EXHIBIT 10.25

                         URSTADT BIDDLE PROPERTIES INC.

                  EXCESS BENEFIT AND DEFERRED COMPENSATION PLAN



Section 1. Purpose.

         The Board of Directors of Urstadt Biddle Properties Inc. has adopted
the Urstadt Biddle Properties Inc. Excess Benefit and Deferred Compensation Plan
(the "Plan"), to be effective as of January 1, 2005. The Plan is intended to
provide eligible employees of the Company who elect to participate in the Plan
with benefits in excess of the benefits which may be provided under the
Company's tax-qualified retirement plan, due to the limitations on contributions
and benefits imposed by Section 415 and Section 401(a)(17) of the Internal
Revenue Code of 1986, as amended (the "Code"), and to provide such employees
with the opportunity to defer all or a portion of their compensation as provided
in the Plan. It is intended that the Plan qualify as an "excess benefit plan"
within the meaning of Section 3(36) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and as an unfunded deferred compensation
arrangement for a select group of highly compensated or management employees
under Section 201(2) of ERISA.

Section 2. Definitions.

         As used herein, the following terms shall have the meanings set forth
below:

         (a) "Beneficiary" shall mean the person or persons designated as a
Participant's beneficiary under the Profit Sharing and Savings Plan unless a
Participant shall have designated another beneficiary under this Plan.

         (b) "Board of Directors" shall mean the board of directors of the
Company.

         (c) "Class A Common Stock Units" shall mean units of Class A Common
Stock of the Company indexed to the value of the Class A Common Stock of the
Company.

         (d) "Closing Price" shall mean the last sale price regular way on the
day in question (or if there is no reported last sale price on such day, on the
first preceding date on which any reported sale occurred) at which Common Stock
of the Company, Class A Common Stock of the Company or any other securities as
may be purchased by the Trustee in its discretion, are traded as reflected in
the New York Stock Exchange Composite Transactions as reported in the Wall
Street Journal, or if the shares are not admitted to trading on such exchange,
the fair market value of such shares on the date in question as determined by
the Board of Directors.

         (e) "Committee" shall mean the Compensation Committee of the Board of
Directors as in office from time to time.

         (f) "Common Stock Units" shall mean units of Common Stock of the
Company indexed to the value of the Common Stock of the Company.


         (g) "Company" shall mean Urstadt Biddle Properties Inc., and its
successors and assigns.

         (h) "Deferred Compensation Account" shall mean a bookkeeping record
maintained by the Company for each Participant who is or was an employee of such
entity, which account shall consist of the accumulated annual deferrals of
compensation made under Section 6 of the Plan, as adjusted for earnings or
losses credited in respect of such deferrals pursuant to Section 7 of the Plan.

         (i) "Elective Contribution" shall mean a contribution elected by a
Participant to the Profit Sharing and Savings Plan which meets the requirements
of Section 401(k) or 401(m) of the Code.

         (j) "Excess Benefit Account" shall mean a bookkeeping record maintained
by the Company for each Participant who is or was an employee of such entity,
which account shall consist of the accumulated annual allocations made under
Section 5 of the Plan on behalf of such Participant, as adjusted for earnings
credited in respect of such allocations pursuant to Section 7 of the Plan.

         (k) "Matching Contribution" shall mean a contribution made by the
Company to a Participant's Matching Contribution Account.

         (l) "Matching Contribution Account" shall mean a bookkeeping record
maintained by the Company for each Participant who is or was an employee of such
entity, which account shall consist of the accumulated Matching Contributions
made under Section 6 of the Plan, as adjusted for earnings credited in respect
of such deferrals pursuant to Section 7 of the Plan.

         (m) "Participant" shall mean a person described in Section 4 of the
Plan as eligible to receive equalization benefits under Section 5 of the Plan.

         (n) "Plan" shall mean this Amended and Restated Urstadt Biddle
Properties Inc. Excess Benefit and Deferred Compensation Plan, as herein set
forth and as amended from time to time.

         (o) "Profit Sharing and Savings Plan" shall mean the Urstadt Biddle
Properties Inc. Profit Sharing and Savings Plan, a tax-qualified defined
contribution retirement plan sponsored by the Company, as in effect as of the
Effective Date or adopted thereafter, and as amended from time to time.

         (p) "Securities Units" shall mean units of securities other than Common
Stock of the Company or Class A Common Stock of the Company indexed to the value
of such securities.

         (q) "Trust Agreement" shall mean that certain trust agreement by and
between the Company and the Trustee effective as of January 1, 2005.

