\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/span><\/b><\/p>\n<\/td>\n | | \n\n 2020<\/span><\/p>\n<\/td>\n | | \n\n 2021<\/span><\/b><\/p>\n<\/td>\n | | \n\n 2020<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Revenues<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLease income\n<\/p>\n<\/td>\n | | \n\n $97,329<\/b><\/p>\n<\/td>\n | | \n\n \n$90,003\n<\/p>\n<\/td>\n | | \n\n $33,051<\/b><\/p>\n<\/td>\n | | \n\n \n$26,855\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLease termination income\n<\/p>\n<\/td>\n | | \n\n 801<\/b><\/p>\n<\/td>\n | | \n\n \n460\n<\/p>\n<\/td>\n | | \n\n 96<\/b><\/p>\n<\/td>\n | | \n\n \n112\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income\n<\/p>\n<\/td>\n | | \n\n 3,403<\/b><\/p>\n<\/td>\n | | \n\n \n3,964\n<\/p>\n<\/td>\n | | \n\n 1,183<\/b><\/p>\n<\/td>\n | | \n\n \n1,832\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Revenues\n<\/p>\n<\/td>\n | | \n\n 101,533<\/b><\/p>\n<\/td>\n | | \n\n \n94,427\n<\/p>\n<\/td>\n | | \n\n 34,330<\/b><\/p>\n<\/td>\n | | \n\n \n28,799\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating Expenses<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty operating\n<\/p>\n<\/td>\n | | \n\n 17,733<\/b><\/p>\n<\/td>\n | | \n\n \n15,085\n<\/p>\n<\/td>\n | | \n\n 5,284<\/b><\/p>\n<\/td>\n | | \n\n \n4,355\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty taxes\n<\/p>\n<\/td>\n | | \n\n 17,785<\/b><\/p>\n<\/td>\n | | \n\n \n17,615\n<\/p>\n<\/td>\n | | \n\n 6,009<\/b><\/p>\n<\/td>\n | | \n\n \n5,897\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | | \n\n 21,773<\/b><\/p>\n<\/td>\n | | \n\n \n21,587\n<\/p>\n<\/td>\n | | \n\n 7,063<\/b><\/p>\n<\/td>\n | | \n\n \n7,304\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative\n<\/p>\n<\/td>\n | | \n\n 6,876<\/b><\/p>\n<\/td>\n | | \n\n \n8,495\n<\/p>\n<\/td>\n | | \n\n 2,139<\/b><\/p>\n<\/td>\n | | \n\n \n2,111\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDirectors’ fees and expenses\n<\/p>\n<\/td>\n | | \n\n 277<\/b><\/p>\n<\/td>\n | | \n\n \n287\n<\/p>\n<\/td>\n | | \n\n 79<\/b><\/p>\n<\/td>\n | | \n\n \n94\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Operating Expenses\n<\/p>\n<\/td>\n | | \n\n 64,444<\/b><\/p>\n<\/td>\n | | \n\n \n63,069\n<\/p>\n<\/td>\n | | \n\n 20,574<\/b><\/p>\n<\/td>\n | | \n\n \n19,761\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating Income<\/b><\/p>\n<\/td>\n | | \n\n 37,089<\/b><\/p>\n<\/td>\n | | \n\n \n31,358\n<\/p>\n<\/td>\n | | \n\n 13,756<\/b><\/p>\n<\/td>\n | | \n\n \n9,038\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-Operating Income (Expense):<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense\n<\/p>\n<\/td>\n | | \n\n (10,062)<\/b><\/p>\n<\/td>\n | | \n\n \n(10,123)\n<\/p>\n<\/td>\n | | \n\n (3,329)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,475)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in net income from unconsolidated joint ventures\n<\/p>\n<\/td>\n | | \n\n 1,025<\/b><\/p>\n<\/td>\n | | \n\n \n1,160\n<\/p>\n<\/td>\n | | \n\n 365<\/b><\/p>\n<\/td>\n | | \n\n \n184\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized holding gains arising during the period\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n(109)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain on sale of marketable securities\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n258\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n258\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain (loss) on sale of properties\n<\/p>\n<\/td>\n | | \n\n 12,214<\/b><\/p>\n<\/td>\n | | \n\n \n(328)\n<\/p>\n<\/td>\n | | \n\n 11,808<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest, dividends and other investment income\n<\/p>\n<\/td>\n | | \n\n 171<\/b><\/p>\n<\/td>\n | | \n\n \n359\n<\/p>\n<\/td>\n | | \n\n 75<\/b><\/p>\n<\/td>\n | | \n\n \n27\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income<\/b><\/p>\n<\/td>\n | | \n\n 40,437<\/b><\/p>\n<\/td>\n | | \n\n \n22,684\n<\/p>\n<\/td>\n | | \n\n 22,675<\/b><\/p>\n<\/td>\n | | \n\n \n5,923\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Noncontrolling interests:<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to noncontrolling interests\n<\/p>\n<\/td>\n | | \n\n (2,724)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,001)\n<\/p>\n<\/td>\n | | \n\n (887)<\/b><\/p>\n<\/td>\n | | \n\n \n(935)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to Urstadt Biddle Properties Inc.\n<\/p>\n<\/td>\n | | \n\n 37,713<\/b><\/p>\n<\/td>\n | | \n\n \n19,683\n<\/p>\n<\/td>\n | | \n\n 21,788<\/b><\/p>\n<\/td>\n | | \n\n \n4,988\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPreferred stock dividends\n<\/p>\n<\/td>\n | | \n\n (10,238)<\/b><\/p>\n<\/td>\n | | \n\n \n(10,237)\n<\/p>\n<\/td>\n | | \n\n (3,413)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,412)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income Applicable to Common and Class A Common Stockholders<\/b><\/p>\n<\/td>\n | | \n\n $27,475<\/b><\/p>\n<\/td>\n | | \n\n \n$9,446\n<\/p>\n<\/td>\n | | \n\n $18,375<\/b><\/p>\n<\/td>\n | | \n\n \n$1,576\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Diluted Earnings Per Share:<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPer Common Share:\n<\/p>\n<\/td>\n | | \n\n $0.64<\/b><\/p>\n<\/td>\n | | \n\n \n$0.22\n<\/p>\n<\/td>\n | | \n\n $0.43<\/b><\/p>\n<\/td>\n | | \n\n \n$0.04\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPer Class A Common Share:\n<\/p>\n<\/td>\n | | \n\n $0.72<\/b><\/p>\n<\/td>\n | | \n\n \n$0.25\n<\/p>\n<\/td>\n | | \n\n $0.48<\/b><\/p>\n<\/td>\n | | \n\n \n$0.04\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Weighted Average Number of Shares Outstanding (Diluted):<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon and Common Equivalent\n<\/p>\n<\/td>\n | | \n\n 9,564<\/b><\/p>\n<\/td>\n | | \n\n \n9,479\n<\/p>\n<\/td>\n | | \n\n 9,697<\/b><\/p>\n<\/td>\n | | \n\n \n9,281\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClass A Common and Class A Common Equivalent\n<\/p>\n<\/td>\n | | \n\n 29,722<\/b><\/p>\n<\/td>\n | | \n\n \n29,610\n<\/p>\n<\/td>\n | | \n\n 29,828<\/b><\/p>\n<\/td>\n | | \n\n \n29,540\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Results of Operations<\/b><\/p>\n \nThe following information summarizes our results of operations for the nine months and three months ended July 31, 2021 and 2020 (amounts in thousands):\n<\/p>\n \n\n | \n | \n\n \nNine months ended\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nChange Attributable to\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nJuly 31,\n<\/p>\n<\/td>\n | | \n\n \nIncrease\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nProperty\n<\/p>\n<\/td>\n | | \n\n \nProperties Held In\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Revenues<\/b><\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n \n2020\n<\/p>\n<\/td>\n | | \n\n \n(Decrease)\n<\/p>\n<\/td>\n | | \n\n \n% Change\n<\/p>\n<\/td>\n | | \n\n \nAcquisitions\/Sales\n<\/p>\n<\/td>\n | | \n\n \nBoth Periods (Note 1)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBase rents\n<\/p>\n<\/td>\n | | \n\n $74,802<\/b><\/p>\n<\/td>\n | | \n\n \n$75,013\n<\/p>\n<\/td>\n | | \n\n \n$(211)\n<\/p>\n<\/td>\n | | \n\n \n(0.3)%\n<\/p>\n<\/td>\n | | \n\n \n$(125)\n<\/p>\n<\/td>\n | | \n\n \n$(86)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRecoveries from tenants\n<\/p>\n<\/td>\n | | \n\n 27,043<\/b><\/p>\n<\/td>\n | | \n\n \n21,166\n<\/p>\n<\/td>\n | | \n\n \n5,877\n<\/p>\n<\/td>\n | | \n\n \n27.8%\n<\/p>\n<\/td>\n | | \n\n \n(9)\n<\/p>\n<\/td>\n | | \n\n \n5,886\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUncollectable amounts in lease income\n<\/p>\n<\/td>\n | | \n\n (1,379)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,490)\n<\/p>\n<\/td>\n | | \n\n \n2,111\n<\/p>\n<\/td>\n | | \n\n \n(60.5)%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n2,111\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nASC Topic 842 cash basis lease income reversal (including straight-line rent)\n<\/p>\n<\/td>\n | | \n\n (3,137)<\/b><\/p>\n<\/td>\n | | \n\n \n(2,686)\n<\/p>\n<\/td>\n | | \n\n \n(451)\n<\/p>\n<\/td>\n | | \n\n \n16.8%\n<\/p>\n<\/td>\n | | \n\n \n158\n<\/p>\n<\/td>\n | | \n\n \n(609)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLease termination\n<\/p>\n<\/td>\n | | \n\n 801<\/b><\/p>\n<\/td>\n | | \n\n \n460\n<\/p>\n<\/td>\n | | \n\n \n341\n<\/p>\n<\/td>\n | | \n\n \n74.1%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n341\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income\n<\/p>\n<\/td>\n | | \n\n 3,403<\/b><\/p>\n<\/td>\n | | \n\n \n3,964\n<\/p>\n<\/td>\n | | \n\n \n(561)\n<\/p>\n<\/td>\n | | \n\n \n(14.2)%\n<\/p>\n<\/td>\n | | \n\n \n(12)\n<\/p>\n<\/td>\n | | \n\n \n(549)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Expenses\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty operating\n<\/p>\n<\/td>\n | | \n\n 17,733<\/b><\/p>\n<\/td>\n | | \n\n \n15,085\n<\/p>\n<\/td>\n | | \n\n \n2,648\n<\/p>\n<\/td>\n | | \n\n \n17.6%\n<\/p>\n<\/td>\n | | \n\n \n181\n<\/p>\n<\/td>\n | | \n\n \n2,467\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty taxes\n<\/p>\n<\/td>\n | | \n\n 17,785<\/b><\/p>\n<\/td>\n | | \n\n \n17,615\n<\/p>\n<\/td>\n | | \n\n \n170\n<\/p>\n<\/td>\n | | \n\n \n1.0%\n<\/p>\n<\/td>\n | | \n\n \n108\n<\/p>\n<\/td>\n | | \n\n \n62\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | | \n\n 21,773<\/b><\/p>\n<\/td>\n | | \n\n \n21,587\n<\/p>\n<\/td>\n | | \n\n \n186\n<\/p>\n<\/td>\n | | \n\n \n0.9%\n<\/p>\n<\/td>\n | | \n\n \n218\n<\/p>\n<\/td>\n | | \n\n \n(32)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative\n<\/p>\n<\/td>\n | | \n\n 6,876<\/b><\/p>\n<\/td>\n | | \n\n \n8,495\n<\/p>\n<\/td>\n | | \n\n \n(1,619)\n<\/p>\n<\/td>\n | | \n\n \n(19.1)%\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nNon-Operating Income\/Expense\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nInterest expense\n<\/p>\n<\/td>\n | | \n\n 10,062<\/b><\/p>\n<\/td>\n | | \n\n \n10,123\n<\/p>\n<\/td>\n | | \n\n \n(61)\n<\/p>\n<\/td>\n | | \n\n \n(0.6)%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n(61)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest, dividends, and other investment income\n<\/p>\n<\/td>\n | | \n\n 171<\/b><\/p>\n<\/td>\n | | \n\n \n359\n<\/p>\n<\/td>\n | | \n\n \n(188)\n<\/p>\n<\/td>\n | | \n\n \n(52.4)%\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | \n | \n\n \nThree Months Ended\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nChange Attributable to\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nJuly 31,\n<\/p>\n<\/td>\n | | \n\n \nIncrease\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \nProperty\n<\/p>\n<\/td>\n | | \n\n \nProperties Held In\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Revenues<\/b><\/p>\n<\/td>\n | | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n \n2020\n<\/p>\n<\/td>\n | | \n\n \n(Decrease)\n<\/p>\n<\/td>\n | | \n\n \n% Change\n<\/p>\n<\/td>\n | | \n\n \nAcquisitions\/Sales\n<\/p>\n<\/td>\n | | \n\n \nBoth Periods (Note 1)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBase rents\n<\/p>\n<\/td>\n | | \n\n $24,790<\/b><\/p>\n<\/td>\n | | \n\n \n$24,130\n<\/p>\n<\/td>\n | | \n\n \n$660\n<\/p>\n<\/td>\n | | \n\n \n2.7%\n<\/p>\n<\/td>\n | | \n\n \n$(99)\n<\/p>\n<\/td>\n | | \n\n \n$759\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRecoveries from tenants\n<\/p>\n<\/td>\n | | \n\n 8,251<\/b><\/p>\n<\/td>\n | | \n\n \n7,056\n<\/p>\n<\/td>\n | | \n\n \n1,195\n<\/p>\n<\/td>\n | | \n\n \n16.9%\n<\/p>\n<\/td>\n | | \n\n \n(4)\n<\/p>\n<\/td>\n | | \n\n \n1,199\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUncollectible amounts in lease income\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n(1,645)\n<\/p>\n<\/td>\n | | \n\n \n1,645\n<\/p>\n<\/td>\n | | \n\n \n(100.0)%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n1,645\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nASC Topic 842 cash basis lease income reversal (including straight-line rent)\n<\/p>\n<\/td>\n | | \n\n 10<\/b><\/p>\n<\/td>\n | | \n\n \n(2,686)\n<\/p>\n<\/td>\n | | \n\n \n2,696\n<\/p>\n<\/td>\n | | \n\n \n(100.4)%\n<\/p>\n<\/td>\n | | \n\n \n158\n<\/p>\n<\/td>\n | | \n\n \n2,538\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLease termination income\n<\/p>\n<\/td>\n | | \n\n 96<\/b><\/p>\n<\/td>\n | | \n\n \n112\n<\/p>\n<\/td>\n | | \n\n \n(16)\n<\/p>\n<\/td>\n | | \n\n \n(14.3)%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n(16)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income\n<\/p>\n<\/td>\n | | \n\n 1,183<\/b><\/p>\n<\/td>\n | | \n\n \n1,832\n<\/p>\n<\/td>\n | | \n\n \n(649)\n<\/p>\n<\/td>\n | | \n\n \n(35.4)%\n<\/p>\n<\/td>\n | | \n\n \n(21)\n<\/p>\n<\/td>\n | | \n\n \n(628)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Expenses\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty operating\n<\/p>\n<\/td>\n | | \n\n 5,284<\/b><\/p>\n<\/td>\n | | \n\n \n4,355\n<\/p>\n<\/td>\n | | \n\n \n929\n<\/p>\n<\/td>\n | | \n\n \n21.3%\n<\/p>\n<\/td>\n | | \n\n \n92\n<\/p>\n<\/td>\n | | \n\n \n837\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty taxes\n<\/p>\n<\/td>\n | | \n\n 6,009<\/b><\/p>\n<\/td>\n | | \n\n \n5,897\n<\/p>\n<\/td>\n | | \n\n \n112\n<\/p>\n<\/td>\n | | \n\n \n1.9%\n<\/p>\n<\/td>\n | | \n\n \n84\n<\/p>\n<\/td>\n | | \n\n \n28\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | | \n\n 7,063<\/b><\/p>\n<\/td>\n | | \n\n \n7,304\n<\/p>\n<\/td>\n | | \n\n \n(241)\n<\/p>\n<\/td>\n | | \n\n \n(3.3)%\n<\/p>\n<\/td>\n | | \n\n \n81\n<\/p>\n<\/td>\n | | \n\n \n(322)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative\n<\/p>\n<\/td>\n | | \n\n 2,139<\/b><\/p>\n<\/td>\n | | \n\n \n2,111\n<\/p>\n<\/td>\n | | \n\n \n28\n<\/p>\n<\/td>\n | | \n\n \n1.3%\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nNon-Operating Income\/Expense\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nInterest expense\n<\/p>\n<\/td>\n | | \n\n 3,329<\/b><\/p>\n<\/td>\n | | \n\n \n3,475\n<\/p>\n<\/td>\n | | \n\n \n(146)\n<\/p>\n<\/td>\n | | \n\n \n(4.2)%\n<\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n(146)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest, dividends, and other investment income\n<\/p>\n<\/td>\n | | \n\n 75<\/b><\/p>\n<\/td>\n | | \n\n \n27\n<\/p>\n<\/td>\n | | \n\n \n48\n<\/p>\n<\/td>\n | | \n\n \n177.8%\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n | | \n\n \nn\/a\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Note 1 \u2013 Properties held in both periods includes only properties owned for the entire periods of 2021 and 2020 and for interest expense the amount also includes parent company interest expense. All other properties are included in the property acquisition\/sales column. There are no properties excluded from the analysis.<\/i><\/p>\n \nBase rents decreased by 0.3% to $74.8 million for the nine month period ended July 31, 2021 as compared with $75.0 million in the comparable period of 2020. Base rents increased by 2.7% to $24.8 million for the three months ended July 31, 2021 as compared with $24.1 million in the comparable period of 2020. The change in base rent and the changes in other income statement line items analyzed in the table above were attributable to:\n<\/p>\n Property Acquisitions and Properties Sold:<\/span><\/p>\n\nIn the first nine months of fiscal 2020, we sold two properties totaling 18,100 square feet. In the first nine months of fiscal 2021 we sold two properties totaling 105,800 square feet. These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in the nine months ended July 31, 2021 when compared with fiscal 2020.\n<\/p>\n Properties Held in Both Periods:<\/span><\/p>\nRevenues <\/i><\/p>\n Base Rent<\/span><\/p>\n\nIn the nine month period ended July 31, 2021, base rent for properties held in both periods was relatively unchanged when compared with the corresponding prior periods.\n<\/p>\n \nIn the three month period ended July 31, 2021, base rent for properties held in both period increased by $759,000 when compared with the corresponding prior period as a result of new leasing completed after the third quarter of fiscal 2020 at approximately 6 properties.\n<\/p>\n \nIn the first nine months of fiscal 2021, we leased or renewed approximately 560,000 square feet (or approximately 12.7% of total GLA). At July 31, 2021, the Company\u2019s consolidated properties were 91.2% leased (90.4% leased at October 31, 2020).