EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 SUPPLEMENTAL INFORMATION PACKAGE Q3 2022

EXHIBIT 99.1


URSTADT BIDDLE PROPERTIES INC
SUPPLEMENTAL INFORMATION
July 31, 2022





URSTADT BIDDLE PROPERTIES INC
321 RAILROAD AVENUE GREENWICH, CT 06830
203-863-8200


URSTADT BIDDLE PROPERTIES INC
SUPPLEMENTAL INFORMATION
July 31, 2022




TABLE OF CONTENTS

 1
 PROPERTY PORTFOLIO
 2
SAME PROPERTY OPERATING INCOME – THREE AND NINE MONTHS PERIODS ENDED July 31, 2022 AND 2021
 3
NEW AND RENEWAL LEASING STATISTICS – ROLLING 4 QUARTERS ENDED July 31, 2022




URSTADT BIDDLE PROPERTIES INC
PROPERTY PORTFOLIO DETAIL
July 31, 2022

                                                                                 
Property Demographics ₁
  
                                                                     
3-Mile Radius
  
                           
Gross Leasable Area
    
Percentage Leased
    
Annualized Base Rent PSF for Leased Space
    
Total
    
Number of
    
Average Household
    
Median Household
  
Property Location
  
Property Name
    
Anchor Tenant's
    
% Owned
    
Year Acquired
    
Anchors
    
Shops
    
Total
    
Anchors
    
Shops
    
Total
    
Anchors
    
Shops
    
Total
    
Population
    
Households
    
Income
    
Income
  
Connecticut
                                                                                                      
Stamford
  
Ridgeway
    
Stop & Shop Supermarket
      
100
%
    
2002
      
72,000
      
302,111
      
374,111
      
100.00
%
    
97.78
%
    
98.2
%
  
$
30.46
    
$
29.89
    
$
30.00
      
143,500
      
55,000
      
162,400
      
109,900
  
Stratford
  
The Dock
    
Stop & Shop Supermarket / BJ's Wholesale
      
100
%
    
2005
      
167,754
      
110,731
      
278,485
      
100.00
%
    
98.92
%
    
99.6
%
  
$
16.93
    
$
21.74
    
$
19.06
      
84,400
      
33,300
      
88,000
      
73,200
  
New Milford
  
New Milford Plaza
    
Wal-Mart / Stop & Shop Supermarket
      
100
%
    
2010
      
177,028
      
58,216
      
235,244
      
100.00
%
    
100.00
%
    
100.0
%
  
$
6.83
    
$
15.73
    
$
9.03
      
18,800
      
7,300
      
118,600
      
91,400
  
Danbury₂
  
Danbury Square
    
Christmas Tree Shops
      
100
%
    
1995
      
47,555
      
146,407
      
193,962
      
100.00
%
    
90.26
%
    
92.7
%
  
$
22.00
    
$
14.82
    
$
16.72
      
48,800
      
17,000
      
94,400
      
70,800
  
Shelton
  
Shelton Square
    
Stop & Shop Supermarket
      
100
%
    
2022
      
67,700
      
118,747
      
186,447
      
100.00
%
    
93.09
%
    
95.6
%
  
$
21.95
    
$
12.82
    
$
16.29
      
36,600
      
14,600
      
130,700
      
101,800
  
Darien
  
Goodwives
    
Stop & Shop Supermarket
      
100
%
    
1998
      
42,083
      
53,674
      
95,757
      
100.00
%
    
81.37
%
    
89.6
%
  
$
33.99
    
$
41.85
    
$
37.99
      
68,300
      
24,800
      
200,500
      
118,200
  
Stamford
  
High Ridge Center
    
Trader Joe's Supermarket
      
27
%
    
2017
      
13,265
      
73,857
      
87,122
      
100.00
%
    
59.85
%
    
66.0
%
  
$
40.67
    
$
55.64
    
$
52.19
      
56,300
      
20,400
      
216,300
      
145,100
  
New Milford
  
Veteran's Plaza
    
Big Y Supermarket
      
100
%
    
2008
      
55,450
      
25,751
      
81,201
      
100.00
%
    
87.69
%
    
96.1
%
  
$
8.86
    
$
19.16
    
$
11.84
      
20,400
      
7,800
      
103,000
      
77,600
  
Orange
  
Orange Meadows
    
Trader Joe's Supermarket/TJ Maxx
      
100
%
    