         (r) "Trustee" shall mean the trustees under the Trust Agreement.

         (s) "Valuation Date" shall mean the last day of each calendar month or
such other day or days as the Committee shall determine.


Section 3. Effective Date.

         The Effective Date of the Plan shall be January 1, 2005.

Section 4. Participation.

         Any employee of the Company who is a participant in the Profit Sharing
and Savings Plan shall become a Participant in this Plan if, with respect to any
calendar year: (1) the employee's annual compensation is at least $150,000 and
(2) the amount of contributions to be made to the Profit Sharing and Savings
Plan by the Company (other than Elective Contributions) and to be allocated to
the employee's account under the Profit Sharing and Savings Plan is restricted
as a result of the limitations of Section 401(a)(17) or Section 415 of the Code
or any successor provisions thereto.

Section 5. Profit Sharing and Savings Plan Excess Benefit.

         An amount shall be credited to each Participant's Excess Benefit
Account under the Plan for each "Plan Year" (as defined in the Profit Sharing
and Savings Plan) beginning on or after the Effective Date equal to the excess,
if any, of (a) the amount of aggregate contributions (other than Elective
Contributions) of the Company which would have been allocated to the
Participant's account for such Plan Year under the Profit Sharing and Savings
Plan if the provisions set forth in the Profit Sharing and Savings Plan to
comply with the limitations of Section 401(a)(17) and Section 415 of the Code
were not applicable, over (b) the amount of such aggregate Company contributions
actually allocated to the Participant's account for such Plan Year under the
Profit Sharing and Savings Plan. The amount of a Participant's "compensation" as
defined in the Profit Sharing and Savings Plan shall be used to calculate
amounts to be credited to the Participant's Excess Benefit Account provided that
such "compensation" shall be increased by any amounts deferred pursuant to
Section 6 hereof.

Section 6. Deferred Compensation.

         (a) Each Participant employed by the Company may elect to defer the
receipt of all or a whole percentage (or other portion as the Company may
permit) of his or her compensation and to have such amount credited to his or
her Deferred Compensation Account provided that the Participant's compensation
as defined in the Profit Sharing and Savings Plan (including, both cash and any
deferred amounts) is expected to exceed the compensation limitation of Section
401(a)(17) of the Code for the year in which the deferral is to be made. Any
such Participant election shall be made annually on a calendar year basis. A
Participant's election with respect to compensation to be paid in the calendar
year in which the Plan is adopted shall be made within thirty (30) days
following the date of the adoption of the Plan by the Board of Directors. A
Participant's election shall remain binding for subsequent calendar years until
revoked or revised by the Participant provided that he or she continues to meet
the requirements of Section 4 in any such subsequent calendar year. Elections
may be revoked or revised for a subsequent calendar year by executing and
delivering a new deferral election form prior to the first day of the calendar
year for which such revocation or revision is to be effective.


         (b) In its sole discretion, the Company may make a Matching
Contribution to Participants who make an election to defer a portion of their
compensation under Section 6(a). Such contribution will be allocated to the
Participant's Matching Contribution Account.

Section 7. Earnings.

         (a) The Committee shall meet each year to designate an interest or
other rate to be applied to the Participants' accounts each year. Any interest
or earnings on amounts credited under the Plan shall be credited, respectively,
to the Participant's Excess Benefit Account, Deferred Compensation Account and
Matching Contribution Account as of each Valuation Date. The Committee shall
promulgate such rules and regulations as it in its sole discretion determines
necessary to implement and administer the Plan and to determine any earnings or
interest credited to a Participant under the Plan. Subject to such rules and
regulations as the Company shall promulgate, a Participant may request that all
or a portion of his or her accounts be indexed to the value of the Common Stock
of the Company, Class A Common Stock of the Company or such other securities as
may be purchased by the Trustee in its discretion, as the case may be. At the
time a Participant requests to have his or her accounts so indexed, he or she
shall specify what percentage shall be allocated to Common Stock Units, Class A
Common Stock Units or Securities Units. Such deferred amounts shall then be
converted into that number of Common Stock Units, Class A Common Stock Units or
Securities Units, obtained by dividing the deferred amounts by the Closing Price
of Common Stock of the Company, Class A Common Stock of the Company or such
other securities as may be purchased by the Trustee in its discretion, as the
case may be, as of the day on which such deferred amounts are to be converted
into Common Stock Units, Class A Common Stock Units or Securities Units. The
value of each Common Stock Unit, Class A Common Stock Unit or Securities Unit
shall thereafter fluctuate pari passu with the Closing Price of Common Stock of
the Company, Class A Common Stock of the Company or such other securities as may
be purchased by the Trustee in its discretion, as applicable. In the event of a
cash dividend, stock split, recapitalization or similar transaction affecting
the value of Common Stock of the Company, Class A Common Stock of the Company or
such other securities as may be purchased by the Trustee in its discretion
following the date of conversion of deferred amounts into units, the number of
Common Stock Units, Class A Common Stock Units and Securities Units, as the case
may be, shall be adjusted to reflect such dividend, stock split,
recapitalization or similar transaction as the Board of Directors may determine.

