Urstadt Biddle Properties Inc. (NYSE: UBA) (the “Company”), a self-administered equity real estate investment trust today announced that it has priced a public offering of 4,500,000 shares of its 7.125% Series F Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, for estimated net proceeds before expenses of approximately $109 million. The offering is subject to customary closing conditions as is expected to close on or about October 24, 2012.
In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 675,000 shares of Series F Preferred Shares to cover overallotments, if any. The Company intends to apply to list the Series F Preferred Shares on the NYSE under the symbol “UBPPRF”.
The Company intends to use the net proceeds from this offering in connection with its early redemption of all its outstanding Series E preferred stock and for general corporate purposes, which may include the redemption or repurchase of some or all of the outstanding shares of its existing Series C or D preferred stock, the repayment of outstanding indebtedness, the funding of capital improvements to the Company's existing properties and the acquisition of additional properties. 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 that are consistent with its qualification as a REIT.
BMO Capital Markets Corp. is the sole book-running manager for the offering.A final prospectus supplement and accompanying base prospectus related to the offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus, when available, may be obtained by emailing email@example.com or calling 1-800-414-3627. Alternatively, copies can be obtained by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 27th Floor, 3 Times Square, New York, NY 10036. This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of preferred stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.