Urstadt Biddle still successful in 3Q15
Urstadt Biddle Properties (UBP), a $132.35 million, self-administered equity REIT (real estate investment trust), has released its 3Q15 earnings report. The company continues to succeed with revenue up 49.2% and an increase in base rents of 49.8%. Recoveries from tenants is up 44.9% on a quarterly basis.
The company’s 3Q15 net income is at $22.427 million, up 64.3% compared to $13.642 million in 2Q15. With the increase in net income, cash and cash equivalent rose to $6.576 million, a hike of 20.1%, and mortgage notes payable fell 2.26% compared to 2Q15.
On September 3, 2015, Urstadt Biddle declared a dividend of $0.255 per share of Class A Common Stock and $0.225 per share of common stock.
A look back at 2Q15
In 2Q15, Urstadt Biddle recorded net income of $13.642 million due to an increase in base rents and recoveries from tenants. After 2Q15, the company announced the sale of its 315,000-square-foot Townline Square Shopping Center for $44.5 million.
On August 5, 2015, Urstadt Biddle acquired the 25,000-square-foot Harrison Shopping Center, which will help increase market share and progress in an competitive environment.
About Urstadt Biddle
Urstadt Biddle provides ownership of income-producing properties with ready liquidity to investors. The company’s main focus is the ownership, operation, and redevelopment of high-quality retail shopping centers located predominantly in suburban, high-demographic, high-barrier-to-entry communities surrounding New York City. Urstadt Biddle’s price movement on a weekly, monthly, and year-to-date basis is -1.38%, -3.87%, and 43.37%, respectively.
The First Trust S&P REIT Fund (FRI) tracks a market-cap weighted index of US companies involved in the ownership and operation of real estate. The year-to-date price movement of FRI is -8.05%.