Company Quick10K Filing
Urstadt Biddle
Price1.00 EPS-39,586,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-9 EBIT50
TEV-9 TEV/EBIT-0
TTM 2019-07-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-06-08
10-Q 2020-01-31 Filed 2020-03-09
10-K 2019-10-31 Filed 2020-01-10
10-Q 2019-07-31 Filed 2019-09-05
10-Q 2019-04-30 Filed 2019-06-07
10-Q 2019-01-31 Filed 2019-03-08
10-K 2018-10-31 Filed 2019-01-11
10-Q 2018-07-31 Filed 2018-09-07
10-Q 2018-04-30 Filed 2018-06-08
10-Q 2018-01-31 Filed 2018-03-09
10-K 2017-10-31 Filed 2018-01-12
10-Q 2017-07-31 Filed 2017-09-08
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-31 Filed 2017-03-10
10-K 2016-10-31 Filed 2017-01-13
10-Q 2016-07-31 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-06-07
10-Q 2016-01-31 Filed 2016-03-10
10-K 2015-10-31 Filed 2016-01-13
10-Q 2015-07-31 Filed 2015-09-04
10-Q 2015-04-30 Filed 2015-06-08
10-Q 2015-01-31 Filed 2015-03-12
10-K 2014-10-31 Filed 2015-01-13
10-Q 2014-07-31 Filed 2014-09-08
10-Q 2014-04-30 Filed 2014-06-09
10-Q 2014-01-31 Filed 2014-03-11
10-K 2013-10-31 Filed 2014-01-13
10-Q 2013-04-30 Filed 2013-06-07
10-Q 2013-01-31 Filed 2013-03-11
10-K 2012-10-31 Filed 2013-01-11
10-Q 2012-07-31 Filed 2012-09-07
10-Q 2012-04-30 Filed 2012-06-06
10-Q 2012-01-31 Filed 2012-03-08
10-K 2011-10-31 Filed 2012-01-13
10-Q 2011-07-31 Filed 2011-09-08
10-Q 2011-04-30 Filed 2011-06-08
10-Q 2011-01-31 Filed 2011-03-11
10-K 2010-10-31 Filed 2011-01-13
10-Q 2010-07-31 Filed 2010-09-08
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-10
10-K 2009-10-31 Filed 2010-01-13
8-K 2020-06-08
8-K 2020-06-08
8-K 2020-03-18
8-K 2020-03-09
8-K 2020-03-09
8-K 2020-01-10
8-K 2019-12-18
8-K 2019-12-17
8-K 2019-10-01
8-K 2019-09-26
8-K 2019-09-05
8-K 2019-09-05
8-K 2019-09-04
8-K 2019-06-18
8-K 2019-06-07
8-K 2019-06-07
8-K 2019-03-21
8-K 2019-03-08
8-K 2019-03-08
8-K 2019-01-11
8-K 2018-12-14
8-K 2018-12-12
8-K 2018-09-07
8-K 2018-09-07
8-K 2018-08-13
8-K 2018-06-08
8-K 2018-06-08
8-K 2018-03-21
8-K 2018-03-09
8-K 2018-03-09
8-K 2018-01-12

UBA 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32 ex32.htm

Urstadt Biddle Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.10.10.10.00.00.02012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

10-Q 1 form10q2q2020.htm FORM 10Q 2Q 2020  
United States
Securities And Exchange Commission
Washington, DC 20549

Form 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission File Number 1-12803


Urstadt Biddle Properties Inc.
(Exact Name of Registrant as Specified in its Charter)

Maryland
04-2458042
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
   
321 Railroad Avenue, Greenwich, CT
06830
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code:  (203) 863-8200

N/A
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
         
Common Stock, par value $.01 per share
 
UBP
 
New York Stock Exchange
         
Class A Common Stock, par value $.01 per share
 
UBA
 
New York Stock Exchange
         
6.25% Series H Cumulative Preferred Stock
 
UBPPRH
 
New York Stock Exchange
         
5.875% Series K Cumulative Preferred Stock
 
UBPPRK
 
New York Stock Exchange
         
Common Stock Rights to Purchase Preferred Shares
 
N/A
 
New York Stock Exchange
         
Class A Common Stock Rights to Purchase Preferred Shares
 
N/A
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer 
   
Non-accelerated filer
Smaller reporting company
   
Emerging growth company
 
   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No

As of June 3, 2020 (latest date practicable), the number of shares of the Registrant's classes of Common Stock and Class A Common Stock outstanding was: 10,071,981 Common Shares, par value $.01 per share, and 29,994,064 Class A Common Shares, par value $.01 per share.




URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

   
April 30, 2020
   
October 31, 2019
 
   
(Unaudited)
       
Assets
           
Real Estate Investments:
           
Real Estate– at cost
 
$
1,149,653
   
$
1,141,770
 
Less: Accumulated depreciation
   
(251,983
)
   
(241,154
)
     
897,670
     
900,616
 
Investments in and advances to unconsolidated joint ventures
   
28,254
     
29,374
 
     
925,924
     
929,990
 
                 
Cash and cash equivalents
   
33,868
     
94,079
 
Marketable Securities
   
7,092
     
-
 
Tenant receivables
   
24,300
     
22,854
 
Prepaid expenses and other assets
   
18,433
     
15,513
 
Deferred charges, net of accumulated amortization
   
9,280
     
9,868
 
Total Assets
 
$
1,018,897
   
$
1,072,304
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
Liabilities:
               
Revolving credit line
 
$
35,000
   
$
-
 
Mortgage notes payable and other loans
   
303,253
     
306,606
 
Preferred stock called for redemption
   
-
     
75,000
 
Accounts payable and accrued expenses
   
22,003
     
11,416
 
Deferred compensation – officers
   
25
     
53
 
Other liabilities
   
21,570
     
21,629
 
Total Liabilities
   
381,851
     
414,704
 
                 
Redeemable Noncontrolling Interests
   
66,257
     
77,876
 
                 
Commitments and Contingencies
               
                 
Stockholders’ Equity:
               
6.25% Series H Cumulative Preferred Stock (liquidation preference of $25 per share); 4,600,000 shares issued and outstanding
   
115,000
     
115,000
 
5.875% Series K Cumulative Preferred Stock (liquidation preference of $25 per share); 4,400,000 shares issued and outstanding
   
110,000
     
110,000
 
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding
   
-
     
-
 
Common Stock, par value $0.01 per share; 30,000,000 shares authorized; 10,071,981 and 9,963,751 shares issued and outstanding
   
102
     
101
 
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 29,994,064 and 29,893,241 shares issued and outstanding
   
300
     
299
 
Additional paid in capital
   
524,050
     
520,988
 
Cumulative distributions in excess of net income
   
(161,165
)
   
(158,213
)
Accumulated other comprehensive loss
   
(17,498
)
   
(8,451
)
Total Stockholders' Equity
   
570,789
     
579,724
 
Total Liabilities and Stockholders' Equity
 
$
1,018,897
   
$
1,072,304
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)

   
Six Months Ended
April 30,
   
Three Months Ended
April 30,
 
   
2020
   
2019
   
2020
   
2019
 
                         
Revenues
                       
Lease income
 
$
63,148
   
$
66,610
   
$
30,203
   
$
33,349
 
Lease termination
   
348
     
17
     
139
     
-
 
Other
   
2,132
     
1,745
     
938
     
756
 
Total Revenues
   
65,628
     
68,372
     
31,280
     
34,105
 
                                 
Expenses
                               
Property operating
   
10,730
     
11,835
     
4,801
     
5,905
 
Property taxes
   
11,718
     
11,718
     
5,908
     
5,805
 
Depreciation and amortization
   
14,283
     
13,925
     
7,148
     
6,985
 
General and administrative
   
6,384
     
4,919
     
3,607
     
2,265
 
Directors' fees and expenses
   
193
     
192
     
88
     
84
 
Total Operating Expenses
   
43,308
     
42,589
     
21,552
     
21,044
 
                                 
Operating Income
   
22,320
     
25,783
     
9,728
     
13,061
 
                                 
Non-Operating Income (Expense):
                               
Interest expense
   
(6,648
)
   
(7,110
)
   
(3,309
)
   
