Urstadt Biddle Properties announced that it has acquired Tanglewood Shopping Center, located in Yonkers, NY. Tanglewood is a 27,000 square foot shopping center consisting of two retail buildings. The primary building, which fronts Central Park Avenue, consists of approximately 22,300 square feet and is anchored by a new AutoZone. Other tenants in the primary building include Dunkin' Donuts, WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a stationery store and a hair salon. The secondary building consists of approximately 4,700 SF and is tenanted by CKO Kickboxing, a nail salon and a market. The property is currently 100% leased.
At their regular meeting today, the directors of Urstadt Biddle Properties Inc. (UBA and UBP) approved an increase in the quarterly dividend rate declared for its Common stock and Class A Common stock. The quarterly dividend rate declared for the Common Stock was increased to $0.24 per share and the quarterly dividend rate declared for the Class A Common stock was increased to $0.27 per share, which represents an annualized increase of $0.02 per share for both classes of common stock. The $0.02 dividend increase represents the twenty-fourth consecutive year that the company has increased total dividends to its shareholders. The Common and Class A Common dividends are payable January 19, 2018 to stockholders of record on January 5, 2018.
Urstadt Biddle Properties announced that it has acquired the Waldwick Plaza Shopping Center in Waldwick, NJ. Waldwick Plaza is a 26,500 square foot shopping center, whose tenants include a U.S. Post Office, Supercuts, Verizon, Massage Envy, The Little Gym, and local tenants such as a liquor store, dry cleaner, nail salon, and Italian restaurant.
Urstadt Biddle Properties announced a share repurchase program of up to 2M shares, in the aggregate, of the Company's Common Stock, Class A Common Stock, Series F Cumulative Preferred Stock and Series G Cumulative Preferred Stock, as market conditions warrant. The share repurchase program has been authorized by UBP's Board of Directors and represents less than 5% of the Company's total combined outstanding Common, Class A Common and Series F and Series G Preferred Shares. This repurchase program replaces a prior repurchase program where the Board of Directors authorized the repurchase of up to 2M shares in the aggregate, of Common, Class A Common and Preferred shares. 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 and may be discontinued at any time. There is no guarantee that the company will repurchase any shares pursuant to the repurchase program.