Urstadt Biddle Properties Inc. Class A Common Stock (UBA)

Urstadt Biddle Properties Inc. was a real estate investment trust that owned neighborhood and community shopping centers in the affluent suburbs north of New York City, in Westchester and Putnam counties, Fairfield County in Connecticut, and northern New Jersey. Many of its centers were anchored by grocery stores, pharmacies and other necessity-based tenants. It was a long-time, conservative dividend payer.

The company traces back to 1969, when it was formed as Hubbard Real Estate Investments, an affiliate of Merrill Lynch, and it listed on the New York Stock Exchange in 1970. It later became HRE Properties, and after Charles J. Urstadt took over as chief executive in 1989 it narrowed its focus to suburban retail. It took the Urstadt Biddle name in 1997.

Urstadt Biddle had two classes of common stock: common shares trading as UBP and Class A common shares trading as UBA. The Class A shares carried lower voting rights but higher dividends and were the more widely held of the two. The REIT also had several series of listed preferred stock. Dividends were paid quarterly on both share classes. UBA was the main trading line.

In May 2023 Regency Centers agreed to buy Urstadt Biddle in an all-stock deal valued at about $1.4 billion including debt and preferred stock. Shareholders approved it on August 16, 2023 and the merger closed on August 18, 2023. Each common and Class A share was converted into Regency stock, and the UBP and UBA shares were delisted. Preferred shares became Regency preferred stock.