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)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, par value $.01 per share
|
New York Stock Exchange
|
Class A Common Stock, par value $.01 per share
|
New York Stock Exchange
|
6.75% Series G Cumulative Preferred Stock
|
New York Stock Exchange
|
6.25% Series H Cumulative Preferred Stock
|
New York Stock Exchange
|
Preferred Share Purchase Rights
|
New York Stock Exchange
|
Yes
☐
|
No
☒
|
Yes
☐
|
No
☒
|
Yes
☒
|
No
☐
|
Large accelerated filer
☐
|
Accelerated filer
☒
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☐
|
Emerging growth company
☐
|
Yes
☐
|
No
☒
|
Item No.
|
Page No.
|
|
PART I
|
||
1.
|
1 | |
1A.
|
3 | |
1B.
|
7 | |
2.
|
8 | |
3.
|
10 | |
4.
|
10 | |
PART II
|
||
5.
|
11 | |
6.
|
12 | |
7.
|
13 | |
7A.
|
22 | |
8.
|
23 | |
9.
|
23 | |
9A.
|
23 | |
9B.
|
26 | |
PART III
|
||
10.
|
27 | |
11.
|
27 | |
12.
|
27 | |
13.
|
27 | |
14.
|
27 | |
PART IV
|
||
28 | ||
57, 58 |
•
|
economic and other market conditions, including local real estate and market conditions, that could impact us, our properties or the financial stability of our tenants;
|
•
|
financing risks, such as the inability to obtain debt or equity financing on favorable terms, as well as the level and volatility of interest rates;
|
•
|
any difficulties in renewing leases, filling vacancies or negotiating improved lease terms;
|
•
|
the inability of the Company's properties to generate revenue increases to offset expense increases;
|
•
|
environmental risk and regulatory requirements;
|
•
|
risks of real estate acquisitions and dispositions (including the failure of transactions to close);
|
•
|
risks of operating properties through joint ventures that we do not fully control;
|
•
|
risks related to our status as a real estate investment trust, including the application of complex federal income tax regulations that are subject to change;
|
•
|
as well as other risks identified in this Annual Report on Form 10-K under Item 1A. Risk Factors and in the other reports filed by the Company with the Securities and Exchange Commission (the "SEC").
|
•
|
acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the metropolitan New York tri-state area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals;
|
•
|
selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition criteria;
|
•
|
invest in our properties for the long-term through regular maintenance, periodic renovations and capital improvements, enhancing their attractiveness to tenants and customers, as well as increasing their value;
|
•
|
leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to meet the needs of existing or new tenants;
|
•
|
proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, and replacing weak ones when necessary, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents, replacing below-market-rent leases with increased market rents when possible and further improving the quality of our tenant mix at our shopping centers;
|
•
|
maintain strong working relationships with our tenants, particularly our anchor tenants;
|
•
|
maintain a conservative capital structure with low leverage levels, ample liquidity and diverse sources of capital; and
|
•
|
control property operating and administrative costs.
|
Tenant
|
Number
of Stores
|
% of Total Annual
Base Rent of Properties
|
||||||
Stop & Shop
|
8
|
9.9
|
%
|
|||||
CVS
|
10
|
5.4
|
%
|
|||||
The TJX Companies
|
6
|
3.4
|
%
|
|||||
Bed Bath & Beyond
|
3
|
2.9
|
%
|
|||||
Acme
|
4
|
2.7
|
%
|
|||||
ShopRite
|
3
|
1.8
|
%
|
|||||
Staples
|
3
|
1.4
|
%
|
|||||
BJ's
|
2
|
1.4
|
%
|
|||||
Rite Aid
|
4
|
1.3
|
%
|
|||||
DSW
|
2
|
1.1
|
%
|
|||||
45
|
31.3
|
%
|
Year of Expiration
|
Number of
Leases Expiring
|
Square Footage
of Expiring Leases
|
Minimum
Base Rentals
|
Percentage of
Total Annual
Base Rent that is
Represented by
the Expiring Leases
|
||||||||||||
2018
|
9
|
32,600
|
$
|
1,438,800
|
11.3
|
%
|
||||||||||
2019
|
3
|
14,600
|
431,900
|
3.3
|
%
|
|||||||||||
2020
|
4
|
34,800
|
637,700
|
4.9
|
%
|
|||||||||||
2021
|
4
|
44,800
|
994,700
|
7.7
|
%
|
|||||||||||
2022
|
3
|
93,100
|
5,197,700
|
40.3
|
%
|
|||||||||||
2023
|
6
|
92,200
|
2,583,300
|
20.0
|
%
|
|||||||||||
2024
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
2025
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
2026
|
2
|
10,300
|
363,700
|
2.8
|
%
|
|||||||||||
2027
|
2
|
5,000
|
135,600
|
1.1
|
%
|
|||||||||||
Thereafter
|
1
|
33,800
|
1,115,700
|
8.6
|
%
|
|||||||||||
Total
|
34
|
361,200
|
$
|
12,899,100
|
100
|
%
|
•
|
weakness in the national, regional and local economies;
|
•
|
the adverse financial condition of some large retailing companies;
|
•
|
the impact of internet sales on the demand for retail space;
|
•
|
ongoing consolidation in the retail sector; and
|
•
|
the excess amount of retail space in a number of markets.
|
•
|
We may share decision-making authority with our joint venture partners regarding certain major decisions affecting the ownership or operation of the joint venture and the joint venture property, such as, but not limited to, (i) additional capital contribution requirements, (ii) obtaining, refinancing or paying off debt, and (iii) obtaining consent prior to the sale or transfer of our interest in the joint venture to a third party, which may prevent us from taking actions that are opposed by our joint venture partners;
|
•
|
Our joint venture partners may have business interests or goals with respect to the property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property;
|
•
|
Disputes may develop with our joint venture partners over decisions affecting the property or the joint venture, which may result in litigation or arbitration that would increase our expenses and distract our officers from focusing their time and effort on our business, disrupt the day-to-day operations of the property such as by delaying the implementation of important decisions until the conflict is resolved, and possibly force a sale of the property if the dispute cannot be resolved; and
|
•
|
The activities of a joint venture could adversely affect our ability to qualify as a REIT.
|
•
|
requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures;
|
•
|
making us more vulnerable to economic and industry downturns and reducing our flexibility to respond to changing business and economic conditions;
|
•
|
requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt, and otherwise limiting our ability to borrow for operations, working capital or to finance acquisitions in the future; or
|
•
|
limiting our flexibility in conducting our business, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms.
|
•
|
restricting our ability to assign or further encumber the properties securing the debt; and
|
•
|
restricting our ability to enter into certain new leases or to amend or modify certain existing leases without obtaining consent of the lenders.
|
•
|
permit unsecured debt to exceed $400 million;
|
•
|
create certain liens;
|
•
|
increase our overall secured and unsecured borrowing beyond certain levels;
|
•
|
consolidate, merge or sell all or substantially all of our assets;
|
•
|
permit secured debt to be more than 40% of gross asset value, as defined in the agreement; and
|
•
|
permit unsecured indebtedness excluding preferred stock to exceed, 60% of eligible real estate asset value as defined in the agreement.
|
•
|
our income may not be matched by our related expenses at the time the income is considered received for purposes of determining taxable income; and
|
•
|
non-deductible capital expenditures, creation of reserves, or debt service requirements may reduce available cash but not taxable income.
|
•
|
our financial condition and results of future operations;
|
•
|
the performance of lease terms by tenants;
|
•
|
the terms of our loan covenants;
|
•
|
payment obligations on debt; and
|
•
|
our ability to acquire, finance or redevelop and lease additional properties at attractive rates.
|
•
|
85% of our ordinary income for that year;
|
•
|
95% of our capital gain net income for that year; and
|
•
|
100% of our undistributed taxable income from prior years.
|
•
|
a transfer that violates the limitation is void;
|
•
|
shares transferred to a stockholder in excess of the ownership limitation are automatically converted, by the terms of our charter, into shares of "Excess Stock;"
|
•
|
a purported transferee receives no rights to the shares that violate the limitation except the right to designate a transferee of the Excess Stock held in trust; and
|
•
|
the Excess Stock will be held by us as trustee of a trust for the exclusive benefit of future transferees to whom the shares of capital stock ultimately will be transferred without violating the ownership limitation.
|
•
|
Our board of directors is divided into three classes, with directors in each class elected for three-year staggered terms.
|
•
|
Our directors may be removed only for cause upon the vote of the holders of two-thirds of the voting power of our common equity securities.
|
•
|
Our stockholders may call a special meeting of stockholders only if the holders of a majority of the voting power of our common equity securities request such a meeting in writing.
|
•
|
Any consolidation, merger, share exchange or transfer of all or substantially all of our assets must be approved by (i) a majority of our directors who are currently in office or who are approved or recommended by a majority of our directors who are currently in office (the "Continuing Directors") and (ii) the holders of two-thirds of the voting power of our common equity securities.
|
•
|
Certain provisions of our charter may only be amended by (i) a vote of a majority of our Continuing Directors and (ii) the holders of a majority of the voting power of our common equity securities. These provisions relate to the election and classification of directors, the ownership limit and the stockholder vote required for certain business combination transactions
.
An action by stockholders to remove a director would require a vote of at least two-thirds of the voting power of our outstanding common equity securities.
|
•
|
The number of directors may be increased or decreased by a vote of our board of directors.
