URSTADT BIDDLE PROPERTIES INC.

October 31, 2016

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(In thousands)

COL. A	COL. B		COL. C				COL. D						COL. E						COL. F		COL. G/H		COL. I
			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition						Amount at which Carried at Close of Period
Description and Location	Encumbrances		Land		Building & Improvements		Land			Building & Improvements			Land		Building & Improvements		Totals		Accumulated Depreciation (b)		Date Constructed/ Acquired		Life on which depreciation for building and improvements in latest income statement is computed (c)
Real Estate Subject to Operating Leases (a):
Office Buildings:
Greenwich, CT	$	-	$	708	$	1,641	$	-		$	341		$	708	$	1,982	$	2,690	$	759		2001		31.5
Greenwich, CT		-		488		1,139		-			434			488		1,573		2,061		522		2000		31.5
Greenwich, CT		-		570		2,359		-			700			570		3,059		3,629		1,420		1998		31.5
Greenwich, CT		-		199		795		-			517			199		1,312		1,511		516		1993		31.5
Greenwich, CT		-		111		444		-			294			111		738		849		344		1994		31.5
Bernardsville, NJ		-		721		2,880		(24	)		(41	)		697		2,839		3,536		298		2012		39
		-		2,797		9,258		(24	)		2,245			2,773		11,503		14,276		3,859
Retail Properties:
Bronxville, NY		-		60		239		95			776			155		1,015		1,170		185		2009		39
Yonkers, NY		-		30		121		183			734			213		855		1,068		154		2009		39
Yonkers, NY		-		30		121		85			341			115		462		577		83		2009		39
New Milford, CT		-		2,114		8,456		71			586			2,185		9,042		11,227		1,959		2008		39
New Milford, CT		46		4,492		17,967		166			2,106			4,658		20,073		24,731		3,220		2010		39
Newark, NJ		10,788		5,252		21,023		-			1,623			5,252		22,646		27,898		4,980		2008		39
Waldwick, NJ		-		1,266		5,064		-			(1	)		1,266		5,063		6,329		1,158		2007		39
Emerson NJ		536		3,633		14,531		-			1,524			3,633		16,055		19,688		4,049		2007		39
Monroe, CT		-		765		3,060		-			135			765		3,195		3,960		795		2007		39
Pelham, NY		-		1,694		6,843		-			148			1,694		6,991		8,685		1,849		2006		39
Stratford, CT		26,250		10,173		40,794		(94	)		11,055			10,079		51,849		61,928		16,238		2005		39
Yorktown Heights, NY		-		5,786		23,221		-			9,967			5,786		33,188		38,974		7,481		2005		39
Rye, NY		-		909		3,637		-			439			909		4,076		4,985		1,316		2004		39
Rye, NY		1,374		483		1,930		-			8			483		1,938		2,421		620		2004		39
Rye, NY		619		239		958		-			87			239		1,045		1,284		373		2004		39
Rye, NY		1,411		695		2,782		-			20			695		2,802		3,497		894		2004		39
Somers, NY		-		4,318		17,268		-			261			4,318		17,529		21,847		5,933		2003		39
Westport, CT		12		2,076		8,305		-			368			2,076		8,673		10,749		3,075		2003		39
White Plains, NY		-		8,065		32,258		(1	)		9,868			8,064		42,126		50,190		12,867		2003		39
Orange, CT		-		2,320		10,564		-			1,483			2,320		12,047		14,367		4,606		2003		39
Stamford, CT		44,282		17,964		71,859		-			7,846			17,964		79,704		97,668		30,586		2002		39
Danbury, CT		-		2,459		4,566		-			1,781			2,459		6,347		8,806		2,522		2002		39
Briarcliff, NY		-		2,222		5,185		1,234			8,473			3,456		13,658		17,114		2,586		2001		40
Somers, NY		-		1,833		7,383		-			1,055			1,833		8,438		10,271		4,393		1999		31.5
Briarcliff, NY		-		380		1,531		-			357			380		1,888		2,268		913		1999		40
Briarcliff, NY		15,541		2,300		9,708		2			3,042			2,302		12,750		15,052		5,732		1998		40
Ridgefield, CT		-		900		3,793		-			1,649			900		5,442		6,342		2,030		1998		40
Darien, CT		16,082		4,260		17,192		-			960			4,260		18,152		22,412		8,375		1998		40
Eastchester, NY		-		1,500		6,128		-			2,734			1,500		8,862		10,362		3,725		1997		31
Danbury, CT		28		3,850		15,811		-			4,570			3,850		20,381		24,231		11,524		1995		31.5
Carmel, NY		-		1,488		5,973		-			972			1,488		6,945		8,433		3,803		1995		31.5
Somers, NY		-		821		2,600		-			607			821		3,207		4,028		1,611		1992		31.5
Wayne, NJ		215		2,492		9,966		-			1,835			2,492		11,801		14,293		6,511		1992		31
Newington, NH		-		728		1,997		-			1,783			728		3,780		4,508		2,968		1979		40
Katonah, NY		-		1,704		6,816		-			112			1,704		6,928		8,632		1,196		2010		39
Fairfield, CT		-		3,393		13,574		153			1,238			3,546		14,812		18,358		1,817		2011		39
New Milford, CT		-		2,168		8,672		-			57			2,168		8,729		10,897		1,250		2011		39
Eastchester, NY		-		1,800		7,200		78			479			1,878		7,679		9,557		962		2012		39
Orangetown, NY		6,335		3,200		12,800		30			4,626			3,230		17,426		20,656		1,745		2012		39
Greenwich, CT		4,835		1,600		6,401		27			566			1,627		6,967		8,594		641		2013		39
Various		-		1,134		4,928		79			325			1,213		5,253		6,466		644		2013		39
Greenwich, CT		6,031		1,998		7,994		53			275			2,051		8,269		10,320		722		2013		39
New Providence, NJ		19,514		6,970		27,880		463			3,032			7,433		30,912		38,345		2,916		2013		39
Chester, NJ		-		570		2,280		(34	)		(137	)		536		2,143		2,679		214		2012		39
Bethel, CT		-		1,800		7,200		(18	)		(49	)		1,782		7,151		8,933		519		2014		39
Bloomfield, NJ		-		2,201		8,804		218			1,631			2,419		10,435		12,854		687		2014		39
Boonton, NJ		7,427		3,670		14,680		14			57			3,684		14,737		18,421		1,070		2014		39
Yonkers, NY		5,000		3,060		12,240		333			1,331			3,393		13,571		16,964		706		2014		39
Greenwich, CT		8,036		3,223		12,893		6			132			3,229		13,025		16,254		702		2014		40
Greenwich, CT		15,599		6,257		25,029		27			364			6,284		25,393		31,677		1,438		2014		40
Midland Park, NJ		21,105		8,740		34,960		(44	)		(6	)		8,696		34,954		43,650		1,726		2015		39
Pompton Lakes, NJ		19,935		8,140		32,560		33			326			8,173		32,886		41,059		1,615		2015		39
Wyckoff, NJ		8,378		3,490		13,960		17			102			3,507		14,062		17,569		693		2015		39
Kinnelon, NJ		11,151		4,540		18,160		(29	)		3,826			4,511		21,986		26,497		1,066		2015		39
Fort Lee, NJ		-		798		3,192		(14	)		(56	)		784		3,137		3,921		115		2015		39
Harrison, NY		-		2,000		8,000		(10	)		283			1,990		8,283		10,273		449		2015		39
Stamford, CT		22,486		9,068		36,260		-			-			9,068		36,260		45,328		232		2016		39
Stamford, CT		-		2,659		10,635		-			-			2,659		10,635		13,294		-		2016		39

		273,016		181,780		719,952		3,123			97,707			184,903		817,659		1,002,562		182,239

Total	$	273,016	$	184,577	$	729,210	$	3,099		$	99,952		$	187,676	$	829,162	$	1,016,838	$	186,098

URSTADT BIDDLE PROPERTIES INC.

October 31, 2016

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

(In thousands)

	Year Ended October 31,
NOTES:	2016			2015			2014
(a) RECONCILIATION OF REAL ESTATE - OWNED SUBJECT TO OPERATING LEASES

Balance at beginning of year	$	941,690		$	830,304		$	732,159
Property improvements during the year		18,666			12,891			19,239
Properties acquired during the year		58,737			138,720			101,055
Properties sold during the year		-			(38,364	)		(20,299	)
Property assets fully depreciated and written off		(2,255	)		(1,861	)		(1,850	)
Balance at end of year	$	1,016,838		$	941,690		$	830,304


(b) RECONCILIATION OF ACCUMULATED DEPRECIATION

Balance at beginning of year	$	165,660		$	161,187		$	155,272
Provision during the year charged to income		22,693			22,096			18,721
Property sold during the year		-			(15,762	)		(10,956	)
Property assets fully depreciated and written off		(2,255	)		(1,861	)		(1,850	)
Balance at end of year	$	186,098		$	165,660		$	161,187

(d) The depreciation provision represents the expense calculated on real property only.

(e) The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $846 million at October 31, 2016.