Urstadt Biddle Properties (UBA) has reported 8.30 percent rise in profit for the quarter ended Jan. 31, 2017. The company has earned $6.98 million, or $0.08 a share in the quarter, compared with $6.45 million, or $0.08 a share for the same period last year.    

Revenue during the quarter grew 5.90 percent to $29.07 million from $27.45 million in the previous year period.

Cost of revenue rose 6.45 percent or $0.61 million during the quarter to $10 million. Gross margin for the quarter contracted 18 basis points over the previous year period to 65.61 percent.

Total expenses were $19.30 million for the quarter, up 7.55 percent or $1.35 million from year-ago period. Operating margin for the quarter contracted 102 basis points over the previous year period to 33.62 percent.

Operating income for the quarter was $9.77 million, compared with $9.51 million in the previous year period.

Revenue from real estate activities during the quarter increased 5.97 percent or $1.64 million to $29.05 million.

Income from operating leases during the quarter rose 5.18 percent or $1.04 million to $21.11 million. Revenue from tenant reimbursements was $7.07 million for the quarter, up 11 percent or $0.70 million from year-ago period.

Revenue from other real estate activities during the quarter was $0.86 million, down 10.78 percent or $0.10 million from year-ago period.

Other income during the quarter was $0.02 million, down 42.86 percent or $0.02 million from year-ago period.

Commenting on the quarter's operating results, Willing L. Biddle, president and chief executive officer of UBP, said "We had another strong quarter with an FFO increase of 19.5% on a dollar value basis and 8.5% on a per share basis over fiscal 2016's first quarter, even with the Pavilion vacant for the entire quarter as we awaited the sale of the property. A few days ago we completed the sale of the Pavilion to a subsidiary of Lennar Corporation. We purchased the Pavilion in 2002 and operated it for over 10 years as a successful power center mall. In 2013, with the expiration of certain large leases pending, we realized the property had great potential to be redeveloped into a much larger retail/residential mixed-use project. This project could not have become a reality without the cooperation and support of Mayor Thomas Roach and the White Plains Common Council who understood our plan and ultimately supported a re-development of the property to include two high-rise buildings containing over 700 apartments above 75,000 square feet of lower floor retail. Recognizing that our company is not an expert in large-scale, high-rise construction, we elected to sell the property to Lennar Corporation, which will follow through on our vision of building a high quality, new mixed-use complex that will bring new life and vitality to the southeast end of White Plains. We know the site has tremendous potential, and we expect that Lennar's project will be a success for the community. The sales price is a substantial premium over the price that we paid for the property, and when this premium is combined with the strong annual return we made operating the property, it is clear that the Pavilion was a very good investment for our company. We are glad to have the Pavilion sold so we can focus 100% of our efforts on new opportunities."

Net receivables were at $13.50 million as on Jan. 31, 2017, down 40.89 percent or $9.34 million from year-ago.

Total assets grew 9.51 percent or $82.04 million to $944.82 million on Jan. 31, 2017. On the other hand, total liabilities were at $329.20 million as on Jan. 31, 2017, up 5.67 percent or $17.68 million from year-ago.

Return on assets moved down 5 basis points to 1.11 percent in the quarter. At the same time, return on equity moved up 3 basis points to 0.57 percent in the quarter.