Urstadt Biddle Properties Inc. Announces Offering of Series H Preferred Stock
13 September 2017 - 11:13PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA), a self-administered
equity real estate investment trust (the “Company”), today
announced the commencement of a public offering of its Series H
Cumulative Redeemable Preferred Stock, par value $0.01 per
share.
BMO Capital Markets Corp. and Wells Fargo Securities, LLC are
acting as joint book-running managers for the offering. D.A.
Davidson & Co., J.J.B. Hilliard, W.L. Lyons, LLC, FBR Capital
Markets & Co., a B. Riley Financial Company, BNY Mellon Capital
Markets, LLC and Deutsche Bank Securities Inc. are acting as
co-managers for the offering.
The Company intends to use a portion of the net proceeds from
the offering to fund the redemption of all of the outstanding
shares of its existing Series F preferred stock. The Company
intends to use the remaining net proceeds for other general
corporate purposes, which may include 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.
All shares of Series H Cumulative Redeemable Preferred 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 BMO
Capital Markets Corp., Attention: Syndicate Department, 3 Times
Square, 25th Floor, New York, New York 10036 or by telephone at
(800) 414-3627 or by email at bmoprospectus@bmo.com; or Wells Fargo
Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue
South, Suite 1000, Minneapolis, Minnesota 55402 or by telephone at
(800) 645-3751 or by email at
wfscustomerservice@wellsfargo.com.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
81 properties containing approximately 5.1 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 190 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 23
consecutive years.
This press release contains statements that constitute
“forward-looking statements,” including with regard to the
Company’s securities offering and the anticipated use of the net
proceeds from the 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 securities
offering discussed above will be completed on the terms described,
or at all, or that the net proceeds from the offering will be used
as indicated. Completion of the securities offering on the terms
described, and the application of the net proceeds from the
offering, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913005805/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
CEOorJohn T. Hayes, Senior Vice President & CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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