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

EXHIBIT 99.1

URSTADT BIDDLE  ROPERTIES INC. SUPPLEMENTAL INFORMATION October 31, 2021  

URSTADT BIDDLE PROPERTIES INC

321 RAILROAD AVENUE

GREENWICH, CT 06830

203‐863‐8200

URSTADT BIDDLE  ROPERTIES INC. SUPPLEMENTAL INFORMATION October 31, 2021  

TABLE OF CONTENTS

 

1	PROPERTY PORTFOLIO
2	INVESTMENT PROPERTY SAME PROPERTY OPERATING INCOME – THREE AND TWELVE MONTHS ENDED October 31, 2021 AND 2020
3	NEW AND RENEWAL LEASING STATISTICS – ROLLING FOUR QUARTERS ENDEDOctober 31, 2021

URSTADT BIDDLE  ROPERTIES INC. PROPERTY PORTFOLIO - DETAIL October 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
Stamford	Ridgeway		Stop & Shop Supermarket			100	%		2002		72,000		302,111		374,111		100.00	%		89.46	%		91.5	%	$	30.46	$	30.41	$	30.42		143,500		55,000		162,400		109,900
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	$	22.27	$	18.67		84,400		33,300		88,000		73,200
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		18,800		7,300		118,600		91,400
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		48,800		17,000		94,400		70,800
Darien	Goodwives		Stop & Shop Supermarket			100	%		1998		42,083		53,674		95,757		100.00	%		68.65	%		82.4	%	$	33.99	$	42.68	$	38.05		68,300		24,800		200,500		118,200
Stamford	High Ridge Center		Trader Joe's Supermarket/DSW Shoe Warehouse			25	%		2017		37,211		49,911		87,122		100.00	%		88.31	%		93.3	%	$	32.52	$	52.69	$	43.46		56,300		20,400		216,300		145,100
New Milford	Veteran's Plaza		Big Y Supermarket			100	%		2008		55,450		25,821		81,271		100.00	%		87.45	%		96.0	%	$	8.47	$	19.05	$	11.54		20,400		7,800		103,000		77,600
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	$	18.00	$	17.88		49,100		19,400		113,000		94,000
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		133,000		51,200		157,100		107,200
New Milford	Fairfield Plaza		Staples/All Out Fitness			100	%		2011		45,645		26,342		71,987		100.00	%		62.31	%		86.2	%	$	15.00	$	15.82	$	15.22		15,100		5,900		114,100		86,300
Fairfield	Fairfield Center		Marshalls			100	%		2011		32,714		28,939		61,653		100.00	%		100.00	%		100.0	%	$	24.51	$	26.36	$	25.38		75,000		26,800		135,600		97,800
Ridgefield	Ridgefield			N/A		100	%		1998		-		61,870		61,870		0.00	%		88.77	%		88.8	%	$	-	$	25.59	$	25.59		20,400		7,400		238,200		162,800
Greenwich Offices	Various		Various			100	%	Various			-		57,746		57,746		0.00	%		96.51	%		96.5	%	$	-	$	32.16	$	32.16		71,900		26,500		185,100		111,700
Greenwich	Cos Cob Commons		CVS			100	%		2014		15,629		32,018		47,647		100.00	%		84.42	%		89.5	%	$	63.85	$	40.67	$	49.17		67,500		24,500		242,000		137,700
Westport	Greens Farm		BevMax			100	%		2003		14,100		25,554		39,654		100.00	%		35.59	%		58.5	%	$	16.85	$	38.91	$	25.50		31,500		11,400		276,900		166,300
Greenwich	Kings Shopping Center		Acme Supermarket			100	%		2014		18,432		20,847		39,279		100.00	%		85.93	%		92.5	%	$	27.50	$	39.53	$	33.43		104,600		40,900		188,000		117,500
