10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2018

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 1-12803

URSTADT BIDDLE PROPERTIES INC.

(Exact name of registrant as specified in its charter)

Maryland	04-2458042
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

321 Railroad Avenue, Greenwich, CT	06830
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (203) 863-8200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, par value $.01 per share	New York Stock Exchange
Class A Common Stock, par value $.01 per share	New York Stock Exchange
6.75% Series G Cumulative Preferred Stock	New York Stock Exchange
6.25% Series H Cumulative Preferred Stock	New York Stock Exchange
Common Stock Rights to Purchase Preferred Shares	New York Stock Exchange
Class A Common Stock Rights to Purchase Preferred Shares	New York Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act:  None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K ☒

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company.  See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes  ☐ No ☒

The aggregate market value of the voting common stock held by non-affiliates of the Registrant as of April 30, 2018 (price at which the common equity was last sold as of the last business day of the Registrant's most recently completed second fiscal quarter): Common Shares, par value $.01 per share, $38,575,941; Class A Common Shares, par value $.01 per share, $581,567,658.

Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock and Class A Common Stock, as of January 4, 2019 (latest date practicable): 9,959,206 Common Shares, par value $.01 per share, and 29,926,164 Class A Common Shares, par value $.01 per share.

DOCUMENTS INCORPORATED BY REFERENCE

Proxy Statement for Annual Meeting of Stockholders to be held on March 21, 2019 (certain parts as indicated herein) (Part III).

TABLE OF CONTENTS

Item No.		Page No.
	PART I
1.	Business	1
1A.	Risk Factors	3
1B.	Unresolved Staff Comments	7
2.	Properties	8
3.	Legal Proceedings	10
4.	Mine Safety Disclosures	10
	PART II
5.	Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	11
6.	Selected Financial Data	12
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	13
7A.	Quantitative and Qualitative Disclosures about Market Risk	20
8.	Financial Statements and Supplementary Data	21
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	21
9A.	Controls and Procedures	21
9B.	Other Information	24
	PART III
10.	Directors, Executive Officers and Corporate Governance	25
11.	Executive Compensation	25
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	25
13.	Certain Relationships and Related Transactions and Director Independence	25
14.	Principal Accountant Fees and Services	25
	PART IV
15.	Exhibits and Financial Statement Schedules	26
	Signatures	53

PART I

Special Note Regarding Forward-Looking Statements

This Annual Report on Form 10-K of Urstadt Biddle Properties Inc. (the "Company") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  These statements can be identified by the fact that they do not relate strictly to historical or current facts or by such words as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "intend", "may", "plan", "seek", "should", "will" or variations of such words or other similar expressions and the negatives of such words.  All statements included in this report that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), business strategies, expansion and growth of our operations, expected leasing results and other such matters, are forward-looking statements.  These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.  Such statements are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated.  Future events and actual results, performance or achievements, financial and otherwise, may differ materially from the results, performance or achievements expressed or implied by the forward-looking statements.  Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:

• economic and other market conditions, including local real estate and market conditions, that could impact us, our properties or the financial stability of our tenants;

• financing risks, such as the inability to obtain debt or equity financing on favorable terms, as well as the level and volatility of interest rates;

• any difficulties in renewing leases, filling vacancies or negotiating improved lease terms;

• the inability of the Company's properties to generate revenue increases to offset expense increases;

• environmental risk and regulatory requirements;

• risks of real estate acquisitions and dispositions (including the failure of transactions to close);

• risks of operating properties through joint ventures that we do not fully control;

• risks related to our status as a real estate investment trust, including the application of complex federal income tax regulations that are subject to change;

• as well as other risks identified in this Annual Report on Form 10-K under Item 1A. Risk Factors and in the other reports filed by the Company with the Securities and Exchange Commission (the "SEC").

Forward-looking statements speak only as of the date of this filing.  Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances arising after the date of this filing, whether as a result of new information or future events or otherwise. You should not place undue reliance on the forward-looking statements included in this filing or that may be made elsewhere from time to time by us, or on our behalf.  All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Item 1.Business.

Organization

We are a real estate investment trust, organized as a Maryland corporation, engaged in the acquisition, ownership and management of commercial real estate. We were organized as an unincorporated business trust (the “Trust”) under the laws of the Commonwealth of Massachusetts on July 7, 1969. In 1997, the shareholders of the Trust approved a plan of reorganization of the Trust from a Massachusetts business trust to a Maryland corporation.  As a result of the plan of reorganization, the Trust was merged with and into the Company, the separate existence of the Trust ceased, the Company was the surviving entity in the merger and each issued and outstanding common share of beneficial interest of the Trust was converted into one share of Common Stock, par value $.01 per share, of the Company.

Tax Status – Qualification as a Real Estate Investment Trust

We elected to be taxed as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended October 31, 1970.  Pursuant to such provisions of the Code, a REIT that distributes at least 90% of its real estate investment trust taxable income to its shareholders each year and meets certain other conditions regarding the nature of its income and assets will not be taxed on that portion of its taxable income that is distributed to its shareholders.  Although we believe that we qualify as a real estate investment trust for federal income tax purposes, no assurance can be given that we will continue to qualify as a REIT.

Description of Business

Our business is the ownership of real estate investments, which consist principally of investments in income-producing properties, with primary emphasis on neighborhood and community shopping centers in the metropolitan New York tri-state area outside of the City of New York.  We believe that our geographic focus allows us to take advantage of the strong demographic profiles of the areas that surround the City of New York and the natural barriers to entry that such density and limitations on developable land provide.  We also believe that our ability to directly operate and manage all of our properties within the tri-state area reduces overhead costs and affords us efficiencies that a more dispersed portfolio would make difficult.

At October 31, 2018, the Company owned or had equity interests in 84 properties comprised of neighborhood and community shopping centers, office buildings, single tenant retail or restaurant properties and office/retail mixed use properties located in four states, containing a total of 5.1 million square feet of gross leasable area (“GLA”).  We seek to identify desirable properties, typically neighborhood and community shopping centers, for acquisition, which we acquire in the normal course of business.  In addition, we regularly review our portfolio and, from time to time, may sell certain of our properties.  For a description of the Company's properties and information about the carrying amount of the properties at October 31, 2018 and encumbrances, see Item 2. Properties and Schedule III located in Item 15.

We do not consider our real estate business to be seasonal in nature.

Growth Strategy

Our long-term growth strategy is to increase cash flow, and consequently the value of our properties, through strategic re-leasing, renovations and expansions of our existing properties and selective acquisitions of income-producing properties, primarily neighborhood and community shopping centers, in our targeted geographic region.  We may also invest in other types of real estate in our targeted geographic region. Key elements of our growth strategy and operating objectives are to:

• acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the metropolitan New York tri-state area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals;

• selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition criteria;

• invest in our properties for the long-term through regular maintenance, periodic renovations and capital improvements, enhancing their attractiveness to tenants and customers, as well as increasing their value;

• leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to meet the needs of existing or new tenants;

• proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, and replacing weak ones when necessary, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents, replacing below-market-rent leases with increased market rents when possible and further improving the quality of our tenant mix at our shopping centers;

• maintain strong working relationships with our tenants, particularly our anchor tenants;

• maintain a conservative capital structure with low leverage levels, ample liquidity and diverse sources of capital; and

• control property operating and administrative costs.

Our hope is to grow our assets through acquisitions by 5% to 10% per year on a dollar value basis, subject to the availability of acquisitions that meet our investment parameters, although we cannot guarantee that investment properties meeting our investment specifications will be available to us.

Renovations, Expansions and Improvements

We invest in properties where cost effective renovation and expansion programs, combined with effective leasing and operating strategies, can improve the properties’ values and economic returns.  Retail properties are typically adaptable for varied tenant layouts and can be reconfigured to accommodate new tenants or the changing space needs of existing tenants.  We also seek to leverage existing shopping center assets through pad site development.  In determining whether to proceed with a renovation, expansion or pad, we consider both the cost of such expansion or renovation and the increase in rent attributable to such expansion or renovation.  We believe that certain of our properties provide opportunities for future renovation and expansion.  We generally do not engage in ground-up development projects.

We also seek to improve our properties in ways that provide additional ancillary revenue or value, while benefiting the environment and communities in which we have a presence.  For example, we have a robust alternative energy program, pursuant to which we have placed a number of solar panel installations on the roofs of our shopping centers.  We are also in the process of installing electric vehicle charging stations at a number of our properties, which we believe will not only benefit the environment but enhance customer experience at our shopping centers.  Other initiatives include converting incandescent and florescent lighting to LED at various properties and upgrading parking lot lighting systems to operate more efficiently.  While we are committed to environmental responsibility, we also believe that these initiatives need to be financially feasible and beneficial to the Company, which may require that these projects be completed over a period of time.  The Company will continue to seek financially responsible opportunities to reduce our carbon footprint and lower our energy usage, while improving the value of our properties.

Acquisitions and Dispositions

When evaluating potential acquisitions, we consider such factors as (i) economic, demographic, and regulatory conditions in the property’s local and regional market; (ii) the location, construction quality, and design of the property; (iii) the current and projected cash flow of the property and the potential to increase cash flow; (iv) the potential for capital appreciation of the property; (v) the terms of tenant leases, including the relationship between the property’s current rents and market rents and the ability to increase rents upon lease rollover; (vi) the occupancy and demand by tenants for properties of a similar type in the market area; (vii) the potential to complete a strategic renovation, expansion or re-tenanting of the property; (viii) the property’s current expense structure and the potential to increase operating margins; (ix) competition from comparable properties in the market area; and (x) vulnerability of the property's tenants to competition from e-commerce.

We may, from time to time, enter into arrangements for the acquisition of properties with property owners through the issuance of non-managing member units or partnership units in these joint venture entities that we control, which we refer to as our DownREIT entities. The limited partners and non-managing members of each of these joint ventures are entitled to receive annual or quarterly cash distributions payable from available cash of the joint venture.  The limited partners and non-managing members of these joint ventures have the right to require the Company to repurchase or redeem all or a portion of their limited partner or non-managing member interests for cash or Class A Common Stock of the Company, at our election, at prices and on terms set forth in the partnership or operating agreements.  We also have the right to redeem all or a portion of the limited partner and non-managing member interests for cash or Class A Common Stock of the Company, at our election, under certain circumstances, at prices and on terms set forth in the partnership or operating agreements.   We believe that this acquisition method may permit us to acquire properties from property owners wishing to enter into tax-deferred transactions.

From time to time, we selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition critria.

1

Leasing Results

At October 31, 2018, our properties collectively had 987 leases with tenants providing a wide range of products and services.  Tenants include regional supermarkets, national and regional discount department stores, other local retailers and office tenants.  In addition, at our Yorktown, NY property, we have developed a portion of below grade space to a storage facility which currently has 510 storage tenants.  At October 31, 2018 the 77 consolidated properties were 93.2% leased and 91.7% occupied (see Results of Operations discussion in Item 7).  At October 31, 2018, we had equity investments in seven properties which we do not consolidate; those properties were 96.3% leased.  We believe the properties are adequately covered by property and liability insurance.

A substantial portion of our operating lease income is derived from tenants under leases with terms greater than one year.  Most of the leases provide for the payment of monthly fixed base rentals and for the payment by the tenant of a pro-rata share of the real estate taxes, insurance, utilities and common area maintenance expenses incurred in operating the properties.

For the fiscal year ended October 31, 2018, no single tenant comprised more than 7.9% of the total annual base rents of our properties. The following table sets forth a schedule of our ten largest tenants by percent of total annual base rent of our properties to total annual base rent for the year ended October 31, 2018.

Tenant	Number of Stores		% of Total Annual Base Rent of Properties
Stop & Shop		8		7.9	%
CVS		10		4.9	%
The TJX Companies		6		3.5	%
Bed Bath & Beyond		3		3.0	%
Acme		4		2.5	%
ShopRite		3		1.8	%
BJ's		2		1.5	%
Staples		3		1.4	%
JP Morgan Chase		8		1.2	%
Kings Supermarkets		2		1.2	%
		49		28.9	%

See Item 2. Properties for a complete list of the Company’s properties.

The Company’s single largest real estate investment is its 100% ownership of the general and limited partnership interests in the Ridgeway Shopping Center (“Ridgeway”).

Ridgeway is located in Stamford, Connecticut and was developed in the 1950s and redeveloped in the mid-1990s. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. For the year ended October 31, 2018, Ridgeway revenues represented approximately 10.4% of the Company’s total revenues and its assets represented approximately 7.0% of the Company’s total assets at October 31, 2018. As of October 31, 2018, Ridgeway was 96% leased. The property’s largest tenants (by base rent) are:  The Stop & Shop Supermarket Company (20%), Bed, Bath & Beyond (14%) and Marshall’s Inc., a division of the TJX Companies (10%).  No other tenant accounts for more than 10% of Ridgeway’s annual base rents.

The following table sets forth a schedule of the annual lease expirations for retail leases at Ridgeway as of October 31, 2018 for each of the next ten years and thereafter (assuming that no tenants exercise renewal or cancellation options and that there are no tenant bankruptcies or other tenant defaults):

Year of Expiration	Number of Leases Expiring		Square Footage of Expiring Leases		Minimum Base Rentals		Percentage of Total Annual Base Rent that is Represented by the Expiring Leases
2019		6		17,121	$	555,400		5.1	%
2020		3		31,832		565,700		5.2	%
2021		4		43,925		942,600		8.7	%
2022		3		93,508		3,038,600		28.1	%
2023		10		102,991		3,283,000		30.3	%
2024		-		-		-		0.0	%
2025		1		15,000		633,200		5.9	%
2026		2		10,282		363,700		3.4	%
2027		2		4,964		136,800		1.3	%
2028		3		38,060		1,300,900		12.0	%
Thereafter		-		-		-		0.0	%
Total		34		357,683	$	10,819,900		100	%

For further financial information about our only reportable operating segment, Ridgeway, see note 1 of our financial statements in Item 8 included in this Annual Report on Form 10-K.

Financing Strategy

We intend to continue to finance acquisitions and property improvements and/or expansions with the most advantageous sources of capital which we believe are available to us at the time, and which may include the sale of common or preferred equity through public offerings or private placements, the incurrence of additional indebtedness through secured or unsecured borrowings, investments in real estate joint ventures and the reinvestment of proceeds from the disposition of assets.  Our financing strategy is to maintain a strong and flexible financial position by (i) maintaining a prudent level of leverage, and (ii) minimizing our exposure to interest rate risk represented by floating rate debt.

Compliance with Governmental Regulations

We, like others in the commercial real estate industry, are subject to numerous federal, state and local environmental laws and regulations.  We may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under our properties, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property).  These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances.  This liability may be imposed on us in connection with the activities of an operator of, or tenant at, the property.  The cost of any required remediation, removal, fines or personal or property damages and our liability therefore could exceed the value of the property and/or our aggregate assets.  In addition, the presence of those substances, or the failure to properly dispose of or remove those substances, may adversely affect our ability to sell or rent that property or to borrow using that property as collateral, which, in turn, would reduce our revenues and ability to make distributions.

Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990.  The requirements of this Act, or of other federal, state or local laws or regulations, also may change in the future and restrict further renovations of our properties with respect to access for disabled persons. Future compliance with the Americans with Disabilities Act of 1990 and similar regulations may require expensive changes to the properties.

Competition

The real estate investment business is highly competitive.  We compete for real estate investments with investors of all types, including domestic and foreign corporations, financial institutions, other real estate investment trusts, real estate funds, individuals and privately owned companies.  In addition, our properties are subject to local competition from the surrounding areas.  Our shopping centers compete for tenants with other regional, community or neighborhood shopping centers in the respective areas where our retail properties are located.  In addition, the retail industry is seeing greater competition from internet retailers who may not need to establish “brick and mortar” retail locations for their businesses. This reduces the demand for traditional retail space in shopping centers like ours and other grocery-anchored shopping center properties.  Our office buildings compete for tenants principally with office buildings throughout the respective areas in which they are located.  Leasing decisions are generally determined by prospective tenants on the basis of, among other things, rental rates, location, and the physical quality of the property and availability of space.

Property Management

We actively manage and supervise the operations and leasing of all of our properties.

Employees

Our executive offices are located at 321 Railroad Avenue, Greenwich, Connecticut.  Urstadt Biddle Properties Inc. has 53 employees, all located at the Company’s executive offices.  Subsidiaries of the Company also employ an additional 16 full-time and part-time employees at other locations and we believe our relationship with our employees is good.

Company Website

All of the Company’s filings with the SEC, including the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge at the Company’s website at www.ubproperties.com as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the SEC.  These filings can also be accessed through the SEC’s website at www.sec.gov.

2

Item 1A.                          Risk Factors

Risks Related to our Operations and Properties

There are risks relating to investments in real estate and the value of our property interests depends on conditions beyond our control.  Yields from our properties depend on their net income and capital appreciation.  Real property income and capital appreciation may be adversely affected by general and local economic conditions, neighborhood values, competitive overbuilding, zoning laws, weather, casualty losses and other factors beyond our control.  Since substantially all of our income is rental income from real property, our income and cash flow could be adversely affected if a large tenant is, or a significant number of tenants are, unable to pay rent or if available space cannot be rented on favorable terms.

Operating and other expenses of our properties, particularly significant expenses such as interest, real estate taxes and maintenance costs, generally do not decrease when income decreases and, even if revenues increase, operating and other expenses may increase faster than revenues.

We may be unable to sell properties when appropriate because real estate investments are illiquid.  Real estate investments generally cannot be sold quickly. In addition, there are some limitations under federal income tax laws applicable to real estate and to REITs in particular that may limit our ability to sell our assets. With respect to each of our six consolidated joint ventures, Ironbound, McLean, Orangeburg, UB High Ridge, Dumont and New City, which we refer to as our DownREITs, we may not sell or transfer the contributed property through contractually agreed upon protection periods other than as part of a tax-deferred transaction under the Code or if the conditions exist which would give us the right to call all of the non-managing member units or partnership units, as applicable, following the death or dissolution of certain non-managing members or, in connection with the exercise of creditor's rights and remedies under the existing mortgage or any refinancing by the holder thereof (which will not constitute a violation of this restriction).  Because of these market, regulatory and contractual conditions, we may not be able to alter our portfolio promptly in response to changes in economic or other conditions. Our inability to respond quickly to adverse changes in the performance of our investments could have an adverse effect on our ability to meet our obligations and make distributions to our stockholders.

Our business strategy is mainly concentrated in one type of commercial property and in one geographic location.Our primary investment focus is neighborhood and community shopping centers, with a concentration in the metropolitan New York tri-state area outside of the City of New York.  For the year ended October 31, 2018, approximately 98.3% of our total revenues were from properties located in this area. Various factors may adversely affect a shopping center's profitability.  These factors include circumstances that affect consumer spending, such as general economic conditions, economic business cycles, rates of employment, income growth, interest rates and general consumer sentiment, as well as weather patterns and natural disasters that could have a more significant localized effect in the areas where our properties are concentrated.  Changes to the real estate market in our focus areas, such as an increase in retail space or a decrease in demand for shopping center properties, could adversely affect operating results.  As a result, we may be exposed to greater risks than if our investment focus was based on more diversified types of properties and in more diversified geographic areas.

The Company's single largest real estate investment is its ownership of the Ridgeway Shopping Center ("Ridgeway") located in Stamford, Connecticut.  For the year ended October 31, 2018, Ridgeway revenues represented approximately 10.4% of the Company's total revenues and approximately 7.0% of the Company's total assets at October 31, 2018.  The loss of Ridgeway or a material decrease in revenues from Ridgeway could have a material adverse effect on the Company.

We are dependent on anchor tenants in many of our retail properties.Most of our retail properties are dependent on a major or anchor tenant, often a supermarket anchor.  If we are unable to renew any lease we have with the anchor tenant at one of these properties upon expiration of the current lease on favorable terms, or to re-lease the space to another anchor tenant of similar or better quality upon departure of an existing anchor tenant on similar or better terms, we could experience material adverse consequences with respect to such property such as higher vacancy, re-leasing on less favorable economic terms, reduced net income, reduced funds from operations and reduced property values.  Vacated anchor space also could adversely affect a property because of the loss of the departed anchor tenant's customer drawing power.  Loss of customer drawing power also can occur through the exercise of the right that some anchors have to vacate and prevent re-tenanting by paying rent for the balance of the lease term.  In addition, vacated anchor space could, under certain circumstances, permit other tenants to pay a reduced rent or terminate their leases at the affected property, which could adversely affect the future income from such property.  There can be no assurance that our anchor tenants will renew their leases when they expire or will be willing to renew on similar economic terms.  See Item 1. Business in this Annual Report on Form 10-K for additional information on our ten largest tenants by percent of total annual base rent of our properties.

Similarly, if one or more of our anchor tenants goes bankrupt, we could experience material adverse consequences like those described above.  Under bankruptcy law, tenants have the right to reject their leases.  In the event a tenant exercises this right, the landlord generally may file a claim for a portion of its unpaid and future lost rent.  Actual amounts received in satisfaction of those claims, however, are typically very limited and will be subject to the tenant's final plan of reorganization and the availability of funds to pay its creditors.  In July 2015, The Great Atlantic and Pacific Tea Company ("A&P"), an anchor at nine of our shopping centers, filed for bankruptcy, resulting in lost rent, vacancies of various duration at several of our shopping centers and other negative consequences.  We can provide no assurance that we will not experience similar bankruptcies by other anchor tenants. See Item 7. Management’s Discussion of Operations and Financial Condition in this Annual Report on Form 10-K for additional information.

We face potential difficulties or delays in renewing leases or re-leasing space.  We derive most of our income from rent received from our tenants.  Although substantially all of our properties currently have favorable occupancy rates, we cannot predict that current tenants will renew their leases upon expiration of their terms.  In addition, current tenants could attempt to terminate their leases prior to the scheduled expiration of such leases or might have difficulty in continuing to pay rent in full, if at all, in the event of a severe economic downturn.  If this occurs, we may not be able to promptly locate qualified replacement tenants and, as a result, we would lose a source of revenue while remaining responsible for the payment of our obligations.  Even if tenants decide to renew their leases, the terms of renewals or new leases, including the cost of required renovations or concessions to tenants, may be less favorable than current lease terms.

In some cases, our tenant leases contain provisions giving the tenant the exclusive right to sell particular types of merchandise or provide specific types of services within the particular retail center, or limit the ability of other tenants within the center to sell that merchandise or provide those services.  When re-leasing space after a vacancy in a center with one of these tenants, such provisions may limit the number and types of prospective tenants for the vacant space.  The failure to re-lease space or to re-lease space on satisfactory terms could adversely affect our results from operations.  Additionally, properties we may acquire in the future may not be fully leased and the cash flow from existing operations may be insufficient to pay the operating expenses and debt service associated with that property until the property is fully leased. As a result, our net income, funds from operations and ability to pay dividends to stockholders could be adversely affected.

We may acquire properties or acquire other real estate related companies, and this may create risks.  We may acquire properties or acquire other real estate related companies when we believe that an acquisition is consistent with our business strategies. We may not succeed in consummating desired acquisitions on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly acquired properties at rents sufficient to cover the costs of acquisition and operations. Acquisitions in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, redevelopment of our existing properties presents similar risks.

Newly acquired properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.

Competition may adversely affect our ability to acquire new properties.We compete for the purchase of commercial property with many entities, including other publicly traded REITs and private equity funded entities.  Many of our competitors have substantially greater financial resources than ours.  In addition, our competitors may be willing to accept lower returns on their investments.  If we are unable to successfully compete for the properties we have targeted for acquisition, we may not be able to meet our growth and investment objectives.  We may incur costs on unsuccessful acquisitions that we will not be able to recover.  The operating performance of our property acquisitions may also fall short of our expectations, which could adversely affect our financial performance.

Competition may limit our ability to generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties. Our properties consist primarily of open-air shopping centers and other retail properties.  Our performance, therefore, is generally linked to economic conditions in the market for retail space.  In the future, the market for retail space could be adversely affected by:

• weakness in the national, regional and local economies;

• the adverse financial condition of some large retailing companies;

• the impact of internet sales on the demand for retail space;

• ongoing consolidation in the retail sector; and

• the excess amount of retail space in a number of markets.

In addition, numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties.  If our competitors offer space at rental rates below our current rates or the market rates, we may lose current or potential tenants to other properties in our markets and we may need to reduce rental rates below our current rates in order to retain tenants upon expiration of their leases.  Increased competition for tenants may require us to make tenant and/or capital improvements to properties beyond those that we would otherwise have planned to make.  As a result, our results of operations and cash flow may be adversely affected. 

In addition, our tenants face increasing competition from internet commerce, outlet malls, discount retailers, warehouse clubs and other sources which could hinder our ability to attract and retain tenants and/or cause us to reduce rents at our properties, which could have an adverse effect on our results of operations and cash flows.  We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenant’s businesses, which may cause tenants to close their stores or default in payment of rent.

3

Property ownership through joint ventures could limit our control of those investments, restrict our ability to operate and finance the property on our terms, and reduce their expected return.  As of October 31, 2018, we owned eight of our operating properties through consolidated joint ventures and seven through unconsolidated joint ventures. Our joint ventures, and joint ventures we may enter into in the future, may involve risks not present with respect to our wholly-owned properties, including the following:

• We may share decision-making authority with our joint venture partners regarding certain major decisions affecting the ownership or operation of the joint venture and the joint venture property, such as, but not limited to, (i) additional capital contribution requirements, (ii) obtaining, refinancing or paying off debt, and (iii) obtaining consent prior to the sale or transfer of our interest in the joint venture to a third party, which may prevent us from taking actions that are opposed by our joint venture partners;

• Our joint venture partners may have business interests or goals with respect to the property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property;

• Disputes may develop with our joint venture partners over decisions affecting the property or the joint venture, which may result in litigation or arbitration that would increase our expenses and distract our officers from focusing their time and effort on our business, disrupt the day-to-day operations of the property such as by delaying the implementation of important decisions until the conflict is resolved, and possibly force a sale of the property if the dispute cannot be resolved; and

• The activities of a joint venture could adversely affect our ability to qualify as a REIT.

In addition, with respect to our six consolidated joint ventures, Ironbound, McLean, Orangeburg, UB High Ridge, Dumont and New City, we have additional obligations to the limited partners and non-managing members and additional limitations on our activities with respect to those joint ventures.  The limited partners and non-managing members of each of these joint ventures are entitled to receive annual or quarterly cash distributions payable from available cash of the joint venture, with the Company required to provide such funds if the joint venture is unable to do so.  The limited partners and non-managing members of these joint ventures have the right to require the Company to repurchase all or a portion of their limited partner or non-managing member interests for cash or Class A Common Stock of the Company, at our election, at prices and on terms set forth in the partnership or operating agreements.  We also have the right to redeem all or a portion of the limited partner and non-managing member interests for cash or Class A Common Stock of the Company, at our election, under certain circumstances, at prices and on terms set forth in the partnership or operating agreements.  The right of these limited partners and non-managing members to put their equity interest to us could require us to expend cash, or issue Class A Common Stock of the REIT, at a time or under circumstances that are not desirable to us.

In addition, the partnership agreement or operating agreements with our partners in Ironbound, McLean, Orangeburg, UB High Ridge, Dumont and New City include certain restrictions on our ability to sell the property and to pay off the mortgage debt on these properties before their maturity, although refinancings are generally permitted.  These restrictions could prevent us from taking advantage of favorable interest rate environments and limit our ability to best manage the debt on these properties.

Although we have historically used moderate levels of leverage, if we employed higher levels of leverage, it would result in increased risk of default on our obligations and in an increase in debt service requirements, which could adversely affect our financial condition and results of operations and our ability to pay dividends and make distributions. In addition, the viability of the interest rate hedges we use is subject to the strength of the counterparties.  We have incurred, and expect to continue to incur, indebtedness to advance our objectives. The only restrictions on the amount of indebtedness we may incur are certain contractual restrictions and financial covenants contained in our unsecured revolving credit agreement. Accordingly, we could become more highly leveraged, resulting in increased risk of default on our financial obligations and in an increase in debt service requirements. This, in turn, could adversely affect our financial condition, results of operations and our ability to make distributions.

Using debt to acquire properties, whether with recourse to us generally or only with respect to a particular property, creates an opportunity for increased return on our investment, but at the same time creates risks.  Our goal is to use debt to fund investments only when we believe it will enhance our risk-adjusted returns.  However, we cannot be sure that our use of leverage will prove to be beneficial.  Moreover, when our debt is secured by our assets, we can lose those assets through foreclosure if we do not meet our debt service obligations.  Incurring substantial debt may adversely affect our business and operating results by:

• requiring us to use a substantial portion of our cash flow to pay interest and principal, which reduces the amount available for distributions, acquisitions and capital expenditures;

• making us more vulnerable to economic and industry downturns and reducing our flexibility to respond to changing business and economic conditions;

• requiring us to agree to less favorable terms, including higher interest rates, in order to incur additional debt, and otherwise limiting our ability to borrow for operations, working capital or to finance acquisitions in the future; or

• limiting our flexibility in conducting our business, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms.

In addition, variable rate debt exposes us to changes in interest rates. Interest expense on our variable rate debt as of October 31, 2018 would increase by $286,000 annually for a 1% per annum increase in interest rates. This exposure would increase if we seek additional variable rate financing based on pricing and other commercial and financial terms.  We enter into interest rate hedging transactions, including interest rate swaps. There can be no guarantee that the future financial condition of these counterparties will enable them to fulfill their obligations under these agreements.

We are obligated to comply with financial and other covenants in our debt that could restrict our operating activities, and failure to comply could result in defaults that accelerate the payment under our debt.  Our mortgage notes payable contain customary covenants for such agreements including, among others, provisions:

• restricting our ability to assign or further encumber the properties securing the debt; and

• restricting our ability to enter into certain new leases or to amend or modify certain existing leases without obtaining consent of the lenders.

Our unsecured revolving credit agreement contains financial and other covenants which may limit our ability, without our lenders' consent, to engage in operating or financial activities that we may believe desirable.  Our unsecured revolving credit facility contains, among others, provisions restricting our ability to:

• permit unsecured debt to exceed $400 million;

• create certain liens;

• increase our overall secured and unsecured borrowing beyond certain levels;

• consolidate, merge or sell all or substantially all of our assets;

• permit secured debt to be more than 40% of gross asset value, as defined in the agreement; and

• permit unsecured indebtedness excluding preferred stock to exceed, 60% of eligible real estate asset value as defined in the agreement.

In addition, covenants included in our unsecured revolving credit facility (i) limit the amount of debt we may incur, excluding preferred stock, as a percentage of gross asset value, as defined in the agreement, to less than 60% (leverage ratio), (ii) require earnings before interest, taxes, depreciation and amortization to be at least 150% of fixed charges, (iii) require net operating income from unencumbered properties to be at least 200% of unsecured interest expenses, (iv) require not more than 15% of gross asset value and unencumbered asset pool, each term as defined in the agreement, to be attributable to the Company's pro rata share of the value of unencumbered properties owned by non-wholly owned subsidiaries or unconsolidated joint ventures, and (v) require at least 10 unencumbered properties in the unencumbered asset pool, with at least 10 properties owned by the company or a wholly-owned subsidiary.

If we were to breach any of our debt covenants and did not cure the breach within any applicable cure period, our lenders could require us to repay the debt immediately, and, if the debt is secured, could immediately begin proceedings to take possession of the property securing the loan.  As a result, a default under our debt covenants could have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations and the market value of our shares.

4

We may be required to incur additional debt to qualify as a REIT.  As a REIT, we must generally make annual distributions to shareholders of at least 90% of our taxable income. We are subject to income tax on amounts of undistributed taxable income and net capital gain. In addition, we would be subject to a 4% excise tax if we fail to distribute sufficient income to meet a minimum distribution test based on our ordinary income, capital gain and aggregate undistributed income from prior years. We intend to make distributions to shareholders to comply with the Code’s distribution provisions and to avoid federal income and excise tax. We may need to borrow funds to meet our distribution requirements because:

• our income may not be matched by our related expenses at the time the income is considered received for purposes of determining taxable income; and

• non-deductible capital expenditures, creation of reserves, or debt service requirements may reduce available cash but not taxable income.

In these circumstances, we might have to borrow funds on terms we might otherwise find unfavorable and we may have to borrow funds even if our management believes the market conditions make borrowing financially unattractive. Current tax law also allows us to pay a portion of our distributions in shares instead of cash.

Our ability to grow will be limited if we cannot obtain additional capital.  Our growth strategy includes the redevelopment of properties we already own and the acquisition of additional properties.  We are required to distribute to our stockholders at least 90% of our taxable income each year to continue to qualify as a REIT for federal income tax purposes.  Accordingly, in addition to our undistributed operating cash flow, we rely upon the availability of debt or equity capital to fund our growth, which financing may or may not be available on favorable terms or at all.  The debt could include mortgage loans from third parties or the sale of debt securities.  Equity capital could include our common stock or preferred stock.  Additional financing, refinancing or other capital may not be available in the amounts we desire or on favorable terms.

Our access to debt or equity capital depends on a number of factors, including the general state of the capital markets, the markets perception of our growth potential, our ability to pay dividends, and our current and potential future earnings.  Depending on the outcome of these factors, we could experience delay or difficulty in implementing our growth strategy on satisfactory terms, or be unable to implement this strategy.

We cannot assure you we will continue to pay dividends at historical rates.  Our ability to continue to pay dividends on our shares of Class A Common stock or Common stock at historical rates or to increase our dividend rate, and our ability to pay preferred share dividends will depend on a number of factors, including, among others, the following:

• our financial condition and results of future operations;

• the performance of lease terms by tenants;

• the terms of our loan covenants;

• payment obligations on debt; and

• our ability to acquire, finance or redevelop and lease additional properties at attractive rates.

If we do not maintain or increase the dividend on our common shares, it could have an adverse effect on the market price of our shares of Class A Common Stock or Common Stock and other securities. Any preferred shares we may offer may have a fixed dividend rate that would not increase with any increases in the dividend rate of our common shares. Conversely, payment of dividends on our common shares may be subject to payment in full of the dividends on any preferred shares and payment of interest on any debt securities we may offer.

Market interest rates could adversely affect the share price of our stock and increase the cost of refinancing debt.  A variety of factors may influence the price of our common equities in the public trading markets.  We believe that investors generally perceive REITs as yield-driven investments and compare the annual yield from dividends by REITs with yields on various other types of financial instruments.  An increase in market interest rates may lead purchasers of stock to seek a higher annual dividend rate from other investments, which could adversely affect the market price of the stock.  In addition, we are subject to the risk that we will not be able to refinance existing indebtedness on our properties.  We anticipate that a portion of the principal of our debt will not be repaid prior to maturity.  Therefore, we likely will need to refinance at least a portion of our outstanding debt as it matures.  A change in interest rates may increase the risk that we will not be able to refinance existing debt or that the terms of any refinancing will not be as favorable as the terms of the existing debt.

If principal payments due at maturity cannot be refinanced, extended or repaid with proceeds from other sources, such as new equity capital or sales of properties, our cash flow will not be sufficient to repay all maturing debt in years when significant “balloon” payments come due.  As a result, our ability to retain properties or pay dividends to stockholders could be adversely affected and we may be forced to dispose of properties on unfavorable terms, which could adversely affect our business and net income.

Construction and renovation risks could adversely affect our profitability.We currently are renovating some of our properties and may in the future renovate other properties, including tenant improvements required under leases.  Our renovation and related construction activities may expose us to certain risks.  We may incur renovation costs for a property which exceed our original estimates due to increased costs for materials or labor or other costs that are unexpected.  We also may be unable to complete renovation of a property on schedule, which could result in increased debt service expense or construction costs.  Additionally, some tenants may have the right to terminate their leases if a renovation project is not completed on time.  The time frame required to recoup our renovation and construction costs and to realize a return on such costs can often be significant.

We are dependent on key personnel.We depend on the services of our existing senior management to carry out our business and investment strategies.  We do not have employment agreements with any of our existing senior management.  As we expand, we may continue to need to recruit and retain qualified additional senior management.  The loss of the services of any of our key management personnel or our inability to recruit and retain qualified personnel in the future could have an adverse effect on our business and financial results.

Uninsured and underinsured losses may affect the value of, or return from, our property interests.We maintain insurance on our properties, including the properties securing our loans, in amounts which we believe are sufficient to permit replacement of the properties in the event of a total loss, subject to applicable deductibles.  There are certain types of losses, such as losses resulting from wars, terrorism, earthquakes, floods, hurricanes or other acts of God that may be uninsurable or not economically insurable.  Should an uninsured loss or a loss in excess of insured limits occur, we could lose capital invested in a property, as well as the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or other financial obligations related to the property.  In addition, changes in building codes and ordinances, environmental considerations and other factors might make it impracticable for us to use insurance proceeds to replace a damaged or destroyed property.  If any of these or similar events occur, it may reduce our return from an affected property and the value of our investment.

Properties with environmental problems may create liabilities for us.  Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, as an owner of real property, we may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under our properties, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property).  A property can be adversely affected either through direct physical contamination or as the result of hazardous or toxic substances or other contaminants that have or may have emanated from other properties.  These laws may impose liability without regard to whether we knew of, or were responsible for, the presence or disposal of those substances.  This liability may be imposed on us in connection with the activities of an operator of, or tenant at, the property.  The cost of any required remediation, removal, fines or personal or property damages and our liability therefore could exceed the value of the property and/or our aggregate assets.  In addition, the presence of those substances, or the failure to properly dispose of or remove those substances, may adversely affect our ability to sell or rent that property or to borrow using that property as collateral, which, in turn, would reduce our revenues and ability to make distributions.

Prior to the acquisition of any property and from time to time thereafter, we obtain Phase I environmental reports, and, when deemed warranted, Phase II environmental reports concerning the Company's properties.  There can be no assurance, however, that (i) the discovery of environmental conditions that were previously unknown, (ii) changes in law, (iii) the conduct of tenants or neighboring property owner, or (iv) activities relating to properties in the vicinity of the Company's properties, will not expose the Company to material liability in the future.  Changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures or may otherwise adversely affect the operations of our tenants, which could adversely affect our financial condition and results of operations.

We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.  We rely extensively on computer systems to process transactions and manage our business, and our business is at risk from and may be impacted by cybersecurity attacks. These could include attempts to gain unauthorized access to our data and computer systems. Attacks can be both individual and/or highly organized attempts organized by very sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these threats, which include password encryption, frequent password change events, firewall detection systems, anti-virus software and frequent backups; however, there is no guarantee such efforts will be successful in preventing a cyber-attack. A cybersecurity attack could compromise the confidential information of our employees, tenants and vendors. A successful attack could disrupt and otherwise adversely affect our business operations and financial prospects, damage our reputation and involve significant legal and/or financial liabilities and penalties, including through lawsuits by third-parties.

The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.  Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990. Investigation of a property may reveal non-compliance with this Act. The requirements of this Act, or of other federal, state or local laws or regulations, also may change in the future and restrict further renovations of our properties with respect to access for disabled persons. Future compliance with this Act may require expensive changes to the properties.

5

Risks Related to our Organization and Structure

We will be taxed as a regular corporation if we fail to maintain our REIT status.Since our founding in 1969, we have operated, and intend to continue to operate, in a manner that enables us to qualify as a REIT for federal income tax purposes.  However, the federal income tax laws governing REITs are complex.  The determination that we qualify as a REIT requires an analysis of various factual matters and circumstances that may not be completely within our control.  For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, such as rent, that are itemized in the REIT tax laws.  In addition, to qualify as a REIT, we cannot own specified amounts of debt and equity securities of some issuers.  We also are required to distribute to our stockholders at least 90% of our REIT taxable income (excluding capital gains) each year. Our continued qualification as a REIT depends on our satisfaction of the asset, income, organizational, distribution and stockholder ownership requirements of the Internal Revenue Code on a continuing basis. At any time, new laws, interpretations or court decisions may change the federal tax laws or the federal tax consequences of qualification as a REIT.  If we fail to qualify as a REIT in any taxable year and do not qualify for certain Internal Revenue Code relief provisions, we will be subject to federal income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates.  In addition, distributions to stockholders would not be deductible in computing our taxable income.  Corporate tax liability would reduce the amount of cash available for distribution to stockholders which, in turn, would reduce the market price of our stock.  Unless entitled to relief under certain Internal Revenue Code provisions, we also would be disqualified from taxation as a REIT for the four taxable years following the year during which we ceased to qualify as a REIT.

We will pay federal taxes if we do not distribute 100% of our taxable income.To the extent that we distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed income.  In addition, we will incur a 4% nondeductible excise tax on the amount, if any, by which our distributions in any year are less than the sum of:

• 85% of our ordinary income for that year;

• 95% of our capital gain net income for that year; and

• 100% of our undistributed taxable income from prior years.

