.3	%	$	9.50	$	22.46	$	18.04		14,843		5,519		130,806		105,158
1	Carmel	Carmel ShopRite Center		ShopRite Supermarket			100	%		1995		65,342		80,078		145,420		100.0	%		86.4	%		92.5	%	$	10.86	$	15.51	$	13.25		19,025		7,113		119,676		96,839
1	Ossining	Arcadian		Stop & Shop Supermarket			100	%		1998		64,858		72,399		137,257		100.0	%		85.3	%		92.2	%	$	20.88	$	27.72	$	24.21		40,079		13,506		154,388		111,476
1	Somers	Somers Commons		Home Goods			100	%		2003		30,000		104,760		134,760		100.0	%		94.9	%		96.1	%	$	19.00	$	20.16	$	19.89		36,448		13,720		145,558		112,652
1	Yorktown3	Staples Plaza		Staples			100	%		2005		15,322		107,596		122,918		100.0	%		80.7	%		83.1	%	$	18.15	$	21.38	$	20.89		35,057		12,538		160,304		118,229
1	Somers	Towne Centre at Somers		CVS			100	%		1999		14,013		66,401		80,414		100.0	%		97.9	%		98.3	%	$	29.04	$	31.92	$	31.41		21,214		8,270		178,093		124,563
1	Orangeburg	Orangetown Shopping Center		CVS			45	%		2012		12,410		61,868		74,278		100.0	%		80.8	%		84.0	%	$	29.98	$	19.41	$	21.51		41,857		13,899		178,942		120,337
1	Eastchester	DeCicco's Plaza		DeCicco & Sons Market			100	%		1997		29,754		40,132		69,886		100.0	%		100.0	%		100.0	%	$	22.00	$	41.31	$	33.09		113,782		43,462		238,056		157,825
1	Yonkers	McLean Shopping Center		Acme Supermarket			53	%		2014		35,000		22,989		57,989		100.0	%		82.6	%		93.1	%	$	2.20	$	54.41	$	20.56		559,725		210,360		75,918		56,529
1	Briarcliff Manor4	Chilmark		CVS			100	%		2001		13,900		32,838		46,738		100.0	%		80.8	%		86.5	%	$	36.00	$	33.03	$	34.05		44,727		15,159		166,128		119,401
4	Rye	Rye Portfolio			N/A		100	%		2004		-		38,682		38,682		0.0	%		100.0	%		100.0	%	$	-	$	37.22	$	37.22		81,291		28,687		184,337		120,135
1	Ossining	Rockledge		Westchester Community College			100	%		1999		12,558		16,449		29,007		100.0	%		78.9	%		88.1	%	$	17.25	$	24.84	$	21.11		40,079		13,506		154,388		111,476
1	Katonah	Village Commons			N/A		100	%		2010		-		27,988		27,988		0.0	%		73.8	%		73.8	%	$	-	$	39.71	$	39.71		14,779		4,877		239,255		152,230
1	Yonkers	Tanglewood Shopping Center		Autozone			100	%		2018		8,300		18,675		26,975		100.0	%		100.0	%		100.0	%	$	32.64	$	39.24	$	37.21		136,412		52,723		190,471		132,984
1	Harrison	Harrison Shopping Center		Key Food			100	%		2015		12,018		14,175		26,193		100.0	%		100.0	%		100.0	%	$	25.03	$	37.97	$	32.03		70,310		25,203		215,856		137,867
1	Pelham	Pelham		Mason Supermarket			100	%		2006		10,000		14,915		24,915		100.0	%		100.0	%		100.0	%	$	22.44	$	39.53	$	32.67		319,545		120,943		92,562		67,535
1	Eastchester	Eastchester Plaza		CVS			100	%		2012		13,506		10,195		23,701		100.0	%		100.0	%		100.0	%	$	33.55	$	36.75	$	34.93		178,526		69,448		173,645		121,195
1	Somers	Heritage 202		Putnam County Savings Bank			100	%		1992		3,184		16,074		19,258		100.0	%		100.0	%		100.0	%	$	52.32	$	30.05	$	33.73		21,692		8,413		175,912		123,495
3	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	%	$	20.82	$	35.58	$	22.61		254,868		97,349		95,179		77,713
1	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
1	New City	New City Pad		Putnam County Savings Bank			84	%		2018		2,596		-		2,596		100.0	%		0.0	%		100.0	%	$	49.73	$	-	$	49.73		66,599		20,302		156,424		124,458
												408,026		877,222		1,285,248		100.0	%		86.0	%		90.4	%	$	18.52	$	27.33	$	24.23