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		55,200		22,100		88,200		72,500
Danbury	Airport Plaza		Buffalo Wild Wings			100	%		2002		8,116		24,572		32,688		100.00	%		87.58	%		90.7	%	$	29.65	$	29.70	$	29.68		53,000		18,700		93,800		71,100
Bethel	The Hub		Rite Aid/La Placita Market			100	%		2014		21,480		9,460		30,940		100.00	%		78.86	%		93.5	%	$	16.66	$	28.33	$	19.67		63,800		22,800		84,700		68,500
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		59,300		22,100		206,000		137,500
Ridgefield	Yankee Ridge Center			N/A		100	%		2018		-		22,957		22,957		0.00	%		100.00	%		100.0	%	$	-	$	27.78	$	27.78		21,800		7,900		229,700		157,800
Greenwich	Cos Cob Plaza		Veterinary Emergency Group			100	%		2013		4,025		10,880		14,905		100.00	%		86.39	%		90.1	%	$	60.00	$	47.20	$	51.04		75,400		27,200		243,300		135,900
Greenwich	Greenwich Commons		Wells Fargo			100	%		2013		2,400		7,344		9,744		100.00	%		100.00	%		100.0	%	$	88.00	$	83.15	$	84.35		71,900		26,500		185,100		111,700
Greenwich	Old Greenwich - CVS		CVS			25	%		2017		8,000		-		8,000		100.00	%		0.00	%		100.0	%	$	30.17	$	-	$	30.17		104,600		40,900		188,000		117,500
Stamford	High Ridge - Chase		J.P Morgan Chase Bank			25	%		2017		4,160		-		4,160		100.00	%		0.00	%		100.0	%	$	77.84	$	-	$	77.84		56,300		20,400		216,300		145,100
Stratford	Knott's Landing		Chipotle			100	%		2020		2,400		800		3,200		100.00	%		100.00	%		100.0	%	$	57.50	$	38.00	$	52.63		84,400		33,300		88,000		73,200
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		1,197,978		2,071,586		100.0	%		88.2	%		93.1	%	$	19.93	$	28.71	$	24.69
New York
Brewster	Lakeview Plaza		Acme Supermarket			100	%		2018		45,366		128,730		174,096		100.0	%		71.6	%		79.0	%	$	9.50	$	22.11	$	17.95		15,400		5,600		115,400		100,800
Carmel	Carmel ShopRite Center		ShopRite Supermarket			100	%		1995		65,342		80,078		145,420		100.0	%		86.4	%		92.5	%	$	10.86	$	15.65	$	13.33		15,500		5,600		116,600		92,700
Ossining	Arcadian		Stop & Shop Supermarket			100	%		1998		64,858		72,399		137,257		100.0	%		85.3	%		92.2	%	$	20.88	$	25.53	$	23.15		42,300		14,100		150,400		106,500
Somers	Somers Commons		Home Goods			100	%		2003		30,000		104,760		134,760		100.0	%		94.9	%		96.1	%	$	19.00	$	20.19	$	19.92		31,600		11,800		137,200		109,500
Yorktown3	Staples Plaza		Staples			100	%		2005		15,322		107,596		122,918		100.0	%		80.7	%		83.1	%	$	18.15	$	22.53	$	21.87		31,400		11,400		138,800		110,900
Somers6	Towne Centre at Somers		CVS			100	%		1999		14,013		66,401		80,414		100.0	%		98.9	%		99.1	%	$	29.04	$	31.91	$	31.40		22,100		8,400		161,800		129,500
Orangeburg	Orangetown Shopping Center		CVS			44	%		2012		12,410		61,868		74,278		100.0	%		78.9	%		82.4	%	$	29.98	$	20.24	$	22.22		44,500		14,900		152,100		117,100
Eastchester	DeCicco's Plaza		DeCicco & Sons Market			100	%		1997		29,754		40,132		69,886		100.0	%		100.0	%		100.0	%	$	22.00	$	41.68	$	33.30		113,782		43,462		238,056		157,825