\n<\/p>\n Tenant Recoveries<\/span><\/p>\n\nIn the nine month and three month periods ended July 31, 2021, recoveries from tenants (which represent reimbursements from tenants for operating expenses and property taxes) increased by a net $5.9 million and $1.2 million, respectively, when compared with the corresponding prior period.\n<\/p>\n \nThe increase in tenant recoveries was the result of having higher common area maintenance expenses in the nine months and three months of fiscal 2021 when compared with the corresponding prior periods related to snow removal and parking lot repairs. In addition, we completed the 2020 annual reconciliations for both common area maintenance and real estate taxes in the first half of fiscal 2021 and those reconciliations resulted in us billing our tenants more than we had anticipated and accrued for in the prior period, which increased tenant reimbursement income in the first half of fiscal 2021. In addition, the percentage of common area maintenance and real estate tax costs that we recover from our tenants generally increased in fiscal 2021 when compared with fiscal 2020 as the effects of the pandemic on our tenants businesses is lessening.\n<\/p>\n Uncollectable Amounts in Lease Income<\/span><\/p>\n\nIn the nine month and three month periods ended July 31, 2021, uncollectable amounts in lease income decreased by $2.1 million and $1.6 million, respectively. In the second quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants’ receivables given the on-set of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants’ businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents would likely be uncollectable. During the nine months ended July 31, 2021, many of our tenants saw early signs of business improvement as regulatory restrictions were relaxed and individuals began returning to pre-pandemic activities following significant progress made in vaccinating the U.S. public. As a result, the uncollectable amounts in lease income have been declining.\n<\/p>\n ASC Topic 842 Cash Basis Lease Income Reversals<\/span><\/p>\n\nThe Company adopted ASC Topic 842 “Leases” at the beginning of fiscal 2020. ASC Topic 842 requires amongst other things, that if the collectability of a specific tenant\u2019s future lease payments as contracted are not probable of collection, revenue recognition for that tenant must be converted to cash-basis accounting and be limited to the lesser of the amount billed or collected from that tenant, and in addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a result of continuing to analyze our entire tenant base, we have determined that as a result of the COVID-19 pandemic, 89 tenants’ future lease payments are no longer probable of collection (10.3% of our approximate 860 tenants). All of these tenants were converted to cash basis after our second quarter of fiscal 2020 and prior to our third quarter of fiscal 2021. As a result of this assessment we reversed $345,000 more in straight-line rent reversals for cash basis tenants in the nine months ended July 31, 2021 when compared to the prior period.\n<\/p>\n \nFor the three months ended July 31, 2021 we did not convert any tenants to cash basis, and as a result, we did not reverse any straight-line rent receivables, which created a $910,000 positive variance. In addition, in the three months ended July 31, 2021, we did not have any reductions of lease income for collectability adjustments for cash basis tenants as the amount of collections received from those tenants equaled or exceeded the quarterly billings for tenants accounted for on a cash basis, which created a positive variance of $1.8 million.\n<\/p>\n Expenses<\/i><\/p>\n Property Operating<\/span><\/p>\n\nIn the nine month and three month periods ended July 31, 2021, property operating expenses increased by $2.5 million and $ 837,000, respectively, as a result of having higher common area maintenance expenses in the nine months and three months of fiscal 2021 when compared with the corresponding prior periods related to snow removal and parking lot repairs.\n<\/p>\n Property Taxes<\/span><\/p>\n\nIn the nine month and three month periods ended July 31, 2021, property tax expense was relatively unchanged when compared with the corresponding prior period.\n<\/p>\n Interest<\/span><\/p>\n\nIn the nine month and three month periods ended July 31, 2021, interest expense was relatively unchanged when compared with the corresponding prior period.\n<\/p>\n Depreciation and Amortization<\/span><\/p>\n\nIn the nine month period ended July 31, 2021, depreciation and amortization was relatively unchanged when compared with the corresponding prior period. In the three month period ended July 31, 2021, depreciation and amortization decreased by $322,000 when compared with the corresponding prior period as a result of the write-off of tenant improvements for tenants who vacated the portfolio in fiscal 2020.\n<\/p>\n General and Administrative Expenses<\/span><\/p>\n\nIn the nine month period ended July 31, 2021, general and administrative expenses decreased by $1.6 million when compared with the corresponding prior period, predominantly related to a decrease in compensation and benefits expense. The decrease was the result of accelerated vesting of restricted stock grant value upon the death of our former Chairman Emeritus in the second quarter of fiscal 2020. General and administrative expenses was relatively unchanged for the three month period ended July 31, 2021.\n<\/p>\n \nNon-GAAP Financial Measure
\n
