Urstadt Biddle Properties Shares Down 3% Following Q2 Miss
<p><a href='https://financialmodelingprep.com/financial-summary/UBA'>Urstadt Biddle Properties Inc. (NYSE:UBA)</a> shares closed more than 3% lower on Tuesday following the company’s reported Q2 results, with EPS of $0.17 coming in worse than the consensus estimate of $0.24. Revenue was $35.48 million, compared to the consensus estimate of $35.74 million.</p>
<p>Total spreads were up 2.8%, driven by a 7.1% renewal rate growth as new rates remained volatile, down 17.1%. That said, one tenant skewed the metric with a -41% spread. These previously unoccupied spaces will be accretive to the bottom line upon opening, as the occupancy hole is filled, despite the mixed spread.</p>
<p>Analysts at Deutsche Bank lowered its price target to $19 from $22, while maintaining hold rating.</p>

NYSE:UBA