We have paid out, and intend to continue to pay out, our income to our stockholders in a manner intended to satisfy the distribution requirement and to avoid corporate income tax and the 4% nondeductible excise tax.  Differences in timing between the recognition of income and the related cash receipts or the effect of required debt amortization payments could require us to borrow money or sell assets to pay out enough of our taxable income to satisfy the distribution requirement and to avoid corporate income tax and the 4% excise tax in a particular year.

Gain on disposition of assets deemed held for sale in the ordinary course of business is subject to 100% tax.If we sell any of our assets, the IRS may determine that the sale is a disposition of an asset held primarily for sale to customers in the ordinary course of a trade or business.  Gain from this kind of sale generally will be subject to a 100% tax.  Whether an asset is held "primarily for sale to customers in the ordinary course of a trade or business" depends on the particular facts and circumstances of the sale.  Although we will attempt to comply with the terms of safe-harbor provisions in the Internal Revenue Code prescribing when asset sales will not be so characterized, we cannot assure you that we will be able to do so.

U.S. federal tax reform legislation could affect REITs generally, the geographic markets in which we operate, our stock and our results of operations, both positively and negatively in ways that are difficult to anticipate.  The U.S. Congress has passed sweeping tax reform legislation that has made significant changes to corporate and individual tax rates and the calculation of taxes, as well as international tax rules for U.S. domestic corporations.  As a REIT, we are generally not required to pay federal taxes otherwise applicable to regular corporations if we comply with the various tax regulations governing REITs.  Stockholders, however, are generally required to pay taxes on REIT dividends.  Tax reform legislation has affected the way in which dividends paid on our stock are taxed by the holder of that stock and  could impact our stock price or how stockholders and potential investors view an investment in REITs.   In addition, while certain elements of tax reform legislation would not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our shopping centers and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate.

Our ownership limitation may restrict business combination opportunities.

To qualify as a REIT under the Internal Revenue Code, no more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals during the last half of each taxable year.  To preserve our REIT qualification, our charter generally prohibits any person from owning shares of any class with a value of more than 7.5% of the value of all of our outstanding capital stock and provides that:

• a transfer that violates the limitation is void;

• shares transferred to a stockholder in excess of the ownership limitation are automatically converted, by the terms of our charter, into shares of "Excess Stock;"

• a purported transferee receives no rights to the shares that violate the limitation except the right to designate a transferee of the Excess Stock held in trust; and

• the Excess Stock will be held by us as trustee of a trust for the exclusive benefit of future transferees to whom the shares of capital stock ultimately will be transferred without violating the ownership limitation.

We may also redeem Excess Stock at a price which may be less than the price paid by a stockholder.  Pursuant to authority under our charter, our Board of Directors has determined that the ownership limitation does not apply to Mr. Charles J. Urstadt, our Chairman, who, as of October 31, 2018, beneficially owns 46.0%of our outstanding Common Stock and 0.6% of our outstanding Class A Common Stock or to Mr. Willing L. Biddle, our CEO, who beneficially owns 30.7% of our outstanding Common Stock and 0.2% of our outstanding Class A Common Stock.  Such holdings represent approximately 66.7% of our outstanding voting interests.  Together as a group Messrs. Urstadt, Biddle, and the other directors and executive officers hold approximately 67.2% of our outstanding voting interests through their beneficial ownership of our Common Stock and Class A Common Stock.  The ownership limitation may delay or discourage someone from taking control of us, even though a change of control might involve a premium price for our stockholders or might otherwise be in their best interest.

Certain provisions in our charter and bylaws and Maryland law may prevent or delay a change of control or limit our stockholders from receiving a premium for their shares.Among the provisions contained in our charter and bylaws and Maryland law are the following:

• Our Board of Directors is divided into three classes, with directors in each class elected for three-year staggered terms.

• Our directors may be removed only for cause upon the vote of the holders of two-thirds of the voting power of our common equity securities.

• Our stockholders may call a special meeting of stockholders only if the holders of a majority of the voting power of our common equity securities request such a meeting in writing.

• Any consolidation, merger, share exchange or transfer of all or substantially all of our assets must be approved by (i) a majority of our directors who are currently in office or who are approved or recommended by a majority of our directors who are currently in office (the "Continuing Directors") and (ii) the affirmative vote of holders of our stock representing a majority of all votes entitled to be cast on the matter.

• Certain provisions of our charter may only be amended by (i) a vote of a majority of our Continuing Directors and (ii) the affirmative vote of holders of our stock representing a majority of all votes entitled to be cast on the matter.

• The number of directors may be increased or decreased by a vote of our Board of Directors.

In addition, we are subject to various provisions of Maryland law that impose restrictions and require affected persons to follow specified procedures with respect to certain takeover offers and business combinations, including combinations with persons who own 10% or more of our outstanding shares.  These provisions of Maryland law could delay, defer or prevent a transaction or a change of control that our stockholders might deem to be in their best interests.  As permitted by Maryland law, our charter provides that the “business combination” provisions of Maryland law described above will not apply to acquisitions of shares by Mr. Charles J. Urstadt, and our Board of Directors has determined that the provisions will not apply to Mr. Willing L. Biddle, or to Mr. Urstadt’s or Mr. Biddle’s spouses and descendants and any of their affiliates.  Consequently, unless such exemptions are amended or repealed, we may in the future enter into business combinations or other transactions with Mr. Urstadt, Mr. Biddle or any of their respective affiliates without complying with the requirements of the Maryland business combination statute.  Furthermore, shares acquired in a control share acquisition have no voting rights, except to the extent approved by the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding all interested shares.  Under Maryland law, "control shares" are those which, when aggregated with any other shares held by the acquiror, allow the acquiror to exercise voting power within specified ranges.  The control share provisions of Maryland law also could delay, defer or prevent a transaction or a change of control which our stockholders might deem to be in their best interests.  As permitted by Maryland law, our bylaws provide that the "control shares" provisions of Maryland law described above will not apply to acquisitions of our stock.  As permitted by Maryland law, our Board of Directors has exclusive power to amend the bylaws and the board could elect to make acquisitions of our stock subject to the “control shares” provisions of Maryland law as to any or all of our stockholders. In view of the common equity securities controlled by Messrs. Urstadt and Biddle, either may control a sufficient percentage of the voting power of our common equity securities to effectively block approval of any proposal which requires a vote of our stockholders.

Our stockholder rights plan could deter a change of control.We have adopted a stockholder rights plan.  This plan may deter a person or a group from acquiring more than 10% of the combined voting power of our outstanding shares of Common Stock and Class A Common Stock because, after (i) the person or group acquires more than 10% of the total combined voting power of our outstanding Common Stock and Class A Common Stock, or (ii) the commencement of a tender offer or exchange offer by any person (other than us, any one of our wholly owned subsidiaries or any of our employee benefit plans, or certain exempt persons), if, upon consummation of the tender offer or exchange offer, the person or group would beneficially own 30% or more of the combined voting power of our outstanding Common Stock and Class A Common Stock, number of outstanding Common Stock, or the number of outstanding Class A Common Stock, and upon satisfaction of certain other conditions, all other stockholders will have the right to purchase Common Stock and Class A Common Stock of the Company having a value equal to two times the exercise price of the right.  This would substantially reduce the value of the stock owned by the acquiring person.  Our board of directors can prevent the plan from operating by approving the transaction and redeeming the rights.  This gives our board of directors significant power to approve or disapprove of the efforts of a person or group to acquire a large interest in us.  The rights plan exempts acquisitions of Common Stock and Class A Common Stock by Mr. Charles J. Urstadt, Willing L. Biddle, members of their families and certain of their affiliates.

The concentration of our stock ownership or voting power limits our stockholders’ ability to influence corporate matters.  Each share of our Common Stock entitles the holder to one vote.  Each share of our Class A Common Stock entitles the holder to 1/20 of one vote per share.  Each share of Common Stock and Class A Common Stock have identical rights with respect to dividends except that each share of Class A Common Stock will receive not less than 110% of the regular quarterly dividends paid on each share of Common Stock.  As of October 31, 2018, Charles J. Urstadt, our Chairman, and Willing L. Biddle, our President and Chief Executive Officer, beneficially owned approximately 19.6% of our outstanding Common Stock and Class A Common Stock, which together represented approximately 66.7% of the voting power of our outstanding common stock.  Messrs. Urstadt and Biddle therefore have significant influence over management and affairs and over all matters requiring stockholder approval, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or our assets, for the foreseeable future. This concentrated control limits or restricts our stockholders’ ability to influence corporate matters.

6

Item 1B. Unresolved Staff Comments.

None.

7

Item 2. Properties.

Properties

The following table sets forth information concerning each property at October 31, 2018.  Except as otherwise noted, all properties are 100% owned by the Company.

Retail Properties:	Year Renovated	Year Completed	Year Acquired	Gross Leasable Sq Feet	Acres	Number of Tenants	% Leased	Principal Tenant
Stamford, CT	1997	1950	2002	374,000	13.6	34	96%	Stop & Shop
Stratford, CT	1988	1978	2005	278,000	29.0	20	100%	Stop & Shop, BJ's
Scarsdale, NY (1)	2004	1958	2010	250,000	14.0	26	97%	ShopRite
New Milford, CT	2002	1972	2010	235,000	20.0	13	98%	Walmart
Riverhead, NY (2)	-	2014	2014	198,000	20.7	4	100%	Walmart
Danbury, CT	-	1989	1995	194,000	19.3	18	98%	Christmas Tree Shops
Carmel, NY (3)	2006	1971	2010	189,000	22.0	35	95%	Tops Markets
Ossining, NY	2000	1978	1998	137,000	11.4	25	99%	Stop & Shop
Somers, NY	-	2002	2003	135,000	26.0	29	96%	Home Goods
Midland Park, NJ	1999	1970	2015	130,000	7.9	29	97%	Kings Supermarket
Carmel, NY	1999	1983	1995	129,000	19.0	17	96%	ShopRite
Pompton Lakes, NJ	2000	1965	2015	125,000	12.0	17	47%	Planet Fitness
Yorktown, NY	1997	1973	2005	121,000	16.4	12	88%	Staples
New Providence, NJ	2010	1965	2013	109,000	7.8	27	100%	Acme Markets
Newark, NJ (4)	-	1995	2008	108,000	8.4	13	95%	Seabra Supermarket
Wayne, NJ	1992	1959	1992	102,000	9.0	41	98%	Whole Foods Market
Newington, NH	1994	1975	1979	102,000	14.3	8	97%	JoAnns Fabrics
Darien, CT	1992	1955	1998	96,000	9.5	23	99%	Stop & Shop
Emerson, NJ	2013	1981	2007	93,000	7.0	11	83%	ShopRite
Stamford, CT (8)	2013	1963 & 1968	2017	87,000	6.7	27	100%	Trader Joes
New Milford, CT	-	1966	2008	81,000	7.6	5	92%	Big Y
Somers, NY	-	1991	1999	80,000	10.8	29	91%	CVS
Montvale, NJ (2)	2010	1965	2013	79,000	9.9	11	89%	The Fresh Market
Orange, CT	-	1990	2003	78,000	10.0	12	96%	Trader Joes
Kinnelon, NJ	2015	1961	2015	77,000	7.5	12	98%	Marshalls
Orangeburg, NY (5)	2014	1966	2012	74,000	10.6	27	87%	CVS
Dumont, NJ (9)	-	1992	2017	74,000	5.5	33	99%	Stop & Shop
Stamford, CT	2000	1970	2016	72,000	9.7	14	94%	ShopRite (Grade A)
New Milford, CT	-	2003	2011	72,000	8.8	11	93%	TJ Max
Eastchester, NY	2013	1978	1997	70,000	4.0	13	100%	Acme Markets
Boonton, NJ	2016	1999	2014	63,000	5.4	10	100%	Acme Markets
Ridgefield, CT	1999	1930	1998	62,000	3.0	40	92%	Keller Williams
Fairfield, CT	-	1995	2011	62,000	7.0	3	100%	Marshalls
Bloomfield, NJ	2016	1977	2014	59,000	5.1	9	96%	Superfresh Supermarket
Yonkers, NY (7)	-	1982	2014	58,000	5.0	13	100%	Acme Markets
Cos Cob, CT	2008	1986	2014	48,000	1.1	35	100%	CVS
Briarcliff Manor, NY	2014	1975	2001	47,000	1.0	17	92%	CVS
Wyckoff, NJ	2014	1971	2015	43,000	5.2	15	92%	Walgreens
Westport, CT	-	1986	2003	40,000	3.0	8	55%	Rio Bravo Restaurant
Old Greenwich, CT	-	1976	2014	39,000	1.4	14	95%	Kings Supermarket
Rye, NY	-	Various	2004	39,000	1.0	20	84%	A&S Deli
Derby, CT	-	2014	2017	39,000	5.3	6	91%	Aldi Supermarket
Passaic, NJ	2016	1974	2017	37,000	2.9	3	16%	Valley National Bank
Danbury, CT	2012	1988	2002	33,000	2.7	6	100%	Buffalo Wild Wings
Bethel, CT	1967	1957	2014	31,000	4.0	7	95%	Rite Aid
Ossining, NY	2001	1981	1999	29,000	4.0	3	88%	Westchester Community College
Katonah, NY	1986	Various	2010	28,000	1.7	27	93%	Katonah Pharmacy
Stamford, CT	1995	1960	2016	27,000	1.1	7	100%	Federal Express
Waldwick, NJ	-	1953	2017	27,000	1.8	11	100%	United States Post Office
Yonkers, NY	1992	1955	2018	27,000	2.7	16	100%	AutoZone
Harrison, NY	-	1970	2015	26,000	1.6	12	97%	Key Foods
Pelham, NY	2014	1975	2006	25,000	1.0	9	100%	Manor Market
Spring Valley, NY (2)	-	1950	2013	24,000	1.6	11	94%	Spring Valley Foods
Eastchester, NY	2014	1963	2012	24,000	2.1	5	100%	CVS
Ridgefield, CT	-	1960	2018	24,000	2.7	8	85%	Asian Fushion Restaurant
Waldwick, NJ	-	1961	2008	20,000	1.8	1	100%	Rite Aid
Somers, NY	-	1987	1992	19,000	4.9	12	100%	Putnam County Savings Bank
Cos Cob, CT	1970	1947	2013	15,000	0.9	11	100%	Jos. A Bank
Various (6)	-	Various	2013	15,000	3.0	4	75%	Restaurants
Riverhead, NY (2)	-	2000	2014	13,000	2.7	3	100%	Applebee's
Monroe, CT	-	2005	2007	10,000	2.0	6	100%	Starbucks
Greenwich, CT	-	1961	2013	10,000	0.8	6	100%	Cava Mezza Grill
Old Greenwich, CT (8)	2001	1941	2017	8,000	0.8	1	100%	CVS
Fort Lee, NJ	-	1967	2015	7,000	0.4	1	100%	H-Mart
Office Properties & Banks Branches
Greenwich, CT	-	Various	Various	58,000	2.8	16	82%	UBP
Bronxville & Yonkers	-	1960	2008 & 2009	19,000	0.7	4	100%	Peoples Bank , Chase Bank
Bernardsville, NJ	-	1970	2013	14,000	1.1	8	83%	Lab Corp
Chester, NJ	-	1950	2013	9,000	2.0	1	100%	Kinder Care
Stamford, CT (8)	2012	1960	2017	4,000	0.5	1	100%	Chase Bank
New City, NY (10)	-	1973	2018	3,000	1.0	1	100%	Putnam County Savings Bank
				5,134,000	477.2	987

(1) Two wholly owned subsidiaries of the Company own an 11.642% economic ownership interest in the property.  The Company accounts for this joint venture under the equity method of accounting and does not consolidate the entity owning the property.

(2) A wholly owned subsidiary of the Company has a 50% tenant in common interest in the property. The Company accounts for this joint venture under the equity method of accounting and does not consolidate its interest in the property.

(3) A wholly owned subsidiary of the Company has a 66.67% tenant in common interest in the property. The Company accounts for this joint venture under the equity method of accounting and does not consolidate its interest in the property.

(4) A wholly owned subsidiary of the Company is the sole general partner of a partnership that owns this property (84% ownership interest)

(5) A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (44.1% ownership interest)

(6) The Company owns five separate free standing properties, two of which are occupied 100% by a Friendly's Restaurant and two by other restaurant's. The properties are located in New York, New Jersey and Connecticut.

(7) A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (53.0% ownership interest)

(8) A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (10.9% ownership interest)

(9) A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (31.4% ownership interest)

(10) A wholly owned subsidiary of the Company is the sole managing member of a limited liability company that owns this property (75.3% ownership interest)

8

Lease Expirations – Total Portfolio

The following table sets forth a summary schedule of the annual lease expirations for the consolidated properties for leases in place as of October 31, 2018, assuming that none of the tenants exercise renewal or cancellation options, if any, at or prior to the scheduled expirations.

Year of Expiration	Number of Leases Expiring		Square Footage of Expiring Leases		Minimum Base Rents		Percentage of Total Annual Base Rent that is Represented by the Expiring Leases
2019 (1)		216		503,614	$	12,045,700		13	%
2020		106		385,825		9,628,300		10	%
2021		124		354,565		10,302,600		11	%
2022		113		647,533		15,286,500		16	%
2023		86		552,192		14,367,200		15	%
2024		50		230,776		6,298,400		6	%
2025		43		237,522		5,484,900		6	%
2026		35		136,487		3,895,400		4	%
2027		40		163,662		4,158,600		4	%
2028		36		243,352		5,460,200		6	%
Thereafter		36		483,744		8,551,200		9	%
		885		3,939,272	$	95,479,000		100	%

(1) Represents lease expirations from November 1, 2018 to October 31, 2019 and month-to-month leases.

9

Item 3. Legal Proceedings.

In the ordinary course of business, the Company is involved in legal proceedings. There are no material legal proceedings presently pending against the Company.

Item 4. Mine Safety Disclosures.

Not Applicable

10

PART II

Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.

Market Information

Shares of Common Stock and Class A Common Stock of the Company are traded on the New York Stock Exchange under the symbols "UBP" and "UBA," respectively. 

Holders

At December 31, 2018 (latest date practicable), there were 570 shareholders of record of the Company's Common Stock and 610 shareholders of record of the Class A Common Stock.

Each share of Common Stock entitles the holder to one vote.  Each share of Class A Common Stock entitles the holder to 1/20 of one vote per share.  Each share of Common Stock and Class A Common Stock have identical rights with respect to dividends except that each share of Class A Common Stock will receive not less than 110% of the regular quarterly dividends paid on each share of Common Stock.

Purchases of Equity Securities By the Issuer and Affiliated Purchasers

The Board of Directors of the Company has approved a share repurchase program ("Program") for the repurchase of up to 2,000,000 shares, in the aggregate, of Common Stock, Class A Common Stock and Series G Cumulative Preferred Stock in open market transactions.  For the three month period ended October 31, 2018, the Company did not repurchase shares of any class of stock under the Program.

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Item 6.Selected Financial Data.

(In thousands, except per share data)

	Year Ended October 31,
	2018			2017			2016			2015			2014
Balance Sheet Data:
Total Assets	$	1,008,233		$	996,713		$	931,324		$	861,075		$	819,005
Revolving Credit Lines and Unsecured Term Loan	$	28,595		$	4,000		$	8,000		$	22,750		$	40,550
Mortgage Notes Payable and Other Loans	$	293,801		$	297,071		$	273,016		$	260,457		$	205,147
Preferred Stock Called For Redemption	$	-		$	-		$	-		$	-		$	61,250
Operating Data:
Total Revenues	$	135,352		$	123,560		$	116,792		$	115,312		$	102,328
Total Expenses and payments to noncontrolling interests	$	100,320		$	91,774		$	85,337		$	88,594		$	75,927
Income from Continuing Operations before Discontinued Operations	$	42,183		$	55,432		$	34,605		$	50,212		$	53,091
Per Share Data:
Net Income from Continuing Operations - Basic:
Class A Common Stock	$	0.68		$	0.92		$	0.57		$	1.04		$	1.22
Common Stock	$	0.61		$	0.82		$	0.50		$	0.92		$	1.09
Net Income from Continuing Operations - Diluted:
Class A Common Stock	$	0.67		$	0.90		$	0.56		$	1.02		$	1.19
Common Stock	$	0.60		$	0.80		$	0.49		$	0.90		$	1.06
Cash Dividends Paid on:
Class A Common Stock	$	1.08		$	1.06		$	1.04		$	1.02		$	1.01
Common Stock	$	0.96		$	0.94		$	0.92		$	0.90		$	0.90
Other Data:
Net Cash Flow Provided by (Used in):
Operating Activities	$	71,584		$	62,995		$	62,081		$	53,041		$	52,519
Investing Activities	$	(26,476	)	$	16,262		$	(82,072	)	$	(106,975	)	$	(56,228	)
Financing  Activities	$	(43,497	)	$	(77,854	)	$	20,639		$	(12,472	)	$	73,793
Funds from Operations (1)	$	55,171		$	43,203		$	43,603		$	38,056		$	33,032

(1) The Company has adopted the definition of Funds from Operations (FFO) suggested by the National Association of Real Estate Investment Trusts (NAREIT) and defines FFO as net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of properties plus real estate related depreciation and amortization and after adjustments for unconsolidated joint ventures.  For a reconciliation of net income and FFO, see Management's Discussion and Analysis of Financial Condition and Results of Operations on page 13.  FFO does not represent cash flows from operating activities in accordance with generally accepted accounting principles and should not be considered an alternative to net income as an indicator of the Company's operating performance.  The Company considers FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of its real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure.  FFO is presented to assist investors in analyzing the performance of the Company.  It is helpful as it excludes various items included in net income that are not indicative of the Company's operating performance.  However, comparison of the Company's presentation of FFO, using the NAREIT definition, to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.  For a further discussion of FFO, see Management's Discussion and Analysis of Financial Condition and Results of Operations on page 13.

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Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included elsewhere in this report, the “Special Note Regarding Forward-Looking Statements” in Part I and “Item 1A. Risk Factors.”

Executive Summary

Overview

We are a fully integrated, self-administered real estate company that has elected to be a REIT for federal income tax purposes, engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers, with a concentration in the metropolitan New York tri-state area outside of the City of New York. Other real estate assets include office properties, single tenant retail or restaurant properties and office/retail mixed use properties.  Our major tenants include supermarket chains and other retailers who sell basic necessities.

At October 31, 2018, we owned or had equity interests in 84 properties, which include equity interests we own in six consolidated joint ventures and seven unconsolidated joint ventures, containing a total of 5.1 million square feet of Gross Leasable Area (“GLA”).    Of the properties owned by wholly-owned subsidiaries or joint venture entities that we consolidate, approximately 93.2% was leased (92.7% at October 31, 2017).  Of the properties owned by unconsolidated joint ventures, approximately 96.3% was leased (97.7% at October 31, 2017).

We have paid quarterly dividends to our shareholders continuously since our founding in 1969 and have increased the level of dividend payments to our shareholders for 24 consecutive years.

We derive substantially all of our revenues from rents and operating expense reimbursements received pursuant to long-term leases and focus our investment activities on community and neighborhood shopping centers, anchored principally by regional supermarket or pharmacy chains.  We believe that because consumers need to purchase food and other types of staple goods and services generally available at supermarket or pharmacy-anchored shopping centers, the nature of our investments provides for relatively stable revenue flows even during difficult economic times.

We have a conservative capital structure, which includes permanent equity sources of Common Stock, Class A Common Stock and two series of perpetual preferred stock, which is only redeemable at our option.  In addition, we have mortgage debt.  We have one $3.2 million mortgage maturing in October 2019, which we believe could easily be refinanced if we so choose or repaid with available cash. Two other mortgages for properties we consolidate and one secured mortgage for a property we have an equity investment in but do not consolidate had mortgages that mature in fiscal 2019.  Those mortgage notes have been refinanced or we have entered into agreements to refinance them.  For further information please see the Financing Strategy section of this Item 7 below. Thereafter, we do not have any additional secured debt maturing until January of 2022.

We focus on increasing cash flow, and consequently the value of our properties, and seek continued growth through strategic re-leasing, renovations and expansions of our existing properties and selective acquisitions of income-producing properties.  Key elements of our growth strategies and operating policies are to:

• acquire quality neighborhood and community shopping centers in the northeastern part of the United States with a concentration on properties in the metropolitan New York tri-state area outside of the City of New York, and unlock further value in these properties with selective enhancements to both the property and tenant mix, as well as improvements to management and leasing fundamentals.  Our hope is to grow our assets through acquisitions by 5% to 10% per year on a dollar value basis subject to the availability of acquisitions that meet our investment parameters;

• selectively dispose of underperforming properties and re-deploy the proceeds into potentially higher performing properties that meet our acquisition criteria;

• invest in our properties for the long term through regular maintenance, periodic renovations and capital improvements, enhancing their attractiveness to tenants and customers, as well as increasing their value;

• leverage opportunities to increase GLA at existing properties, through development of pad sites and reconfiguring of existing square footage, to meet the needs of existing or new tenants;

• proactively manage our leasing strategy by aggressively marketing available GLA, renewing existing leases with strong tenants, and replacing weak ones when necessary, with an eye towards securing leases that include regular or fixed contractual increases to minimum rents, replacing below-market-rent leases with increased market rents when possible and further improving the quality of our tenant mix at our shopping centers;

• maintain strong working relationships with our tenants, particularly our anchor tenants;

• maintain a conservative capital structure with low debt levels; and

• control property operating and administrative costs.

Highlights of Fiscal 2018; Recent Developments

Set forth below are highlights of our recent property acquisitions, other investments, property dispositions and financings:

• In October 2017, we purchased a promissory note secured by a mortgage on 470 Main Street in Ridgefield, CT (“470 Main”), which comprises part of the Yankee Ridge retail and office mixed-use property.  The note was purchased from the existing lender.  In January 2018, we completed foreclosure of the mortgage and became the owner of 470 Main.  Total consideration paid for the note, including costs, totaled $3.1 million.  470 Main is a 24,200 square foot building with ground and first floor retail and second floor office space.  We funded the note purchase with available cash.

• In March 2018, we purchased for $13.1 million a 27,000 square foot shopping center located in Yonkers, NY.  We funded the acquisition with available cash, the issuance of unsecured notes payable to the seller (See Note 4 of our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K), and borrowings on our Unsecured Revolving Credit Facility (“Facility”).

• In June 2018, the Company purchased a 75.3% equity interest in a joint venture, UB New City I, LLC, in which the Company is the managing member.  The Company's initial investment was $2.4 million.  New City owns a single tenant retail real estate property located in New City, NY, which is leased to a savings bank.  In addition, New City rents certain parking spaces on the property to the owner of an adjacent grocery-anchored shopping center.  The property was contributed to the new entity by the former owners who received units of ownership of New City equal to the value of contributed property.   The New City operating agreement provides for the non-managing member to receive an annual cash distribution, currently equal to 5.00% of his invested capital.

• In August and October 2018, three of the non-managing members in our consolidated joint venture, UB High Ridge, LLC (“High Ridge”) put, in the aggregate, 17,695 Series A units and 34,219 Series B units of High Ridge to us pursuant to the terms of the High Ridge operating agreement.  The total cash redemption amount equaled $1.2 million.  As a result, our ownership percentage of High Ridge increased from 8.8% at inception to 10.9% after the redemptions.  The redemptions were funded with available cash.

• In October 2018, we entered into a purchase and sale agreement to purchase a 177,000 square foot grocery-anchored shopping center for $12 million located in Putnam County, NY, for which we deposited $1 million with the seller.  In addition, we anticipate having to invest an additional $6 million to $8 million for capital improvements and for re-tenanting at the property.  At October 31, 2018, the property was approximately 73% leased.  We closed on the purchase in December 2018, funding the purchase with available cash and borrowings on our Facility.  We intend to fund the additional investment of $6 million to $8 million with a combination of available cash, borrowings on our Facility and by potentially placing a mortgage on the property.

• In October 2018, we entered into a commitment to refinance our existing $15 million mortgage secured by our Darien, CT shopping center on March 18, 2019, the first day the Darien mortgage can be repaid without penalty.  The new mortgage will be in the amount of $25 million, have a term of ten years and will require payments of principal and interest at the rate of LIBOR plus 1.65%.  Concurrent with the commitment, we also entered into an interest rate swap with the new lender, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.815% per annum.  The fixed interest rate on the existing mortgage is currently 6.55%.

• In October 2018, we entered into a commitment to refinance our existing $9.2 million mortgage secured by our Newark, NJ shopping center.  We anticipate the refinancing will take place in March 2019, the first month the current mortgage can be repaid without penalty.  The new mortgage will be in the amount of $10 million and has a term of ten years and requires payments of principal and interest at the fixed rate of 4.63%, which is a reduction from the existing fixed interest rate of 6.15%.

Known Trends; Outlook

We believe that shopping center REITs face opportunities and challenges that are both common to and unique from other REITs and real estate companies.     As a shopping center REIT, we are focused on certain challenges that are unique to the retail industry.  In particular, we recognize the challenges presented by e-commerce to brick-and-mortar retail establishments, including our tenants. However, we believe that because consumers prefer to purchase food and other staple goods and services available at supermarkets in person, the nature of our properties makes them less vulnerable to the encroachment of e-commerce than other properties whose tenants may more directly compete with the internet.   Moreover, we believe the nature of our properties makes them less susceptible to economic downturns than other retail properties whose anchor tenants are not supermarkets or other staple goods providers.  We note, however, that many prospective in-line tenants are seeking smaller spaces than in the past, as a result, in part, of internet encroachment on their brick-and-mortar business.   When feasible, we actively work to place tenants that are less susceptible to internet encroachment, such as restaurants, fitness centers, healthcare and personal services.  We continue to be sensitive to these considerations when we establish the tenant mix at our shopping centers, and believe that our strategy of focusing on supermarket anchors is a strong one.

In the metropolitan tri-state area outside of New York City, demographics (income, density, etc.) remain strong and opportunities for new development, as well as acquisitions, are competitive, with high barriers to entry.  We believe that this will remain the case for the foreseeable future, and have focused our growth strategy accordingly.

As a REIT, we are susceptible to changes in interest rates, the lending environment, the availability of capital markets and the general economy.  For example, we believe that we are entering an increased interest rate environment, which could negatively impact the attractiveness of REIT stock to investors and our borrowing activities.  It is also possible, however, that higher interest rates could signal a stronger economy, resulting in greater spending by consumers.  The impact of such changes are difficult to predict.

In December 2017, the U.S. Congress passed sweeping tax reform legislation that made significant changes to corporate and individual tax rates and the calculation of taxes, as well as international tax rules for U.S. domestic corporations.  As a REIT, we are generally not required to pay federal taxes otherwise applicable to regular corporations if we comply with the various tax regulations governing REITs.  Stockholders, however, are generally required to pay taxes on REIT dividends.  Tax reform legislation would affect the way in which dividends paid on our stock are taxed by the holder of that stock and could impact our stock price or how stockholders and potential investors view an investment in REITs.   In addition, while certain elements of tax reform legislation would not impact us directly as a REIT, they could impact the geographic markets in which we operate, the tenants that populate our shopping centers and the customers who frequent our properties in ways, both positive and negative, that are difficult to anticipate.

13

Leasing

Rollovers

For the fiscal year 2018, we signed leases for a total of 707,000 square feet of predominantly retail space in our consolidated portfolio.  New leases for vacant spaces were signed for 210,000 square feet at an average rental decrease of 11.7% on a cash basis, excluding 16,400 square feet of new leases for which there was no prior rent history available.  The rental decrease for new lease space in fiscal 2018 was predominantly related to a 63,000 square foot supermarket lease in our Newark, NJ property, which was leased at a rental rate 30% below the prior occupied lease rate (see Significant Events with Impacts on Leasing section below).  Renewals for 480,000 square feet of space previously occupied were signed at an average rental increase of 6.5% on a cash basis.

Tenant improvements and leasing commissions averaged $60.85 per square foot for new leases and $16.57 per square foot for renewals for the fiscal year ended 2018. The average term for new leases was 5.7 years and the average term for renewal leases was 4 years.

The rental increases/decreases associated with new and renewal leases generally include all leases signed in arms-length transactions reflecting market leverage between landlords and tenants.  The comparison between average rent for expiring leases and new leases is determined by including minimum rent paid on the expiring lease and minimum rent to be paid on the new lease in the first year. In some instances, management exercises judgment as to how to most effectively reflect the comparability of spaces reported in this calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, the age of the expiring lease, capital investment made in the space and the specific lease structure. Tenant improvements include the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators or new entrances) that are required to make the space leasable.  Incentives (if applicable) include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

The leases signed in 2018 generally become effective over the following one to two years. There is risk, however, that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financial or other reasons.

In 2019, we believe our leasing volume will be in-line with our historical averages with overall positive increases in rental income for renewal leases and flat to slightly positive increases for new leases. However, changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases will continue to increase at the above described levels, if at all.

Significant Events with Impacts on Leasing

In July 2015, one of our largest tenants, A&P, filed a voluntary petition under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”).  Subsequently, A&P determined that it would be liquidating the company. Prior to A&P filing for bankruptcy, A&P leased and occupied nine spaces totaling 365,000 square feet in our portfolio.  The bankruptcy process relating to our nine spaces is complete, with eight of the nine A&P leases having been assumed by new operators in the bankruptcy process or re-leased by us to new operators.  The remaining lease, located in our Pompton Lakes shopping center, totaling 63,000 square feet, was rejected by A&P in bankruptcy, and we are continuing to market that space for re-lease.  In July 2017, one other 36,000 square foot space formerly occupied by A&P that we had released to a local grocery operator became vacant, as that operator failed to perform under its lease and was evicted.  We have signed a lease with Whole Foods Market for this location, and we are hopeful that we can deliver the space to the lessee in early fiscal 2019.  The lease required us to obtain municipal approvals, among other things, for a small 2,000 square foot expansion of the shopping center to accommodate the new tenant.  We received these municipal approvals in the fourth quarter of fiscal 2018 and have included this space as leased beginning in this fourth quarter of fiscal 2018.  In February 2018, Tops Markets, LLC filed a voluntary petition under chapter 11 of title 11 of the Bankruptcy Code.  Tops Markets is a tenant at a property owned by an unconsolidated joint venture in which we have a 66.67% ownership interest.  The space is 61,000 square feet and the lease runs through 2026.  In September 2018, Tops Markets assumed the lease and continues to perform under its lease pursuant to its terms.  In May 2018, the grocery tenant occupying 30,600 square feet at our Passaic, NJ property went vacant, the tenant was evicted, and the lease was terminated.  We are currently marketing this space for lease.  As a result of the eviction and lease termination, the intangible assets and liabilities related to that lease were charged to income/expense in the third quarter of fiscal 2018.  As a result we increased base rent on the consolidated income statement by $745,000 in the fiscal year ended October 31, 2018 and we increased amortization expense by $443,000 in the fiscal year ended October 31, 2018.

In April 2018, we reached agreement with the grocery tenant at our Newark, NJ property to terminate its 63,000 square foot lease in exchange for a $3.7 million lease termination payment, which we received and recorded as revenue in the fiscal year ended October 31, 2018.  Also in April 2018, we leased that same space to a new grocery store operator who took possession in May 2018.  While the rental rate on the new lease is 30% less than the rental rate on the terminated lease, we hope that part of this decreased rental rate will be recaptured with the receipt of percentage rent in subsequent years as the store matures and its sales increase.  The new lease required no tenant improvements or tenant allowances.

In 2017, Toys R’ Us and Babies R’ Us (“Toys”) filed a voluntary petition under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”).  Subsequently, Toys determined that it would be liquidating the company.  Toys ground leased 65,700 square feet of space in our Danbury, CT shopping center.  In August 2018, this lease was purchased out of bankruptcy from Toys and assumed by a new owner.  The base lease rate for the 65,700 square foot space is $0 for the duration of the lease, and we did not have any other leases with Toys R’ Us or Babies R’ Us, so the Company’s cash flow was not impacted by the bankruptcy of Toys R’ Us and Babies R’ Us.  As of the date of this report, we have not been informed by the new owner of the lease which operator will occupy the space.

Impact of Inflation on Leasing

Our long-term leases contain provisions to mitigate the adverse impact of inflation on our operating results. Such provisions include clauses entitling us to receive (a) scheduled base rent increases and (b) percentage rents based upon tenants’ gross sales, which generally increase as prices rise. In addition, many of our non-anchor leases are for terms of less than ten years, which permits us to seek increases in rents upon renewal at then current market rates if rents provided in the expiring leases are below then existing market rates. Most of our leases require tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation.

Critical Accounting Policies

Critical accounting policies are those that are both important to the presentation of the Company’s financial condition and results of operations and require management’s most difficult, complex or subjective judgments.  For a further discussion about the Company's critical accounting policies, please see Note 1 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.

14

Liquidity and Capital Resources

Overview

At October 31, 2018, we had cash and cash equivalents of $10.3 million, compared to $8.7 million at October 31, 2017.  Our sources of liquidity and capital resources include operating cash flow from real estate operations, proceeds from bank borrowings and long-term mortgage debt, capital financings and sales of real estate investments.  Substantially all of our revenues are derived from rents paid under existing leases, which means that our operating cash flow depends on the ability of our tenants to make rental payments.  In fiscal 2018, 2017 and 2016, net cash flow provided by operations amounted to $71.6 million, $63.0 million and $62.1 million, respectively.

Our short-term liquidity requirements consist primarily of normal recurring operating expenses and capital expenditures, debt service, management and professional fees, and regular dividends paid to our Common and Class A Common stockholders, which we expect to continue.  Cash dividends paid on Common and Class A Common stock for the years ended October 31, 2018 and 2017 totaled $41.6 million and $40.6 million, respectively.  Historically, we have met short-term liquidity requirements, which is defined as a rolling twelve month period, primarily by generating net cash from the operation of our properties.   We believe that our net cash provided by operations will continue to be sufficient to fund our short-term liquidity requirements, including payment of dividends necessary to maintain our federal income tax REIT status.

Our long-term liquidity requirements consist primarily of obligations under our long-term debt, dividends paid to our preferred stockholders, capital expenditures and capital required for acquisitions.  In addition, the limited partners and non-managing members of our six consolidated joint venture entities, UB Ironbound, L.P., UB McLean, LLC, UB Orangeburg, LLC, High Ridge, UB Dumont I, LLC and UB New City I, LLC, have the right to require the Company to repurchase all or a portion of their limited partner or non-managing member interests at prices and on terms as set forth in the governing agreements.  See Note 5 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.  Historically, we have financed the foregoing requirements through operating cash flow, borrowings under our Facility, debt refinancings, new debt, equity offerings and other capital market transactions, and/or the disposition of under-performing assets, with a focus on keeping our leverage low.  We expect to continue doing so in the future.  We cannot assure you, however, that these sources will always be available to us when needed, or on the terms we desire.

Capital Expenditures

We invest in our existing properties and regularly make capital expenditures in the ordinary course of business to maintain our properties. We believe that such expenditures enhance the competitiveness of our properties. In fiscal 2018, we paid approximately $8.2 million for property improvements, tenant improvements and leasing commission costs (approximately $5.3 million representing property improvements and approximately $2.9 million related to new tenant space improvements, leasing costs and capital improvements as a result of new tenant spaces).  The amount of these expenditures can vary significantly depending on tenant negotiations, market conditions and rental rates.  We expect to incur approximately $5.0 million predominantly for anticipated capital improvements and leasing costs related to new tenant leases and property improvements during fiscal 2019.  These expenditures are expected to be funded from operating cash flows, bank borrowings or other financing sources.

Financing Strategy, Unsecured Revolving Credit Facility and other Financing Transactions

Our strategy is to maintain a conservative capital structure with low leverage levels by commercial real estate standards.  Mortgage notes payable and other loans of $293.8 million consist of $1.7 million in variable rate debt with an interest rate of 4.91% as of October 31, 2018 and $292.1 million in fixed-rate mortgage loan and unsecured note indebtedness with a weighted average interest rate of 4.19% at October 31, 2018.  The mortgages are secured by 26 properties with a net book value of $558 million and have fixed rates of interest ranging from 3.5% to 6.6%.  The $1.7 million in variable rate debt is unsecured.  We may refinance our mortgage loans, at or prior to scheduled maturity, through replacement mortgage loans.  The ability to do so, however, is dependent upon various factors, including the income level of the properties, interest rates and credit conditions within the commercial real estate market. Accordingly, there can be no assurance that such re-financings can be achieved.

In addition, at October 31, 2018, we had $28.6 million of variable-rate debt consisting of draws on our Facility (see below) that was not fixed through an interest rate swap or otherwise. See “Item 7.A. Quantitative and Qualitative Disclosures about Market Risk” included in this Annual Report on Form 10-K for additional information on our interest rate risk.

