Urstadt Biddle Properties Inc. Announces Offering Of 2,500,000 Shares Of Class A Common Stock
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA) announced today that it is offering 2,500,000 shares of its Class A common stock in a public offering. Deutsche Bank Securities Inc. is acting as sole book-running manager for the offering. The Company intends to use the net proceeds to reduce amounts outstanding under its existing credit lines, depending on interest rates and other costs of financing, and acquire income-producing properties consistent with its current business strategy and to fund renovations on, or capital improvements to, its existing properties, including tenant improvements, or for general corporate purposes. Pending the use of the net proceeds as described above, the Company may use the net proceeds to make investments in short-term income-producing securities.
All shares of Class A common stock will be offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. A copy of the prospectus relating to these securities may be obtained, when available, by mail from Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, by e-mail at email@example.com or by telephone at 1(800) 503-4611.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust providing investors with a means of participating in ownership of income-producing properties with the liquidity of being listed on the New York Stock Exchange since 1970. Urstadt Biddle Properties Inc. owns or has equity interests in 50 properties containing approximately 4.6 million square feet of space and has paid or declared 162 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
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