GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE:UBA), a real estate investment trust announced the pricing of its underwritten public offering of 4,000,000 shares of its 5.875% Series K Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, for net proceeds of $96.85 million, after deducting underwriting discounts and commissions but before expenses payable by the Company. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 600,000 shares of Series K Preferred Stock to cover overallotments, if any. The offering is subject to customary closing conditions and settlement is expected to occur on or about October 1, 2019. The Company intends to apply to list the Series K Preferred Stock on the NYSE under the symbol “UBPPRK”.
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 G 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.
Wells Fargo Securities, LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the offering. B. Riley FBR, Inc., D. A. Davidson & Co., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc. and Sandler O’Neill & Partners, L.P. are acting as co-managers for the offering.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 83 properties containing approximately 5.3 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 198 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 25 consecutive years.
