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Urstadt Biddle Properties Inc. Reports Operating Results (10-K)

January 13, 2010 | About:
10qk

10qk

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Urstadt Biddle Properties Inc. (UBA) filed Annual Report for the period ended 2009-10-31.

Urstadt Biddle Properties Inc. has a market cap of $384.6 million; its shares were traded at around $14.54 with and P/S ratio of 4.7. The dividend yield of Urstadt Biddle Properties Inc. stocks is 6.7%.

Highlight of Business Operations:

The Company s single largest real estate investment is its 90% general partnership interest in the Ridgeway Shopping Center (“Ridgeway”). Ridgeway is located in Stamford, Connecticut and was developed in the 1950 s and redeveloped in the mid 1990 s. The property contains approximately 371,000 square feet of gross leasable space. It is the dominant grocery anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. For the year ended October 31, 2009, Ridgeway revenues represented approximately 15% of the Company s total revenues and approximately 17% of the Company s total assets at October 31, 2009. As of October 31, 2009, Ridgeway was approximately 99% leased. The property s largest tenants (by base rent) are: The Stop & Shop Supermarket Company (19%), Bed, Bath and Beyond (15%) and Marshall s Inc., a division of the TJX Companies (10%). No other tenant accounts for more than 10% of Ridgeway s annual base rents.

The Company s single largest real estate investment is its 90% interest in the Ridgeway Shopping Center (“Ridgeway”) located in Stamford, Connecticut. For the year ended October 31, 2009, Ridgeway revenues represented approximately 15% of the Company s total revenues and approximately 17% of the Company s total assets at October 31, 2009. The loss of this center or a material decrease in revenues from the center could have a material adverse effect on the Company.

We will be taxed as a regular corporation if we fail to maintain our REIT status. Since our founding in 1969, we have operated, and intend to continue to operate, in a manner that enables us to qualify as a REIT for federal income tax purposes. However, the federal income tax laws governing REITs are complex. The determination that we qualify as a REIT requires an analysis of various factual matters and circumstances that may not be completely within our control. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, such as rent, that are itemized in the REIT tax laws. In addition, to qualify as a REIT, we cannot own specified amounts of debt and equity securities of some issuers. We also are required to distribute to our stockholders at least 90% of our REIT taxable income (excluding capital gains) each year. Our continued qualification as a REIT depends on our satisfaction of the asset, income, organizational, distribution and stockholder ownership requirements of the Internal Revenue Code on a continuing basis. At any time, new laws, interpretations or court decision may change the federal tax laws or the federal tax consequences of qualification as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain Internal Revenue Code relief provisions, we will be subject to f

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