2003
      
38,313
      
39,148
      
77,461
      
100.00
%
    
54.71
%
    
77.1
%
  
$
18.61
    
$
20.45
    
$
19.27
      
49,100
      
19,400
      
113,000
      
94,000
  
Stamford
  
Newfield Green
    
Grade A Market
      
100
%
    
2016
      
30,780
      
43,308
      
74,088
      
100.00
%
    
96.54
%
    
98.0
%
  
$
24.04
    
$
48.25
    
$
37.98
      
133,000
      
51,200
      
157,100
      
107,200
  
New Milford
  
Fairfield Plaza
    
Staples/All Out Fitness
      
100
%
    
2011
      
45,645
      
26,342
      
71,987
      
100.00
%
    
62.31
%
    
86.2
%
  
$
15.00
    
$
15.91
    
$
15.24
      
15,100
      
5,900
      
114,100
      
86,300
  
Fairfield
  
Fairfield Center
    
Marshalls
      
100
%
    
2011
      
32,714
      
28,939
      
61,653
      
100.00
%
    
100.00
%
    
100.0
%
  
$
24.51
    
$
26.15
    
$
25.28
      
75,000
      
26,800
      
135,600
      
97,800
  
Ridgefield
  
Ridgefield
      
N/A
      
100
%
    
1998
      
-
      
61,870
      
61,870
      
0.00
%
    
90.29
%
    
90.3
%
  
$
-
    
$
25.06
    
$
25.06
      
20,400
      
7,400
      
238,200
      
162,800
  
Greenwich Offices
  
Various
    
Various
      
100
%
  
Various
      
-
      
57,746
      
57,746
      
0.00
%
    
96.51
%
    
96.5
%
  
$
-
    
$
31.84
    
$
31.84
      
71,900
      
26,500
      
185,100
      
111,700
  
Greenwich
  
Cos Cob Commons
    
CVS
      
100
%
    
2014
      
15,629
      
32,018
      
47,647
      
100.00
%
    
88.85
%
    
92.5
%
  
$
63.85
    
$
43.21
    
$
50.53
      
67,500
      
24,500
      
242,000
      
136,700
  
Westport
  
Greens Farm
    
BevMax
      
100
%
    
2003
      
14,100
      
25,554
      
39,654
      
100.00
%
    
24.43
%
    
51.3
%
  
$
17.48
    
$
41.09
    
$
24.72
      
31,500
      
11,400
      
276,900
      
166,300
  
Greenwich
  
Kings Shopping Center
    
Kings Supermarket
      
100
%
    
2014
      
18,432
      
20,847
      
39,279
      
100.00
%
    
77.29
%
    
87.9
%
  
$
27.50
    
$
39.08
    
$
32.90
      
104,600
      
40,900
      
188,000
      
117,500
  
Derby
  
Aldi Square
    
Aldi Supermarket
      
100
%
    
2017
      
19,069
      
18,722
      
37,791
      
100.00
%
    
100.00
%
    
100.0
%
  
$
9.47
    
$
22.41
    
$
15.88
      
55,200
      
22,100
      
88,200
      
72,500
  
Danbury
  
Airport Plaza
    
Buffalo Wild Wings
      
100
%
    
2002
      
8,116
      
24,547
      
32,663
      
100.00
%
    
100.00
%
    
100.0
%
  
$
29.65
    
$
29.66
    
$
29.66
      
53,000
      
18,700
      
93,800
      
71,100
  
Bethel
  
The Hub
    
Rite Aid/La Placita Market
      
100
%
    
2014
      
21,480
      
9,506
      
30,986
      
100.00
%
    
100.00
%
    
100.0
%
  
$
15.60
    
$
27.21
    
$
19.16
      
63,800
      
22,800
      
84,700
      
68,500
  
Stamford
  
970 High Ridge
    
FedEx Office
      
100
%
    
2016
      
6,734
      
20,599
      
27,333
      
100.00
%
    
75.83
%
    
81.8
%
  
$
42.00
    
$
31.66
    
$
34.77
      
59,300
      
22,100
      
206,000
      
137,500
  
Ridgefield
  
Yankee Ridge Center
      
N/A
      
100
%
    
2018
      
-
      
22,957
      
22,957
      
0.00
%
    
84.10
%
    
84.1
%
  
$
-
    
$
28.46
    
$
28.46
      
21,800
      
7,900
      
229,700
      
157,800
  
Greenwich
  
Cos Cob Plaza
    
Veterinary Emergency Group
      
100
%
    
2013
      
4,025
      
10,880
      
14,905
      
100.00
%
    
98.33
%
    
98.8
%
  
$