We currently maintain a ratio of total debt to total assets below 35% and a fixed charge coverage ratio of over 3.62 to 1 (excluding preferred stock dividends), which we believe will allow us to obtain additional secured mortgage loans or other types of borrowings, if necessary.  We own 51 properties in our consolidated portfolio that are not encumbered by secured mortgage debt.  At October 31, 2018, we had borrowing capacity of $70.8 million on our Facility.  Our Facility includes financial covenants that limit, among other things, our ability to incur unsecured and secured indebtedness.  See Note 4 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for additional information on these and other restrictions.

Unsecured Revolving Credit Facility and Other Property Financings

We have a $100 million unsecured revolving credit facility with a syndicate of three banks, BNY Mellon, BMO and Wells Fargo N.A. with the ability under certain conditions to additionally increase the capacity to $150 million, subject to lender approval.  The maturity date of the Facility is August 23, 2020 with a one-year extension at our option.  Borrowings under the Facility can be used for general corporate purposes and the issuance of up to $10 million of letters of credit.  Borrowings will bear interest at our option of Eurodollar rate plus 1.35% to 1.95% or BNY Mellon's prime lending rate plus 0.35% to 0.95%, based on consolidated indebtedness, as defined.  We pay a quarterly commitment fee on the unused commitment amount of 0.15% to 0.25% per annum, based on outstanding borrowings during the year.  As of October 31, 2018, $70.8 million was available to be drawn on the Facility.  Our ability to borrow under the Facility is subject to our compliance with the covenants and other restrictions on an ongoing basis.  As discussed above, the principal financial covenants limit our level of secured and unsecured indebtedness and additionally require us to maintain certain debt coverage ratios.  We were in compliance with such covenants at October 31, 2018.

During the year ended October 31, 2018, we borrowed $33.6 million on our Facility for property acquisitions, to fund capital improvements to our properties and for general corporate purposes. For the year ended October 31, 2018 we repaid $9 million of borrowings on our Facility with available cash.

See Note 4 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for a further description of mortgage financing transactions in fiscal 2018.

Net Cash Flows from Operating Activities

Increase from fiscal 2017 to 2018:

The increase in operating cash flows was primarily due to our properties generating additional operating income in the fiscal year ended October 31, 2018 when compared with the corresponding prior period.  This additional operating income was predominantly from properties acquired in fiscal 2017 and fiscal 2018 and lease termination income of $3.8 million received in fiscal 2018 versus $2.4 million in fiscal 2017.

Increase from fiscal 2016 to 2017:

The increase in operating cash flows was primarily due to our generating additional operating income for the year ended October 31, 2017 from properties acquired in fiscal 2016 and 2017 and the receipt of a lease termination payment in the amount of $2.1 million from a former tenant whose lease was terminated in July 2017 offset by an increase in tenant receivables in fiscal 2017 when compared with fiscal 2016.

Net Cash Flows from Investing Activities

Decrease from fiscal 2017 to 2018:

The decrease in net cash flows used in investing activities in fiscal 2018 when compared to fiscal 2017 was the result of our selling two properties in fiscal 2017, which generated proceeds of $45.3 million.  We did not sell any properties in fiscal 2018.  In addition, we had provided $13.5 million in mortgage financing to a shopping center we did not own in fiscal 2016.  That loan was repaid to us in fiscal 2017.  This net increase in cash used in investing activities was offset by expending $23.7 million less on property acquisitions in fiscal 2018 when compared with the corresponding prior period.

Increase from fiscal 2016 to 2017:

The increase in net cash flows provided by investing activities in fiscal 2017 when compared to fiscal 2016 was the result of the Company selling its White Plains, NY property and a single tenant property located in Fairfield, CT in fiscal 2017 and generating net proceeds of $45.3 million on those sales.  In addition, we expended $11.8 million less for improvements to our investment properties in fiscal 2017 when compared to fiscal 2016.  This increase was further accentuated by our acquiring four properties and investing in two joint ventures, which we consolidate, that acquired four properties in fiscal 2017 for a total equity investment of $30.6 million as compared with fiscal 2016, during which we acquired two investment properties requiring $58.7 million of equity capital.  The increase was further bolstered by the repayment of our one mortgage note receivable by the borrower in the amount of $13.5 million in fiscal 2017.  This note was funded in fiscal 2016.

We regularly make capital investments in our properties for property improvements, tenant improvements costs and leasing commissions.

Net Cash Flows from Financing Activities

Cash generated:

Fiscal 2018: (Total $43.8 million)

•Proceeds from revolving credit line borrowings in the amount of $33.6 million.

•Procceds from mortage financing of $10 million

Fiscal 2017: (Total $213.5 million)

•Proceeds from mortgage note payable in the amount of $50 million.

•Proceeds from revolving credit line borrowings in the amount of $52 million.

•Proceeds from the issuance of Series H Preferred Stock in the amount of $111.3 million.

Fiscal 2016: (Total $159.5 million)

•Proceeds from issuance of Class A Common Stock in the amount of $73.7 million.

•Proceeds from revolving credit line borrowings in the amount of $52.0 million.

•Proceeds from mortgage financings in the amount of $33.7 million.

Cash used:

Fiscal 2018: (Total $87.3 million)

•Dividends to shareholders in the amount of $53.9 million.

•Repayment of mortgage notes payable in the amount of $24.1 million.

•Repayment of revolving credit line borrowings in the amount of $9 million.

Fiscal 2017: (Total $291.4 million)

•Dividends to shareholders in the amount of $55.6 million.

•Repayment of mortgage notes payable in the amount of $43.7 million.

•Repayment of revolving credit line borrowings in the amount of $56 million.

•Redemption of preferred stock in the amount of $129.4 million.

Fiscal 2016: (Total $138.9 million)

•Dividends to shareholders in the amount of $51.4 million.

•Repayment of mortgage notes payable in the amount of $20.7 million.

•Repayment of revolving credit line borrowings in the amount of $66.8 million.

15

Results of Operations

Fiscal 2018 vs. Fiscal 2017

The following information summarizes our results of operations for the years ended October 31, 2018 and 2017 (amounts in thousands):

	Year Ended October 31,										Change Attributable to:
Revenues	2018		2017		Increase (Decrease)			% Change			Property Acquisitions/Sales			Properties Held in Both Periods (Note 1)
Base rents	$	95,902	$	88,383	$	7,519			8.5	%	$	5,624		$	1,895
Recoveries from tenants		31,144		28,676		2,468			8.6	%		1,444			1,024
Lease termination		3,795		2,432		1,363			56.0	%		(2,148	)		3,511
Other income		4,511		4,069		442			10.9	%		(198	)		640
Operating Expenses
Property operating		22,009		20,074		1,935			9.6	%		1,133			802
Property taxes		21,167		19,621		1,546			7.9	%		833			713
Depreciation and amortization		28,324		26,512		1,812			6.8	%		1,895			(83	)
General and administrative		9,223		9,183		40			0.4	%		n/a			n/a
Non-Operating Income/Expense
Interest expense		13,678		12,981		697			5.4	%		646			51
Interest, dividends, and other investment income		350		356		(6	)		-1.7	%		n/a			n/a

Note 1 – Properties held in both periods includes only properties owned for the entire periods of 2018 and 2017 and for interest expense the amount also includes parent company interest expense.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues

Base rents increased by 8.5% to $95.9 million in fiscal 2018, as compared with $88.4 million in the comparable period of 2017.  The increase in base rents and the changes in other income statement line items were attributable to:

Property Acquisitions and Properties Sold:

In fiscal 2017, we purchased four properties totaling 114,700 square feet of GLA, invested in two joint ventures that own four properties totaling 173,600 square feet, whose operations we consolidate, and sold two properties totaling 203,800 square feet.  In fiscal 2018, we purchased three properties totaling 53,700 square feet.  These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in fiscal year ended October 31, 2018 when compared with fiscal 2017.

Properties Held in Both Periods:

Revenues

Base Rents

The increase in base rents for properties owned in both periods was predominantly attributable to new leasing activity at several properties held in both periods that created a positive variance in base rents.  This positive variance in base rents was accentuated by our writing off $633,000 in accrued straight-line rent in the third quarter of fiscal 2017 relating to a tenant who had occupied a 36,000 square foot grocery space at our Valley Ridge property.  This tenant failed to perform under its lease, and the lease was terminated in the third quarter of fiscal 2017.  See “Significant Events with Impact on Leasing” in this Item 7.

In fiscal 2018, the Company leased or renewed approximately 707,000 square feet (or approximately 16% of total consolidated property leasable area).  At October 31, 2018, the Company’s consolidated properties were approximately 93.2% leased (92.7% leased at October 31, 2017).

Tenant Recoveries

For the year ended October 31, 2018, recoveries from tenants for properties owned in both periods, which represents reimbursements from tenants for operating expenses and property taxes, increased by $1.0 million.  This increase was the result of increases in both property operating expenses and property tax expense in the consolidated portfolio for properties owned in fiscal 2018 when compared with the corresponding prior period.  The increases in property operating expenses were related to increased costs for snow removal, roof repairs and parking lot repairs at our properties, and the increases in property tax expenses were related to increases in property tax assessments.

Lease Termination Income

In April 2018, we reached agreement with the grocery tenant at our Newark, NJ property to terminate its 63,000 square foot lease in exchange for a one-time $3.7 million lease termination payment, which we received and recorded as revenue in the fiscal year ended October 31, 2018.  Also, in March 2018, we leased that same space to a new grocery store operator who took possession in May 2018.  While the rental rate on the new lease is 30% less than the rental rate on the terminated lease, we hope that part of this decreased rental rate will be recaptured with the receipt of percentage rent in subsequent years as the store matures and its sales increase.  The new lease required no tenant improvement allowances or landlord work.

Expenses

Property operating expenses for properties owned in both fiscal year 2018 and 2017 increased by $802,000.  This increase was predominantly the result of increased costs for snow removal, roof repairs and parking lot repairs at our properties.

Real estate taxes for properties owned in both fiscal year 2018 and 2017 increased by $713,000 as a result of normal tax assessment increases at some of our properties.

Interest expense for properties owned in both fiscal year 2018 and 2017 increased by $51,000 as a result of an increase in corporate interest expense on the Company’s unsecured revolving credit facility as a result of having more principal outstanding in fiscal 2018 versus fiscal 2017. This increase was partially offset by the recapitalizing of our largest mortgage, which is secured by our Ridgeway Shopping Center, after the second quarter of fiscal 2017.  The Ridgeway interest rate was reduced from 5.52% to 3.398%, which caused a reduction of interest expense, this reduction was partially offset by the Company increasing the principal outstanding on the mortgage from $44 million to $50 million.

Depreciation and amortization expense for properties owned in both fiscal year 2018 and 2017 was relatively unchanged in fiscal 2018 when compared with fiscal 2017.

General and Administrative Expenses

General and administrative expense for the year ended October 31, 2018, when compared with the year ended October 31, 2017 was relatively unchanged.

16

Fiscal 2017 vs. Fiscal 2016

The following information summarizes our results of operations for the years ended October 31, 2017 and 2016 (amounts in thousands):

	Year Ended October 31,										Change Attributable to:
Revenues	2017		2016		Increase (Decrease)			% Change			Property Acquisitions/Sales		Properties Held in Both Periods (Note 2)
Base rents	$	88,383	$	87,172	$	1,211			1.4	%	$	1,539	$	(328	)
Recoveries from tenants		28,676		25,788		2,888			11.2	%		1,950		938
Lease termination		2,432		619		1,813			292.9	%		2,148		(335	)
Other income		4,069		3,213		856			26.6	%		155		701
Operating Expenses
Property operating		20,074		18,717		1,357			7.3	%		720		637
Property taxes		19,621		18,548		1,073			5.8	%		641		432
Depreciation and amortization		26,512		23,025		3,487			15.1	%		2,302		1,185
General and administrative		9,183		9,284		(101	)		(1.1	)%		n/a		n/a
Non-Operating Income/Expense
Interest expense		12,981		12,983		(2	)		0.0	%		1,098		(1,100	)
Interest, dividends, and other investment income		356		242		114			47.1	%		n/a		n/a

Note 2 – Properties held in both periods includes only properties owned for the entire periods of 2017 and 2016 and for interest expense the amount also includes parent company interest expense.  All other properties are included in the property acquisition/sales column.  There are no properties excluded from the analysis.

Revenues

Base rents increased by 1.4% to $88.4 million in fiscal 2017, as compared with $87.2 million in the comparable period of 2016.  The increase in base rents and the changes in other income statement line items were attributable to:

Property Acquisitions and Properties Sold:

In fiscal 2017, the Company purchased four properties totaling 114,700 square feet of GLA, invested in two joint ventures that own four properties totaling 173,600 square feet, whose operations we consolidate, and sold two properties totaling 203,800 square feet.  In fiscal 2016, the Company purchased two properties totaling 101,400 square feet.  These properties accounted for all of the revenue and expense changes attributable to property acquisitions and sales in year ended October 31, 2017 when compared with fiscal 2016.

Properties Held in Both Periods:

Revenues

Base Rent

The decrease in base rents for properties owned in both periods was caused predominantly by a slight reduction in the percentage of the portfolio that was leased in fiscal 2017 when compared with fiscal 2016.

In fiscal 2017, the Company leased or renewed approximately 650,000 square feet (or approximately 15.0% of total consolidated property leasable area).  At October 31, 2017, the Company’s consolidated properties were approximately 92.7% leased (93.3% leased at October 31, 2016).

Tenant Recoveries

For the year ended October 31, 2017, recoveries from tenants for properties owned in both periods (which represent reimbursements from tenants for operating expenses and property taxes) increased by $938,000. This increase was a result of an increase in both property operating expenses and property tax expense in the consolidated portfolio for properties owned for the entire periods of fiscal 2017 and 2016, along with an increase in leased rate at some properties which increased the rate at which the Company could bill operating expenses to tenants in fiscal 2017 versus fiscal 2016.

Expenses

Property operating expenses for properties owned in both fiscal year 2017 and 2016 increased by $637,000.  This increase was predominantly as a result of an increase in snow removal costs at our properties.

Real estate taxes for properties owned in both fiscal year 2017 and 2016 increased by $432,000 as a result of normal tax assessment increases at some of our properties.

Interest expense for properties owned in both fiscal year 2017 and 2016 decreased by $1.1 million as a result of the refinancing of our largest mortgage in July 2017.  In July 2017 we refinanced our mortgage loan secured by our Stamford, CT property and although the principal increased from $44 million to $50 million, the interest rate was reduced from 5.52% to 3.398% per annum.  In addition, we repaid our mortgage at our Bloomfield, NJ property after the second quarter of fiscal 2016.  In addition, the reduction was accentuated by normal recurring amortization payments on our portfolio of mortgages, which reduces interest expense in fiscal 2017 when compared with fiscal 2016 for the same mortgages.

Depreciation and amortization expense for properties owned in both fiscal year 2017 and 2016 increased by $1.2 million as a result of an increase in capital improvements on properties held in both periods in fiscal 2016 and 2017.

General and Administrative Expenses

General and administrative expense for the year ended October 31, 2017, when compared with the year ended October 31, 2016 decreased by $101,000, as a result of a decrease in restricted stock amortization, which reduces compensation expense and a reduction in professional fees offset by increased compensation expense for additional staffing at the Company and increased bonus compensation for our employees in fiscal 2017 when compared with fiscal 2016.

17

Funds from Operations

We consider Funds from Operations (“FFO”) to be an additional measure of our operating performance.  We report FFO in addition to net income applicable to common stockholders and net cash provided by operating activities.  Management has adopted the definition suggested by The National Association of Real Estate Investment Trusts (“NAREIT”) and defines FFO to mean net income (computed in accordance with GAAP) excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures.

Management considers FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of our real estate assets diminishes predictably over time and industry analysts have accepted it as a performance measure.  FFO is presented to assist investors in analyzing our performance.  It is helpful as it excludes various items included in net income that are not indicative of our operating performance, such as gains (or losses) from sales of property and depreciation and amortization.  However, FFO:

• does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and

• should not be considered an alternative to net income as an indication of our performance.

FFO as defined by us may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs.  The table below provides a reconciliation of net income applicable to Common and Class A Common Stockholders in accordance with GAAP to FFO for each of the three years in the period ended October 31, 2018, 2017 and 2016 (amounts in thousands):

	Year Ended October 31,
	2018		2017			2016
Net Income Applicable to Common and Class A Common Stockholders	$	25,217	$	33,898		$	19,436
Real property depreciation		22,139		20,505			18,866
Amortization of tenant improvements and allowances		4,039		4,448			3,517
Amortization of deferred leasing costs		2,057		1,468			557
Depreciation and amortization on unconsolidated joint ventures		1,719		1,618			1,589
(Gain)/loss on sale of properties		-		(18,734	)		(362	)
Funds from Operations Applicable to Common and Class A Common Stockholders	$	55,171	$	43,203		$	43,603

FFO amounted to $55.2 million in fiscal 2018, compared to $43.2 million in fiscal 2017 and $43.6 million in fiscal 2016.

The net increase in FFO in fiscal 2018 when compared with fiscal 2017 was predominantly attributable, among other things, to: (i) the additional net income generated from properties acquired in fiscal 2017 and fiscal 2018; (ii) a decrease in preferred stock dividends of $2.7 million as a result of redeeming our Series F preferred stock in October 2017 and replacing it with Series H preferred stock, which has a lower dividend rate and a smaller issuance amount by $14.4 million; and (iii) $3.8 million in lease termination income in the second quarter of fiscal 2018 for a tenant that terminated its lease with us early versus $2.4 million in lease termination income in fiscal 2017 for a tenant that terminated its lease with us early.  This increase was partially offset by (iv) a $548,000 decrease in interest income generated as a result of the one mortgage receivable we had outstanding for most of fiscal 2017, which was repaid in October 2017.

The net decrease in FFO in fiscal 2017 when compared with fiscal 2016 was predominantly attributable, among other things to; (a) $4.1 million in preferred stock redemption charges in fiscal 2017 related to the company redeeming its Series F preferred stock in October 2017, there were no preferred stock redemption charges in fiscal 2016.  This decrease was offset by (b) the additional net income generated from properties acquired in the second half of fiscal 2016 and properties acquired in fiscal 2017; (c) a reduction in the charge for bad debt expense in the amount of $578,000 in fiscal 2017 versus fiscal 2016; (d) interest income generated from a $13.5 million mortgage originated in the fourth quarter of fiscal 2016, which was not repaid until October of fiscal 2017; (e) a $1.8 million increase in lease termination income in fiscal 2017 versus fiscal 2016 related to the lease termination of the only lease at our Fairfield, CT property in the third quarter of fiscal 2017;  and (f) a $412,000 reduction in acquisition costs in fiscal 2017 versus fiscal 2016 as a result of an accounting change that became effective for us on the first day of fiscal 2017 which changes how costs related to investment property acquisitions are accounted for.

18

Off-Balance Sheet Arrangements

We have seven off-balance sheet investments in real property through unconsolidated joint ventures:

• a 66.67% equity interest in the Putnam Plaza Shopping Center,

• an 11.642% equity interest in the Midway Shopping Center L.P.,

• a 50% equity interest in the Chestnut Ridge Shopping Center and Plaza 59 Shopping Centers,

• a 50% equity interest in the Gateway Plaza shopping center and the Riverhead Applebee’s Plaza, and

• a 20% economic interest in a partnership that owns a suburban office building with ground level retail.

These unconsolidated joint ventures are accounted for under the equity method of accounting, as we have the ability to exercise significant influence over, but not control of, the operating and financial decisions of these investments.  Our off-balance sheet arrangements are more fully discussed in Note 6 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.  Although we have not guaranteed the debt of these joint ventures, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g. guarantees against fraud, misrepresentation and bankruptcy) on certain loans of the joint ventures.  The below table details information about the outstanding non-recourse mortgage financings on our unconsolidated joint ventures (amounts in thousands):

		Principal Balance
Joint Venture Description	Location	Original Balance		At October 31, 2018		Fixed Interest Rate Per Annum			Maturity Date
Midway Shopping Center	Scarsdale, NY	$	32,000	$	27,538		4.80	%	Dec-2027
Putnam Plaza Shopping Center	Carmel, NY	$	18,900	$	18,900		4.81	%	Oct-2028
Gateway Plaza	Riverhead, NY	$	14,000	$	12,373		4.18	%	Feb-2024
Applebee's Plaza	Riverhead, NY	$	1,300	$	1,005		5.98	%	Aug-2026
Applebee's Plaza	Riverhead, NY	$	1,000	$	887		3.38	%	Aug-2026

In October 2018, the mortgage secured by the Putnam Plaza property above was refinanced.  The new loan has a term of ten years and requires payments of principal and interest at the rate of LIBOR plus 1.65%.  Concurrent with the refinancing, the owners of Putnam plaza entered into an interest rate swap agreement that is conterminous with the maturity of the mortgage.  The interest rate swap agreement converts the variable interest rate on the note to a fixed interest rate of 4.81%.

Contractual Obligations

Our contractual payment obligations as of October 31, 2018 were as follows (amounts in thousands):

	Payments Due by Period
	Total		2019		2020		2021		2022		2023		Thereafter
Mortgage notes payable and other loans	$	293,801	$	33,241	$	6,032	$	6,391	$	55,067	$	5,269	$	187,801
Interest on mortgage notes payable		62,814		11,857		10,636		10,276		9,068		7,619		13,358
Revolving credit lines		28,595		-		-		-		28,595		-		-
Property acquisitions		12,000		12,000		-		-		-		-		-
Tenant obligations*		4,993		4,993		-		-		-		-		-
Total Contractual Obligations	$	402,203	$	62,091	$	16,668	$	16,667	$	92,730	$	12,888	$	201,159

*Committed tenant-related obligations based on executed leases as of October 31, 2018.

We have various standing or renewable service contracts with vendors related to property management. In addition, we also have certain other utility contracts entered into in the ordinary course of business which may extend beyond one year, which vary based on usage.  These contracts include terms that provide for cancellation with insignificant or no cancellation penalties.  Contract terms are generally one year or less.

19

Item 7A.Quantitative and Qualitative Disclosures about Market Risk

We are exposed to interest rate risk primarily through our borrowing activities, which include fixed-rate mortgage debt and, in limited circumstances, variable rate debt.  As of October 31, 2018, we had total mortgage debt and other notes payable of $293.8 million, $292.1 million for which interest was based on fixed-rate, inclusive of variable rate mortgages that have been swapped to fixed interest rates using interest rate swap derivatives contracts and $1.7 million of which interest was based on a variable rate (see below).

Our fixed-rate debt presents inherent rollover risk for borrowings as they mature and are renewed at current market rates.  The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements.

To reduce our exposure to interest rate risk on variable-rate debt, we use interest rate swap agreements, for example, to convert some of our variable-rate debt to fixed-rate debt.  As of October 31, 2018, we had seven open derivative financial instruments.  These interest rate swaps are cross collateralized with mortgages on properties in Rye, NY, Ossining, NY, Yonkers, NY, Orangeburg, NY, Stamford, CT, Greenwich CT and Dumont, NJ.  The Rye swaps expire in October 2019, the Ossining swap expires in October 2024, the Yonkers swap expires in November 2024, the Orangeburg swap expires in October 2024, the Stamford swap expires in July 2027, the Greenwich swaps expire in October 2026 and the Dumont, NJ swap expires in 2027, in each case concurrent with the maturity of the respective mortgages.  All of the aforementioned derivatives contracts are adjusted to fair market value at each reporting period.  We have concluded that all of the aforementioned derivatives contracts are effective cash flow hedges as defined in ASC Topic 815.  We are required to evaluate the effectiveness at inception and at each reporting date.  As a result of the aforementioned derivatives contracts being effective cash flow hedges all changes in fair market value are recorded directly to stockholders equity in accumulated comprehensive income and have no effect on our earnings.

At October 31, 2018, we had $28.6 million of borrowings outstanding on our Facility, which bears interest at Libor plus 1.35%.  If interest rates were to rise 1%, our interest expense as a result of the variable rate borrowing on the Facility would increase by $286,000 per annum.

In addition, we purchased a property in March of fiscal 2018 and financed a portion of the purchase price with unsecured notes held by the seller of the property.  The unsecured notes require the payment of interest only.  $1.5 million of the notes bear interest at a fixed rate of 5.05% and $1.7 million of the notes bear interest at a variable rate of interest based on the level of our Class A Common stock dividend, currently 4.91% as of October 31, 2018.  If the level of our Class A Common dividend rises, it will increase the interest rate on the $1.7 million in notes.

The following table sets forth the Company’s long-term debt obligations by principal cash payments and maturity dates, weighted average fixed interest rates and estimated fair value at October 31, 2018 (amounts in thousands, except weighted average interest rate):

	For the Fiscal Year Ended October 31,
	2019				2020			2021			2022				2023			Thereafter				Total				Estimated Fair Value
Mortgage notes payable and other loans		$	33,241			$	6,032		$	6,391		$	55,067			$	5,269		$	187,801			$	293,801			$	280,563
Weighted average interest rate for debt maturing			6.11	%			n/a			n/a			4.42	%			n/a			3.88	%			4.19	%

20

Item 8. Financial Statements and Supplementary Data.

The consolidated financial statements required by this Item, together with the reports of the Company's independent registered public accounting firm thereon and the supplementary financial information required by this Item, are included under Item 15 of this Annual Report.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

There were no changes in, or any disagreements with, the Company's independent registered public accounting firm on accounting principles and practices or financial disclosure during the years ended October 31, 2018 and 2017.

Item 9A. Controls and Procedures.

At the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e).  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective. During the fourth quarter of 2018, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

21

(a) Management's Report on Internal Control over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934.  The Company's internal control over financial reporting is a process designed by, or under the supervision of, the Company's Chief Executive Officer and Chief Financial Officer and effected by the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles.

The Company's internal control over financial reporting includes policies and procedures that: relate to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the Company; provide reasonable assurance of the recording of all transactions necessary to permit the preparation of the Company's consolidated financial statements in accordance with generally accepted accounting principles and the proper authorization of receipts and expenditures in accordance with authorization of the Company's management and directors; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the Company's consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projection of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of October 31, 2018. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control – Integrated Framework (2013).  Based on its assessment, management determined that the Company's internal control over financial reporting was effective as of October 31, 2018.  The Company's independent registered public accounting firm, PKF O'Connor Davies, LLP has audited the effectiveness of the Company's internal control over financial reporting, as indicated in their attestation report which is included in (b) below.

22

(b) Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Urstadt Biddle Properties Inc.

Opinion on Internal Control over Financial Reporting

We have audited Urstadt Biddle Properties Inc.’s (the “Company”) internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control–Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of October 31, 2018 and 2017, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended October 31, 2018, and our report dated January 10, 2019, expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ PKF O'Connor Davies, LLP

January 10, 2019

New York, New York

23

Item 9B. Other Information.

Not applicable.

24

PART III

Item 10.Directors, Executive Officers and Corporate Governance.

The Company will file its definitive Proxy Statement for its Annual Meeting of Stockholders to be held on March 21, 2019 within the period required under the applicable rules of the SEC.  The additional information required by this Item is included under the captions “Election of Directors”, “Information Concerning Continuing Directors and Executive Officers”, “Corporate Governance and Board Matters”, “Section 16(a) Beneficial Ownership Reporting Compliance” and other information included in the Proxy Statement and is incorporated herein by reference.

The Company has adopted a Code of Ethics for Senior Financial Officers (the “Code of Ethics”) that is available at the Investors/Governance/Governance Documents section of our website at www.ubproperties.com.  A copy of the Code of Ethics is available in print, free of charge, to stockholders upon request to us at the following address:

Attention:  Corporate Secretary

321 Railroad Avenue

Greenwich, CT 06830

We intend to satisfy the disclosure requirements under the Securities and Exchange Act of 1934, as amended, regarding an amendment to or waiver from a provision of our Code of Ethics by posting such information on our web site.

Item 11.Executive Compensation.

The Company will file its definitive Proxy Statement for its Annual Meeting of Stockholders to be held on March 21, 2019 within the period required under the applicable rules of the SEC.  The information required by this Item is included under the captions “Compensation Discussion and Analysis”, “Executive Compensation”, “Director Compensation”, “Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report”, and as part of the executive compensation and director related compensation tables and other information included in the Proxy Statement, and is incorporated herein by reference.

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The Company will file its definitive Proxy Statement for its Annual Meeting of Stockholders to be held on March 21, 2019 within the period required under the applicable rules of the SEC.  The information required by this Item is included under the captions, “Equity Compensation Plans”, “Security Ownership of Certain Beneficial Owners and Management” and other information included in the Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions and Director Independence.

The Company will file its definitive Proxy Statement for its Annual Meeting of Stockholders to be held on March 21, 2019 within the period required under the applicable rules of the SEC.  The information required by this Item is included under the captions “Corporate Governance and Board Matters”, “Certain Relationships and Related Party Transactions” and other information included in the Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

The Company will file its definitive Proxy Statement for its Annual Meeting of Stockholders to be held on March 21, 2019 within the period required under the applicable rules of the SEC.  The information required by this Item is included under the caption “Fees Billed by Independent Registered Public Accounting Firm” of such Proxy Statement and is incorporated herein by reference.

25

PART IV

Item 15. Exhibits and Financial Statement Schedules

A.Index to Financial Statements and Financial Statement Schedules

1. Financial Statements

The consolidated financial statements listed in the accompanying index to financial statements on Page 27 are filed as part of this Annual Report.

2. Financial Statement Schedules --

The financial statement schedules required by this Item is filed with this report and are listed in the accompanying index to financial statements on Page 27.  All other financial statement schedules are not applicable.

B.Exhibits.

Listed below are all Exhibits filed as part of this report. Certain Exhibits are incorporated by reference to documents previously filed by the Company with the SEC pursuant to Rule 12b-32 under the Securities Exchange Act of 1934, as amended.

Exhibit

3.1	(a) Amended Articles of Incorporation of the Company dated December 30, 1996 (incorporated by reference to Exhibit 3.1(a) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(b) Articles Supplementary of the Company dated March 12, 1997, classifying the Company's Series A Participating Preferred Shares (incorporated by reference to Exhibit 3.1(b) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(c) Articles of Amendment with Name Change dated March 11, 1998 to the Company's Amended Articles of Incorporation (incorporated by reference to Exhibit 3.1(c) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(d) Articles Supplementary of the Company dated June 16, 1998, classifying the Company's Class A Common Stock (incorporated by reference to Exhibit 3.1(d) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(e) Articles Supplementary of the Company dated April 7, 2005, classifying the Company's Series D Senior Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1(e) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(f) Certificate of Correction dated April 29, 2005 to the Articles Supplementary of the Company dated April 7, 2005 (incorporated by reference to Exhibit 3.1(f) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(g) Articles Supplementary of the Company dated April 29, 2005, classifying 850,000 additional shares of the Company's Series D Senior Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1(g) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(h) Articles Supplementary of the Company dated June 3, 2005, classifying 450,000 additional shares of the Company's Series D Senior Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1(h) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(i) Articles Supplementary of the Company dated October 22, 2012, classifying the Company's Series F Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1(i) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(j) Articles of Amendment dated March 21, 2013 to the Company's Amended Articles of Incorporation (incorporated by reference to Exhibit 3.1(j) of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2013 (SEC File No. 001-12803)).
	(k) Articles Supplementary of the Company dated October 23, 2014, classifying the Company's Series G Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on October 27, 2014 (SEC File No. 001-12803)).
	(l) Articles Supplementary of the Company dated December 12, 2014, reclassifying several series of the Company's preferred stock (incorporated by reference to Exhibit 99.2 of the Company's Current Report on Form 8-K filed on December 16, 2014 (SEC File No. 001-12803)).
	(m) Articles Supplementary of the Company dated September 13, 2017, classifying the Company's 6.250% Series H Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1(m)) of the Company's Registration Statement on Form 8-A filed on September 15, 2017 (SEC File No. 001-12803).
	(n)  Articles Supplementary of the Corporation, dated August 13, 2018, classifying the Company’s Series I Participating Preferred Shares (incorporated by reference to exhibit 3.1(a) of the Company’s Current Report on Form 8-K filed on August 13, 2018 (SEC File No. 001-12803)).
	(o)  Articles Supplementary of the Corporation, dated August 13, 2018, classifying the Company’s Series J Participating Preferred Shares (incorporated by reference to exhibit 3.1(b) of the Company’s Current Report on Form 8-K filed on August 13, 2018 (SEC File No. 001-12803)).
3.2	Bylaws of the Company, Amended and Restated as of December 11, 2014 (incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on December 16, 2014 (SEC File No. 001-12803)).
4.1	Common Stock:  See Exhibits 3.1 (a)-(o) hereto.
4.2	Rights Agreement between the Company and Computershare Inc., as Rights Agent, dated as of August 13, 2018 (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on August 13, 2018 (SEC File No. 001-12803)).
4.3	Series G Preferred Shares:  See Exhibits 3.1 (a)-(o) hereto.
4.4	Series H Preferred Shares:  See Exhibits 3.1 (a)-(0) hereto.
4.5	Series I Preferred Shares:  See Exhibits 3.1 (a)-(o) hereto.
4.6	Series J Preferred Shares:  See Exhibits 3.1 (a)-(o) hereto.
10.1	Amended and Restated Restricted Stock Award Plan as approved by the Company's stockholders on March 24, 2016 (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2016 (SEC File No. 001-12803)). #
10.2	Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Director Employees) (incorporated by reference to Exhibit 10.2 of the Company's Annual Report on Form 10-K for the year ended October 31, 201 (SEC File No. 001-12803)).#
10.3	Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Director) (incorporated by reference to Exhibit 10.3 of the Company's Annual Report on Form 10-K for the year ended October 31, 201 (SEC File No. 001-12803)).#
10.4	Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Non-Employee Director)(incorporated by reference to Exhibit 10.4 of the Company's Annual Report on Form 10-K for the year ended October 31, 201 (SEC File No. 001-12803)).#
10.5	Forms of Restricted Stock Award Agreements with Restricted Stock Plan Participants (Chairman Emeritus) (incorporated by reference to Exhibit 10.5 of the Company's Annual Report on Form 10-K for the year ended October 31, 201 (SEC File No. 001-12803)).#
10.6	Amended and Restated Dividend Reinvestment and Share Purchase Plan (incorporated herein by reference to the Company's Registration Statement on Form S-3 filed on March 31, 2010 (SEC File No. 333-64381)).
10.7	Amended and Restated Excess Benefit and Deferred Compensation Plan dated December 10, 2008 (incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on December 15, 2008 (SEC File No. 001-12803)).#
10.8	Change in Control Agreement dated December 16, 2008 between the Company and John T. Hayes (incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on December 17, 2008 (SEC File No. 001-12803)).#
10.9	Change in Control Agreement dated March 27, 2014 between the Company and Stephan A. Rapaglia (incorporated by reference to Exhibit 99.2 of the Company's Current Report on Form 8-K filed on March 31, 2014 (SEC File No. 001-12803)). #
10.10	Change in Control Agreement, dated June 7, 2016, between the Company and Miyun Sung.* #
10.11	Form of Amended and Restated Change of Control Agreements dated as of December 19, 2007 between the Company and Charles J. Urstadt and Willing L. Biddle (incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on December 26, 2007 (SEC File No. 001-12803)).#
10.12	Amended and Restated Credit Agreement, dated August 23, 2016, by and among the Company, The Bank of New York Mellon, as Administrative Agent, and BMO Capital Markets, as Co-Syndication Agent, and Wells Fargo Bank, N.A., as Co-Syndication Agent, and the Lenders named therein (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on August 26, 2016 (SEC File No. 001-12803)).
10.13	First Amendment, dated February 28, 2018, to the Amended and Restated Credit Agreement dated August 23, 2016 by and among the Company, The Bank of New York Mellon, as Administrative Agent, and BMO Capital Markets, as Co-Syndication Agent, and Wells Fargo Bank, N.A., as Co-Syndication Agent, and the lenders named therein (incorporated by reference to Exhibit 10.15 of the Company’s Quarterly Report on Form 10-Q filed on March 9, 2018 (SEC File No. 001-12803)).
10.14	Underwriting Agreement, dated September 13, 2017, by and among the Company and BMO Capital Markets Corp. and Wells Fargo Securities, LLC, as representatives of the several underwriters named on Schedule I thereto (incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on September 18, 2017 (SEC File No. 001-12803).
21	List of the Company's subsidiaries.*
23	Consent of PKF O'Connor Davies, LLP.*
31.1	Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Willing L. Biddle.*
31.2	Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by John T. Hayes.*
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Willing L. Biddle and John T. Hayes.**
101	The following materials from Urstadt Biddle Properties Inc. Annual Report on Form 10-K for the year ended October 31, 2018, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income (4) the Consolidated Statements of Cash Flows, (5) the Consolidated Statements of Stockholders' Equity and (6) Notes to Consolidated Financial Statements detail tagged.*

^# Management contract, compensation plan arrangement.

* Filed herewith.

** Furnished herewith.

26

	URSTADT BIDDLE PROPERTIES INC.
Item 15.	INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES	Page
	Consolidated Balance Sheets at October 31, 2018 and 2017	28
	Consolidated Statements of Income for each of the three years in the period ended October 31, 2018	29
	Consolidated Statements of Comprehensive Income for each of the three years in the period ended October 31, 2018	30
	Consolidated Statements of Cash Flows for each of the three years in the period ended October 31, 2018	31
	Consolidated Statements of Stockholders' Equity for each of the three years in the period ended October 31, 2018	32
	Notes to Consolidated Financial Statements	33
	Report of Independent Registered Public Accounting Firm	49
Schedules
III	Real Estate and Accumulated Depreciation - October 31, 2018	50
IV	Mortgage Loans on Real Estate - October 31, 2018	52

All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.

27

URSTADT BIDDLE PROPERTIES INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	October 31, 2018			October 31, 2017
ASSETS
Real Estate Investments:
Real Estate – at cost	$	1,118,075		$	1,090,402
Less: Accumulated depreciation		(218,653	)		(195,020	)
		899,422			895,382
Investments in and advances to unconsolidated joint ventures		37,434			38,049
		936,856			933,431
Cash and cash equivalents		10,285			8,674
Restricted cash		2,540			2,306
Marketable securities		5,567			-
Tenant receivables		22,607			19,632
Prepaid expenses and other assets		19,927			20,803
Deferred charges, net of accumulated amortization		10,451			11,867
Total Assets	$	1,008,233		$	996,713
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Revolving credit lines	$	28,595		$	4,000
Mortgage notes payable and other loans		293,801			297,071
Accounts payable and accrued expenses		3,900			4,200
Deferred compensation – officers		72			96
Other liabilities		21,466			22,755
Total Liabilities		347,834			328,122
Redeemable Noncontrolling Interests		78,258			81,361
Commitments and Contingencies
Stockholders' Equity:
6.75% Series G Cumulative Preferred Stock (liquidation preference of $25 per share); 3,000,000 shares issued and outstanding		75,000			75,000
6.25% Series H Cumulative Preferred Stock (liquidation preference of $25 per share); 4,600,000 shares issued and outstanding		115,000			115,000
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding		-			-
Common Stock, par value $0.01 per share; 30,000,000 shares authorized; 9,822,006 and 9,664,778 shares issued and outstanding		99			97
Class A Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 29,814,814 and 29,728,744 shares issued and outstanding		298			297
Additional paid in capital		518,136			514,217
Cumulative distributions in excess of net income		(133,858	)		(120,123	)
Accumulated other comprehensive income		7,466			2,742
Total Stockholders' Equity		582,141			587,230
Total Liabilities and Stockholders' Equity	$	1,008,233		$	996,713

The accompanying notes to consolidated financial statements are an integral part of these statements.

