United States
Securities And Exchange Commission
Washington, DC 20549

Form 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2020

OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission File Number 1-12803

graphic

URSTADT BIDDLE PROPERTIES INC.
(Exact Name of Registrant as Specified in its Charter)

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)

Registrant's telephone number, including area code:  (203) 863-8200

N/A
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
         
Common Stock, par value $.01 per share
 
UBP
 
New York Stock Exchange
         
Class A Common Stock, par value $.01 per share
 
UBA
 
New York Stock Exchange
         
6.25% Series H Cumulative Preferred Stock
 
UBPPRH
 
New York Stock Exchange
         
5.875% Series K Cumulative Preferred Stock
 
UBPPRK
 
New York Stock Exchange
         
Common Stock Rights to Purchase Preferred Shares
 
N/A
 
New York Stock Exchange
         
Class A Common Stock Rights to Purchase Preferred Shares
 
N/A
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer 
   
Non-accelerated filer
Smaller reporting company
   
Emerging growth company
 
   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No

As of September 3, 2020 (latest date practicable), the number of shares of the Registrant's classes of Common Stock and Class A Common Stock outstanding was: 10,072,522 Common Shares, par value $.01 per share, and 29,994,390 Class A Common Shares, par value $.01 per share.






Index
 
Urstadt Biddle Properties Inc.
   
   
   
Part I. Financial Information
 
   
Item 1.
Financial Statements (Unaudited)
 
     
 
Consolidated Balance Sheets – July 31, 2020 (Unaudited) and October 31, 2019.
1
     
 
Consolidated Statements of Income (Unaudited) – Nine and three months ended July 31, 2020 and 2019.
2
     
 
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Nine and three months ended July 31, 2020 and 2019.
3
     
 
Consolidated Statements of Cash Flows (Unaudited) –   Nine months ended July 31, 2020 and 2019.
4
     
 
Consolidated Statement of Stockholders' Equity (Unaudited) – Nine and three months ended July 31, 2020 and 2019.
5
     
 
Notes to Consolidated Financial Statements.
7
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
20
     
Item 3.
Quantitative and Qualitative Disclosures about Market Risk.
28
     
Item 4.
Controls and Procedures.
29
     
     
Part II. Other Information
 
     
Item 1.
Legal Proceedings.
30
     
Item 1A
Risk Factors
30
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
31
     
Item 6.
Exhibits.
32
     
Signatures
33



Index
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

 
July 31, 2020
   
October 31, 2019
 
   
(Unaudited)
       
Assets
           
Real Estate Investments:
           
Real Estate– at cost
 
$
1,151,635
   
$
1,141,770
 
Less: Accumulated depreciation
   
(255,937
)
   
(241,154
)
     
895,698
     
900,616
 
Investments in and advances to unconsolidated joint ventures
   
28,305
     
29,374
 
     
924,003
     
929,990
 
                 
Cash and cash equivalents
   
42,271
     
94,079
 
Tenant receivables
   
25,677
     
22,854
 
Prepaid expenses and other assets
   
20,444
     
15,513
 
Deferred charges, net of accumulated amortization
   
8,810
     
9,868
 
Total Assets
 
$
1,021,205
   
$
1,072,304
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
Liabilities:
               
Revolving credit line
 
$
35,000
   
$
-
 
Mortgage notes payable and other loans
   
301,597
     
306,606
 
Preferred stock called for redemption
   
-
     
75,000
 
Accounts payable and accrued expenses
   
23,787
     
11,416
 
Deferred compensation – officers
   
23
     
53
 
Other liabilities
   
25,076
     
21,629
 
Total Liabilities
   
385,483
     
414,704
 
                 
Redeemable Noncontrolling Interests
   
62,942
     
77,876
 
                 
Commitments and Contingencies
   
     
 
                 
Stockholders’ Equity:
               
6.25% Series H Cumulative Preferred Stock (liquidation preference of $25 per share); 4,600,000 shares issued and outstanding
   
115,000
     
115,000
 
5.875% Series K Cumulative Preferred Stock (liquidation preference of $25 per share); 4,400,000 shares issued and outstanding
   
110,000
     
110,000
 
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; 10,072,522 and 9,963,751 shares issued and outstanding
   
102
     
101
 
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 29,994,390 and 29,893,241 shares issued and outstanding
   
300
     
299
 
Additional paid in capital
   
524,974
     
520,988
 
Cumulative distributions in excess of net income
   
(159,151
)
   
