Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) (the “Company”), a self-administered equity real estate investment trust, today announced the closing of its sale of 4,500,000 shares of its 7.125% Series F Cumulative Redeemable Preferred Stock (the “Series F Preferred Shares”), liquidation preference of $25.00 per share, at a public offering price of $25.00 per share in its previously-announced underwritten public offering. The Company received net proceeds from the offering, after deducting the underwriting discount but before expenses payable by the Company, of approximately $109 million.
The Company intends to use the net proceeds from the offering in connection with the early redemption of all of its outstanding Series E Preferred Stock and for general corporate purposes, which may include the redemption or repurchase of some or all 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.
The Series F Preferred Stock has been approved for listing on the NYSE under the symbol “UBPPRF,” and trading is expected to begin on Thursday, October 25, 2012.
BMO Capital Markets Corp. acted as sole book-running manager for the offering, along with Stifel, Nicolaus & Company, Incorporated and Deutsche Bank Securities Inc. as joint lead managers and Wunderlich Securities, Inc., J.J.B. Hilliard, W.L. Lyons, LLC and BNY Mellon Capital Markets, LLC as co-managers.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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV