UPDATE: BMO Capital Markets initiates Urstadt Biddle Properties at Market Perform on Limited Geography

BMO Capital Markets initiated coverage on Urstadt Biddle Properties UBA with a Market Perform rating and a $20 price target. BMO Capital Markets noted, "While the strong balance sheet allows for additional investment capacity and ample financial flexibility, the company's tight geographic focus, disciplined investment criteria and lack of properties for sale limits external growth potential through acquisitions. On the plus side, a handful of underperforming assets offer upside if they're redeveloped or sold. Furthermore the company recently solidified its balance sheet by completing a capital markets trifecta: expanding and recasting its revolver, issuing $56.4 million of Class "A" common shares, and tapping the preferred market for $129.4 million (including over allotments)." Urstadt Biddle Properties closed at $18.51 on Monday.