|
Retail Properties:
|
Year Renovated
|
Year Completed
|
Year Acquired
|
Gross Leasable Sq Feet
|
Acres
|
Number of Tenants
|
% Leased
|
Principal Tenant
|
||||||||||||||
Stamford, CT
|
1997
|
1950
|
2002
|
374,000
|
13.6 |
34
|
97
|
%
|
Stop & Shop
|
|||||||||||||
Stratford, CT
|
1988
|
1978
|
2005
|
278,000
|
29.0 |
19
|
100
|
%
|
Stop & Shop, BJ's
|
|||||||||||||
Scarsdale, NY (1)
|
2004
|
1958
|
2010
|
250,000
|
14.0 |
27
|
98
|
%
|
ShopRite
|
|||||||||||||
New Milford, CT
|
2002
|
1972
|
2010
|
235,000
|
20.0 |
14
|
100
|
%
|
Walmart
|
|||||||||||||
Riverhead, NY (2)
|
-
|
2014
|
2014
|
198,000
|
20.7 |
3
|
98
|
%
|
Walmart
|
|||||||||||||
Danbury, CT
|
-
|
1989
|
1995
|
194,000
|
19.3 |
18
|
98
|
%
|
Christmas Tree Shops
|
|||||||||||||
Carmel, NY (3)
|
2006
|
1971
|
2010
|
189,000
|
22.0 |
38
|
98
|
%
|
Tops Markets
|
|||||||||||||
Ossining, NY
|
2000
|
1978
|
1998
|
137,000
|
11.4 |
26
|
96
|
%
|
Stop & Shop
|
|||||||||||||
Somers, NY
|
-
|
2002
|
2003
|
135,000
|
26.0 |
29
|
97
|
%
|
Home Goods
|
|||||||||||||
Midland Park, NJ
|
1999
|
1970
|
2015
|
130,000
|
7.9
|
26
|
97
|
%
|
Kings Supermarket
|
|||||||||||||
Carmel, NY
|
1999
|
1983
|
1995
|
129,000
|
19.0 |
17
|
96
|
%
|
ShopRite
|
|||||||||||||
Pompton Lakes, NJ
|
2000
|
1965
|
2015
|
125,000
|
12.0 |
16
|
44
|
%
|
Planet Fitness
|
|||||||||||||
Yorktown, NY
|
1997
|
1973
|
2005
|
121,000
|
16.4
|
12
|
73
|
%
|
Staples
|
|||||||||||||
New Providence, NJ
|
2010
|
1965
|
2013
|
109,000
|
7.8 |
24
|
98
|
%
|
Acme Markets
|
|||||||||||||
Newark, NJ (4)
|
-
|
1995
|
2008
|
108,000
|
8.4
|
13
|
95
|
%
|
Acme Markets
|
|||||||||||||
Wayne, NJ
|
1992
|
1959
|
1992
|
102,000
|
9.0 |
41
|
59
|
%
|
PNC Bank
|
|||||||||||||
Newington, NH
|
1994
|
1975
|
1979
|
102,000
|
14.3 |
7
|
97
|
%
|
JoAnns Fabrics
|
|||||||||||||
Darien, CT
|
1992
|
1955
|
1998
|
96,000
|
9.5 |
22
|
97
|
%
|
Stop & Shop
|
|||||||||||||
Emerson, NJ
|
2013
|
1981
|
2007
|
93,000
|
7.0 |
11
|
82
|
%
|
ShopRite
|
|||||||||||||
Stamford, CT (8)
|
2013
|
1963 & 1968
|
2017 |
87,000
|
6.7
|
25
|
95
|
%
|
Trader Joes
|
|||||||||||||
New Milford, CT
|
-
|
1966
|
2008
|
81,000
|
7.6 |
5
|
92
|
%
|
Big Y
|
|||||||||||||
Somers, NY
|
-
|
1991
|
1999
|
80,000
|
10.8 |
29
|
83
|
%
|
CVS
|
|||||||||||||
Montvale, NJ (2)
|
2010
|
1965
|
2013
|
79,000
|
9.9 |
15
|
95
|
%
|
The Fresh Market
|
|||||||||||||
Orange, CT
|
-
|
1990
|
2003
|
78,000
|
10.0 |
13
|
100
|
%
|
Trader Joes
|
|||||||||||||
Kinnelon, NJ
|
2015
|
1961
|
2015
|
77,000
|
7.5 |
12
|
98
|
%
|
Marshalls
|
|||||||||||||
Orangeburg, NY (5)
|
2014
|
1966
|
2012
|
74,000
|
10.6 |
23
|
90
|
%
|
CVS
|
|||||||||||||
Dumont, NJ (9)
|
-
|
1992
|
2017
|
74,000
|
5.5 |
34
|
100
|
%
|
Stop & Shop
|
|||||||||||||
Stamford, CT
|
2000
|
1970
|
2016
|
72,000
|
9.7 |
14
|
98
|
%
|
ShopRite (Grade A)
|
|||||||||||||
New Milford, CT
|
-
|
2003
|
2011
|
72,000
|
8.8 |
9
|
93
|
%
|
TJ Max
|
|||||||||||||
Eastchester, NY
|
2013
|
1978
|
1997
|
70,000
|
4.0 |
13
|
100
|
%
|
Acme Markets
|
|||||||||||||
Boonton, NJ
|
2016
|
1999
|
2014
|
63,000
|
5.4 |
10
|
100
|
%
|
Acme Markets
|
|||||||||||||
Ridgefield, CT
|
1999
|
1930
|
1998
|
62,000
|
3.0 |
41
|
91
|
%
|
Keller Williams
|
|||||||||||||
Fairfield, CT
|
-
|
1995
|
2011
|
62,000
|
7.0 |
3
|
100
|
%
|
Marshalls
|
|||||||||||||
Bloomfield, NJ
|
2016
|
1977
|
2014
|
59,000
|
5.1 |
9
|
96
|
%
|
Superfresh Supermarket
|
|||||||||||||
Yonkers, NY (7)
|
-
|
1982
|
2014
|
58,000
|
5.0 |
13
|
100
|
%
|
Acme Markets
|
|||||||||||||
Cos Cob, CT
|
2008
|
1986
|
2014
|
48,000
|
1.1 |
32
|
92
|
%
|
CVS
|
|||||||||||||
Briarcliff Manor, NY
|
2014
|
1975
|
2001
|
47,000
|
1.0 |
15
|
83
|
%
|
CVS
|
|||||||||||||
Wyckoff, NJ
|
2014
|
1971
|
2015
|
43,000
|
5.2 |
15
|
92
|
%
|
Walgreens
|
|||||||||||||
Westport, CT
|
-
|
1986
|
2003
|
40,000
|
3.0 |
9
|
64
|
%
|
Rio Bravo Restaurant
|
|||||||||||||
Old Greenwich, CT
|
-
|
1976
|
2014
|
39,000
|
1.4 |
13
|
92
|
%
|
Kings Supermarket
|
|||||||||||||
Rye, NY
|
-
|
Various
|
2004
|
39,000
|
1.0 |
22
|
96
|
%
|
A&S Deli
|
|||||||||||||
Derby, CT
|
-
|
2014
|
2017
|
39,000
|
5.3 |
6
|
91
|
%
|
Aldi Supermarket
|
|||||||||||||
Passaic, NJ
|
2016
|
1974
|
2017
|
37,000
|
2.9 |
3
|
100
|
%
|
Gala Fresh Market
|
|||||||||||||
Danbury, CT
|
2012
|
1988
|
2002
|
33,000
|
2.7 |
6
|
100
|
%
|
Buffalo Wild Wings
|
|||||||||||||
Bethel, CT
|
1967
|
1957
|
2014
|
31,000
|
4.0 |
7
|
100
|
%
|
Rite Aid
|
|||||||||||||
Ossining, NY
|
2001
|
1981
|
1999
|
29,000
|
4.0 |
3
|
88
|
%
|
Westchester Community College
|
|||||||||||||
Katonah, NY
|
1986
|
Various
|
2010
|
28,000
|
1.7 |
25
|
89
|
%
|
Squires
|
|||||||||||||
Stamford, CT
|
1995
|
1960
|
2016
|
27,000
|
1.1 |
7
|
100
|
%
|
Federal Express
|
|||||||||||||
Waldwick, NJ
|
-
|
1953
|
2017
|
27,000
|
1.8
|
11
|
100
|
%
|
United States Post Office
|
|||||||||||||
Harrison, NY
|
-
|
1970
|
2015
|
26,000
|
1.6 |
13
|
100
|
%
|
Key Foods
|
|||||||||||||
Pelham, NY
|
2014
|
1975
|
2006
|
25,000
|
1.0 |
9
|
100
|
%
|
Key Foods
|
|||||||||||||
Spring Valley, NY (2)
|
-
|
1950
|
2013
|
24,000
|
1.6 |
11
|
94
|
%
|
Spring Valley Foods
|
|||||||||||||
Eastchester, NY
|
2014
|
1963
|
2012
|
24,000
|
2.1 |
5
|
100
|
%
|
CVS
|
|||||||||||||
Waldwick, NJ
|
-
|
1961
|
2008
|
20,000
|
1.8 |
1
|
100
|
%
|
Rite Aid
|
|||||||||||||
Somers, NY
|
-
|
1987
|
1992
|
19,000
|
4.9 |
12
|
100
|
%
|
Putnam County Savings Bank
|
|||||||||||||
Cos Cob, CT
|
1970
|
1947
|
2013
|
15,000
|
0.9 |
10
|
94
|
%
|
Jos. A Banks
|
|||||||||||||
Various (6)
|
-
|
Various
|
2013
|
15,000
|
3.0 |
4
|
57
|
%
|
Friendly Restaurants
|
|||||||||||||
Riverhead, NY (2)
|
-
|
2000
|
2014
|
13,000
|
2.7 |
3
|
100
|
%
|
Applebee's
|
|||||||||||||
Monroe, CT
|
-
|
2005
|
2007
|
10,000
|
2.0 |
6
|
100
|
%
|
Starbucks
|
|||||||||||||
Greenwich, CT
|
- |
1961
|
2013
|
10,000 | 0.8 | 5 | 100 |
%
|
Cava Mezza Grill
|
|||||||||||||
Old Greenwich, CT (8)
|
2001
|
1941
|
2017
|
8,000
|
0.8 |
1
|
100
|
%
|
CVS
|
|||||||||||||
Fort Lee, NJ
|
-
|
1967
|
2015
|
7,000
|
0.4 |
1
|
100
|
%
|
H-Mart
|
|||||||||||||
Office Properties & Banks Branches
|
||||||||||||||||||||||
Greenwich, CT
|
-
|
Various
|
Various
|
58,000
|
2.8 |
15
|
94
|
%
|
UBP
|
|||||||||||||
Bronxville & Yonkers
|
-
|
1960
|
2008 & 2009
|
19,000
|
0.7 |
4
|
100
|
%
|
Peoples Bank , Chase Bank
|
|||||||||||||
Bernardsville, NJ
|
-
|
1970
|
2013
|
14,000
|
1.1 |
6
|
64
|
%
|
Lab Corp
|
|||||||||||||
Chester, NJ
|
-
|
1950
|
2013
|
9,000
|
2.0 |
1
|
100
|
%
|
REE Childcare
|
|||||||||||||
Stamford, CT (8)
|
2012
|
1960
|
2017
|
4,000
|
0.5 |
1
|
100
|
%
|
Chase Bank
|
|||||||||||||
5,080,000
|
470.8
|
947
|
(1)
|
Two wholly owned subsidiaries of the Company own an 11.642% economic ownership interest in the property. The Company accounts for this joint venture under the equity method of accounting and does not consolidate the entity owning the property. |
(2)
|
A wholly owned subsidiary of the Company has a 50% tenant in common interest in the property. The Company accounts for this joint venture under the equity method of accounting and does not consolidate its interest in the property.
|
(3)
|
A wholly owned subsidiary of the Company has a 66.67% tenant in common interest in the property. The Company accounts for this joint venture under the equity method of accounting and does not consolidate its interest in the property. |
(4)
|
A wholly owned subsidiary of the Company is the sole general partner of a partnership that owns this property (84% ownership interest)
|
(5)
|
A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (40.6% ownership interest)
|
(6)
|
The Company owns five separate free standing properties, two of which are occupied 100% by a Friendly's Restaurant and two by other restaurant's. The properties are located in New York, New Jersey and Connecticut. |
(7)
|
A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (53.0% ownership interest)
|
(8)
|
A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (8.80% ownership interest)
|
(9)
|
A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (31.4% ownership interest)
|
Year of Expiration
|
Number of
Leases Expiring
|
Square Footage
of Expiring Leases
|
Minimum Base Rents
|
Percentage of Total
Annual Base Rent
that is Represented
by the Expiring Leases
|
||||||||||||
2018 (1)
|
197
|
438,800
|
$
|
10,972,200
|
11
|
%
|
||||||||||
2019
|
121
|
421,300
|
10,337,800
|
11
|
%
|
|||||||||||
2020
|
89
|
412,900
|
9,401,500
|
10
|
%
|
|||||||||||
2021
|
112
|
432,000
|
11,216,100
|
11
|
%
|
|||||||||||
2022
|
105
|
637,100
|
18,081,800
|
19
|
%
|
|||||||||||
2023
|
50
|
461,700
|
10,840,000
|
11
|
%
|
|||||||||||
2024
|
34
|
168,700
|
4,577,300
|
5
|
%
|
|||||||||||
2025
|
41
|
227,600
|
4,988,900
|
5
|
%
|
|||||||||||
2026
|
33
|
126,700
|
3,635,100
|
4
|
%
|
|||||||||||
2027
|
32
|
121,900
|
3,035,800
|
3
|
%
|
|||||||||||
Thereafter
|
36
|
535,800
|
9,599,500
|
10
|
%
|
|||||||||||
850
|
3,984,500
|
$
|
96,686,000
|
100
|
%
|
(1) |
Represents lease expirations from November 1, 2017 to October 31, 2018 and month-to-month leases.
