Urstadt Biddle Properties Inc. (NYSE:UBA) 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.

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.

Analysts at Deutsche Bank lowered its price target to $19 from $22, while maintaining hold rating.