FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Quarterly Report under Section 13 or 15(d) of
The Securities Exchange Act of 1934
For Quarter Ended January 31, 2000 Commission File Number 1-12803
---------------- -------
URSTADT BIDDLE PROPERTIES INC.
(Exact Name of Registrant as Specified in Charter)
MARYLAND 04-2458042
- -------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
321 Railroad Avenue, Greenwich, CT 06830
- ----------------------------------- ------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 863-8200
The number of shares of Registrant's Common Stock and Class A Common Stock
outstanding as of the close of period covered by this report were: 5,576,665
Common Shares, par value $.01 per share and 5,288,876 Class A Common Shares, par
value $.01 per share
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
THE SEC FORM 10-Q, FILED HEREWITH, CONTAINS 14 PAGES, NUMBERED CONSECUTIVELY
FROM 1 TO 14 INCLUSIVE, OF WHICH THIS PAGE IS 1.
1
<PAGE>
INDEX
URSTADT BIDDLE PROPERTIES INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets--January 31, 2000 and October 31, 1999.
Consolidated Statements of Income--Three months ended January 31,
2000 and 1999,
Consolidated Statements of Cash Flows--Three months ended January
31, 2000 and 1999.
Consolidated Statements of Stockholders' Equity--Three months ended
January 31, 2000 and 1999.
Notes to Consolidated Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
2
<PAGE>
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
January 31 October 31
ASSETS 2000 1999
---- ----
<S> <C> <C>
Real Estate Investments:
Properties owned-- at cost, net of accumulated depreciation $143,616 $144,522
Properties available for sale - at cost, net of accumulated
depreciation and recoveries 16,437 16,966
Investment in unconsolidated joint venture 9,364 9,889
Mortgage notes receivable 2,471 2,500
----- -----
171,888 173,877
Cash and cash equivalents 3,618 2,758
Interest and rent receivable 3,707 3,370
Deferred charges, net of accumulated amortization 2,303 2,418
Other assets 1,674 1,351
----- -----
$183,190 $183,774
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Bank loans $ 2,000 $ 2,000
Mortgage notes payable 51,096 51,263
Accounts payable and accrued expenses 1,642 1,907
Deferred directors' fees and officers' compensation 116 155
Other liabilities 2,077 1,810
----- -----
56,931 57,135
------ ------
Minority Interest 5,140 5,140
----- -----
Preferred Stock, par value $.01 per share; 20,000,000 shares authorized; 8.99%
Series B Senior Cumulative Preferred stock, (liquidation preference of
$100 per share); 350,000 shares issued and outstanding in 2000 and 1999 33,462 33,462
------ ------
Stockholders' Equity:
Excess stock, par value $.01 per share; 10,000,000 shares authorized;
none issued and outstanding - -
Common stock, par value $.01 per share; 30,000,000 shares authorized;
5,576,665 and 5,531,845 issued and outstanding shares in 2000 and 1999, respectively 56 55
Class A Common stock, par value $.01 per share; 40,000,000 shares authorized;
5,288,876 and 5,184,039 issued and outstanding shares in 2000 and 1999 respectively 53 52
Additional paid in capital 122,072 120,964
Cumulative distributions in excess of net income (32,068) (31,127)
Unamortized restricted stock compensation and notes receivable
from officers/stockholders (2,456) (1,907)
------- -------
87,657 88,037
------ ------
$183,190 $183,774
======== ========
</TABLE>
The accompanying notes to consolidated financial statements are an integral
part of these balance sheets.