(3,532
)
Equity in net income from unconsolidated joint ventures
   
976
     
718
     
463
     
376
 
Unrealized holding gains arising during the periods
   
109
     
-
     
109
     
-
 
Gain on sale of marketable securities
   
-
     
403
     
-
     
-
 
Gain (loss) on sale of property
   
(328
)
   
-
     
11
     
-
 
Interest, dividends and other investment income
   
332
     
184
     
238
     
55
 
Net Income
   
16,761
     
19,978
     
7,240
     
9,960
 
                                 
Noncontrolling interests:
                               
Net income attributable to noncontrolling interests
   
(2,066
)
   
(2,201
)
   
(1,028
)
   
(1,100
)
Net income attributable to Urstadt Biddle Properties Inc.
   
14,695
     
17,777
     
6,212
     
8,860
 
Preferred stock dividends
   
(6,825
)
   
(6,125
)
   
(3,413
)
   
(3,062
)
                                 
Net Income Applicable to Common and Class A Common Stockholders
 
$
7,870
   
$
11,652
   
$
2,799
   
$
5,798
 
                                 
Basic Earnings Per Share:
                               
Per Common Share:
 
$
0.19
   
$
0.28
   
$
0.07
   
$
0.14
 
Per Class A Common Share:
 
$
0.21
   
$
0.31
   
$
0.07
   
$
0.16
 
                                 
Diluted Earnings Per Share:
                               
Per Common Share:
 
$
0.18
   
$
0.27
   
$
0.07
   
$
0.14
 
Per Class A Common Share:
 
$
0.21
   
$
0.31
   
$
0.07
   
$
0.15
 
                                 
Dividends Per Share:
                               
 Common
 
$
0.50
   
$
0.49
   
$
0.25
   
$
0.245
 
  Class A Common
 
$
0.56
   
$
0.55
   
$
0.28
   
$
0.275
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

   
Six Months Ended
April 30,
   
Three Months Ended
April 30,
 
   
2020
   
2019
   
2020
   
2019
 
                         
Net Income
 
$
16,761
   
$
19,978
   
$
7,240
   
$
9,960
 
                                 
Other comprehensive loss:
                               
Change in unrealized  losses on interest rate swaps
   
(8,101
)
   
(6,308
)
   
(7,172
)
   
(1,588
)
Change in unrealized losses on interest rate swaps-equity investees
   
(946
)
   
(790
)
   
(864
)
   
(174
)
                                 
Total comprehensive income (loss)
   
7,714
     
12,880
     
(796
)
   
8,198
 
Comprehensive income attributable to noncontrolling interests
   
(2,066
)
   
(2,201
)
   
(1,028
)
   
(1,100
)
                                 
Total comprehensive income (loss) attributable to Urstadt Biddle Properties Inc.
   
5,648
     
10,679
     
(1,824
)
   
7,098
 
Preferred stock dividends
   
(6,825
)
   
(6,125
)
   
(3,413
)
   
(3,062
)
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders
 
$
(1,177
)
 
$
4,554
   
$
(5,237
)
 
$
4,036
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
   
Six Months Ended
April 30,
 
   
2020
   
2019
 
Cash Flows from Operating Activities:
           
Net income
 
$
16,761
   
$
19,978
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
14,283
     
13,925
 
Straight-line rent adjustment
   
(550
)
   
(600
)
Provision for tenant credit losses
   
1,845
     
496
 
Unrealized holding gain arising during the periods
   
(109
)
   
-
 
(Gain) on sale of marketable securities
   
-
     
(403
)
Loss on sale of property
   
328
     
-
 
Restricted stock compensation expense and other adjustments
   
3,515
     
2,111
 
Deferred compensation arrangement
   
(27
)
   
(32
)
Equity in net (income) of unconsolidated joint ventures
   
(976
)
   
(718
)
Distributions of operating income from unconsolidated joint ventures
   
976
     
718
 
Changes in operating assets and liabilities:
               
Tenant receivables
   
(2,753
)
   
(334
)
Accounts payable and accrued expenses
   
1,909
     
(975
)
Other assets and other liabilities, net
   
(4,500
)
   
