United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
__________________
FORM
8-K
__________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 12, 2010
Commission
File Number 1-12803
URSTADT BIDDLE PROPERTIES
INC.
(Exact
Name of Registrant in its Charter)
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Maryland
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04-2458042
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification Number)
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321 Railroad Avenue, Greenwich,
CT
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06830
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (203) 863-8200
N/A
(Former
Name or Former address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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□
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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□
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Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.01 Completion of Acquisition or Disposition of Assets.
On April
14, 2010, Urstadt Biddle Properties, Inc. (“the Company”) , through a
wholly-owned subsidiary, acquired three contiguous mixed use neighborhood retail
and office properties totaling 32,000 square feet in Katonah, New York, located
in Westchester County (the "Katonah Property”) for $8.6 million in cash from an
unaffiliated property owner that had controlled the property for several years.
The purchase was funded with available cash and $7.5 million in borrowings on
the Company's unsecured revolving credit facility.
In
addition, on April 16, 2010, the Company, through a wholly owned subsidiary,
acquired a 66.67% undivided equity interest in the Putnam Plaza Shopping Center,
a 193,000 square foot grocery anchored shopping center in Carmel, New York,
located in Putnam County (“the Putnam Property”) for $6.2 million, inclusive of
closing costs. The Putnam Property was valued by the joint venture at
$29.7 million and was purchased from an unaffiliated property owner that had
owned the property for several years. At closing the joint venture
acquiring the property, of which the Company owns 66.7%, borrowed $21.0 million
from Oritani Bank secured by a first mortgage on the property. The
mortgage has an initial term of five years at a fixed interest rate of 6.2% with
a five year extension right. The Company’s cash investment of $6.2
million was funded with available cash and a $5.8 million borrowing on its
unsecured line of credit.
On April
19, 2010, the Company issued a press release jointly announcing the acquisition
of the Katonah Property and the Putnam Property. A copy of the press release is
attached hereto as Exhibit 99.1
On May
12, 2010, the Company, through a wholly owned subsidiary, acquired the New
Milford Plaza Shopping Center, a 228,000 square foot grocery anchored
shopping center in New Milford, Connecticut, located in Litchfield County (“the
New Milford Property”) for $22.6 million, inclusive of closing costs, from an
unaffiliated property owner that had owned the property for several
years. At the closing of the transaction the Company assumed a
mortgage on the property held by John Hancock Life Insurance Company in the
amount of approximately $8.7 million. The mortgage matures on January
1, 2013 and has a fixed interest rate of 6.0%. The Company’s cash
investment of $13.7 million was funded with available cash and a $13.2 million
borrowing on its unsecured line of credit.
On May
13, 2010, the Company issued a press release announcing the acquisition of the
New Milford Property. A copy of the press release is attached hereto as Exhibit
99.2
Item
9.01 Financial Statements and Exhibits.
Pursuant
to Item 9.01(a) hereof and the requirements of Regulation S-X, 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.
Exhibits.
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Exhibit No.
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Description
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99.1
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Press
release dated April 19, 2010
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99.2
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Press
release dated May 13, 2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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URSTADT
BIDDLE PROPERTIES INC.
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(Registrant)
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| /s/ John T. Hayes | |
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DATE:
May 18, 2010
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By:
Name: John
T. Hayes
Title:Senior
Vice President and
Chief
Financial Officer
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EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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Press
release dated April 19, 2010
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99.2
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Press
release dated May 13, 2010
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