GREENWICH, Conn.--(BUSINESS WIRE)-- Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA) today announced the pricing of its underwritten offering of 2,500,000 shares of its Class A common stock at a price to the public of $19.60 per share. The Company has granted the underwriter an option for 30 days to purchase up to an additional 375,000 shares of its Class A common stock. The offering was made pursuant to the Company's shelf registration statement and settlement is expected to occur on or about October 5, 2012. Deutsche Bank Securities Inc. acted as sole book-running manager for the offering.
The Company intends to use the net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness, the funding of capital improvements to its 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 the Company's status 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 will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus, when available, 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 email@example.com.
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 171 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
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.
Urstadt Biddle Properties Inc.
Willing L. Biddle, President, or
John T. Hayes, CFO
Source: Urstadt Biddle Properties Inc.