Urstadt Biddle Properties Q4 FFO Declines

(RTTNews) - Urstadt Biddle Properties Inc. (UBA, UBP) reported net income for the fourth quarter of $27.0 million or $0.77 per share and $0.87 per Class A share, compared to $4.0 million or $0.12 per share and $0.13 per Class A share for the year-ago quarter.

Funds from operations for the fourth quarter was $8.0 million or $0.23 per share and $0.26 per Class A share, compared to $9.1 million or $0.26 per share and $0.29 per Class A share in last year's fourth quarter.

Recurring FFO for the fourth quarter was $10.1 million or $0.29 per share and $0.32 per Class A share, compared to $9.1 million or $0.27 per share and $0.30 per Class A share a year earlier.

Total revenue for the fourth quarter rose to $26.23 million from $24.32 million a year ago.

At their regular December meeting, the company's Directors approved an increase in the quarterly dividend rate on shares of the company's Class A Common stock. The quarterly dividend rate declared for Class A Common stock was increased to $0.255 per share, which represents an annualized increase of $0.01 per share for the Class A Common shares. The Board of Directors declared a quarterly dividend for the Common shares of $0.225 per share, unchanged from the prior quarter. The $0.01 increase on the Class A Common Stock dividend represents the twenty-first consecutive year that the company has increased total dividends to its shareholders. The Class A Common and Common dividends are payable January 16, 2015 to stockholders of record on January 5, 2015.