Urstadt Biddle Properties Inc. Announces Closing of Series F Preferred Stock Offering
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) (the “Company”), a self-administered equity real estate investment trust, today announced the closing of its sale of 4,500,000 shares of its 7.125% Series F Cumulative Redeemable Preferred Stock (the “Series F Preferred Shares”), liquidation preference of $25.00 per share, at a public offering price of $25.00 per share in its previously-announced underwritten public offering. The Company received net proceeds from the offering, after deducting the underwriting discount but before expenses payable by the Company, of approximately $109 million.
The Company intends to use the net proceeds from the offering in connection with the early redemption of all of its outstanding Series E Preferred Stock and for general corporate purposes, which may include the redemption or repurchase of some or all of its existing Series C or D 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 Series F Preferred Stock has been approved for listing on the NYSE under the symbol “UBPPRF,” and trading is expected to begin on Thursday, October 25, 2012.
BMO Capital Markets Corp. acted as sole book-running manager for the offering, along with Stifel, Nicolaus & Company, Incorporated and Deutsche Bank Securities Inc. as joint lead managers and Wunderlich Securities, Inc., J.J.B. Hilliard, W.L. Lyons, LLC and BNY Mellon Capital Markets, LLC as co-managers.
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 172 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
The Series F Preferred Stock was issued pursuant to a prospectus under a registration statement filed with the Securities and Exchange Commission. Any offer of the securities was made only by means of the prospectus forming part of the effective registration statement. Copies of the final prospectus supplement and accompanying base prospectus 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. You may also obtain a copy of the prospectus and other documents the Company has filed with the Securities and Exchange Commission for free by visiting the Commission's website at http://www.sec.gov.
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.
This press release contains statements that constitute “forward-looking statements,” including with regard to 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 net proceeds of the offering will be used as indicated. The application of net proceeds is 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
John T. Hayes, CFO