“Urstadt Biddle Properties”的意思、由来-开放百科全书

Urstadt Biddle Properties, Inc. is a US real estate investment trust based in Greenwich, Connecticut. The company invests in and manages commercial properties with a focus on neighborhood and community shopping centers located in New York, New Jersey and Connecticut. It owns or has equity interests in 85 properties containing approximately 5.3 million square feet of space.

The company has been listed on the New York Stock Exchange (NYSE: UBP and UBA) since 1970. Since it was listed, it has paid dividends for 195 consecutive uninterrupted quarters to its shareholders. For the last 25 years, the company has raised dividends paid to its shareholders.^[1]

History

The company was founded in 1969^[2] as Hubbard Real Estate Investments, an affiliate of Merrill Lynch & Co.^[3] The company was listed on the New York Stock Exchange in 1970.^[4]

At its inception, the company embarked on a program of investing in a wide range of property types including industrial, retail and office properties. At one point, the properties were in 22 states.^[2]

When Urstadt took over as CEO,^[6] he narrowed the company's focus from a diverse portfolio to one specializing in neighborhood shopping centers, typically anchored by grocery stores, in the suburban New York region including Westchester and Putnam counties in New York and Fairfield County in Connecticut. The new concentration was made in order to take advantage of the area's affluent population; fewer stores in the area relative to shoppers; the company's extensive market knowledge; and more efficient management of the properties.^[2] Another strategic decision Urstadt implemented was to keep the company's debt low relative to the size of its assets.^[5]

Willing L. Biddle, a real estate executive, joined the company in 1993 as vice president of retail. He was later promoted to various positions and became president and chief operating officer of the company in 1996.^[7] In 1997, the company was renamed Urstadt Biddle Properties, Inc.^[5]

In 2013, Urstadt stepped down as chief executive officer but remained as chairman of the board of directors. Biddle became the chief executive officer and retained his title of president.^[3]

Real estate investments

Ridgeway Shopping Center in Stamford, Connecticut was purchased by the company in 2002 for $89,300,000 from a partnership controlled by Larry Silverstein and Howard Menaker. It was the largest open-air shopping center in Fairfield County. It comprised 331,000 square feet of retail space and 29,00 square feet of office space. Thirty-five tenants occupied the property including Bed, Bath & Beyond, Staples, Old Navy and a 60,000 square foot Stop & Shop grocery store.^[8] In 2011, the company purchased the remaining stake in the property that it did not purchase in the 2002 sale for $7,400,000.^[9]

The company bought a shopping center in Stratford, Connecticut known as The Docks for $50,250,000 in 2005. The 30-acre site had 14 tenants including Stop & Shop and Staples. Also included on the site was a 192-slip marina.^[10]

The New Milford Shopping Plaza was purchased by the company in May, 2010 for $22,500,000. The property was located on Route 7 in New Milford, Connecticut and included Walmart and Stop & Shop as tenants.^[11]

In 2013, Urstadt Biddle purchased the Village Shopping Center in New Providence, New Jersey for $34,850,000. The 110,000 square foot center was anchored by an A&P Supermarket with other tenants including CVS, Smashburger and Investor's Bank.^[12]

Urstadt Biddle Properties acquired two properties in Greenwich, Connecticut for $47,400,000 in 2014. One property was a 48,000 square foot mixed-use property on East Putnam Avenue in Cos Cob. The second property was in Old Greenwich on Route 1. It included an 18,200 square foot building with Kings supermarket as tenant.^[13]

Also in 2014, the company purchased four New Jersey shopping centers for $124,500,000. The four centers were the Midland Park Shopping Center in Midland Park (130,000 square feet); the Pompton Lakes Town Square (125,000 square feet); the Cedar Hill Shopping Center (43,000 square feet); and the Meadtown Shopping Center in Kennelon (77,000 square feet).^[14]

On March 1, 2017, the company sold 60 S. Broadway, White Plains, NY for $53,000,000 to a subsidiary of Lenar Corp. The 3.53 acre site included the a former shopping mall known as the Westchester Pavilion. The sale was the third highest priced sale in Westchester County in 2017.^[15]