	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 OSJ of Danbury, 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
1	Midland Park	Midland Park Shopping Center		Kings Supermarket			100	%		2015		29,550		100,775		130,325		100.0	%		85.7	%		88.9	%	$	24.49	$	26.14	$	25.72		109,808		39,080		200,521		146,928
1	New Providence	Village Shopping Center		Acme Supermarket			100	%		2013		45,464		63,163		108,627		100.0	%		100.0	%		100.0	%	$	22.75	$	35.88	$	30.38		65,171		23,282		251,533		169,419
1	Newark	Ferry Plaza		Seabra Foods			100	%		2008		63,433		44,435		107,868		100.0	%		100.0	%		100.0	%	$	14.27	$	30.16	$	20.82		215,114		73,980		62,397		47,096
1	Wayne	Valley Ridge		Whole Foods			100	%		1992		38,792		64,625		103,417		100.0	%		89.7	%		93.6	%	$	16.50	$	33.34	$	26.59		118,957		39,968		110,130		85,858
1	Pompton Lakes	Pompton Lakes Town Square		Planet Fitness			100	%		2015		18,000		76,065		94,065		100.0	%		45.6	%		56.0	%	$	15.00	$	27.56	$	23.27		56,465		21,737		125,529		101,840
1	Emerson	Shop Rite Plaza		ShopRite Supermarket			100	%		2007		53,450		39,212		92,662		100.0	%		79.6	%		91.4	%	$	9.48	$	23.64	$	14.70		94,557		32,795		173,651		129,160
1	Kinnelon	Meadtown Shopping Center		Marshall's			100	%		2015		24,511		52,360		76,871		100.0	%		100.0	%		100.0	%	$	17.00	$	26.78	$	23.66		32,720		13,257		127,823		104,719
1	Dumont	Washington Commons		Stop & Shop Supermarket			36	%		2017		44,282		29,905		74,187		100.0	%		86.5	%		94.6	%	$	19.45	$	29.89	$	23.30		151,520		51,669		157,948		118,881
1	Boonton	Boonton Acme Center		Acme Supermarket			100	%		2014		49,463		13,278		62,741		100.0	%		91.5	%		98.2	%	$	21.37	$	35.70	$	24.20		49,019		19,135		161,858		122,654
1	Bloomfield	Bloomfield Crossing		Walgreen's / Food World			100	%		2014		42,548		16,688		59,236		100.0	%		85.3	%		95.9	%	$	6.12	$	33.94	$	13.10		315,879		122,723		93,191		74,350
1	Wyckoff	Cedar Hill Shopping Center		Walgreen's			100	%		2015		15,960		27,410		43,370		100.0	%		86.2	%		91.3	%	$	26.68	$	32.30	$	30.03		82,065		29,434		202,691		145,278
1	Passaic	Van Houton Farms		Dollar Tree/Family Dollar			100	%		2017		20,816		15,703		36,519		100.0	%		17.8	%		64.7	%	$	10.50	$	25.22	$	12.24		287,060		99,901		95,493		76,636
1	Waldwick	Waldwick Plaza		United States Postal Service			100	%		2017		5,567		20,954		26,521		100.0	%		87.1	%		89.8	%	$	25.00	$	28.31	$	27.54		78,990		27,271		226,218		158,515
1	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
1	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
1	Fort Lee	H-Mart Plaza		H-Mart			100	%		2015		7,000		-		7,000		100.0	%		0.0	%		100.0	%	$	44.11	$	-	$	44.11		551,047		213,046		90,120		63,877
1	Bloomfield	Friendly's - Bloomfield		Friendly's			100	%		2013		2,630		-		2,630		100.0	%		0.0	%		100.0	%	$	45.46	$	-	$	65.96		199,320		78,935		128,264		100,760
												490,586		564,573		1,055,159		98.1	%		82.7	%		89.9	%	$	17.47	$	29.83	$	23.61
	Total Consolidated											1,772,220		2,639,772		4,411,992		98.1	%		86.6	%		91.23	%	$	18.99	$	28.41	$	24.33
1	Unconsolidated Joint Ventures
1	Scarsdale, NY	Midway Shopping Center		ShopRite Supermarket			12	%		2010		73,758		168,244		242,002		100.0	%		92.2	%		94.6	%	$	17.15	$	34.42	$	28.86		331,285		127,037		99,550		74,627
