[2] Urstadt Biddle Properties Inc. Reports Fourth Quarter and Fiscal 1999 Results.

GREENWICH, Conn.--(BUSINESS WIRE)--Dec. 9, 1999--

Announces Increase in Quarter Dividends Reports Increase in Funds

From Operations for the Seventh Consecutive Year

Urstadt Biddle Properties Inc. (UBP and UBP.A), today announced its fourth quarter and full year financial results for the fiscal year ended October 31, 1999. Funds from Operations (FFO), the primary indicator of operating performance, increased 6% to $11,878,000 or $1.09 per Common share and $1.21 per Class A Common share from $11,213,000 or $1.04 per Common share and $1.15 per Class A Common share, in fiscal 1998. Net income applicable to Common and Class A Common stockholders for the year was $6,043,000 or $0.55 per Common share and $0.62 Class A Common share compared to $5,615,000 or $0.52 per Common share and $0.57 per Class A Common share in 1998. 1999's net income includes capital gains on sales of properties of $1,364,000 from the sale of a non-core retail property during the fourth quarter.

For the three months ended October 31, 1999, FFO increased to $3,307,000 or $0.30 per Common share and $0.34 per Class A Common share compared to $3,220,000 or $0.30 per Common share and $0.33 per Class A Common share for the comparable quarter of 1998. Net income applicable to common shareholders for the 1999 fourth quarter was $2,811,000 or $0.26 per Common share and $0.29 per Class A Common share compared to net income of $1,533,000 or $0.14 per Common share and $0.16 per Class A Common share in last year's fourth quarter. The Company sold one of its non-core properties for $3.2 million realizing a gain on the sale of $1,364,000. The proceeds were used in a tax-deferred exchange transaction to acquire a community shopping center in the Company's target area.

At their regular meeting today, the Directors of the Company increased the quarterly dividend rates on shares of the Common Stock and Class A Common Stock to 17.5(cent) for each share of Common Stock and 19.5(cent) for each share of Class A Common Stock. The new quarterly dividend rates represent a 3% increase over previous quarter dividend rates.The dividends are payable January 21, 2000 to stockholders of record on January 7, 2000. Over the past six years the Company has increased its annual dividend rate an average of more than 5% per year.

YEAR IN REVIEW

During the year, the Company acquired three properties at a total cost of $23 million totaling 265,000 square feet of gross leasable space. All of the properties are located in Westchester County, New York or Fairfield County, Connecticut, the Company's target geographic area. The Company expects to add to its core shopping center property portfolio in fiscal 2000 while disposing of one or more of its non-core properties.

The Company leased or renewed nearly 300,000 square feet of space in 1999, nearly10% of the Company's total leasable area, and its core properties were more than 96% leased at year end.

Commenting on UBP's year-end results, Charles J. Urstadt, Chairman and Chief Executive Officer, stated, "We are pleased to report that the Company continues to demonstrate a conservative growth strategy. Our strategic plan of transforming UBP's portfolio into one of self-managed retail properties located in the Northeast has been successful, and our core properties, including recent acquisitions to our portfolio, have contributed to our improved financial results."

UBP is a self-administered equity real estate trust providing investors with a means of participating in ownership of income-producing properties with investment liquidity. UBP owns twenty five (25) properties containing more that 3.4 million square feet of space and has paid thirty years of uninterrupted dividends since its inception in 1969.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

         URSTADT BIDDLE PROPERTIES INC. (NYSE: UBP AND UBP.A)
              FISCAL YEAR AND FOURTH QUARTER 1999 RESULTS

                 (in thousands, except per share data)

                            Fiscal Year Ended     Three Months Ended
                              October 31              October 31
                          1999         1998       1999          1998
                          ----         ----       ----          ----

Total Revenues          $29,814      $25,595     $7,964        $7,087



Net Income Applicable
 to Common and Class A
 Common Stockholders     $6,043       $5,615     $2,811        $1,533



Funds from

 Operations (a)         $11,878      $11,213     $3,307        $3,220



PER SHARE DATA (1):

Basic Earnings per Share:
Common                    $0.55        $0.52      $0.26         $0.14
Class A Common            $0.62        $0.57      $0.29         $0.16



Weighted Average Number
 of Shares Outstanding:
Common                    5,236        5,125      5,390         5,130
Class A Common            5,100        5,121      5,036         5,130
Diluted Earnings per Share:
Common                    $0.54        $0.52      $0.26         $0.14
Class A Common            $0.61        $0.57      $0.27         $0.16



Weighted Average Number
 of Shares Outstanding:
Common and Common
 Equivalent               5,317        5,283      5,460         5,288
Class A Common and
 Class A Common
 Equivalent               5,545        5,279      5,511         5,288



Funds from Operations
 (Primary):
Common                    $1.09        $1.04      $0.30         $0.30
Class A Common            $1.21        $1.15      $0.34         $0.33



Cash Dividends Paid:
Common                    $0.68        $1.13      $0.17         $0.17
Class A Common            $0.76        $0.19      $0.19         $0.19

(a) Defined as net income, (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring and sales of properties, plus depreciation, amortization, the elimination of significant non-recurring charges and credits and after adjustments for unconsolidated joint ventures.

(1) Fiscal year 1998 per share amounts have been restated to reflect the effect of a one for one stock split effected in a form of a new issue of Class A Common Stock distributed in August 1998, however the cash dividends are presented based on actual amounts paid and have not been restated.