Urstadt Biddle Properties Inc. Announces Closing of Class A Common Stock Offering

GREENWICH, Conn.--(BUSINESS WIRE)--

Urstadt Biddle Properties Inc. (the “Company”) UBA, a self-administered equity real estate investment trust, today announced the closing of its previously announced underwritten public offering of 2,500,000 shares of its Class A common stock, resulting in $52.05 million of proceeds to the Company before offering expenses.

Deutsche Bank Securities Inc. acted as sole book-running manager for the public offering.

The Company intends to use the net proceeds to fund a portion of the purchase price of the proposed acquisition of four retail shopping centers located in the Company's target market of the metropolitan New York tri-state area outside of the City of New York. 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.

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 registration or qualification under the securities laws of any such state or other jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

A final prospectus supplement and accompanying base prospectus related to the offering has been filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus may be obtained 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 prospectus.cpdg@db.com.

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 69 properties containing approximately 4.9 million square feet of space and has paid 179 consecutive quarters of uninterrupted dividends to its shareholders since its inception.

This press release contains statements that constitute “forward-looking statements,” including the anticipated use of the net proceeds of the Company's securities offering. 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 acquisition will be completed, or that the net proceeds of the offering will be used as indicated. These statements are 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.