GREENWICH, Conn.--(BUSINESS WIRE)--
Urstadt Biddle Properties Inc. (UBA), a real estate investment trust (the “Company”), today announced the closing of its previously announced underwritten public offering of 4,000,000 shares of its 5.875% Series K Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, resulting in net proceeds of $96.85 million, after deducting underwriting discounts and commissions but before expenses payable by the Company. The Company expects trading of the Series K Preferred Stock on the NYSE to begin on October 3, 2019 under the symbol “UBPPRK”.
The Company intends to use a portion of the net proceeds from the offering to fund the redemption of all of the outstanding shares of its existing Series G preferred stock. The Company intends to use the remaining net proceeds for other general corporate purposes, which may include the repayment of outstanding indebtedness, the funding of capital improvements to the Company’s 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 its qualification as a REIT.
Wells Fargo Securities, LLC and BMO Capital Markets Corp. acted as joint book-running managers for the offering. B. Riley FBR, Inc., D.A. Davidson & Co., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc. and Sandler O’Neill & Partners, L.P. acted as co-managers for the offering.
A final prospectus supplement and accompanying base prospectus related to the offering has been filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus may be obtained by contacting Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402 or by telephone at (800) 645-3751 or by email at email@example.com; or BMO Capital Markets Corp., Attention: Syndicate Department, 3 Times Square, 25th Floor, New York, New York 10036 or by telephone at (800) 414-3627 or by email at firstname.lastname@example.org.
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 the registration or qualification under the securities laws of any such state or other jurisdiction.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 83 properties containing approximately 5.3 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 198 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 25 consecutive years.
This press release contains statements that constitute “forward-looking statements,” including with regard to the anticipated use of the net proceeds from the offering. 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 from 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.