Urstadt Biddle Properties Inc. (UBA) has reported a 231.84 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $27.67 million, or $0.57 a share in the quarter, compared with $8.34 million, or $0.12 a share for the same period last year. Revenue during the quarter went up marginally by 2.83 percent to $29.99 million from $29.17 million in the previous year period.
Cost of revenue rose 7.76 percent or $0.74 million during the quarter to $10.24 million. Gross margin for the quarter contracted 156 basis points over the previous year period to 65.87 percent.
Total expenses were $19 million for the quarter, up 5.83 percent or $1.05 million from year-ago period. Operating margin for the quarter contracted 180 basis points over the previous year period to 36.67 percent.
Operating income for the quarter was $11 million, compared with $11.22 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.97 percent or $0.86 million to $29.73 million.
Income from operating leases during the quarter went up marginally by 0.83 percent or $0.18 million to $21.68 million. Revenue from tenant reimbursements was $7.15 million for the quarter, up 10.16 percent or $0.66 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.90 million, up 2.03 percent or $0.02 million from year-ago period.
Other income during the quarter was $0.26 million, down 10.69 percent or $0.03 million from year-ago period.
Commenting on the quarter's operating results, Willing L. Biddle, president and chief executive officer of Urstadt Biddle Properties Inc., said "We had another strong quarter with an FFO increase for the second quarter of 4.2% on a dollar value basis over fiscal 2016's second quarter, even with the Pavilion vacant for most of the quarter until it was sold on March 1, 2017. 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."
Total assets grew 15.13 percent or $130.43 million to $992.67 million on Apr. 30, 2017. On the other hand, total liabilities were at $307.35 million as on Apr. 30, 2017, down 2.16 percent or $6.79 million from year-ago.
Return on assets moved up 177 basis points to 3.14 percent in the quarter. At the same time, return on equity moved up 303 basis points to 3.92 percent in the quarter.
Debt comes down marginally
Total debt was at $284.33 million as on Apr. 30, 2017, down 2.88 percent or $8.43 million from year-ago. Shareholders equity stood at $614.12 million as on Apr. 30, 2017, up 15.69 percent or $83.27 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 0.46 percent in the quarter.
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