URSTADT BIDDLE PROPERTIES INC. (NYSE:UBA) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.
The 2020 Annual Meeting of Stockholders of Urstadt Biddle Properties Inc. (the “Company”) was held on March 18, 2020. At the meeting, stockholders were asked to vote on the following matters:
The Company is updating and supplementing the risk factors included in Item IA in its Annual Report on Form 10-K for the fiscal year ended October 31, 2019 with the following:
We derive most of our income from rent received from our tenants, and any disruption to their businesses, such as closures precipitated by the COVID-19 pandemic and depressed consumer sentiment, may adversely affect our financial condition and results of operations. Numerous localities, cities and states, including New Jersey, New York and Connecticut, have implemented restrictions on businesses, travel and other ordinary activities. The supply chain and labor force of certain tenant businesses may also be disrupted. We cannot anticipate the duration of these restrictions or the full extent of their impact on our tenants and shopping centers. Although the Company is taking steps to mitigate the impact to the extent possible, a general downturn in our tenants’ businesses could cause tenants to close their stores or default in payment of rent, which could adversely affect our revenues and net income.
About URSTADT BIDDLE PROPERTIES INC. (NYSE:UBA)
Urstadt Biddle Properties Inc. is a real estate investment trust. The Company is engaged in the acquisition, ownership and management of commercial real estate. The Company’s primary business is the ownership of real estate investments, which consist principally of investments in income-producing properties, with primary emphasis on properties in the metropolitan New York tri-state area outside of the City of New York. Its properties consist of neighborhood and community shopping centers and seven office buildings. It seeks to identify desirable properties for acquisition, which it acquires in the normal course of business. It owns or has equity interests in approximately 70 properties consisting of neighborhood and community shopping centers, office buildings, single tenant retail or restaurant properties and office/retail mixed use properties located in over four states throughout the United States, containing a total of approximately 4.9 million square feet of gross leasable area.
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