Shopping center owner Urstadt Biddle Properties Inc.”™s revenue fell slightly to $21.2 million in the company”™s second fiscal quarter ending April 30, with an increase in base rents offset by lower recoveries from tenants for various costs incurred. The Greenwich-based company reported a $6.2 million profit.
“Although a weak economy and cautious and struggling retailers continue to stress our portfolio, we believe we have passed the low point in the cycle and things are improving,” said Wing Biddle, president of Urstadt Biddle, in a prepared statement. “The percentage of our core portfolio that is leased rose 1.72 percent from the beginning of fiscal 2010 to 93.7 percent at April 30, 2010; however, much of this improvement will not be reflected in our financial results until 2011 as it will take time for certain municipal approvals to be obtained, and for tenants to build out their spaces before they can open and commence paying rent.”
In April and May, the company acquired three properties:
- a 229,000-square-foot shopping center in New Milford anchored by Stop & Shop and Walmart;
- a 32,000-square-foot mixed use property anchored by Mrs. Green”™s Natural Market in Katonah, N.Y.; and
- a 67 percent interest in a 193,000-square-foot shopping center in Carmel, N.Y., whose main tenant is a Hannaford Brothers Supermarket.
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