Funds from Operations (\u201cFFO\u201d)\n<\/p>\n \nWe consider FFO to be an additional measure of our operating performance. We report FFO in addition to net income applicable to common stockholders and net cash provided by operating activities. Management has adopted the definition suggested by The National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) and defines FFO to mean net income (computed in accordance with GAAP) excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures.\n<\/p>\n \nManagement considers FFO to be a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of the company\u2019s real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure. FFO is presented to assist investors in analyzing the performance of the company. It is helpful as it excludes various items included in net income that are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, FFO:\n<\/p>\n \n- \ndoes not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and\n<\/li>\n
- \nshould not be considered an alternative to net income as an indication of our performance.\n<\/li>\n<\/ul>\n
\nFFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs. The table below provides a reconciliation of net income applicable to Common and Class A Common stockholders in accordance with GAAP to FFO for the nine month and three month periods ended July 31, 2021 and 2020 (amounts in thousands):\n<\/p>\n \n(Table Follows)\n<\/p>\n \n\n| \n Urstadt Biddle Properties Inc. (NYSE: UBA and UBP)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Nine Months and Three Months Ended July 31, 2021 and 2020<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nReconciliation of Net Income Available to Common and Class A Common Stockholders to Funds From Operations:\n<\/p>\n<\/td>\n | | \n\n \nNine months ended\n<\/p>\n<\/td>\n | | \n\n \nThree Months Ended\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n July 31,<\/span><\/p>\n<\/td>\n | | \n\n July 31<\/span>,\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n 2021<\/span><\/b><\/p>\n<\/td>\n | | \n\n 2020<\/span><\/p>\n<\/td>\n | | \n\n 2021<\/span><\/b><\/p>\n<\/td>\n | | \n\n 2020<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Income Applicable to Common and Class A Common Stockholders\n<\/p>\n<\/td>\n | | \n\n $27,475<\/b><\/p>\n<\/td>\n | | \n\n \n$9,446\n<\/p>\n<\/td>\n | | \n\n $18,375<\/b><\/p>\n<\/td>\n | | \n\n \n$1,576\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReal property depreciation\n<\/p>\n<\/td>\n | | \n\n 17,198<\/b><\/p>\n<\/td>\n | | \n\n \n16,994\n<\/p>\n<\/td>\n | | \n\n 5,737<\/b><\/p>\n<\/td>\n | | \n\n \n5,658\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of tenant improvements and allowances\n<\/p>\n<\/td>\n | | \n\n 3,312<\/b><\/p>\n<\/td>\n | | \n\n \n3,245\n<\/p>\n<\/td>\n | | \n\n 960<\/b><\/p>\n<\/td>\n | | \n\n \n1,170\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of deferred leasing costs\n<\/p>\n<\/td>\n | | \n\n 1,209<\/b><\/p>\n<\/td>\n | | \n\n \n1,279\n<\/p>\n<\/td>\n | | \n\n 363<\/b><\/p>\n<\/td>\n | | \n\n \n451\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization on unconsolidated joint ventures\n<\/p>\n<\/td>\n | | \n\n 1,126<\/b><\/p>\n<\/td>\n | | \n\n \n1,122\n<\/p>\n<\/td>\n | | \n\n 376<\/b><\/p>\n<\/td>\n | | \n\n \n375\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Gain)\/loss on sale of property\n<\/p>\n<\/td>\n | | \n\n (12,213)<\/b><\/p>\n<\/td>\n | | \n\n \n328\n<\/p>\n<\/td>\n | | \n\n (11,807)<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFunds from Operations Applicable to Common and Class A Common Stockholders\n<\/p>\n<\/td>\n | | \n\n $38,107<\/b><\/p>\n<\/td>\n | | \n\n \n$32,414\n<\/p>\n<\/td>\n | | \n\n $14,004<\/b><\/p>\n<\/td>\n | | \n\n \n$9,230\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Funds from Operations (Diluted) Per Share:<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon\n<\/p>\n<\/td>\n | | \n\n $0.89<\/b><\/p>\n<\/td>\n | | \n\n \n$0.76\n<\/p>\n<\/td>\n | | \n\n $0.33<\/b><\/p>\n<\/td>\n | | \n\n \n$0.22\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClass A Common\n<\/p>\n<\/td>\n | | \n\n $1.00<\/b><\/p>\n<\/td>\n | | \n\n \n$0.85\n<\/p>\n<\/td>\n | | \n\n $0.36<\/b><\/p>\n<\/td>\n | | \n\n \n$0.24\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Weighted Average Number of Shares Outstanding (Diluted):<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon and Common Equivalent\n<\/p>\n<\/td>\n | | \n\n 9,564<\/b><\/p>\n<\/td>\n | | \n\n \n9,479\n<\/p>\n<\/td>\n | | \n\n 9,697<\/b><\/p>\n<\/td>\n | | \n\n \n9,281\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClass A Common and Class A Common Equivalent\n<\/p>\n<\/td>\n | | \n\n 29,722<\/b><\/p>\n<\/td>\n | | \n\n \n29,610\n<\/p>\n<\/td>\n | | \n\n 29,828<\/b><\/p>\n<\/td>\n | | \n\n \n29,540\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFFO amounted to $38.1 million in the nine months ended July 31, 2021 compared to $32.4 million in the comparable period of fiscal 2020. The net increase in FFO is attributable, among other things to:\n<\/p>\n Increases:<\/span><\/p>\n\n- \nAn increase in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for real estate taxes and common area maintenance in the first nine months of fiscal 2021 and a general increase in the rate at which we recover costs from our tenants as a result of the reduced impact of the COVID-19 pandemic on our tenants businesses, which resulted in a positive variance in the first nine months of fiscal 2021 when compared to the same period of fiscal 2020.\n<\/li>\n
