Urstadt Biddle Properties Inc. Announces Pricing of Class A Common Stock Offering
October 29 2014 - 7:44AM
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
$21.30 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 November 3, 2014. Deutsche Bank Securities
Inc. is acting as sole book-running manager for the offering.
The Company intends to use the net proceeds to fund a portion of
the proposed acquisition of four retail shopping centers located in
the Company’s target market of the metropolitan New York tri-state
area outside of the City of New York. 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 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 prospectus.cpdg@db.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 69 properties containing approximately 4.9 million square feet
of space and has paid 179 consecutive quarters of uninterrupted
dividends to its shareholders since its inception.
This press release contains statements that constitute
“forward-looking statements,” including with regard to the
Company’s securities offering and 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 securities offering discussed
above will be completed on the terms described, or at all, that the
acquisition will be completed, or that the net proceeds of the
offering will be used as indicated. Completion of the securities
offering on the terms described, and the application of net
proceeds, 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.
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
CEOJohn T. Hayes, CFO203-863-8200
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