60.00
    
$
46.82
    
$
50.42
      
75,400
      
27,200
      
243,300
      
135,900
  
Greenwich
  
Greenwich Commons
    
Wells Fargo
      
100
%
    
2013
      
2,400
      
7,344
      
9,744
      
100.00
%
    
100.00
%
    
100.0
%
  
$
88.00
    
$
84.42
    
$
85.30
      
71,900
      
26,500
      
185,100
      
111,700
  
Greenwich
  
Old Greenwich - CVS
    
CVS
      
27
%
    
2017
      
8,000
      
-
      
8,000
      
100.00
%
    
0.00
%
    
100.0
%
  
$
30.17
    
$
-
    
$
30.17
      
104,600
      
40,900
      
188,000
      
117,500
  
Stamford
  
High Ridge - Chase
    
J.P Morgan Chase Bank
      
27
%
    
2017
      
4,160
      
-
      
4,160
      
100.00
%
    
0.00
%
    
100.0
%
  
$
79.78
    
$
-
    
$
79.78
      
56,300
      
20,400
      
216,300
      
145,100
  
Stratford
  
Knott's Landing
    
Chipotle
      
100
%
    
2020
      
2,400
      
800
      
3,200
      
100.00
%
    
100.00
%
    
100.0
%
  
$
57.50
    
$
100.50
    
$
68.25
      
84,400
      
33,300
      
88,000
      
73,200
  
                                   
914,832
      
1,340,621
      
2,255,453
      
100.0
%
    
89.1
%
    
93.5
%
  
$
19.82
    
$
27.34
    
$
24.11
                                  
                                                                                                                                       
New York
                                                                                                                                      
Brewster
  
Lakeview Plaza
    
Acme Supermarket
      
100
%
    
2018
      
45,366
      
128,752
      
174,118
      
100.0
%
    
82.0
%
    
86.7
%
  
$
9.50
    
$
21.43
    
$
17.85
      
15,400
      
5,600
      
115,400
      
100,800
  
Carmel
  
Carmel ShopRite Center
    
ShopRite Supermarket
      
100
%
    
1995
      
65,342
      
80,124
      
145,466
      
100.0
%
    
88.4
%
    
93.6
%
  
$
10.86
    
$
15.91
    
$
13.49
      
15,500
      
5,600
      
116,600
      
92,700
  
Ossining
  
Arcadian
    
Stop & Shop Supermarket
      
100
%
    
1998
      
64,858
      
72,399
      
137,257
      
100.0
%
    
85.3
%
    
92.2
%
  
$
20.88
    
$
25.86
    
$
23.31
      
42,300
      
14,100
      
150,400
      
106,500
  
Somers6
  
Somers Commons
    
Goodwill
      
100
%
    
2003
      
14,000
      
120,760
      
134,760
      
100.0
%
    
72.1
%
    
75.0
%
  
$
22.22
    
$
21.27
    
$
21.41
      
31,600
      
11,800
      
137,200
      
109,500
  
Yorktown3
  
Staples Plaza
    
Staples
      
100
%
    
2005
      
15,322
      
107,596
      
122,918
      
100.0
%
    
80.7
%
    
83.1
%
  
$
20.00
    
$
22.95
    
$
22.51
      
31,400
      
11,400
      
138,800
      
110,900
  
Somers
  
Towne Centre at Somers
    
CVS
      
100
%
    
1999
      
14,013
      
66,140
      
80,153
      
100.0
%
    
100.0
%
    
100.0
%
  
$
31.94
    
$
32.70
    
$
32.57
      
22,100
      
8,400
      
161,800
      
129,500
  
Orangeburg
  
Orangetown Shopping Center
    
CVS
      
44
%
    
2012
      
12,410
      
61,868
      
74,278
      
100.0
%
    
93.1
%
    
94.3
%
  
$
31.78
    
$
19.19
    
$
21.42
      
44,500
      
14,900
      
152,100
      
117,100
  
Eastchester
  
DeCicco's Plaza
    
DeCicco & Sons Market
      
100
%
    
1997
      
29,754
      
40,132
      
69,886
      
100.0
%
    
100.0
%
    
100.0
%
  
$
23.50
    
$
41.89
    
$
34.06
      
113,782
      
43,462
      
238,056
      
157,825
  
Yonkers
  
