Urstadt Biddle Properties Inc. (NYSE: UBA) (the “Company”), a self-administered equity real estate investment trust, today announced that it will redeem all the issued and outstanding shares of its 8.50% Series E Senior Cumulative Preferred Stock on November 21, 2012. The Series E Preferred Stock will be redeemed at a price of $25.77 per share. Under the Articles Supplementary that created the Series E Preferred Stock, this represents a make-whole price for the early redemption prior to the fifth anniversary of the issuance of the shares. The make-whole price above excludes the $0.53125 per share dividend payable on October 31, 2012 to holders of record of the Series E Preferred Stock as of October 19, 2012. That dividend will be paid on the regular payment date, prior to the redemption date.
Prior to the redemption date, the Company intends to set aside funds to pay the make-whole price, including accrued and unpaid dividends through the redemption date. When the Company sets aside the funds, further dividends will cease to accrue on the shares of Series E Preferred Stock.
There are currently 2,400,000 shares of Series E Preferred Stock issued and outstanding.
The redemption agent/paying agent is Computershare Trust Company, N.A. The agent may be reached, and shares surrendered for payment, at Computershare Trust Company, N.A., c/o Computershare Inc., 250 Royall Street, Canton, MA 02021; Attention: Reorganization Department.
Notice of redemption is being mailed to the holder of the Series E Preferred Stock on or about October 22, 2012.
About Urstadt Biddle Properties Inc
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 54 properties containing approximately 4.9 million square feet of space and has paid 172 consecutive quarters of uninterrupted dividends to its shareholders since its inception.