28

URSTADT BIDDLE PROPERTIES INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

	Year Ended October 31,
	2018			2017			2016
Revenues
Base rents	$	95,902		$	88,383		$	87,172
Recoveries from tenants		31,144			28,676			25,788
Lease termination		3,795			2,432			619
Other		4,511			4,069			3,213
Total Revenues		135,352			123,560			116,792
Expenses
Property operating		22,009			20,074			18,717
Property taxes		21,167			19,621			18,548
Depreciation and amortization		28,324			26,512			23,025
General and administrative		9,223			9,183			9,284
Provision for tenant credit losses		859			583			1,161
Acquisition costs		-			-			412
Directors' fees and expenses		344			321			318
Total Operating Expenses		81,926			76,294			71,465
Operating Income		53,426			47,266			45,327
Non-Operating Income (Expense):
Interest expense		(13,678	)		(12,981	)		(12,983	)
Equity in net income from unconsolidated joint ventures		2,085			2,057			2,019
Interest, dividends and other investment income		350			356			242
Gain on sale of properties		-			18,734			-
Net Income		42,183			55,432			34,605
Noncontrolling interests:
Net income attributable to noncontrolling interests		(4,716	)		(2,499	)		(889	)
Net income attributable to Urstadt Biddle Properties Inc.		37,467			52,933			33,716
Preferred stock dividends		(12,250	)		(14,960	)		(14,280	)
Redemption of preferred stock		-			(4,075	)		-
Net Income Applicable to Common and Class A Common Stockholders	$	25,217		$	33,898		$	19,436
Basic Earnings Per Share:
Per Common Share	$	0.61		$	0.82		$	0.50
Per Class A Common Share	$	0.68		$	0.92		$	0.57
Diluted Earnings Per Share:
Per Common Share	$	0.60		$	0.80		$	0.49
Per Class A Common Share	$	0.67		$	0.90		$	0.56

The accompanying notes to consolidated financial statements are an integral part of these statements.

29

URSTADT BIDDLE PROPERTIES INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

	Year Ended October 31,
	2018			2017			2016
Net Income	$	42,183		$	55,432		$	34,605
Other comprehensive income:
Change in unrealized gain on marketable equity securities		569			-			-
Change in unrealized gain (loss) on interest rate swaps		4,155			4,045			(73	)
Total comprehensive income		46,907			59,477			34,532
Comprehensive income attributable to noncontrolling interests		(4,716	)		(2,499	)		(889	)
Total comprehensive income attributable to Urstadt Biddle Properties Inc.		42,191			56,978			33,643
Preferred stock dividends		(12,250	)		(14,960	)		(14,280	)
Redemption of preferred stock		-			(4,075	)		-
Total comprehensive income applicable to Common and Class A Stockholders	$	29,941		$	37,943		$	19,363

The accompanying notes to consolidated financial statements are an integral part of these statements.

30

URSTADT BIDDLE PROPERTIES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended October 31,
	2018			2017			2016
Cash Flows from Operating Activities:
Net income	$	42,183		$	55,432		$	34,605
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization		28,324			26,512			23,025
Straight-line rent adjustment		(957	)		(507	)		(1,902	)
Provisions for tenant credit losses		859			583			1,161
Restricted stock compensation expense and other adjustments		4,085			3,956			4,442
Deferred compensation arrangement		(24	)		(35	)		(26	)
Gain on sale of properties		-			(18,734	)		-
Equity in net (income) of unconsolidated joint ventures		(2,085	)		(2,057	)		(2,019	)
Distributions of operating income from unconsolidated joint ventures		2,085			2,057			2,019
Changes in operating assets and liabilities:
Tenant receivables		(956	)		(825	)		4,203
Accounts payable and accrued expenses		161			3,635			1,464
Other assets and other liabilities, net		(1,857	)		(6,740	)		(5,057	)
Restricted Cash		(234	)		(282	)		166
Net Cash Flow Provided by Operating Activities		71,584			62,995			62,081
Cash Flows from Investing Activities:
Acquisitions of real estate investments		(6,910	)		(30,599	)		(58,737	)
Investments in and advances to unconsolidated joint ventures		-			(158	)		(700	)
Acquisitions of noncontrolling interests		(1,220	)		-			-
Investment in mortgage note		-			-			(13,500	)
Repayment of mortgage note		-			13,500			-
Deposits on acquisition of real estate investments		(1,000	)		(715	)		(750	)
Returns of deposits on real estate investments		-			500			640
Improvements to properties and deferred charges		(8,184	)		(9,676	)		(21,462	)
Net proceeds from sale of properties		-			45,438			-
Deposits received on sale of property		-			-			11,900
Purchases of securities available for sale		(4,999	)		-			-
Distributions to noncontrolling interests		(4,716	)		(2,499	)		(889	)
Return of capital from unconsolidated joint ventures		553			471			1,426
Net Cash Flow Provided by (Used in) Investing Activities		(26,476	)		16,262			(82,072	)
Cash Flows from Financing Activities:
Dividends paid -- Common and Class A Common Stock		(41,626	)		(40,596	)		(37,092	)
Dividends paid -- Preferred Stock		(12,250	)		(14,960	)		(14,280	)
Amortization payments on mortgage notes payable		(6,427	)		(6,776	)		(20,744	)
Proceeds from mortgage note payable and other loans		10,000			50,000			33,663
Repayment of mortgage notes payable and other loans		(17,624	)		(43,675	)		-
Proceeds from revolving credit line borrowings		33,595			52,000			52,000
Sales of additional shares of Common and Class A Common Stock		196			200			73,842
Repayments on revolving credit line borrowings		(9,000	)		(56,000	)		(66,750	)
Repurchase of shares of Class A Common Stock		(120	)		-			-
Shares withheld for employee taxes		(241	)		-			-
Net proceeds from issuance of Preferred Stock		-			111,328			-
Redemption of preferred stock including restricted cash		-			(129,375	)		-
Net Cash Flow Provided by (Used in) Financing Activities		(43,497	)		(77,854	)		20,639
Net Increase In Cash and Cash Equivalents		1,611			1,403			648
Cash and Cash Equivalents at Beginning of Year		8,674			7,271			6,623
Cash and Cash Equivalents at End of Year	$	10,285		$	8,674		$	7,271

The accompanying notes to consolidated financial statements are an integral part of these statements

31

URSTADT BIDDLE PROPERTIES INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands, except shares and per share data)

	7.125% Series F Preferred Stock Issued			7.125% Series F Preferred Stock Amount			6.75% Series G Preferred Stock Issued		6.75% Series G Preferred Stock Amount		6.25% Series H Preferred Stock Issued		6.25% Series H Preferred Stock Amount		Common Stock Issued		Common Stock Amount		Class A Common Stock Issued			Class A Common Stock Amount		Additional Paid In Capital			Cumulative Distributions In Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Stockholders Equity
Balances - October 31, 2015		5,175,000		$	129,375			3,000,000	$	75,000		-	$	-		9,350,885	$	94		26,370,216		$	264	$	431,411		$	(94,136	)	$	(1,230	)	$	540,778
Net income applicable to Common and Class A common stockholders		-			-			-		-		-		-		-		-		-			-		-			19,436			-			19,436
Change in unrealized (loss) on interest rate swap		-			-			-		-		-		-		-		-		-			-		-			-			(73	)		(73	)
Cash dividends paid :
Common stock ($0.92 per share)		-			-			-		-		-		-		-		-		-			-		-			(8,745	)		-			(8,745	)
Class A common stock ($1.04 per share)		-			-			-		-		-		-		-		-		-			-		-			(28,348	)		-			(28,348	)
Issuance of shares under dividend reinvestment plan		-			-			-		-		-		-		4,988		-		5,854			-		219			-			-			219
Shares issued under restricted stock plan		-			-			-		-		-		-		152,100		2		95,600			1		(3	)		-			-			-
Forfeiture of restricted stock		-			-			-		-		-		-		-		-		(650	)		-		-			-			-			-
Issuance of Class A Common stock		-			-			-		-		-		-		-		-		3,162,500			31		73,623			-			-			73,654
Restricted stock compensation and other adjustment		-			-			-		-		-		-		-		-		-			-		4,410			-			-			4,410
Adjustments to redeemable noncontrolling interests		-			-			-		-		-		-		-		-		-			-		-			(2,298	)		-			(2,298	)
Balances - October 31, 2016		5,175,000			129,375			3,000,000		75,000		-		-		9,507,973		96		29,633,520			296		509,660			(114,091	)		(1,303	)		599,033
Net income applicable to Common and Class A common stockholders		-			-			-		-		-		-		-		-		-			-		-			33,898			-			33,898
Change in unrealized gain (loss) on interest rate swap		-			-			-		-		-		-		-		-		-			-		-			-			4,045			4,045
Cash dividends paid :
Common stock ($0.94 per share)		-			-			-		-		-		-		-		-		-			-		-			(9,082	)		-			(9,082	)
Class A common stock ($1.06 per share)		-			-			-		-		-		-		-		-		-			-		-			(31,514	)		-			(31,514	)
Issuance of shares under dividend reinvestment plan		-			-			-		-		-		-		4,705		-		5,399			-		200			-			-			200
Shares issued under restricted stock plan		-			-			-		-		-		-		152,100		1		96,225			1		(2	)		-			-			-
Forfeiture of restricted stock		-			-			-		-		-		-		-		-		(6,400	)		-		-			-			-			-
Issuance of Series H Preferred Stock		-			-			-		-		4,600,000		115,000		-		-		-			-		(3,672	)		-			-			111,328
Redemption of Series F Preferred Stock		(5,175,000	)		(129,375	)		-		-		-		-		-		-		-			-		4,075			-			-			(125,300	)
Restricted stock compensation and other adjustment		-			-			-		-		-		-		-		-		-			-		3,956			-			-			3,956
Adjustments to redeemable noncontrolling interests		-			-			-		-		-		-		-		-		-			-		-			666			-			666
Balances - October 31, 2017		-			-			3,000,000		75,000		4,600,000		115,000		9,664,778		97		29,728,744			297		514,217			(120,123	)		2,742			587,230
Net income applicable to Common and Class A common stockholders		-			-			-		-		-		-		-		-		-			-		-			25,217			-			25,217
Change in unrealized gains on marketable securities		-			-			-		-		-		-		-		-		-			-		-			-			569			569
Change in unrealized gains on interest rate swap		-			-			-		-		-		-		-		-		-			-		-			-			4,155			4,155
Cash dividends paid :
Common stock ($0.96 per share)		-			-			-		-		-		-		-		-		-			-		-			(9,426	)		-			(9,426	)
Class A common stock ($1.08 per share)		-			-			-		-		-		-		-		-		-			-		-			(32,200	)		-			(32,200	)
Issuance of shares under dividend reinvestment plan		-			-			-		-		-		-		4,528		-		5,766			-		197			-			-			197
Shares issued under restricted stock plan		-			-			-		-		-		-		152,700		2		102,800			1		(3	)		-			-			-
Shares withheld for employee taxes		-			-			-		-		-		-		-		-		(10,886	)		-		(240	)		-			-			(240	)
Forfeiture of restricted stock		-			-			-		-		-		-		-		-		(4,950	)		-		-			-			-			-
Restricted stock compensation and other adjustments		-			-			-		-		-		-		-		-		-			-		4,085			-			-			4,085
Repurchase of Class A Common stock		-			-			-		-		-		-		-		-		(6,660	)		-		(120	)		-			-			(120	)
Adjustments to redeemable noncontrolling interests		-			-			-		-		-		-		-		-		-			-		-			2,674			-			2,674
Balances - October 31, 2018		-		$	-			3,000,000	$	75,000		4,600,000	$	115,000		9,822,006	$	99		29,814,814		$	298	$	518,136		$	(133,858	)	$	7,466		$	582,141

The accompanying notes to consolidated financial statements are an integral part of these statements.

32

URSTADT BIDDLE PROPERTIES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

October 31, 2018

(1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Urstadt Biddle Properties Inc. (“Company”), a Maryland Corporation, is a real estate investment trust (REIT), engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At October 31, 2018, the Company owned or had equity interests in 84 properties containing a total of 5.1 million square feet of gross leasable area ("GLA").

Principles of Consolidation and Use of Estimates

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures;" joint ventures that the Company does not control but otherwise exercises significant influence in, are accounted for under the equity method of accounting. See Note 6 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value measurements and the collectability of tenant receivables.  Actual results could differ from these estimates.

Federal Income Taxes

The Company has elected to be treated as a real estate investment trust under Sections 856-860 of the Internal Revenue Code ("Code"). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2018 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, “Income Taxes,” that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.   Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of October 31, 2018.  As of October 31, 2018, the fiscal tax years 2014 through and including 2017 remain open to examination by the Internal Revenue Service.  There are currently no federal tax examinations in progress.

Acquisitions of Real Estate Investments and Capitalization Policy

Acquisition of Real Estate Investments:

The Company evaluates each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business:

• Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or

• The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).

An acquired process is considered substantive if:

• The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process;

• The process cannot be replaced without significant cost, effort, or delay; or

• The process is considered unique or scarce.

Generally, the Company expects that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

Acquisitions of real estate and in-substance real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as the Company utilizes to determine fair value in a business combination.

The value of tangible assets acquired is based upon our estimation of value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property.

The values of acquired above and below-market leases, which are included in prepaid expenses and other assets and other liabilities, respectively, are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases.

Capitalization Policy:

Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

Depreciation and Amortization

The Company uses the straight-line method for depreciation and amortization. Real estate investment properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life.

33

Sale of Investment Property and Property Held for Sale

The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In March 2017, the Company sold for $56.6 million its property located in White Plains, NY, as that property no longer met the Company's investment objectives.  In conjunction with the sale, the Company realized a gain on sale of property in the amount of $19.5 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

In July 2017, the Company sold for $1.2 million its property located in Fairfield, CT (the "Fairfield Property"), which it purchased in the second quarter of fiscal 2017.  In conjunction with the sale the Company realized a loss on sale of property in the amount of $729,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

The combined operating results of the White Plains Property and Fairfield Property, which are included in continuing operations, were as follows (amounts in thousands):

	Year Ended October 31,
	2018		2017			2016
Revenues	$	-	$	2,279		$	5,604
Property operating expense		-		(331	)		(1,330	)
Depreciation and amortization		-		(90	)		(476	)
Net Income (loss)	$	-	$	1,858		$	3,798

Deferred Charges

Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases).  Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $4,901,000 and $4,279,000 as of October 31, 2018 and 2017, respectively.

Asset Impairment

On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired.  A property value is considered impaired when management’s estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset.  Changes in estimated future cash flows due to changes in the Company’s plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at October 31, 2018.

Revenue Recognition

Our leases with tenants are classified as operating leases.  Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. At October 31, 2018 and 2017, approximately $18,375,000 and $17,349,000, respectively, has been recognized as straight-line rents receivable (representing the current net cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under GAAP have been met.

In April 2018, the Company entered into a lease termination agreement with a tenant at its Ferry Plaza property located in Newark, NJ.  The agreement provided that the tenant pay the Company $3.7 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in April 2018 and has recorded the payment received as lease termination income in its consolidated statements of income for the fiscal year ended October 31, 2018, as the payment met all of the revenue recognition conditions under U.S. GAAP.

In July 2017, the Company entered into a lease termination agreement with the single tenant of its property located in Fairfield, CT, which was purchased in the second quarter of fiscal 2017, so the Company could sell the property vacant.  The agreement provided that the tenant pay the Company $3.2 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in July 2017 and has recorded the payment received as lease termination income in its consolidated statements of income for the year ended October 31, 2017, as the payment met all of the revenue recognition conditions under U.S. GAAP.  In addition, when the aforementioned property was acquired, the Company allocated $1.2 million of the consideration paid to acquire the asset to this over-market lease (see note 3).  As a result of this termination, the Company wrote-off the remaining $1.2 million asset as a reduction of lease termination income for the year ended October 31, 2017.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible. Such allowances are reviewed periodically. At October 31, 2018 and 2017, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $4,800,000 and $4,543,000, respectively.

34

Cash Equivalents

Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months.

Restricted Cash

Restricted cash consists of those tenant security deposits and replacement and other reserves required by agreement with certain of the Company’s mortgage lenders for property level capital requirements that are required to be held in separate bank accounts.

Marketable Securities

Marketable equity securities are carried at fair value based upon quoted market prices in active markets. The Company has classified its marketable securities as available for sale. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity until realized. The change in the unrealized net holding gains (losses) is reflected as comprehensive income (Loss).

In February and March 2018, the Company purchased approximately $5.0 million of REIT securities with available cash.

The Company individually reviews and evaluates its marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position.  The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.  As of October 31, 2018, the Company's investment in REIT securities consists of an investment in one issuer and the aggregate fair value of the Company's investment is above the Company's cost.

The unrealized gain at October 31, 2018 and October 31, 2017 is detailed below (in thousands):

	Fair Market Value		Cost Basis		Unrealized Gain/(Loss)		Gross Unrealized Gains		Gross Unrealized (Loss)
October 31, 2018
REIT Securities	$	5,567	$	4,998	$	569	$	569	$	-
October 31, 2017
REIT Securities	$	-	$	-	$	-	$	-	$	-

Derivative Financial Instruments

The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of October 31, 2018, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2018, the Company had approximately $97.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to a fixed annual rate of 3.74% per annum.  As of October 31, 2018 and 2017, the Company had a deferred liability of  $114,000 and $574,000, respectively (included in accounts payable and accrued expenses on the consolidated balance sheets) and a deferred asset of $7,011,000 and $3,316,000, respectively (included in prepaid expenses and other assets on the consolidated balance sheets) relating to the fair value of the Company’s interest rate swaps applicable to secured mortgages.

Charges and/or credits relating to the changes in fair values of such interest rate swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.

Comprehensive Income

Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income (loss) includes items that are otherwise recorded directly in stockholders’ equity, such as unrealized gains/(losses) on marketable securities classified as available-for-sale and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At October 31, 2018, accumulated other comprehensive income consisted of net unrealized gains on marketable securities classified as available for sale of $569,000 and net unrealized gains on interest rate swap agreements of $6.9 million.  At October 31, 2017, accumulated other comprehensive income consisted of net unrealized gains on interest rate swap agreements of approximately $2.7 million. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings as gains and losses are realized.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. There is no dependence upon any single tenant.

Earnings Per Share

The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

	Year Ended October 31,
	2018			2017			2016
Numerator
Net income applicable to common stockholders – basic	$	5,173		$	6,857		$	4,142
Effect of dilutive securities:
Restricted stock awards		259			376			236
Net income applicable to common stockholders – diluted	$	5,432		$	7,233		$	4,378
Denominator
Denominator for basic EPS-weighted average common shares		8,517			8,383			8,241
Effect of dilutive securities:
Restricted stock awards		597			643			669
Denominator for diluted EPS – weighted average common equivalent shares		9,114			9,026			8,910
Numerator
Net income applicable to Class A common stockholders – basic	$	20,044		$	27,041		$	15,294
Effect of dilutive securities:
Restricted stock awards		(259	)		(376	)		(236	)
Net income applicable to Class A common stockholders – diluted	$	19,785		$	26,665		$	15,058
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,335			29,317			26,921
Effect of dilutive securities:
Restricted stock awards		178			186			191
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,513			29,503			27,112

Stock-Based Compensation

The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, “Stock Compensation”, which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company’s stock on the grant date.  The Company recognizes compensation expense for its stock awards by amortizing the fair value of stock awards over the requisite service periods of such awards.

35

Segment Reporting

The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company’s properties, located in Stamford, CT (“Ridgeway”), is considered significant as its revenue is in excess of 10% of the Company’s consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950’s and redeveloped in the mid 1990’s. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Segment information about Ridgeway as required by ASC Topic 280 is included below:

	Year Ended October 31,
	2018			2017			2016
Ridgeway Revenues		10.4	%		11.2	%		11.3	%
All Other Property Revenues		89.6	%		88.8	%		88.7	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%

	Year Ended October 31,
	2018			2017
Ridgeway Assets		7.0	%		7.2	%
All Other Property Assets		93.0	%		92.8	%
Consolidated Assets (Note 1)		100.0	%		100.0	%

Note 1- Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2018, 2017 and 2016.

	Year Ended October 31,
	2018			2017			2016
Ridgeway Percent Leased		96	%		96	%		98	%

Ridgeway Significant Tenants (by base rent):	Year Ended October 31,
	2018			2017			2016
The Stop & Shop Supermarket Company		20	%		19	%		19	%
Bed, Bath & Beyond		14	%		14	%		14	%
Marshall’s Inc., a division of the TJX Companies		10	%		11	%		11	%
All Other Tenants at Ridgeway (Note 2)		56	%		56	%		56	%
Total		100	%		100	%		100	%

Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented.  Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

	Year Ended October 31, 2018
Income Statement (In Thousands):	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	14,015	$	121,337	$	135,352
Operating Expenses	$	4,094	$	39,082	$	43,176
Interest Expense	$	1,869	$	11,809	$	13,678
Depreciation and Amortization	$	2,616	$	25,708	$	28,324
Income from Continuing Operations	$	5,436	$	36,747	$	42,183

	Year Ended October 31, 2017
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,832	$	109,728	$	123,560
Operating Expenses	$	3,809	$	35,886	$	39,695
Interest Expense	$	2,034	$	10,947	$	12,981
Depreciation and Amortization	$	3,016	$	23,496	$	26,512
Income from Continuing Operations	$	4,973	$	31,725	$	36,698

	Year Ended October 31, 2016
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,192	$	103,600	$	116,792
Operating Expenses	$	3,649	$	33,616	$	37,265
Interest Expense	$	2,487	$	10,496	$	12,983
Depreciation and Amortization	$	2,468	$	20,557	$	23,025
Income from Continuing Operations	$	4,588	$	30,017	$	34,605

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Reclassification

Certain fiscal 2016 and 2017 amounts have been reclassified to conform to current period presentation.

New Accounting Standards

In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB’s ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, the amendment clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company completed its assessment on the potential impact that the adoption of ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements and has determined that no adjustment is needed upon adoption of the new accounting standard.  The majority of our revenue falls outside of the scope of this guidance.

In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for the Company in the first quarter of fiscal 2020, and we are currently assessing the impact this standard will have on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018.  The most significant change for the Company will be the accounting for the Company’s investments in marketable securities classified as available for sale, which are currently carried at fair value with unrealized gains and losses being excluded from earnings and reported as a separate component of stockholders’ equity until realized with the change in net unrealized gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, beginning November 1, 2018, these marketable securities will continue to be measured at fair value, however, the changes in net unrealized holding gains and losses will be recognized through net income.  The adjustment to the opening balance of distributions in excess of net income in Stockholder's equity on November 1, 2018, using the modified retrospective approach, will be a decrease in the amount of $569,000.

The Company has evaluated all other new ASU's issued by FASB, and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of October 31, 2018.

37

(2) REAL ESTATE INVESTMENTS

The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2018 and 2017 (in thousands):

	Consolidated Investment Properties		Unconsolidated Joint Ventures		2018 Totals		2017 Totals
Retail	$	889,243	$	37,434	$	926,677	$	923,118
Office		10,179		-		10,179		10,313
	$	899,422	$	37,434	$	936,856	$	933,431

The Company's investments at October 31, 2018 consisted of equity interests in 84 properties.  The 84 properties are located in various regions throughout the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.  The Company's primary investment focus is neighborhood and community shopping centers located in the region just described. Since a significant concentration of the Company's properties are in the northeast, market changes in this region could have an effect on the Company's leasing efforts and ultimately its overall results of operations.

38

(3) INVESTMENT PROPERTIES

The components of the properties consolidated in the financial statements are as follows (in thousands):

	October 31,
	2018			2017
Land	$	231,660		$	218,501
Buildings and improvements		886,415			871,901
		1,118,075			1,090,402
Accumulated depreciation		(218,653	)		(195,020	)
	$	899,422		$	895,382

Space at the Company's properties is generally leased to various individual tenants under short and intermediate-term leases which are accounted for as operating leases.

Minimum rental payments on non-cancelable operating leases for the Company's consolidated properties totaling $550.9 million become due as follows (in millions): 2019 - $91.0; 2020 - $82.3; 2021 - $73.1; 2022 - $62.5; 2023 - $46.5; and thereafter – $195.5.

Certain of the Company's leases provide for the payment of additional rent based on a percentage of the tenant's revenues. Such additional percentage rents are included in operating lease income and were less than 1.00% of consolidated revenues in each of the three years ended October 31, 2018.

Significant Investment Property Transactions

In October 2017, the Company purchased a promissory note secured by a mortgage on 470 Main Street in Ridgefield, CT (“470 Main”), which comprises part of the Yankee Ridge retail and office mixed-use property.  The note was purchased from the existing lender.  In January 2018, the Company completed foreclosure of the mortgage and became the owner of 470 Main.  Total consideration paid for the note, including costs, totaled $3.1 million.  470 Main is a 24,200 square foot building with ground and first floor retail and second floor office space.  The Company funded the note purchase with available cash.

In March 2018, the Company, through a wholly-owned subsidiary, purchased for $13.1 million a 27,000 square foot shopping center located in Yonkers, NY ("Tanglewood").  The Company funded the purchase with available cash, borrowings on its unsecured revolving credit facility and the issuance of $11.0 million in unsecured promissory notes to the seller (see note 4).

The Company accounted for the purchase of 470 Main, Tanglewood and a property acquired through a joint venture, which the Company consolidates (see note 5), as asset acquisitions and allocated the total consideration transferred for the acquisitions, including transaction costs, to the individual assets and liabilities acquired on a relative fair value basis.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the fiscal year ended October 31, 2018 (in thousands).

	470 Main		Tanglewood		New City
Assets:
Land	$	293	$	7,525	$	2,498
Building and improvements	$	2,786	$	5,920	$	632
In-place leases	$	68	$	147	$	38
Above market leases	$	25	$	81	$	-
Liabilities:
In-place leases	$	-	$	-	$	-
Below Market Leases	$	43	$	396	$	-

The value of above and below market leases are amortized as a reduction/increase to base rental revenue over the term of the respective leases.  The value of in-place leases described above are amortized as an expense over the terms of the respective leases.

For the fiscal year ended October 31, 2018,  2017 and 2016, the net amortization of above-market and below-market leases was approximately $1,209,000, $223,000 and $157,000, respectively, which is included in base rents in the accompanying consolidated statements of income.

In Fiscal 2018, the Company incurred costs of approximately $8.2 million related to capital improvements and leasing costs to its properties.

39

(4) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

At October 31, 2018, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031.  The mortgage loans bear interest at rates ranging from 3.5% to 6.6% and are collateralized by real estate investments having a net carrying value of approximately $558.2 million.

Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands):

	Principal Repayments		Scheduled Amortization		Total
2019	$	26,880	$	6,362	$	33,242
2020		-		6,031		6,031
2021		-		6,391		6,391
2022		49,486		5,581		55,067
2023		-		5,269		5,269
Thereafter		181,579		6,222		187,801
	$	257,945	$	35,856	$	293,801

The Company has a $100 million unsecured revolving credit facility with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent. The syndicate also includes Wells Fargo Bank N.A. and Bank of Montreal (co-syndication agent).  The Facility gives the Company the option, under certain conditions, to increase the Facility’s borrowing capacity up to $150 million (subject to lender approval). The maturity date of the Facility is August 23, 2020 with a one-year extension at the Company’s option. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company’s option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, financial and other covenants typical for this type of facility. The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. The Company was in compliance with such covenants at October 31, 2018.

As of October 31, 2018, $71 million was available to be drawn on the Facility.

During the fiscal years ended October 31, 2018 and 2017, the Company borrowed $33.6 million and $52 million, respectively, on its Facility to fund capital improvements to our properties, property acquisitions and for general corporate purposes.  During the fiscal years ended October 31, 2018 and 2017, the Company re-paid $9.0 million and $56.0 million, respectively, on its Facility with available cash.

In March 2018, the Company through a wholly-owned subsidiary, purchased Tanglewood for $13.1 million (see note 3).  A portion of the purchase price was funded by issuing $11 million of unsecured promissory notes payable to the seller of the property, consisting of three tranches.  In May 2018, the short-term notes tranche in the amount of $7.8 million was repaid with borrowings on the Company's Facility.  The remaining balance of the notes is included in mortgage notes payable and other loans on the Company's consolidated balance sheet at $3.2 million.  Each tranche requires payments of interest only.

The terms of the remaining notes are detailed below:

	Principal Amount (in thousands)		Interest Rate				Interest Payment Terms	Maturity Date
Long Term A	$	1,650		4.91	%	(a)	Quarterly	March 29, 2030
Long Term B		1,513		5.05	%	(b)	Quarterly	March 29, 2030
	$	3,163

(a) Interest rate is variable and based on the level of the Company's dividend declared on the Company's Class A Common stock, divided by $22 per Class A Share.

(b) Interest rate is fixed.

In October 2018, we entered into a commitment to refinance our existing $15.0 million mortgage secured by our Darien, CT shopping center on March 18, 2019, the first day the current Darien mortgage can be repaid without penalty.  The new mortgage will be in the amount of $25.0 million and will have a term of ten years and will require payment of principal and interest at the rate of LIBOR plus 1.65%.  Concurrent with entering into the commitment, we also entered into an interest rate swap contract with the new lender, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.815% per annum.  The fixed interest rate on the existing mortgage is currently 6.55%.

Also in October 2018, we entered into a commitment to refinance our existing $9.2 million mortgage secured by our Newark, NJ shopping center.  We anticipate the refinancing will take place in March 2019, the first month the current mortgage can be repaid without penalty.  The new mortgage will be in the amount of $10.0 million and will have a term of ten years and will require payment of principal and interest at the fixed rate of 4.63%.  The fixed interest rate on the existing mortgage is currently 6.15%.

Interest paid in the years ended October 31, 2018, 2017, and 2016 was approximately $13.4 million, $12.9 million and $13.1 million, respectively.

40

(5) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS

The Company has an investment in six joint ventures, UB Ironbound, LP (“Ironbound”), UB Orangeburg, LLC ("Orangeburg"),  McLean Plaza Associates, LLC ("McLean"), UB Dumont I, LLC ("Dumont") and UB New City, LLC, each of which owns a commercial retail property, and UB High Ridge, LLC ("UB High Ridge"), which owns three commercial real estate properties.  The Company has evaluated its investment in these six joint ventures and has concluded that these joint ventures are fully controlled by the Company and that the presumption of control is not offset by any rights of any of the limited partners or non-controlling members in these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company in accordance with ASC Topic 810 "Consolidation".  The Company’s investment in these consolidated joint ventures is more fully described below:

Ironbound (Ferry Plaza)

The Company, through a wholly-owned subsidiary, is the general partner and owns 84% of one consolidated limited partnership, Ironbound, which owns a grocery-anchored shopping center.

The Ironbound limited partnership has a defined termination date of December 31, 2097. The partners in Ironbound are entitled to receive an annual cash preference payable from available cash of the partnership. Any unpaid preferences accumulate and are paid from future cash, if any. The balance of available cash, if any, is distributed in accordance with the respective partner’s interests. Upon liquidation of Ironbound, proceeds from the sale of partnership assets are to be distributed in accordance with the respective partnership interests. The limited partners are not obligated to make any additional capital contributions to the partnership.

Orangeburg

The Company, through a wholly-owned subsidiary, is the managing member and owns a 44.1% interest in Orangeburg, which owns a drug store-anchored shopping center. The other member (non-managing) of Orangeburg is the prior owner of the contributed property who, in exchange for contributing the net assets of the property, received units of Orangeburg equal to the value of the contributed property less the value of the assigned first mortgage payable. The Orangeburg operating agreement provides for the non-managing member to receive an annual cash distribution equal to the regular quarterly cash distribution declared by the Company for one share of the Company’s Class A Common stock, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097.  Since purchasing this property, the Company has made additional investments in the amount of $6.6 million in Orangeburg and as a result as of October 31, 2018 its ownership percentage has increased to 44.1% from approximately 2.92% at inception.

McLean Plaza

The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean Plaza Associates, LLC, a limited liability company ("McLean"), which owns a grocery-anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital.  The annual cash distribution is paid from available cash, as defined, of McLean.  The balance of available cash, if any, is fully distributable to the Company.  Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement.  The non-managing members are not obligated to make any additional capital contributions to the entity.

UB High Ridge

The Company acquired an 8.80% interest in UB High Ridge, LLC ("UB High Ridge") for a net investment of $5.5 million.  UB High Ridge owns three commercial real estate properties, High Ridge Shopping Center, a grocery-anchored shopping center, ("High Ridge") and two single tenant commercial retail properties, one leased to JP Morgan Chase ("Chase Property") and one leased to CVS ("CVS Property").  Two of the properties are located in Stamford, CT and one in Greenwich, CT.  High Ridge is a grocery-anchored shopping center anchored by a Trader Joes grocery store.  The properties were contributed to the new entities by the former owners who received units of ownership of UB High Ridge equal to the value of properties contributed less liabilities assumed.  The UB High Ridge operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.46% of their invested capital.  During the fiscal year ended October 31, 2018, the Company redeemed 51,914 units of non-managing members for a total amount of $1.2 million.  The Company's ownership percentage increased to 10.9% from 8.8% at inception.

UB Dumont I, LLC

In August 2017, the Company acquired a 31.4% interest in UB Dumont I, LLC ("Dumont") for a net investment of $3.9 million.  Dumont owns a retail and residential real estate property, which retail portion is anchored by a Stop and Shop grocery store.  The property is located in Dumont, NJ.  The property was contributed to the new entity by the former owners who received units of ownership of Dumont equal to the value of contributed property less liabilities assumed.  The Dumont operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.05% of their invested capital.

UB New City I, LLC

In June 2018, the Company purchased a 75.3% equity interest in a joint venture, UB New City I, LLC ("New City"), in which the Company is the managing member.  The Company's initial investment was $2.4 million.  New City owns a single tenant retail real estate property located in New City, NY, which is leased to a Savings Bank.  In addition, New City rents certain parking spaces on the property to the owner of an adjacent grocery-anchored shopping center.  The property was contributed to the new entity by the former owners who received units of ownership of New City equal to the value of contributed property.  The New City operating agreement provides for the non-managing member to receive an annual cash distribution, currently equal to 5.00% of his invested capital.

Noncontrolling interests:

The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” Because the limited partners or noncontrolling members in Ironbound, Orangeburg, McLean, UB High Ridge, Dumont and New City have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units for cash, or at the option of the Company shares of its Class A Common stock, at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg, McLean and a portion of the UB High Ridge and Dumont redemptions are based solely on the price of the Company’s Class A Common stock on the date of redemption.   For the years ended October 31, 2018 and 2017, the Company adjusted the carrying value of the non-controlling interests by $(2,674,000) and $(666,000), respectively, with the corresponding adjustment recorded in stockholders' equity.

The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands):

	October 31,
	2018			2017
Beginning Balance	$	81,361		$	18,253
Initial UB High Ridge Noncontrolling Interest-Net		-			55,217
Initial Dumont Noncontrolling Interest-Net		-			8,557
Initial New City Noncontrolling Interest-Net		791			-
Redemption of UB High Ridge Noncontrolling Interest		(1,220	)		-
Change in Redemption Value		(2,674	)		(666	)
Ending Balance	$	78,258		$	81,361

41

(6) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

At October 31, 2018 and 2017, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands):

	October 31,
	2018		2017
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%)	$	17,702	$	18,032
Gateway Plaza (50%)		6,680		6,873
Putnam Plaza Shopping Center (66.67%)		5,978		5,968
Midway Shopping Center, L.P. (11.642%)		4,509		4,639
Applebee's at Riverhead (50%)		1,842		1,814
81 Pondfield Road Company (20%)		723		723
Total	$	37,434	$	38,049

Chestnut Ridge and Plaza 59 Shopping Centers

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey (“Chestnut”), which is anchored by a Fresh Market grocery store, and the 24,000 square foot Plaza 59 Shopping Center located in Spring Valley, New York (“Plaza 59”), which is anchored by a local grocer.

Gateway Plaza and Applebee's at Riverhead

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's").  Both properties are located in Riverhead, New York (together the “Riverhead Properties”).  Gateway, a 198,500 square foot shopping center anchored by a 168,000 square foot Walmart which also has 27,000 square feet of in-line space that is partially leased and a 3,500 square foot outparcel that is leased.  Applebee's has a 5,400 square foot free standing Applebee’s restaurant with a 7,200 square foot pad site that is leased.

Gateway is subject to a $12.4 million non-recourse first mortgage. The mortgage matures on March 1, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum.

Putnam Plaza Shopping Center

The Company, through a wholly owned subsidiary, owns a 66.67% undivided tenancy-in-common equity interest in the 189,000 square foot Putnam Plaza Shopping Center (“Putnam Plaza”), which is anchored by a Tops grocery store.

Putnam Plaza has a first mortgage payable in the amount of $18.9 million. The mortgage requires monthly payments of principal and interest at a fixed rate of 4.81% and will mature in 2028.

Midway Shopping Center, L.P.

The Company, through a wholly owned subsidiary, owns an 11.642% equity interest in Midway Shopping Center L.P. (“Midway”), which owns a 247,000 square foot grocery-anchored shopping center in Westchester County, New York. Although the Company only has an 11.642% equity interest in Midway, it controls 25% of the voting power of Midway, and as such, has determined that it exercises significant influence over the financial and operating decisions of Midway but does not control the venture and accounts for its investment in Midway under the equity method of accounting.

The Company has allocated the $7.4 million excess of the carrying amount of its investment in and advances to Midway over the Company's share of Midway's net book value to real property and is amortizing the difference over the property's estimated useful life of 39 years.

Midway currently has a non-recourse first mortgage payable in the amount of $27.6 million. The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027.

81 Pondfield Road Company

The Company's other investment in an unconsolidated joint venture is a 20% economic interest in a partnership which owns a retail and office building in Westchester County, New York.

The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures.  The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company’s balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period.

42

(7) STOCKHOLDERS' EQUITY

Authorized Stock

The Company's Charter authorizes up to 200,000,000 shares of various classes of stock.  The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock.

Preferred Stock

The 6.75% Series G Senior Cumulative Preferred Stock ("Series G Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $25 per share at the Company's option on or after October 28, 2019. The holders of our Series G Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series G Preferred Stock will not be entitled to vote on most matters.  In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series G Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles Supplementary to the Charter, the holders of the Series G Preferred Stock will have the right to convert all or part of the shares of Series G Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A Common stock. Underwriting commissions and costs incurred in connection with the sale of the Series G Preferred Stock are reflected as a reduction of additional paid in capital.

The 6.25% Series H Senior Cumulative Preferred Stock (the "Series H Preferred Stock") is nonvoting, have no stated maturity and is redeemable for cash at $25 per share at the Company's option on or after September 18, 2022. The holders of our Series H Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series H Preferred Stock will not be entitled to vote on most matters.  In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series H Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holder of the Series H Preferred Stock will have the right to convert all or part of the shares of Series H Preferred Stock held by such holder on the applicable conversion date into a number of the Company's shares of Class A common stock.Underwriting commissions and costs incurred in connection with the sale of the Series H Preferred Stock are reflected as a reduction of additional paid in capital.

In October 2017, we redeemed all of the outstanding shares of our $25 Series F Cumulative Preferred Stock with a liquidation preference of $25 per share. As a result we recognized a charge of $4.1 million on our consolidated statement of income for the fiscal year ended October 31, 2017, which represents the difference between redemption value and carrying value net of original deferred issuance costs.

Common Stock

The Class A Common Stock entitles the holder to 1/20 of one vote per share. The Common Stock entitles the holder to one vote per share. Each share of Common Stock and Class A Common Stock have identical rights with respect to dividends except that each share of Class A Common Stock will receive not less than 110% of the regular quarterly dividends paid on each share of Common Stock.

The following tables set forth the dividends declared per Common share and Class A Common share and tax status for Federal income tax purposes of the dividends paid during the fiscal years ended October 31, 2018 and 2017:

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
April 16, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
July 20, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
October 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
		$	0.96		$	0.6456		$	0.0152		$	0.2992		$	1.08		$	0.728		$	0.016		$	0.336

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
April 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
July 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
October 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
		$	0.94		$	0.56		$	0.083		$	0.297		$	1.06		$	0.632		$	0.093		$	0.335

The Company has a Dividend Reinvestment and Share Purchase Plan (as amended, the "DRIP"), that permits stockholders to acquire additional shares of Common Stock and Class A Common Stock by automatically reinvesting dividends.  During fiscal 2018, the Company issued 4,528 shares of Common Stock and 5,766 shares of Class A Common Stock (4,705 shares of Common Stock and 5,399 shares of Class A Common Stock in fiscal 2017) through the DRIP.  As of October 31, 2018, there remained 338,406 shares of Common Stock and 393,150 shares of Class A Common Stock available for issuance under the DRIP.

The Company has adopted a stockholder rights plan, pursuant to which each holder of Common Stock received a Common Stock right and each holder of Class A Common Stock received a Class A Common Stock right.  The rights are not exercisable until the Distribution Date and will expire on November 11, 2028, unless earlier redeemed by the Company.   If the rights become exercisable, each holder of a Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series I Participating Preferred Stock, and each holder of a Class A Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series J Participating Preferred Stock, in each case, at a price of $85, subject to adjustment.  The “Distribution Date” will be the earlier to occur of the close of business on the tenth business day following:  (a) a public announcement that an acquiring person has acquired beneficial ownership of 10% or more of the total combined voting power of the outstanding Common Stock and Class A Common Stock, or (b) the commencement of a tender offer or exchange offer that would result in the beneficial ownership of 30% or more of the combined voting power of the outstanding Common Stock and Class A Common Stock, number of outstanding Common Stock, or the number of outstanding Class A Common Stock. Thereafter, if certain events occur, holders of Common Stock and Class A Common Stock, other than the acquiring person, will be entitled to purchase shares of Common Stock and Class A Common Stock, respectively, of the Company having a value equal to 2 times the exercise price of the right.

