0000950136-01-501645.txt : 20011030 0000950136-01-501645.hdr.sgml : 20011030 ACCESSION NUMBER: 0000950136-01-501645 CONFORMED SUBMISSION TYPE: S-2MEF PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20011026 EFFECTIVENESS DATE: 20011026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: URSTADT BIDDLE PROPERTIES INC CENTRAL INDEX KEY: 0001029800 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 042458042 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: S-2MEF SEC ACT: 1933 Act SEC FILE NUMBER: 333-72240 FILM NUMBER: 1766963 BUSINESS ADDRESS: STREET 1: C/O HRE PROPERTIES INC STREET 2: 321 RAILROAD AVENUE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2038638200 MAIL ADDRESS: STREET 1: 321 RAILROAD AVENUE CITY: GREENWICH FORMER COMPANY: FORMER CONFORMED NAME: HRE PROPERTIES INC DATE OF NAME CHANGE: 19961230 S-2MEF 1 file005.txt REGISTRATION STATEMENT RULE 111 CERTIFICATE I, Charles J. Urstadt, certify that I am the Chairman and Chief Executive Officer of Urstadt Biddle Properties Inc., a Maryland corporation (the "Company"), and that, as such, I am authorized to execute this certificate on behalf of the Company, and in connection with the Rule 462(b) Registration Statement filed by the Company on October 26, 2001, do hereby further certify that: 1. The Company has instructed its bank to wire the filing fee of $2,139 by the close of business on October 26, 2001; 2. The Company will not revoke such instructions; and 3. The Company has sufficient funds in such account to cover the amount of such filing fee. IN WITNESS WHEREOF, I have executed this Certificate as of the 25th day of October, 2001. Urstadt Biddle Properties Inc. By:/s/ Charles J. Urstadt ------------------------------ Charles J. Urstadt Chairman and Chief Executive Officer The undersigned, being the President and Chief Operating Officer of the Company, does hereby certify that Charles J. Urstadt is the duly elected and acting Chairman and Chief Executive Officer of the Company and the above signature of such officer is his true and correct signature. Urstadt Biddle Properties Inc. By:/s/ Willing L. Biddle -------------------------------- Willing L. Biddle President and Chief Operating Officer EX-5.1 3 file002.txt CONSENT OF MILES & STOCKBRIDGE [MILES & STOCKBRIDGE LETTERHEAD] Exhibit 5.1 October 25, 2001 Urstadt Biddle Properties Inc. 321 Railroad Avenue Greenwich, Connecticut 06830 Ladies and Gentlemen: In connection with the registration under the Securities Act of 1933 (the "Act") of 920,000 shares of Class A Common Stock, par value $0.01 per share (the "Class A Shares"), of Urstadt Biddle Properties Inc., a Maryland corporation (the "Company"), on its 462(b) Registration Statement on Form S-2 (No. 333- ) (the "Registration Statement"), we have examined such records, certificates and documents as we deemed necessary for the purpose of this opinion. Based on that examination, we advise you that in our opinion the Class A Shares have been duly and validly authorized and, when issued upon the terms set forth in the Registration Statement, will be legally issued, fully paid and non-assessable. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission thereunder. The opinion expressed herein is limited to the matters set forth in this letter and no other opinion should be inferred beyond the matters expressly stated. Very truly yours, Miles & Stockbridge P.C. By:/s/ J.W. Thompson Webb ---------------------- Principal EX-8.1 4 file003.txt OPINION OF COUDERT BROTHERS LLP AS TO TAX MATTERS Exhibit 8.1 COUDERT BROTHERS LLP ATTORNEYS AT LAW NORTH AMERICA DENVER, LOS ANGELES, MONTREAL, 1114 AVENUE OF THE AMERICAS NEW YORK, PALO ALTO, SAN FRANCISCO, SAN JOSE, NEW YORK, NY 10036-7703 WASHINGTON TEL: (212) 626-4400 FAX: (212) 626-4120 EUROPE WWW.COUDERT.COM ANTWERP, BERLIN, BRUSSELS, FRANKFURT, GHENT, LONDON, MILAN, MOSCOW, MUNICH, PARIS, ST. PETERSBURG ASIA/PACIFIC ALMATY, BANGKOK, BEIJING, HONG KONG, JAKARTA, SINGAPORE, SYDNEY, TOKYO ASSOCIATED OFFICES BUDAPEST, MEXICO CITY, PRAGUE, ROME, SHANGHAI, STOCKHOLM October 25, 2001 Urstadt Biddle Properties Inc. 321 Railroad Avenue Greenwich, Connecticut 06830 Urstadt Biddle Properties Inc. Qualification as Real Estate Investment Trust Ladies and Gentlemen: We have acted as counsel to Urstadt Biddle Properties Inc., a Maryland real estate investment trust (the "Company"), in connection with the preparation of a Form S-2 registration statement, File No. 333 - 69858 (the "Registration Statement") and a Rule 462(b) registration statement on Form S-2 in connection therewith (the "Rule 462(b) Registration Statement"), filed with the Securities and Exchange Commission ("SEC") with respect to the public offering and sale by the Company of shares of the Class A Common Stock (the "Offered Shares"), par value $0.01 per share, of the Company . You have requested our opinion regarding certain U.S. federal income tax matters. In connection with the opinions rendered below, we have examined the following: 1) the Company's Amended and Restated Articles of Incorporation, as filed with the State Department of Assessments and Taxation of Maryland on January 30, 1997; 2) the Company's Bylaws; 3) the Registration Statement and the Rule 462(b) Registration Statement; 4) the Partnership Agreements for each partnership (or other entity, such as a limited liability company, which normally is classified as a partnership for U.S. Federal income tax purposes) in which the Company has owned an interest after October 31, 1997 (the "Partnerships"); and 5) such other documents as we have deemed necessary or appropriate for purposes of this opinion. In connection with the opinions rendered below, we have assumed generally that: COUDERT BROTHERS LLP October 25, 2001 Page 2 of 3 -------------------------------------------------------------------------------- 1. Each of the documents referred to above has been duly authorized, executed and delivered; is authentic, if an original, or is accurate, if a copy; and has not been amended. 