         (b) In the event that a Participant requests to have his or her account
balances converted into shares of Common Stock of the Company, Class A Common
Stock of the Company or such other securities as may be purchased by the Trustee
in its discretion, the Committee, in its discretion, may establish a trust to
purchase and hold shares of Common Stock of the Company, Class A Common Stock of
the Company or such other securities as may be purchased by the Trustee in its
discretion. The Committee, at any time, may determine that Participants shall no



longer be permitted to have their account balances indexed to shares of Common
Stock of the Company, Class A Common Stock of the Company or such other
securities as may he purchased by the Trustee in its discretion.



Section 8. Vesting.

         (a) Excess Benefit Account. A Participant (and his or her Beneficiary)
shall vest in his or her Excess Benefit Account at the same rate he or she vests
in the account (other than Elective Contributions) to which contributions of the
Company are allocated under the Profit Sharing and Savings Plan.

         (b) Deferred Compensation Account. A Participant (and his or her
Beneficiary) shall at all times be fully vested in his or her Deferred
Compensation Account.

         (c) Matching Contribution Account. A Participant (and his or her
Beneficiary) shall vest in his or her Matching Contribution Account at the same
rate he or she vests in the account (other than Elective Contributions) to which
matching contributions of the Company are allocated under the Profit Sharing and
Savings Plan.

Section 9. Payment of Benefits.

           (a) Upon a Participant's death, disability or other termination of
employment with the Company for any reason or as and when otherwise permitted
under the Plan, vested benefits in his or her Excess Benefit Account, Deferred
Compensation Account, and Matching Contribution Account shall be payable, at the
election of the Participant, in either:

                  (i) a single lump sum payment; or

                  (ii)     in shares of the Common Stock of the Company, Class A
                           Common Stock of the Company or such other securities
                           as may be purchased by the Trustee in its discretion,
                           as the case may be; or

                  (iii)    in annual installment payments over a period elected
                           by the
                           Participant up to 10 years, the amount of each
                           installment to equal the balance of his or her Excess
                           Benefit Account, Deferred Compensation Account, and
                           Matching Contribution Account immediately prior to
                           the date an installment is to be paid, divided by the
                           number of installments remaining to be paid.

         Payment of benefits shall be made, or in the case of installment
payments, shall commence, not later than thirty (30) days following the
Valuation Date coincident with or next following the date selected by the
Participant or on which such death, disability or other termination of
employment occurs. The valuation of the Participant's benefit shall be based on
the Valuation Date coincident with or next following the Participant's date of



death, disability or other termination of employment. If a Participant elects to
receive shares of the Common Stock of the Company, Class A Common Stock of the
Company or such other securities as may be purchased by the Trustee in its
discretion, the number of shares to be delivered to the Participant on the date
a payment is made shall be equal to the number of whole and partial Common Stock
Units, Class A Common Stock Units or Securities Units credited to his or her
accounts in respect of which a payment is to be paid. If a Participant elects to
receive annual installment payments, the undistributed balance credited to a
Participant's Excess Benefit Account, Deferred Compensation Account and Matching
Contribution Account shall be adjusted each year by an interest rate or other
factor as provided in Section 7 of the Plan as of each Valuation Date.

The form of benefit distribution option elected by the Participant in the
Distribution Election Form shall be effective for the Plan Year (as defined in
the Profit Sharing and Savings Plan) for which it is made and succeeding Plan
Years, unless changed by the Participant at least twelve (12) months prior to
the date on which a distribution is to be made. Any change in the Distribution
Election Form must be filed with the Committee at least twelve (12) months prior
to the date on which a distribution is to be made. Any such change will be
effective for all amounts in the Participant's Excess Benefit Account, Deferred
Compensation Account, and Matching Contribution Account beginning on the
effective date of the change; provided, however, that no further changes may be
made once distribution of benefits commences.

