GREENWICH, Conn.–(BUSINESS WIRE)–$UBA #REIT—Urstadt
Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment
trust, announced today that it completed the sale of a 10,100 square
foot retail property located at 525 Main Street, Monroe, CT (“Monroe”).
The property was sold to a local real estate investor for an all cash
price of $3,650,000 million, exclusive of closing costs and adjustments,
which equated to an approximate 6.9% capitalization rate on existing net
operating income. Monroe is tenanted by a 1,700 square foot Starbucks
and a 2,900 square foot M&T Bank, along with other local tenants. Monroe
was purchased by the company in January 2007. The company expects to
record a gain on sale of the property in its fiscal third quarter of
approximately $575,000, exclusive of closing costs. The company expects
to invest the net proceeds from the sale into retail properties located
in its primary investment marketplace in the near future.
Commenting on the sale, Willing L. Biddle, UBP’s President and Chief
Executive Officer said, “We are pleased to have sold this fully-leased
asset at an attractive yield on existing income. The company is
continually evaluating all of its investment properties to determine if
they continue to meet our current investment strategy of owning high
quality grocery or pharmacy anchored shopping centers in the suburban
communities that surround New York City. Although Monroe was a solid
commercial real estate property, it did not meet our current investment
objectives. Accordingly, we elected to sell it and plan on recycling the
proceeds into properties which are more closely aligned with our current
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 197 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.
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.
Willing Biddle, President and CEO or
John T. Hayes, CFO
Biddle Properties, Inc.