3
<PAGE>
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended January 31,
---------------------------------------
2000 1999
---- ----
<S> <C> <C>
Revenues:
Operating leases $ 7,614 $ 6,679
Financing leases 37 70
Interest and other 132 150
Equity income of unconsolidated joint venture 29 34
-- --
7,812 6,933
----- -----
Operating Expenses:
Property expenses 2,463 2,150
Interest 1,115 877
Depreciation and amortization 1,510 1,390
General and administrative expenses 772 614
Directors' fees and expenses 52 51
-- --
5,912 5,082
----- -----
Operating Income before Minority Interests 1,900 1,851
Minority Interests in Results of Consolidated Joint Ventures 113 104
--- ---
Net Income 1,787 1,747
Preferred Stock Dividends 786 786
--- ---
Net Income Applicable to Common and Class A Common Stockholders $1,001 $ 961
====== =====
Basic Earnings per Share:
Common $.09 $.09
==== ====
Class A Common $.10 $.10
==== ====
Weighted Average Number of Shares Outstanding:
Common 5,376 5,085
===== =====
Class A Common 5,035 5,177
===== =====
Diluted Earnings Per Share:
Common $.09 $.09
==== ====
Class A Common $.10 $.10
==== ====
Weighted Average Number of Shares Outstanding:
Common and Common Equivalent 5,472 5,151
===== =====
Class A Common and Class A Common Equivalent 5,522 5,460
===== =====
</TABLE>
The accompanying notes to consolidated financial statements are an
integral part of these statements.
4
<PAGE>
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<CAPTION Three Months Ended January 31,
------------------------------
2000 1999
---- ----
<S> <C> <C>
Operating Activities:
Net income $1,787 $1,747
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 1,510 1,390
Compensation recognized relating to restricted stock 141 103
Recovery of investment in properties owned
subject to financing leases 334 300
Equity in income of unconsolidated joint venture (29) (34)
(Increase) in interest and rent receivable (337) (106)
(Decrease) increase in accounts payable and accrued expenses (265) 17
(Increase) in other assets and other liabilities, net (105) (610)
----- -----
Net Cash Provided by Operating Activities 3,036 2,807
----- -----
Investing Activities:
Acquisitions of properties - (2,758)
Improvements to properties and deferred charges (284) (388)
Distributions received from unconsolidated joint venture 700 -
Investment in unconsolidated joint venture (146) (199)
Payments received on mortgage notes receivable 29 26
-- --
Net Cash Provided by (Used in) Investing Activities 299 (3,319)
--- -------
Financing Activities:
Proceeds from bank loans - 2,000
Sales of additional Common and Class A Common Shares 1,237 1,370
Dividends paid - Common and Class A Common Shares (1,942) (1,861)
Dividends paid - Preferred Stock (786) -
Purchases of Common and Class A Common Shares (817) (534)
Payments on mortgage notes payable (167) (96)
----- ----
Net Cash (Used in) Provided by Financing Activities (2,475) 879
------- ------
Net Increase In Cash and Cash Equivalents 860 367
Cash and Cash Equivalents at Beginning of Period 2,758 3,900
----- -----
Cash and Cash Equivalents at End of Period $3,618 $4,267
====== ======
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these statements.
5
<PAGE>
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands, except shares and per share data)
<TABLE>
<CAPTION>
Unamortized
Restricted
Common Stock Class A Common Stock (Cumulative Stock
Outstanding Outstanding Additional Distributions Compensation
Number of Par Number of Par Paid In In Excess of and Notes
Shares Value Shares Value Capital Net Income) Receivable Total
------ ----- ------ ----- ------- ----------- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balances - October 31, 1998 5,221,602 $52 5,193,650 $52 $118,558 $(29,699) $(1,634) $87,329
Net Income Applicable to
Common and Class A Common - - - - - 961 - 961
stockholders
Cash dividends paid :
Common Stock ($.17 per share) - - - - - (863) - (863)
Class A Common Stock ($.19
per share) - - - - - (998) - (998)
Sale of additional shares - - 162,500 2 1,298 - - 1,300
Sale of additional shares
under dividend reinvestment 4,163 - 4,472 - 70 - - 70
plan
Shares issued under restricted
stock plan 46,500 1 46,500 1 759 - (761) -
Amortization of restricted stock
compensation - - - - - - 103 103
Purchases of shares (52,300) (1) (14,000) - (533) - - (534)
-------- --- -------- --- ------ --- ----- -------
Balances - January 31, 1999 5,219,965 $52 5,393,122 $55 $120,152 $(30,599) $(2,292) $87,368
========= === ========= === ======== ========= ======== =======
Balance - October 31 1999 5,531,845 $55 5,184,039 $52 $120,964 $(31,127) $(1,907) $88,037
Net Income Applicable to
Common and Class A Common - - - - - 1,001 - 1,001
stockholders
Cash dividends paid :
Common Stock ($.175 per share) - - - - - (946) - (946)
Class A Common Stock ($.195
per share) - - - - - (996) - (996)
Sale of additional shares 29,400 - 123,400 1 1,159 - - 1,160
Sale of additional shares
under dividend reinvestment plan 5,420 - 5,437 - 77 - - 77
Shares issued under restricted
stock plan 47,500 1 47,500 1 688 - (690) -
Amortization of restricted stock
compensation - - - - - - 141 141
Purchases of shares (37,500) - (71,500) (1) (816) - - (817)
-------- --- --------- --- -------- -------- -------- -------
Balances - January 31, 2000 5,576,665 $56 5,288,876 $53 $122,072 $(32,068) $(2,456) $87,657
========= === ========= === ======== ========= ======== =======
</TABLE>
The accompanying notes to consolidated financial
statements are an integral part of these statements.
6
<PAGE>
URSTADT BIDDLE PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Business
Urstadt Biddle Properties Inc., (the "Company") a real estate investment trust,
is engaged in the acquisition, ownership and management of commercial real
estate, primarily neighborhood and community shopping centers in the
northeastern part of the United States. Other assets include office and retail
buildings and industrial properties. The Company's major tenants include
supermarket chains and other retailers who sell basic necessities.
Basis of Presentation
The accompanying unaudited consolidated financial statements include the
accounts of the Company, its wholly-owned subsidiaries, and joint ventures in
which the Company has the ability to control the affairs of the venture. All
significant intercompany transactions and balances have been eliminated. The
Company's investment in an unconsolidated joint venture in which it does not
exercise control is accounted for by the equity method of accounting. The
financial statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information
and footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been omitted. In
the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Results of operations for the three-month period ended January 31, 2000 are not
necessarily indicative of the results that may be expected for the year ending
October 31, 2000. It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto included in the
Company's annual report for the fiscal year ended October 31, 1999.
Earnings Per Share
Basic EPS ("EPS") excludes the impact of dilutive shares and is computed by
dividing net income applicable to Common and Class A Common stockholders by the
weighted number of Common shares and Class A Common shares outstanding for the
period. Diluted EPS reflects the potential dilution that could occur if
securities or other contracts to issue Common shares or Class A Common shares
were exercised or converted into Common shares or Class A Common shares and then
shared in the earnings of the Company. Since the cash dividends declared on the
Company's Class A Common stock are higher than the dividends declared on the
Common Stock, basic and diluted EPS have been calculated using the "two-class"
method. The two-class method is an earnings allocation formula that determines
earnings per share for each class of common stock according to the weighted
average of the dividends declared, outstanding shares per class and
participation rights in undistributed earnings.
7
<PAGE>
The following table sets forth the reconciliation between basic and diluted EPS
(in thousands):
<TABLE>
<CAPTION>
Three Months Ended
January
------------ ------------
2000 1999
<S> <C> <C>
Numerator
Net income applicable to Common Stockholders - basic $490 $457
Effect of dilutive securities:
Operating partnership units 14 52
-- --
Net income applicable to Common Stockholders - diluted $504 $509
==== ====
Denominator
Denominator for basic EPS-weighted average Common shares 5,376 5,085
Effect of dilutive securities:
Stock options and awards 96 66
Operating partnership units --- ---
--- ---
Denominator for diluted EPS - weighted average Common
equivalent shares 5,472 5,151
===== =====
Numerator
Net income applicable to Class A Common Stockholders-basic $511 $504
Effect of dilutive securities:
Operating partnership units 56 52
-- --
Net income applicable to Class A Common Stockholders - diluted $567 $556
==== ====
Denominator
Denominator for basic EPS - weighted average Class A Common shares 5,035 5,177
Effect of dilutive securities:
Stock options and awards 104 68
Operating partnership units 383 215
--- ---
Denominator for diluted EPS - weighted average
Class A Common equivalent shares 5,522 5,460
===== =====
</TABLE>
The weighted average Common equivalent shares and Class A Common equivalent
shares for the quarter ended January 31, 2000 and 1999 each exclude 54,553
shares. These shares were not included in the calculation of diluted EPS because
the effect would be anti-dilutive.
Stockholders Equity
On January 7, 2000, the Company sold 29,400 Common Shares and 123,400 Class A
Common shares for aggregate net proceeds of $1.16 million in a private placement
which included all of the senior officers and directors of the Company.