The Company's articles of incorporation provide that if any person acquires more than 7.5% of the aggregate value of all outstanding stock, except, among other reasons, as approved by the Board of Directors, such shares in excess of this limit automatically will be exchanged for an equal number of shares of Excess Stock. Excess Stock has limited rights, may not be voted and is not entitled to any dividends.

Stock Repurchase

The Board of Directors of the Company has approved a share repurchase program (“Current Repurchase Program”) for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series G Cumulative Preferred stock and Series H Cumulative Preferred stock in open market transactions.

For the year ended October 31, 2018, the Company repurchased an additional 6,660 shares of Class A Common Stock at the average price per Class A Common share of $17.94 under the Current Repurchase Program.  The Company has repurchased 195,413 shares of Class A Common Stock under the Current Repurchase Program.  From the inception of all repurchase programs, the Company has repurchased 4,600 shares of Common Stock and 919,991 shares of Class A Common Stock.

43

(8) STOCK COMPENSATION AND OTHER BENEFIT PLANS

Restricted Stock Plan

The Company has a Restricted Stock Plan that provides a form of equity compensation for employees of the Company.  The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 4,500,000 shares of the Company’s common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,800,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares.

In fiscal 2018, the Company awarded 152,700 shares of Common Stock and 102,800 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2018 was approximately $5.0 million. As of October 31, 2018, there was $14.0 million of unamortized restricted stock compensation related to non-vested restricted stock grants awarded under the Plan. The remaining unamortized expense is expected to be recognized over a weighted average period of 4.6 years. For the years ended October 31, 2018, 2017 and 2016, amounts charged to compensation expense totaled $4,394,000, $4,156,000 and $4,426,000, respectively.

A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2018, and changes during the year ended October 31, 2018 is presented below:

	Common Shares					Class A Common Shares
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Non-vested at October 31, 2017		1,274,150		$	17.02		412,275		$	20.60
Granted		152,700		$	17.70		102,800		$	22.10
Vested		(170,950	)	$	15.78		(57,200	)	$	18.07
Forfeited		-		$	-		(4,950	)	$	22.06
Non-vested at October 31, 2018		1,255,900		$	17.22		452,925		$	21.13

Profit Sharing and Savings Plan

The Company has a profit sharing and savings plan (the "401K Plan"), which permits eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401K Plan, the Company made contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $220,000, $208,000 and $187,000 in each of the three years ended October 31, 2018, 2017 and 2016, respectively. The Company also has an Excess Benefit and Deferred Compensation Plan that allows eligible employees to defer benefits in excess of amounts provided under the Company's 401K Plan and a portion of the employee's current compensation.

44

(9) FAIR VALUE MEASUREMENTS

ASC Topic 820, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants.

ASC Topic 820's valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy:

• Level 1- Quoted prices for identical instruments in active markets

• Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable

• Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable

Marketable debt and equity securities are valued based on quoted market prices on national exchanges.

The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges for those interests based on the Company's Class A Common Stock or unobservable inputs considering the assumptions that market participants would make in pricing the obligations. The inputs used include an estimate of the fair value of the cash flow generated by the limited partnership or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics or located in similar areas.

The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs.") The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of October 31, 2018 and 2017, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs".

The Company measures its marketable debt and equity securities, redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2018 and 2017 (amounts in thousands):

Fiscal Year Ended October 31, 2018	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Interest Rate Swap Agreements	$	7,011	$	-	$	7,011	$	-
Available for sale securities	$	5,567	$	5,567	$	-	$	-
Liabilities:
Interest Rate Swap Agreements	$	114	$	-	$	114	$	-
Redeemable noncontrolling interests	$	78,258	$	22,131	$	53,359	$	2,768
Fiscal Year Ended October 31, 2017
Assets:
Interest Rate Swap Agreements	$	3,316	$	-	$	3,316	$	-
Liabilities:
Interest Rate Swap Agreements	$	574	$	-	$	574	$	-
Redeemable noncontrolling interests	$	81,361	$	23,709	$	53,788	$	3,864

Fair market value measurements based upon Level 3 inputs changed (in thousands) from $3,846 at November 1, 2016 to $3,864 at October 31, 2017 as a result of a $18 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.  Fair market value measurements based upon Level 3 inputs changed from $3,864 at November 1, 2017 to $2,768 at October 31, 2018 as a result of a $(1,096) decrease in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, mortgage note receivable, tenant receivables, prepaid expenses, other assets, accounts payable and accrued expenses, are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying value of the Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed.

The estimated fair value of mortgage notes payable and other loans was approximately $281 million and $296 million at October 31, 2018 and October 31, 2017, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rates currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy.

Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2017, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

45

(10) COMMITMENTS AND CONTINGENCIES

In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties.  In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.

At October 31, 2018, the Company had commitments of approximately $5.0 million for tenant-related obligations.

46

(11) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended October 31, 2018 and 2017 are as follows (in thousands, except per share data):

	Year Ended October 31, 2018												Year Ended October 31, 2017
	Quarter Ended												Quarter Ended
	Jan 31			Apr 30			Jul 31			Oct 31			Jan 31			Apr 30			Jul 31			Oct 31
Revenues	$	32,995		$	37,005		$	32,809		$	32,543		$	29,202		$	30,024		$	32,020		$	32,313
Income from Continuing Operations	$	9,079		$	14,022		$	9,780		$	9,302		$	7,204		$	27,919		$	10,613		$	9,696
Net Income Attributable to Urstadt Biddle Properties Inc.	$	7,984		$	12,660		$	8,642		$	8,181		$	6,982		$	27,672		$	9,631		$	8,648
Preferred Stock Dividends		(3,063	)		(3,062	)		(3,063	)		(3,062	)		(3,570	)		(3,571	)		(3,570	)		(4,249	)
Redemption of Preferred Stock		-			-			-			-			-			-			-			(4,075	)
Net Income Applicable to Common and Class A Common Stockholders	$	4,921		$	9,598		$	5,579		$	5,119		$	3,412		$	24,101		$	6,061		$	324
Per Share Data:
Basic:
Class A Common Stock	$	0.13		$	0.26		$	0.15		$	0.14		$	0.09		$	0.66		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.58		$	0.15		$	0.01
Diluted:
Class A Common Stock	$	0.13		$	0.25		$	0.15		$	0.14		$	0.09		$	0.64		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.57		$	0.14		$	0.01

Amounts may not equal full year results due to rounding.

Certain prior period amounts are reclassified to correspond to current period presentation.

47

(12) SUBSEQUENT EVENTS

In December 2018, the Company purchased the Lakeview Plaza Shopping Center ("Lakeview") for $12.0 million.  Lakeview is a 177,000 square foot grocery-anchored Shopping Center located in Putnam County, NY. In addition, the Company anticipates having to invest up to $8.0 million for capital improvements and for re-tenanting at the property.  The Company funded the purchase with available cash and borrowings on our Facility.  The Company intends to fund the additional investment of up to $8.0 million with a combination of available cash, borrowings on our Facility and by potentially placing a mortgage on the property.

On December 12, 2018, the Board of Directors of the Company declared cash dividends of $0.245 for each share of Common Stock and $0.275 for each share of Class A Common Stock.  The dividends are payable on January 18, 2019 to stockholders of record on January 4, 2019. The Board of Directors also ratified the actions of the Company’s compensation committee authorizing awards of 137,200 shares of Common Stock and 111,450 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 2, 2019, pursuant to the Company’s restricted stock plan.  The fair value of the shares awarded totaling $4.2 million will be charged to expense over the requisite service periods (see note 1).

48

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Urstadt Biddle Properties Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Urstadt Biddle Properties Inc. (the “Company”) as of October 31, 2018 and 2017, and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended October 31, 2018, and the related notes and schedules listed in the Index at Item 15(A)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended October 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated January 10, 2019, expressed an unqualified opinion thereon.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company’s auditor since 2006.

 /s/ PKF O'Connor Davies, LLP

January 10, 2019

New York, New York

49

URSTADT BIDDLE PROPERTIES INC.

October 31, 2018

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	$	-		$	262		$	708	$	1,903	$	2,611	$	802		2001		31.5
Greenwich, CT		-		488		1,139		-			622			488		1,761		2,249		663		2000		31.5
Greenwich, CT		-		570		2,359		-			879			570		3,238		3,808		1,585		1998		31.5
Greenwich, CT		-		199		795		-			544			199		1,339		1,538		625		1993		31.5
Greenwich, CT		-		111		444		-			309			111		753		864		351		1994		31.5
Bernardsville, NJ		-		721		2,880		(25	)		26			696		2,906		3,602		464		2012		39
		-		2,797		9,258		(25	)		2,642			2,772		11,900		14,672		4,490
Retail Properties:
Bronxville, NY		-		60		239		95			776			155		1,015		1,170		243		2009		39
Yonkers, NY		-		30		121		183			734			213		855		1,068		198		2009		39
Yonkers, NY		-		30		121		85			341			115		462		577		107		2009		39
New Milford, CT		-		2,114		8,456		71			546			2,185		9,002		11,187		2,408		2008		39
New Milford, CT		39		4,492		17,967		166			3,305			4,658		21,272		25,930		4,539		2010		39
Newark, NJ		10,084		5,252		21,023		-			1,540			5,252		22,563		27,815		6,268		2008		39
Waldwick, NJ		-		1,266		5,064		-			-			1,266		5,064		6,330		1,417		2007		39
Emerson NJ		412		3,633		14,531		-			1,659			3,633		16,190		19,823		4,917		2007		39
Monroe, CT		-		765		3,060		-			135			765		3,195		3,960		960		2007		39
Pelham, NY		-		1,694		6,843		-			149			1,694		6,992		8,686		2,212		2006		39
Stratford, CT		25,101		10,173		40,794		2,743			11,715			12,916		52,509		65,425		19,732		2005		39
Yorktown Heights, NY		-		5,786		23,221		-			12,063			5,786		35,284		41,070		9,335		2005		39
Rye, NY		-		909		3,637		-			381			909		4,018		4,927		1,496		2004		39
Rye, NY		1,286		483		1,930		-			117			483		2,047		2,530		725		2004		39
Rye, NY		580		239		958		-			87			239		1,045		1,284		439		2004		39
Rye, NY		1,315		695		2,782		-			20			695		2,802		3,497		1,041		2004		39
Somers, NY		-		4,318		17,268		-			272			4,318		17,540		21,858		6,858		2003		39
Westport, CT		10		2,076		8,305		-			367			2,076		8,672		10,748		3,546		2003		39
Orange, CT		-		2,320		10,564		-			826			2,320		11,390		13,710		4,609		2003		39
Stamford, CT		48,449		17,964		71,859		-			7,205			17,964		79,064		97,028		35,089		2002		39
Danbury, CT		-		2,459		4,566		-			1,342			2,459		5,908		8,367		2,812		2002		39
Briarcliff, NY		-		2,222		5,185		1,234			8,629			3,456		13,814		17,270		3,332		2001		40
Somers, NY		-		1,833		7,383		-			2,890			1,833		10,273		12,106		4,951		1999		31.5
Briarcliff, NY		-		380		1,531		-			135			380		1,666		2,046		845		1999		40
Briarcliff, NY		14,905		2,300		9,708		2			3,384			2,302		13,092		15,394		6,680		1998		40
Ridgefield, CT		-		900		3,793		291			2,973			1,191		6,766		7,957		2,360		1998		40
Darien, CT		15,043		4,260		17,192		-			977			4,260		18,169		22,429		9,232		1998		40
Eastchester, NY		-		1,500		6,128		-			2,662			1,500		8,790		10,290		4,229		1997		31
Danbury, CT		24		3,850		15,811		-			4,676			3,850		20,487		24,337		12,823		1995		31.5
Carmel, NY		-		1,488		5,973		-			923			1,488		6,896		8,384		4,120		1995		31.5
Somers, NY		-		821		2,600		-			606			821		3,206		4,027		1,760		1992		31.5
Wayne, NJ		-		2,492		9,966		-			2,696			2,492		12,662		15,154		7,259		1992		31
Newington, NH		-		728		1,997		-			975			728		2,972		3,700		2,496		1979		40
Katonah, NY		-		1,704		6,816		-			108			1,704		6,924		8,628		1,583		2010		39
Fairfield, CT		-		3,393		13,574		153			1,234			3,546		14,808		18,354		2,666		2011		39
New Milford, CT		-		2,168		8,672		-			49			2,168		8,721		10,889		1,692		2011		39
Eastchester, NY		-		1,800		7,200		78			478			1,878		7,678		9,556		1,362		2012		39
Orangetown, NY		6,027		3,200		12,800		30			7,624			3,230		20,424		23,654		2,704		2012		39
Greenwich, CT		4,602		1,600		6,401		28			733			1,628		7,134		8,762		1,082		2013		39
Various		-		1,134		4,928		80			(61	)		1,214		4,867		6,081		705		2013		39
Greenwich, CT		5,740		1,998		7,994		53			283			2,051		8,277		10,328		1,155		2013		39
New Providence, NJ		18,372		6,970		27,880		463			2,977			7,433		30,857		38,290		4,463		2013		39
Chester, NJ		-		570		2,280		(34	)		(73	)		536		2,207		2,743		352		2012		39
Bethel, CT		-		1,800		7,200		(18	)		(74	)		1,782		7,126		8,908		884		2014		39
Bloomfield, NJ		-		2,201		8,804		218			1,764			2,419		10,568		12,987		1,243		2014		39
Boonton, NJ		7,108		3,670		14,680		14			184			3,684		14,864		18,548		1,839		2014		39
Yonkers, NY		5,000		3,060		12,240		333			1,331			3,393		13,571		16,964		1,402		2014		39
Greenwich, CT		7,721		3,223		12,893		6			244			3,229		13,137		16,366		1,369		2014		40
Greenwich, CT		14,988		6,257		25,029		27			660			6,284		25,689		31,973		2,665		2014		40
Midland Park, NJ		20,241		8,740		34,960		(44	)		496			8,696		35,456		44,152		3,576		2015		39
Pompton Lakes, NJ		19,119		8,140		32,560		33			447			8,173		33,007		41,180		3,338		2015		39
Wyckoff, NJ		8,035		3,490		13,960		17			139			3,507		14,099		17,606		1,413		2015		39
Kinnelon, NJ		10,695		4,540		18,160		(28	)		3,898			4,512		22,058		26,570		2,792		2015		39
Fort Lee, NJ		-		798		3,192		(14	)		(55	)		784		3,137		3,921		275		2015		39
Harrison, NY		-		2,000		8,000		(10	)		1,313			1,990		9,313		11,303		688		2015		39
Stamford, CT		21,663		12,686		32,620		-			218			12,686		32,838		45,524		1,963		2016		39
Stamford, CT		-		3,691		9,491		-			86			3,691		9,577		13,268		510		2016		39
Derby, CT		-		651		7,652		-			186			651		7,838		8,489		364		2017		39
Passaic, NJ		3,419		2,039		5,616		1			3			2,040		5,619		7,659		228		2017		39
Stamford, CT		9,644		17,178		43,677		-			366			17,178		44,043		61,221		1,798		2017		39
Stamford, CT		-		2,376		1,458		-			-			2,376		1,458		3,834		59		2017		39
Stamford, CT		1,174		2,295		2,700		-			7			2,295		2,707		5,002		110		2017		39
Waldwick, NJ		-		2,761		5,571		1			158			2,762		5,729		8,491		182		2017		39
Dumont, NJ		9,842		6,646		15,341		3			19			6,649		15,360		22,009		492		2017		39
Ridgefield, CT		-		293		2,786		-			219			293		3,005		3,298		61		2018		39
Yonkers, NY		-		7,525		5,920		1			184			7,526		6,104		13,630		103		2018		39
New City, NY		-		2,492		631		6			2			2,498		633		3,131		7		2018		39
		290,638		222,621		774,262		6,267			100,253			228,888		874,515		1,103,403		214,163
Total	$	290,638	$	225,418	$	783,520	$	6,242		$	102,895		$	231,660	$	886,415	$	1,118,075	$	218,653

50

URSTADT BIDDLE PROPERTIES INC.

October 31, 2018

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

(In thousands)

	Year Ended October 31,
NOTES:	2018			2017			2016
(a) RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES
Balance at beginning of year	$	1,090,402		$	1,016,838		$	941,690
Property improvements during the year		7,781			9,326			18,666
Properties acquired during the year		22,517			119,403			58,737
Properties sold during the year		-			(52,122	)		0
Property assets fully depreciated and written off		(2,625	)		(3,043	)		(2,255	)
Balance at end of year (e)	$	1,118,075		$	1,090,402		$	1,016,838
(b) RECONCILIATION OF ACCUMULATED DEPRECIATION
Balance at beginning of year	$	195,020		$	186,098		$	165,660
Provision during the year charged to income (d)		26,258			25,058			22,693
Property sold during the year		-			(13,093	)		0
Property assets fully depreciated and written off		(2,625	)		(3,043	)		(2,255	)
Balance at end of year	$	218,653		$	195,020		$	186,098

(c) Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years.

(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 $703 million at October 31, 2018.

51

URSTADT BIDDLE PROPERTIES INC.

OCTOBER 31, 2018

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

(In thousands)

FIRST MORTGAGE LOANS ON BUSINESS PROPERTIES (c) and (d):

COL. A

COL. B

COL. C

COL. D

COL. E

COL. F

Description

Interest Rate

Final Maturity Date

Periodic Payment Terms

Remaining Face Amount of Mortgages (b)

Carrying Amount of Mortgages (a)

Coupon

Effective

Retail Property:

Rockland County, NY

3.779

%

3.779

%

October 10, 2017

Interest Only - Monthly

$

-

$

-

TOTAL MORTGAGE LOANS ON REAL ESTATE

$

-

$

-

Interest is one month LIBOR plus 3.25% per annum.

Loan was repaid in October 2017.

NOTES TO SCHEDULE IV

(a) Reconciliation of Mortgage Loans on Real Estate

	Year Ended October 31,
	2018		2017			2016
Balance at beginning of period:	$	-	$	13,500		$	-
Additions during period:
New mortgage loans		-		-			13,500
Deductions during the current period:
Collections of principal and amortization of discounts		-		(13,500	)		-
Balance at end of period:	$	-	$	-		$	13,500

(b) The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages

(c) At October 31, 2018, no mortgage loans were delinquent in payment of currently due principal or interest.

(d) There are no prior liens for any of the mortgage loans on real estate.

52

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	URSTADT BIDDLE PROPERTIES INC.
	(Registrant)
Dated: January 11, 2019	/s/ Willing L. Biddle
	Willing L. Biddle
	President and Chief Executive Officer
Dated: January 11, 2019	/s/ John T. Hayes
	John T. Hayes
	Senior Vice President and Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

53

Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the Registrant and in the capacities and on the date indicated have signed this Report below.

/s/ Charles D. Urstadt	January 11, 2019
Charles D. Urstadt
Chairman and Director
/s/ Willing L. Biddle	January 11, 2019
Willing L. Biddle
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ John T. Hayes	January 11, 2019
John T. Hayes
Senior Vice President & Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
/s/ Kevin J. Bannon	January 11, 2019
Kevin J. Bannon
Director
/s/ Catherine U. Biddle	January 11, 2019
Catherine U. Biddle
Director
/s/ Richard Grellier	January 11, 2019
Richard Grellier
Director
/s/ George H.C. Lawrence	January 11, 2019
George H. C. Lawrence
Director
/s/ Robert J. Mueller	January 11, 2019
Robert J. Mueller
Director
/s/ Charles J. Urstadt	January 11, 2019
Charles J. Urstadt
Chairman Emeritus and Director
/s/ Bryan O. Colley	January 11, 2019
Bryan O. Colley
Director
/s/ Noble Carpenter	January 11, 2019
Noble Carpenter
Director

54

EX-10.10

Exhibit 10.10

CHANGE IN CONTROL AGREEMENT

This Agreement is dated as of June 7, 2016 between Urstadt Biddle Properties Inc. (“Company”) and Miyun Sung ("Employee").

The Employee is currently employed by the Company and the Employee's services are valued by the Company.

The Company recognizes that the possibility of a Change in Control (as defined in Appendix A hereto) of the Company may result in the departure or distraction of the Employee, to the detriment of the Company and its shareholders.

The Company wishes to assure the Employee of fair severance should her employment terminate in certain specified circumstances following a Change in Control.

In consideration of the Employee's continued employment by the Company, and for other good and valuable consideration, the parties hereto hereby agree as follows:

1.	Termination Benefits. If the employment of the Employee is terminated by the Employee for Good Reason or by the Company for any reason other than for Cause, within 18 months following a Change in Control,
(a)		the Company shall pay Employee an amount equal to 12 months of Employee's rate of base salary (exclusive of any bonus or other benefit) in effect at the date of the Change in Control.  Such amount shall be payable in cash in a lump sum within 45 days after such termination; and
(b)		the Company shall continue in force and effect for 12 months after termination (the "Continuation of Benefits Period") and at the same level and for the benefit of the Employee's family, where applicable, all life insurance, disability, medical and other benefit programs or arrangements in which the Employee is participating or to which the Employee is entitled at the date of the Change in Control, provided that the Employee's continued participation is possible under such programs and arrangements. In the event that such continued participation is not possible, the Company shall arrange to provide the Employee with benefits similar to those which Employee would be entitled to receive under such programs and arrangements or, if the Company determines that it is impracticable to provide such similar benefits for tax or other reasons, the Company shall provide the Employee with a lump sum cash payment within 45 days of such termination in an amount equal to the cost to the Employee to purchase such benefits on her own, as determined by the Company. Without limiting the foregoing, the benefits continuation shall include a lump sum cash payment to the Employee within 45 days of such termination in lieu of Company contributions on behalf of the Employee under the Urstadt Biddle Properties Inc. Profit Sharing and Savings Plan. The amount of such payment shall be the product of (i) the number of months in the Continuation of Benefits Period and (ii) 1/12 of 5% (or such other percentage reflected in the Company’s most recent annual contribution determined prior to the Change in Control) times the Employee's annual salary rate in effect immediately prior to the termination date or, if greater, the Employee's annual salary rate in effect immediately prior to the Change in Control.

Payments under this Section 1 shall be reduced to the extent, but only to the extent, necessary to provide that no "payment in the nature of compensation" to (or for the benefit of) the Employee which is "contingent" on the Change in Control would fail to be deductible for federal income tax purposes by reason of section 280G of the Internal Revenue Code of 1986, as amended (the "Code").  As used in this Section, the words "payment in the nature of compensation" and "contingent" shall be construed and applied in a manner consistent with the meaning of those words under section 280G of the Code and regulations thereunder. The determination as to whether and to what extent a reduction in payments under this Section 1 is necessary to avoid the non-deductibility of any payment under section 280G of the Code shall be made at the Company’s expense by PKF O’Connor Davies, LLP, certified public accountants (“PKF”), or by such other certified public accounting firm as the Compensation Committee of the Directors may designate prior to a Change in Control.  In the event of any underpayment or overpayment under this Section 1, as determined by PKF (or such other firm as may have been designated in accordance with the preceding sentence), the amount of such underpayment or overpayment shall forthwith be paid to the Employee or refunded to the Company, as the case may be, with interest at the applicable federal rate provided for in section 7872(f)(2) of the Code.

2.	Definitions. The definitions in Appendix A are hereby incorporated in this Agreement.
3.	No Duty to Mitigate Damages. The Employee's benefits under this Agreement shall be considered severance pay in consideration of her past service and her continued service from the date of this Agreement, and her entitlement thereto shall neither be governed by any duty to mitigate her damages by seeking further employment nor offset by any compensation which she may receive from future employment.
4.	Withholding. Anything herein to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Employee shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation.  Provisions with respect to the potential applicability of Section 409A are set forth in Appendix B hereto.
5.	Legal Fees and Expenses; Interest. The Company shall pay all reasonable legal fees and expenses incurred by the Employee in successfully obtaining any right or benefit to which the Employee is entitled under this Agreement.  Any amount payable under this Agreement that is not paid when due shall accrue interest at the prime rate as from time to time in effect at The Bank of New York Mellon, until paid in full.
6.		Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New York City in accordance with the rules of the American Arbitration Association then in effect. The parties shall attempt to select a mutually agreeable arbitrator who shall promptly convene a hearing to resolve submitted disputes.  If the parties are unable to agree upon such an arbitrator within 20 days from initial contact, the American Arbitration Association shall be requested by either party to submit a list of at least seven arbitrators from which the parties shall attempt to select one by agreement.  In the event they do not so agree, they shall alternately strike names from this list beginning with the Employee, until a single name remains. The remaining person shall be appointed to hear and decide the parties' disputes, drawing his authority and the bases for decision from this Agreement.  The arbitrator will resolve all submitted matters in a written decision with expedition.  Judgment may be entered on the arbitrator's award in any court having jurisdiction.
7.		Notices. All notices shall be in writing and shall be deemed given five days after mailing in the continental United States by certified mail, or upon personal receipt after delivery, facsimile or telegram, to the party entitled thereto at the address stated below or to such changed address as the addressee may have given by a similar notice:

To the Company:

Urstadt Biddle Properties Inc.

321 Railroad Avenue

Greenwich, CT 06830

To the Employee:

At her home address,

as last shown on the

records of the Company

8.	Severability. In the event that any provision of this Agreement shall be determined to be invalid or unenforceable, such provision shall be enforceable in any other jurisdiction in which valid and enforceable and in any event the remaining provisions hereof shall remain in full force and effect to the fullest extent permitted by law.
9.	Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties and be enforceable by the Employee's personal or legal representatives or successors.  If the Employee dies while any amounts would still be payable to him hereunder, such amounts shall be paid to the Employee's estate. This Agreement shall not otherwise be assignable by the Employee.
10.	Successors. This Agreement shall inure to and be binding upon the Company’s successors. The Company will require any successor to all or substantially all of the businesses and/or assets of the Company by sale, merger (where the Company is not the surviving entity), lease or otherwise, to assume expressly this Agreement.  If the Company shall not obtain such agreement prior to the effectiveness of any such succession, the Employee shall have all rights resulting from termination of the Employee's employment under this Agreement.  This Agreement shall not otherwise be assignable by the Company.
11.	Amendment or Modification; Waiver. This Agreement may not be amended unless agreed to in writing by the Employee and the Company.  No waiver by either party of any breach of this Agreement shall be deemed a waiver of a subsequent breach.
12.	Continued Employment. This Agreement shall not confer upon the Employee any right of continued or future employment by the Company or any right to compensation or benefits from the Company except the right specifically stated herein to certain severance benefits, and shall not limit the right of the Company to terminate the Employee's employment at any time, except as may be otherwise provided in a written employment agreement between the Company and the Employee.
13.	Governing Law. The validity, interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of New York notwithstanding that the Company’s principal offices are in the State of Connecticut.
14.	Liability of Shareholders. This Agreement is executed by or on behalf of the Directors of the Company solely in their capacity as such Directors, and shall not constitute their personal obligation either jointly or severally in their individual capacities.  The shareholders, Directors, officers or agents of the Company shall not be personally liable for any obligations of the Company under this Agreement and all parties hereto shall look solely to the property of the Company for the payment of any claim hereunder.
15.	Entire Agreement. This Agreement, including the attached Appendices, represents the entire agreement between the parties concerning the subject matter of payment of severance upon the Employee’s termination of employment following a Change in Control of the Company and supersedes and incorporates any and all prior agreements, both written or oral.

IN WITNESS WHEREOF the parties have duly executed the Agreement as of the above date.

EMPLOYEE:

/s/ Miyun Sung

     Miyun Sung

COMPANY:

Urstadt Biddle Properties Inc.

By: /s/ Willing L. Biddle

      Willing L. Biddle

      President

APPENDIX A TO CHANGE IN CONTROL AGREEMENT

"Change in Control" shall mean the occurrence of any one of the following events:

(a)	any Person other than an “Exempted Person” becomes the owner of Common Shares which represent more than 20% of the combined voting power of the Common Shares outstanding and thereafter individuals who were not Directors of the Company prior to the date such Person became a 20% owner are elected as Directors pursuant to an arrangement or understanding with, or upon the request of or nomination by, such Person and constitute at least two of the Directors; or
(b)	there occurs a change in control of the Company of a nature that would be required to be reported in response to Item 5.01 of Form 8-K pursuant to Section 13 or 15 under the Securities Exchange Act of 1934 ("Exchange Act"), or in any other filing by the Company with the Securities and Exchange Commission (the "Commission"); or
(c)	there occurs any solicitation of proxies by or on behalf of any Person other than the Directors of the Company and thereafter individuals who were not Directors prior to the commencement of such solicitation are elected as Directors pursuant to an arrangement or understanding with, or upon the request of or nomination by, such Person and constitute at least two of the Directors.
(d)	the Company executes an agreement of acquisition, merger or consolidation which contemplates that (i) after the effective date provided for in the agreement, all or substantially all of the business and/or assets of the Company shall be owned, leased or otherwise controlled by another corporation or other entity and (ii) individuals who are Directors of the Company when such agreement is executed shall not constitute a majority of the board of directors of the survivor or successor entity immediately after the effective date provided for in such agreement; provided, however, for purposes of this paragraph (d) that if such agreement requires as a condition precedent approval by the Company’s shareholders of the agreement or transaction, a Change in Control shall not be deemed to have taken place unless and until such approval is secured.

"Common Shares" shall mean all shares of the then outstanding Common stock and Class A Common stock of the Company plus, for purposes of determining the ownership of any Person, the number of unissued Common Shares which such Person has the right to acquire (whether such right is exercisable immediately or only after the passage of time) upon the exercise of conversion rights, exchange rights, warrants or options or otherwise.

“Exempted Person” shall mean: (i) Charles J. Urstadt; (ii) any Urstadt Family Member (as hereinafter defined); (iii) any executor, administrator, trustee or personal representative who succeeds to the estate of Charles J. Urstadt or an Urstadt Family Member as a result of the death of such individual, acting in their capacity as an executor, administrator, trustee or personal representative with respect to any such estate; (iv) a trustee, guardian or custodian holding property for the primary benefit of Charles J. Urstadt or an Urstadt Family Member; (v) any corporation, partnership, limited liability company or other business organization that is directly or indirectly controlled by one or more persons or entities described in clauses (i) through (iv) hereof and is not controlled by any other person or entity; and (vi) any charitable foundation, trust or other not-for-profit organization for which one or more persons or entities described in clauses (i) through (v) hereof controls the investment and voting decisions in respect of any interest in the Company held by such organization.   For sake of clarity with respect to clause (v) above, “control” includes the power to control the investment and voting decisions of any such corporation, partnership, limited liability

company or other business organization.

For purposes of this definition, the term “Urstadt Family Member” shall mean and include the spouse of Charles J. Urstadt, the descendants of the parents of Charles J. Urstadt, the descendants of the parents of the spouse of Charles J. Urstadt, the spouses of any such descendant and the descendants of the parents of any spouse of a child of Charles J. Urstadt.  For this purpose, an individual’s “spouse” includes the widow or widower of such individual, and an individual’s “descendants” includes biological descendants and persons deriving their status as descendants by adoption.

“Person” shall have the meaning used in Section 13(d) of the Exchange Act, as in effect on October 31, 2015.  A Person shall be deemed to be the "owner" of any Common Shares:

(a)	of which such Person would be the "beneficial owner", as such term is defined in Rule 13d-3 promulgated by the Commission under the Exchange Act, as in effect on October 31, 2015; or
(b)	of which such Person would be the "beneficial owner", as such term is defined under Section 16 of the Exchange Act and the rules of the Commission promulgated thereunder, as in effect on October 31, 2015; or
(c)	which such Person or any of its Affiliates or Associates (as such terms are defined in Rule 12b-2 promulgated by the Commission under the Exchange Act, as in effect on October 31, 2015), has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options or otherwise.

Termination for "Cause" shall mean termination of the Employee's employment by the Company because of dishonesty, conviction of a felony, gross neglect of duties (other than as a result of disability or death), or conflict of interest (other than any conflict of interest which has been fully disclosed to the Directors and has been determined by them not to be material), which, in the case of gross neglect or conflict, shall continue for 30 days after the Company gives written notice to the Employee requesting the cessation of such gross neglect or conflict, as the case may be.

Termination for "Good Reason" shall have the following meanings:

Termination for "Good Reason" shall mean the voluntary termination by the Employee of her employment within 180 days following the occurrence of any of the events listed below by written notice (setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination for Good Reason) given within ninety (90) days after the occurrence, without the Employee’s express consent, of any one of such events unless they are fully corrected within 30 days after receipt of notice thereof:

(a)	a change in the Employee’s authority, duties or responsibilities which represent a material diminution in her authority, duties or responsibilities immediately prior to a Change in Control; or a change in the authority, duties or responsibilities of the person to whom the Employee reports (including, if applicable, requiring the Employee to report to an officer or employee instead of the Board of Directors) which represents a material diminution of such person’s authority, duties or responsibilities immediately prior to a Change in Control;
(b)	a material reduction in the Employee's base salary for any fiscal year below the level of Employee’s base salary in the completed fiscal year immediately preceding the Change in Control;
(c)	any relocation of the Employee outside a 50 mile radius of the Employee’s work site on the date hereof; or
(d)	any other material breach by the Company of any provision of this Agreement.

APPENDIX B TO CHANGE IN CONTROL AGREEMENT:  SECTION 409A

Anything in this Change in Control Agreement to the contrary notwithstanding:

(A)The parties intend that all payments and benefits under this Agreement shall be exempt from, or comply with, Section 409A of the Code and the regulations promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted by law, this Agreement shall be interpreted in a manner that achieves such intention.  Although the Company intends to administer this Agreement so that it will be exempt from, or comply with, the requirements of Code Section 409A, the Company does not represent or warrant that this Agreement will be exempt from, or otherwise comply with, Code Section 409A or any other provision of applicable law.

(B)No amount of nonqualified deferred compensation under Section 409A shall be payable to Employee upon a termination of her employment unless such termination constitutes a “separation from service” with the Company under Section 409A.  To the maximum extent permitted by applicable law, amounts payable to Employee shall be made in reliance upon the exception for certain involuntary terminations under a separation pay plan or as a short-term deferral under Section 409A.  For purposes of Section 409A, Employee's right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of The Company.

(C)If any payment, compensation or other benefit provided to the Employee in connection with his employment termination (other than termination on account of Employee’s death) is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Employee is a “specified employee” as defined in Section 409A(2)(B)(i) thereof, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”).  The aggregate of any payments that otherwise would have been paid to the Employee during the period between the date of termination and the New Payment Date shall be paid to the Employee in a lump sum on such New Payment Date.  Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

(D)To the extent that reimbursements or other in-kind benefits under this Agreement constitute nonqualified deferred compensation, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

EX-21

EXHIBIT 21

SUBSIDIARIES OF THE COMPANY

323 Railroad Corp., a Connecticut Corporation

Airport Beverages, Inc., a Connecticut Corporation

Ridgeway Beverages Inc., a Connecticut Corporation

Riverhead Spirits, Inc.

The Dock Wine and Liquors Inc., a Connecticut Corporation

UB 970 High Ridge, LLC, a Delaware Limited Liability Company

UB 1031 Parking, LLC, a New York Limited Liability Company

UB Bloomfield I, LLC, a Delaware Limited Liability Company

UB Boonton I, LLC, a Delaware Limited Liability Company

UB Chester, LLC, a New Jersey Limited Liability Company

UB Chestnut, LLC, a New Jersey Limited Liability Company

UB Danbury, Inc., a Connecticut Corporation

UB Darien, Inc., a Connecticut Corporation

UB Derby I, LLC, a Delaware Limited Liability Company

UB Dockside, LLC, a Delaware Limited Liability Company

UB Dumont I, LLC, a Delaware Limited Liability Company

UB Eastchester Plaza, LLC, a Delaware Limited Liability Company

UB Fairfield Centre, LLC, a Delaware Limited Liability Company

UB Fort Lee I, LLC, a New Jersey Limited Liability Company

UB Greenwich I, LLC, a Connecticut Limited Liability Company

UB Greenwich II-OGCC, LLC, a Connecticut Limited Liability Company

UB Harrison I, LLC, a New York Limited Liability Company

UB High Ridge, LLC, a Delaware Limited Liability Company

UB High Ridge SPE, LLC, a Delaware Limited Liability Company

UB Ironbound GP, LLC, a Delaware Limited Liability Company

UB Ironbound, L.P., a Delaware Limited Partnership

UB Katonah, LLC, a New York Limited Liability Company

UB Kinnelon I, LLC, a New Jersey Limited Liability Company

UB Litchfield, LLC, a Delaware Limited Liability Company

UB McLean, LLC, a New York Limited Liability Company

UB Midland Park I, LLC, a New Jersey Limited Liability Company

UB Midway I, LLC, a Delaware Limited Liability Company

UB Midway II, LLC, a Delaware Limited Liability Company

UB New City I, LLC, a Delaware Limited Liability Company

UB New Milford, LLC, a Delaware Limited Liability Company

UB New Providence, LLC, a Delaware Limited Liability Company

UB Newfield Green, LLC, a Connecticut Limited Liability Company

UB NM Fairfield Plaza, LLC, a Delaware Limited Liability Company

UB Norwalk I, LLC, a Connecticut Limited Liability Company

UB Orangeburg, LLC, a Delaware Limited Liability Company

UB Passaic I, LLC, a Delaware Limited Liability Company

UB Plaza 59, LLC, a New York Limited Liability Company

UB Pompton Lakes I, LLC, a New Jersey Limited Liability Company

UB Putnam, LLC, a Delaware Limited Liability Company

UB Railside, LLC, a Delaware Limited Liability Company

UB Riverhead I, LLC, a New York Limited Liability Company

UB Riverhead II, LLC, a New York Limited Liability Company

UB Rye LLC, a New York Limited Liability Company

UB Solar, Inc., a New Jersey Corporation

UB Solar SPE Yorktown, LLC, a Delaware Limited Liability Company

UB Somers, Inc., a New York Corporation

UB Stamford, L.P., a Delaware Limited Partnership

UB Stratford I, LLC, a Delaware Limited Liability Company

UB Tanglewood, LLC, a Delaware Limited Liability Company

UB Waldwick I, LLC, a Delaware Limited Liability Company

UB Wyckoff I, LLC, a New Jersey Limited Liability Company

UB Yorktown, LLC, a Delaware Limited Liability Company

Veterans Plaza Beverages, Inc. a Connecticut Corporation

EX-23

EXHIBIT 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements ((i) Forms S-3 No. 33-57119, No. 333-64381, No. 333-115083, No. 333-157286, No. 333-165811, No. 333-198664, No. 333-218628, No. 333-218635 and No. 333-219762 and (ii) Forms S-8 No. 333-157283, No. 333-165807,  No. 333-175405, No. 333-189326 and  No. 333-211960)  of our reports dated January 10, 2019, with respect to the consolidated financial statements and schedules of Urstadt Biddle Properties Inc., and the effectiveness of internal control over financial reporting of Urstadt Biddle Properties Inc. included in this Annual Report (Form 10-K) for the year ended October 31, 2018.

 /s/PKF O'Connor Davies, LLP

January 10, 2019

New York, New York

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Willing L. Biddle, certify that:

1.            I have reviewed this annual report on Form 10-K of Urstadt Biddle Properties Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:  January 11, 2019	/s/ Willing L. Biddle
	Willing L. Biddle
	President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, John T. Hayes, certify that:

1.            I have reviewed this annual report on Form 10-K of Urstadt Biddle Properties Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:  January 11, 2019	/s/ John T. Hayes
	John T. Hayes
	Senior Vice President and Chief Financial Officer

EX-32

EXHIBIT 32

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

with Respect to the Annual Report on Form 10-K

for the Year ended October 31, 2018

of Urstadt Biddle Properties Inc

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Urstadt Biddle Properties Inc., a Maryland corporation (the “Company”), does hereby certify, to the best of such officer’s knowledge, that:

1. The Company’s Annual Report on Form 10-K for the year ended October 31, 2018 (the “Form 10-K”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

2. Information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  January 11, 2019	/s/ Willing L. Biddle
	Willing L. Biddle
	President and Chief Executive Officer

Dated:  January 11, 2019	/s/ John T. Hayes
	John T. Hayes
	Senior Vice President and Chief Financial Officer

The certification set forth above is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and should not be deemed to be filed under the Exchange Act by the Company or the certifying officers.

