Urstadt Biddle Properties (NYSE:UBA) is offering 2.5M shares with an underwriter greenshoe option of another 375K shares. Proceeds of the sale will be used to help fund the purchase of four shopping centers located in the tri-stare area outside of NYC.
Wunderlich has a mostly bullish take on the beaten-up sector, starting most of its selections at Buy.
Initiated at Buy are Armada Hoffler Propreties (AHH), Campus Crest Communities (CCG), Cedar Realty Trust (CDR), Education Realty Trust (EDR), Healthcare Trust of America (HTA), and Investors Real Estate Trust (IRET).
Started at Hold are Ramco-Gershenson Properties Trust (RPT), and Urstadt Biddle Properties (UBA).
Urstadt Biddle Properties Inc is a real estate investment trust. It acquires owns and manages commercial real estate, mainly neighbourhood and community shopping centres in the north eastern part of the United States.