(918
)
Net Cash Flow Provided by Operating Activities
   
30,702
     
33,248
 
                 
Cash Flows from Investing Activities:
               
Acquisitions of real estate investments
   
-
     
(11,755
)
Investments in and advances to unconsolidated joint ventures
   
-
     
(578
)
Deposits on acquisition of real estate investment
   
(1,030
)
   
-
 
Return of deposits on acquisition of real estate investment
   
530
     
-
 
Purchase of available for sale securities
   
(6,983
)
   
-
 
Proceeds from the sale of available for sale securities
   
-
     
5,970
 
Proceeds from sale of property
   
3,732
     
-
 
Improvements to properties and deferred charges
   
(11,728
)
   
(9,629
)
Return of capital from unconsolidated joint ventures
   
202
     
5,984
 
Net Cash Flow (Used in) Investing Activities
   
(15,277
)
   
(10,008
)
                 
Cash Flows from Financing Activities:
               
Dividends paid -- Common and Class A Common Stock
   
(21,831
)
   
(21,303
)
Dividends paid -- Preferred Stock
   
(7,364
)
   
(6,125
)
Principal amortization repayments on mortgage notes payable
   
(3,315
)
   
(3,137
)
Proceeds from mortgage note payable and other loans
   
-
     
35,000
 
Repayment of mortgage note payable and other loans
   
-
     
(23,925
)
Repayment of revolving credit line borrowings
   
-
     
(23,750
)
Proceeds from revolving credit line borrowings
   
35,000
     
21,500
 
Acquisitions of noncontrolling interests
   
(609
)
   
(630
)
Distributions to noncontrolling interests
   
(2,066
)
   
(2,201
)
Payment of taxes on shares withheld for employee taxes
   
(573
)
   
(270
)
Redemption of preferred stock
   
(75,000
)
   
-
 
Net proceeds from the issuance of Common and Class A Common Stock
   
122
     
98
 
Net Cash Flow (Used in) Financing Activities
   
(75,636
)
   
(24,743
)
                 
Net Increase/(Decrease) In Cash and Cash Equivalents
   
(60,211
)
   
(1,503
)
Cash and Cash Equivalents at Beginning of Period
   
94,079
     
10,285
 
                 
Cash and Cash Equivalents at End of Period
 
$
33,868
   
$
8,782
 
                 
Supplemental Cash Flow Disclosures:
               
Interest Paid
 
$
6,567
   
$
6,958
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Six Months Ended April 30, 2020 and 2019
(In thousands, except share and per share data)

   
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock Amount
   
Series K
Preferred
Stock
Issued
   
Series K
Preferred
Stock
Amount
   
Common
Stock
Issued
   
Common
Stock
Amount
   
Class A
Common
Stock
Issued
   
Class A
Common
Stock
Amount
   
Additional
Paid In
Capital
   
Cumulative
Distributions
In Excess of
Net Income
   
Accumulated
Other
Comprehensive
Income (loss)
   
Total
Stockholders’
Equity
 
                                                                         
Balances - October 31, 2019
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
9,963,751
   
$
101
     
29,893,241
   
$
299
   
$
520,988
   
$
(158,213
)
 
$
(8,451
)
 
$
579,724
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
7,870
     
-
     
7,870
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(9,047
)
   
(9,047
)
Cash dividends paid :
                                                                                               
Common stock ($0.50 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(5,035
)
   
-
     
(5,035
)
Class A common stock ($0.56 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(16,796
)
   
-
     
(16,796
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
2,780
     
-
     
3,896
     
-
     
105
     
-
     
-
     
105
 
Shares issued under restricted stock plan
   
-
     
-
     
-
     
-
     
105,450
     
1
     
120,800
     
1
     
(2
)
   
-
     
-
     
-
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
(23,873
)
   
-
     
(573
)
   
-
     
-
     
(573
)
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
3,532
     
-
     
-
     
3,532
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
11,009
     
-
     
11,009
 
Balances - April 30, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,071,981
   
$
102
     
29,994,064
   
$
300
   
$
524,050
   
$
(161,165
)
 
$
(17,498
)
 