References

1. ^{{Cite web|url=https://www.marketwatch.com/press-release/urstadt-biddle-properties-inc-announces-increase-in-quarterly-dividend-rate-on-common-shares-and-class-a-common-shares-2018-12-13|title=Urstadt Biddle Properties Inc. Announces Increase in Quarterly Dividend Rate|last=|first=|date=2018-12-13|website=Marketwatch.com|archive-url=|archive-date=|dead-url=|access-date=}}
2. ^¹²{{Cite news|url=|title=Shopping Centers are Their Bag|last=Alterio|first=Julie Moran|date=2003-01-10|work=White Plains Journal News|access-date=|page=1D}}
3. ^¹²{{Cite news|url=https://www.wsj.com/articles/like-father-like-soninlaw-1380503680|title=Like Father, Like Son-in-Law|last=Rose|first=Sarah|date=2013-09-29|work=The Wall Street Journal|access-date=}}
4. ^{{Cite web|url=https://www.bloomberg.com/quote/UBP:US|title=Urstadt Biddle Properties|last=|first=|date=|website=Bloomberg.com|archive-url=|archive-date=|dead-url=|access-date=}}
5. ^¹²{{Cite news|url=|title=Returns Remain On Track|last=Lubanko|first=Matthew|date=2002-01-19|work=Hartford Courant|access-date=|page=E1}}
6. ^{{Cite news|url=https://www.reit.com/news/reit-magazine/january-february-2015/urstadt-biddles-roots-provide-basis-growth|title=Urstadt Biddle’s Roots Provide Basis for Growth|last=Borchersen-Keto|first=Sarah|date=2015-01-01|work=REIT Magazine|access-date=}}
7. ^{{Cite web|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=276662&privcapId=276658|title=Willing L. Biddle|last=|first=|date=|website=Bloomberg.com|archive-url=|archive-date=|dead-url=|access-date=}}
8. ^{{Cite web|url=http://www.crenews.com/general_news/general/urstadt-biddle-buys-conn.-retail-center-for-89.3mln.html|title=Urstadt Biddle Buys Conn. Retail Center for $89.3Mln|last=Caprio|first=Christina|date=2002-06-09|website=Commercial Real Estate Direct|archive-url=|archive-date=|dead-url=|access-date=}}
9. ^{{Cite news|url=https://www.stamfordadvocate.com/business/article/Urstadt-Biddle-buys-rest-of-the-Ridgeway-center-942500.php|title=Urstadt Biddle buys rest of the Ridgeway center for $7.4 M|last=|first=|date=2011-01-06|work=Stamford Advocate|access-date=}}
10. ^{{Cite news|url=https://www.stamfordadvocate.com/news/article/Family-sells-The-Dock-shops-in-Stratford-for-11650926.php|title=Family sells The Dock shops in Stratford for $50.25 million|last=Garriga|first=Maria|date=2005-01-11|work=Stamford Advocate|access-date=}}
11. ^{{Cite news|url=https://www.newstimes.com/local/article/New-Milford-Shopping-Plaza-purchased-by-Greenwich-497972.php#photo-189068|title=New Milford Shopping Plaza purchased by Greenwich company|last=Tuz|first=Susan|date=2010-05-25|work=The News-Times|access-date=}}
12. ^{{Cite news|url=|title=Selling Points: Shopping Center Buy No Accident|last=|first=|date=2013-05-08|work=Real Estate Weekly|access-date=}}
13. ^{{Cite news|url=https://www.newstimes.com/business/article/Urstadt-Biddle-acquires-two-properties-in-5734223.php|title=Urstadt Biddle acquires two properties in Greenwich|last=Lee|first=Richard|date=2014-09-04|work=The News-Times|access-date=}}
14. ^{{Cite news|url=https://rew-online.com/selling-points-ursdtadt-biddle-makes-biggest-purchase-ever-bcb-buys-81m-manhattan-portfolio/|title=Urstadt Biddle Makes Biggest Purchase Ever|last=|first=|date=2014-12-17|work=Real Estate Weekly|access-date=}}
15. ^{{Cite news|url=https://www.lohud.com/story/news/local/westchester/2018/02/26/138-million-dollar-sale-westchesters-highest-2107-wegmans-leading-18/362943002/|title=$138M Sale is Westchester's Highest in 2017|last=Matsuda|first=Akiko|date=2018-02-26|work=The Journal News|access-date=}}