Urstadt Biddle Properties Announces Offering of 2,500,000 Shares of Class A Common Stock
Urstadt Biddle Properties (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 for general corporate purposes, which may include the repayment of outstanding indebtedness, the funding of capital improvements to its 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 the Company's status as a REIT.
All shares of Class A common stock will be offered under the Company's existing shelf registration statement filed with the Securities and Exchange Commission. 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. A copy of the prospectus relating to these securities may be obtained, when available, by contacting Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling 1-800-503-4611 or by emailing firstname.lastname@example.org.
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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.