Urstadt Biddle Properties Inc. posted a dip in fiscal fourth-quarter net income, yet the Greenwich real estate investment trust lifted its dividend on the strength of its full-year results.
For three months ended Oct. 31, Urstadt Biddle netted $7.1 million, or 12 cents a share, down from $7.3 milion, or 13 cents a share, netted the same period last year.
Fourth-quarter revenues rose 7 percent to $91 million vs. $85.2 million.
For the full year, the REIT netted $32 million, or 60 cents a share, up from $27.9 million, or 52 cents a share, netted the same period a year earlier.
Fiscal 2011 revenues were $16.2 million vs. $16.1 million a year ago.
The company agreed to share some of its earnings largesse with stockholders via a dividend boost of an annualized rate of a penny a share to 24.75 cents on its Class A stock and 22.5 cents on its common.
Both dividends will be paid Jan. 20 to stockholders of record by Jan. 6.
Urstadt Biddle’s extensive commercial realty portfolio includes holdings throughout Connecticut and the Northeast, including three recently acquired shopping centers in Fairfield, New Milford and Westchester County, N.Y.