|
Item 5. |
Fiscal Year Ended
|
Fiscal Year Ended
|
|||||||||||||||
October 31, 2017
|
October 31, 2016
|
|||||||||||||||
Common Shares:
|
Low
|
High
|
Low
|
High
|
||||||||||||
First Quarter
|
$
|
16.85
|
$
|
19.64
|
$
|
16.63
|
$
|
19.01
|
||||||||
Second Quarter
|
$
|
16.21
|
$
|
18.00
|
$
|
17.42
|
$
|
19.19
|
||||||||
Third Quarter
|
$
|
15.92
|
$
|
18.87
|
$
|
18.25
|
$
|
22.37
|
||||||||
Fourth Quarter
|
$
|
16.29
|
$
|
18.80
|
$
|
17.16
|
$
|
21.50
|
Fiscal Year Ended
|
Fiscal Year Ended
|
|||||||||||||||
October 31, 2017
|
October 31, 2016
|
|||||||||||||||
Class A Common Shares:
|
Low
|
High
|
Low
|
High
|
||||||||||||
First Quarter
|
$
|
20.51
|
$
|
24.33
|
$
|
18.57
|
$
|
20.47
|
||||||||
Second Quarter
|
$
|
19.66
|
$
|
22.62
|
$
|
19.51
|
$
|
21.46
|
||||||||
Third Quarter
|
$
|
18.41
|
$
|
21.12
|
$
|
20.47
|
$
|
25.13
|
||||||||
Fourth Quarter
|
$
|
20.07
|
$
|
22.65
|
$
|
21.11
|
$
|
24.50
|
Common Shares
|
Class A Common Shares
|
|||||||||||||||||||||||||||||||
Dividend Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
||||||||||||||||||||||||
January 20, 2017
|
$
|
0.235
|
$
|
0.14
|
$
|
0.02075
|
$
|
0.07425
|
$
|
0.265
|
$
|
0.158
|
$
|
0.02325
|
$
|
0.08375
|
||||||||||||||||
April 17, 2017
|
$
|
0.235
|
$
|
0.14
|
$
|
0.02075
|
$
|
0.07425
|
$
|
0.265
|
$
|
0.158
|
$
|
0.02325
|
$
|
0.08375
|
||||||||||||||||
July 17, 2017
|
$
|
0.235
|
$
|
0.14
|
$
|
0.02075
|
$
|
0.07425
|
$
|
0.265
|
$
|
0.158
|
$
|
0.02325
|
$
|
0.08375
|
||||||||||||||||
October 20, 2017
|
$
|
0.235
|
$
|
0.14
|
$
|
0.02075
|
$
|
0.07425
|
$
|
0.265
|
$
|
0.158
|
$
|
0.02325
|
$
|
0.08375
|
||||||||||||||||
$
|
0.94
|
$
|
0.56
|
$
|
0.083
|
$
|
0.297
|
$
|
1.06
|
$
|
0.632
|
$
|
0.093
|
$
|
0.335
|
Common Shares
|
Class A Common Shares
|
|||||||||||||||||||||||||||||||
Dividend Payment Date
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
Gross Dividend
Paid Per Share
|
Ordinary Income
|
Capital Gain
|
Non-Taxable Portion
|
||||||||||||||||||||||||
January 15, 2016
|
$
|
0.23
|
$
|
0.1205
|
$
|
0.078
|
$
|
0.0315
|
$
|
0.26
|
$
|
0.13625
|
$
|
0.08825
|
$
|
0.0355
|
||||||||||||||||
April 15, 2016
|
$
|
0.23
|
$
|
0.1205
|
$
|
0.078
|
$
|
0.0315
|
$
|
0.26
|
$
|
0.13625
|
$
|
0.08825
|
$
|
0.0355
|
||||||||||||||||
July 15, 2016
|
$
|
0.23
|
$
|
0.1205
|
$
|
0.078
|
$
|
0.0315
|
$
|
0.26
|
$
|
0.13625
|
$
|
0.08825
|
$
|
0.0355
|
||||||||||||||||
October 21, 2016
|
$
|
0.23
|
$
|
0.1205
|
$
|
0.078
|
$
|
0.0315
|
$
|
0.26
|
$
|
0.13625
|
$
|
0.08825
|
$
|
0.0355
|
||||||||||||||||
$
|
0.92
|
$
|
0.482
|
$
|
0.312
|
$
|
0.126
|
$
|
1.04
|
$
|
0.545
|
$
|
0.353
|
$
|
0.142
|
Year Ended October 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Total Assets
|
$
|
996,713
|
$
|
931,324
|
$
|
861,075
|
$
|
819,005
|
$
|
650,026
|
||||||||||
Revolving Credit Lines and Unsecured Term Loan
|
$
|
4,000
|
$
|
8,000
|
$
|
22,750
|
$
|
40,550
|
$
|
9,250
|
||||||||||
Mortgage Notes Payable and Other Loans
|
$
|
297,071
|
$
|
273,016
|
$
|
260,457
|
$
|
205,147
|
$
|
166,246
|
||||||||||
Preferred Stock Called For Redemption
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
61,250
|
$
|
-
|
||||||||||
Operating Data:
|
||||||||||||||||||||
Total Revenues
|
$
|
123,560
|
$
|
116,792
|
$
|
115,312
|
$
|
102,328
|
$
|
95,203
|
||||||||||
Total Expenses and payments to noncontrolling interests
|
$
|
91,774
|
$
|
85,337
|
$
|
88,594
|
$
|
75,927
|
$
|
70,839
|
||||||||||
Income from Continuing Operations before Discontinued Operations
|
$
|
55,432
|
$
|
34,605
|
$
|
50,212
|
$
|
53,091
|
$
|
29,105
|
||||||||||
Per Share Data:
|
||||||||||||||||||||
Net Income from Continuing Operations - Basic:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
0.92
|
$
|
0.57
|
$
|
1.04
|
$
|
1.22
|
$
|
0.31
|
||||||||||
Common Stock
|
$
|
0.82
|
$
|
0.50
|
$
|
0.92
|
$
|
1.09
|
$
|
0.28
|
||||||||||
Net Income from Continuing Operations - Diluted:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
0.90
|
$
|
0.56
|
$
|
1.02
|
$
|
1.19
|
$
|
0.30
|
||||||||||
Common Stock
|
$
|
0.80
|
$
|
0.49
|
$
|
0.90
|
$
|
1.06
|
$
|
0.27
|
||||||||||
Cash Dividends Paid on:
|
||||||||||||||||||||
Class A Common Stock
|
$
|
1.06
|
$
|
1.04
|
$
|
1.02
|
$
|
1.01
|
$
|
1.00
|
||||||||||
Common Stock
|
$
|
0.94
|
$
|
0.92
|
$
|
0.90
|
$
|
0.90
|
$
|
0.90
|
||||||||||
Other Data:
|
||||||||||||||||||||
Net Cash Flow Provided by (Used in):
|
||||||||||||||||||||
Operating Activities
|
$
|
62,995
|
$
|
62,081
|
$
|
53,041
|
$
|
52,519
|
$
|
52,270
|
||||||||||
Investing Activities
|
$
|
16,262
|
$
|
(82,072
|
)
|
$
|
(106,975
|
)
|
$
|
(56,228
|
)
|
$
|
(50,949
|
)
|
||||||
Financing Activities
|
$
|
(77,854
|
)
|
$
|
20,639
|
$
|
(12,472
|
)
|
$
|
73,793
|
$
|
(76,468
|
)
|
|||||||
Funds from Operations (1)
|
$
|
43,203
|
$
|
43,603
|
$
|
38,056
|
$
|
33,032
|
$
|
29,506
|
(1) |
The Company has adopted the definition of Funds from Operations (FFO) suggested by the National Association of Real Estate Investment Trusts (NAREIT) and defines FFO as net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of properties plus real estate related depreciation and amortization and after adjustments for unconsolidated joint ventures. For a reconciliation of net income and FFO, see Management's Discussion and Analysis of Financial Condition and Results of Operations on page 13. FFO does not represent cash flows from operating activities in accordance with generally accepted accounting principles and should not be considered an alternative to net income as an indicator of the Company's operating performance. The Company considers FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of its real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the Company's operating performance. However, comparison of the Company's presentation of FFO, using the NAREIT definition, to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs. For a further discussion of FFO, see Management's Discussion and Analysis of Financial Condition and Results of Operations on page 13.
|
•
|
acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the metropolitan New York tri-state area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals. Our hope is to grow our assets through acquisitions by 5% to 15% per year on a dollar value basis subject to the availability of acquisitions that meet our investment parameters;
|
•
|
selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition criteria;
|
•
|
invest in our properties for the long-term through regular maintenance, periodic renovations and capital improvements, enhancing their attractiveness to tenants and customers, as well as increasing their value;
|
•
|
leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to meet the needs of existing or new tenants;
|
•
|
proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, and replacing weak ones when necessary, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents, replacing below-market-rent leases with increased market rents when possible and further improving the quality of our tenant mix at our shopping centers;
|
•
|
maintain strong working relationships with our tenants, particularly our anchor tenants;
|
•
|
maintain a conservative capital structure with low leverage levels; and
|
•
|
control property operating and administrative costs.
|
•
|
In September 2017, we completed the public offering of 4,600,000 shares of 6.25% Series H Senior Cumulative Preferred Stock (the "Series H Preferred Stock") at a price of $25 per share for net proceeds of $111.3 million after underwriting discounts but before offering expenses. These shares are nonvoting, have no stated maturity and are redeemable for cash at $25 per share at our option on or after September 18, 2022. Holders of these shares are entitled to cumulative dividends, payable quarterly in arrears. Dividends accrue from the date of issue at the annual rate of $1.5625 per share per annum. The holders of our Series H Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions holders of the Series H Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series H Preferred Stock, together with all of our other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in our Articles of Incorporation, the holder of the Series H Preferred Stock will have the right to convert all or part of the shares of Series H Preferred Stock held by such holder on the applicable conversion date into a number of our shares of Class A common stock.
|
•
|
In August 2017, we acquired an approximate 31.4% equity interest in a newly formed entity, UB Dumont I, LLC ("UB Dumont"). UB Dumont owns a 74,000 square foot commercial property anchored by a Stop and Shop grocery store and also includes 19,000 square feet of apartments. We are the managing member of UB Dumont and lease and manage the property. The properties were contributed to UB Dumont by the former owners, along with $10.0 million in mortgage debt secured by the property. The interest rate on the assumed mortgage is 3.87% per annum. The contributors received ownership units of UB Dumont equal to the fair market value of the net assets contributed, which equity at formation was valued at $8.6 million. At the closing of the acquisition, the property was 100% leased. Our initial equity investment in UB Dumont at formation totaled $3.9 million. The contributors of the property (non-managing members of UB Dumont) are entitled to receive an annual distribution on their invested capital, initially at the rate of 5.05% per annum. We will retain all of the cash flow generated by the three properties after the payment of debt service and the aforementioned annual distribution to the non-managing members. The non-managing members have the right to require us to redeem their units of ownership in UB Dumont at prices defined in the governing agreement. At inception of UB Dumont, that price was $21 per unit of ownership of UB Dumont.
|
•
|
In July 2017, we sold for $1.2 million a single tenant property located in Fairfield, CT that we acquired in March 2017 (see below), and realized a loss on the sale of $729,000. Prior to the sale, we entered into a lease termination agreement with the tenant of the property. The agreement provided for the tenant to pay us $3.2 million in exchange for being released from all future obligations under its lease. We received payment in July 2017 and recorded the payment received as lease termination income, as the payment met all of the revenue recognition conditions under U.S. GAAP. In addition, when the aforementioned property was acquired, we allocated $1.2 million of the consideration paid to this over-market lease. As a result of this termination, we wrote-off the remaining $1.1 million asset as a reduction of lease termination income for the year ended October 31, 2017.
|
•
|
In July 2017, we repaid at maturity the existing $44 million first mortgage loan encumbering our Ridgeway property, located in Stamford, CT, with available cash and a $33 million borrowing on our Unsecured Revolving Credit Facility (the "Facility"). Subsequently in July, we placed a new $50 million non-recourse first mortgage loan encumbered by the subject property and used a portion of the proceeds to repay the $33 million borrowing on the Facility. The new loan has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 1.9% based on a 25-year amortization. We entered into an interest rate swap agreement with the lender as the counterparty that converts the variable interest rate (based on LIBOR) to a fixed rate of 3.398% per annum.
|
•
|
In July 2017, we purchased for $8.2 million a 26,500 square foot shopping center located in Waldwick, NJ. We funded the purchase with available cash and the assumption of an environmental remediation obligation in the amount of $3.3 million which is included in other liabilities on the October 31, 2017 consolidated balance sheet.
|
•
|
In March 2017, we acquired an approximate 8.8% equity interest in a newly formed entity, UB High Ridge, LLC, ("UB High Ridge"). UB High Ridge owns a shopping center, anchored by a Trader Joe's grocery store and two free standing commercial retail properties, one leased to JP Morgan Chase and the other to CVS. Two of the properties are located in Stamford, CT and one of the properties is located in Greenwich, CT. The three properties total approximately 99,400 square feet. We are the managing member of UB High Ridge and will lease and manage the properties. The properties were contributed by the former owners, along with $11.2 million in aggregate mortgage debt secured by two of the properties. The weighted average interest rate per annum on the two assumed mortgages is 3.63% per annum. The contributors received ownership units of UB High Ridge equal to the fair market value of the net assets contributed, which equity at formation was valued at $55.2 million. At formation of UB High Ridge, the three properties combined were approximately 96.4% leased. Our initial equity investment in UB High Ridge at formation totaled $5.5 million. The contributors of the three properties (non-managing members of UB High Ridge) are entitled to receive an annual distribution on their invested capital, initially at the rate of 5.46% per annum. We will retain all of the cash flow generated by the three properties after the payment of debt service and the aforementioned annual distribution to the non-managing members. The non-managing members have the right to require us to redeem their units of ownership in UB High Ridge at prices defined in the governing agreement. At inception of UB High Ridge, that price was $23.50 per unit of ownership of UB High Ridge.
|
•
|
Also in March 2017, we purchased for $3.1 million a free-standing 12,900 square foot commercial property located in Fairfield, CT, which property is leased by Walgreen's. This property was sold in July 2017 (see above).
|
•
|
In March 2017, we completed the sale of our White Plains property for a price of $56.6 million and realized a gain on sale of the property in the amount of $19.5 million.
|
•
|
In March 2017, we, through a wholly-owned subsidiary, purchased for $7.1 million a 36,500 square foot grocery-anchored shopping center located in Passaic, NJ. In conjunction with the purchase, we assumed a mortgage note secured by the property in the amount of $3.5 million.
|
•
|
In January 2017, we purchased for $9.0 million a 38,800 square foot grocery-anchored shopping center located in Derby, CT.
|
Year Ended October 31,
|
Change Attributable to:
|
|||||||||||||||||||||||
Revenues
|
2017
|
2016
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions/Sales
|
Properties Held in
Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
88,383
|
$
|
87,172
|
$
|
1,211
|
1.4
|
%
|
$
|
1,539
|
$
|
(328
|
)
|
|||||||||||
Recoveries from tenants
|
28,676
|
25,788
|
2,888
|
11.2
|
%
|
1,950
|
938
|
|||||||||||||||||
Other income
|
4,069
|
3,213
|
856
|
26.6
|
%
|
155
|
701
|
|||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
20,074
|
18,717
|
1,357
|
7.3
|
%
|
720
|
637
|
|||||||||||||||||
Property taxes
|
19,621
|
18,548
|
1,073
|
5.8
|
%
|
641
|
432
|
|||||||||||||||||
Depreciation and amortization
|
26,512
|
23,025
|
3,487
|
15.1
|
%
|
2,302
|
1,185
|
|||||||||||||||||
General and administrative
|
9,183
|
9,284
|
(101
|
)
|
-1.1
|
%
|
n/a
|
n/a
|
||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
12,981
|
12,983
|
(2
|
)
|
0.0
|
%
|
1,098
|
(1,100
|
)
|
|||||||||||||||
Interest, dividends, and other investment income
|
356
|
242
|
114
|
47.1
|
%
|
n/a
|
n/a
|
Year Ended October 31,
|
Change Attributable to:
|
|||||||||||||||||||||||
Revenues
|
2016
|
2015
|
Increase
(Decrease)
|
%
Change
|
Property
Acquisitions/Sales
|
Properties Held in
Both Periods (Note 2)
|
||||||||||||||||||
Base rents
|
$
|
87,172
|
$
|
83,885
|
$
|
3,287
|
3.9
|
%
|
$
|
(1,556
|
)
|
$
|
4,843
|
|||||||||||
Recoveries from tenants
|
25,788
|
28,703
|
(2,915
|
)
|
(10.2
|
)%
|
(516
|
)
|
(2,399
|
)
|
||||||||||||||
Other income
|
3,213
|
2,252
|
961
|
42.7
|
%
|
(114
|
)
|
1,075
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
18,717
|
21,267
|
(2,550
|
)
|
(12.0
|
)%
|
(690
|
)
|
(1,860
|
)
|
||||||||||||||
Property taxes
|
18,548
|
18,224
|
324
|
1.8
|
%
|
33
|
291
|
|||||||||||||||||
Depreciation and amortization
|
23,025
|
22,435
|
590
|
2.6
|
%
|
403
|
187
|
|||||||||||||||||
General and administrative
|
9,284
|
8,576
|
708
|
8.3
|
%
|
n/a
|
n/a
|
|||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
12,983
|
13,475
|
(492
|
)
|
(3.7
|
)%
|
497
|
(989
|
)
|
|||||||||||||||
Interest, dividends, and other investment income
|
242
|
228
|
14
|
6.1
|
%
|
n/a
|
n/a
|
•
|
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and
|
•
|
should not be considered an alternative to net income as an indication of our performance.
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
33,898
|
$
|
19,436
|
$
|
34,659
|
||||||
Real property depreciation
|
20,505
|
18,866
|
18,750
|
|||||||||
Amortization of tenant improvements and allowances
|
4,448
|
3,517
|
3,161
|
|||||||||
Amortization of deferred leasing costs
|
1,468
|
557
|
449
|
|||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,618
|
1,589
|
1,414
|
|||||||||
(Gain)/loss on sale of properties
|
(18,734
|
)
|
(362
|
)
|
(20,377
|
)
|
||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
43,203
|
$
|
43,603
|
$
|
38,056
|
||||||
•
|
a 66.67% equity interest in the Putnam Plaza Shopping Center,
|
•
|
an 11.642% equity interest in the Midway Shopping Center L.P.,
|
•
|
a 50% equity interest in the Chestnut Ridge Shopping Center and Plaza 59 Shopping Centers,
|
•
|
a 50% equity interest in the Gateway Plaza shopping center and the Riverhead Applebee's Plaza, and
|
•
|
a 20% economic interest in a partnership that owns a suburban office building with ground level retail.
|
|
Principal Balance
|
|||||||||||||
Joint Venture Description
|
Location
|
Original Balance
|
At October 31, 2017
|
Fixed Interest Rate Per Annum
|
Maturity Date
|
|||||||||
Midway Shopping Center
|
Scarsdale, NY
|
$
|
32,000
|
$
|
28,397
|
4.80
|
%
|
Dec-2027
|
||||||
Putnam Plaza Shopping Center
|
Carmel, NY
|
$
|
21,000
|
$
|
19,046
|
4.17
|
%
|
Oct-2024
|
||||||
Gateway Plaza
|
Riverhead, NY
|
$
|
14,000
|
$
|
12,749
|
4.18
|
%
|
Feb-2024
|
||||||
Applebee's Plaza
|
Riverhead, NY
|
$
|
1,300
|
$
|
1,044
|
5.98
|
%
|
Aug-2026
|
||||||
Applebee's Plaza
|
Riverhead, NY
|
$
|
1,000
|
$
|
906
|
3.38
|
%
|
Aug-2026
|
Payments Due by Period
|
||||||||||||||||||||||||||||
Total
|
2018
|
2019
|
2020
|
2021
|
2022
|
Thereafter
|
||||||||||||||||||||||
Mortgage notes payable and other loans
|
$
|
297,071
|
$
|
16,295
|
$
|
33,076
|
$
|
5,848
|
$
|
6,200
|
$
|
54,989
|
$
|
180,663
|
||||||||||||||
Interest on mortgage notes payable
|
71,551
|
12,655
|
11,435
|
10,232
|
9,881
|
8,560
|
18,788
|
|||||||||||||||||||||
Revolving Credit Lines
|
4,000
|
-
|
-
|
-
|
4,000
|
-
|
-
|
|||||||||||||||||||||
Tenant obligations*
|
6,000
|
6,000
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total Contractual Obligations
|
$
|
378,622
|
$
|
34,950
|
$
|
44,511
|
$
|
16,080
|
$
|
20,081
|
$
|
63,549
|
$
|
199,451
|
For the Fiscal Year Ended October 31,
|
||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter |
Total
|
Estimated Fair Value
|
|||||||||||||||||||||||||
Mortgage notes payable and otherloans
|
$
|
16,295
|
$
|
33,076
|
$
|
5,848
|
$
|
6,200
|
$
|
54,989
|
$
|
180,663
|
$
|
297,071
|
$
|
295,723
|
||||||||||||||||
Weighted average interest rate for debt maturing
|
3.87
|
%
|
6.11
|
%
|
n/a
|
n/a
|
4.41 |
%
|
3.84
|
%
|
4.20
|
%
|
New York, New York
|
/s/ PKF O'Connor Davies, LLP
|
January 11, 2018
|
Item 12 |
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
|
4.1
|
Common Stock: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
4.2
|
|
|
|
4.3
|
Series F Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
4.4
|
Series G Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
4.5
|
Series H Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
10.1
|
|
|
|
10.2
|
Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Diretor Employees).*#
|
|
|
10.3
|
Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Director).*#
|
|
|
10.4
|
Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Non-Employee Director).*#
|
|
|
10.5
|
Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Chairman).*#
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
12
|
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.*
|
|
|
21
|
List of the Company's subsidiaries.*
|
|
|
23
|
Consent of PKF O'Connor Davies, LLP.*
|
|
|
31.1
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Willing L. Biddle.*
|
|
|
31.2
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by John T. Hayes.*
|
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Willing L. Biddle and John T. Hayes.**
|
|
|
101
|
The following materials from Urstadt Biddle Properties Inc. Annual Report on Form 10-K for the year ended October 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income (4) the Consolidated Statements of Cash Flows, (5) the Consolidated Statements of Stockholders' Equity and (6) Notes to Consolidated Financial Statements detail tagged.*
|
# |
Management contract, compensation Plan arrangement.
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
URSTADT BIDDLE PROPERTIES INC.
|
||
Item 15.
|
INDEX TO FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES
|
Page
|
30
|
||
31
|
||
32
|
||
33 | ||
34 | ||
35 | ||
52 | ||
Schedules
|
||
III
|
53 | |
IV
|
55 |
October 31, 2017
|
October 31, 2016
|
|||||||
ASSETS
|
||||||||
Real Estate Investments:
|
||||||||
Real Estate – at cost
|
$
|
1,090,402
|
$
|
1,016,838
|
||||
Less: Accumulated depreciation
|
(195,020
|
)
|
(186,098
|
)
|
||||
895,382
|
830,740
|
|||||||
Investments in and advances to unconsolidated joint ventures
|
38,049
|
38,469
|
||||||
Mortgage note receivable
|
-
|
13,500
|
||||||
933,431
|
882,709
|
|||||||
Cash and cash equivalents
|
8,674
|
7,271
|
||||||
Restricted cash
|
2,306
|
2,024
|
||||||
Tenant receivables
|
19,632
|
18,890
|
||||||
Prepaid expenses and other assets
|
20,803
|
13,338
|
||||||
Deferred charges, net of accumulated amortization
|
11,867
|
7,092
|
||||||
Total Assets
|
$
|
996,713
|
$
|
931,324
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Revolving credit lines
|
$
|
4,000
|
$
|
8,000
|
||||
Mortgage notes payable and other loans
|
297,071
|
273,016
|
||||||
Accounts payable and accrued expenses
|
4,200
|
4,977
|
||||||
Deferred compensation – officers
|
96
|
130
|
||||||
Other liabilities
|
22,755
|
27,915
|
||||||
Total Liabilities
|
328,122
|
314,038
|
||||||
Redeemable Noncontrolling Interests
|
81,361
|
18,253
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
7.125% Series F Cumulative Preferred Stock (liquidation preference of $25 per share); -0- and 5,175,000 shares issued and outstanding
|
-
|
129,375
|
||||||
6.75% Series G Cumulative Preferred Stock (liquidation preference of $25 per share); 3,000,000 shares issued and outstanding
|
75,000
|
75,000
|
||||||
6.25% Series H Cumulative Preferred Stock (liquidation preference of $25 per share); 4,600,000 and -0- shares issued and outstanding
|
115,000
|
-
|
||||||
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; 9,664,778 and 9,507,973 shares issued and outstanding
|
97
|
96
|
||||||
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 29,728,744 and 29,633,520 shares issued and outstanding
|
297
|
296
|
||||||
Additional paid in capital
|
514,217
|
509,660
|
||||||
Cumulative distributions in excess of net income
|
(120,123
|
)
|
(114,091
|
)
|
||||
Accumulated other comprehensive income (loss)
|
2,742
|
(1,303
|
)
|
|||||
Total Stockholders' Equity
|
587,230
|
599,033
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
996,713
|
$
|
931,324
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenues
|
||||||||||||
Base rents
|
$
|
88,383
|
$
|
87,172
|
$
|
83,885
|
||||||
Recoveries from tenants
|
28,676
|
25,788
|
28,703
|
|||||||||
Lease termination income
|
2,432
|
619
|
472
|
|||||||||
Mortgage interest and other
|
4,069
|
3,213
|
2,252
|
|||||||||
Total Revenues
|
123,560
|
116,792
|
115,312
|
|||||||||
Expenses
|
||||||||||||
Property operating
|
20,074
|
18,717
|
21,267
|
|||||||||
Property taxes
|
19,621
|
18,548
|
18,224
|
|||||||||
Depreciation and amortization
|
26,512
|
23,025
|
22,435
|
|||||||||
General and administrative
|
9,183
|
9,284
|
8,576
|
|||||||||
Provision for tenant credit losses
|
583
|
1,161
|
1,271
|
|||||||||
Acquisition costs
|
-
|
412
|
2,068
|
|||||||||
Directors' fees and expenses
|
321
|
318
|
330
|
|||||||||
Total Operating Expenses
|
76,294
|
71,465
|
74,171
|
|||||||||
Operating Income
|
47,266
|
45,327
|
41,141
|
|||||||||
Non-Operating Income (Expense):
|
||||||||||||
Interest expense
|
(12,981
|
)
|
(12,983
|
)
|
(13,475
|
)
|
||||||
Equity in net income from unconsolidated joint ventures
|
2,057
|
2,019
|
1,941
|
|||||||||
Interest, dividends and other investment income
|
356
|
242
|
228
|
|||||||||
Income before gain on sale of properties
|
36,698
|
34,605
|
29,835
|
|||||||||
Gain on sale of properties
|
18,734
|
-
|
20,377
|
|||||||||
Net Income
|
55,432
|
34,605
|
50,212
|
|||||||||
Noncontrolling interests:
|
||||||||||||
Net income attributable to noncontrolling interests
|
(2,499
|
)
|
(889
|
)
|
(948
|
)
|
||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
52,933
|
33,716
|
49,264
|
|||||||||
Preferred stock dividends
|
(14,960
|
)
|
(14,280
|
)
|
(14,605
|
)
|
||||||
Redemption of preferred stock
|
(4,075
|
)
|
-
|
-
|
||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
33,898
|
$
|
19,436
|
$
|
34,659
|
||||||
Basic Earnings Per Share:
|
||||||||||||
Per Common Share
|
$
|
0.82
|
$
|
0.50
|
$
|
0.92
|
||||||
Per Class A Common Share
|
$
|
0.92
|
$
|
0.57
|
$
|
1.04
|
||||||
Diluted Earnings Per Share:
|
||||||||||||
Per Common Share
|
$
|
0.80
|
$
|
0.49
|
$
|
0.90
|
||||||
Per Class A Common Share
|
$
|
0.90
|
$
|
0.56
|
$
|
1.02
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Net Income
|
$
|
55,432
|
$
|
34,605
|
$
|
50,212
|
||||||
Other comprehensive income:
|
||||||||||||
Change in unrealized gains (losses) on interest rate swaps
|
4,045
|
(73
|
)
|
(1,293
|
)
|
|||||||
Total comprehensive income
|
59,477
|
34,532
|
48,919
|
|||||||||
Comprehensive income attributable to noncontrolling interests
|
(2,499
|
)
|
(889
|
)
|
(948
|
)
|
||||||
Total comprehensive income attributable to Urstadt Biddle Properties Inc.
