Urstadt Biddle Properties: Falls on dividend cut, weaker revenue

Urstadt Biddle Properties

09/06/2020 17:03

** Real estate company's shares drop 17.8% to $14.03 in
midday trade, set to break six-session streak of gains 
    ** UBA cuts quarterly dividend by 75% to $0.07 per Class A
common share, says Q2 revenue fell 8.3% to $31.3 mln
 urn:newsml:reuters.com:*:nBw1sy1N3a
    ** Posts Q2 FFO of 27 cents per Class A common stock, vs 35
cents last year 
    ** Portfolio collected 68.7% and 60.3% of rents due in April
and May, respectively, with 339 of 900 tenants requesting for
rent relief 
    ** Many of our smaller local tenants will have difficulty
paying the full amounts required under their leases as a result
of the COVID 19 pandemic - company
    ** Company files for potential stock offering of up to $400
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    ** Including session's moves, stock has dropped 43.4% this
year 

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))