McLean Shopping Center
    
Acme Supermarket
      
53
%
    
2014
      
35,000
      
22,989
      
57,989
      
100.0
%
    
90.3
%
    
96.1
%
  
$
2.20
    
$
54.04
    
$
21.49
      
539,200
      
202,200
      
75,000
      
58,200
  
Briarcliff Manor4
  
Chilmark
    
CVS
      
100
%
    
2001
      
13,900
      
32,838
      
46,738
      
100.0
%
    
94.4
%
    
96.0
%
  
$
36.00
    
$
32.91
    
$
33.87
      
44,500
      
15,000
      
150,000
      
107,800
  
Rye
  
Rye Portfolio
      
N/A
      
100
%
    
2004
      
-
      
38,682
      
38,682
      
0.0
%
    
100.0
%
    
100.0
%
  
$
-
    
$
41.50
    
$
41.50
      
81,291
      
28,687
      
184,337
      
120,135
  
Ossining
  
Rockledge
    
Westchester Community College
      
100
%
    
1999
      
12,558
      
16,449
      
29,007
      
100.0
%
    
78.9
%
    
88.1
%
  
$
18.75
    
$
24.84
    
$
21.85
      
42,300
      
14,100
      
150,400
      
106,500
  
Katonah
  
Village Commons
      
N/A
      
100
%
    
2010
      
-
      
27,922
      
27,922
      
0.0
%
    
95.5
%
    
95.5
%
  
$
-
    
$
38.09
    
$
38.09
      
15,600
      
5,200
      
196,700
      
124,500
  
Yonkers
  
Tanglewood Shopping Center
    
Autozone
      
100
%
    
2018
      
8,300
      
18,675
      
26,975
      
100.0
%
    
82.3
%
    
87.7
%
  
$
32.64
    
$
43.50
    
$
39.69
      
135,700
      
51,800
      
183,400
      
126,200
  
Harrison
  
Harrison Shopping Center
    
Key Food
      
100
%
    
2015
      
12,018
      
14,175
      
26,193
      
100.0
%
    
100.0
%
    
100.0
%
  
$
25.03
    
$
39.25
    
$
32.73
      
70,300
      
24,600
      
219,100
      
130,300
  
Pelham
  
Pelham
    
Mason Supermarket
      
100
%
    
2006
      
10,000
      
14,915
      
24,915
      
100.0
%
    
87.3
%
    
92.4
%
  
$
22.89
    
$
44.37
    
$
35.04
      
307,200
      
115,600
      
91,800
      
70,800
  
Eastchester
  
Eastchester Plaza
    
CVS
      
100
%
    
2012
      
13,506
      
10,195
      
23,701
      
100.0
%
    
100.0
%
    
100.0
%
  
$
33.55
    
$
37.19
    
$
35.12
      
180,000
      
69,800
      
164,400
      
113,900
  
Somers
  
Heritage 202
    
Putnam County Savings Bank
      
100
%
    
1992
      
3,184
      
16,074
      
19,258
      
100.0
%
    
100.0
%
    
100.0
%
  
$
52.32
    
$
30.32
    
$
33.96
      
21,000
      
8,000
      
153,900
      
126,700
  
Bronxville & Yonkers
    
N/A
    
M&T Bank/ JP Morgan Chase Bank
      
100
%
    
2008 & 2009
      
16,527
      
2,278
      
18,805
      
100.0
%
    
100.0
%
    
100.0
%
  
$
20.83
    
$
36.39
    
$
22.71
      
263,900
      
101,100
      
115,400
      
86,300
  
Kingston
  
Kingston
    
Taste of Italy
      
100
%
    
2013
      
3,372
      
-
      
3,372
      
100.0
%
    
0.0
%
    
100.0
%
  
$
28.73
    
$
-
    
$
28.73
      
18,543
      
8,137
      
64,377
      
50,492
  
New City
  
New City Pad
    
Putnam County Savings Bank
      
100
%
    
2018
      
2,596
      
-
      
2,596
      
100.0
%
    
0.0
%
    
100.0
%
  
$
50.73
    
$
-
    
$
50.73
      
66,599
      
20,302
      
156,424
      
124,458
  
                                     
392,026
      
892,963
      
1,284,989
      
100.0
%
    
87.0
%
    
91.0
%
  
$
19.03
    
$
27.82
    
$
24.87
                                  
Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
                            
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent.
                            
