Urstadt Biddle Properties Inc. Announces Closing of Class A Common Stock Offering
July 26 2016 - 4:31PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a
self-administered equity real estate investment trust, today
announced the closing of its previously announced underwritten
public offering of 2,750,000 shares of its Class A common stock,
resulting in approximately $64.0 million of proceeds to the Company
before offering expenses. Deutsche Bank Securities Inc. acted as
sole book-running manager for the public offering.
The Company intends to use the net proceeds to repay in full the
outstanding borrowings under the Company's existing credit
facility, including borrowings incurred in connection with the
completion of the acquisition of the Newfield Green Shopping Center
in Stamford, CT, with any remaining proceeds to be used for general
corporate purposes. 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.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement.
A final prospectus supplement and accompanying base prospectus
related to the offering has been filed with the Securities and
Exchange Commission (the “SEC”). Copies of the final prospectus
supplement and accompanying base prospectus may be obtained by
contacting Deutsche Bank Securities Inc., Attn: Prospectus Group,
60 Wall Street, New York, NY 10005-2836, by calling 1-800-503-4611
or by emailing prospectus.cpdg@db.com.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
74 properties containing approximately 5.0 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 186 consecutive quarters
of uninterrupted dividends to its stockholders since its inception
and has raised total dividends to its stockholders for the last 22
consecutive years.
This press release contains statements that constitute
“forward-looking statements,” including with regard to the
anticipated use of the net proceeds. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. No assurance can be given that the
net proceeds of the offering will be used as indicated. These
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in or
incorporated by reference into the Risk Factors section of the
Company’s Registration Statement on Form S-3. Copies are available
on the SEC’s website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160726006530/en/
Urstadt Biddle Properties Inc.Willing L. Biddle,
203-863-8200President and CEOorJohn T. Hayes, 203-863-8200Senior
Vice President & CFO
Urstadt Biddle Properties (NYSE:UBA)
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