XML

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 31, 2018	Jan. 04, 2019	Apr. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	URSTADT BIDDLE PROPERTIES INC
Entity Central Index Key	0001029800
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Type	10-K
Amendment Flag	false
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Common Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 38,575,941
Entity Common Stock, Shares Outstanding		9,959,206
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 581,567,658
Entity Common Stock, Shares Outstanding		29,926,164

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2018	Oct. 31, 2017
Real Estate Investments:
Real Estate - at cost	$ 1,118,075	$ 1,090,402
Less: Accumulated depreciation	(218,653)	(195,020)
Investment property at cost - net	899,422	895,382
Investments in and advances to unconsolidated joint ventures	37,434	38,049
Total real estate investments	936,856	933,431
Cash and cash equivalents	10,285	8,674
Restricted cash	2,540	2,306
Marketable securities	5,567	0
Tenant receivables	22,607	19,632
Prepaid expenses and other assets	19,927	20,803
Deferred charges, net of accumulated amortization	10,451	11,867
Total Assets	1,008,233	996,713
Liabilities:
Revolving credit line	28,595	4,000
Mortgage notes payable and other loans	293,801	297,071
Accounts payable and accrued expenses	3,900	4,200
Deferred compensation - officers	72	96
Other liabilities	21,466	22,755
Total Liabilities	347,834	328,122
Redeemable Noncontrolling Interests	78,258	81,361
Commitments and Contingencies
Stockholders' Equity:
Excess Stock, par value $0.01 per share; 20,000,000 shares authorized; none issued and outstanding	0	0
Additional paid in capital	518,136	514,217
Cumulative distributions in excess of net income	(133,858)	(120,123)
Accumulated other comprehensive	7,466	2,742
Total Stockholders' Equity	582,141	587,230
Total Liabilities and Stockholders' Equity	1,008,233	996,713
Series G Cumulative Preferred Stock [Member]
Stockholders' Equity:
Cumulative Preferred Stock (liquidation preference of $25 per share)	75,000	75,000
Series H Cumulative Preferred Stock [Member]
Stockholders' Equity:
Cumulative Preferred Stock (liquidation preference of $25 per share)	115,000	115,000
Common Stock [Member]
Stockholders' Equity:
Common Stock	99	97
Class A Common Stock [Member]
Stockholders' Equity:
Common Stock	$ 298	$ 297

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Stockholders' Equity:
Excess stock, par value (in dollars per share)	$ 0.01	$ 0.01
Excess stock, shares authorized (in shares)	20,000,000	20,000,000
Excess stock, shares issued (in shares)	0	0
Excess stock, shares outstanding (in shares)	0	0
Series G Cumulative Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, dividend rate	6.75%	6.75%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Common Stock [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	9,822,006	9,664,778
Common stock, shares outstanding (in shares)	9,822,006	9,664,778
Class A Common Stock [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	29,814,814	29,728,744
Common stock, shares outstanding (in shares)	29,814,814	29,728,744
Series H Cumulative Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, dividend rate	6.25%	6.25%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Preferred stock, shares outstanding (in shares)	4,600,000	4,600,000

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Revenues
Base rents	$ 95,902	$ 88,383	$ 87,172
Recoveries from tenants	31,144	28,676	25,788
Lease termination	3,795	2,432	619
Other	4,511	4,069	3,213
Total Revenues	135,352	123,560	116,792
Expenses
Property operating	22,009	20,074	18,717
Property taxes	21,167	19,621	18,548
Depreciation and amortization	28,324	26,512	23,025
General and administrative	9,223	9,183	9,284
Provision for tenant credit losses	859	583	1,161
Acquisition costs	0	0	412
Directors' fees and expenses	344	321	318
Total Operating Expenses	81,926	76,294	71,465
Operating Income	53,426	47,266	45,327
Non-Operating Income (Expense):
Interest expense	(13,678)	(12,981)	(12,983)
Equity in net income from unconsolidated joint ventures	2,085	2,057	2,019
Interest, dividends and other investment income	350	356	242
Gain on sale of properties	0	18,734	0
Net Income	42,183	55,432	34,605
Noncontrolling interests:
Net income attributable to noncontrolling interests	(4,716)	(2,499)	(889)
Net income attributable to Urstadt Biddle Properties Inc.	37,467	52,933	33,716
Preferred stock dividends	(12,250)	(14,960)	(14,280)
Redemption of preferred stock	0	(4,075)	0
Net Income Applicable to Common and Class A Common Stockholders	25,217	33,898	19,436
Common Stock [Member]
Noncontrolling interests:
Net Income Applicable to Common and Class A Common Stockholders	$ 5,173	$ 6,857	$ 4,142
Basic Earnings Per Share:
Basic earnings per share (in dollars per share)	$ 0.61	$ 0.82	$ 0.50
Diluted Earnings Per Share:
Diluted earnings per share (in dollars per share)	$ 0.60	$ 0.80	$ 0.49
Class A Common Stock [Member]
Noncontrolling interests:
Net Income Applicable to Common and Class A Common Stockholders	$ 20,044	$ 27,041	$ 15,294
Basic Earnings Per Share:
Basic earnings per share (in dollars per share)	$ 0.68	$ 0.92	$ 0.57
Diluted Earnings Per Share:
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.90	$ 0.56

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 42,183	$ 55,432	$ 34,605
Other comprehensive income:
Change in unrealized gain on marketable equity securities	569	0	0
Change in unrealized gain (loss) on interest rate swaps	4,155	4,045	(73)
Total comprehensive income	46,907	59,477	34,532
Comprehensive income attributable to noncontrolling interests	(4,716)	(2,499)	(889)
Total comprehensive income attributable to Urstadt Biddle Properties Inc.	42,191	56,978	33,643
Preferred stock dividends	(12,250)	(14,960)	(14,280)
Redemption of preferred stock	0	(4,075)	0
Total comprehensive income applicable to Common and Class A Common Stockholders	$ 29,941	$ 37,943	$ 19,363

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 42,183	$ 55,432	$ 34,605
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,324	26,512	23,025
Straight-line rent adjustment	(957)	(507)	(1,902)
Provisions for tenant credit losses	859	583	1,161
Restricted stock compensation expense and other adjustments	4,085	3,956	4,442
Deferred compensation arrangement	(24)	(35)	(26)
Gain on sale of properties	0	(18,734)	0
Equity in net (income) of unconsolidated joint ventures	(2,085)	(2,057)	(2,019)
Distributions of operating income from unconsolidated joint ventures	2,085	2,057	2,019
Changes in operating assets and liabilities:
Tenant receivables	(956)	(825)	4,203
Accounts payable and accrued expenses	161	3,635	1,464
Other assets and other liabilities, net	(1,857)	(6,740)	(5,057)
Restricted Cash	(234)	(282)	166
Net Cash Flow Provided by Operating Activities	71,584	62,995	62,081
Cash Flows from Investing Activities:
Acquisitions of real estate investments	(6,910)	(30,599)	(58,737)
Investments in and advances to unconsolidated joint ventures	0	(158)	(700)
Acquisitions of noncontrolling interests	(1,220)	0	0
Investment in mortgage note	0	0	(13,500)
Repayment of mortgage note	0	13,500	0
Deposits on acquisition of real estate investments	(1,000)	(715)	(750)
Returns of deposits on real estate investments	0	500	640
Improvements to properties and deferred charges	(8,184)	(9,676)	(21,462)
Net proceeds from sale of properties	0	45,438	0
Deposits received on sale of property	0	0	11,900
Purchases of securities available for sale	(4,999)	0	0
Distributions to noncontrolling interests	(4,716)	(2,499)	(889)
Return of capital from unconsolidated joint ventures	553	471	1,426
Net Cash Flow Provided by (Used in) Investing Activities	(26,476)	16,262	(82,072)
Cash Flows from Financing Activities:
Dividends paid - Common and Class A Common Stock	(41,626)	(40,596)	(37,092)
Dividends paid - Preferred Stock	(12,250)	(14,960)	(14,280)
Amortization payments on mortgage notes payable	(6,427)	(6,776)	(20,744)
Proceeds from mortgage note payable and other loans	10,000	50,000	33,663
Repayment of mortgage notes payable and other loans	(17,624)	(43,675)	0
Proceeds from revolving credit line borrowings	33,595	52,000	52,000
Sales of additional shares of Common and Class A Common Stock	196	200	73,842
Repayment of revolving credit line borrowings	(9,000)	(56,000)	(66,750)
Repurchase of shares of Class A Common Stock	(120)	0	0
Shares withheld for employee taxes	(241)	0	0
Net proceeds from issuance of Preferred Stock	0	111,328	0
Redemption of preferred stock including restricted cash	0	(129,375)	0
Net Cash Flow Provided by (Used in) Financing Activities	(43,497)	(77,854)	20,639
Net Increase In Cash and Cash Equivalents	1,611	1,403	648
Cash and Cash Equivalents at Beginning of Year	8,674	7,271	6,623
Cash and Cash Equivalents at End of Year	$ 10,285	$ 8,674	$ 7,271

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member] 7.125% Series F Preferred Stock [Member]	Preferred Stock [Member] 6.75% Series G Preferred Stock [Member]	Preferred Stock [Member] 6.25% Series H Preferred Stock [Member]	Common Stock [Member] Common Stock [Member]	Common Stock [Member] Class A Common Stock [Member]	Additional Paid In Capital [Member]	Cumulative Distributions in Excess of Net Income [Member]	Cumulative Distributions in Excess of Net Income [Member] Common Stock [Member]	Cumulative Distributions in Excess of Net Income [Member] Class A Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total	Common Stock [Member]	Class A Common Stock [Member]
Balance at Oct. 31, 2015	$ 129,375	$ 75,000	$ 0	$ 94	$ 264	$ 431,411	$ (94,136)			$ (1,230)	$ 540,778
Balance (in shares) at Oct. 31, 2015	5,175,000	3,000,000	0	9,350,885	26,370,216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders							19,436				19,436	$ 4,142	$ 15,294
Change in unrealized gains on marketable securities											0
Change in unrealized gain (loss) on interest rate swap										(73)	(73)
Cash dividends paid:
Common stock								$ (8,745)	$ (28,348)		(8,745)		(28,348)
Issuance of shares under dividend reinvestment plan				$ 0	$ 0	219					219
Issuance of shares under dividend reinvestment plan (in shares)				4,988	5,854
Shares issued under restricted stock plan				$ 2	$ 1	(3)					0
Shares issued under restricted stock plan (in shares)				152,100	95,600
Forfeiture of restricted stock					$ 0	0					0
Forfeiture of restricted stock (in shares)					(650)
Issuance of common stock					$ 31	73,623					73,654
Issuance of common stock (in shares)					3,162,500
Restricted stock compensation and other adjustments						4,410					4,410
Adjustments to redeemable noncontrolling interests							(2,298)			0	(2,298)
Balance at Oct. 31, 2016	$ 129,375	$ 75,000	$ 0	$ 96	$ 296	509,660	(114,091)			(1,303)	599,033
Balance (in shares) at Oct. 31, 2016	5,175,000	3,000,000	0	9,507,973	29,633,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders							33,898				33,898	6,857	27,041
Change in unrealized gains on marketable securities											0
Change in unrealized gain (loss) on interest rate swap										4,045	4,045
Cash dividends paid:
Common stock								(9,082)	(31,514)			(9,082)	(31,514)
Issuance of shares under dividend reinvestment plan				$ 0	$ 0	200					200
Issuance of shares under dividend reinvestment plan (in shares)				4,705	5,399
Shares issued under restricted stock plan				$ 1	$ 1	(2)					0
Shares issued under restricted stock plan (in shares)				152,100	96,225
Forfeiture of restricted stock						0					0
Forfeiture of restricted stock (in shares)					(6,400)
Issuance of Preferred Stock			$ 115,000			(3,672)					111,328
Issuance of Preferred Stock (in shares)			4,600,000
Redemption of Preferred Stock Series	$ (129,375)					4,075					(125,300)
Redemption of Preferred Stock (in shares)	(5,175,000)
Restricted stock compensation and other adjustments						3,956					3,956
Adjustments to redeemable noncontrolling interests							666				666
Balance at Oct. 31, 2017	$ 0	$ 75,000	$ 115,000	$ 97	$ 297	514,217	(120,123)			2,742	587,230
Balance (in shares) at Oct. 31, 2017	0	3,000,000	4,600,000	9,664,778	29,728,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income applicable to Common and Class A common stockholders							25,217				25,217	5,173	20,044
Change in unrealized gains on marketable securities										569	569
Change in unrealized gain (loss) on interest rate swap										4,155	4,155
Cash dividends paid:
Common stock								$ (9,426)	$ (32,200)			$ (9,426)	$ (32,200)
Issuance of shares under dividend reinvestment plan				$ 0	$ 0	197					197
Issuance of shares under dividend reinvestment plan (in shares)				4,528	5,766
Shares issued under restricted stock plan				$ 2	$ 1	(3)					0
Shares issued under restricted stock plan (in shares)				152,700	102,800
Shares withheld for employee taxes (in shares)					(10,886)
Shares withheld for employee taxes						(240)					(240)
Forfeiture of restricted stock					$ 0	0					0
Forfeiture of restricted stock (in shares)					(4,950)
Restricted stock compensation and other adjustments						4,085					4,085
Repurchase of common stock						(120)					(120)
Repurchase of common stock (in shares)					(6,660)
Adjustments to redeemable noncontrolling interests							2,674				2,674
Balance at Oct. 31, 2018	$ 0	$ 75,000	$ 115,000	$ 99	$ 298	$ 518,136	$ (133,858)			$ 7,466	$ 582,141
Balance (in shares) at Oct. 31, 2018	0	3,000,000	4,600,000	9,822,006	29,814,814

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Common Stock [Member]
Common stock, dividends per share declared (in dollars per share)		$ 0.96	$ 0.94	$ 0.92
Class A Common Stock [Member]
Common stock, dividends per share declared (in dollars per share)		$ 1.08	$ 1.06	$ 1.04
6.75% Series G Preferred Stock [Member]
Preferred stock, dividend rate	6.75%	6.75%	6.75%	6.75%
7.125% Series F Preferred Stock [Member]
Preferred stock, dividend rate		7.125%	7.125%	7.125%
6.25% Series H Preferred Stock [Member]
Preferred stock, dividend rate		6.25%	6.25%	6.25%

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Oct. 31, 2018

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Urstadt Biddle Properties Inc. (“Company”), a Maryland Corporation, is a real estate investment trust (REIT), engaged in the acquisition, ownership and management of commercial real estate, primarily neighborhood and community shopping centers in the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York. The Company's major tenants include supermarket chains and other retailers who sell basic necessities. At October 31, 2018, the Company owned or had equity interests in 84 properties containing a total of 5.1 million square feet of gross leasable area ("GLA").

Principles of Consolidation and Use of Estimates

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures;" joint ventures that the Company does not control but otherwise exercises significant influence in, are accounted for under the equity method of accounting. See Note 6 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value measurements and the collectability of tenant receivables.  Actual results could differ from these estimates.

Federal Income Taxes

The Company has elected to be treated as a real estate investment trust under Sections 856-860 of the Internal Revenue Code ("Code"). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2018 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, “Income Taxes,” that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.   Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of October 31, 2018.  As of October 31, 2018, the fiscal tax years 2014 through and including 2017 remain open to examination by the Internal Revenue Service.  There are currently no federal tax examinations in progress.

Acquisitions of Real Estate Investments and Capitalization Policy

Acquisition of Real Estate Investments:

The Company evaluates each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business:

• Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or

• The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).

An acquired process is considered substantive if:

• The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process;

• The process cannot be replaced without significant cost, effort, or delay; or

• The process is considered unique or scarce.

Generally, the Company expects that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

Acquisitions of real estate and in-substance real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as the Company utilizes to determine fair value in a business combination.

The value of tangible assets acquired is based upon our estimation of value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property.

The values of acquired above and below-market leases, which are included in prepaid expenses and other assets and other liabilities, respectively, are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases.

Capitalization Policy:

Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

Depreciation and Amortization

The Company uses the straight-line method for depreciation and amortization. Real estate investment properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life.

Sale of Investment Property and Property Held for Sale

The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In March 2017, the Company sold for $56.6 million its property located in White Plains, NY, as that property no longer met the Company's investment objectives.  In conjunction with the sale, the Company realized a gain on sale of property in the amount of $19.5 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

In July 2017, the Company sold for $1.2 million its property located in Fairfield, CT (the "Fairfield Property"), which it purchased in the second quarter of fiscal 2017.  In conjunction with the sale the Company realized a loss on sale of property in the amount of $729,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

The combined operating results of the White Plains Property and Fairfield Property, which are included in continuing operations, were as follows (amounts in thousands):

	Year Ended October 31,
	2018		2017			2016
Revenues	$	-	$	2,279		$	5,604
Property operating expense		-		(331	)		(1,330	)
Depreciation and amortization		-		(90	)		(476	)
Net Income (loss)	$	-	$	1,858		$	3,798

Deferred Charges

Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases).  Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $4,901,000 and $4,279,000 as of October 31, 2018 and 2017, respectively.

Asset Impairment

On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired.  A property value is considered impaired when management’s estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset.  Changes in estimated future cash flows due to changes in the Company’s plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at October 31, 2018.

Revenue Recognition

Our leases with tenants are classified as operating leases.  Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. At October 31, 2018 and 2017, approximately $18,375,000 and $17,349,000, respectively, has been recognized as straight-line rents receivable (representing the current net cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under GAAP have been met.

In April 2018, the Company entered into a lease termination agreement with a tenant at its Ferry Plaza property located in Newark, NJ.  The agreement provided that the tenant pay the Company $3.7 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in April 2018 and has recorded the payment received as lease termination income in its consolidated statements of income for the fiscal year ended October 31, 2018, as the payment met all of the revenue recognition conditions under U.S. GAAP.

In July 2017, the Company entered into a lease termination agreement with the single tenant of its property located in Fairfield, CT, which was purchased in the second quarter of fiscal 2017, so the Company could sell the property vacant.  The agreement provided that the tenant pay the Company $3.2 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in July 2017 and has recorded the payment received as lease termination income in its consolidated statements of income for the year ended October 31, 2017, as the payment met all of the revenue recognition conditions under U.S. GAAP.  In addition, when the aforementioned property was acquired, the Company allocated $1.2 million of the consideration paid to acquire the asset to this over-market lease (see note 3).  As a result of this termination, the Company wrote-off the remaining $1.2 million asset as a reduction of lease termination income for the year ended October 31, 2017.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible. Such allowances are reviewed periodically. At October 31, 2018 and 2017, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $4,800,000 and $4,543,000, respectively.

Cash Equivalents

Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months.

Restricted Cash

Restricted cash consists of those tenant security deposits and replacement and other reserves required by agreement with certain of the Company’s mortgage lenders for property level capital requirements that are required to be held in separate bank accounts.

Marketable Securities

Marketable equity securities are carried at fair value based upon quoted market prices in active markets. The Company has classified its marketable securities as available for sale. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity until realized. The change in the unrealized net holding gains (losses) is reflected as comprehensive income (Loss).

In February and March 2018, the Company purchased approximately $5.0 million of REIT securities with available cash.

The Company individually reviews and evaluates its marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position.  The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.  As of October 31, 2018, the Company's investment in REIT securities consists of an investment in one issuer and the aggregate fair value of the Company's investment is above the Company's cost.

The unrealized gain at October 31, 2018 and October 31, 2017 is detailed below (in thousands):

	Fair Market Value		Cost Basis		Unrealized Gain/(Loss)		Gross Unrealized Gains		Gross Unrealized (Loss)
October 31, 2018
REIT Securities	$	5,567	$	4,998	$	569	$	569	$	-
October 31, 2017
REIT Securities	$	-	$	-	$	-	$	-	$	-

Derivative Financial Instruments

The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of October 31, 2018, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2018, the Company had approximately $97.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to a fixed annual rate of 3.74% per annum.  As of October 31, 2018 and 2017, the Company had a deferred liability of  $114,000 and $574,000, respectively (included in accounts payable and accrued expenses on the consolidated balance sheets) and a deferred asset of $7,011,000 and $3,316,000, respectively (included in prepaid expenses and other assets on the consolidated balance sheets) relating to the fair value of the Company’s interest rate swaps applicable to secured mortgages.

Charges and/or credits relating to the changes in fair values of such interest rate swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.

Comprehensive Income

Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income (loss) includes items that are otherwise recorded directly in stockholders’ equity, such as unrealized gains/(losses) on marketable securities classified as available-for-sale and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At October 31, 2018, accumulated other comprehensive income consisted of net unrealized gains on marketable securities classified as available for sale of $569,000 and net unrealized gains on interest rate swap agreements of $6.9 million.  At October 31, 2017, accumulated other comprehensive income consisted of net unrealized gains on interest rate swap agreements of approximately $2.7 million. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings as gains and losses are realized.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. There is no dependence upon any single tenant.

Earnings Per Share

The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

	Year Ended October 31,
	2018			2017			2016
Numerator
Net income applicable to common stockholders – basic	$	5,173		$	6,857		$	4,142
Effect of dilutive securities:
Restricted stock awards		259			376			236
Net income applicable to common stockholders – diluted	$	5,432		$	7,233		$	4,378
Denominator
Denominator for basic EPS-weighted average common shares		8,517			8,383			8,241
Effect of dilutive securities:
Restricted stock awards		597			643			669
Denominator for diluted EPS – weighted average common equivalent shares		9,114			9,026			8,910
Numerator
Net income applicable to Class A common stockholders – basic	$	20,044		$	27,041		$	15,294
Effect of dilutive securities:
Restricted stock awards		(259	)		(376	)		(236	)
Net income applicable to Class A common stockholders – diluted	$	19,785		$	26,665		$	15,058
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,335			29,317			26,921
Effect of dilutive securities:
Restricted stock awards		178			186			191
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,513			29,503			27,112

Stock-Based Compensation

The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, “Stock Compensation”, which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company’s stock on the grant date.  The Company recognizes compensation expense for its stock awards by amortizing the fair value of stock awards over the requisite service periods of such awards.

Segment Reporting

The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company’s properties, located in Stamford, CT (“Ridgeway”), is considered significant as its revenue is in excess of 10% of the Company’s consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950’s and redeveloped in the mid 1990’s. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Segment information about Ridgeway as required by ASC Topic 280 is included below:

	Year Ended October 31,
	2018			2017			2016
Ridgeway Revenues		10.4	%		11.2	%		11.3	%
All Other Property Revenues		89.6	%		88.8	%		88.7	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%

	Year Ended October 31,
	2018			2017
Ridgeway Assets		7.0	%		7.2	%
All Other Property Assets		93.0	%		92.8	%
Consolidated Assets (Note 1)		100.0	%		100.0	%

Note 1- Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2018, 2017 and 2016.

	Year Ended October 31,
	2018			2017			2016
Ridgeway Percent Leased		96	%		96	%		98	%

Ridgeway Significant Tenants (by base rent):	Year Ended October 31,
	2018			2017			2016
The Stop & Shop Supermarket Company		20	%		19	%		19	%
Bed, Bath & Beyond		14	%		14	%		14	%
Marshall’s Inc., a division of the TJX Companies		10	%		11	%		11	%
All Other Tenants at Ridgeway (Note 2)		56	%		56	%		56	%
Total		100	%		100	%		100	%

Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented.  Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

	Year Ended October 31, 2018
Income Statement (In Thousands):	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	14,015	$	121,337	$	135,352
Operating Expenses	$	4,094	$	39,082	$	43,176
Interest Expense	$	1,869	$	11,809	$	13,678
Depreciation and Amortization	$	2,616	$	25,708	$	28,324
Income from Continuing Operations	$	5,436	$	36,747	$	42,183

	Year Ended October 31, 2017
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,832	$	109,728	$	123,560
Operating Expenses	$	3,809	$	35,886	$	39,695
Interest Expense	$	2,034	$	10,947	$	12,981
Depreciation and Amortization	$	3,016	$	23,496	$	26,512
Income from Continuing Operations	$	4,973	$	31,725	$	36,698

	Year Ended October 31, 2016
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,192	$	103,600	$	116,792
Operating Expenses	$	3,649	$	33,616	$	37,265
Interest Expense	$	2,487	$	10,496	$	12,983
Depreciation and Amortization	$	2,468	$	20,557	$	23,025
Income from Continuing Operations	$	4,588	$	30,017	$	34,605

Reclassification

Certain fiscal 2016 and 2017 amounts have been reclassified to conform to current period presentation.

New Accounting Standards

In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB’s ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, the amendment clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company completed its assessment on the potential impact that the adoption of ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements and has determined that no adjustment is needed upon adoption of the new accounting standard.  The majority of our revenue falls outside of the scope of this guidance.

In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for the Company in the first quarter of fiscal 2020, and we are currently assessing the impact this standard will have on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018.  The most significant change for the Company will be the accounting for the Company’s investments in marketable securities classified as available for sale, which are currently carried at fair value with unrealized gains and losses being excluded from earnings and reported as a separate component of stockholders’ equity until realized with the change in net unrealized gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, beginning November 1, 2018, these marketable securities will continue to be measured at fair value, however, the changes in net unrealized holding gains and losses will be recognized through net income.  The adjustment to the opening balance of distributions in excess of net income in Stockholder's equity on November 1, 2018, using the modified retrospective approach, will be a decrease in the amount of $569,000.

The Company has evaluated all other new ASU's issued by FASB, and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of October 31, 2018.

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REAL ESTATE INVESTMENTS

12 Months Ended

Oct. 31, 2018

REAL ESTATE INVESTMENTS [Abstract]

REAL ESTATE INVESTMENTS

(2) REAL ESTATE INVESTMENTS

The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2018 and 2017 (in thousands):

	Consolidated Investment Properties		Unconsolidated Joint Ventures		2018 Totals		2017 Totals
Retail	$	889,243	$	37,434	$	926,677	$	923,118
Office		10,179		-		10,179		10,313
	$	899,422	$	37,434	$	936,856	$	933,431

The Company's investments at October 31, 2018 consisted of equity interests in 84 properties.  The 84 properties are located in various regions throughout the northeastern part of the United States with a concentration in the metropolitan New York tri-state area outside of the City of New York.  The Company's primary investment focus is neighborhood and community shopping centers located in the region just described. Since a significant concentration of the Company's properties are in the northeast, market changes in this region could have an effect on the Company's leasing efforts and ultimately its overall results of operations.

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INVESTMENT PROPERTIES

12 Months Ended

Oct. 31, 2018

INVESTMENT PROPERTIES [Abstract]

INVESTMENT PROPERTIES

(3) INVESTMENT PROPERTIES

The components of the properties consolidated in the financial statements are as follows (in thousands):

	October 31,
	2018			2017
Land	$	231,660		$	218,501
Buildings and improvements		886,415			871,901
		1,118,075			1,090,402
Accumulated depreciation		(218,653	)		(195,020	)
	$	899,422		$	895,382

Space at the Company's properties is generally leased to various individual tenants under short and intermediate-term leases which are accounted for as operating leases.

Minimum rental payments on non-cancelable operating leases for the Company's consolidated properties totaling $550.9 million become due as follows (in millions): 2019 - $91.0; 2020 - $82.3; 2021 - $73.1; 2022 - $62.5; 2023 - $46.5; and thereafter – $195.5.

Certain of the Company's leases provide for the payment of additional rent based on a percentage of the tenant's revenues. Such additional percentage rents are included in operating lease income and were less than 1.00% of consolidated revenues in each of the three years ended October 31, 2018.

Significant Investment Property Transactions

In October 2017, the Company purchased a promissory note secured by a mortgage on 470 Main Street in Ridgefield, CT (“470 Main”), which comprises part of the Yankee Ridge retail and office mixed-use property.  The note was purchased from the existing lender.  In January 2018, the Company completed foreclosure of the mortgage and became the owner of 470 Main.  Total consideration paid for the note, including costs, totaled $3.1 million.  470 Main is a 24,200 square foot building with ground and first floor retail and second floor office space.  The Company funded the note purchase with available cash.

In March 2018, the Company, through a wholly-owned subsidiary, purchased for $13.1 million a 27,000 square foot shopping center located in Yonkers, NY ("Tanglewood").  The Company funded the purchase with available cash, borrowings on its unsecured revolving credit facility and the issuance of $11.0 million in unsecured promissory notes to the seller (see note 4).

The Company accounted for the purchase of 470 Main, Tanglewood and a property acquired through a joint venture, which the Company consolidates (see note 5), as asset acquisitions and allocated the total consideration transferred for the acquisitions, including transaction costs, to the individual assets and liabilities acquired on a relative fair value basis.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the fiscal year ended October 31, 2018 (in thousands).

	470 Main		Tanglewood		New City
Assets:
Land	$	293	$	7,525	$	2,498
Building and improvements	$	2,786	$	5,920	$	632
In-place leases	$	68	$	147	$	38
Above market leases	$	25	$	81	$	-
Liabilities:
In-place leases	$	-	$	-	$	-
Below Market Leases	$	43	$	396	$	-

The value of above and below market leases are amortized as a reduction/increase to base rental revenue over the term of the respective leases.  The value of in-place leases described above are amortized as an expense over the terms of the respective leases.

For the fiscal year ended October 31, 2018,  2017 and 2016, the net amortization of above-market and below-market leases was approximately $1,209,000, $223,000 and $157,000, respectively, which is included in base rents in the accompanying consolidated statements of income.

In Fiscal 2018, the Company incurred costs of approximately $8.2 million related to capital improvements and leasing costs to its properties.

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MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

12 Months Ended

Oct. 31, 2018

MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract]

MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS

(4) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

At October 31, 2018, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031.  The mortgage loans bear interest at rates ranging from 3.5% to 6.6% and are collateralized by real estate investments having a net carrying value of approximately $558.2 million.

Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands):

	Principal Repayments		Scheduled Amortization		Total
2019	$	26,880	$	6,362	$	33,242
2020		-		6,031		6,031
2021		-		6,391		6,391
2022		49,486		5,581		55,067
2023		-		5,269		5,269
Thereafter		181,579		6,222		187,801
	$	257,945	$	35,856	$	293,801

The Company has a $100 million unsecured revolving credit facility with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent. The syndicate also includes Wells Fargo Bank N.A. and Bank of Montreal (co-syndication agent).  The Facility gives the Company the option, under certain conditions, to increase the Facility’s borrowing capacity up to $150 million (subject to lender approval). The maturity date of the Facility is August 23, 2020 with a one-year extension at the Company’s option. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company’s option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, financial and other covenants typical for this type of facility. The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. The Company was in compliance with such covenants at October 31, 2018.

As of October 31, 2018, $71 million was available to be drawn on the Facility.

During the fiscal years ended October 31, 2018 and 2017, the Company borrowed $33.6 million and $52 million, respectively, on its Facility to fund capital improvements to our properties, property acquisitions and for general corporate purposes.  During the fiscal years ended October 31, 2018 and 2017, the Company re-paid $9.0 million and $56.0 million, respectively, on its Facility with available cash.

In March 2018, the Company through a wholly-owned subsidiary, purchased Tanglewood for $13.1 million (see note 3).  A portion of the purchase price was funded by issuing $11 million of unsecured promissory notes payable to the seller of the property, consisting of three tranches.  In May 2018, the short-term notes tranche in the amount of $7.8 million was repaid with borrowings on the Company's Facility.  The remaining balance of the notes is included in mortgage notes payable and other loans on the Company's consolidated balance sheet at $3.2 million.  Each tranche requires payments of interest only.

The terms of the remaining notes are detailed below:

	Principal Amount (in thousands)		Interest Rate				Interest Payment Terms	Maturity Date
Long Term A	$	1,650		4.91	%	(a)	Quarterly	March 29, 2030
Long Term B		1,513		5.05	%	(b)	Quarterly	March 29, 2030
	$	3,163

(a) Interest rate is variable and based on the level of the Company's dividend declared on the Company's Class A Common stock, divided by $22 per Class A Share.

(b) Interest rate is fixed.

In October 2018, we entered into a commitment to refinance our existing $15.0 million mortgage secured by our Darien, CT shopping center on March 18, 2019, the first day the current Darien mortgage can be repaid without penalty.  The new mortgage will be in the amount of $25.0 million and will have a term of ten years and will require payment of principal and interest at the rate of LIBOR plus 1.65%.  Concurrent with entering into the commitment, we also entered into an interest rate swap contract with the new lender, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.815% per annum.  The fixed interest rate on the existing mortgage is currently 6.55%.

Also in October 2018, we entered into a commitment to refinance our existing $9.2 million mortgage secured by our Newark, NJ shopping center.  We anticipate the refinancing will take place in March 2019, the first month the current mortgage can be repaid without penalty.  The new mortgage will be in the amount of $10.0 million and will have a term of ten years and will require payment of principal and interest at the fixed rate of 4.63%.  The fixed interest rate on the existing mortgage is currently 6.15%.

Interest paid in the years ended October 31, 2018, 2017, and 2016 was approximately $13.4 million, $12.9 million and $13.1 million, respectively.

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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS

12 Months Ended

Oct. 31, 2018

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS

(5) CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS

The Company has an investment in six joint ventures, UB Ironbound, LP (“Ironbound”), UB Orangeburg, LLC ("Orangeburg"),  McLean Plaza Associates, LLC ("McLean"), UB Dumont I, LLC ("Dumont") and UB New City, LLC, each of which owns a commercial retail property, and UB High Ridge, LLC ("UB High Ridge"), which owns three commercial real estate properties.  The Company has evaluated its investment in these six joint ventures and has concluded that these joint ventures are fully controlled by the Company and that the presumption of control is not offset by any rights of any of the limited partners or non-controlling members in these ventures and that the joint ventures should be consolidated into the consolidated financial statements of the Company in accordance with ASC Topic 810 "Consolidation".  The Company’s investment in these consolidated joint ventures is more fully described below:

Ironbound (Ferry Plaza)

The Company, through a wholly-owned subsidiary, is the general partner and owns 84% of one consolidated limited partnership, Ironbound, which owns a grocery-anchored shopping center.

The Ironbound limited partnership has a defined termination date of December 31, 2097. The partners in Ironbound are entitled to receive an annual cash preference payable from available cash of the partnership. Any unpaid preferences accumulate and are paid from future cash, if any. The balance of available cash, if any, is distributed in accordance with the respective partner’s interests. Upon liquidation of Ironbound, proceeds from the sale of partnership assets are to be distributed in accordance with the respective partnership interests. The limited partners are not obligated to make any additional capital contributions to the partnership.

Orangeburg

The Company, through a wholly-owned subsidiary, is the managing member and owns a 44.1% interest in Orangeburg, which owns a drug store-anchored shopping center. The other member (non-managing) of Orangeburg is the prior owner of the contributed property who, in exchange for contributing the net assets of the property, received units of Orangeburg equal to the value of the contributed property less the value of the assigned first mortgage payable. The Orangeburg operating agreement provides for the non-managing member to receive an annual cash distribution equal to the regular quarterly cash distribution declared by the Company for one share of the Company’s Class A Common stock, which amount is attributable to each unit of Orangeburg ownership. The annual cash distribution is paid from available cash, as defined, of Orangeburg. The balance of available cash, if any, is fully distributable to the Company. Upon liquidation, proceeds from the sale of Orangeburg assets are to be distributed in accordance with the operating agreement. The non-managing member is not obligated to make any additional capital contributions to the partnership. Orangeburg has a defined termination date of December 31, 2097.  Since purchasing this property, the Company has made additional investments in the amount of $6.6 million in Orangeburg and as a result as of October 31, 2018 its ownership percentage has increased to 44.1% from approximately 2.92% at inception.

McLean Plaza

The Company, through a wholly-owned subsidiary, is the managing member and owns a 53% interest in McLean Plaza Associates, LLC, a limited liability company ("McLean"), which owns a grocery-anchored shopping center. The McLean operating agreement provides for the non-managing members to receive a fixed annual cash distribution equal to 5.05% of their invested capital.  The annual cash distribution is paid from available cash, as defined, of McLean.  The balance of available cash, if any, is fully distributable to the Company.  Upon liquidation, proceeds from the sale of McLean assets are to be distributed in accordance with the operating agreement.  The non-managing members are not obligated to make any additional capital contributions to the entity.

UB High Ridge

The Company acquired an 8.80% interest in UB High Ridge, LLC ("UB High Ridge") for a net investment of $5.5 million.  UB High Ridge owns three commercial real estate properties, High Ridge Shopping Center, a grocery-anchored shopping center, ("High Ridge") and two single tenant commercial retail properties, one leased to JP Morgan Chase ("Chase Property") and one leased to CVS ("CVS Property").  Two of the properties are located in Stamford, CT and one in Greenwich, CT.  High Ridge is a grocery-anchored shopping center anchored by a Trader Joes grocery store.  The properties were contributed to the new entities by the former owners who received units of ownership of UB High Ridge equal to the value of properties contributed less liabilities assumed.  The UB High Ridge operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.46% of their invested capital.  During the fiscal year ended October 31, 2018, the Company redeemed 51,914 units of non-managing members for a total amount of $1.2 million.  The Company's ownership percentage increased to 10.9% from 8.8% at inception.

UB Dumont I, LLC

In August 2017, the Company acquired a 31.4% interest in UB Dumont I, LLC ("Dumont") for a net investment of $3.9 million.  Dumont owns a retail and residential real estate property, which retail portion is anchored by a Stop and Shop grocery store.  The property is located in Dumont, NJ.  The property was contributed to the new entity by the former owners who received units of ownership of Dumont equal to the value of contributed property less liabilities assumed.  The Dumont operating agreement provides for the non-managing members to receive an annual cash distribution, currently equal to 5.05% of their invested capital.

UB New City I, LLC

In June 2018, the Company purchased a 75.3% equity interest in a joint venture, UB New City I, LLC ("New City"), in which the Company is the managing member.  The Company's initial investment was $2.4 million.  New City owns a single tenant retail real estate property located in New City, NY, which is leased to a Savings Bank.  In addition, New City rents certain parking spaces on the property to the owner of an adjacent grocery-anchored shopping center.  The property was contributed to the new entity by the former owners who received units of ownership of New City equal to the value of contributed property.  The New City operating agreement provides for the non-managing member to receive an annual cash distribution, currently equal to 5.00% of his invested capital.

Noncontrolling interests:

The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” Because the limited partners or noncontrolling members in Ironbound, Orangeburg, McLean, UB High Ridge, Dumont and New City have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units for cash, or at the option of the Company shares of its Class A Common stock, at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg, McLean and a portion of the UB High Ridge and Dumont redemptions are based solely on the price of the Company’s Class A Common stock on the date of redemption.   For the years ended October 31, 2018 and 2017, the Company adjusted the carrying value of the non-controlling interests by $(2,674,000) and $(666,000), respectively, with the corresponding adjustment recorded in stockholders' equity.

The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands):

	October 31,
	2018			2017
Beginning Balance	$	81,361		$	18,253
Initial UB High Ridge Noncontrolling Interest-Net		-			55,217
Initial Dumont Noncontrolling Interest-Net		-			8,557
Initial New City Noncontrolling Interest-Net		791			-
Redemption of UB High Ridge Noncontrolling Interest		(1,220	)		-
Change in Redemption Value		(2,674	)		(666	)
Ending Balance	$	78,258		$	81,361

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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Oct. 31, 2018

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

(6) INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES

At October 31, 2018 and 2017, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands):

	October 31,
	2018		2017
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%)	$	17,702	$	18,032
Gateway Plaza (50%)		6,680		6,873
Putnam Plaza Shopping Center (66.67%)		5,978		5,968
Midway Shopping Center, L.P. (11.642%)		4,509		4,639
Applebee's at Riverhead (50%)		1,842		1,814
81 Pondfield Road Company (20%)		723		723
Total	$	37,434	$	38,049

Chestnut Ridge and Plaza 59 Shopping Centers

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the 76,000 square foot Chestnut Ridge Shopping Center located in Montvale, New Jersey (“Chestnut”), which is anchored by a Fresh Market grocery store, and the 24,000 square foot Plaza 59 Shopping Center located in Spring Valley, New York (“Plaza 59”), which is anchored by a local grocer.

Gateway Plaza and Applebee's at Riverhead

The Company, through two wholly owned subsidiaries, owns a 50% undivided tenancy-in-common equity interest in the Gateway Plaza Shopping Center ("Gateway") and Applebee's at Riverhead ("Applebee's").  Both properties are located in Riverhead, New York (together the “Riverhead Properties”).  Gateway, a 198,500 square foot shopping center anchored by a 168,000 square foot Walmart which also has 27,000 square feet of in-line space that is partially leased and a 3,500 square foot outparcel that is leased.  Applebee's has a 5,400 square foot free standing Applebee’s restaurant with a 7,200 square foot pad site that is leased.