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
                            
Note 4 - Property is shadow anchored by an Acme Supermarket
                            
Note 5 - Property is shadow anchored by an Lidl Supermarket
                            
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket
                            
                                                                                                                                         
New Jersey
                                                                                                                                        
Midland Park
  
Midland Park Shopping Center
    
Kings Supermarket
      
100
%
    
2015
      
29,550
      
100,775
      
130,325
      
100.0
%
    
74.2
%
    
80.1
%
  
$
24.49
    
$
24.68
    
$
24.63
      
108,800
      
39,200
      
182,400
      
140,100
  
New Providence
  
Village Shopping Center
    
Acme Supermarket
      
100
%
    
2013
      
45,464
      
63,163
      
108,627
      
100.0
%
    
100.0
%
    
100.0
%
  
$
22.75
    
$
35.63
    
$
30.24
      
59,200
      
21,100
      
241,800
      
158,100
  
Newark
  
Ferry Plaza
    
Seabra Foods
      
100
%
    
2008
      
63,433
      
44,435
      
107,868
      
100.0
%
    
100.0
%
    
100.0
%
  
$
14.27
    
$
31.11
    
$
21.21
      
219,900
      
73,200
      
58,800
      
44,700
  
Wayne
  
Valley Ridge
    
Whole Foods
      
100
%
    
1992
      
38,792
      
64,188
      
102,980
      
100.0
%
    
95.7
%
    
97.3
%
  
$
16.50
    
$
34.43
    
$
27.49
      
118,600
      
39,000
      
99,900
      
81,400
  
Pompton Lakes5
  
Pompton Lakes Town Square
    
Planet Fitness
      
100
%
    
2015
      
18,000
      
76,065
      
94,065
      
100.0
%
    
56.9
%
    
65.1
%
  
$
23.38
    
$
25.48
    
$
24.86
      
52,800
      
19,500
      
126,400
      
105,900
  
Emerson
  
Shop Rite Plaza
    
ShopRite Supermarket
      
100
%
    
2007
      
53,450
      
39,212
      
92,662
      
100.0
%
    
74.5
%
    
89.2
%
  
$
9.57
    
$
24.83
    
$
14.96
      
94,900
      
33,400
      
154,900
      
124,900
  
Kinnelon
  
Meadtown Shopping Center
    
Marshall's
      
100
%
    
2015
      
24,511
      
52,360
      
76,871
      
100.0
%
    
100.0
%
    
100.0
%
  
$
17.00
    
$
27.20
    
$
23.95
      
28,700
      
11,000
      
124,900
      
102,900
  
Dumont
  
Washington Commons
    
Stop & Shop Supermarket
      
36
%
    
2017
      
44,282
      
29,905
      
74,187
      
100.0
%
    
82.1
%
    
92.8
%
  
$
19.45
    
$
33.19
    
$
24.35
      
141,900
      
49,000
      
147,100
      
117,000
  
Boonton
  
Boonton Acme Center
    
Acme Supermarket
      
100
%
    
2014
      
49,463
      
13,278
      
62,741
      
100.0
%
    
86.2
%
    
97.1
%
  
$
21.37
    
$
35.55
    
$
24.04
      
47,900
      
18,400
      
148,300
      
111,900
  
Bloomfield
  
Bloomfield Crossing
    
Walgreen's / Food World
      
100
%
    
2014
      
42,548
      
16,688
      
59,236
      
100.0
%
    
100.0
%
    
100.0
%
  
$
7.06
    
$
33.50
    
$
14.51
      
315,879
      
122,723
      
93,191
      
74,350
  
Wyckoff
  
Cedar Hill Shopping Center
    
Walgreen's
      
100
%
    
2015
      
15,960
      
27,410
      
43,370
      
100.0
%
    
86.2
%
    
91.3
%
  
$
26.68
    
$
32.26
    
$
30.01
      
82,500
      
29,900
      
178,700
      
133,400
  
Passaic
  
Van Houton Farms
    
Dollar Tree/Family Dollar
      
100
%
    
2017
      
20,816
      
15,703
      
36,519
      
100.0
%
    
17.8
%
    
64.7
%
  
$
10.50
    
$
30.39
    
$
12.86
      
285,600
      
99,000
      
95,900
      
77,300
  
Waldwick
  
Waldwick Plaza
    
United States Postal Service
      
100
%
    
2017
      
5,567
      
20,954
      
26,521
      
100.0
%
    
87.8
%
    
90.3
%
  
$
25.00
    
$
27.58
    
$
26.98
      
79,800
      
27,800
      
202,900
      
150,000
  
Waldwick
  
Waldwick Rite Aid
    
Rite Aid
      
100
%
    
2007
      
20,000
      
-
      
20,000
      
100.0
%
    
0.0
%
    
100.0
%
  
$
30.42
    
$
-
    
$
30.42
      
79,700
      
27,800
      
203,300
      
149,900
  
Fort Lee
  
H-Mart Plaza
    
H-Mart
      
100