- \nA $341,000 increase in lease termination income in the first nine months of fiscal 2021 when compared with the corresponding prior period as a result of one tenant that occupied multiple spaces in our portfolio ceasing operations and buying out the remaining terms of its leases.\n<\/li>\n
- \nA net decrease in general and administrative expenses of $1.6 million, predominantly related to a decrease in compensation and benefits expense in the nine months ended July 31, 2021 when compared to the corresponding prior period. The decrease was the result of accelerated vesting of restricted stock grant value upon the death of our former Chairman Emeritus in the second quarter of fiscal 2020.\n<\/li>\n
- \nA decrease in uncollectable amounts in lease income of $2.1 million. In the second quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants’ receivables given the onset of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants’ businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents for such tenants would likely be uncollectable. During the nine month period ended July 31, 2021 , many of our tenants saw early signs of business improvement as regulatory restrictions were relaxed and individuals began returning to pre-pandemic activities following significant progress made in vaccinating the U.S. public. As a result, the uncollectable amounts in lease income have been declining. We have even recovered receivables that were previously reserved for.\n<\/li>\n
- \nA decrease of $277,000 in net income to noncontrolling interests. This decrease was caused by our redemption of noncontrolling units in the second half of fiscal 2020 and first nine months of fiscal 2021. In addition, distributions decreased to noncontrolling unit owners whose distributions per unit were based on the dividend rate of our Class A Common stock, which was significantly reduced in the first half of fiscal 2021 when compared to the corresponding prior period.\n<\/li>\n<\/ul>\n
Decreases:<\/span><\/p>\n\n- \nAn increase in the reversals of straight-line rent for tenants accounted for on a cash basis in accordance with ASC Topic 842 in the first nine months of fiscal 2021 when compared with the first nine months of fiscal 2020.\n<\/li>\n<\/ul>\n
\nFFO amounted to $14.0 million in the three months ended July 31, 2021 compared to $9.2 million in the comparable period of fiscal 2020. The net increase in FFO is attributable, among other things to:\n<\/p>\n Increases:<\/span><\/p>\n\n- \nA decrease in uncollectable amounts in lease income of $1.6 million. In the third quarter of fiscal 2020, we significantly increased our uncollectable amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants’ receivables given the onset of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants’ businesses were deemed non-essential by the states where they operate and were forced to close for a portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. Our assessment was that any billed but unpaid rents for such tenants would likely be uncollectable. During the three months ended July 31, 2021 , many of our tenants continued to see signs of business improvement as regulatory restrictions were relaxed and individuals began returning to pre-pandemic activities following significant progress made in vaccinating the U.S. public and the resulting decline in COVID-19 cases for vaccinated persons. As a result, the uncollectable amounts in lease income have been declining. We have even recovered receivables that were previously reserved for.\n<\/li>\n
- \nIn the three months ended July 31, 2021, we did not have any reductions of lease income for collectability adjustments related to the 89 tenants in our portfolio that we account for on a cash basis in accordance with ASC Topic 842, as the amount of collections equaled or exceeded the quarterly billings for tenants accounted for on a cash basis, which created a $1.8 million positive variance. In addition, as a result of not converting any tenants to cash basis accounting in the three months ended July 31, 2021 , we did not have any write-offs of previously recorded straight-line rent in the three months ended July 31, 2021 and we had $910,000 in write-offs of straight-line rents in the third quarter of fiscal 2020 relating to cash basis tenants.\u00a0\n<\/li>\n<\/ul>\n
Non-GAAP Financial Measure
\n
<\/b>Same Property Net Operating Income <\/b><\/p>\n \nWe present Same Property Net Operating Income (“Same Property NOI”), which is a non-GAAP financial measure. Same Property NOI excludes from Net Operating Income (\u201cNOI\u201d) 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.\n<\/p>\n \nWe 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\u2019s 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.\n<\/p>\n \nTable Follows:\n<\/p>\n \n\n| \n Urstadt Biddle Properties Inc. <\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Same Property Net Operating Income <\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In thousands, except for number of properties and percentages<\/b>)\n<\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n \nNine Months Ended July 31,\n<\/p>\n<\/td>\n | | \n | \n\n \nThree Months Ended July 31,\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n \n2020\n<\/p>\n<\/td>\n | | \n\n \n% Change\n<\/p>\n<\/td>\n | | \n | \n\n 2021<\/b><\/p>\n<\/td>\n | | \n\n \n2020\n<\/p>\n<\/td>\n | | \n\n \n% Change\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSame Property Operating Results:\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nNumber of Properties (Note 4)\n<\/p>\n<\/td>\n | | \n\n \n74\n<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n74\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nRevenue (Note 2)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nBase Rent (Note 3)\n<\/p>\n<\/td>\n | | \n\n $74,627<\/b><\/p>\n<\/td>\n | | \n\n \n$70,673\n<\/p>\n<\/td>\n | | \n\n \n5.6%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n $24,659<\/b><\/p>\n<\/td>\n | | \n\n \n$21,529\n<\/p>\n<\/td>\n | | \n\n \n14.