The Company has a Restricted Stock Plan (Plan) which provides for the grant of
restricted stock awards to key employees of the Company. The Plan allows for
restricted stock awards of up to an aggregate of 250,000 Class A Common shares
and Common shares. During the three months ended January 31, 2000, the Company
awarded 47,500 Common shares and 47,500 Class A Common shares (46,500 Common
shares and 46,500 Class A Common shares in 1999) to participants in the Plan as
an incentive for future services. The shares vest after five years. Dividends on
vested and non-vested shares are paid as declared. The market value of shares
awarded has been recorded as unamortized restricted stock compensation and is
shown as a separate component of stockholder's equity. Unamortized restricted
stock compensation is being amortized to expense over the five year vesting
period.
8
<PAGE>
The Company's Board of Directors authorized a program to purchase up to one
million of the Company's Class A Common and Common shares periodically. During
the three months ended January 31, 2000, the Company purchased 37,500 Common
shares and 71,500 Class A Common shares at an aggregate cost of $817,000 under
this program.
Segment Reporting
For financial reporting purposes, the Company has grouped its real estate
investments into two segments: equity investments and mortgage loans. Equity
investments are managed separately from mortgage loans as they require a
different operating strategy and management approach. The Company assesses and
measures operating results for each of its segments, based on net operating
income. For equity investments, net operating income is calculated as rental
revenues of the property less its rental expenses (such as common area expenses,
property taxes, insurance, etc.) and, for mortgage loans, net operating income
consists of interest income less direct expenses, if any.
The revenues, net operating income and assets for each of the reportable
segments are summarized in the following tables for the three month periods
ended January 31, 2000 and 1999. Non-segment assets include cash and cash
equivalents, interest receivable, and other assets. The non-segment revenues
consist principally of interest income on temporary investments.(In thousands)
<TABLE>
<CAPTION>
Equity Mortgage Non
Quarter Ending January 31 Investments Loans Segment Total
- ------------------------- ----------- ------------ ------- -----
2000
<S> <C> <C> <C> <C>
Total Revenues $ 7,680 $ 85 $ 47 $ 7,812
=========== ========= ======== ==========
Net Operating Income $ 5,104 $ 85 $ 47 $ 5,236
=========== ======== ======== ==========
Total Assets $ 178,311 $2,471 $2,408 $183,190
=========== ======== ======== ==========
1999
Total Revenues $ 6,783 $ 79 $ 71 $ 6,933
=========== ========= ======== ==========
Net Operating Income $ 4,529 $ 79 $ 71 $ 4,679
=========== ========= ========= ==========
Total Assets $ 171,716 $ 2,581 $ 2,867 $ 177,164
=========== ========= ========= ==========
</TABLE>
9
<PAGE>
The reconciliation to net income for the combined reportable segments and for
the Company is as follows:
<TABLE>
<CAPTION>
Quarter Ended January 31 (In thousands), 2000 1999
---- ----
<S> <C> <C>
Net Operating Income from Reportable Segments $5,236 $4,679
------ ------
Deductions:
Interest expense 1,115 877
Depreciation and amortization 1,510 1,390
General, administrative and
other expenses 824 665
----- -----
Total Deductions 3,449 2,932
----- -----
Net Income 1,787 1,747
Preferred stock dividends (786) (786)
----- -----
Net Income Applicable to
Common and Class A Common Stockholders $1,001 $ 961
====== =====
</TABLE>
Subsequent Event and Commitments
In February 2000, the Company closed a $6.5 million nonrecourse first mortgage
loan secured by one of its retail properties having a net book value of $9.1
million at January 31, 2000. The mortgage loan has a term of 10 years and bears
interest at a fixed rate of 7.78%.
The Company has contracted for the sale of two of its non-core properties. The
sales, which are expected to close in the Company's second quarter, will result
in net gains on the sales of properties of approximately $1,050,000.