%
    
2015
      
7,000
      
-
      
7,000
      
100.0
%
    
0.0
%
    
100.0
%
  
$
44.11
    
$
-
    
$
44.11
      
545,900
      
208,500
      
83,600
      
62,700
  
                                     
478,836
      
564,136
      
1,042,972
      
100.0
%
    
82.6
%
    
90.6
%
  
$
17.90
    
$
29.99
    
$
23.86
                                  
                                                                                                                                         
Total Consolidated
                                    
1,785,694
      
2,797,720
      
4,583,414
      
100.0
%
    
87.1
%
    
92.1
%
  
$
19.13
    
$
28.00
    
$
24.26
                                  
                                                                                                                                         
Unconsolidated Joint Ventures
                                                                                                                                        
Scarsdale, NY
  
Midway Shopping Center
    
ShopRite Supermarket
      
12
%
    
2010
      
73,758
      
170,544
      
244,302
      
100.0
%
    
91.0
%
    
93.7
%
  
$
17.15
    
$
33.31
    
$
28.10
      
112,400
      
42,100
      
217,400
      
140,600
  
Riverhead, NY
  
Gateway Plaza
    
Walmart
      
50
%
    
2014
      
167,951
      
30,350
      
198,301
      
100.0
%
    
100.0
%
    
100.0
%
  
$
6.15
    
$
27.86
    
$
9.47
      
19,300
      
7,200
      
71,500
      
58,600
  
Carmel, NY
  
Putnam Plaza
    
Tops Markets
      
67
%
    
2010
      
60,858
      
128,536
      
189,394
      
100.0
%
    
83.2
%
    
88.6
%
  
$
8.29
    
$
20.10
    
$
15.81
      
16,500
      
5,900
      
120,400
      
101,600
  
Montvale, NJ
  
Chestnut Ridge
    
The Fresh Market
      
50
%
    
2013
      
19,205
      
57,183
      
76,388
      
100.0
%
    
85.3
%
    
89.0
%
  
$
24.56
    
$
30.36
    
$
28.72
      
53,300
      
18,600
      
194,200
      
143,400
  
Riverhead, NY
  
Applebee's Plaza
    
Applebee's
      
50
%
    
2014
      
5,363
      
7,194
      
12,557
      
100.0
%
    
100.0
%
    
100.0
%
  
$
30.93
    
$
36.63
    
$
34.20
      
19,300
      
7,200
      
71,500
      
58,600
  
Total Unconsolidated
                                    
327,135
      
393,807
      
720,942
      
100.0
%
    
88.5
%
    
93.7
%
  
$
10.52
    
$
28.43
    
$
19.76
                                  
                                                                             

                                                       
Total Core Portfolio
                                    
2,112,829
      
3,191,527
      
5,304,356
      
100.0
%
    
87.3
%
    
92.3
%
  
$
17.80
    
$
28.05
    
$
23.64
                                  
                                                                                                                                         
Note 1 - Demographics provided by Real Estate Intelligence, 10/2021
                          
Note 2 - Leased square footage includes 65,700 of square feet for former Toy's "R" Us and Babies "R" Us space now owned by OSJ of Danbury, LLC at zero rent.
                          
Note 3 - Property is shadow anchored by a BJ's Wholesale Club
                          
Note 4 - Property is shadow anchored by an Acme Supermarket
                          
Note 5 - Property is shadow anchored by an Lidl Supermarket
                          
Note 6 - Property is shadow anchored by an Stop & Shop Supermarket
                          

1

URSTADT BIDDLE PROPERTIES INC
SAME PROPERTY OPERATING INCOME DISCLOSURE
July 31, 2022


   
Nine Months Ended Jul 31,
    
Three Months Ended Jul 31,
  
   
2022
    
2021
    
% Change
    
2022
    
2021
    
% Change
  
Same Property Operating Results:
                                    
                                     
Number of Properties (Note 4)
       72               72        
                                         
Revenue (Note 2)
                                        
Base Rent (Note 3)
  
$
74,063
    
$
74,566
      
-0.7
%
  
$
24,462
    
$
24,641
      
-0.7
%
Provision for tenant credit losses-same property
    
(172
)
    
