Urstadt Biddle Properties Inc. Announces Redemption of 8.50% Series C Senior Cumulative Preferred Stock
April 25 2013 - 3:39PM
Business Wire
On April 25, 2013, Urstadt Biddle Properties Inc. (“UBP”) (NYSE:
UBP.PRC), a self-administered equity real estate investment trust,
issued a notice of redemption to the registered holders of its
8.50% Series C Senior Cumulative Preferred Stock (the “Series C
Preferred Stock”). Pursuant to the provisions of the Articles
Supplementary classifying the Series C Preferred Stock, UBP has
taken action to redeem all 224,027 outstanding shares of the Series
C Preferred Stock on May 29, 2013, the redemption date. The
redemption price will be $100 per share, plus $.6847222 per share,
the amount equal to all dividends accrued and unpaid thereon from
May 1, 2013 through the redemption date. UBP previously declared a
regular quarterly dividend on the Series C Preferred Stock of
$2.125 per share payable on April 30, 2013 to stockholders of
record on April 19, 2013.
Dividends on the Series C Preferred Stock will cease to accrue
on the redemption date. From and after the redemption date, the
Series C Preferred Stock will no longer be deemed to be
outstanding, and all rights of the holders will terminate, except
only the right of the holders to receive, from and after the
redemption date, the redemption price, without interest. Because
the redemption is a redemption in full, the Series C Preferred
Stock will be delisted from trading on the New York Stock
Exchange.
All shares of the Series C Preferred Stock are held in
book-entry form through the Depository Trust Company (“DTC”) and
will be redeemed in accordance with the procedures of DTC. Payment
to DTC for the Series C Preferred Stock will be made by
Computershare Trust Company, N.A. as redemption agent. The address
for the redemption agent is as follows: Computershare Trust
Company, N.A., c/o Computershare Inc., 250 Royall Street, Canton,
MA 02021; Attention: Reorganization Department.
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 63 properties containing approximately 5.0 million square feet
of space and has paid 174 consecutive quarters of uninterrupted
dividends to its shareholders since its inception and raised its
dividend to its shareholders for the last 19 consecutive years.
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 Urstadt Biddle
Properties Inc. 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. undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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