2. During the Company's fiscal year ended October 31, 1998, and subsequent fiscal years, the Company, the Partnerships and the corporations in which the Company owns an interest (the "Corporations") have operated and will continue to operate in such a manner that makes and will continue to make the representations contained in a certificate, dated as of the date hereof and executed by a duly appointed officer of the Company (the "Officer's Certificate"), true for such years. 3. No amendments to the organizational documents of the Company, the Partnerships and the Corporations will be made after the date of this opinion that would affect the Company's qualification as a real estate investment trust (a "REIT") for any taxable year. 4. No action will be taken by the Company, the Partnerships or the Corporations after the date hereof that would have the effect of altering the facts upon which the opinions set forth below are based. In connection with the opinions rendered below, we also have relied upon the correctness of the representations contained in the Officer's Certificate. Where such factual representations contained in the Officer's Certificate involve terms defined in the Internal Revenue Code of 1986, as amended (the "Code"), the Treasury regulations thereunder (the "Regulations"), published rulings of the Internal Revenue Service (the "Service"), or other relevant authority, we have explained such terms to the Company's representatives and are satisfied that the Company's representatives understand such terms so as to enable them to accurately make such factual representations. Based solely on the documents and assumptions set forth above, the representations set forth in the Officer's Certificate, the discussion in the Registration Statement under the caption "Federal Income Tax Consequences of Our Status as a REIT" (which is incorporated herein by reference), and without further investigation, we are of the opinion that: (a) the Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code, for its fiscal years ended October 31, 1998 through October 31, 2000, and the Company's organization and current and proposed method of operation will enable it to continue to qualify as a REIT for its fiscal year ending October 31, 2001, and in the future; (b) the Partnerships were classified as, and were treated as, partnerships for U.S. Federal income tax purposes for the Company's fiscal year ended October 31, 1998, and subsequent fiscal years; and (c) the description of the law and the legal conclusions contained in the Registration Statement under the caption "Federal Income Tax Consequences of Our Status as a REIT", which are incorporated by reference in the Rule 462(b) Registration Statement, are correct in all material respects, and the discussion COUDERT BROTHERS LLP October 25, 2001 Page 3 of 3 -------------------------------------------------------------------------------- thereunder fairly summarizes the federal income tax considerations that are likely to be material to a holder of the Offered Shares. Except as described herein, we have performed no further due diligence and have made no efforts to verify the accuracy and genuineness of the documents and assumptions set forth above, or the representations set forth in the Officer's Certificate. We will not review on a continuing basis the Company's compliance with the documents or assumptions set forth above, or the representations set forth in the Officer's Certificate. Accordingly, no assurance can be given that the actual results of the Company's operations for its fiscal year ending October 31, 2001, and subsequent fiscal years will satisfy the requirements for qualification and taxation as a REIT. The foregoing opinions are based on current provisions of the Code and the Regulations, published administrative interpretations thereof, and published court decisions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from qualifying as a REIT. We hereby consent to the filing of this opinion as an exhibit to the Rule 462(b) Registration Statement and to the use of our name as it appears under the captions "Federal Income Tax Consequences of Our Status as a REIT" and "Legal Opinions" in the Registration Statement, which are incorporated by reference in the Rule 462(b) Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder by the SEC. The foregoing opinions are limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other federal tax matters or to any issues arising under the tax laws of any other country, or any state or locality. We undertake no obligation to update the opinions expressed herein after the date of this letter. This opinion letter is solely for the information and use of the addressee, and it may not be distributed, relied upon for any purpose by any other person, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency without our express written consent. Very truly yours, /s/ Coudert Brothers LLP Coudert Brothers LLP EX-23.1 5 file004.txt CONSENT OF ARTHUR ANDERSEN LLP EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the use of our report included in this registration statement and to the incorporation by reference in this registration statement of our report dated December 13, 2000, except for note 14 as to which the date is January 5, 2001, included in Urstadt Biddle Properties Inc.'s Form 10-K for the year ended October 31, 2000 and to all references to our Firm included in this registration statement. /s/ Arthur Anderson LLP ------------------------ Arthur Andersen LLP New York, New York October 25, 2001