(1,371
)
    
-87.5
%
    
(20
)
    
9
      
-326.3
%
ASC Topic 842 cash-basis lease income reversal-same property
    
(66
)
    
(1,882
)
    
-96.5
%
    
(56
)
    
(27
)
    
111.0
%
Recoveries from tenants
    
25,363
      
26,803
      
-5.4
%
    
7,935
      
8,191
      
-3.1
%
Other property income
    
1,262
      
359
      
251.8
%
    
132
      
132
      
-0.5
%
     
100,451
      
98,475
      
2.0
%
    
32,452
      
32,947
      
-1.5
%
                                                 
Expenses
                                                
Property operating
    
10,982
      
10,996
      
-0.1
%
    
3,180
      
3,276
      
-2.9
%
Property taxes
    
17,554
      
17,655
      
-0.6
%
    
5,876
      
5,957
      
-1.4
%
Other non-recoverable operating expenses
    
1,624
      
1,480
      
9.7
%
    
662
      
464
      
42.8
%
     
30,160
      
30,131
      
0.1
%
    
9,718
      
9,696
      
0.2
%
                                                 
Same Property Net Operating Income
  
$
70,291
    
$
68,344
      
2.8
%
  
$
22,734
    
$
23,251
      
-2.2
%
                                                 
Other reconciling items:
                                                
Other non same-property net operating income
    
1,445
      
882
              
695
      
132
          
Other Interest income
    
470
      
349
              
184
      
118
          
Other Dividend income
    
60
      
36
              
60
      
36
          
Consolidated lease termination income
    
691
      
801
              
631
      
96
          
Consolidated amortization of above and below market leases
    
698
      
455
              
301
      
165
          
Consolidated straight line rent income
    
(48
)
    
(2,702
)
            
7
      
(371
)
        
Equity in net income of unconsolidated joint ventures
    
814
      
1,025
              
224
      
365
          
Taxable REIT subsidiary income/(loss)
    
(180
)
    
419
              
(45
)
    
165
          
Solar income/(loss)
    
(233
)
    
(159
)
            
59
      
88
          
Storage income/(loss)
    
1,572
      
805
              
571
      
360
          
Unrealized holding gains arising during the periods
    
-
      
-
              
-
      
-
          
Gain on sale of marketable securities
    
-
      
-
              
-
      
-
          
Interest expense
    
(9,750
)
    
(10,062
)
            
(3,186
)
    
(3,329
)
        
General and administrative expenses
    
(7,673
)
    
(6,876
)
            
(2,485
)
    
(2,139
)
        
Provision for tenant credit losses
    
(172
)
    
(1,380
)
            
(20
)
    
(0
)
        
Provision for tenant credit losses-same property
    
172
      
1,371
              
20
      
(9
)
        
ASC Topic 842 cash-basis lease income reversal
    
(66
)
    
(1,882
)
            
(56
)
    
10
          
ASC Topic 842 cash-basis lease income reversal-same property
    
66
      
1,882
              
56
      
27
          
Directors fees and expenses
    
(283
)
    
(277
)
            
(82
)
    
(79
)
        
Depreciation and amortization
    
(22,360
)
    
(21,773
)
            
(7,644
)
    
(7,063
)
        
Adjustment for intercompany expenses and other
    
(4,213
)
    
(3,035
)
            
(1,099
)
    
(956
)
        
                                                 
Total other -net
    
(38,990
)
    
(40,121
)
            
(11,810
)
    
(12,383
)
        
Income from continuing operations
    
31,301
      
28,223
      
10.9
%
    
10,924
      
10,868
      
0.5
%
Gain (loss) on sale of real estate
    
768
      
12,214
              
-
      
11,808
          
Net income
    
32,069
      
40,437
      
-20.7
%
    
10,924
      
22,676
      
-51.8
%
Net income attributable to noncontrolling interests
    
(2,695
)
    
(2,724
)
            
(881
)
    
(887
)
        
Net income attributable to Urstadt Biddle Properties Inc.
    
29,374
      
37,713
      
-22.1
%
    
10,043
      
21,789
      
-53.9
%
                                                 
Same Property Operating Expense Ratio (Note 1)
    
88.9
%
    
93.5
%
    
-4.7
%
    
87.6
%
    
88.7
%
    
-1.1
%
                                                 
Note 1 - Represents the percentage of property operating expense and real estate tax expense recovered from tenants under operating leases
                          
                                                 
Note 2 - Excludes straight line rent, above/below market lease rent, lease termination income.
                          