|
56,978
|
33,643
|
47,971
|
|||||||||
Preferred stock dividends
|
(14,960
|
)
|
(14,280
|
)
|
(14,605
|
)
|
||||||
Redemption of preferred stock
|
(4,075
|
)
|
-
|
-
|
||||||||
Total comprehensive income applicable to Common and Class A Stockholders
|
$
|
37,943
|
$
|
19,363
|
$
|
33,366
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
55,432
|
$
|
34,605
|
$
|
50,212
|
||||||
Adjustments to reconcile net income to net cash provided
|
||||||||||||
by operating activities:
|
||||||||||||
Depreciation and amortization
|
26,512
|
23,025
|
22,435
|
|||||||||
Straight-line rent adjustment
|
(507
|
)
|
(1,902
|
)
|
(1,551
|
)
|
||||||
Provisions for tenant credit losses
|
583
|
1,161
|
1,271
|
|||||||||
Restricted stock compensation expense and other adjustments
|
3,956
|
4,442
|
4,201
|
|||||||||
Deferred compensation arrangement
|
(35
|
)
|
(26
|
)
|
(31
|
)
|
||||||
Gain on sale of properties
|
(18,734
|
)
|
-
|
(20,377
|
)
|
|||||||
Equity in net (income) of unconsolidated joint ventures
|
(2,057
|
)
|
(2,019
|
)
|
(1,941
|
)
|
||||||
Distributions of operating income from unconsolidated joint ventures
|
2,057
|
2,019
|
1,941
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Tenant receivables
|
(825
|
)
|
4,203
|
(2,033
|
)
|
|||||||
Accounts payable and accrued expenses
|
3,635
|
1,464
|
530
|
|||||||||
Other assets and other liabilities, net
|
(6,740
|
)
|
(5,057
|
)
|
(1,548
|
)
|
||||||
Restricted Cash
|
(282
|
)
|
166
|
(68
|
)
|
|||||||
Net Cash Flow Provided by Operating Activities
|
62,995
|
62,081
|
53,041
|
|||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Acquisitions of real estate investments
|
(30,599
|
)
|
(58,737
|
)
|
(136,304
|
)
|
||||||
Investments in and advances to unconsolidated joint ventures
|
(158
|
)
|
(700
|
)
|
(247
|
)
|
||||||
Investment in mortgage note
|
-
|
(13,500
|
)
|
-
|
||||||||
Repayment of mortgage note
|
13,500
|
-
|
-
|
|||||||||
Deposits on acquisition of real estate investments
|
(715
|
)
|
(750
|
)
|
(695
|
)
|
||||||
Returns of deposits on real estate investments
|
500
|
640
|
627
|
|||||||||
Improvements to properties and deferred charges
|
(9,676
|
)
|
(21,462
|
)
|
(12,175
|
)
|
||||||
Net proceeds from sale of properties
|
45,438
|
-
|
43,806
|
|||||||||
Deposits received on sale of property
|
-
|
11,900
|
-
|
|||||||||
Distributions to noncontrolling interests
|
(2,499
|
)
|
(889
|
)
|
(1,990
|
)
|
||||||
Return of capital from unconsolidated joint ventures
|
471
|
1,426
|
3
|
|||||||||
Net Cash Flow Provided by (Used in) Investing Activities
|
16,262
|
(82,072
|
)
|
(106,975
|
)
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||||
Dividends paid -- Common and Class A Common Stock
|
(40,596
|
)
|
(37,092
|
)
|
(35,387
|
)
|
||||||
Dividends paid -- Preferred Stock
|
(14,960
|
)
|
(14,280
|
)
|
(14,605
|
)
|
||||||
Principal repayments on mortgage notes payable
|
(6,776
|
)
|
(20,744
|
)
|
(12,909
|
)
|
||||||
Proceeds from mortgage note
|
50,000
|
33,663
|
68,219
|
|||||||||
Repayment of mortgage note
|
(43,675
|
)
|
-
|
-
|
||||||||
Proceeds from revolving credit line borrowings
|
52,000
|
52,000
|
104,750
|
|||||||||
Repayment of term loan borrowing
|
-
|
-
|
(25,000
|
)
|
||||||||
Sales of additional shares of Common and Class A Common Stock
|
200
|
73,842
|
59,983
|
|||||||||
Repayments on revolving credit line borrowings
|
(56,000
|
)
|
(66,750
|
)
|
(97,550
|
)
|
||||||
Repurchase of shares of Class A Common Stock
|
-
|
-
|
(3,363
|
)
|
||||||||
Net proceeds from issuance of Preferred Stock
|
111,328
|
-
|
4,640
|
|||||||||
Redemption of preferred stock including restricted cash
|
(129,375
|
)
|
-
|
(61,250
|
)
|
|||||||
Net Cash Flow Provided by (Used in) Financing Activities
|
(77,854
|
)
|
20,639
|
(12,472
|
)
|
|||||||
Net Increase/(Decrease) In Cash and Cash Equivalents
|
1,403
|
648
|
(66,406
|
)
|
||||||||
Cash and Cash Equivalents at Beginning of Year
|
7,271
|
6,623
|
73,029
|
|||||||||
Cash and Cash Equivalents at End of Year
|
$
|
8,674
|
$
|
7,271
|
$
|
6,623
|
7.125%
Series F
Preferred
Stock
Issued
|
7.125%
Series F
Preferred
Stock
Amount
|
6.75%
Series G
Preferred
Stock
Issued
|
6.75%
Series G
Preferred
Stock
Amount
|
6.25% Series H Preferred Stock Issued
|
6.25% 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 (Loss)
|
Total
Stockholders
Equity
|
|||||||||||||||||||||||||||||||||||||||||||
Balances - October 31, 2014
|
5,175,000
|
$
|
129,375
|
2,800,000
|
$
|
70,000
|
-
|
$
|
-
|
9,193,559
|
$
|
92
|
23,611,715
|
$
|
236
|
$
|
370,979
|
$
|
(95,702
|
)
|
$
|
63
|
$
|
475,043
|
||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
34,659
|
-
|
34,659
|
||||||||||||||||||||||||||||||||||||||||||
Change in unrealized (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,293
|
)
|
(1,293
|
)
|
||||||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.90 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,413
|
)
|
-
|
(8,413
|
)
|
||||||||||||||||||||||||||||||||||||||||
Class A common stock ($1.02 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(26,974
|
)
|
-
|
(26,974
|
)
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Series G Preferred Stock
|
-
|
-
|
200,000
|
5,000
|
-
|
-
|
-
|
-
|
-
|
-
|
(360
|
)
|
-
|
-
|
4,640
|
|||||||||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
-
|
-
|
5,326
|
-
|
6,104
|
-
|
223
|
-
|
-
|
223
|
||||||||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
-
|
-
|
152,000
|
2
|
92,750
|
1
|
(3
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(26,600
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Issuance of Class A Common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,875,000
|
29
|
59,731
|
-
|
-
|
59,760
|
||||||||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(188,753
|
)
|
(2
|
)
|
(3,360
|
)
|
-
|
-
|
(3,362
|
)
|
||||||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,201
|
-
|
-
|
4,201
|
||||||||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,294
|
-
|
2,294
|
||||||||||||||||||||||||||||||||||||||||||
Balances - October 31, 2015
|
5,175,000
|
129,375
|
3,000,000
|
75,000
|
-
|
-
|
9,350,885
|
94
|
26,370,216
|
264
|
431,411
|
(94,136
|
)
|
(1,230
|
)
|
540,778
|
||||||||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
19,436
|
-
|
19,436
|
||||||||||||||||||||||||||||||||||||||||||
Change in unrealized (loss) on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(73
|
)
|
(73
|
)
|
||||||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.92 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,745
|
)
|
-
|
(8,745
|
)
|
||||||||||||||||||||||||||||||||||||||||
Class A common stock ($1.04 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,348
|
)
|
-
|
(28,348
|
)
|
||||||||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
-
|
-
|
4,988
|
-
|
5,854
|
-
|
219
|
-
|
-
|
219
|
||||||||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
-
|
-
|
152,100
|
2
|
95,600
|
1
|
(3
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(650
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Issuance of Class A Common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,162,500
|
31
|
73,623
|
-
|
-
|
73,654
|
||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,410
|
-
|
-
|
4,410
|
||||||||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,298
|
)
|
-
|
(2,298
|
)
|
||||||||||||||||||||||||||||||||||||||||
Balances - October 31, 2016
|
5,175,000
|
129,375
|
3,000,000
|
75,000
|
-
|
-
|
9,507,973
|
96
|
29,633,520
|
296
|
509,660
|
(114,091
|
)
|
(1,303
|
)
|
599,033
|
||||||||||||||||||||||||||||||||||||||||
Net income applicable to Common and Class A common stockholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
33,898
|
-
|
33,898
|
||||||||||||||||||||||||||||||||||||||||||
Change in unrealized losses on interest rate swap
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,045
|
4,045
|
||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.94 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,082
|
)
|
-
|
(9,082
|
)
|
||||||||||||||||||||||||||||||||||||||||
Class A common stock ($1.06 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(31,514
|
)
|
-
|
(31,514
|
)
|
||||||||||||||||||||||||||||||||||||||||
Issuance of shares under dividend reinvestment plan
|
-
|
-
|
-
|
-
|
-
|
-
|
4,705
|
-
|
5,399
|
-
|
200
|
-
|
-
|
200
|
||||||||||||||||||||||||||||||||||||||||||
Shares issued under restricted stock plan
|
-
|
-
|
-
|
-
|
-
|
-
|
152,100
|
1
|
96,225
|
1
|
(2
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,400
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||||||||||||||
Issuance of Series H Preferred Stock
|
-
|
-
|
-
|
-
|
4,600,000
|
115,000
|
-
|
-
|
-
|
-
|
(3,672
|
)
|
-
|
-
|
111,328
|
|||||||||||||||||||||||||||||||||||||||||
Redemption of Series F Preferred Stock
|
(5,175,000
|
)
|
(129,375
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,075
|
-
|
-
|
(125,300
|
)
|
|||||||||||||||||||||||||||||||||||||||
Restricted stock compensation and other adjustments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,956
|
-
|
-
|
3,956
|
||||||||||||||||||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
666
|
-
|
666
|
||||||||||||||||||||||||||||||||||||||||||
Balances - October 31, 2017
|
-
|
$
|
-
|
3,000,000
|
$
|
75,000
|
4,600,000
|
$
|
115,000
|
9,664,778
|
$
|
97
|
29,728,744
|
$
|
297
|
$
|
514,217
|
$
|
(120,123
|
)
|
$
|
2,742
|
$
|
587,230
|
•
|
Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or
|
•
|
The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).
|
•
|
The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process;
|
•
|
The process cannot be replaced without significant cost, effort, or delay; or |
•
|
The process is considered unique or scarce.
