EXHIBIT 99
For Immediate Release
Contact: James R. Moore
Urstadt Biddle Properties Inc.
203 863-8200
URSTADT BIDDLE PROPERTIES INC. REPORTS FIRST QUARTER RESULTS
AND DECLARES 138TH CONSECUTIVE QUARTERLY DIVIDEND
Greenwich, Connecticut, March 10, 2004. Urstadt Biddle Properties Inc.
UBA and UBP) a real estate investment trust, today reported its results for the
first quarter ended January 31, 2004.
Diluted Funds from Operations (FFO) increased 26.5% to $7,968,000, or $0.32 per
Class A Common share and $0.29 per Common share, for the first quarter ended
January 31, 2004, from $6,301,000 or $0.26 per Class A Common share and $0.23
per Common share in last year's first quarter. Total revenues increased 25.4% to
$17.2 million this quarter compared to $13.7 million a year ago.
Net income applicable to Class A Common and Common stockholders was $5,084,000
or $0.21 per diluted Class A Common share and $0.19 per diluted Common share in
the first quarter of fiscal 2004 compared to $3,860,000 or $0.16 per diluted
Class A Common share and $0.15 per diluted Common share in fiscal 2003. The
increase in the Company's FFO, earnings and revenue growth this quarter reflects
the effect of four shopping center acquisitions totaling 438,000 square feet of
rentable space completed last year, new leasing of previously vacant space and
higher rental rates on recent lease renewals. The Company also received lease
termination payments from two former tenants amounting to $542,000 in the
quarter.
Commenting on the quarter's operating results, Willing L. Biddle, President and
Chief Operating Officer of UBP, said, "Our core portfolio continues to perform
well and was more than 97% leased this quarter. We continue to be challenged by
vacancies in our non-core office property in Southfield, Michigan, caused by a
very weak office leasing market. We are focused on investing in high quality
shopping centers in our target region of Westchester and Putnam Counties in New
York and Fairfield County in Connecticut and are in negotiations to acquire one
or more retail properties over the next several months.
1
At their regular quarterly meeting, the Directors of Urstadt Biddle Properties
Inc. declared regular quarterly dividends on the Company's Class A Common Stock
(UBA) and Common Stock (UBP). The dividends were declared in the amount of
$0.215 for each share of Class A Common Stock and $0.195 for each share
of Common Stock. The dividends are payable April 16, 2004 to stockholders of
record on March 31, 2004. The dividends were declared at the same rate as the
previous quarter and are the 138th consecutive quarterly dividends declared
since the Company began operating in 1969.
Non-GAAP Financial Measure
Funds from Operations ("FFO")
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.
UBP is a self-administered real estate trust providing investors with a means of
participating in ownership of income-producing properties with investment
liquidity. UBP owns thirty (30) properties containing 3.4 million square feet of
space.
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.
(Table Follows)
2
URSTADT BIDDLE PROPERTIES INC. (NYSE: UBA AND UBP)
FIRST QUARTER 2004 RESULTS
(in thousands, except per share data)
Three Months Ended January 31,
2004 2003
Revenues:
Base rents $12,619 $10,400
Recoveries from tenants 3,776 2,920
Lease termination income 542 -
Interest and other 221 361
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Total Revenues 17,158 13,681
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Operating Expenses:
Property operating 2,788 2,332
Property taxes 2,134 1,642
Interest 2,005 2,035
Depreciation and amortization 2,792 2,349
General and administrative expenses 1,019 985
Directors' fees and expenses 57 49
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Total Operating expenses 10,795 9,392
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Operating Income before Minority Interests 6,363 4,289
Minority Interests in Results of Consolidated Joint Ventures (92) (92)
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Net Income 6,271 4,197
Preferred Stock Dividends (1,187) (337)
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Net Income Applicable to Common and Class A Common Stockholders $5,084 $3,860
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Diluted Earnings per Share:
Common $0.19 $0.15
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Class A Common $0.21 $0.16
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Weighted Average Number of Shares Outstanding:
Common and Common Equivalent 6,595 6,514
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Class A Common and Class A Common Equivalent 18,687 18,670
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3
URSTADT BIDDLE PROPERTIES INC. (NYSE: UBA AND UBP)
FIRST QUARTER 2004 RESULTS
(in thousands, except per share data)
Three Months Ended January 31,
-----------------------------
2004 2003
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Reconciliation of Net Income Available to Common Stockholders
to Funds From Operations (1):
Net Income Applicable to Common and Class A Common Stockholders $5,084 $3,860
Plus: Real property depreciation 2,129 1,729
Amortization of tenant improvements and allowances 550 501
Amortization of deferred leasing costs 113 119
Minority Interests 92 92
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Funds from Operations (Diluted) $7,968 $6,301
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Funds from Operations (Diluted) Per Share:
Class A Common $0.32 $0.26
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Common $0.29 $0.23
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Cash Dividends Paid Per Share:
Class A Common $0.215 $0.21
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Common $0.195 $0.19
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January 31, October 31,
Balance Sheet Data: 2004 2003
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Total Assets $392,028 $392,718
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Mortgage Notes Payable $104,106 $104,588
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Preferred Stock $52,747 $52,747
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Total Stockholders' Equity $220,869 $219,676
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(1) Defined as net income applicable to Common and Class A Common Stockholders
(computed in accordance with generally accepted accounting principles (GAAP)),
excluding gains (or losses) from sales of properties and debt restructuring,
plus depreciation and amortization, and after adjustments for unconsolidated
joint ventures. FFO does not represent cash flows from operations as defined by
GAAP and should not be considered an alternative to net income as an indication
of the Company's operating performance or for cash flows as a measurement of
liquidity or its dividend paying capacity. FFO as disclosed by other REITs may
not be comparable to the Company's calculation of FFO.