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

^{Published on 2010-09-14 06:30:24 - Market Wire}
 

GREENWICH, Conn.--([ BUSINESS WIRE ])--Urstadt Biddle Properties Inc. (the aCompanya) (NYSE:UBA) announced today that the pricing of its underwritten offering of 2,500,000 shares of its Class A common stock on September 14, 2010, resulted in approximately $45,125,000 of proceeds to the Company before offering expenses. The Company has granted the underwriter an option for 30 days to purchase up to an additional 250,000 shares of its Class A common stock. The offering was made pursuant to the Companya™s shelf registration statement and settlement is expected to occur on or about September 17, 2010. Deutsche Bank Securities Inc. acted as sole book-running manager for the offering.

The Company intends to use the net proceeds to reduce amounts outstanding under its existing credit lines, depending on interest rates and other costs of financing, and acquire income-producing properties consistent with its current business strategy and to fund renovations on, or capital improvements to, its existing properties, including tenant improvements, or for general corporate purposes. 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. 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 will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus, when available, may be obtained by mail from Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, by e-mail at [ prospectus.cpdg@db.com ] or by telephone at 1(800) 503-4611.

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 50 properties containing approximately 4.6 million square feet of space and has paid or declared 162 consecutive quarters of uninterrupted dividends to its shareholders since its inception.

Certain statements contained herein may constitute aforward-looking statementsa 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.