Urstadt Biddle Properties Announces 3M Share Offering of Series F Preferred Stock
Urstadt Biddle Properties (NYSE: UBA), a self-administered equity real estate investment trust today announced the commencement of a public offering of 3,000,000 shares of its Series F Cumulative Redeemable Preferred Stock. In connection with the offering, the Company intends to grant the underwriters an option for 30 days to purchase an additional 450,000 shares to cover overallotments, if any. BMO Capital Markets Corp. is the sole book-running manager for the offering.
The Company intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption or repurchase of some or all of the outstanding shares of its existing Series C, D or E preferred stock, 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.
The offering of these securities will be made only by means of a prospectus, when available. Copies of the prospectus, when available, may be obtained by emailing email@example.com or calling 1-800-414-3627. Alternatively, copies can be obtained by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 27th Floor, 3 Times Square, New York, NY 10036.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of preferred stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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 54 properties containing approximately 4.9 million square feet of space and has paid 171 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.