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UBA > SEC Filings for UBA > Form 8-K on 30-May-2013All Recent SEC Filings

Show all filings for URSTADT BIDDLE PROPERTIES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for URSTADT BIDDLE PROPERTIES INC


30-May-2013

Completion of Acquisition or Disposition of Assets


Item 2.01 Completion of Acquisition or Disposition of Assets.
On May 28, 2013, Urstadt Biddle Properties Inc. (the "Company"), through a wholly-owned subsidiary, acquired two retail properties totaling 24,350 square feet in Greenwich, Connecticut, located in Fairfield County (the "Greenwich Properties") for $18.0 million from an unaffiliated property owner. The purchase was funded with $10.9 million in available cash from the Company's stock offerings in October 2012 and the assumption of two mortgages payable, encumbering the properties in the combined amount of $7.7 million. The mortgages are held by Peoples United Bank. The mortgages mature in August 2016 and have a fixed interest rate of 6.76%.
On May 29, 2013, the Company issued a press release announcing the acquisition of the Greenwich Properties. A copy of the press release is attached hereto as Exhibit 99.1.
In addition, on May 2, 2013, the Company, through a wholly-owned subsidiary, acquired a retail property totaling 109,000 square feet in New Providence, New Jersey, located in Union County (the "New Providence Property") for $34.9 million from an unaffiliated property owner. The purchase was funded with $16.2 million in available cash from the Company's stock offerings in October 2012 and the assumption of a first mortgage payable encumbering the property in the amount of $15.8 million. The mortgage is serviced by Wells Fargo Bank N.A. The mortgage matures on January 6, 2022 and has a fixed interest rate of 5.68%. On May 2, 2013, the Company issued a press release announcing the acquisition of the New Providence Property. A copy of the press release is attached hereto as Exhibit 99.2.
Earlier in the year the Company acquired the 14,500 square foot Bernards Square Medical Office Building in Bernardsville, NJ (Somerset County) and the 9,120 square foot Clockwork Childcare Center in Chester, NJ (Morris County) (the "Somerset and Morris County Properties") for a combined purchase price of $6.45 million from an unaffiliated property owner. Both properties were purchased free and clear of mortgages. The $6.45 million acquisition was funded with proceeds from the Company's stock offerings in October 2012. On January 4, 2013, the Company issued a press release announcing the acquisition of the Somerset and Morris County Properties. A copy of the press release is attached hereto as Exhibit 99.3.
In December 2012, the Company, through two wholly-owned subsidiaries, completed the purchase of a fifty percent tenant-in-common interest in the Chestnut Ridge Shopping Center in the town of Montvale, New Jersey (Bergen County) and Plaza 59 Shopping Center in Spring Valley, New York (Rockland County) (the "Retail Joint Ventures") for a combined purchase price of $18.2 million from an unaffiliated property owner. The interests in both properties were purchased free and clear of mortgages. The $18.2 million acquisition was funded with proceeds from the Company's stock offerings in October 2012.
On December 21, 2012, the Company issued a press release announcing the investments in the Retail Joint Ventures. A copy of the press release is attached hereto as Exhibit 99.4.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Real Estate Acquired.

The Company intends to file any required financial statements or pro forma financial information for the properties acquired by amendment hereto no later than 71 days after this current report is required to be filed.
(b) Pro Forma Financial Information

See paragraph (a) above
(c) Not applicable

(d) The following exhibits are filed as part of this report:

Exhibit No.   Description

99.1          Press release dated May 29, 2013
99.2          Press release dated May 2, 2013
99.3          Press release dated January 4, 2013
99.4          Press release dated December 21, 2012


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