(158,213
)
Accumulated other comprehensive loss
   
(18,445
)
   
(8,451
)
Total Stockholders' Equity
   
572,780
     
579,724
 
Total Liabilities and Stockholders' Equity
 
$
1,021,205
   
$
1,072,304
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

1

Index
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)

 
Nine Months Ended
July 31,
   
Three Months Ended
July 31,
 
   
2020
   
2019
   
2020
   
2019
 
                         
Revenues
                       
Lease income
 
$
90,003
   
$
99,067
   
$
26,855
   
$
32,457
 
Lease termination
   
460
     
194
     
112
     
177
 
Other
   
3,964
     
3,504
     
1,832
     
1,758
 
Total Revenues
   
94,427
     
102,765
     
28,799
     
34,392
 
                                 
Expenses
                               
Property operating
   
15,085
     
16,855
     
4,355
     
5,020
 
Property taxes
   
17,615
     
17,603
     
5,897
     
5,885
 
Depreciation and amortization
   
21,587
     
20,928
     
7,304
     
7,002
 
General and administrative
   
8,495
     
7,149
     
2,111
     
2,230
 
Directors' fees and expenses
   
287
     
265
     
94
     
73
 
Total Operating Expenses
   
63,069
     
62,800
     
19,761
     
20,210
 
                                 
Operating Income
   
31,358
     
39,965
     
9,038
     
14,182
 
                                 
Non-Operating Income (Expense):
                               
Interest expense
   
(10,123
)
   
(10,607
)
   
(3,475
)
   
(3,497
)
Equity in net income from unconsolidated joint ventures
   
1,160
     
1,007
     
184
     
289
 
Unrealized holding gains (losses) arising during the periods
   
-
     
-
     
(109
)
   
-
 
Gain on sale of marketable securities
   
258
     
403
     
258
     
-
 
Gain (loss) on sale of property
   
(328
)
   
409
     
-
     
409
 
Interest, dividends and other investment income
   
359
     
228
     
27
     
44
 
Net Income
   
22,684
     
31,405
     
5,923
     
11,427
 
                                 
Noncontrolling interests:
                               
Net income attributable to noncontrolling interests
   
(3,001
)
   
(3,295
)
   
(935
)
   
(1,094
)
Net income attributable to Urstadt Biddle Properties Inc.
   
19,683
     
28,110
     
4,988
     
10,333
 
Preferred stock dividends
   
(10,237
)
   
(9,188
)
   
(3,412
)
   
(3,063
)
                                 
Net Income Applicable to Common and Class A Common Stockholders
 
$
9,446
   
$
18,922
   
$
1,576
   
$
7,270
 
                                 
Basic Earnings Per Share:
                               
Per Common Share:
 
$
0.22
   
$
0.45
   
$
0.04
   
$
0.17
 
Per Class A Common Share:
 
$
0.25
   
$
0.51
   
$
0.04
   
$
0.19
 
                                 
Diluted Earnings Per Share:
                               
Per Common Share:
 
$
0.22
   
$
0.44
   
$
0.04
   
$
0.17
 
Per Class A Common Share:
 
$
0.25
   
$
0.50
   
$
0.04
   
$
0.19
 
                                 
Dividends Per Share:
                               
 Common
 
$
0.5625
   
$
0.735
   
$
0.0625
   
$
0.245
 
  Class A Common
 
$
0.63
   
$
0.825
   
$
0.07
   
$
0.275
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

2

Index
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)

 
Nine Months Ended
July 31,
   
Three Months Ended
July 31,
 
   
2020
   
2019
   
2020
   
2019
 
                         
Net Income
 
$
22,684
   
$
31,405
   
$
5,923
   
$
11,427
 
                                 
Other comprehensive loss:
                               
Change in unrealized losses on interest rate swaps
   
(8,965
)
   
(10,731
)
   
(864
)
   
(4,422
)
Change in unrealized losses on interest rate swaps-equity investees
   
(1,030
)
   
(1,350
)
   
(83
)
   
(561
)
                                 
Total comprehensive income (loss)
   
12,689
     
19,324
     
4,976
     
6,444
 
Comprehensive income attributable to noncontrolling interests
   
(3,001
)
   
(3,295
)
   
(935
)
   
(1,094
)
                                 
Total comprehensive income (loss) attributable to Urstadt Biddle Properties Inc.
   
