Urstadt Biddle Properties Inc. Announces Completion of $28 Million Mortgage Loan Financing for The Dock Shopping Center in St...
February 15 2012 - 3:00PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE symbols:
UBA and UBP) announced today that wholly owned subsidiaries of the
Company have completed the mortgage financing of one the Company’s
retail properties, The Dock Shopping Center in Stratford,
Connecticut. The mortgage financing has a ten-year term with
payments based on a thirty year amortization period at a fixed
interest rate of 4.85% per annum, and the lender is ING Life
Insurance and Annuity Company. The Dock Shopping Center is a
271,000 square foot shopping center anchored by a 60,000 square
foot Super Stop and Shop and a recently constructed 107,000 square
foot BJ’s Wholesale Club; other tenants in the center include West
Marine, Staples, Petco and Citibank.
Commenting on the transaction, Willing L. Biddle (the Company’s
President and Chief Operating Officer) said, “We are pleased to
have shown that we can complete a non-recourse mortgage financing
at what we believe are very competitive terms in this challenging
environment for commercial shopping center owners. This
demonstrates to the investment community and our shareholders that
our conservative management approach, with low levels of mortgage
debt, continues to allow UBP access to the credit markets whenever
advantageous. After the transaction, UBP’s total mortgage debt of
$150 million represents only 17% of its estimated enterprise value;
we believe that ratio to be one of the lowest of any publicly
traded mall or shopping center REIT”.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
53 properties containing approximately 4.8 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 168 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 18
consecutive years. UBP’s core properties consist principally of
grocery anchored community shopping centers located in the
northeast with a concentration in Fairfield County, Connecticut,
Bergen County, New Jersey and Westchester and Putnam Counties, New
York.
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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