Gateway is subject to a $12.4 million non-recourse first mortgage. The mortgage matures on March 1, 2024 and requires payments of principal and interest at a fixed rate of interest of 4.2% per annum.

Putnam Plaza Shopping Center

The Company, through a wholly owned subsidiary, owns a 66.67% undivided tenancy-in-common equity interest in the 189,000 square foot Putnam Plaza Shopping Center (“Putnam Plaza”), which is anchored by a Tops grocery store.

Putnam Plaza has a first mortgage payable in the amount of $18.9 million. The mortgage requires monthly payments of principal and interest at a fixed rate of 4.81% and will mature in 2028.

Midway Shopping Center, L.P.

The Company, through a wholly owned subsidiary, owns an 11.642% equity interest in Midway Shopping Center L.P. (“Midway”), which owns a 247,000 square foot grocery-anchored shopping center in Westchester County, New York. Although the Company only has an 11.642% equity interest in Midway, it controls 25% of the voting power of Midway, and as such, has determined that it exercises significant influence over the financial and operating decisions of Midway but does not control the venture and accounts for its investment in Midway under the equity method of accounting.

The Company has allocated the $7.4 million excess of the carrying amount of its investment in and advances to Midway over the Company's share of Midway's net book value to real property and is amortizing the difference over the property's estimated useful life of 39 years.

Midway currently has a non-recourse first mortgage payable in the amount of $27.6 million. The loan requires payments of principal and interest at the rate of 4.80% per annum and will mature in 2027.

81 Pondfield Road Company

The Company's other investment in an unconsolidated joint venture is a 20% economic interest in a partnership which owns a retail and office building in Westchester County, New York.

The Company accounts for the above investments under the equity method of accounting since it exercises significant influence, but does not control the joint ventures.  The other venturers in the joint ventures have substantial participation rights in the financial decisions and operation of the ventures or properties, which preclude the Company from consolidating the investments. The Company has evaluated its investment in the joint ventures and has concluded that the joint ventures are not VIE's. Under the equity method of accounting the initial investment is recorded at cost as an investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions from the venture. Any difference between the carrying amount of the investment on the Company’s balance sheet and the underlying equity in net assets of the venture is evaluated for impairment at each reporting period.

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STOCKHOLDERS' EQUITY

12 Months Ended

Oct. 31, 2018

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

(7) STOCKHOLDERS' EQUITY

Authorized Stock

The Company's Charter authorizes up to 200,000,000 shares of various classes of stock.  The total number of shares of authorized stock consists of 100,000,000 shares of Class A Common Stock, 30,000,000 shares of Common Stock, 50,000,000 shares of Preferred Stock, and 20,000,000 shares of Excess Stock.

Preferred Stock

The 6.75% Series G Senior Cumulative Preferred Stock ("Series G Preferred Stock") is non-voting, has no stated maturity and is redeemable for cash at $25 per share at the Company's option on or after October 28, 2019. The holders of our Series G Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series G Preferred Stock will not be entitled to vote on most matters.  In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series G Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles Supplementary to the Charter, the holders of the Series G Preferred Stock will have the right to convert all or part of the shares of Series G Preferred Stock held by such holders on the applicable conversion date into a number of the Company's shares of Class A Common stock. Underwriting commissions and costs incurred in connection with the sale of the Series G Preferred Stock are reflected as a reduction of additional paid in capital.

The 6.25% Series H Senior Cumulative Preferred Stock (the "Series H Preferred Stock") is nonvoting, have no stated maturity and is redeemable for cash at $25 per share at the Company's option on or after September 18, 2022. The holders of our Series H Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Series H Preferred Stock will not be entitled to vote on most matters.  In the event of a cumulative arrearage equal to six quarterly dividends, holders of Series H Preferred Stock, together with all of the Company's other Series of preferred stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holder of the Series H Preferred Stock will have the right to convert all or part of the shares of Series H Preferred Stock held by such holder on the applicable conversion date into a number of the Company's shares of Class A common stock.Underwriting commissions and costs incurred in connection with the sale of the Series H Preferred Stock are reflected as a reduction of additional paid in capital.

In October 2017, we redeemed all of the outstanding shares of our $25 Series F Cumulative Preferred Stock with a liquidation preference of $25 per share. As a result we recognized a charge of $4.1 million on our consolidated statement of income for the fiscal year ended October 31, 2017, which represents the difference between redemption value and carrying value net of original deferred issuance costs.

Common Stock

The Class A Common Stock entitles the holder to 1/20 of one vote per share. The Common Stock entitles the holder to one vote per share. Each share of Common Stock and Class A Common Stock have identical rights with respect to dividends except that each share of Class A Common Stock will receive not less than 110% of the regular quarterly dividends paid on each share of Common Stock.

The following tables set forth the dividends declared per Common share and Class A Common share and tax status for Federal income tax purposes of the dividends paid during the fiscal years ended October 31, 2018 and 2017:

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
April 16, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
July 20, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
October 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
		$	0.96		$	0.6456		$	0.0152		$	0.2992		$	1.08		$	0.728		$	0.016		$	0.336

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
April 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
July 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
October 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
		$	0.94		$	0.56		$	0.083		$	0.297		$	1.06		$	0.632		$	0.093		$	0.335

The Company has a Dividend Reinvestment and Share Purchase Plan (as amended, the "DRIP"), that permits stockholders to acquire additional shares of Common Stock and Class A Common Stock by automatically reinvesting dividends.  During fiscal 2018, the Company issued 4,528 shares of Common Stock and 5,766 shares of Class A Common Stock (4,705 shares of Common Stock and 5,399 shares of Class A Common Stock in fiscal 2017) through the DRIP.  As of October 31, 2018, there remained 338,406 shares of Common Stock and 393,150 shares of Class A Common Stock available for issuance under the DRIP.

The Company has adopted a stockholder rights plan, pursuant to which each holder of Common Stock received a Common Stock right and each holder of Class A Common Stock received a Class A Common Stock right.  The rights are not exercisable until the Distribution Date and will expire on November 11, 2028, unless earlier redeemed by the Company.   If the rights become exercisable, each holder of a Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series I Participating Preferred Stock, and each holder of a Class A Common Stock right will be entitled to purchase from the Company one one hundredth of a share of Series J Participating Preferred Stock, in each case, at a price of $85, subject to adjustment.  The “Distribution Date” will be the earlier to occur of the close of business on the tenth business day following:  (a) a public announcement that an acquiring person has acquired beneficial ownership of 10% or more of the total combined voting power of the outstanding Common Stock and Class A Common Stock, or (b) the commencement of a tender offer or exchange offer that would result in the beneficial ownership of 30% or more of the combined voting power of the outstanding Common Stock and Class A Common Stock, number of outstanding Common Stock, or the number of outstanding Class A Common Stock. Thereafter, if certain events occur, holders of Common Stock and Class A Common Stock, other than the acquiring person, will be entitled to purchase shares of Common Stock and Class A Common Stock, respectively, of the Company having a value equal to 2 times the exercise price of the right.

The Company's articles of incorporation provide that if any person acquires more than 7.5% of the aggregate value of all outstanding stock, except, among other reasons, as approved by the Board of Directors, such shares in excess of this limit automatically will be exchanged for an equal number of shares of Excess Stock. Excess Stock has limited rights, may not be voted and is not entitled to any dividends.

Stock Repurchase

The Board of Directors of the Company has approved a share repurchase program (“Current Repurchase Program”) for the repurchase of up to 2,000,000 shares, in the aggregate, of Common stock, Class A Common stock and Series G Cumulative Preferred stock and Series H Cumulative Preferred stock in open market transactions.

For the year ended October 31, 2018, the Company repurchased an additional 6,660 shares of Class A Common Stock at the average price per Class A Common share of $17.94 under the Current Repurchase Program.  The Company has repurchased 195,413 shares of Class A Common Stock under the Current Repurchase Program.  From the inception of all repurchase programs, the Company has repurchased 4,600 shares of Common Stock and 919,991 shares of Class A Common Stock.

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STOCK COMPENSATION AND OTHER BENEFIT PLANS

12 Months Ended

Oct. 31, 2018

STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract]

STOCK COMPENSATION AND OTHER BENEFIT PLANS

(8) STOCK COMPENSATION AND OTHER BENEFIT PLANS

Restricted Stock Plan

The Company has a Restricted Stock Plan that provides a form of equity compensation for employees of the Company.  The Plan, which is administered by the Company's compensation committee, authorizes grants of up to an aggregate of 4,500,000 shares of the Company’s common equity consisting of 350,000 Common shares, 350,000 Class A Common shares and 3,800,000 shares, which at the discretion of the compensation committee, may be awarded in any combination of Class A Common shares or Common shares.

In fiscal 2018, the Company awarded 152,700 shares of Common Stock and 102,800 shares of Class A Common Stock to participants in the Plan. The grant date fair value of restricted stock grants awarded to participants in 2018 was approximately $5.0 million. As of October 31, 2018, there was $14.0 million of unamortized restricted stock compensation related to non-vested restricted stock grants awarded under the Plan. The remaining unamortized expense is expected to be recognized over a weighted average period of 4.6 years. For the years ended October 31, 2018, 2017 and 2016, amounts charged to compensation expense totaled $4,394,000, $4,156,000 and $4,426,000, respectively.

A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2018, and changes during the year ended October 31, 2018 is presented below:

	Common Shares					Class A Common Shares
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Non-vested at October 31, 2017		1,274,150		$	17.02		412,275		$	20.60
Granted		152,700		$	17.70		102,800		$	22.10
Vested		(170,950	)	$	15.78		(57,200	)	$	18.07
Forfeited		-		$	-		(4,950	)	$	22.06
Non-vested at October 31, 2018		1,255,900		$	17.22		452,925		$	21.13

Profit Sharing and Savings Plan

The Company has a profit sharing and savings plan (the "401K Plan"), which permits eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401K Plan, the Company made contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $220,000, $208,000 and $187,000 in each of the three years ended October 31, 2018, 2017 and 2016, respectively. The Company also has an Excess Benefit and Deferred Compensation Plan that allows eligible employees to defer benefits in excess of amounts provided under the Company's 401K Plan and a portion of the employee's current compensation.

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FAIR VALUE MEASUREMENTS

12 Months Ended

Oct. 31, 2018

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

(9) FAIR VALUE MEASUREMENTS

ASC Topic 820, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants.

ASC Topic 820's valuation techniques are based on observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy:

• Level 1- Quoted prices for identical instruments in active markets

• Level 2- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant value drivers are observable

• Level 3- Valuations derived from valuation techniques in which significant value drivers are unobservable

Marketable debt and equity securities are valued based on quoted market prices on national exchanges.

The Company calculates the fair value of the redeemable noncontrolling interests based on either quoted market prices on national exchanges for those interests based on the Company's Class A Common Stock or unobservable inputs considering the assumptions that market participants would make in pricing the obligations. The inputs used include an estimate of the fair value of the cash flow generated by the limited partnership or limited liability company in which the investor owns the joint venture units capitalized at prevailing market rates for properties with similar characteristics or located in similar areas.

The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs.") The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of October 31, 2018 and 2017, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs".

The Company measures its marketable debt and equity securities, redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2018 and 2017 (amounts in thousands):

Fiscal Year Ended October 31, 2018	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Interest Rate Swap Agreements	$	7,011	$	-	$	7,011	$	-
Available for sale securities	$	5,567	$	5,567	$	-	$	-
Liabilities:
Interest Rate Swap Agreements	$	114	$	-	$	114	$	-
Redeemable noncontrolling interests	$	78,258	$	22,131	$	53,359	$	2,768
Fiscal Year Ended October 31, 2017
Assets:
Interest Rate Swap Agreements	$	3,316	$	-	$	3,316	$	-
Liabilities:
Interest Rate Swap Agreements	$	574	$	-	$	574	$	-
Redeemable noncontrolling interests	$	81,361	$	23,709	$	53,788	$	3,864

Fair market value measurements based upon Level 3 inputs changed (in thousands) from $3,846 at November 1, 2016 to $3,864 at October 31, 2017 as a result of a $18 increase in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.  Fair market value measurements based upon Level 3 inputs changed from $3,864 at November 1, 2017 to $2,768 at October 31, 2018 as a result of a $(1,096) decrease in the redemption value of the Company's noncontrolling interest in Ironbound in accordance with the application of ASC Topic 810.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, mortgage note receivable, tenant receivables, prepaid expenses, other assets, accounts payable and accrued expenses, are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying value of the Facility is deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. Mortgage notes payable that were assumed in property acquisitions were recorded at their fair value at the time they were assumed.

The estimated fair value of mortgage notes payable and other loans was approximately $281 million and $296 million at October 31, 2018 and October 31, 2017, respectively. The estimated fair value of mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rates currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy.

Although management is not aware of any factors that would significantly affect the estimated fair value amounts from October 31, 2017, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Oct. 31, 2018

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

(10) COMMITMENTS AND CONTINGENCIES

In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties.  In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.

At October 31, 2018, the Company had commitments of approximately $5.0 million for tenant-related obligations.

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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Oct. 31, 2018

QUARTERLY RESULTS OF OPERATIONS [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

(11) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended October 31, 2018 and 2017 are as follows (in thousands, except per share data):

	Year Ended October 31, 2018												Year Ended October 31, 2017
	Quarter Ended												Quarter Ended
	Jan 31			Apr 30			Jul 31			Oct 31			Jan 31			Apr 30			Jul 31			Oct 31
Revenues	$	32,995		$	37,005		$	32,809		$	32,543		$	29,202		$	30,024		$	32,020		$	32,313
Income from Continuing Operations	$	9,079		$	14,022		$	9,780		$	9,302		$	7,204		$	27,919		$	10,613		$	9,696
Net Income Attributable to Urstadt Biddle Properties Inc.	$	7,984		$	12,660		$	8,642		$	8,181		$	6,982		$	27,672		$	9,631		$	8,648
Preferred Stock Dividends		(3,063	)		(3,062	)		(3,063	)		(3,062	)		(3,570	)		(3,571	)		(3,570	)		(4,249	)
Redemption of Preferred Stock		-			-			-			-			-			-			-			(4,075	)
Net Income Applicable to Common and Class A Common Stockholders	$	4,921		$	9,598		$	5,579		$	5,119		$	3,412		$	24,101		$	6,061		$	324
Per Share Data:
Basic:
Class A Common Stock	$	0.13		$	0.26		$	0.15		$	0.14		$	0.09		$	0.66		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.58		$	0.15		$	0.01
Diluted:
Class A Common Stock	$	0.13		$	0.25		$	0.15		$	0.14		$	0.09		$	0.64		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.57		$	0.14		$	0.01

Amounts may not equal full year results due to rounding.

Certain prior period amounts are reclassified to correspond to current period presentation.

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SUBSEQUENT EVENTS

12 Months Ended

Oct. 31, 2018

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

(12) SUBSEQUENT EVENTS

In December 2018, the Company purchased the Lakeview Plaza Shopping Center ("Lakeview") for $12.0 million.  Lakeview is a 177,000 square foot grocery-anchored Shopping Center located in Putnam County, NY. In addition, the Company anticipates having to invest up to $8.0 million for capital improvements and for re-tenanting at the property.  The Company funded the purchase with available cash and borrowings on our Facility.  The Company intends to fund the additional investment of up to $8.0 million with a combination of available cash, borrowings on our Facility and by potentially placing a mortgage on the property.

On December 12, 2018, the Board of Directors of the Company declared cash dividends of $0.245 for each share of Common Stock and $0.275 for each share of Class A Common Stock.  The dividends are payable on January 18, 2019 to stockholders of record on January 4, 2019. The Board of Directors also ratified the actions of the Company’s compensation committee authorizing awards of 137,200 shares of Common Stock and 111,450 shares of Class A Common Stock to certain officers, directors and employees of the Company effective January 2, 2019, pursuant to the Company’s restricted stock plan.  The fair value of the shares awarded totaling $4.2 million will be charged to expense over the requisite service periods (see note 1).

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Oct. 31, 2018

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

URSTADT BIDDLE PROPERTIES INC.

October 31, 2018

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	$	-		$	262		$	708	$	1,903	$	2,611	$	802		2001		31.5
Greenwich, CT		-		488		1,139		-			622			488		1,761		2,249		663		2000		31.5
Greenwich, CT		-		570		2,359		-			879			570		3,238		3,808		1,585		1998		31.5
Greenwich, CT		-		199		795		-			544			199		1,339		1,538		625		1993		31.5
Greenwich, CT		-		111		444		-			309			111		753		864		351		1994		31.5
Bernardsville, NJ		-		721		2,880		(25	)		26			696		2,906		3,602		464		2012		39
		-		2,797		9,258		(25	)		2,642			2,772		11,900		14,672		4,490
Retail Properties:
Bronxville, NY		-		60		239		95			776			155		1,015		1,170		243		2009		39
Yonkers, NY		-		30		121		183			734			213		855		1,068		198		2009		39
Yonkers, NY		-		30		121		85			341			115		462		577		107		2009		39
New Milford, CT		-		2,114		8,456		71			546			2,185		9,002		11,187		2,408		2008		39
New Milford, CT		39		4,492		17,967		166			3,305			4,658		21,272		25,930		4,539		2010		39
Newark, NJ		10,084		5,252		21,023		-			1,540			5,252		22,563		27,815		6,268		2008		39
Waldwick, NJ		-		1,266		5,064		-			-			1,266		5,064		6,330		1,417		2007		39
Emerson NJ		412		3,633		14,531		-			1,659			3,633		16,190		19,823		4,917		2007		39
Monroe, CT		-		765		3,060		-			135			765		3,195		3,960		960		2007		39
Pelham, NY		-		1,694		6,843		-			149			1,694		6,992		8,686		2,212		2006		39
Stratford, CT		25,101		10,173		40,794		2,743			11,715			12,916		52,509		65,425		19,732		2005		39
Yorktown Heights, NY		-		5,786		23,221		-			12,063			5,786		35,284		41,070		9,335		2005		39
Rye, NY		-		909		3,637		-			381			909		4,018		4,927		1,496		2004		39
Rye, NY		1,286		483		1,930		-			117			483		2,047		2,530		725		2004		39
Rye, NY		580		239		958		-			87			239		1,045		1,284		439		2004		39
Rye, NY		1,315		695		2,782		-			20			695		2,802		3,497		1,041		2004		39
Somers, NY		-		4,318		17,268		-			272			4,318		17,540		21,858		6,858		2003		39
Westport, CT		10		2,076		8,305		-			367			2,076		8,672		10,748		3,546		2003		39
Orange, CT		-		2,320		10,564		-			826			2,320		11,390		13,710		4,609		2003		39
Stamford, CT		48,449		17,964		71,859		-			7,205			17,964		79,064		97,028		35,089		2002		39
Danbury, CT		-		2,459		4,566		-			1,342			2,459		5,908		8,367		2,812		2002		39
Briarcliff, NY		-		2,222		5,185		1,234			8,629			3,456		13,814		17,270		3,332		2001		40
Somers, NY		-		1,833		7,383		-			2,890			1,833		10,273		12,106		4,951		1999		31.5
Briarcliff, NY		-		380		1,531		-			135			380		1,666		2,046		845		1999		40
Briarcliff, NY		14,905		2,300		9,708		2			3,384			2,302		13,092		15,394		6,680		1998		40
Ridgefield, CT		-		900		3,793		291			2,973			1,191		6,766		7,957		2,360		1998		40
Darien, CT		15,043		4,260		17,192		-			977			4,260		18,169		22,429		9,232		1998		40
Eastchester, NY		-		1,500		6,128		-			2,662			1,500		8,790		10,290		4,229		1997		31
Danbury, CT		24		3,850		15,811		-			4,676			3,850		20,487		24,337		12,823		1995		31.5
Carmel, NY		-		1,488		5,973		-			923			1,488		6,896		8,384		4,120		1995		31.5
Somers, NY		-		821		2,600		-			606			821		3,206		4,027		1,760		1992		31.5
Wayne, NJ		-		2,492		9,966		-			2,696			2,492		12,662		15,154		7,259		1992		31
Newington, NH		-		728		1,997		-			975			728		2,972		3,700		2,496		1979		40
Katonah, NY		-		1,704		6,816		-			108			1,704		6,924		8,628		1,583		2010		39
Fairfield, CT		-		3,393		13,574		153			1,234			3,546		14,808		18,354		2,666		2011		39
New Milford, CT		-		2,168		8,672		-			49			2,168		8,721		10,889		1,692		2011		39
Eastchester, NY		-		1,800		7,200		78			478			1,878		7,678		9,556		1,362		2012		39
Orangetown, NY		6,027		3,200		12,800		30			7,624			3,230		20,424		23,654		2,704		2012		39
Greenwich, CT		4,602		1,600		6,401		28			733			1,628		7,134		8,762		1,082		2013		39
Various		-		1,134		4,928		80			(61	)		1,214		4,867		6,081		705		2013		39
Greenwich, CT		5,740		1,998		7,994		53			283			2,051		8,277		10,328		1,155		2013		39
New Providence, NJ		18,372		6,970		27,880		463			2,977			7,433		30,857		38,290		4,463		2013		39
Chester, NJ		-		570		2,280		(34	)		(73	)		536		2,207		2,743		352		2012		39
Bethel, CT		-		1,800		7,200		(18	)		(74	)		1,782		7,126		8,908		884		2014		39
Bloomfield, NJ		-		2,201		8,804		218			1,764			2,419		10,568		12,987		1,243		2014		39
Boonton, NJ		7,108		3,670		14,680		14			184			3,684		14,864		18,548		1,839		2014		39
Yonkers, NY		5,000		3,060		12,240		333			1,331			3,393		13,571		16,964		1,402		2014		39
Greenwich, CT		7,721		3,223		12,893		6			244			3,229		13,137		16,366		1,369		2014		40
Greenwich, CT		14,988		6,257		25,029		27			660			6,284		25,689		31,973		2,665		2014		40
Midland Park, NJ		20,241		8,740		34,960		(44	)		496			8,696		35,456		44,152		3,576		2015		39
Pompton Lakes, NJ		19,119		8,140		32,560		33			447			8,173		33,007		41,180		3,338		2015		39
Wyckoff, NJ		8,035		3,490		13,960		17			139			3,507		14,099		17,606		1,413		2015		39
Kinnelon, NJ		10,695		4,540		18,160		(28	)		3,898			4,512		22,058		26,570		2,792		2015		39
Fort Lee, NJ		-		798		3,192		(14	)		(55	)		784		3,137		3,921		275		2015		39
Harrison, NY		-		2,000		8,000		(10	)		1,313			1,990		9,313		11,303		688		2015		39
Stamford, CT		21,663		12,686		32,620		-			218			12,686		32,838		45,524		1,963		2016		39
Stamford, CT		-		3,691		9,491		-			86			3,691		9,577		13,268		510		2016		39
Derby, CT		-		651		7,652		-			186			651		7,838		8,489		364		2017		39
Passaic, NJ		3,419		2,039		5,616		1			3			2,040		5,619		7,659		228		2017		39
Stamford, CT		9,644		17,178		43,677		-			366			17,178		44,043		61,221		1,798		2017		39
Stamford, CT		-		2,376		1,458		-			-			2,376		1,458		3,834		59		2017		39
Stamford, CT		1,174		2,295		2,700		-			7			2,295		2,707		5,002		110		2017		39
Waldwick, NJ		-		2,761		5,571		1			158			2,762		5,729		8,491		182		2017		39
Dumont, NJ		9,842		6,646		15,341		3			19			6,649		15,360		22,009		492		2017		39
Ridgefield, CT		-		293		2,786		-			219			293		3,005		3,298		61		2018		39
Yonkers, NY		-		7,525		5,920		1			184			7,526		6,104		13,630		103		2018		39
New City, NY		-		2,492		631		6			2			2,498		633		3,131		7		2018		39
		290,638		222,621		774,262		6,267			100,253			228,888		874,515		1,103,403		214,163
Total	$	290,638	$	225,418	$	783,520	$	6,242		$	102,895		$	231,660	$	886,415	$	1,118,075	$	218,653

URSTADT BIDDLE PROPERTIES INC.

October 31, 2018

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED

(In thousands)

	Year Ended October 31,
NOTES:	2018			2017			2016
(a) RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES
Balance at beginning of year	$	1,090,402		$	1,016,838		$	941,690
Property improvements during the year		7,781			9,326			18,666
Properties acquired during the year		22,517			119,403			58,737
Properties sold during the year		-			(52,122	)		0
Property assets fully depreciated and written off		(2,625	)		(3,043	)		(2,255	)
Balance at end of year (e)	$	1,118,075		$	1,090,402		$	1,016,838
(b) RECONCILIATION OF ACCUMULATED DEPRECIATION
Balance at beginning of year	$	195,020		$	186,098		$	165,660
Provision during the year charged to income (d)		26,258			25,058			22,693
Property sold during the year		-			(13,093	)		0
Property assets fully depreciated and written off		(2,625	)		(3,043	)		(2,255	)
Balance at end of year	$	218,653		$	195,020		$	186,098

(c) Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years.

(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 $703 million at October 31, 2018.

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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Oct. 31, 2018

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

URSTADT BIDDLE PROPERTIES INC.

OCTOBER 31, 2018

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

(In thousands)

FIRST MORTGAGE LOANS ON BUSINESS PROPERTIES (c) and (d):

COL. A

COL. B

COL. C

COL. D

COL. E

COL. F

Description

Interest Rate

Final Maturity Date

Periodic Payment Terms

Remaining Face Amount of Mortgages (b)

Carrying Amount of Mortgages (a)

Coupon

Effective

Retail Property:

Rockland County, NY

3.779

%

3.779

%

October 10, 2017

Interest Only - Monthly

$

-

$

-

TOTAL MORTGAGE LOANS ON REAL ESTATE

$

-

$

-

Interest is one month LIBOR plus 3.25% per annum.

Loan was repaid in October 2017.

NOTES TO SCHEDULE IV

(a) Reconciliation of Mortgage Loans on Real Estate

	Year Ended October 31,
	2018		2017			2016
Balance at beginning of period:	$	-	$	13,500		$	-
Additions during period:
New mortgage loans		-		-			13,500
Deductions during the current period:
Collections of principal and amortization of discounts		-		(13,500	)		-
Balance at end of period:	$	-	$	-		$	13,500

(b) The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages

(c) At October 31, 2018, no mortgage loans were delinquent in payment of currently due principal or interest.

(d) There are no prior liens for any of the mortgage loans on real estate.

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Oct. 31, 2018

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of Consolidation and Use of Estimates

Principles of Consolidation and Use of Estimates

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures in which the Company meets certain criteria of a sole general partner in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810, "Consolidation." The Company has determined that such joint ventures should be consolidated into the consolidated financial statements of the Company. In accordance with ASC Topic 970-323 "Real Estate-General-Equity Method and Joint Ventures;" joint ventures that the Company does not control but otherwise exercises significant influence in, are accounted for under the equity method of accounting. See Note 6 for further discussion of the unconsolidated joint ventures. All significant intercompany transactions and balances have been eliminated in consolidation.

The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition, fair value measurements and the collectability of tenant receivables.  Actual results could differ from these estimates.

Federal Income Taxes

Federal Income Taxes

The Company has elected to be treated as a real estate investment trust under Sections 856-860 of the Internal Revenue Code ("Code"). Under those sections, a REIT that, among other things, distributes at least 90% of real estate trust taxable income and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. The Company believes it qualifies as a REIT and intends to distribute all of its taxable income for fiscal 2018 in accordance with the provisions of the Code. Accordingly, no provision has been made for Federal income taxes in the accompanying consolidated financial statements.

The Company follows the provisions of ASC Topic 740, “Income Taxes,” that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.   Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of October 31, 2018.  As of October 31, 2018, the fiscal tax years 2014 through and including 2017 remain open to examination by the Internal Revenue Service.  There are currently no federal tax examinations in progress.

Acquisitions of Real Estate Investments and Capitalization Policy

Acquisitions of Real Estate Investments and Capitalization Policy

Acquisition of Real Estate Investments:

The Company evaluates each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business:

• Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or

• The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).

An acquired process is considered substantive if:

• The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process;

• The process cannot be replaced without significant cost, effort, or delay; or

• The process is considered unique or scarce.

Generally, the Company expects that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay.

Acquisitions of real estate and in-substance real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as the Company utilizes to determine fair value in a business combination.

The value of tangible assets acquired is based upon our estimation of value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. We assess the fair value of tangible and intangible assets based on numerous factors, including estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property.

The values of acquired above and below-market leases, which are included in prepaid expenses and other assets and other liabilities, respectively, are amortized over the terms of the related leases and recognized as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. The values of acquired in-place leases are classified in other assets in the accompanying consolidated balance sheets and amortized over the remaining terms of the related leases.

Capitalization Policy:

Land, buildings, property improvements, furniture/fixtures and tenant improvements are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and/or replacements, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

Depreciation and Amortization

Depreciation and Amortization

The Company uses the straight-line method for depreciation and amortization. Real estate investment properties are depreciated over the estimated useful lives of the properties, which range from 30 to 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life.

Sale of Investment Property and Property Held for Sale

Sale of Investment Property and Property Held for Sale

The Company reports properties that are either disposed of or are classified as held for sale in continuing operations in the consolidated statement of income if the removal, or anticipated removal, of the asset(s) from the reporting entity does not represent a strategic shift that has or will have a major effect on an entity's operations and financial results when disposed of.

In March 2017, the Company sold for $56.6 million its property located in White Plains, NY, as that property no longer met the Company's investment objectives.  In conjunction with the sale, the Company realized a gain on sale of property in the amount of $19.5 million, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

In July 2017, the Company sold for $1.2 million its property located in Fairfield, CT (the "Fairfield Property"), which it purchased in the second quarter of fiscal 2017.  In conjunction with the sale the Company realized a loss on sale of property in the amount of $729,000, which is included in continuing operations in the consolidated statement of income for the year ended October 31, 2017.

Deferred Charges

Deferred Charges

Deferred charges consist principally of leasing commissions (which are amortized ratably over the life of the tenant leases).  Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $4,901,000 and $4,279,000 as of October 31, 2018 and 2017, respectively.

Asset Impairment

Asset Impairment

On a periodic basis, management assesses whether there are any indicators that the value of its real estate investments may be impaired.  A property value is considered impaired when management’s estimate of current and projected operating cash flows (undiscounted and without interest) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the loss is measured as the excess of the net carrying amount of the property over the fair value of the asset.  Changes in estimated future cash flows due to changes in the Company’s plans or market and economic conditions could result in recognition of impairment losses which could be substantial.  Management does not believe that the value of any of its real estate investments is impaired at October 31, 2018.

Revenue Recognition

Revenue Recognition

Our leases with tenants are classified as operating leases.  Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. At October 31, 2018 and 2017, approximately $18,375,000 and $17,349,000, respectively, has been recognized as straight-line rents receivable (representing the current net cumulative rents recognized prior to when billed and collectible as provided by the terms of the leases), all of which is included in tenant receivables in the accompanying consolidated financial statements. Percentage rent is recognized when a specific tenant's sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Lease termination amounts are recognized in operating revenues when there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and the termination consideration is probable of collection. Lease termination amounts are paid by tenants who want to terminate their lease obligations before the end of the contractual term of the lease by agreement with the Company. There is no way of predicting or forecasting the timing or amounts of future lease termination fees. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under GAAP have been met.

In April 2018, the Company entered into a lease termination agreement with a tenant at its Ferry Plaza property located in Newark, NJ.  The agreement provided that the tenant pay the Company $3.7 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in April 2018 and has recorded the payment received as lease termination income in its consolidated statements of income for the fiscal year ended October 31, 2018, as the payment met all of the revenue recognition conditions under U.S. GAAP.

In July 2017, the Company entered into a lease termination agreement with the single tenant of its property located in Fairfield, CT, which was purchased in the second quarter of fiscal 2017, so the Company could sell the property vacant.  The agreement provided that the tenant pay the Company $3.2 million in exchange for the tenant to be released from all future obligations under its lease.  The Company received payment in July 2017 and has recorded the payment received as lease termination income in its consolidated statements of income for the year ended October 31, 2017, as the payment met all of the revenue recognition conditions under U.S. GAAP.  In addition, when the aforementioned property was acquired, the Company allocated $1.2 million of the consideration paid to acquire the asset to this over-market lease (see note 3).  As a result of this termination, the Company wrote-off the remaining $1.2 million asset as a reduction of lease termination income for the year ended October 31, 2017.

The Company provides an allowance for doubtful accounts against the portion of tenant receivables (including an allowance for future tenant credit losses of approximately 10% of the deferred straight-line rents receivable) which is estimated to be uncollectible. Such allowances are reviewed periodically. At October 31, 2018 and 2017, tenant receivables in the accompanying consolidated balance sheets are shown net of allowances for doubtful accounts of $4,800,000 and $4,543,000, respectively.

Cash Equivalents

Cash Equivalents

Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than three months.

Restricted Cash

Restricted Cash

Restricted cash consists of those tenant security deposits and replacement and other reserves required by agreement with certain of the Company’s mortgage lenders for property level capital requirements that are required to be held in separate bank accounts.

Marketable Securities

Marketable Securities

Marketable equity securities are carried at fair value based upon quoted market prices in active markets. The Company has classified its marketable securities as available for sale. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of stockholders’ equity until realized. The change in the unrealized net holding gains (losses) is reflected as comprehensive income (Loss).

In February and March 2018, the Company purchased approximately $5.0 million of REIT securities with available cash.

The Company individually reviews and evaluates its marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position.  The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis.  As of October 31, 2018, the Company's investment in REIT securities consists of an investment in one issuer and the aggregate fair value of the Company's investment is above the Company's cost.

Derivative Financial Instruments

Derivative Financial Instruments

The Company occasionally utilizes derivative financial instruments, such as interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Additionally, the Company has a policy of entering into derivative contracts only with major financial institutions.

As of October 31, 2018, the Company believes it has no significant risk associated with non-performance of the financial institutions that are the counterparty to its derivative contracts. At October 31, 2018, the Company had approximately $97.7 million in secured mortgage financings subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on the mortgage financings to a fixed annual rate of 3.74% per annum.  As of October 31, 2018 and 2017, the Company had a deferred liability of  $114,000 and $574,000, respectively (included in accounts payable and accrued expenses on the consolidated balance sheets) and a deferred asset of $7,011,000 and $3,316,000, respectively (included in prepaid expenses and other assets on the consolidated balance sheets) relating to the fair value of the Company’s interest rate swaps applicable to secured mortgages.

Charges and/or credits relating to the changes in fair values of such interest rate swap are made to other comprehensive (loss) as the swap is deemed effective and is classified as a cash flow hedge.

Comprehensive Income

Comprehensive Income

Comprehensive income is comprised of net income applicable to Common and Class A Common stockholders and other comprehensive income (loss). Other comprehensive income (loss) includes items that are otherwise recorded directly in stockholders’ equity, such as unrealized gains/(losses) on marketable securities classified as available-for-sale and unrealized gains and losses on interest rate swaps designated as cash flow hedges. At October 31, 2018, accumulated other comprehensive income consisted of net unrealized gains on marketable securities classified as available for sale of $569,000 and net unrealized gains on interest rate swap agreements of $6.9 million.  At October 31, 2017, accumulated other comprehensive income consisted of net unrealized gains on interest rate swap agreements of approximately $2.7 million. Unrealized gains and losses included in other comprehensive income/(loss) will be reclassified into earnings as gains and losses are realized.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and may require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the terminal value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. There is no dependence upon any single tenant.

Earnings Per Share

Earnings Per Share

The Company calculates basic and diluted earnings per share in accordance with the provisions of ASC Topic 260, "Earnings Per Share." Basic earnings per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income applicable to Common and Class A Common stockholders by the weighted average number of Common shares and Class A Common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common shares or Class A Common shares were exercised or converted into Common shares or Class A Common shares and then shared in the earnings of the Company. Since the cash dividends declared on the Company's Class A Common stock are higher than the dividends declared on the Common Stock, basic and diluted EPS have been calculated using the "two-class" method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to the weighted average of the dividends declared, outstanding shares per class and participation rights in undistributed earnings.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for its stock-based compensation plans under the provisions of ASC Topic 718, “Stock Compensation”, which requires that compensation expense be recognized, based on the fair value of the stock awards less estimated forfeitures. The fair value of stock awards is equal to the fair value of the Company’s stock on the grant date.  The Company recognizes compensation expense for its stock awards by amortizing the fair value of stock awards over the requisite service periods of such awards.

Segment Reporting

Segment Reporting

The Company's primary business is the ownership, management, and redevelopment of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of base rental income and tenant reimbursement income, less rental expenses and real estate taxes. Only one of the Company’s properties, located in Stamford, CT (“Ridgeway”), is considered significant as its revenue is in excess of 10% of the Company’s consolidated total revenues and accordingly is a reportable segment. The Company has aggregated the remainder of our properties as they share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in the same major metropolitan area, and have similar tenant mixes.

Ridgeway is located in Stamford, Connecticut and was developed in the 1950’s and redeveloped in the mid 1990’s. The property contains approximately 374,000 square feet of GLA.  It is the dominant grocery-anchored center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut.

Reclassification

Reclassification

Certain fiscal 2016 and 2017 amounts have been reclassified to conform to current period presentation.

New Accounting Standards

New Accounting Standards

In May 2014, the FASB issued Accounting Standards Update ("ASU") ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB’s ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period.  In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, the amendment clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company completed its assessment on the potential impact that the adoption of ASU 2014-09 and ASU 2016-08 will have on its consolidated financial statements and has determined that no adjustment is needed upon adoption of the new accounting standard.  The majority of our revenue falls outside of the scope of this guidance.

In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for the Company in the first quarter of fiscal 2020, and we are currently assessing the impact this standard will have on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018.  The most significant change for the Company will be the accounting for the Company’s investments in marketable securities classified as available for sale, which are currently carried at fair value with unrealized gains and losses being excluded from earnings and reported as a separate component of stockholders’ equity until realized with the change in net unrealized gains and losses being reflected as comprehensive income (loss). Under ASU 2016-01, beginning November 1, 2018, these marketable securities will continue to be measured at fair value, however, the changes in net unrealized holding gains and losses will be recognized through net income.  The adjustment to the opening balance of distributions in excess of net income in Stockholder's equity on November 1, 2018, using the modified retrospective approach, will be a decrease in the amount of $569,000.

The Company has evaluated all other new ASU's issued by FASB, and has concluded that these updates do not have a material effect on the Company's consolidated financial statements as of October 31, 2018.

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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Policies)

12 Months Ended

Oct. 31, 2018

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]

Noncontrolling Interests

Noncontrolling interests:

The Company accounts for noncontrolling interests in accordance with ASC Topic 810, “Consolidation.” Because the limited partners or noncontrolling members in Ironbound, Orangeburg, McLean, UB High Ridge, Dumont and New City have the right to require the Company to redeem all or a part of their limited partnership or limited liability company units for cash, or at the option of the Company shares of its Class A Common stock, at prices as defined in the governing agreements, the Company reports the noncontrolling interests in the consolidated joint ventures in the mezzanine section, outside of permanent equity, of the consolidated balance sheets at redemption value which approximates fair value. The value of the Orangeburg, McLean and a portion of the UB High Ridge and Dumont redemptions are based solely on the price of the Company’s Class A Common stock on the date of redemption.   For the years ended October 31, 2018 and 2017, the Company adjusted the carrying value of the non-controlling interests by $(2,674,000) and $(666,000), respectively, with the corresponding adjustment recorded in stockholders' equity.

