Earnings Review and Free Research Report: Urstadt Biddle's Q2 Results Grew Y-o-Y; Announced Share Repurchase
LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Urstadt Biddle Properties Inc. (NYSE: UBA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=UBA, following the Company's reporting of its financial results for the second quarter fiscal 2017 (Q2 FY17) on June 08, 2017. The Greenwich, Connecticut-based Company's funds from operations (FFO) and diluted EPS grew on year-over-year basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at: http://protraderdaily.com/register/.
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Earnings Reviewed
During Q2 FY17, Urstadt Biddle's total revenues increased to $29.99 million from $29.17 million in Q2 FY16. The Company generated $21.68 million of revenues from base rents in Q2 FY17 compared to $21.50 million in the year ago corresponding period. Recoveries from tenants during Q2 FY17 were $7.15 million versus $6.49 million in the previous year's comparable quarter. In Q2 FY17, lease termination income came in at $0.26 million compared to $0.29 million in Q2 FY16. Furthermore, other income during the reported quarter was $0.90 million compared to $0.89 million in the prior year's same quarter.
The commercial real estate investment trust reported net income applicable to common and Class A common stockholder of $24.10 million, or $0.64 per diluted share, in Q2 FY17 compared to $4.77 million, or $0.14 per diluted share, in Q2 FY16. The Company's FFO applicable to common and Class A common stockholder during Q2 FY17 stood at $11.20 million, or $0.30 per diluted share, compared to $10.75 million, or $0.31 per diluted share, in Q2 FY16.
Earnings Metrics
Urstadt Biddle's total operating expense increased to $19.00 million in Q2 FY17 from $17.95 million in Q2 FY16. For Q2 FY17, the Company's operating income was $11.00 million compared to $11.22 million in Q2 FY16. The Company's net income for the reported quarter was $27.92 million compared to $8.56 million in the previous year's same quarter.
As on April 30, 2017, the Company's consolidated properties were approximately 93.1% leased, down 0.2% from 93.3% as on October 31, 2016. Overall property occupancy also decreased to 92.6% as on April 30, 2017, from 92.8% as on October 31, 2016. Furthermore, during the first six months of FY17, the Company purchased three properties totaling 88,200 square feet of GLA, invested in a joint venture that owns three properties totaling 99,400 square feet, and sold one property totaling 191,000 square feet.
Balance Sheet
During the six months ended April 30, 2017, Urstadt Biddle's net cash flow provided by operating activities was $28.90 million compared to $26.59 million in the year ago comparable period. At the close of books on April 30, 2017, Urstadt Biddle had cash and cash equivalents balance of $15.48 million versus $7.27 million at the close of books on October 31, 2016.
Dividend and Share Repurchase
In a separate press release June 05, 2017, Urstadt Biddle's Board of Directors declared a quarterly dividend of $0.265 for each share of Class A Common Stock and $0.235 for each share of Common Stock. The dividends are payable on July 14, 2017, to stockholders of record on June 30, 2017.
On June 09, 2017, Urstadt Biddle announced that its Board of Directors has authorized a share repurchase program of up to 2.00 million shares. The share repurchase program represents less than 5% of the Company's total combined outstanding Common, Class A Common, and Series F and Series G Preferred Shares. Additionally, the share repurchase program will be funded with available cash and may be discontinued at any time.
Stock Performance
On Tuesday, June 27, 2017, the stock closed the trading session at $19.61, marginally rising 0.67% from its previous closing price of $19.48. A total volume of 184.08 thousand shares have exchanged hands, which was higher than the 3-month average volume of 142.79 thousand shares. Urstadt Biddle Properties' stock price advanced 3.59% in the last one month. The stock is trading at a PE ratio of 19.00 and has a dividend yield of 5.41%. At Tuesday's closing price, the stock's net capitalization stands at $748.91 million.
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