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenues
|
$
|
130
|
$
|
5,656
|
$
|
5,829
|
||||||
Property operating expense
|
(330
|
)
|
(1,341
|
)
|
(3,234
|
)
|
||||||
Depreciation and amortization
|
(91
|
)
|
(476
|
)
|
(1,787
|
)
|
||||||
Net Income (loss)
|
$
|
(291
|
)
|
$
|
3,839
|
$
|
808
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Numerator
|
||||||||||||
Net income applicable to common stockholders – basic
|
$
|
6,857
|
$
|
4,142
|
$
|
7,412
|
||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
376
|
236
|
431
|
|||||||||
Net income applicable to common stockholders – diluted
|
$
|
7,233
|
$
|
4,378
|
$
|
7,843
|
||||||
Denominator
|
||||||||||||
Denominator for basic EPS-weighted average common shares
|
8,383
|
8,241
|
8,059
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
643
|
669
|
669
|
|||||||||
Denominator for diluted EPS – weighted average common equivalent shares
|
9,026
|
8,910
|
8,728
|
|||||||||
Numerator
|
||||||||||||
Net income applicable to Class A common stockholders – basic
|
$
|
27,041
|
$
|
15,294
|
$
|
27,247
|
||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
(376
|
)
|
(236
|
)
|
(431
|
)
|
||||||
Net income applicable to Class A common stockholders – diluted
|
$
|
26,665
|
$
|
15,058
|
$
|
26,816
|
||||||
Denominator
|
||||||||||||
Denominator for basic EPS – weighted average Class A common shares
|
29,317
|
26,921
|
26,141
|
|||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock awards
|
186
|
191
|
191
|
|||||||||
Denominator for diluted EPS – weighted average Class A common equivalent shares
|
29,503
|
27,112
|
26,332
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Ridgeway Revenues
|
11.2
|
%
|
11.3
|
%
|
11.7
|
%
|
||||||
All Other Property Revenues
|
88.8
|
%
|
88.7
|
%
|
88.3
|
%
|
||||||
Consolidated Revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Year Ended October 31,
|
||||||||
2017
|
2016
|
|||||||
Ridgeway Assets
|
7.2
|
%
|
7.6
|
%
|
||||
All Other Property Assets
|
92.8
|
%
|
92.4
|
%
|
||||
Consolidated Assets (Note 1)
|
100.0
|
%
|
100.0
|
%
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Ridgeway Percent Leased
|
96
|
%
|
98
|
%
|
97
|
%
|
Ridgeway Significant Tenants (by base rent):
|
Year Ended October 31,
|
|||||||||||
2017
|
2016
|
2015
|
||||||||||
The Stop & Shop Supermarket Company
|
19
|
%
|
19
|
%
|
19
|
%
|
||||||
Bed, Bath & Beyond
|
14
|
%
|
14
|
%
|
14
|
%
|
||||||
Marshall's Inc., a division of the TJX Companies
|
11
|
%
|
11
|
%
|
11
|
%
|
||||||
All Other Tenants at Ridgeway (Note 2)
|
56
|
%
|
56
|
%
|
56
|
%
|
||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
Year Ended October 31, 2017
|
||||||||||||
Income Statement (In Thousands):
|
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
|||||||||
Revenues
|
$
|
13,832
|
$
|
109,728
|
$
|
123,560
|
||||||
Operating Expenses
|
$
|
3,809
|
$
|
35,886
|
$
|
39,695
|
||||||
Interest Expense
|
$
|
2,034
|
$
|
10,947
|
$
|
12,981
|
||||||
Depreciation and Amortization
|
$
|
3,016
|
$
|
23,496
|
$
|
26,512
|
||||||
Income from Continuing Operations
|
$
|
4,973
|
$
|
31,725
|
$
|
36,698
|
Year Ended October 31, 2016
|
||||||||||||
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
||||||||||
Revenues
|
$
|
13,192
|
$
|
103,600
|
$
|
116,792
|
||||||
Operating Expenses
|
$
|
3,649
|
$
|
33,616
|
$
|
37,265
|
||||||
Interest Expense
|
$
|
2,487
|
$
|
10,496
|
$
|
12,983
|
||||||
Depreciation and Amortization
|
$
|
2,468
|
$
|
20,557
|
$
|
23,025
|
||||||
Income from Continuing Operations
|
$
|
4,588
|
$
|
30,017
|
$
|
34,605
|
Year Ended October 31, 2015
|
||||||||||||
Ridgeway
|
All Other
Operating Segments
|
Total Consolidated
|
||||||||||
Revenues
|
$
|
13,485
|
$
|
101,827
|
$
|
115,312
|
||||||
Operating Expenses
|
$
|
3,768
|
$
|
35,723
|
$
|
39,491
|
||||||
Interest Expense
|
$
|
2,545
|
$
|
10,930
|
$
|
13,475
|
||||||
Depreciation and Amortization
|
$
|
2,358
|
$
|
20,077
|
$
|
22,435
|
||||||
Income from Continuing Operations
|
$
|
4,814
|
$
|
25,021
|
$
|
29,835
|
Consolidated
Investment Properties
|
Unconsolidated
Joint Ventures
|
2017
Totals
|
2016
Totals
|
|||||||||||||
Retail
|
$
|
885,069
|
$
|
38,049
|
$
|
923,118
|
$
|
872,292
|
||||||||
Office
|
10,313
|
-
|
10,313
|
10,417
|
||||||||||||
$
|
895,382
|
$
|
38,049
|
$
|
933,431
|
$
|
882,709
|
October 31,
|
||||||||
2017
|
2016
|
|||||||
Land
|
$
|
218,501
|
$
|
187,676
|
||||
Buildings and improvements
|
871,901
|
829,162
|
||||||
1,090,402
|
1,016,838
|
|||||||
Accumulated depreciation
|
(195,020
|
)
|
(186,098
|
)
|
||||
$
|
895,382
|
$
|
830,740
|
Derby
|
Passaic
|
Fairfield
|
Waldwick
|
High Ridge
|
Chase
|
CVS
|
Dumont
|
|||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||
Land
|
$
|
651
|
$
|
2,038
|
$
|
572
|
$
|
2,740
|
$
|
17,163
|
$
|
2,376
|
$
|
2,295
|
$
|
6,646
|
||||||||||||||||
Building and improvements
|
$
|
7,652
|
$
|
5,614
|
$
|
1,323
|
$
|
5,528
|
$
|
43,640
|
$
|
1,458
|
$
|
2,700
|
$
|
15,341
|
||||||||||||||||
In-place leases
|
$
|
771
|
$
|
480
|
$
|
80
|
$
|
203
|
$
|
1,552
|
$
|
121
|
$
|
181
|
$
|
1,478
|
||||||||||||||||
Above market leases
|
$
|
-
|
$
|
-
|
$
|
1,090
|
$
|
37
|
$
|
335
|
$
|
288
|
$
|
-
|
$
|
20
|
||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||
In-place leases
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Below Market Leases
|
$
|
-
|
$
|
769
|
$
|
-
|
$
|
157
|
$
|
263
|
$
|
-
|
$
|
373
|
$
|
844
|
Year Ended
October 31, 2017
|
||||
Revenues
|
$
|
6,825
|
||
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
1,846
|
Newfield Green
|
970 High Ridge Road
|
|||||||
Assets:
|
||||||||
In-place leases
|
$
|
961
|
$
|
62
|
||||
Above market leases
|
$
|
118
|
$
|
-
|
||||
Liabilities:
|
||||||||
In-place leases
|
$
|
-
|
$
|
-
|
||||
Below market leases
|
$
|
1,061
|
$
|
74
|
Principal
Repayments
|
Scheduled
Amortization
|
Total
|
||||||||||
2018
|
$
|
9,904
|
$
|
6,391
|
$
|
16,295
|
||||||
2019
|
26,880
|
6,197
|
33,077
|
|||||||||
2020
|
-
|
5,848
|
5,848
|
|||||||||
2021
|
-
|
6,200
|
6,200
|
|||||||||
2022
|
49,486
|
5,503
|
54,989
|
|||||||||
Thereafter
|
171,006
|
9,656
|
180,662
|
|||||||||
$
|
257,276
|
$
|
39,795
|
$
|
297,071
|
October 31,
|
||||||||
2017
|
2016
|
|||||||
Beginning Balance
|
$
|
18,253
|
$
|
15,955
|
||||
Initial UB High Ridge Noncontrolling Interest-Net
|
55,217
|
-
|
||||||
Initial Dumont Noncontrolling Interest-Net
|
8,557
|
-
|
||||||
Change in Redemption Value
|
(666
|
)
|
2,298
|
|||||
Ending Balance
|
$
|
81,361
|
$
|
18,253
|
October 31,
|
||||||||
2017
|
2016
|
|||||||
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%)
|
$
|
18,032
|
$
|
18,200
|
||||
Gateway Plaza (50%)
|
6,873
|
7,160
|
||||||
Putnam Plaza Shopping Center (66.67%)
|
5,968
|
5,970
|
||||||
Midway Shopping Center, L.P. (11.642%)
|
4,639
|
4,856
|
||||||
Applebee's at Riverhead (50%)
|
1,814
|
1,560
|
||||||
81 Pondfield Road Company (20%)
|
723
|
723
|
||||||
Total
|
$
|
38,049
|
$
|
38,469
|
Common Shares
|
Class A Common Shares
|
|||||||||||||||
Shares
|
Weighted-Average
Grant Date Fair Value
|
Shares
|
Weighted-Average
Grant Date Fair Value
|
|||||||||||||
Non-vested at October 31, 2016
|
1,258,000
|
$
|
16.77
|
384,600
|
$
|
19.40
|
||||||||||
Granted
|
152,100
|
$
|
19.28
|
96,225
|
$
|
24.07
|
||||||||||
Vested
|
(135,950
|
)
|
$
|
17.21
|
(62,150
|
)
|
$
|
19.81
|
||||||||
Forfeited
|
-
|
$
|
-
|
(6,400
|
)
|
$
|
21.54
|
|||||||||
Non-vested at October 31, 2017
|
1,274,150
|
$
|
17.02
|
412,275
|
$
|
20.60
|
• |
Level 1- Quoted prices for identical instruments in active markets
|
• |
Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable
|
• |
Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable
|
Fiscal Year Ended October 31, 2017
|
Total
|
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
3,316
|
$
|
-
|
$
|
3,316
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
574
|
$
|
-
|
$
|
574
|
$
|
-
|
||||||||
Redeemable noncontrolling interests
|
$
|
81,361
|
$
|
23,709
|
$
|
53,788
|
$
|
3,864
|
||||||||
Fiscal Year Ended October 31, 2016
|
||||||||||||||||
Assets:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
423
|
$
|
-
|
$
|
423
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap Agreements
|
$
|
1,726
|
$
|
-
|
$
|
1,726
|
$
|
-
|
||||||||
Redeemable noncontrolling interests
|
$
|
18,253
|
$
|
14,407
|
$
|
-
|
$
|
3,846
|
Year Ended October 31, 2017
|
Year Ended October 31, 2016
|
|||||||||||||||||||||||||||||||
Quarter Ended
|
Quarter Ended
|
|||||||||||||||||||||||||||||||
Jan 31
|
Apr 30
|
Jul 31
|
Oct 31
|
Jan 31
|
Apr 30
|
Jul 31
|
Oct 31
|
|||||||||||||||||||||||||
Revenues
|
$
|
29,202
|
$
|
30,024
|
$
|
32,020
|
$
|
32,313
|
$
|
27,451
|
$
|
29,166
|
$
|
28,276
|
$
|
31,899
|
||||||||||||||||
Income from Continuing Operations
|
$
|
7,204
|
$
|
27,919
|
$
|
10,613
|
$
|
9,696
|
$
|
6,672
|
$
|
8,556
|
$
|
8,827
|
$
|
10,550
|
||||||||||||||||
Net Income Attributable to Urstadt Biddle Properties Inc.