1	Riverhead, NY	Gateway Plaza		Walmart			50	%		2014		167,951		30,350		198,301		100.0	%		100.0	%		100.0	%	$	6.15	$	27.56	$	9.43		19,838		7,504		88,939		57,963
1	Carmel, NY	Putnam Plaza		Tops Markets			67	%		2010		60,858		128,536		189,394		100.0	%		82.6	%		88.2	%	$	7.49	$	19.71	$	15.26		19,316		7,165		119,969		99,074
1	Montvale, NJ	Chestnut Ridge		The Fresh Market			50	%		2013		19,205		56,943		76,148		100.0	%		89.2	%		91.9	%	$	24.56	$	29.36	$	28.04		54,758		19,156		210,346		146,904
1	Riverhead, NY	Applebee's Plaza		Applebee's			50	%		2014		5,363		7,194		12,557		100.0	%		100.0	%		100.0	%	$	30.93	$	29.21	$	29.95		19,838		7,504		88,939		57,963
	Total Unconsolidated											327,135		391,267		718,402		100.0	%		89.3	%		94.20	%	$	10.37	$	28.51	$	19.74
																								97.7	%
80	Total Core Portfolio											2,099,355		3,031,039		5,130,394		98.4	%		87.0	%		91.65	%	$	17.62	$	28.43	$	23.67
	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 OSJ of Danbury, 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. CORE PORTFOLIO SAME PROPERTY OPERATING INCOME DISCLOSURE July 31, 2021  

	Nine Months Ended Jul 31,									Three Months Ended Jul 31,
	2021			2020			% Change			2021			2020			% Change
Same Property Operating Results:
Number of Properties (Note 4)	74									74
Revenue (Note 2)
Base Rent (Note 3)	$	74,627		$	70,673			5.6	%	$	24,660		$	21,529			14.5	%
Provision for tenant credit losses-same property		(1,380	)		(3,460	)		-60.1	%		-			(1,615	)		-100.0	%
ASC Topic 842 cash-basis lease income reversal-same property		(1,882	)		(1,776	)		6.0	%		10			(1,776	)		-100.6	%
Recoveries from tenants		26,742			20,857			28.2	%		9,273			6,960			33.2	%
Other property income		304			787			-61.4	%		87			576			-84.9	%
		98,411			87,081			13.0	%		34,030			25,674			32.5	%
Expenses
Property operating		10,977			8,609			27.5	%		3,269			2,361			38.5	%
Property taxes		17,586			17,521			0.4	%		5,902			5,869			0.6	%
Other non-recoverable operating expenses		1,464			1,315			11.3	%		453			502			-9.8	%
		30,027			27,445			9.4	%		9,624			8,732			10.2	%
Same Property Net Operating Income	$	68,384		$	59,636			14.7	%	$	24,406		$	16,942			44.1	%
Other reconciling items:
Other non same-property net operating income		804			1,088						89			313
Other Interest income		349			336						118			88
Other Dividend income		-			182						-			-
Consolidated lease termination income		801			460						97			112
Consolidated amortization of above and below market leases		455			525						166			175
Consolidated straight line rent income		(2,702	)		1,780						(371	)		1,230
Equity in net income of unconsolidated joint ventures		1,025			1,160						365			184
Taxable REIT subsidiary income/(loss)		419			719						165			393
Solar income/(loss)		(159	)		(91	)					88			107
Storage income/(loss)		805			714						360			240
Unrealized holding gains arising during the periods		-			-						-			(109	)
Gain on sale of marketable securities		-			258						-			258
Interest expense		(10,062	)		(10,123	)					(3,329	)		(3,475	)
General and administrative expenses		(6,876	)		(8,495	)					(2,139	)		(2,111	)
Provision for tenant credit losses		(1,380	)		(3,490	)					(1	)		(1,645	)
Provision for tenant credit losses-same property		1,380			3,460						1			1,615
ASC Topic 842 cash-basis lease income reversal		(1,882	)		(1,776	)					10			(1,776	)
