Urstadt Biddle Properties Inc. Announces Closing of Class A Common Stock Offering
06 October 2012 - 12:35AM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE:UBA), a
self-administered equity real estate investment trust, announced
today the closing of its previously announced underwritten public
offering of 2,500,000 shares of its Class A common stock, resulting
in $47.9 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 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.
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.
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.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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