$
570,789
 



   
Series G
Preferred
Stock
Issued
   
Series G
Preferred
Stock Amount
   
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock
Amount
   
Common
Stock
Issued
   
Common
Stock
Amount
   
Class A
Common
Stock
Issued
   
Class A
Common
Stock
Amount
   
Additional
Paid In
Capital
   
Cumulative
Distributions
In Excess of
Net Income
   
Accumulated
Other
Comprehensive
Income
   
Total
Stockholders’
Equity
 
                                                                         
Balances - October 31, 2018
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,822,006
   
$
99
     
29,814,814
   
$
298
   
$
518,136
   
$
(133,858
)
 
$
7,466
   
$
582,141
 
November 1, 2018 adoption of new accounting standard - See Note 1
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
569
     
(569
)
   
-
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
11,652
     
-
     
11,652
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(7,098
)
   
(7,098
)
Cash dividends paid :
                                                                                               
Common stock ($0.49 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(4,880
)
   
-
     
(4,880
)
Class A common stock ($0.55 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(16,422
)
   
-
     
(16,422
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
2,403
     
-
     
2,872
     
-
     
98
     
-
     
-
     
98
 
Shares issued under restricted stock plan
   
-
     
-
     
-
     
-
     
137,200
     
1
     
111,450
     
1
     
(2
)
   
-
     
-
     
-
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
(14,290
)
   
-
     
(269
)
   
-
     
-
     
(269
)
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
(13,700
)
   
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
2,111
     
-
     
-
     
2,111
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,380
)
   
-
     
(1,380
)
Balances - April 30, 2019
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,961,609
   
$
100
     
29,901,146
   
$
299
   
$
520,074
   
$
(144,319
)
 
$
(201
)
 
$
565,953
 

The accompanying notes to consolidated financial statements are an integral part of these statements

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Three Months Ended April 30, 2020 and 2019
(In thousands, except share and per share data)

   
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock Amount
   
Series K
Preferred
Stock
Issued
   
Series K
Preferred
Stock
Amount
   
Common
Stock
Issued
   
Common
Stock
Amount
   
Class A
Common
Stock
Issued
   
Class A
Common
Stock
Amount
   
Additional
Paid In
Capital
   
Cumulative
Distributions
In Excess of
Net Income
   
Accumulated
Other
Comprehensive
Income (loss)
   
Total
Stockholders’
Equity
 
                                                                         
Balances - January 31, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,070,238
   
$
102
     
29,991,496
   
$
300
   
$
521,516
   
$
(163,511
)
 
$
(9,463
)
 
$
573,944
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
2,799
     
-
     
2,799
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(8,035
)
   
(8,035
)
Cash dividends paid :
                                                                                               
Common stock ($0.25 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(2,518
)
   
-
     
(2,518
)
Class A common stock ($0.28 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(8,398
)
   
-
     
(8,398
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
1,743
     
-
     
2,568
     
-
     
53
     
-
     
-
     
53
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
2,481
     
-
     
-
     
2,481
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
10,463
     
-
     
10,463
 
Balances - April 30, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,071,981
   
$
102
     
29,994,064
   
$
300
   
$
524,050
   
$
(161,165
)
 
$
(17,498
)
 
$
570,789
 



   
Series G
Preferred
Stock
Issued
   
Series G
Preferred
Stock Amount
   
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock
Amount
   
Common
Stock
Issued
   
Common
Stock
Amount
   
Class A
Common
Stock
Issued
   
Class A
Common
Stock
Amount
   
Additional
Paid In
Capital
   
Cumulative
Distributions
In Excess of
Net Income
   
Accumulated
Other
Comprehensive
Income
   
Total
Stockholders’
Equity
 
                                                                         
Balances - January 31, 2019
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,960,445
   
$
100
     
29,913,560
   
$
299
   
$
518,985
   
$
(138,248
)
 
$
1,562
   
$
572,698
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
5,798
     
-
     
5,798
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,763
)
   
(1,763
)
Cash dividends paid :
                                                                                               
Common stock ($0.245 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(2,440
)
   
-
     
(2,440
)
Class A common stock ($0.275per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(8,196
)
   
-
     
(8,196
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
1,164
     
-
     
1,390
     
-
     
48
     
-