ASC Topic 842 cash-basis lease income reversal-same property		1,882			1,776						(10	)		1,776
Directors fees and expenses		(277	)		(287	)					(79	)		(94	)
Depreciation and amortization		(21,773	)		(21,587	)					(7,063	)		(7,304	)
Adjustment for intercompany expenses and other		(2,970	)		(3,233	)					(2,006	)		(996	)
Total other -net		(40,161	)		(36,624	)					(13,539	)		(11,019	)
Income from continuing operations		28,223			23,012			22.6	%		10,867			5,923			83.5	%
Gain (loss) on sale of real estate		12,214			(328	)					11,808			-
Net income		40,437			22,684			78.3	%		22,675			5,923			282.8	%
Net income attributable to noncontrolling interests		(2,724	)		(3,001	)					(887	)		(935	)
Net income attributable to Urstadt Biddle Properties Inc.	$	37,713		$	19,683			91.6	%	$	21,788		$	4,988			336.8	%
Same Property Operating Expense Ratio (Note 1)		93.6	%		79.8	%		13.8	%		101.1	%		84.6	%		16.5	%

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 -	Base rents for the three and nine month periods ended July 31, 2021 are reduced by approximately $99,000 and $538,000, respectively, in rents that were deferred and approximately $414,000 and $2.7 million, in rents that were abated because of COVID-19. Base rents for the three and nine month periods ended July 31, 2021, are increased by approximately $826,000 and $2.8 million, respectively, in COVID-19 deferred rents that were billed and collected in those periods. Base rents for the nine and three months ended July 31, 2020 are reduced by approximately $1.9 million in rents that were deferred and approximately $492,000 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 - 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 July 31, 2021  

	Leases		Square		New Rent		Prior Rent		Cash Basis
	Signed		Feet		Per Sq. Ft (a)		Per Sq. Ft. (a)		Change
Total Comparable Leases:
3rd Quarter 2021		63		135,684	$	30.58	$	30.01		1.9	%
2nd Quarter 2021		53		235,573	$	20.84	$	21.59		-3.5	%
1st Quarter 2021		46		188,585	$	18.07	$	18.91		-4.4	%
4th Quarter 2020		39		73,160	$	24.53	$	26.19		-6.3	%
Totals		201		633,002	$	22.53	$	23.13		-2.6	%
New Leases - Comparable:
3rd Quarter 2021		19		38,204	$	28.20	$	27.08		4.1	%
2nd Quarter 2021		11		32,815	$	19.10	$	22.31		-14.4	%	(d)
1st Quarter 2021		13		17,962	$	27.34	$	31.18		-12.3	%	(c)
4th Quarter 2020		14		16,770	$	18.10	$	20.96		-13.7	%	(b)
Totals		57		105,751	$	23.63	$	25.33		-6.7	%
Renewals - Comparable:
3rd Quarter 2021		44		97,480	$	31.50	$	31.15		1.1	%
2nd Quarter 2021		42		202,758	$	21.12	$	21.47		-1.6	%
1st Quarter 2021		33		170,623	$	17.10	$	17.62		-3.0	%
4th Quarter 2020		25		56,390	$	26.45	$	27.75		-4.7	%
Totals		144		527,251	$	22.31	$	22.68		-1.7	%

(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.
(b)	Includes a 49.2% decrease for a space totaling 5,000 square feet at our New Milford Plaza Property.
(c)	Includes a 27% decrease for two spaces totaling 4,010 square feet at our Harrison property, as well as 39% decrease for space totaling 1,100 square feet at our Ridgefield property
(d)	Includes a 42% decrease for one space totaling 13,884 square feet at our Bethel property, 34.5% decrease for space totaling 700 square feet at our Ridgeway property, as well as 15% decrease for space totaling 3,200 square feet at our Derby property

3