Urstadt Biddle Properties Inc. Announces Completion of $35 Million Mortgage Financing for Dock Mall in Stratford, CT
GREENWICH, Connecticut, February 03, 2022–(BUSINESS WIRE)–Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP) today announced 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. 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 Guaranteed Overnight Funding Rate (“SOFR”), plus an applicable spread . Concurrent with entering into the mortgage, the Company has entered into an interest rate swap agreement with the lender as counterparty, which converts the floating rate based on SOFR into a fixed interest rate totaling 3.0525 % per year. The lender and counterparty to the swap is The Bank of New York Mellon and there was no middleman involved. The Dock Shopping Center is a 278,000 square foot mall 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, President and Chief Executive Officer of the company, said, “We are delighted to have entered into this non-recourse mortgage refinancing with Bank of New York Mellon at such a competitive rate and with a a low loan to value ratio in line with our conservative management The Dock is a terrific 99% leased shopping center that has come through the pandemic in good condition After this financing, our debt to estimated enterprise value ratio is 23% , which is one of the weakest of all publicly traded shopping center REITs, and we have no significant mortgages coming in for the remainder of 2022.”
Urstadt Biddle Properties Inc. is a self-managed real estate investment trust that owns or holds interests in 78 properties comprising approximately 5.3 million square feet. Listed on the New York Stock Exchange since 1970, it offers investors a way to participate in the ownership of income-generating 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. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could , actual performances or achievements. of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, risks associated with the timing and costs associated with real estate improvements, financing commitments and general competitive factors.
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Willing L. Biddle, President and Chief Operating Officer or
John T. Hayes, Senior Vice President and Chief Financial Officer
Urstadt Biddle Properties Inc.