Urstadt Biddle Properties Inc. Announces Redemption of Series E Preferred Stock
October 22 2012 - 4:36PM
Business Wire
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.
Safe Harbor/Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements.” These statements are made pursuant to
the safe harbor provisions 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. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this
release.
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