9,688
     
16,029
     
4,041
     
5,350
 
Preferred stock dividends
   
(10,237
)
   
(9,188
)
   
(3,412
)
   
(3,063
)
Total comprehensive income (loss) applicable to Common and Class A Common Stockholders
 
$
(549
)
 
$
6,841
   
$
629
   
$
2,287
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

3

Index
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
Nine Months Ended
July 31,
 
   
2020
   
2019
 
Cash Flows from Operating Activities:
           
Net income
 
$
22,684
   
$
31,405
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
21,587
     
20,928
 
Straight-line rent adjustment
   
(1,744
)
   
(672
)
Provision for tenant credit losses
   
5,266
     
719
 
(Gain) on sale of marketable securities
   
(258
)
   
(403
)
(Gain)/loss on sale of property
   
328
     
(409
)
Restricted stock compensation expense and other adjustments
   
4,425
     
3,229
 
Deferred compensation arrangement
   
(30
)
   
(32
)
Equity in net (income) of unconsolidated joint ventures
   
(1,160
)
   
(1,007
)
Distributions of operating income from unconsolidated joint ventures
   
1,160
     
1,007
 
Changes in operating assets and liabilities:
               
Tenant receivables
   
(6,358
)
   
(758
)
Accounts payable and accrued expenses
   
3,945
     
(1,273
)
Other assets and other liabilities, net
   
(3,589
)
   
(396
)
Net Cash Flow Provided by Operating Activities
   
46,256
     
52,338
 
                 
Cash Flows from Investing Activities:
               
Acquisitions of real estate investments
   
-
     
(11,755
)
Investments in and advances to unconsolidated joint ventures
   
-
     
(619
)
Deposits on acquisition of real estate investment
   
(1,030
)
   
-
 
Return of deposits on acquisition of real estate investment
   
530
     
-
 
Purchase of available for sale securities
   
(6,983
)
   
-
 
Proceeds from the sale of available for sale securities
   
7,240
     
5,970
 
Proceeds from sale of property
   
3,732
     
3,372
 
Improvements to properties and deferred charges
   
(17,118
)
   
(13,663
)
Return of capital from unconsolidated joint ventures
   
44
     
6,628
 
Net Cash Flow (Used in) Investing Activities
   
(13,585
)
   
(10,067
)
                 
Cash Flows from Financing Activities:
               
Dividends paid -- Common and Class A Common Stock
   
(24,560
)
   
(31,939
)
Dividends paid -- Preferred Stock
   
(10,776
)
   
(9,188
)
Principal amortization repayments on mortgage notes payable
   
(4,947
)
   
(4,762
)
Proceeds from mortgage note payable and other loans
   
-
     
47,000
 
Repayment of mortgage note payable and other loans
   
-
     
(23,925
)
Repayment of revolving credit line borrowings
   
-
     
(41,500
)
Proceeds from revolving credit line borrowings
   
35,000
     
25,500
 
Acquisitions of noncontrolling interests
   
(758
)
   
(1,723
)
Distributions to noncontrolling interests
   
(3,001
)
   
(3,295
)
Payment of taxes on shares withheld for employee taxes
   
(573
)
   
(270
)
Redemption of preferred stock
   
(75,000
)
   
-
 
Net proceeds from the issuance of Common and Class A Common Stock
   
136
     
146
 
Net Cash Flow (Used in) Financing Activities
   
(84,479
)
   
(43,956
)
                 
Net Increase/(Decrease) In Cash and Cash Equivalents
   
(51,808
)
   
(1,685
)
Cash and Cash Equivalents at Beginning of Period
   
94,079
     
10,285
 
                 
Cash and Cash Equivalents at End of Period
 
$
42,271
   
$
8,600
 
                 
Supplemental Cash Flow Disclosures:
               
Interest Paid
 
$
9,988
   
$
10,501
 

The accompanying notes to consolidated financial statements are an integral part of these statements.

4

Index
URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Nine Months Ended July 31, 2020 and 2019
(In thousands, except share and per share data)

 
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock Amount
   
Series K
Preferred
Stock
Issued
   
Series K
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, 2019
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
9,963,751
   
$
101
     
29,893,241
   
$
299
   
$
520,988
   
$
(158,213
)
 
$
(8,451
)
 
$
579,724
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
9,446
     
-
     
9,446
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(9,994
)
   
(9,994
)
Cash dividends paid :
                                                                                               
Common stock ($0.5625 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(5,664
)
   
-
     
(5,664
)
Class A common stock ($0.63 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(18,896
)
   
-
     
(18,896
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
3,321
     
-
     
4,722
     
-
     
118
     
-
     
-
     
118
 
Shares issued under restricted stock plan
   
-
     
-
     
-
     
-
     
105,450
     
1
     
120,800
     
1
     
(2
)
   
-
     
-
     
-
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(573
)
   
-
     
-
     
(573
)
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
(24,373
)
   
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
4,443
     
-
     
-
     
4,443
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
14,176
     
-
     
14,176
 
Balances - July 31, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,072,522
   
$
102
     
29,994,390
   
$
300
   
$
524,974
   
$
(159,151
)
 
$
(18,445
)
 
$
572,780
 



 
Series G
Preferred
Stock
Issued
   
Series G
Preferred
Stock Amount
   
Series H
Preferred
Stock
Issued
   
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
   
Total
Stockholders’
Equity
 
                                                                         
Balances - October 31, 2018
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,822,006
   
$
99
     
29,814,814
   
$
298
   
$
518,136
   
$
(133,858
)
 
$
7,466
   
$
582,141
 
November 1, 2018 adoption of new accounting standard - See Note 1
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
569
     
(569
)
   
-
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
18,922
     
-
     
18,922
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(12,081
)
   
(12,081
)
Cash dividends paid :
                                                                                               
Common stock ($0.735 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(7,321
)
   
-
     
(7,321
)
Class A common stock ($0.825 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(24,617
)
   
-
     
(24,617
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
3,550
     
-
     
4,217
     
-
     
146
     
-
     
-
     
146
 
Shares issued under restricted stock plan
   
-
     
-
     
-
     
-
     
137,200
     
1
     
111,450
     
1
     
(2
)
   
-
     
-
     
-
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
(14,290
)
   
-
     
(269
)
   
-
     
-
     
(269
)
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
(24,150
)
   
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
3,229
     
-
     
-
     
3,229
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,760
)
   
-
     
(1,760
)
Balances - July 31, 2019
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,962,756
   
$
100
     
29,892,041
   
$
299
   
$
521,240
   
$
(148,065
)
 
$
(5,184
)
 
$
558,390
 

The accompanying notes to consolidated financial statements are an integral part of these statements
5

Index

URSTADT BIDDLE PROPERTIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Three Months Ended July 31, 2020 and 2019
(In thousands, except share and per share data)

 
Series H
Preferred
Stock
Issued
   
Series H
Preferred
Stock Amount
   
Series K
Preferred
Stock
Issued
   
Series K
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 - April 30, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,071,981
   
$
102
     
29,994,064
   
$
300
   
$
524,050
   
$
(161,165
)
 
$
(17,498
)
 
$
570,789
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
1,576
     
-
     
1,576
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(947
)
   
(947
)
Cash dividends paid :
                                                                                               
Common stock ($0.0625 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(630
)
   
-
     
(630
)
Class A common stock ($0.07 per share)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(2,100
)
   
-
     
(2,100
)
Issuance of shares under dividend reinvestment plan
   
-
     
-
     
-
     
-
     
541
     
-
     
826
     
-
     
14
     
-
     
-
     
14
 
Shares withheld for employee taxes
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Forfeiture of restricted stock
   
-
     
-
     
-
     
-
     
-
     
-
     
(500
)
   
-
     
-
     
-
     
-
     
-
 
Restricted stock compensation and other adjustments
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
910
     
-
     
-
     
910
 
Adjustments to redeemable noncontrolling interests
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
3,168
     
-
     
3,168
 
Balances - July 31, 2020
   
4,600,000
   
$
115,000
     
4,400,000
   
$
110,000
     
10,072,522
   
$
102
     
29,994,390
   
$
300
   
$
524,974
   
$
(159,151
)
 
$
(18,445
)
 
$
572,780
 



 
Series G
Preferred
Stock
Issued
   
Series G
Preferred
Stock Amount
   
Series H
Preferred
Stock
Issued
   
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
   
Total
Stockholders’
Equity
 
                                                                         
Balances - April 30, 2019
   
3,000,000
   
$
75,000
     
4,600,000
   
$
115,000
     
9,961,609
   
$
100
     
29,901,146
   
$
299
   
$
520,074
   
$
(144,319
)
 
$
(201
)
 
$
565,953
 
Net income applicable to Common and Class A common stockholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
7,270
     
-
     
7,270
 
Change in unrealized income on interest rate swap
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(4,983
)
   
(4,983
)
Cash dividends paid :