Urstadt Biddle posts higher fiscal 3Q results

GREENWICH, Conn.

Urstadt Biddle Properties Inc. said Wednesday its third-quarter funds from operations rose as the shopping center owner's rental income increased.

The real estate investment trust said funds from operations, or FFO, rose to $8.5 million, or 31 cents a share, for the three months ended July 31. That compares with FFO of $7.4 million, or 27 cents a share, a year earlier.

Urstadt Biddle's net income was $4.5 million, or 16 cents a share, up from $3.8 million, or 14 cents a share, in the third quarter last year.

Quarterly revenue rose to $21.8 million from $20.5 million.

Management said troubled retailers and the weak economy continue to undermine its portfolio.

It said the worst has passed, but any improvement won't show until next year.

The company said it has had success leasing space that became vacant last year, activity that helped lift its net rental revenue to $905,000 for the quarter.

Shares of Urstadt Biddle rose 8 cents to $16.04 on Wednesday.