Eye-Catching Stock to Track: Urstadt Biddle Properties Inc. (NYSE:UBP)

On 16 May 2019, Urstadt Biddle Properties Inc. (NYSE:UBP) above/below -1.11% and ended at $-0.20. The stock’s market capitalization arrived at $826.602M and total traded volume was 8,601 shares. The stock has a 52-week highest price of $18.50 and its 52-week lowest price was called at $14.75. During last trade, its maximum trading price was registered $18.05 and it’s the minimum trading price was noted $17.65.

Urstadt Offerdle Properties Inc. (UBP), a real estate investment trust, recently stated its operating results for the first quarter ended January 31, 2019.

Net income applicable to Class A Ordinary and Ordinary stockholders for its first quarter of fiscal 2019 was $5,854,000 or $0.16 per diluted Class A Ordinary share and $0.14 per diluted Ordinary share contrast to $4,921,000 or $0.13 per diluted Class A Ordinary share and $0.12 per diluted Ordinary share in last year’s first quarter.

Funds from operations (“FFO”) for the first quarter of fiscal 2019 was $13,537,000 or $0.36 per diluted Class A Ordinary share and $0.32 per diluted Ordinary share contrast with $12,250,000 or $0.33 per diluted Class A Ordinary share and $0.29 per diluted Ordinary share in last year’s first quarter.

At January 31, 2019, the company’s consolidated properties were 92.3% leased (versus 93.2% at the end of fiscal 2018) and 90.7% occupied (versus 91.7% at the end of fiscal 2018). The drop in the company’s leased rate in the first quarter predominantly resulted from the company’s purchase of the Lakeview Plaza Shopping Center in December 2018. Lakeview was purchased at a very good price from a lender which had foreclosed on the property. Lakeview has 49,000 square feet vacant, which once leased, will provide the company a important additional return on its investment. The company presently has 352,000 square feet of vacancy in its consolidated portfolio, 65,000 square feet of which is in the lease negotiation stage. In addition, the company is negotiating letters of intent with potential tenants on another 121,000 square feet of vacant space. Also at January 31, 2019 the leased percentage treats as leased, and the January 31, 2019 occupancy percentage treats as unoccupied, 65,700 square feet of retail space (1.4% of our consolidated square footage) formerly ground leased by Toys R’ Us and Babies R’ Us at the company’s Danbury Square shopping center in Danbury, CT. Toys R’ Us and Babies R’ Us went bankrupt in fiscal 2017, and this ground lease was purchased from Toys R’ Us and Babies R’ Us and assumed by a real estate investor in August 2018. The lease rate for the 65,700 square foot space was and remains at $0 for the duration of the lease, and the company did not have any other leases with Toys R’ Us or Babies R’ Us, so the company’s cash flow was not influenced by the bankruptcy of Toys R’ Us and Babies R’ Us. As of the date of this press release, the company has not been informed by the new owner of the lease which operator will occupy the space.

Property Acquisitions and Properties Sold:

In fiscal 2018, we purchased three properties totaling 53,700 square feet of GLA. In the first three months of fiscal 2019, we purchased one property totaling 177,000 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the three months ended January 31, 2019 when contrast with fiscal 2018.

Properties Held in Both Periods:

Revenues

Base Rent

The raise in base rents for the three month period ended January 31, 2019, when contrast to the corresponding previous period, was predominantly caused by new leasing activity at several properties held in both periods and a lease renewal with a grocery-store tenant at a importantly higher rent then the expiring period rent, both of which created a positive variance in base rent.

In the first three months of fiscal 2019, we leased or renewed about 170,000 square feet (or about 3.7% of total consolidated property leasable area). At January 31, 2019, the Company’s consolidated properties were 92.3% leased (93.2% leased at October 31, 2018).

The stock price switched up 1.73% 20-Days Simple Moving Average added 4.84% from 50-Days Simple Moving Average and rose 4.85% from 200 Days Simple Moving Average. The volatility in the previous week has experienced by 1.70% and observed of 1.74% in the previous month.8.27% ownership is held by institutional investors while insiders hold ownership of 77.38%.

Leave a Reply

Your email address will not be published. Required fields are marked *