Urstadt Biddle Properties Inc. (UBA) has reported a 62.56 percent plunge in profit for the quarter ended Oct. 31, 2016. The company has earned $10.32 million, or $0.16 a share in the quarter, compared with $27.56 million, or $0.62 a share for the same period last year.
Revenue during the quarter grew 14.18 percent to $31.90 million from $27.94 million in the previous year period.
Cost of revenue rose 3.77 percent or $0.35 million during the quarter to $9.76 million. Gross margin for the quarter expanded 307 basis points over the previous year period to 69.42 percent.
Total expenses were $18.74 million for the quarter, up 5.66 percent or $1 million from year-ago period. Operating margin for the quarter expanded 474 basis points over the previous year period to 41.26 percent.
Operating income for the quarter was $13.16 million, compared with $10.20 million in the previous year period.
Revenue from real estate activities during the quarter increased 14.66 percent or $4.05 million to $31.66 million.
Income from operating leases during the quarter rose 16.17 percent or $3.34 million to $24 million. Revenue from tenant reimbursements was $7.04 million for the quarter, up 16.89 percent or $1.02 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.62 million, down 33.41 percent or $0.31 million from year-ago period.
Other income during the quarter was $0.24 million, down 26.46 percent or $0.09 million from year-ago period.
Commenting on the quarter's operating results, Willing L. Biddle, president and chief executive officer of UBP, said "In addition to our encouraging financial results in the fourth quarter we continued to be active on the acquisitions front. We purchased a shopping center located at 970 High Ridge Road in Stamford, CT, not far from the Company's largest center, Ridgeway. High Ridge is a 27,000 square foot shopping center, occupied by a 6,700 square foot FedEx Office, Supercuts, Verizon and two well-established local restaurants. The property is located in a high demographic, infill market on High Ridge Road in Stamford, CT, a major north/south artery road. The center, at closing, was 100% leased. The property is located near prominent retailers such as Trader Joe's, Acme Market, CVS, Walgreen's and Starbucks."
Total assets grew 8.16 percent or $70.25 million to $931.32 million on Oct. 31, 2016. On the other hand, total liabilities were at $314.04 million as on Oct. 31, 2016, up 3.19 percent or $9.70 million from year-ago.
Return on assets moved down 214 basis points to 1.48 percent in the quarter. At the same time, return on equity moved down 331 basis points to 1.13 percent in the quarter.
Debt remains almost stable
Total debt was at $281.02 million as on Oct. 31, 2016, down 0.77 percent or $2.19 million from year-ago. Shareholders equity stood at $599.03 million as on Oct. 31, 2016, up 10.77 percent or $58.25 million from year-ago. As a result, debt to equity ratio went down 5 basis points to 0.47 percent in the quarter.
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