10
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Company's liquidity and capital resources include its cash and cash
equivalents, proceeds from bank borrowings and long-term mortgage debt,
capital financings and sales of real estate investments. The Company
expects to meet its short-term liquidity requirements primarily by
generating net cash from the operations of its properties. Payments of
expenses related to real estate operations, debt service, management and
professional fees, and dividend requirements place demands on the Company's
short-term liquidity. The Company believes that its net cash provided by
operations will be sufficient to fund its short-term liquidity needs in the
near term. The Company expects to meet its long-term liquidity requirements
such as property acquisitions, debt maturities and capital improvements
through long-term secured indebtedness,proceeds from sales of non-core
assets and/or the issuance of additional equity securities.
At January 31, 2000, the Company had cash and cash equivalents of $3.6 million
compared to $2.8 million at October 31 1999. The Company also has a $20 million
secured revolving credit facility with a bank which expires in 2005. The secured
credit line is available to finance the acquisition, management or development
of commercial real estate and for working capital purposes. At January 31, 2000,
the Company had outstanding borrowings of $2 million under an unsecured line of
credit which expired on December 31, 1999. The Company has agreed in principle
with a bank for a $10 million unsecured credit facility for a term of one year.
Extensions of credit under the credit facility will be subject to the bank's
satisfaction of certain conditions. At January 31, 2000, long-term debt consists
of mortgage notes payable totaling $38.1 million and outstanding borrowings of
$12.9 million under the secured revolving credit facility.
In February 2000, the Company obtained a mortgage note payable in the amount of
$6.5 million secured by one of its core retail properties having a net book
value of $9.1 million. Proceeds from the financing were used to repay a $4.1
million mortgage note payable maturing in April 2000 and outstanding short-term
bank loans.
During the first quarter of fiscal 2000, the Company completed a private
placement of approximately $1,160,000 of additional Common and Class A Common
shares.
The Company's Board of Directors has authorized the purchase of up to one
million of the Company's Common and Class A Common shares over the next two to
three years. The repurchase program is subject to termination at any time for,
among other reasons, prevailing market prices, availability of cash resources
and alternative investment opportunities. In the first quarter, the Company
repurchased 37,500 Common shares and 71,500 Class A Common shares at an
aggregate cost of $817,000 from available cash. The Company expects to fund the
cost of future share purchases, if any, from available cash.
In a prior year, the Board of Directors expanded and refined the strategic
objectives of the Company to refocus its real estate portfolio into one of
self-managed retail properties located in the Northeast and authorized a plan to
sell the non-core properties of the Company in the normal course of business
over a period of several years. The non-core properties comprise all of the
Company's distribution and service facilities, and certain of its office and
retail properties and undeveloped land located outside of the Northeast region
of the United States. The Company has contracted to sell two of its non-core
properties for aggregate proceeds of $4.1 million. The sales are expected to
close in the Company's fiscal second quarter.
11
<PAGE>
Funds from Operations
The Company considers Funds From Operations (FFO) to be an appropriate
supplemental financial measure of an equity REIT's operating performance since
such measure does not recognize depreciation and amortization of real estate
assets as reductions of income from operations.
The National Association of Real Estate Investment Trusts (NAREIT) defines FFO
as net income computed in accordance with generally accepted accounting
principles (GAAP) plus depreciation and amortization of assets uniquely
significant to the real estate industry, excluding gains (or losses) from sales
of property, and after adjustments for unconsolidated joint ventures. The
Company considers recoveries of investments in properties subject to finance
leases to be analogous to amortization for purposes of calculating FFO. FFO does
not represent cash flows from operations as defined by GAAP and should not be
considered a substitute for net income as an indicator of the Company's
operating performance, or for cash flows as a measure of liquidity or of its
dividend paying capacity. Furthermore, FFO as disclosed by other REITs may not
be comparable to the Company's calculation of FFO. The table below provides a
reconciliation of net income in accordance with GAAP to FFO as calculated under
the NAREIT guidelines for the three month periods ended January 31, 2000 and
1999 (amounts in thousands):
<TABLE>
<CAPTION>
Three months ended January 31
2000 1999
---- ----
<S> <C> <C>
Net Income Applicable to Common and Class A Common Stockholders $1,001 $961
Plus: Real property depreciation, amortization of tenant improvements and
amortization of lease acquisition costs and recoveries of investments
in properties subject to finance leases 1,717 1,579
Adjustments for unconsolidated joint venture 188 165
--- ---
Funds from Operations $2,906 $2,705
====== ======
</TABLE>
RESULTS OF OPERATIONS
Revenues
Operating lease revenue increased 14% in the first quarter of fiscal 2000 from
the comparable period in fiscal 1999. The increase in operating lease revenues
results principally from additional rental income earned from properties
acquired in fiscal 1999 and the effect of new leasing at certain of the
Company's core retail properties. Revenues derived from new acquisitions totaled
$936,000 in the three months ended January 31, 2000. Operating lease revenue for
all other properties owned increased 4.8% in fiscal 2000 from new leasing when
compared to the same period in the year ago quarter.