|
$
|
6,982
|
$
|
27,672
|
$
|
9,631
|
$
|
8,648
|
$
|
6,447
|
$
|
8,339
|
$
|
8,610
|
$
|
10,320
|
||||||||||||||||
Preferred Stock Dividends
|
(3,570
|
)
|
(3,571
|
)
|
(3,570
|
)
|
(4,249
|
)
|
(3,570
|
)
|
(3,570
|
)
|
(3,570
|
)
|
(3,570
|
)
|
||||||||||||||||
Redemption of Preferred Stock
|
-
|
-
|
-
|
(4,075
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
3,412
|
$
|
24,101
|
$
|
6,061
|
$
|
324
|
$
|
2,877
|
$
|
4,769
|
$
|
5,040
|
$
|
6,750
|
||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||||||||||
Basic:
|
||||||||||||||||||||||||||||||||
Class A Common Stock
|
$
|
0.09
|
$
|
0.66
|
$
|
0.16
|
$
|
0.01
|
$
|
0.09
|
$
|
0.14
|
$
|
0.15
|
$
|
0.18
|
||||||||||||||||
Common Stock
|
$
|
0.08
|
$
|
0.58
|
$
|
0.15
|
$
|
0.01
|
$
|
0.08
|
$
|
0.13
|
$
|
0.13
|
$
|
0.16
|
||||||||||||||||
Diluted:
|
||||||||||||||||||||||||||||||||
Class A Common Stock
|
$
|
0.09
|
$
|
0.64
|
$
|
0.16
|
$
|
0.01
|
$
|
0.08
|
$
|
0.14
|
$
|
0.15
|
$
|
0.18
|
||||||||||||||||
Common Stock
|
$
|
0.08
|
$
|
0.57
|
$
|
0.14
|
$
|
0.01
|
$
|
0.08
|
$
|
0.12
|
$
|
0.13
|
$
|
0.16
|
New York, New York
January 11, 2018
|
/s/ PKF O'Connor Davies, LLP
|
COL. A
|
COL. B
|
COL. C
|
COL. D
|
COL. E
|
COL. F
|
COL. G/H
|
COL. I
|
|||||||||||||||||||||||||||||||||||||
Initial Cost to Company
|
Cost Capitalized Subsequent to Acquisition
|
Amount at which Carried at Close of Period
|
||||||||||||||||||||||||||||||||||||||||||
Description and Location
|
Encumbrances
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
Land
|
Building &
Improvements
|
Totals
|
Accumulated
Depreciation (b)
|
Date Constructed/
Acquired
|
Life on which
depreciation for
building and
improvements
in latest income
statement is
computed (c)
|
|||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases (a):
|
||||||||||||||||||||||||||||||||||||||||||||
Office Buildings:
|
||||||||||||||||||||||||||||||||||||||||||||
Greenwich, CT
|
$
|
-
|
$
|
708
|
$
|
1,641
|
$
|
-
|
$
|
348
|
$
|
708
|
$
|
1,989
|
$
|
2,697
|
$
|
838
|
2001
|
31.5
|
||||||||||||||||||||||||
Greenwich, CT
|
-
|
488
|
1,139
|
-
|
591
|
488
|
1,730
|
2,218
|
586
|
2000
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
570
|
2,359
|
-
|
762
|
570
|
3,121
|
3,691
|
1,515
|
1998
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
199
|
795
|
-
|
545
|
199
|
1,340
|
1,539
|
595
|
1993
|
31.5
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
-
|
111
|
444
|
-
|
310
|
111
|
754
|
865
|
335
|
1994
|
31.5
|
|||||||||||||||||||||||||||||||||
Bernardsville, NJ
|
-
|
721
|
2,880
|
(25
|
)
|
(27
|
)
|
696
|
2,853
|
3,549
|
377
|
2012
|
39
|
|||||||||||||||||||||||||||||||
-
|
2,797
|
9,258
|
(25
|
)
|
2,529
|
2,772
|
11,787
|
14,559
|
4,246
|
|||||||||||||||||||||||||||||||||||
Retail Properties:
|
||||||||||||||||||||||||||||||||||||||||||||
Bronxville, NY
|
-
|
60
|
239
|
95
|
776
|
155
|
1,015
|
1,170
|
214
|
2009
|
39
|
|||||||||||||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
183
|
734
|
213
|
855
|
1,068
|
176
|
2009
|
39
|
|||||||||||||||||||||||||||||||||
Yonkers, NY
|
-
|
30
|
121
|
85
|
341
|
115
|
462
|
577
|
95
|
2009
|
39
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
-
|
2,114
|
8,456
|
71
|
551
|
2,185
|
9,007
|
11,192
|
2,173
|
2008
|
39
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
42
|
4,492
|
17,967
|
166
|
3,047
|
4,658
|
21,014
|
25,672
|
3,840
|
2010
|
39
|
|||||||||||||||||||||||||||||||||
Newark, NJ
|
10,433
|
5,252
|
21,023
|
-
|
1,558
|
5,252
|
22,581
|
27,833
|
5,631
|
2008
|
39
|
|||||||||||||||||||||||||||||||||
Waldwick, NJ
|
-
|
1,266
|
5,064
|
-
|
-
|
1,266
|
5,064
|
6,330
|
1,288
|
2007
|
39
|
|||||||||||||||||||||||||||||||||
Emerson NJ
|
472
|
3,633
|
14,531
|
-
|
1,640
|
3,633
|
16,171
|
19,804
|
4,522
|
2007
|
39
|
|||||||||||||||||||||||||||||||||
Monroe, CT
|
-
|
765
|
3,060
|
-
|
135
|
765
|
3,195
|
3,960
|
877
|
2007
|
39
|
|||||||||||||||||||||||||||||||||
Pelham, NY
|
-
|
1,694
|
6,843
|
-
|
149
|
1,694
|
6,992
|
8,686
|
2,030
|
2006
|
39
|
|||||||||||||||||||||||||||||||||
Stratford, CT
|
25,689
|
10,173
|
40,794
|
(94
|
)
|
11,657
|
10,079
|
52,451
|
62,530
|
17,941
|
2005
|
39
|
||||||||||||||||||||||||||||||||
Yorktown Heights, NY
|
-
|
5,786
|
23,221
|
-
|
12,202
|
5,786
|
35,423
|
41,209
|
8,504
|
2005
|
39
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
-
|
909
|
3,637
|
-
|
381
|
909
|
4,018
|
4,927
|
1,380
|
2004
|
39
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
1,331
|
483
|
1,930
|
-
|
71
|
483
|
2,001
|
2,484
|
671
|
2004
|
39
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
600
|
239
|
958
|
-
|
87
|
239
|
1,045
|
1,284
|
406
|
2004
|
39
|
|||||||||||||||||||||||||||||||||
Rye, NY
|
1,367
|
695
|
2,782
|
-
|
20
|
695
|
2,802
|
3,497
|
968
|
2004
|
39
|
|||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
4,318
|
17,268
|
-
|
257
|
4,318
|
17,525
|
21,843
|
6,394
|
2003
|
39
|
|||||||||||||||||||||||||||||||||
Westport, CT
|
11
|
2,076
|
8,305
|
-
|
364
|
2,076
|
8,669
|
10,745
|
3,310
|
2003
|
39
|
|||||||||||||||||||||||||||||||||
Orange, CT
|
-
|
2,320
|
10,564
|
-
|
1,027
|
2,320
|
11,591
|
13,911
|
4,550
|
2003
|
39
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
49,390
|
17,964
|
71,859
|
-
|
7,530
|
17,964
|
79,389
|
97,353
|
32,868
|
2002
|
39
|
|||||||||||||||||||||||||||||||||
Danbury, CT
|
-
|
2,459
|
4,566
|
-
|
1,905
|
2,459
|
6,471
|
8,930
|
2,967
|
2002
|
39
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
-
|
2,222
|
5,185
|
1,234
|
8,448
|
3,456
|
13,633
|
17,089
|
2,887
|
2001
|
40
|
|||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
1,833
|
7,383
|
-
|
1,340
|
1,833
|
8,723
|
10,556
|
4,743
|
1999
|
31.5
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
-
|
380
|
1,531
|
-
|
131
|
380
|
1,662
|
2,042
|
797
|
1999
|
40
|
|||||||||||||||||||||||||||||||||
Briarcliff, NY
|
15,229
|
2,300
|
9,708
|
2
|
3,175
|
2,302
|
12,883
|
15,185
|
6,023
|
1998
|
40
|
|||||||||||||||||||||||||||||||||
Ridgefield, CT
|
-
|
900
|
3,793
|
291
|
2,903
|
1,191
|
6,696
|
7,887
|
2,179
|
1998
|
40
|
|||||||||||||||||||||||||||||||||
Darien, CT
|
15,583
|
4,260
|
17,192
|
-
|
926
|
4,260
|
18,118
|
22,378
|
8,858
|
1998
|
40
|
|||||||||||||||||||||||||||||||||
Eastchester, NY
|
-
|
1,500
|
6,128
|
-
|
2,608
|
1,500
|
8,736
|
10,236
|
3,941
|
1997
|
31
|
|||||||||||||||||||||||||||||||||
Danbury, CT
|
26
|
3,850
|
15,811
|
-
|
4,636
|
3,850
|
20,447
|
24,297
|
12,205
|
1995
|
31.5
|
|||||||||||||||||||||||||||||||||
Carmel, NY
|
-
|
1,488
|
5,973
|
-
|
977
|
1,488
|
6,950
|
8,438
|
4,000
|
1995
|
31.5
|
|||||||||||||||||||||||||||||||||
Somers, NY
|
-
|
821
|
2,600
|
-
|
606
|
821
|
3,206
|
4,027
|
1,685
|
1992
|
31.5
|
|||||||||||||||||||||||||||||||||
Wayne, NJ
|
81
|
2,492
|
9,966
|
-
|
2,226
|
2,492
|
12,192
|
14,684
|
6,889
|
1992
|
31
|
|||||||||||||||||||||||||||||||||
Newington, NH
|
-
|
728
|
1,997
|
-
|
1,039
|
728
|
3,036
|
3,764
|
2,360
|
1979
|
40
|
|||||||||||||||||||||||||||||||||
Katonah, NY
|
-
|
1,704
|
6,816
|
-
|
122
|
1,704
|
6,938
|
8,642
|
1,398
|
2010
|
39
|
|||||||||||||||||||||||||||||||||
Fairfield, CT
|
-
|
3,393
|
13,574
|
153
|
1,234
|
3,546
|
14,808
|
18,354
|
2,241
|
2011
|
39
|
|||||||||||||||||||||||||||||||||
New Milford, CT
|
-
|
2,168
|
8,672
|
-
|
49
|
2,168
|
8,721
|
10,889
|
1,468
|
2011
|
39
|
|||||||||||||||||||||||||||||||||
Eastchester, NY
|
-
|
1,800
|
7,200
|
78
|
477
|
1,878
|
7,677
|
9,555
|
1,161
|
2012
|
39
|
|||||||||||||||||||||||||||||||||
Orangetown, NY
|
6,019
|
3,200
|
12,800
|
30
|
6,465
|
3,230
|
19,265
|
22,495
|
2,194
|
2012
|
39
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
4,726
|
1,600
|
6,401
|
28
|
631
|
1,628
|
7,032
|
8,660
|
847
|
2013
|
39
|
|||||||||||||||||||||||||||||||||
Various
|
-
|
1,134
|
4,928
|
80
|
(60
|
)
|
1,214
|
4,868
|
6,082
|
584
|
2013
|
39
|
||||||||||||||||||||||||||||||||
Greenwich, CT
|
5,894
|
1,998
|
7,994
|
53
|
283
|
2,051
|
8,277
|
10,328
|
938
|
2013
|
39
|
|||||||||||||||||||||||||||||||||
New Providence, NJ
|
18,953
|
6,970
|
27,880
|
463
|
3,049
|
7,433
|
30,929
|
38,362
|
3,810
|
2013
|
39
|
|||||||||||||||||||||||||||||||||
Chester, NJ
|
-
|
570
|
2,280
|
(34
|
)
|
(73
|
)
|
536
|
2,207
|
2,743
|
283
|
2012
|
39
|
|||||||||||||||||||||||||||||||
Bethel, CT
|
-
|
1,800
|
7,200
|
(18
|
)
|
(49
|
)
|
1,782
|
7,151
|
8,933
|
702
|
2014
|
39
|
|||||||||||||||||||||||||||||||
Bloomfield, NJ
|
-
|
2,201
|
8,804
|
218
|
1,776
|
2,419
|
10,580
|
12,999
|
963
|
2014
|
39
|
|||||||||||||||||||||||||||||||||
Boonton, NJ
|
7,271
|
3,670
|
14,680
|
14
|
184
|
3,684
|
14,864
|
18,548
|
1,451
|
2014
|
39
|
|||||||||||||||||||||||||||||||||
Yonkers, NY
|
5,000
|
3,060
|
12,240
|
333
|
1,331
|
3,393
|
13,571
|
16,964
|
1,054
|
2014
|
39
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
7,884
|
3,223
|
12,893
|
6
|
132
|
3,229
|
13,025
|
16,254
|
1,033
|
2014
|
40
|
|||||||||||||||||||||||||||||||||
Greenwich, CT
|
15,305
|
6,257
|
25,029
|
27
|
533
|
6,284
|
25,562
|
31,846
|
2,066
|
2014
|
40
|
|||||||||||||||||||||||||||||||||
Midland Park, NJ
|
20,681
|
8,740
|
34,960
|
(44
|
)
|
97
|
8,696
|
35,057
|
43,753
|
2,639
|
2015
|
39
|
||||||||||||||||||||||||||||||||
Pompton Lakes, NJ
|
19,535
|
8,140
|
32,560
|
33
|
359
|
8,173
|
32,919
|
41,092
|
2,472
|
2015
|
39
|
|||||||||||||||||||||||||||||||||
Wyckoff, NJ
|
8,210
|
3,490
|
13,960
|
17
|
132
|
3,507
|
14,092
|
17,599
|
1,052
|
2015
|
39
|
|||||||||||||||||||||||||||||||||
Kinnelon, NJ
|
10,927
|
4,540
|
18,160
|
(28
|
)
|
3,892
|
4,512
|
22,052
|
26,564
|
1,926
|
2015
|
39
|
||||||||||||||||||||||||||||||||
Fort Lee, NJ
|
-
|
798
|
3,192
|
(14
|
)
|
(55
|
)
|
784
|
3,137
|
3,921
|
195
|
2015
|
39
|
|||||||||||||||||||||||||||||||
Harrison, NY
|
-
|
2,000
|
8,000
|
(10
|
)
|
843
|
1,990
|
8,843
|
10,833
|
449
|
2015
|
39
|
||||||||||||||||||||||||||||||||
Stamford, CT
|
22,083
|
12,686
|
32,620
|
-
|
171
|
12,686
|
32,791
|
45,477
|
1,118
|
2016
|
39
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
-
|
3,691
|
9,491
|
-
|
86
|
3,691
|
9,577
|
13,268
|
261
|
2016
|
39
|
|||||||||||||||||||||||||||||||||
Derby, CT
|
-
|
651
|
7,652
|
-
|
15
|
651
|
7,667
|
8,318
|
163
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Passaic, NJ
|
3,511
|
2,039
|
5,616
|
-
|
-
|
2,039
|
5,616
|
7,655
|
84
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
9,644
|
17,178
|
43,677
|
-
|
118
|
17,178
|
43,795
|
60,973
|
655
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
-
|
2,376
|
1,458
|
-
|
-
|
2,376
|
1,458
|
3,834
|
22
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Stamford, CT
|
1,213
|
2,295
|
2,700
|
-
|
-
|
2,295
|
2,700
|
4,995
|
40
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Waldwick, NJ
|
-
|
2,761
|
5,571
|
-
|
-
|
2,761
|
5,571
|
8,332
|
35
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
Dumont, NJ
|
9,961
|
6,646
|
15,341
|
-
|
-
|
6,646
|
15,341
|
21,987
|
98
|
2017
|
39
|
|||||||||||||||||||||||||||||||||
297,071
|
212,311
|
764,925
|
3,418
|
95,189
|
215,729
|
860,114
|
1,075,843
|
190,774
|
||||||||||||||||||||||||||||||||||||
Total
|
$
|
297,071
|
$
|
215,108
|
$
|
774,183
|
$
|
3,393
|
$
|
97,718
|
$
|
218,501
|
$
|
871,901
|
$
|
1,090,402
|
$
|
195,020
|
(c) |
Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years.
