Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP) announced today that two wholly-owned subsidiaries of the Company have completed the mortgage refinancing of one of the Company’s retail properties, The Dock Shopping Center in Stratford, Connecticut. The mortgage financing has a ten year term with monthly payments based on a thirty year amortization period at a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”), plus an applicable spread. Concurrent with entering into the mortgage, the Company entered into an interest rate swap agreement with the lender as the counterparty, which converts the variable rate based on SOFR to a fixed rate of interest totaling 3.0525% per annum. The lender and counterparty to the swap is The Bank of New York Mellon and there was no intermediary involved. The Dock Shopping Center is a 278,000 square foot shopping center anchored by a 60,000 square foot Super Stop & Shop, and a 107,000 square foot BJ’s Wholesale Club; other tenants include Edge Fitness, West Marine, Petco, Dollar Tree, BevMax, DOCS Urgent Care and Popeye’s Louisiana Kitchen.
Commenting on the transaction, Willing L. Biddle, the Company’s President and Chief Executive Officer said, “We are pleased to have completed this non-recourse mortgage re-financing with the Bank of New York Mellon at such a competitive rate, and with a low loan-to-value ratio that is in keeping with our conservative management approach. The Dock is a tremendous shopping center that is 99% leased, which has come through the pandemic in good shape. After this financing, the ratio of our debt to estimated enterprise value is 23%, which is one of the lowest of any publicly-traded shopping center REIT, and we have no significant mortgages coming due for the rest of 2022”.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 78 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 208 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.
Willing L. Biddle, President & COO or
John T. Hayes, SVP & CFO
Urstadt Biddle Properties Inc.