During fiscal 2000, two tenants with leases totaling 28,000 square feet of space
filed for bankruptcy protection and vacated their premises at one of the
Company's retail properties. The Company is actively seeking to replace these
tenants.
The Company's core properties were more than 95% leased at January 31, 2000,
unchanged from the end of the last fiscal quarter. The Company leased or renewed
72,000 square feet of leasable space in the first quarter of fiscal 2000
compared to 36,000 square feet of space in the comparable quarter a year ago.
12
<PAGE>
Expenses
Total expenses amounted to $5,912,000 in the first quarter of fiscal 2000
compared to $5,082,000 in the same quarter last year. The largest expense
category is property expenses of the real estate operating properties. The
increase in property expenses in fiscal 2000 reflect the effect of recent
acquisitions of properties in fiscal 1999. Property expenses of new properties
increased operating expenses by $280,000 in the first quarter of fiscal 2000.
Property expenses for all other properties increased by 8.9% compared to the
same period in fiscal 1999. The increases were principally attributable to
higher repairs and maintenance expenses and real estate taxes at certain of the
Company's core properties.
Interest expense increased from borrowings on the Company's unsecured and
secured revolving credit facilities utilized to complete the acquisition of
properties in fiscal 1999 and $25.4 million in new first mortgage loans financed
last year.
Depreciation and amortization expense increased principally from the acquisition
of nearly $23 million of properties during fiscal 1999.
General and administrative expenses increased in fiscal 2000 from higher legal
and other professional costs and compensation expense related to restricted
stock issued to key employees of the Company.
13
<PAGE>
PART II - OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K
--------------------------------
Reports on Form 8-K
There were no reports on Form 8-K filed with the Securities
and Exchange Commission during the Registrant's fiscal first
quarter ended January 31, 2000.
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
URSTADT BIDDLE PROPERTIES INC.
------------------------------
(Registrant)
/S/ Charles J. Ustadt
By
Charles J. Urstadt
Chairman and
Chief Executive Officer
/S/ James R. Moore
By:
James R. Moore
Executive Vice President/
Chief Financial Officer
(Principal Financial Officer
and Principal Accounting Officer)
Dated: March 14, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> US Dollars
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-2000
<PERIOD-START> Nov-01-1999
<PERIOD-END> Jan-31-2000
<EXCHANGE-RATE> 1
<CASH> 3,618,000
<SECURITIES> 0
<RECEIVABLES> 3,707,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 7,325,000
<PP&E> 203,742,000 <F1>
<DEPRECIATION> 31,855,000
<TOTAL-ASSETS> 183,190,000
<CURRENT-LIABILITIES> 3,642,000 <F2>
<BONDS> 51,096,000
0
33,462,000
<COMMON> 122,181,000
<OTHER-SE> (32,068,000)
<TOTAL-LIABILITY-AND-EQUITY> 183,190,000
<SALES> 0
<TOTAL-REVENUES> 7,812,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,797,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,115,000
<INCOME-PRETAX> 1,900,000
<INCOME-TAX> 113,000 <F3>
<INCOME-CONTINUING> 1,787,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 786,000 <F4>
<NET-INCOME> 1,001,000
<EPS-BASIC> .09 <F5>
<EPS-DILUTED> .10 <F5>
[EPS-BASIC] .09 <F6>
[EPS-DILUTED] .10 <F6>
<FN>
<F1> This item consists of Real Estate Investment
<F2> This item includes Bank Loan of $2,000,000
<F3> This item consists of Minority Interest in Consolidated Joint Ventures
<F4> This item consists of Preferred Stock Dividends
<F5> Applicable to Common Shareholders
<F6> Applicable to Class A Shareholders
</FN>
</TABLE>