|
(d) |
The depreciation provision represents the expense calculated on real property only.
|
(e) |
The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $818 million at October 31, 2017.
|
COL. A
|
COL. B
|
COL. C
|
COL. D
|
COL. E
|
COL. F
|
|||||||||||||
Description
|
Interest Rate
|
Final Maturity Date
|
Periodic Payment Terms
|
Remaining
Face Amount of
Mortgages (b)
|
Carrying
Amount of
Mortgages (a)
|
|||||||||||||
Coupon
|
Effective
|
|||||||||||||||||
Retail Property:
|
||||||||||||||||||
Rockland County, NY
|
3.779
|
%
|
3.779
|
%
|
October 10, 2017
|
Interest Only - Monthly
|
$
|
-
|
$
|
-
|
||||||||
TOTAL MORTGAGE LOANS ON REAL ESTATE
|
$
|
-
|
$
|
-
|
(a) |
Reconciliation of Mortgage Loans on Real Estate
|
Year Ended October 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Balance at beginning of period:
|
$
|
13,500
|
$
|
-
|
$
|
-
|
||||||
Additions during period:
|
||||||||||||
New mortgage loans
|
-
|
13,500
|
-
|
|||||||||
Deductions during the current period:
|
||||||||||||
Collections of principal and amortization of discounts
|
(13,500
|
)
|
-
|
-
|
||||||||
Balance at end of period:
|
$
|
-
|
$
|
13,500
|
$
|
-
|
(b) |
The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages
|
(c) |
At October 31, 2017, no mortgage loans were delinquent in payment of currently due principal or interest.
|
(d) |
There are no prior liens for any of the mortgage loans on real estate.
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
|
4.1
|
Common Stock: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
4.2
|
|
|
|
4.3
|
Series F Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
4.4
|
Series G Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
4.5
|
Series H Preferred Shares: See Exhibits 3.1 (a)-(m) hereto.
|
|
|
10.1
|
|
|
|
10.2
|
Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Director Employees).*#
|
|
|
10.3
|
Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Director).*#
|
|
|
10.4
|
Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Non-Employee Director).*#
|
|
|
10.5
|
Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Chairman).*#
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
12
|
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.*
|
|
|
21
|
List of the Company's subsidiaries.*
|
|
|
23
|
Consent of PKF O'Connor Davies, LLP.*
|
|
|
31.1
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Willing L. Biddle.*
|
|
|
31.2
|
Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by John T. Hayes.*
|
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Willing L. Biddle and John T. Hayes.**
|
|
|
101
|
The following materials from Urstadt Biddle Properties Inc. Annual Report on Form 10-K for the year ended October 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income (4) the Consolidated Statements of Cash Flows, (5) the Consolidated Statements of Stockholders' Equity and (6) Notes to Consolidated Financial Statements detail tagged.*
|
# |
Management contract, compensation Plan arrangement.
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
URSTADT BIDDLE PROPERTIES INC.
|
||
(Registrant)
|
||
Dated: January 12, 2018
|
/s/ Willing L. Biddle
|
|
Willing L. Biddle
|
||
President and Chief Executive Officer
|
||
Dated: January 12, 2018
|
/s/ John T. Hayes
|
|
John T. Hayes
|
||
Senior Vice President and Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
/s/ Charles J. Urstadt
|
January 12, 2018
|
|
Charles J. Urstadt
|
||
Chairman and Director
|
||
/s/ Willing L. Biddle
|
January 12, 2018
|
|
Willing L. Biddle
|
||
President, Chief Executive Officer and Director
|
||
(Principal Executive Officer)
|
||
/s/ John T. Hayes
|
January 12, 2018
|
|
John T. Hayes
|
||
Senior Vice President & Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
||
/s/ Kevin J. Bannon
|
January 12, 2018
|
|
Kevin J. Bannon
|
||
Director
|
||
/s/ Catherine U. Biddle
|
January 12, 2018
|
|
Catherine U. Biddle
|
||
Director
|
||
/s/ Richard Grellier
|
January 12, 2018
|
|
Richard Grellier
|
||
Director
|
||
/s/ George H.C. Lawrence
|
January 12, 2018
|
|
George H. C. Lawrence
|
||
Director
|
||
/s/ Robert J. Mueller
|
January 12, 2018
|
|
Robert J. Mueller
|
||
Director
|
||
/s/ Charles D. Urstadt
|
January 12, 2018
|
|
Charles D. Urstadt
|
||
Director
|
||
/s/ Bryan O. Colley
|
January 12, 2018
|
|
Bryan O. Colley
|
||
Director
|
||
/s/ Noble Carpenter
|
January 12, 2018
|
|
Noble Carpenter
|
||
Director
|
(a)
|
for any reason other than death, Disability or Retirement, the Participant shall forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed; or,
|
(b)
|
by reason of death or Disability, the Restrictions on any and all Awards shall lapse on the date of such termination; or,
|
(c)
|
by reason of Retirement, all Awards shall continue to vest as if Retirement had not occurred until such time as the Restrictions lapse; provided, however, that if the retired Participant, prior to the completion of any or all Restricted Periods, accepts employment or provides services to any organization other than the Company that is engaged primarily in the ownership and/or management or brokerage of shopping centers in The New York – Northern New Jersey – Long Island, NY-NJ-CT-PA, Metropolitan Statistical Area as defined by the Bureau of Labor Statistics, the Participant will forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed.
|
(a)
|
withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; or,
|
(b)
|
reacquiring from the Participant vested whole shares of Restricted Stock in an amount equal to the aggregate withholding obligation as determined by the Company; provided that any reacquisition from an executive officer shall be approved by the Compensation Committee; or,
|
(c)
|
withholding from proceeds of the sale of vested shares of Restricted Stock, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent), to the extent and in the manner permitted by all applicable securities laws, including many any necessary securities registration or taking any other necessary actions.
]
1
|
(a)
|
for any reason other than death, Disability or Retirement, the Participant shall forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed; or,
|
(b)
|
by reason of death or Disability, the Restrictions on any and all Awards shall lapse on the date of such termination; or,
|
(c)
|
by reason of Retirement, all Awards shall continue to vest as if Retirement had not occurred until such time as the Restrictions lapse; provided, however, that if the retired Participant, prior to the completion of any or all Restricted Periods, accepts employment or provides services to any organization other than the Company that is engaged primarily in the ownership and/or management or brokerage of shopping centers in The New York – Northern New Jersey – Long Island, NY-NJ-CT-PA, Metropolitan Statistical Area as defined by the Bureau of Labor Statistics, the Participant will forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed.
|
(a)
|
withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; or,
|
(b)
|
reacquiring from the Participant vested whole shares of Restricted Stock in an amount equal to the aggregate withholding obligation as determined by the Company; provided that any reacquisition from an executive officer shall be approved by the Compensation Committee; or,
|
(c)
|
withholding from proceeds of the sale of vested shares of Restricted Stock, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent), to the extent and in the manner permitted by all applicable securities laws, including many any necessary securities registration or taking any other necessary actions.
]
1
|
(a)
|
for any reason other than death, Disability or Retirement, the Participant shall forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed; or,
|
(b)
|
by reason of death or Disability, the Restrictions on any and all Awards shall lapse on the date of such termination; or,
|
(c)
|
by reason of Retirement, all Awards shall continue to vest as if Retirement had not occurred until such time as the Restrictions lapse; provided, however, that if the retired Participant, prior to the completion of any or all Restricted Periods, accepts employment or provides services to any organization other than the Company that is engaged primarily in the ownership and/or management or brokerage of shopping centers in The New York – Northern New Jersey – Long Island, NY-NJ-CT-PA, Metropolitan Statistical Area as defined by the Bureau of Labor Statistics, the Participant will forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed.
|
(a)
|
for any reason other than death, Disability or involuntary termination other than "Termination for Cause" (as defined in the Amended and Restated Change of Control Agreement dated December 19, 2007 between the Company and the Participant), the Participant shall forfeit the Restricted Stock evidenced by this Agreement; or,
|
(b)
|
by reason of death or Disability, the Restrictions on any and all Awards shall lapse on the date of such termination; or
|
(c)
|
by reason of involuntary termination other than Termination for Cause, all Awards shall continue to vest as if involuntary termination had not occurred until such time as the Restrictions lapse; provided, however, that if the Participant, prior to the completion of any or all Restricted Periods, accepts employment or provides services to any organization other than the Company that is engaged primarily in the ownership and/or management or brokerage of shopping centers in The New York – Northern New Jersey – Long Island, NY-NJ-CT-PA, Metropolitan Statistical Area as defined by the Bureau of Labor Statistics, the Participant will forfeit any and all Restricted Stock Awards whose Restrictions have not lapsed.
|
(a)
|
withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; or,
|
(b)
|
reacquiring from the Participant vested whole shares of Restricted Stock in an amount equal to the aggregate withholding obligation as determined by the Company; provided that any reacquisition from an executive officer shall be approved by the Compensation Committee; or,
|
(c)
|
withholding from proceeds of the sale of vested shares of Restricted Stock, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent), to the extent and in the manner permitted by all applicable securities laws, including many any necessary securities registration or taking any other necessary actions.
]
1
|
|
2017
|
2016
|
2015
|
2014
|
2013
|
|||||||||||||||
Earnings:
|
||||||||||||||||||||
Income from Continuing Operations
|
$
|
37,169
|
$
|
36,031
|
$
|
29,838
|
$
|
29,032
|
$
|
28,856
|
||||||||||
Add: Interest Expense
|
12,981
|
12,983
|
13,475
|
10,235
|
9,094
|
|||||||||||||||
Total earnings available to cover fixed charges
|
$
|
50,150
|
$
|
49,014
|
$
|
43,313
|
$
|
39,267
|
$
|
37,950
|
||||||||||
Fixed Charges (Interest Expense Only):
|
||||||||||||||||||||
Interest Expense
|
$
|
12,981
|
$
|
12,983
|
$
|
13,475
|
$
|
10,235
|
$
|
9,094
|
||||||||||
Total Fixed Charges Including Interest Expense and Preferred Stock Dividends:
|
||||||||||||||||||||
Interest Expense
|
$
|
12,981
|
$
|
12,983
|
$
|
13,475
|
$
|
10,235
|
$
|
9,094
|
||||||||||
Preferred Stock Dividends
|
14,960
|
14,280
|
14,605
|
13,812
|
14,949
|
|||||||||||||||
Allocations pursuant to EITF Topic D-42
|
4,075
|
-
|
-
|
1,870
|
4,233
|
|||||||||||||||
Total Fixed Charges
|
$
|
32,016
|
$
|
27,263
|
$
|
28,080
|
$
|
25,917
|
$
|
28,276
|
||||||||||
Ratio of Earnings to Fixed Charges
|
3.86
|
3.78
|
3.21
|
3.84
|
4.17
|
|||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
|
1.57
|
(1) |
1.80
|
1.54
|
1.52
|
(1) |
1.34
|
(1) |
New York, New York
January 11, 2018
|
/s/ PKF O'Connor Davies, LLP
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: January 12, 2018
|
/s/ Willing L. Biddle
|
Willing L. Biddle
|
|
President and Chief Executive Officer
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: January 12, 2018
|
/s/ John T. Hayes
|
John T. Hayes
|
|
Senior Vice President and Chief Financial Officer
|
1.
|
The Company's Annual Report on Form 10-K for the year ended October 31, 2017 (the "Form 10-K") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
Information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: January 12, 2018
|
/s/ Willing L. Biddle
|
Willing L. Biddle
|
|
President and Chief Executive Officer
|
Dated: January 12, 2018
|
/s/ John T. Hayes
|
John T. Hayes
|
|
Senior Vice President and Chief Financial Officer
|