Urstadt Biddle Properties Inc. Announces Offering of 2,500,000 Shares
Urstadt Biddle Properties Inc. (NYSE: UBA) announced today that it is offering 2,500,000 shares of its Class A common stock in a public offering. Deutsche Bank Securities Inc. is acting as sole book-running manager for the offering.
The Company intends to use the net proceeds to reduce amounts outstanding under its existing credit lines, depending on interest rates and other costs of financing, and acquire income-producing properties consistent with its current business strategy and to fund renovations on, or capital improvements to, its existing properties, including tenant improvements, or for general corporate purposes.
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