Yonkers	McLean Shopping Center		Acme Supermarket			53	%		2014		35,000		22,989		57,989		100.0	%		90.3	%		96.1	%	$	2.20	$	53.94	$	21.46		539,200		202,200		75,000		58,200
Briarcliff Manor4	Chilmark		CVS			100	%		2001		13,900		32,838		46,738		100.0	%		94.4	%		96.0	%	$	36.00	$	32.67	$	33.70		44,500		15,000		150,000		107,800
Rye	Rye Portfolio			N/A		100	%		2004		-		38,682		38,682		0.0	%		95.6	%		95.6	%	$	-	$	40.85	$	40.85		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	$	17.22	$	17.24		42,300		14,100		150,400		106,500
Katonah	Village Commons			N/A		100	%		2010		-		27,988		27,988		0.0	%		70.7	%		70.7	%	$	-	$	38.04	$	38.04		15,600		5,200		196,700		124,500
Yonkers	Tanglewood Shopping Center		Autozone			100	%		2018		8,300		18,675		26,975		100.0	%		100.0	%		100.0	%	$	32.64	$	39.64	$	37.48		135,700		51,800		183,400		126,200
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		70,300		24,600		219,100		130,300
Pelham	Pelham		Mason Supermarket			100	%		2006		10,000		14,915		24,915		100.0	%		100.0	%		100.0	%	$	22.89	$	41.65	$	34.12		307,200		115,600		91,800		70,800
Eastchester	Eastchester Plaza		CVS			100	%		2012		13,506		10,195		23,701		100.0	%		100.0	%		100.0	%	$	33.55	$	36.99	$	35.03		180,000		69,800		164,400		113,900
Somers	Heritage 202		Putnam County Savings Bank			100	%		1992		3,184		16,074		19,258		100.0	%		100.0	%		100.0	%	$	52.32	$	29.90	$	33.61		21,000		8,000		153,900		126,700
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	%	$	20.83	$	35.58	$	22.61		263,900		101,100		115,400		86,300
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	%	$	49.73	$	-	$	49.73		66,599		20,302		156,424		124,458
											408,026		877,222		1,285,248		100.0	%		86.8	%		91.0	%	$	18.53	$	27.40	$	24.31
Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
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
Note 5 - Property is shadow anchored by an Lidl Supermarket
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket
New Jersey
Midland Park	Midland Park Shopping Center		Kings Supermarket			100	%		2015		29,550		100,775		130,325		100.0	%		85.7	%		88.9	%	$	24.49	$	26.02	$	25.63		108,800		39,200		182,400		140,100
New Providence	Village Shopping Center		Acme Supermarket			100	%		2013		45,464		63,163		108,627		100.0	%		100.0	%		100.0	%	$	22.75	$	35.18	$	29.98		59,200		21,100		241,800		158,100
Newark	Ferry Plaza		Seabra Foods			100	%		2008		63,433		44,435		107,868		100.0	%		100.0	%		100.0	%	$	14.27	$	30.43	$	20.93		219,900		73,200		58,800		44,700
Wayne	Valley Ridge		Whole Foods			100	%		1992		38,792		64,625		103,417		100.0	%		89.7	%		93.6	%	$	16.50	$	34.14	$	27.07		118,600		39,000		99,900		81,400
Pompton Lakes5	Pompton Lakes Town Square		Planet Fitness			100	%		2015		18,000		76,065		94,065		100.0	%		54.8	%		63.5	%	$	15.00	$	26.92	$	23.33		52,800		19,500		126,400		105,900
Emerson	Shop Rite Plaza		ShopRite Supermarket			100	%		2007		53,450		39,212		92,662		100.0	%		74.5	%		89.2	%	$	9.48	$	24.39	$	14.75		94,900		33,400		154,900		124,900
Kinnelon	Meadtown Shopping Center		Marshall's			100	%		2015		24,511		52,360		76,871		100.0	%		100.0	%		100.0	%	$	17.00	$	26.94	$	23.77		28,700		11,000		124,900		102,900
Dumont	Washington Commons		Stop & Shop Supermarket			36	%		2017		44,282		29,905		74,187		100.0	%		83.7	%		93.4	%	$	19.45	$	30.24	$	23.35		141,900		49,000		147,100		117,000
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		47,900		18,400		148,300		111,900
Bloomfield	Bloomfield Crossing		Walgreen's / Food World			100	%		2014		42,548		16,688		59,236		100.0	%		85.3	%		95.9	%	$	7.06	$	33.16	$	13.60		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	%		86.2	%		91.3	%	$	26.68	$	32.71	$	30.28		82,500		29,900		178,700		133,400
Passaic	Van Houton Farms		Dollar Tree/Family Dollar			100	%		2017		20,816		15,703		36,519		100.0	%		17.8	%		64.7	%	$	10.50	$	28.64	$	12.65		285,600		9,900		95,900		77,300
Waldwick	Waldwick Plaza		United States Postal Service			100	%		2017		5,567		20,954		26,521		100.0	%		87.1	%		89.8	%	$	25.00	$	28.51	$	27.69		79,800		27,800		202,900		150,000
Waldwick	Waldwick Rite Aid		Rite Aid			100	%		2007		20,000		-		20,000		100.0	%		0.0	%		100.0	%	$	26.22	$	-	$	26.22		79,700		27,800		203,300		149,900
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	%	$	44.11	$	-	$	44.11		545,900		208,500		83,600		62,700
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
											490,586		564,573		1,055,159		98.1	%		83.5	%		90.3	%	$	17.55	$	29.88	$	23.65
Total Consolidated											1,772,220		2,639,773		4,411,993		99.5	%		86.7	%		91.85	%	$	18.96	$	28.52	$	24.33
Unconsolidated Joint Ventures
Scarsdale, NY	Midway Shopping Center		ShopRite Supermarket			12	%		2010		73,758		170,544		244,302		100.0	%		91.0	%		93.7	%	$	17.15	$	33.72	$	28.38		112,400		42,100		217,400		140,600
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		19,300		7,200		71,500		58,600
Carmel, NY	Putnam Plaza		Tops Markets			67	%		2010		60,858		128,536		189,394		100.0	%		82.6	%		88.2	%	$	7.49	$	19.76	$	15.29		16,500		5,900		120,400		101,600
Montvale, NJ	Chestnut Ridge		The Fresh Market			50	%		2013		19,205		57,183		76,388		100.0	%		88.8	%		91.6	%	$	24.56	$	30.22	$	28.67		53,300		18,600		194,200		143,400
Riverhead, NY	Applebee's Plaza		Applebee's			50	%		2014		5,363		7,194		12,557		100.0	%		100.0	%		100.0	%	$	30.93	$	34.79	$	33.14		19,300		7,200		71,500		58,600
Total Unconsolidated											327,135		393,807		720,942		100.0	%		88.8	%		93.87	%	$	10.37	$	28.46	$	19.71
Total Core Portfolio											2,099,355		3,033,580		5,132,935		99.6	%		87.0	%		92.13	%	$	17.61	$	28.51	$	23.67
Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
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
Note 5 - Property is shadow anchored by an Lidl Supermarket
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket

1

URSTADT BIDDLE  ROPERTIES INC. CORE PORTFOLIO SAME PROPERTY OPERATING INCOME DISCLOSURE October 31, 2021  

	Twelve Months Ended Oct 31,									Three Months Ended Oct 31,
	2021			2020			% Change				2021			2020		% Change
Same Property Operating Results:
Number of Properties (Note 1)	74									74
Revenue (Note 2)
Base Rent (Note 3)	$	99,136		$	93,564			6.0	%	$	24,509		$	22,891			7.1	%
Provision for tenant credit losses-same property		(1,528	)		(3,802	)		-59.8	%		(148	)		(342	)		-56.7	%
ASC Topic 842 cash-basis lease income reversal-same property		(2,011	)		(2,306	)		-12.8	%		(129	)		(530	)		-75.7	%
Recoveries from tenants		34,788			28,503			22.1	%		8,046			7,646			5.2	%
Other property income		402			879			-54.3	%		98			92			6.5	%
		130,787			116,838			11.9	%		32,376			29,757			8.8	%
Expenses
Property operating		14,084			11,248			25.2	%		3,107			2,639			17.7	%
Property taxes		23,522			23,343			0.8	%		5,936			5,822			2.0	%
Other non-recoverable operating expenses		2,037			1,758			15.9	%		573			443			29.3	%
		39,643			36,349			9.1	%		9,616			8,904			8.0	%
Same Property Net Operating Income	$	91,144		$	80,489			13.2	%	$	22,760		$	20,853			9.1	%
Other reconciling items:
Other non same-property net operating income		884			1,284						80			196
Other Interest income		471			428						122			92
Other Dividend income		-			182						-			-
Consolidated lease termination income		967			705						166			245
Consolidated amortization of above and below market leases		632			706						177			183
Consolidated straight line rent income		(2,396	)		2,678						306			898
Equity in net income of unconsolidated joint ventures		1,323			1,433						298			273
Taxable REIT subsidiary income/(loss)		303			920						(116	)		201
Solar income/(loss)		(163	)		(72	)					(4	)		19
Storage income/(loss)		1,236			979						431			265
Unrealized holding gains arising during the periods		-			-						-			-
Gain on sale of marketable securities		-			258						-			-
Interest expense		(13,087	)		(13,508	)					(3,025	)		(3,385	)
General and administrative expenses		(8,985	)		(10,643	)					(2,109	)		(2,148	)
Provision for tenant credit losses		(1,529	)		(3,916	)					(149	)		(426	)
Provision for tenant credit losses-same property		1,529			3,802						149			342
ASC Topic 842 cash-basis lease income reversal		(2,011	)		(2,327	)					(129	)		(551	)
ASC Topic 842 cash-basis lease income reversal-same property		2,011			2,306						129			530
Directors fees and expenses		(355	)		(373	)					(78	)		(86	)
Depreciation and amortization		(29,032	)		(29,187	)					(7,259	)		(7,600	)
Adjustment for intercompany expenses and other		(3,878	)		(4,027	)					(908	)		(796	)
Total other -net		(52,080	)		(48,372	)					(11,919	)		(11,748	)
Income from continuing operations		39,064			32,117			21.6	%		10,841			9,105			19.1	%
Gain (loss) on sale of real estate		11,864			(6,047	)					(350	)		(5,719	)
Net income		50,928			26,070			95.4	%		10,491			3,386			209.8	%
Net income attributable to noncontrolling interests		(3,645	)		(3,887	)					(921	)		(886	)
Net income attributable to Urstadt Biddle Properties Inc.		47,283			22,183			113.1	%		9,570			2,500			282.8	%
Same Property Operating Expense Ratio (Note 4)		92.5	%		82.4	%		10.1	%		89.0	%		90.4	%		-1.4	%

Note 1 -	Includes only properties owned for the entire period of both periods presented
Note 2 -	Excludes straight line rent, above/below market lease rent, lease termination income.
Note 3 -	Base rents for the three and twelve month periods ended October 31, 2021 are reduced by approximately $27,000 and $552,000, respectively, in rents that were deferred and approximately $309,000 and $3.0 million, in rents that were abated because of COVID-19. Base rents for the three and twelve month periods ended October 31, 2021, are increased by approximately $346,000 and $3.2 million, respectively, in COVID-19 deferred rents that were billed and collected in those periods.Base rents for the three and twelve month periods 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, in rents that were abated because of COVID-19.
Note 4 -	Represents the percentage of property operating expense and real estate tax

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.

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URSTADT BIDDLE  ROPERTIES INC. LEASING ACTIVITY
October 31, 2021  

	Leases		Square		New Rent		Prior Rent		Cash Basis
	Signed		Feet		Per Sq. Ft (a)		Per Sq. Ft. (a)		Change
Total Comparable Leases:
4th Quarter 2021		60		181,866	$	25.85	$	24.48		5.6	%
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	%
Totals		222		741,708	$	23.14	$	23.16		-0.1	%
New Leases - Comparable:
4th Quarter 2021		17		52,873	$	21.19	$	22.28		-4.9	%
3rd Quarter 2021		19		38,204	$	28.20	$	27.08		4.1	%
2nd Quarter 2021		11		32,815	$	19.10	$	22.31		-14.4	%	(b)
1st Quarter 2021		13		17,962	$	27.34	$	31.18		-12.3	%	(c)
Totals		60		141,854	$	23.37	$	24.71		-5.4	%
Renewals - Comparable:
4th Quarter 2021		43		128,993	$	27.76	$	25.38		9.4	%	(d)
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	%
Totals		162		599,854	$	23.09	$	22.79		1.3	%

(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 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
(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 an 88% increase for a co-anchor space of 8,950 square feet at our Bloomfield property.

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