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUncollectable amounts in lease income-same property\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (1,380)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,460)\n<\/p>\n<\/td>\n | | \n\n \n-60.1%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n(1,615)\n<\/p>\n<\/td>\n | | \n\n \n-100.0%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nASC Topic 842 cash-basis\n<\/p>\n \nlease income reversal-same property\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (1,882)<\/b><\/p>\n<\/td>\n | | \n\n \n(1,776)\n<\/p>\n<\/td>\n | | \n\n \n6.0%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 10<\/b><\/p>\n<\/td>\n | | \n\n \n(1,776)\n<\/p>\n<\/td>\n | | \n\n \n-100.6%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRecoveries from tenants\n<\/p>\n<\/td>\n | | \n\n 26,742<\/b><\/p>\n<\/td>\n | | \n\n \n20,857\n<\/p>\n<\/td>\n | | \n\n \n28.2%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 9,273<\/b><\/p>\n<\/td>\n | | \n\n \n6,960\n<\/p>\n<\/td>\n | | \n\n \n33.2%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther property income\n<\/p>\n<\/td>\n | | \n\n 304<\/b><\/p>\n<\/td>\n | | \n\n \n787\n<\/p>\n<\/td>\n | | \n\n \n-61.4%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 88<\/b><\/p>\n<\/td>\n | | \n\n \n576\n<\/p>\n<\/td>\n | | \n\n \n-84.9%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n 98,411<\/b><\/p>\n<\/td>\n | | \n\n \n87,081\n<\/p>\n<\/td>\n | | \n\n \n13.0%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 34,030<\/b><\/p>\n<\/td>\n | | \n\n \n25,674\n<\/p>\n<\/td>\n | | \n\n \n32.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExpenses\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty operating\n<\/p>\n<\/td>\n | | \n\n 10,977<\/b><\/p>\n<\/td>\n | | \n\n \n8,609\n<\/p>\n<\/td>\n | | \n\n \n27.5%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 3,269<\/b><\/p>\n<\/td>\n | | \n\n \n2,361\n<\/p>\n<\/td>\n | | \n\n \n38.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty taxes\n<\/p>\n<\/td>\n | | \n\n 17,586<\/b><\/p>\n<\/td>\n | | \n\n \n17,521\n<\/p>\n<\/td>\n | | \n\n \n0.4%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 5,902<\/b><\/p>\n<\/td>\n | | \n\n \n5,869\n<\/p>\n<\/td>\n | | \n\n \n0.6%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-recoverable operating expenses\n<\/p>\n<\/td>\n | | \n\n 1,464<\/b><\/p>\n<\/td>\n | | \n\n \n1,315\n<\/p>\n<\/td>\n | | \n\n \n11.3%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 453<\/b><\/p>\n<\/td>\n | | \n\n \n502\n<\/p>\n<\/td>\n | | \n\n \n-9.8%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n 30,027<\/b><\/p>\n<\/td>\n | | \n\n \n27,445\n<\/p>\n<\/td>\n | | \n\n \n9.4%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 9,624<\/b><\/p>\n<\/td>\n | | \n\n \n8,732\n<\/p>\n<\/td>\n | | \n\n \n10.2%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSame Property Net Operating Income\n<\/p>\n<\/td>\n | | \n\n 68,384<\/b><\/p>\n<\/td>\n | | \n\n \n59,636\n<\/p>\n<\/td>\n | | \n\n \n14.7%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 24,406<\/b><\/p>\n<\/td>\n | | \n\n \n16,942\n<\/p>\n<\/td>\n | | \n\n \n44.1%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other reconciling items:<\/span><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non same-property net operating income\n<\/p>\n<\/td>\n | | \n\n 804<\/b><\/p>\n<\/td>\n | | \n\n \n1,088\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 89<\/b><\/p>\n<\/td>\n | | \n\n \n313\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Interest income\n<\/p>\n<\/td>\n | | \n\n 349<\/b><\/p>\n<\/td>\n | | \n\n \n336\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 118<\/b><\/p>\n<\/td>\n | | \n\n \n88\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Dividend Income\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n182\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsolidated lease termination income\n<\/p>\n<\/td>\n | | \n\n 801<\/b><\/p>\n<\/td>\n | | \n\n \n460\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 97<\/b><\/p>\n<\/td>\n | | \n\n \n112\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsolidated amortization of above and below market leases\n<\/p>\n<\/td>\n | | \n\n 455<\/b><\/p>\n<\/td>\n | | \n\n \n525\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 166<\/b><\/p>\n<\/td>\n | | \n\n \n175\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsolidated straight line rent income\n<\/p>\n<\/td>\n | | \n\n (2,702)<\/b><\/p>\n<\/td>\n | | \n\n \n1,780\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (371)<\/b><\/p>\n<\/td>\n | | \n\n \n1,230\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in net income of unconsolidated joint ventures\n<\/p>\n<\/td>\n | | \n\n 1,025<\/b><\/p>\n<\/td>\n | | \n\n \n1,160\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 365<\/b><\/p>\n<\/td>\n | | \n\n \n184\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTaxable REIT subsidiary income\/(loss)\n<\/p>\n<\/td>\n | | \n\n 419<\/b><\/p>\n<\/td>\n | | \n\n \n719\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 165<\/b><\/p>\n<\/td>\n | | \n\n \n393\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSolar income\/(loss)\n<\/p>\n<\/td>\n | | \n\n (159)<\/b><\/p>\n<\/td>\n | | \n\n \n(91)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 88<\/b><\/p>\n<\/td>\n | | \n\n \n107\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStorage income\/(loss)\n<\/p>\n<\/td>\n | | \n\n 805<\/b><\/p>\n<\/td>\n | | \n\n \n714\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 360<\/b><\/p>\n<\/td>\n | | \n\n \n240\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized holding gains arising during the periods\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n(109)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain on sale of marketable securities\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n258\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n258\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense\n<\/p>\n<\/td>\n | | \n\n (10,062)<\/b><\/p>\n<\/td>\n | | \n\n \n(10,123)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (3,329)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,475)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expenses\n<\/p>\n<\/td>\n | | \n\n (6,876)<\/b><\/p>\n<\/td>\n | | \n\n \n(8,495)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (2,139)<\/b><\/p>\n<\/td>\n | | \n\n \n(2,111)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUncollectable amounts in lease income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (1,380)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,490)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n(1,645)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUncollectable amounts in lease income-same property\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1,380<\/b><\/p>\n<\/td>\n | | \n\n \n3,460\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n1,615\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nASC Topic 842 cash-basis lease income reversal\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (1,882)<\/b><\/p>\n<\/td>\n | | \n\n \n(1,776)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 10<\/b><\/p>\n<\/td>\n | | \n\n \n(1,776)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nASC Topic 842 cash-basis lease income reversal-same property\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1,882<\/b><\/p>\n<\/td>\n | | \n\n \n1,776\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (10)<\/b><\/p>\n<\/td>\n | | \n\n \n1,776\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDirectors fees and expenses\n<\/p>\n<\/td>\n | | \n\n (277)<\/b><\/p>\n<\/td>\n | | \n\n \n(287)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (79)<\/b><\/p>\n<\/td>\n | | \n\n \n(94)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | | \n\n (21,773)<\/b><\/p>\n<\/td>\n | | \n\n \n(21,587)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (7,063)<\/b><\/p>\n<\/td>\n | | \n\n \n(7,304)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustment for intercompany expenses and other\n<\/p>\n<\/td>\n | | \n\n (2,970)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,233)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (2,006)<\/b><\/p>\n<\/td>\n | | \n\n \n(996)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal other -net\n<\/p>\n<\/td>\n | | \n\n (40,161)<\/b><\/p>\n<\/td>\n | | \n\n \n(36,624)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (13,539)<\/b><\/p>\n<\/td>\n | | \n\n \n(11,019)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome from continuing operations\n<\/p>\n<\/td>\n | | \n\n 28,223<\/b><\/p>\n<\/td>\n | | \n\n \n23,012\n<\/p>\n<\/td>\n | | \n\n \n22.6%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 10,867<\/b><\/p>\n<\/td>\n | | \n\n \n5,923\n<\/p>\n<\/td>\n | | \n\n \n83.5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain (loss) on sale of real estate\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 12,214<\/b><\/p>\n<\/td>\n | | \n\n \n(328)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 11,808<\/b><\/p>\n<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income\n<\/p>\n<\/td>\n | | \n\n 40,437<\/b><\/p>\n<\/td>\n | | \n\n \n22,684\n<\/p>\n<\/td>\n | | \n\n \n78.3%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 22,675<\/b><\/p>\n<\/td>\n | | \n\n \n5,923\n<\/p>\n<\/td>\n | | \n\n \n282.8%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to noncontrolling interests\n<\/p>\n<\/td>\n | | \n\n (2,724)<\/b><\/p>\n<\/td>\n | | \n\n \n(3,001)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n (887)<\/b><\/p>\n<\/td>\n | | \n\n \n(935)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to Urstadt Biddle Properties Inc.\n<\/p>\n<\/td>\n | | \n\n $37,713<\/b><\/p>\n<\/td>\n | | \n\n \n$19,683\n<\/p>\n<\/td>\n | | \n\n \n91.6%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n $21,788<\/b><\/p>\n<\/td>\n | | \n\n \n$4,988\n<\/p>\n<\/td>\n | | \n\n \n336.8%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSame Property Operating Expense Ratio (Note 1)\n<\/p>\n<\/td>\n | | \n\n 93.6%<\/b><\/p>\n<\/td>\n | | \n\n \n79.8%\n<\/p>\n<\/td>\n | | \n\n \n13.8%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 101.1%<\/b><\/p>\n<\/td>\n | | \n\n \n84.6%\n<\/p>\n<\/td>\n | | \n\n \n16.5%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | |
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<\/td>\n<\/tr>\n