Urstadt Biddle Properties Inc. Announces 2,000,000 Share Repurchase Program

Rhea-AI Summary

Urstadt Biddle Properties (NYSE: UBP, UBA) has authorized a share repurchase program for up to 2,000,000 shares of its Common and Class A Common Stock. This program replaces the previous one from June 2017 and will be executed based on market conditions. The repurchases will utilize available cash, have no set expiration, and can be halted at the company's discretion. Urstadt Biddle Properties has maintained 210 consecutive quarters of dividend payments, indicating its commitment to shareholder value.

Positive

• Authorized buyback of up to 2,000,000 shares, enhancing shareholder value.
• Continued commitment to dividends, with 210 consecutive quarters of payments.

Negative

• None.

GREENWICH, Conn.--(BUSINESS WIRE)-- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) today announced that the Company’s Board of Directors has authorized a share repurchase program of up to 2,000,000 shares, in the aggregate, of the Company’s Common Stock and Class A Common Stock, as market conditions warrant. This repurchase program replaces a prior repurchase program announced in June 2017. Share repurchases may be made in the open market or in private transactions, and at times and in amounts that the Company deems appropriate. The share repurchase program will be funded with available cash, has no set expiration date and may be discontinued at any time. There is no guarantee that the company will repurchase any shares pursuant to the repurchase program.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 77 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 210 consecutive quarters of uninterrupted dividends to its shareholders since its inception.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003006022/en/

Willing L. Biddle, CEO or

John T. Hayes, CFO

Urstadt Biddle Properties Inc.

(203) 863-8200

Source: Urstadt Biddle Properties Inc.

FAQ

What is the purpose of Urstadt Biddle Properties' share repurchase program?

The share repurchase program aims to enhance shareholder value by reducing the total number of shares outstanding.

How many shares is Urstadt Biddle Properties planning to repurchase?

Urstadt Biddle Properties is authorized to repurchase up to 2,000,000 shares of its Common and Class A Common Stock.

When was the previous share repurchase program for Urstadt Biddle Properties announced?

The previous share repurchase program was announced in June 2017.

Is there a guaranteed timeframe for Urstadt Biddle Properties to complete the share buyback?

No, the buyback program has no set expiration date and may be discontinued at any time.