                                                 
Note 3 - Base rents for the three and nine month periods ended July 31, 2022 are reduced by approximately $- and $87,000, respectively, in rents that were deferred and approximately $3,000 and $160,000, in rents that were abated because of COVID-19. Base rents for the three and nine month periods ended July 31, 2022, are increased by approximately $83,000 and $465,000, respectively, in COVID-19 deferred rents that were billed and collected in the fiscal 2022 periods.
            
Base rents for the three and nine month periods ended July 31, 2021 are reduced by approximately $99,000 and $525,000, respectively, in rents that were deferred and approximately $414,000 and $2.7 million, in rents that were abated because of COVID-19. Base rents for the three and nine month periods ended July 31, 2021, are increased by approximately $791,000 and $2.6 million, respectively, in COVID-19 deferred rents that were billed and collected in the fiscal 2021 periods.
                          
                         
                         
                                                 
Note 4 - Includes only properties owned for the entire period of both periods presented
                          
                                                 
Non-GAAP Financial Measure - Net Operating Income:
                                  
We present Same Property Net Operating Income ("Same Property NOI"), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income (“NOI”) properties that have not been owned for the full periods presented. The most directly comparable GAAP financial measure to NOI is operating income. To calculate NOI, operating income is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of above and below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures, and gain/loss on sale of operating properties.

We use Same Property NOI internally as a performance measure and believe Same Property NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Our management also uses Same Property NOI to evaluate property level performance and to make decisions about resource allocations. Further, we believe Same Property NOI is useful to investors as a performance measure because, when compared across periods, Same Property NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from income from continuing operations. Same Property NOI excludes certain components from net income attributable to Urstadt Biddle Properties Inc. in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Same Property NOI presented by us may not be comparable to Same Property NOI reported by other REITs that define Same Property NOI differently.
                          


2

URSTADT BIDDLE PROPERTIES INC
LEASING ACTIVITY
July 31, 2022

   
Leases
    
Square
    
New Rent
    
Prior Rent
    
Cash Basis
    
   
Signed
    
Feet
    
Per Sq. Ft (a)
    
Per Sq. Ft. (a)
    
Change
    
                                       
Total Comparable Leases:
                                     
3rd Quarter 2022
    
51
      
254,136
    
$
20.10
    
$
19.77
      
1.7
%
  
2nd Quarter 2022
    
72
      
276,818
    
$
26.28
    
$
25.43
      
3.3
%
  
1st Quarter 2022
    
65
      
230,774
    
$
29.18
    
$
28.77
      
1.4
%
  
4th Quarter 2021
    
60
      
181,866
    
$
25.85
    
$
24.48
      
5.6
%
  
Totals
    
248
      
943,594
    
$
25.24
    
$
24.54
      
2.9
%
  
                                                 
New Leases - Comparable:
                                               
3rd Quarter 2022
    
19
      
45,034
    
$
20.60
    
$
24.92
      
-17.3
%
(c)
2nd Quarter 2022
    
14
      
27,213
    
$
28.58
    
$
27.89
      
2.5
%
  
1st Quarter 2022
    
24
      
45,510
    
$
22.51
    
$
23.66
      
-4.9
%
  
4th Quarter 2021
    
17
      
52,873
    
$
21.19
    
$
22.28
      
-4.9
%
  
Totals
    
74
      
170,630
    
$
22.57
    
$
24.24
      
-6.9
%
  
                                                 
Renewals - Comparable:
                                               
3rd Quarter 2022
    
32
      
209,102
    
$
19.99
    
$
18.66
      
7.1
%
  
2nd Quarter 2022
    
58
      
249,605
    
$
26.03
    
$
25.16
      
3.5
%
  
1st Quarter 2022
    
41
      
185,264
    
$
30.81
    
$
30.03
      
2.6
%
  
4th Quarter 2021
    
43
      
128,993
    
$
27.76
    
$
25.38
      
9.4
%
(b)
Totals
    
174
      
772,964
    
$
25.83
    
$
24.61
      
5.0
%
  
                                                 
(a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.
(b) Includes an 88% increase for a co-anchor space of 8,950 square feet at our Bloomfield property.
             
(c) Includes a 21% decrease for 7,600 square feet at our Orangeburg property, a 41% decrease for 2,950 sqaure feet and a 27% decrease for 19,832 square feet at our Ridgeway property.
          





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