         (b) In the case of an "unforeseen emergency" (as defined in Section
409A of the Code and the regulations thereunder), the Committee may, at its sole
and absolute discretion, provide for early payment of benefits under the Plan.
Early withdrawals under the Plan are limited to the amount necessary to meet the
emergency.

         (c) The Company shall deduct from any payment such amounts as may be
required to be withheld under any federal, state or local tax laws.

Section 10. Change of Control.

         In the case of a "change of control" (as defined in Section 409A of the
Code and the regulations thereunder), the Committee, at its sole and absolute
discretion, may accelerate the vesting of benefits under the Plan and may
provide for the early payment of such vested benefits.

Section 11. Unfunded Plan.

         This Plan is intended to constitute an unfunded, nonqualified deferred
compensation arrangement for the benefit of a select group of management or
highly compensated employees. Except as set forth below, all benefits payable
under the Plan shall be paid by the Company out of its general assets and
nothing contained in this Plan and no action taken pursuant to the provisions of
this Plan shall create, or be construed to create, a trust of any kind or a
fiduciary relationship between the Company and any Participant, Beneficiary or
any other person; no money, property or shares of common stock shall be
segregated for the benefit of any Participant or Beneficiary; no special or
separate fund shall be established or other segregation of assets made to assure
payment of benefits hereunder; and no Participant or Beneficiary shall have any
preferred claim on, or any beneficial ownership interest in, any assets of the
Company prior to the time that benefits payable under the Plan are paid to him
or her as provided herein. The right of a Participant or Beneficiary to receive
a distribution hereunder shall be a general unsecured claim against the assets
of the Company. Measures representing the value of a Participant's benefits
under the Plan are bookkeeping entries only and shall not constitute property of
any kind or any interest in the Company. Notwithstanding the foregoing, the
Company may, in its sole discretion, elect to establish a grantor trust that
meets the requirements of Internal Revenue Service Revenue Procedure 92-64 to
provide the benefits payable from Excess Benefit Accounts, Deferred Compensation
Accounts, and Matching Contribution Accounts; provided, that the Plan and such
trust shall continue to constitute an unfunded deferred compensation arrangement
and Participants shall not be deemed to be in constructive receipt of amounts
held by the trust. Any such trust shall be established with the approval of the
Company.

Section 12. Administration.

         The Plan shall be administered by the Committee in accordance with its
terms and purposes. The Company shall have the sole and complete responsibility
for the administration of the Plan and shall have discretionary authority to
determine all questions arising in the administration, interpretation and
application of the Plan, including the remedying of any omission, inconsistency
or ambiguity, and to construe the terms of the Plan, including the eligibility
of Participants for any benefit hereunder and the amount thereof and its
decision or action in respect thereof shall be conclusive and binding on all
persons.



Section 13. Amendment and Termination.

         The Committee may amend or terminate the Plan with respect to future
periods at any time and for any reason it may deem appropriate. In the event of
the termination of the Plan, no person shall be entitled to accrue additional
benefits under the Plan with respect to any period after the effective date of
termination determined by the Committee; provided, however, that any benefits
under the Plan accrued prior to the effective date of termination determined by
the Committee shall not he reduced on account of such termination.

Section 14. Miscellaneous.

         (a) Nothing contained in the Plan shall be construed as a contract of
employment between the Company and a Participant, or as a right of any
Participant to continue in the employ of the Company or as a limitation of the
right of the Company to discharge any Participant, with or without cause.


         (b) Except as otherwise required by law (including any law that
requires the withholding of any tax under the laws of the United States or any
state or locality or any foreign government), no amounts payable at any time
pursuant to the Plan shall be subject in any manner to alienation, sale,
transfer, assignment, pledge, attachment or other legal process, or encumbrance
of any kind. Any attempt to alienate, sell, transfer, assign, pledge or
otherwise encumber any such benefit, whether currently or thereafter payable,
shall be void. Except as otherwise specifically provided by law, no amounts
payable hereunder shall, in any manner, be liable for or subject to the debts or
liabilities of a Participant or any other person entitled to such benefit.

         (c) All claims for benefits under the Plan shall be made in writing to
the Committee. Such claims for benefits, responses thereto and any appeals
thereof shall be made in accordance with the provisions for claims procedures
set forth in the Profit Sharing and Savings Plan.

         (d) The provisions of the Plan shall be binding on the successors and
assigns of the Company.

         (e) The Plan shall be governed, to the extent provided thereunder, by
ERISA and to the extent not preempted by ERISA, by the laws of the State of New
York.