Urstadt Biddle Properties Inc. Announces the Sale of Townline Square Shopping Center in Meriden, Connecticut
August 26 2015 - 4:55PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real
estate investment trust, announced today that is has completed the
sale of its 315,000 square foot Townline Square Shopping Center
located in Meriden, Connecticut. The HFF team led by Jim Koury
exclusively represented the seller in the transaction and
introduced the private real estate investment group who acquired
the property for an all cash price of $44,500,000. The Company will
use the proceeds to repay revolving debt that was used primarily to
acquire grocery anchored shopping centers in fiscal 2014 and the
first nine months of fiscal 2015 all located within the Company’s
core marketplace, which is the metropolitan New York tri-state area
outside of the City of New York. The Company estimates that it will
record, for financial reporting purposes, a gain on sale of the
property of approximately $21 million in its fiscal quarter ending
October 31, 2015. At its current dividend level, the Company
estimates it will be able to absorb the Federal income tax on this
gain.
Commenting on the sale, Willing L. Biddle, President and CEO of
UBP, said, “The sale of Townline Square concludes the objective we
set approximately two years ago to divest the Company of certain
properties that were located outside of the New York Metro area.
Over the past two years, we have sold our warehouse properties in
Dallas and St. Louis, our shopping center in Springfield, MA and
now our shopping center in Meriden, CT. The proceeds have been used
to buy shopping centers in Pompton Lakes, Wykoff, Kinnelon, Midland
Park, and Ft. Lee, NJ, Greenwich, CT, Harrison, NY and to reduce
debt. We now have a portfolio almost exclusively located in the
suburbs around New York City with an occupancy rate of almost 97%
and a leverage level that continues to be among the lowest in the
REIT industry. We purchased Townline Square in 1996 and the
property underwent many transformations during our ownership.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
74 properties containing approximately 4.9 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 183 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 21
consecutive years.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150826006181/en/
Urstadt Biddle Properties, Inc.Willing Biddle, President and
CEO, 203-863-8200orJohn T. Hayes, CFO, 203-863-8200
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