EXHIBIT 99.1
For Immediate Release
CONTACT: JAMES R. MOORE
URSTADT BIDDLE PROPERTIES INC.
(203) 863-8200
URSTADT BIDDLE PROPERTIES INC. REPORTS
OPERATING RESULTS IN SECOND QUARTER AND FIRST HALF OF FISCAL 2003
GREENWICH, CONNECTICUT, June 11, 2003 - Urstadt Biddle Properties Inc.
(NYSE:UBA and UBP), a real estate investment trust, today announced its second
quarter and first six months financial results for the periods ended April 30,
2003.
Diluted funds from operations ("FFO") for the quarter ended April 30, 2003
increased to $7,209,000 or $0.26 per Common share and $0.29 per Class A Common
share on higher shares outstanding compared to $4,939,000 or $0.27 per Common
share and $.30 per Class A Common share in the second quarter of fiscal 2002.
Net income applicable to Common and Class A Common stockholders for the quarter
was $4,533,000 or $0.17 per diluted Common share and $0.19 per diluted Class A
Common share, compared to $3,031,000, or $0.17 per diluted Common share and
$0.19 per diluted Class A Common share in the corresponding three month period
last year.
For the first six months of fiscal 2003, diluted FFO increased to $13,509,000 or
$0.50 per Common share and $0.55 per Class A Common share from $9,855,000 or
$0.55 per Common share and $0.61 per Class A Common share for the same period in
fiscal 2002. Net income applicable to Common and Class A Common stockholders for
the first six months of fiscal 2003 was $8,393,000 or $0.32 per diluted Common
share and $0.35 per diluted Class A Common share compared to $9,123,000 or $0.52
per diluted Common share and $0.57 per diluted Class A Common share, for the
same period last year. Net income in the six-month period ended April 30, 2002
included a gain of $3,071,000 on the repurchase of a portion of the Company's
Series B preferred shares last year.
A reconciliation of FFO to net income applicable to Common and Class A Common
stockholders, the GAAP measure the Company believes to be the most directly
comparable, is in the financial tables accompanying this press release.
Commenting on the quarter's operating results, Willing L. Biddle, President and
Chief Operating Officer of UBP, said "The increase in the Company's FFO and
revenue growth this quarter is largely a result of recent shopping center
acquisitions and new leasing completed last year. Since mid-December 2002, we
purchased three shopping centers totaling almost 300,000 square feet at a cost
of $61 million. We also have one shopping center property under contract for $22
million. These acquisitions are in addition to the nearly $100 million in
properties we acquired last year." Looking ahead, Mr. Biddle said "We continue
to seek to acquire shopping centers in our target region of Fairfield County,
Connecticut and Westchester and Putnam Counties in New York when opportunities
arise." Mr. Biddle also noted that "We recently completed the sale of $40
million of a new Series C Preferred Stock issue and we expect that the proceeds
from this sale will be used to acquire properties and continue the Company's
growth into the future."
Non-GAAP Financial Measure
Funds from Operations ("FFO")
The Company believes that FFO is an appropriate financial measure of operating
performance of an equity REIT. Although FFO is a non-GAAP financial measure, the
Company believes it provides useful information to shareholders, potential
investors and management. The Company computes FFO in accordance with standards
established by the National Association of Real Estate Investment Trusts
("NAREIT"). FFO is defined by NAREIT as net income or loss, excluding gains (or
losses) from debt restructuring and sales of properties plus depreciation and
amortization, and after adjustments for unconsolidated joint ventures. FFO does
not represent cash generated from operating activities in accordance with GAAP
and is not indicative of cash available to fund cash needs. FFO should not be
considered as an alternative to net income as an indicator of the Company's
operating performance or as an alternative to cash flow as a measure of
liquidity. Since all companies do not calculate FFO in a similar fashion, the
Company's calculation of FFO presented herein may not be comparable to similarly
titled measures as reported by other companies.
UBP is a self-administered equity real estate trust providing investors with a
means of participating in ownership of income-producing properties with
investment liquidity. UBP has paid 134 quarters of uninterrupted dividends since
its inception in 1969.
Certain statements contained herein may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among other things, risks associated with the timing of and
costs associated with property improvements, financing commitments and general
competitive factors.
URSTADT BIDDLE PROPERTIES INC. (NYSE: UBA AND UBP)
SIX MONTHS AND THREE MONTHS ENDED APRIL 30, 2003
(in thousands, except per share data)
Six Months Ended Three Months Ended
April 30, April 30,
------------------ ------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Operating rents $28,176 $18,919 $14,856 $9,689
Lease termination income - 515 - -
Interest and other 532 551 171 282
------ ------ ------ -----
Total Revenues 28,708 19,985 15,027 9,971
------ ------ ------ -----
Operating Expenses:
Property expenses 8,564 5,796 4,590 2,920
Interest 4,063 1,880 2,028 962
Depreciation and amortization 4,933 3,623 2,584 1,818
General and administrative expenses 1,898 1,596 864 801
----- ------ ------ -----
Total Operating expenses 19,458 12,895 10,066 6,501
------ ------ ------ -----
Operating Income before Minority Interests 9,250 7,090 4,961 3,470
Minority Interests in Results of Consolidated Joint
Ventures (183) (214) (91) (102)
----- ----- ----- -----
Net Income 9,067 6,876 4,870 3,368
Preferred Stock Dividends (674) (824) (337) (337)
Excess of Carrying Value over Cost to Repurchase
Preferred Shares - 3,071 - -
------ ------ ------ ------
Net Income Applicable to Common and Class A Common
Stockholders $8,393 $9,123 $4,533 $3,031
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Diluted Earnings per Share:
Common $0.32 $0.52 $0.17 $0.17
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Class A Common $0.35 $0.57 $0.19 $0.19
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Weighted Average Number of Shares Outstanding:
Common and Common Equivalent 6,533 6,371 6,544 6,374
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Class A Common and Class A Common Equivalent 18,692 10,524 18,704 10,664
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Reconciliation of Net Income Available to Common and
Class A Common Stockholders to Funds From Operations:
- -------------------------------------------------------
- -------------------------------------------------------
Net Income Applicable to Common and Class A Common
Stockholders $8,393 $9,123 $4,533 $3,031
Plus: Real property depreciation 3,697 2,472 1,968 1,340
Amortization of tenant improvements and 995 876 494 340
allowances
Amortization of deferred leasing costs 241 275 122 138
Minority Interest 183 180 92 90
Less: Excess of carrying value over cost to
repurchase preferred shares - (3,071) - -
------- ------ ------ -----
Funds from Operations (Diluted) $13,509 $9,855 $7,209 $4,939
======= ====== ====== ======
Funds from Operations (Diluted) Per Share:
Common $0.50 $0.55 $0.26 $0.27
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Class A Common $0.55 $0.61 $0.29 $0.30
===== ===== ===== =====
Cash Dividends Paid Per Share:
Common $0.38 $0.37 $0.19 $0.185
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Class A Common $0.42 $0.41 $0.21 $0.205
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