Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a self-administered equity real estate investment trust, announced today the closing of its previously announced underwritten public offering of 2,500,000 shares of its Class A common stock, resulting in $45,125,000 of proceeds to the Company before offering expenses.
Deutsche Bank Securities Inc. acted as sole book running manager for the public 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. 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 registration or qualification under the securities laws of any such state or other jurisdiction.
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 163 consecutive quarters of uninterrupted dividends to its shareholders since its inception.Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.