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Oct. 31, 2018

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Combined Operating Results Properties Included in Continuing Operations

The combined operating results of the White Plains Property and Fairfield Property, which are included in continuing operations, were as follows (amounts in thousands):

	Year Ended October 31,
	2018		2017			2016
Revenues	$	-	$	2,279		$	5,604
Property operating expense		-		(331	)		(1,330	)
Depreciation and amortization		-		(90	)		(476	)
Net Income (loss)	$	-	$	1,858		$	3,798

Marketable Securities

The unrealized gain at October 31, 2018 and October 31, 2017 is detailed below (in thousands):

	Fair Market Value		Cost Basis		Unrealized Gain/(Loss)		Gross Unrealized Gains		Gross Unrealized (Loss)
October 31, 2018
REIT Securities	$	5,567	$	4,998	$	569	$	569	$	-
October 31, 2017
REIT Securities	$	-	$	-	$	-	$	-	$	-

Reconciliation between Basic and Diluted EPS

The following table sets forth the reconciliation between basic and diluted EPS (in thousands):

	Year Ended October 31,
	2018			2017			2016
Numerator
Net income applicable to common stockholders – basic	$	5,173		$	6,857		$	4,142
Effect of dilutive securities:
Restricted stock awards		259			376			236
Net income applicable to common stockholders – diluted	$	5,432		$	7,233		$	4,378
Denominator
Denominator for basic EPS-weighted average common shares		8,517			8,383			8,241
Effect of dilutive securities:
Restricted stock awards		597			643			669
Denominator for diluted EPS – weighted average common equivalent shares		9,114			9,026			8,910
Numerator
Net income applicable to Class A common stockholders – basic	$	20,044		$	27,041		$	15,294
Effect of dilutive securities:
Restricted stock awards		(259	)		(376	)		(236	)
Net income applicable to Class A common stockholders – diluted	$	19,785		$	26,665		$	15,058
Denominator
Denominator for basic EPS – weighted average Class A common shares		29,335			29,317			26,921
Effect of dilutive securities:
Restricted stock awards		178			186			191
Denominator for diluted EPS – weighted average Class A common equivalent shares		29,513			29,503			27,112

Major Customers by Reporting Segments

Segment information about Ridgeway as required by ASC Topic 280 is included below:

	Year Ended October 31,
	2018			2017			2016
Ridgeway Revenues		10.4	%		11.2	%		11.3	%
All Other Property Revenues		89.6	%		88.8	%		88.7	%
Consolidated Revenue		100.0	%		100.0	%		100.0	%

	Year Ended October 31,
	2018			2017
Ridgeway Assets		7.0	%		7.2	%
All Other Property Assets		93.0	%		92.8	%
Consolidated Assets (Note 1)		100.0	%		100.0	%

Note 1- Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2018, 2017 and 2016.

	Year Ended October 31,
	2018			2017			2016
Ridgeway Percent Leased		96	%		96	%		98	%

Ridgeway Significant Tenants (by base rent):	Year Ended October 31,
	2018			2017			2016
The Stop & Shop Supermarket Company		20	%		19	%		19	%
Bed, Bath & Beyond		14	%		14	%		14	%
Marshall’s Inc., a division of the TJX Companies		10	%		11	%		11	%
All Other Tenants at Ridgeway (Note 2)		56	%		56	%		56	%
Total		100	%		100	%		100	%

Note 2 - No other tenant accounts for more than 10% of Ridgeway’s annual base rents in any of the three years presented.  Percentages are calculated as a ratio of the tenants' base rent divided by total base rent of Ridgeway.

Segment Reporting Information by Segment

	Year Ended October 31, 2018
Income Statement (In Thousands):	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	14,015	$	121,337	$	135,352
Operating Expenses	$	4,094	$	39,082	$	43,176
Interest Expense	$	1,869	$	11,809	$	13,678
Depreciation and Amortization	$	2,616	$	25,708	$	28,324
Income from Continuing Operations	$	5,436	$	36,747	$	42,183

	Year Ended October 31, 2017
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,832	$	109,728	$	123,560
Operating Expenses	$	3,809	$	35,886	$	39,695
Interest Expense	$	2,034	$	10,947	$	12,981
Depreciation and Amortization	$	3,016	$	23,496	$	26,512
Income from Continuing Operations	$	4,973	$	31,725	$	36,698

	Year Ended October 31, 2016
	Ridgeway		All Other Operating Segments		Total Consolidated
Revenues	$	13,192	$	103,600	$	116,792
Operating Expenses	$	3,649	$	33,616	$	37,265
Interest Expense	$	2,487	$	10,496	$	12,983
Depreciation and Amortization	$	2,468	$	20,557	$	23,025
Income from Continuing Operations	$	4,588	$	30,017	$	34,605

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REAL ESTATE INVESTMENTS (Tables)

12 Months Ended

Oct. 31, 2018

REAL ESTATE INVESTMENTS [Abstract]

Investments in Real Estate, Net of Depreciation

The Company's investments in real estate, net of depreciation, were composed of the following at October 31, 2018 and 2017 (in thousands):

	Consolidated Investment Properties		Unconsolidated Joint Ventures		2018 Totals		2017 Totals
Retail	$	889,243	$	37,434	$	926,677	$	923,118
Office		10,179		-		10,179		10,313
	$	899,422	$	37,434	$	936,856	$	933,431

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INVESTMENT PROPERTIES (Tables)

12 Months Ended

Oct. 31, 2018

INVESTMENT PROPERTIES [Abstract]

Components of Core Properties

The components of the properties consolidated in the financial statements are as follows (in thousands):

	October 31,
	2018			2017
Land	$	231,660		$	218,501
Buildings and improvements		886,415			871,901
		1,118,075			1,090,402
Accumulated depreciation		(218,653	)		(195,020	)
	$	899,422		$	895,382

Purchase Price Allocation for Properties Acquired

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the fiscal year ended October 31, 2018 (in thousands).

	470 Main		Tanglewood		New City
Assets:
Land	$	293	$	7,525	$	2,498
Building and improvements	$	2,786	$	5,920	$	632
In-place leases	$	68	$	147	$	38
Above market leases	$	25	$	81	$	-
Liabilities:
In-place leases	$	-	$	-	$	-
Below Market Leases	$	43	$	396	$	-

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MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Tables)

12 Months Ended

Oct. 31, 2018

MORTGAGE NOTES PAYABLE AND BANK LINES OF CREDIT AND OTHER LOANS [Abstract]

Principal Maturities of Mortgage Notes Payable

Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands):

	Principal Repayments		Scheduled Amortization		Total
2019	$	26,880	$	6,362	$	33,242
2020		-		6,031		6,031
2021		-		6,391		6,391
2022		49,486		5,581		55,067
2023		-		5,269		5,269
Thereafter		181,579		6,222		187,801
	$	257,945	$	35,856	$	293,801

Notes Payable

The terms of the remaining notes are detailed below:

	Principal Amount (in thousands)		Interest Rate				Interest Payment Terms	Maturity Date
Long Term A	$	1,650		4.91	%	(a)	Quarterly	March 29, 2030
Long Term B		1,513		5.05	%	(b)	Quarterly	March 29, 2030
	$	3,163

(a) Interest rate is variable and based on the level of the Company's dividend declared on the Company's Class A Common stock, divided by $22 per Class A Share.

(b) Interest rate is fixed.

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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Oct. 31, 2018

CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS [Abstract]

Redeemable Non-controlling Interests

The following table sets forth the details of the Company's redeemable non-controlling interests (amounts in thousands):

	October 31,
	2018			2017
Beginning Balance	$	81,361		$	18,253
Initial UB High Ridge Noncontrolling Interest-Net		-			55,217
Initial Dumont Noncontrolling Interest-Net		-			8,557
Initial New City Noncontrolling Interest-Net		791			-
Redemption of UB High Ridge Noncontrolling Interest		(1,220	)		-
Change in Redemption Value		(2,674	)		(666	)
Ending Balance	$	78,258		$	81,361

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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Oct. 31, 2018

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES [Abstract]

Investments in and Advances to Unconsolidated Joint Ventures

At October 31, 2018 and 2017, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses) (amounts in thousands):

	October 31,
	2018		2017
Chestnut Ridge and Plaza 59 Shopping Centers (50.0%)	$	17,702	$	18,032
Gateway Plaza (50%)		6,680		6,873
Putnam Plaza Shopping Center (66.67%)		5,978		5,968
Midway Shopping Center, L.P. (11.642%)		4,509		4,639
Applebee's at Riverhead (50%)		1,842		1,814
81 Pondfield Road Company (20%)		723		723
Total	$	37,434	$	38,049

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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Oct. 31, 2018

STOCKHOLDERS' EQUITY [Abstract]

Dividends Declared and Tax Status of Dividends Paid

The following tables set forth the dividends declared per Common share and Class A Common share and tax status for Federal income tax purposes of the dividends paid during the fiscal years ended October 31, 2018 and 2017:

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
April 16, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
July 20, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
October 19, 2018		$	0.24		$	0.1614		$	0.0038		$	0.0748		$	0.27		$	0.182		$	0.004		$	0.084
		$	0.96		$	0.6456		$	0.0152		$	0.2992		$	1.08		$	0.728		$	0.016		$	0.336

	Common Shares												Class A Common Shares
Dividend Payment Date	Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion			Gross Dividend Paid Per Share			Ordinary Income			Capital Gain			Non-Taxable Portion
January 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
April 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
July 17, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
October 20, 2017		$	0.235		$	0.14		$	0.02075		$	0.07425		$	0.265		$	0.158		$	0.02325		$	0.08375
		$	0.94		$	0.56		$	0.083		$	0.297		$	1.06		$	0.632		$	0.093		$	0.335

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STOCK COMPENSATION AND OTHER BENEFIT PLANS (Tables)

12 Months Ended

Oct. 31, 2018

STOCK COMPENSATION AND OTHER BENEFIT PLANS [Abstract]

Non-vested Common and Class A Common Shares

A summary of the status of the Company's non-vested restricted stock awards as of October 31, 2018, and changes during the year ended October 31, 2018 is presented below:

	Common Shares					Class A Common Shares
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Non-vested at October 31, 2017		1,274,150		$	17.02		412,275		$	20.60
Granted		152,700		$	17.70		102,800		$	22.10
Vested		(170,950	)	$	15.78		(57,200	)	$	18.07
Forfeited		-		$	-		(4,950	)	$	22.06
Non-vested at October 31, 2018		1,255,900		$	17.22		452,925		$	21.13

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Oct. 31, 2018

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value of Financial Assets and Liabilities

The Company measures its marketable debt and equity securities, redeemable noncontrolling interests and interest rate swap derivatives at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs at October 31, 2018 and 2017 (amounts in thousands):

Fiscal Year Ended October 31, 2018	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Interest Rate Swap Agreements	$	7,011	$	-	$	7,011	$	-
Available for sale securities	$	5,567	$	5,567	$	-	$	-
Liabilities:
Interest Rate Swap Agreements	$	114	$	-	$	114	$	-
Redeemable noncontrolling interests	$	78,258	$	22,131	$	53,359	$	2,768
Fiscal Year Ended October 31, 2017
Assets:
Interest Rate Swap Agreements	$	3,316	$	-	$	3,316	$	-
Liabilities:
Interest Rate Swap Agreements	$	574	$	-	$	574	$	-
Redeemable noncontrolling interests	$	81,361	$	23,709	$	53,788	$	3,864

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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

12 Months Ended

Oct. 31, 2018

QUARTERLY RESULTS OF OPERATIONS [Abstract]

Quarterly Financial Information

The unaudited quarterly results of operations for the years ended October 31, 2018 and 2017 are as follows (in thousands, except per share data):

	Year Ended October 31, 2018												Year Ended October 31, 2017
	Quarter Ended												Quarter Ended
	Jan 31			Apr 30			Jul 31			Oct 31			Jan 31			Apr 30			Jul 31			Oct 31
Revenues	$	32,995		$	37,005		$	32,809		$	32,543		$	29,202		$	30,024		$	32,020		$	32,313
Income from Continuing Operations	$	9,079		$	14,022		$	9,780		$	9,302		$	7,204		$	27,919		$	10,613		$	9,696
Net Income Attributable to Urstadt Biddle Properties Inc.	$	7,984		$	12,660		$	8,642		$	8,181		$	6,982		$	27,672		$	9,631		$	8,648
Preferred Stock Dividends		(3,063	)		(3,062	)		(3,063	)		(3,062	)		(3,570	)		(3,571	)		(3,570	)		(4,249	)
Redemption of Preferred Stock		-			-			-			-			-			-			-			(4,075	)
Net Income Applicable to Common and Class A Common Stockholders	$	4,921		$	9,598		$	5,579		$	5,119		$	3,412		$	24,101		$	6,061		$	324
Per Share Data:
Basic:
Class A Common Stock	$	0.13		$	0.26		$	0.15		$	0.14		$	0.09		$	0.66		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.58		$	0.15		$	0.01
Diluted:
Class A Common Stock	$	0.13		$	0.25		$	0.15		$	0.14		$	0.09		$	0.64		$	0.16		$	0.01
Common Stock	$	0.12		$	0.23		$	0.13		$	0.12		$	0.08		$	0.57		$	0.14		$	0.01

Amounts may not equal full year results due to rounding.

Certain prior period amounts are reclassified to correspond to current period presentation.

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details) ft² in Millions	Oct. 31, 2018 ft² Property
Business [Abstract]
Number of properties the Company owned or had equity interest in | Property	84
Gross leasable area of properties the Company owned or had equity interest in | ft²	5.1

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Federal Income Taxes (Details)	12 Months Ended
	Oct. 31, 2018
Federal Income Taxes [Abstract]
Minimum real estate trust taxable income required to be distributed for REIT to be nontaxable	90.00%
Minimum [Member]
Federal Income Taxes [Abstract]
Tax years remaining open to examination by Internal Revenue Service	2014
Maximum [Member]
Federal Income Taxes [Abstract]
Tax years remaining open to examination by Internal Revenue Service	2017

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Depreciation and Amortization (Details)	12 Months Ended
	Oct. 31, 2018
Real Estate Investment Properties [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	30 years
Real Estate Investment Properties [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	40 years
Property Improvements [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	10 years
Property Improvements [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	20 years
Furniture and Fixtures [Member] | Minimum [Member]
Depreciation [Abstract]
Estimated useful life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Depreciation [Abstract]
Estimated useful life	10 years
Tenant Improvements [Member]
Depreciation [Abstract]
Estimated useful life	shorter of the life of the related leases or their useful life

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Sale of Investment Property and Property Held for Sale (Details) - USD ($)	1 Months Ended		3 Months Ended								12 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Property Held for Sale [Abstract]
Gain (loss) on sale of properties											$ 0	$ 18,734,000	$ 0
Revenues			$ 32,543,000	$ 32,809,000	$ 37,005,000	$ 32,995,000	$ 32,313,000	$ 32,020,000	$ 30,024,000	$ 29,202,000	135,352,000	123,560,000	116,792,000
Depreciation and amortization											(28,324,000)	(26,512,000)	(23,025,000)
Net Income											42,183,000	55,432,000	34,605,000
Held for Sale [Member] | White Plains, NY [Member]
Property Held for Sale [Abstract]
Proceeds from sale of property held for sale		$ 56,600,000
Gain (loss) on sale of properties		$ 19,500,000
Held for Sale [Member] | Fairfield, CT Property [Member]
Property Held for Sale [Abstract]
Proceeds from sale of property held for sale	$ 1,200,000
Gain (loss) on sale of properties	$ (729,000)
Disposal Group, Not Discontinued Operations [Member] | White Plains Property and Fairfield Property Member [Member]
Property Held for Sale [Abstract]
Revenues											0	2,279,000	5,604,000
Property operating expense											0	(331,000)	(1,330,000)
Depreciation and amortization											0	(90,000)	(476,000)
Net Income											$ 0	$ 1,858,000	$ 3,798,000

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Deferred Charges (Details) - USD ($)	Oct. 31, 2018	Oct. 31, 2017
Deferred Charges [Abstract]
Accumulated amortization of deferred charges	$ 4,901,000	$ 4,279,000

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Revenue Recognition [Abstract]
Straight-line rents receivable	$ 18,375,000	$ 17,349,000
Allowance of doubtful accounts against tenants receivables, percentage of deferred straight-line rents receivable	10.00%
Tenants receivable, allowance for doubtful accounts	$ 4,800,000	4,543,000
Amortization of above and below Market Leases	1,209,000	223,000	$ 157,000
Fairfield, CT Property [Member]
Revenue Recognition [Abstract]
Lease termination payment revenue		3,200,000
Amortization of above and below Market Leases		$ 1,200,000
Ferry Plaza Shopping Center [Member]
Revenue Recognition [Abstract]
Lease termination payment revenue	$ 3,700,000

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Marketable Securities (Details) - REIT Securities [Member] - USD ($) $ in Thousands	2 Months Ended
	Mar. 31, 2018	Oct. 31, 2018	Oct. 31, 2017
Marketable Securities [Abstract]
Purchase of marketable securities	$ 5,000
Fair market value		$ 5,567	$ 0
Cost basis		4,998	0
Unrealized gain/(loss)		569	0
Gross unrealized gains		569	0
Gross unrealized (loss)		$ 0	$ 0

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - Mortgage Loan [Member] - USD ($)	Oct. 31, 2018	Oct. 31, 2017
Derivative Financial Instruments [Abstract]
Mortgage loans subject to interst rate swap	$ 97,700,000
Average fixed annual rate on interest rate swap	3.74%
Deferred liabilities relating to fair value of interest rate swap	$ 114,000	$ 574,000
Deferred assets relating to fair value of interest rate swap	$ 7,011,000	$ 3,316,000

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Comprehensive Income (Details) - USD ($)	Oct. 31, 2018	Oct. 31, 2017
Comprehensive Income [Abstract]
Net unrealized gains (losses) on marketable equity securities included in accumulated other comprehensive income	$ 569,000	$ 0
Net unrealized gains (losses) on interest rate swap agreements included in accumulated other comprehensive income	$ 6,900,000	$ 2,700,000

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Numerator [Abstract]
Net income applicable to common stockholders - basic	$ 5,119	$ 5,579	$ 9,598	$ 4,921	$ 324	$ 6,061	$ 24,101	$ 3,412	$ 25,217	$ 33,898	$ 19,436
Common Stock [Member]
Numerator [Abstract]
Net income applicable to common stockholders - basic									5,173	6,857	4,142
Effect of dilutive securities [Abstract]
Restricted stock awards									259	376	236
Net income applicable to common stockholders - diluted									$ 5,432	$ 7,233	$ 4,378
Denominator [Abstract]
Denominator for basic EPS - weighted average common shares (in shares)									8,517	8,383	8,241
Effect of dilutive securities [Abstract]
Restricted stock awards (in shares)									597	643	669
Denominator for diluted EPS - weighted average common equivalent shares (in shares)									9,114	9,026	8,910
Class A Common Stock [Member]
Numerator [Abstract]
Net income applicable to common stockholders - basic									$ 20,044	$ 27,041	$ 15,294
Effect of dilutive securities [Abstract]
Restricted stock awards									(259)	(376)	(236)
Net income applicable to common stockholders - diluted									$ 19,785	$ 26,665	$ 15,058
Denominator [Abstract]
Denominator for basic EPS - weighted average common shares (in shares)									29,335	29,317	26,921
Effect of dilutive securities [Abstract]
Restricted stock awards (in shares)									178	186	191
Denominator for diluted EPS - weighted average common equivalent shares (in shares)									29,513	29,503	27,112

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Reporting (Details) $ in Thousands		3 Months Ended								12 Months Ended
		Oct. 31, 2018 USD ($) ft²	Jul. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Jul. 31, 2017 USD ($)	Apr. 30, 2017 USD ($)	Jan. 31, 2017 USD ($)	Oct. 31, 2018 USD ($) ft² Segment	Oct. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment										1
Ridgeway Significant Tenants [Abstract]
Gross leasable area of properties the Company owned or had equity interest in | ft²		5,100,000								5,100,000
Income Statements [Abstract]
Revenues		$ 32,543	$ 32,809	$ 37,005	$ 32,995	$ 32,313	$ 32,020	$ 30,024	$ 29,202	$ 135,352	$ 123,560	$ 116,792
Interest expense										13,678	12,981	12,983
Depreciation and amortization										$ 28,324	$ 26,512	$ 23,025
Income from continuing operations		$ 9,302	$ 9,780	$ 14,022	$ 9,079	$ 9,696	$ 10,613	$ 27,919	$ 7,204
Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Gross leasable area of properties the Company owned or had equity interest in | ft²		374,000								374,000
Percent leased										96.00%	96.00%	98.00%
Operating Segments [Member]
Income Statements [Abstract]
Revenues										$ 135,352	$ 123,560	$ 116,792
Operating expenses										43,176	39,695	37,265
Interest expense										13,678	12,981	12,983
Depreciation and amortization										28,324	26,512	23,025
Income from continuing operations										42,183	36,698	34,605
Operating Segments [Member] | Ridgeway [Member]
Income Statements [Abstract]
Revenues										14,015	13,832	13,192
Operating expenses										4,094	3,809	3,649
Interest expense										1,869	2,034	2,487
Depreciation and amortization										2,616	3,016	2,468
Income from continuing operations										5,436	4,973	4,588
Operating Segments [Member] | All Other Operating Segments [Member]
Income Statements [Abstract]
Revenues										121,337	109,728	103,600
Operating expenses										39,082	35,886	33,616
Interest expense										11,809	10,947	10,496
Depreciation and amortization										25,708	23,496	20,557
Income from continuing operations										$ 36,747	$ 31,725	$ 30,017
Sales Revenue, Services, Net [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										100.00%	100.00%	100.00%
Sales Revenue, Services, Net [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										10.40%	11.20%	11.30%
Sales Revenue, Services, Net [Member] | All Other Operating Segments [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										89.60%	88.80%	88.70%
Assets, Total [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	[1]									100.00%	100.00%
Assets, Total [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										7.00%	7.20%
Assets, Total [Member] | All Other Operating Segments [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										93.00%	92.80%
Base Rent [Member] | Customer Concentration Risk [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										100.00%	100.00%	100.00%
Base Rent [Member] | Customer Concentration Risk [Member] | The Stop & Shop Supermarket Company [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										20.00%	19.00%	19.00%
Base Rent [Member] | Customer Concentration Risk [Member] | Bed, Bath & Beyond [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										14.00%	14.00%	14.00%
Base Rent [Member] | Customer Concentration Risk [Member] | Marshall's Inc., a division of the TJX Companies [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage										10.00%	11.00%	11.00%
Base Rent [Member] | Customer Concentration Risk [Member] | All Other Tenants at Ridgeway [Member] | Ridgeway [Member]
Ridgeway Significant Tenants [Abstract]
Concentration risk, percentage	[2]									56.00%	56.00%	56.00%

[1] Ridgeway did not have any significant expenditures for additions to long lived assets in any of the fiscal years ended October 31, 2018, 2017 and 2016.

[2] No other tenant accounts for more than 10% of Ridgeway's annual base rents in any of the three years presented. Percentages are calculated as a ratio of the tenants base rent divided by total base rent of Ridgeway.

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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, New Accounting Standards (Details)	Oct. 31, 2018 USD ($)
Accounting Standards Update 2016-01 [Member] | Cumulative Distributions in Excess of Net Income [Member]
New Accounting Standards [Abstract]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (569,000)

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REAL ESTATE INVESTMENTS (Details) $ in Thousands	Oct. 31, 2018 USD ($) Property	Oct. 31, 2017 USD ($)
Real Estate Investment [Abstract]
Properties owned or have equity interests | Property	84
Real estate investments	$ 936,856	$ 933,431
Retail [Member]
Real Estate Investment [Abstract]
Real estate investments	926,677	923,118
Office [Member]
Real Estate Investment [Abstract]
Real estate investments	10,179	$ 10,313
Consolidated Investment Properties [Member]
Real Estate Investment [Abstract]
Real estate investments	899,422
Consolidated Investment Properties [Member] | Retail [Member]
Real Estate Investment [Abstract]
Real estate investments	889,243
Consolidated Investment Properties [Member] | Office [Member]
Real Estate Investment [Abstract]
Real estate investments	10,179
Unconsolidated Joint Ventures [Member]
Real Estate Investment [Abstract]
Real estate investments	37,434
Unconsolidated Joint Ventures [Member] | Retail [Member]
Real Estate Investment [Abstract]
Real estate investments	37,434
Unconsolidated Joint Ventures [Member] | Office [Member]
Real Estate Investment [Abstract]
Real estate investments	$ 0

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INVESTMENT PROPERTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Properties, net [Abstract]
Gross properties	$ 1,118,075	$ 1,090,402
Accumulated depreciation	(218,653)	(195,020)
Properties, net	899,422	$ 895,382
Rental payments on non-cancelable operating leases [Abstract]
Minimum rental payments on non-cancelable operating leases in the consolidated core properties	550,900
2019	91,000
2020	82,300
2021	73,100
2022	62,500
2023	46,500
Thereafter	$ 195,500
Maximum [Member]
Rental payments on non-cancelable operating leases [Abstract]
Additional rent based on tenant revenue, as percent of consolidated revenues	1.00%	1.00%	1.00%
Land [Member]
Properties, net [Abstract]
Gross properties	$ 231,660	$ 218,501
Buildings and Improvements [Member]
Properties, net [Abstract]
Gross properties	$ 886,415	$ 871,901

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INVESTMENT PROPERTIES, Significant Investment Property Transactions (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($) ft²	Jan. 31, 2018 USD ($) ft²	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)
Significant Investment Property Transactions [Abstract]
Amortization of above-market and below-market leases			$ 1,209	$ 223	$ 157
Capital improvements to properties and leasing costs			8,200
Acquisition costs			0	$ 0	$ 412
High Ridge [Member]
Significant Investment Property Transactions [Abstract]
Purchase price of property acquired			5,500
Dumont [Member]
Significant Investment Property Transactions [Abstract]
Purchase price of property acquired			3,900
Ridgefield, CT - 470 Main [Member]
Significant Investment Property Transactions [Abstract]
Purchase price of property acquired		$ 3,100
Area of real estate property acquired | ft²		24,200
Land			293
Building and improvements			2,786
Ridgefield, CT - 470 Main [Member] | In-Place Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			68
Intangible liabilities			0
Ridgefield, CT - 470 Main [Member] | Above/Below-Market Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			25
Intangible liabilities			43
Yonkers, NY - Tanglewood [Member]
Significant Investment Property Transactions [Abstract]
Purchase price of property acquired	$ 13,100
Area of real estate property acquired | ft²	27,000
Unsecured promissory notes payable to seller			11,000
Land			7,525
Building and improvements			5,920
Yonkers, NY - Tanglewood [Member] | In-Place Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			147
Intangible liabilities			0
Yonkers, NY - Tanglewood [Member] | Above/Below-Market Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			81
Intangible liabilities			396
New City, NY - New City Retail [Member]
Significant Investment Property Transactions [Abstract]
Purchase price of property acquired			2,400
Land			2,498
Building and improvements			632
New City, NY - New City Retail [Member] | In-Place Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			38
Intangible liabilities			0
New City, NY - New City Retail [Member] | Above/Below-Market Leases [Member]
Significant Investment Property Transactions [Abstract]
Intangible assets			0
Intangible liabilities			$ 0

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MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2018 USD ($) Bank	Oct. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Real estate pledged as collateral at fair value	$ 558,200
Principal Repayments [Abstract]
2019	26,880
2020	0
2021	0
2022	49,486
2023	0
Thereafter	181,579
Total principal repayments	257,945
Scheduled Amortization [Abstract]
2019	6,362
2020	6,031
2021	6,391
2022	5,581
2023	5,269
Thereafter	6,222
Total scheduled amortization	35,856
Total [Abstract]
2019	33,242
2020	6,031
2021	6,391
2022	55,067
2023	5,269
Thereafter	187,801
Total principal and scheduled amortization of debt	293,801
Repayments of borrowings on facility	$ 9,000	$ 56,000	$ 66,750
Minimum [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Effective interest rate	3.50%
Maximum [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Effective interest rate	6.60%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member]
Total [Abstract]
Maximum borrowing capacity	$ 100,000
Number of syndicated banks | Bank	3
Option, maximum borrowing capacity	$ 150,000
Maturity date	Aug. 23, 2020
Optional extension period of credit facility	1 year
Covenant compliance	The Company was in compliance with such covenants at October 31, 2018.
Unsecured revolving line of credit capacity at year end	$ 71,000
Borrowing under revolving credit facility	33,600	52,000
Repayments of borrowings on facility	$ 9,000	$ 56,000
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Minimum [Member]
Total [Abstract]
Commitment fee	0.15%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Maximum [Member]
Total [Abstract]
Commitment fee	0.25%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Total [Abstract]
Basis spread on variable rate	1.35%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Total [Abstract]
Basis spread on variable rate	1.95%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate [Member] | Minimum [Member]
Total [Abstract]
Basis spread on variable rate	0.35%
BNY, Wells Fargo and Bank of Montreal [Member] | Unsecured Revolving Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member]
Total [Abstract]
Basis spread on variable rate	0.95%
BNY, Wells Fargo and Bank of Montreal [Member] | Letter of Credit [Member]
Total [Abstract]
Maximum borrowing capacity	$ 10,000
Refinanced First Mortgage [Member] | Darien, CT [Member]
Total [Abstract]
Basis spread on variable rate	1.65%

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MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS, Terms of Notes Payable (Details) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
		May 31, 2018 USD ($)	Mar. 31, 2018 USD ($) Tranche	Oct. 31, 2018 USD ($) $ / shares
Debt Instruments [Abstract]
Principal amount				$ 293,801
Notes Payable [Member]
Debt Instruments [Abstract]
Principal amount				3,163
Notes Payable [Member] | Long Term A [Member]
Debt Instruments [Abstract]
Principal amount				$ 1,650
Interest rate	[1]			4.91%
Interest payment terms				Quarterly
Maturity date				Mar. 29, 2030
Notes Payable [Member] | Long Term A [Member] | Class A Common Stock [Member]
Debt Instruments [Abstract]
Share price (in dollars per share) | $ / shares				$ 22
Notes Payable [Member] | Long Term B [Member]
Debt Instruments [Abstract]
Principal amount				$ 1,513
Interest rate	[2]			5.05%
Interest payment terms				Quarterly
Maturity date				Mar. 29, 2030
Tanglewood [Member]
Debt Instruments [Abstract]
Purchase price of property acquired			$ 13,100
Tanglewood [Member] | Notes Payable [Member]
Debt Instruments [Abstract]
Debt instrument, face amount			$ 11,000
Number of tranches | Tranche			3
Tanglewood [Member] | Notes Payable [Member] | Short Term Notes [Member]
Debt Instruments [Abstract]
Redemption of short-term tranche		$ 7,800

[1] Interest rate is variable and based on the level of the Company's dividend declared on the Company's Class A Common stock, divided by $22 per Class A Share.

[2] Interest rate is fixed.

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MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS, Refinance (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Interest paid	$ 13.4	$ 12.9	$ 13.1
Refinanced First Mortgage [Member] | Darien, CT [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Basis spread on variable rate	1.65%
Estimated fair value of first mortgage secured by property	$ 25.0
New mortgage loan term	10 years
Benchmark interest rate	LIBOR
Fixed interest rate of interest rate derivative	4.815%
Maturity date	Mar. 18, 2019
Refinanced First Mortgage [Member] | Newark, NJ [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Estimated fair value of first mortgage secured by property	$ 10.0
New mortgage loan term	10 years
Fixed interest rate of interest rate derivative	4.63%
Maturity date	Mar. 31, 2019
Mortgage Loan [Member] | Darien, CT [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Stated interest rate	6.55%
Estimated fair value of first mortgage secured by property	$ 15.0
Mortgage Loan [Member] | Newark, NJ [Member]
Mortgage Notes Payable, Bank Lines of Credit and Other Loans [Abstract]
Stated interest rate	6.15%
Estimated fair value of first mortgage secured by property	$ 9.2

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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS, Consolidated Joint Ventures (Details) $ in Millions	12 Months Ended
	Oct. 31, 2018 USD ($) Property Investment shares
Consolidated Joint Ventures [Abstract]
Number of real estate joint venture investments | Investment	6
Number of properties the Company owned or had equity interest in | Property	84
UB Ironbound, LP [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	84.00%
UB Orangeburg, LLC [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	44.10%
Additional investment in consolidated joint venture | $	$ 6.6
Ownership interest - inception of investment	2.92%
UB Orangeburg, LLC [Member] | Class A Common Stock [Member]
Consolidated Joint Ventures [Abstract]
Number of shares of common stock included in calculation of regular quarterly cash distribution equivalent to annual cash distribution to non-managing member of subsidiary (in shares) | shares	1
McLean Plaza Associates, LLC [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	53.00%
Fixed annual distribution	5.05%
UB High Ridge, LLC [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	10.90%
Additional investment in consolidated joint venture | $	$ 1.2
Ownership interest - inception of investment	8.80%
Fixed annual distribution	5.46%
Initial net investment amount | $	$ 5.5
Units redeemed of non-managing members (in shares) | shares	51,914
UB High Ridge, LLC [Member] | Commercial Real Estate [Member]
Consolidated Joint Ventures [Abstract]
Number of properties the Company owned or had equity interest in | Property	3
UB High Ridge, LLC [Member] | Retail Property [Member]
Consolidated Joint Ventures [Abstract]
Number of properties the Company owned or had equity interest in | Property	2
UB High Ridge, LLC [Member] | Retail Property [Member] | Chase Property [Member]
Consolidated Joint Ventures [Abstract]
Number of properties the Company owned or had equity interest in | Property	1
UB High Ridge, LLC [Member] | Retail Property [Member] | CVS [Member]
Consolidated Joint Ventures [Abstract]
Number of properties the Company owned or had equity interest in | Property	1
UB Dumont I, LLC [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	31.40%
Fixed annual distribution	5.05%
Initial net investment amount | $	$ 3.9
UB New City, LLC [Member]
Consolidated Joint Ventures [Abstract]
Ownership interest	75.30%
Fixed annual distribution	5.00%
Initial net investment amount | $	$ 2.4

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CONSOLIDATED JOINT VENTURES AND REDEEMABLE NONCONTROLLING INTERESTS, Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Redeemable non-controlling interests [Roll Forward]
Beginning Balance	$ 81,361	$ 18,253
Initial UB High Ridge Noncontrolling Interest-Net	0	55,217
Initial Dumont Noncontrolling Interest-Net	0	8,557
Initial New City Noncontrolling Interest-Net	791	0
Redemption of UB High Ridge Noncontrolling Interest	(1,220)	0
Change in Redemption Value	(2,674)	(666)
Ending Balance	$ 78,258	$ 81,361

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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2018 USD ($) ft² Subsidiary	Oct. 31, 2017 USD ($)
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 37,434	$ 38,049
Non-recourse first mortgage payable	293,801	297,071
Chestnut Ridge and Plaza 59 Shopping Centers [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 17,702	$ 18,032
Number of wholly-owned subsidiaries involved in acquisition of properties | Subsidiary	2
Ownership interest	50.00%	50.00%
Gateway Plaza [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 6,680	$ 6,873
Ownership interest	50.00%	50.00%
Area of property | ft²	198,500
In-line space | ft²	27,000
Newly constructed pad site square feet | ft²	3,500
Non-recourse first mortgage payable	$ 12,400
Maturity date of debt	Mar. 01, 2024
Stated interest rate	4.20%
Walmart in Gateway Plaza Shopping Center [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Area of property | ft²	168,000
Putnam Plaza Shopping Center [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 5,978	$ 5,968
Ownership interest	66.67%	66.67%
Area of property | ft²	189,000
Putnam Plaza Shopping Center [Member] | Non-recourse First Mortgage Payable [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Maturity date of debt	Nov. 01, 2028
Stated interest rate	4.81%
First mortgage secured by property, estimated fair value	$ 18,900
Midway Shopping Center, L.P. [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 4,509	$ 4,639
Ownership interest	11.642%	11.642%
Area of property | ft²	247,000
Ownership percentage	25.00%
Excess of carrying amount over underlying equity allocated to real property	$ 7,400
Estimated useful life	39 years
Midway Shopping Center, L.P. [Member] | Non-recourse First Mortgage Payable [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Non-recourse first mortgage payable	$ 27,600
Maturity date of debt	Dec. 31, 2027
Stated interest rate	4.80%
Applebee's at Riverhead [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 1,842	$ 1,814
Ownership interest	50.00%	50.00%
Area of property | ft²	5,400
Newly constructed pad site square feet | ft²	7,200
81 Pondfield Road Company [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Investments in and advances to unconsolidated joint ventures	$ 723	$ 723
Ownership interest	20.00%	20.00%
Gateway Plaza and Applebee's at Riverhead [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Number of wholly-owned subsidiaries involved in acquisition of properties | Subsidiary	2
Ownership percentage	50.00%
Chestnut Ridge [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Area of property | ft²	76,000
Plaza 59 Shopping Centers [Member]
Investments in and Advances to Unconsolidated Joint Ventures [Abstract]
Area of property | ft²	24,000

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STOCKHOLDERS' EQUITY, Authorized Stock, Preferred Stock and Common Stock (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2018 USD ($) Director $ / shares shares	Jul. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2017 USD ($) $ / shares shares	Jul. 31, 2017 USD ($)	Apr. 30, 2017 USD ($)	Jan. 31, 2017 USD ($)	Oct. 31, 2018 USD ($) Vote Quarter Director $ / shares shares	Oct. 31, 2017 USD ($) Vote $ / shares shares	Oct. 31, 2016 USD ($) shares
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Shares authorized (in shares) | shares	200,000,000								200,000,000
Excess stock, shares authorized (in shares) | shares	20,000,000				20,000,000				20,000,000	20,000,000
Repayment of unsecured revolving credit facility | $									$ 9,000	$ 56,000	$ 66,750
Proceeds from issuance of common stock | $									$ 196	$ 200	73,842
Excess stock issuance threshold ownership percentage	7.50%				7.50%				7.50%	7.50%
Proceeds from Issuance of Preferred Stock and Preference Stock | $									$ 0	$ 111,328	0
Income statement effect of redememption of preferred stock | $	$ 0	$ 0	$ 0	$ 0	$ 4,075	$ 0	$ 0	$ 0	$ 0	$ 4,075	$ 0
Minimum [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Class A Common Stock dividend per share to Common Stock dividend per share									110.00%	110.00%
January 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Jan. 19, 2018
April 16, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Apr. 16, 2018
July 20, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Jul. 20, 2018
October 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Oct. 19, 2018
January 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Jan. 20, 2017
April 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Apr. 17, 2017
July 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Jul. 17, 2017
October 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Dividend payment date									Oct. 20, 2017
Common Shares [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Common stock, shares authorized (in shares) | shares	30,000,000				30,000,000				30,000,000	30,000,000
Voting rights per share | Vote									1	1
Common Stock available for issuance (in shares) | shares	338,406								338,406
Gross dividend paid per share (in dollars per share)									$ 0.96	$ 0.94
Ordinary income (in dollars per share)									0.6456	0.560
Capital gain (in dollars per share)									0.0152	0.083
Non-taxable portion (in dollars per share)									0.2992	0.297
Common Shares [Member] | January 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.24
Ordinary income (in dollars per share)									0.1614
Capital gain (in dollars per share)									0.0038
Non-taxable portion (in dollars per share)									0.0748
Common Shares [Member] | April 16, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.24
Ordinary income (in dollars per share)									0.1614
Capital gain (in dollars per share)									0.0038
Non-taxable portion (in dollars per share)									0.0748
Common Shares [Member] | July 20, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.24
Ordinary income (in dollars per share)									0.1614
Capital gain (in dollars per share)									0.0038
Non-taxable portion (in dollars per share)									0.0748
Common Shares [Member] | October 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.24
Ordinary income (in dollars per share)									0.1614
Capital gain (in dollars per share)									0.0038
Non-taxable portion (in dollars per share)									$ 0.0748
Common Shares [Member] | January 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.235
Ordinary income (in dollars per share)										0.14
Capital gain (in dollars per share)										0.02075
Non-taxable portion (in dollars per share)										0.07425
Common Shares [Member] | April 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.235
Ordinary income (in dollars per share)										0.14
Capital gain (in dollars per share)										0.02075
Non-taxable portion (in dollars per share)										0.07425
Common Shares [Member] | July 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.235
Ordinary income (in dollars per share)										0.14
Capital gain (in dollars per share)										0.02075
Non-taxable portion (in dollars per share)										0.07425
Common Shares [Member] | October 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.235
Ordinary income (in dollars per share)										0.14
Capital gain (in dollars per share)										0.02075
Non-taxable portion (in dollars per share)										$ 0.07425
Class A Common Shares [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Common stock, shares authorized (in shares) | shares	100,000,000				100,000,000				100,000,000	100,000,000
Voting rights per share | Vote									0.05	0.05
Common Stock available for issuance (in shares) | shares	393,150								393,150
Gross dividend paid per share (in dollars per share)									$ 1.08	$ 1.06
Ordinary income (in dollars per share)									0.728	0.632
Capital gain (in dollars per share)									0.016	0.093
Non-taxable portion (in dollars per share)									0.336	0.335
Class A Common Shares [Member] | January 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.27
Ordinary income (in dollars per share)									0.182
Capital gain (in dollars per share)									0.004
Non-taxable portion (in dollars per share)									0.084
Class A Common Shares [Member] | April 16, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.27
Ordinary income (in dollars per share)									0.182
Capital gain (in dollars per share)									0.004
Non-taxable portion (in dollars per share)									0.084
Class A Common Shares [Member] | July 20, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.27
Ordinary income (in dollars per share)									0.182
Capital gain (in dollars per share)									0.004
Non-taxable portion (in dollars per share)									0.084
Class A Common Shares [Member] | October 19, 2018 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)									0.27
Ordinary income (in dollars per share)									0.182
Capital gain (in dollars per share)									0.004
Non-taxable portion (in dollars per share)									0.084
Class A Common Shares [Member] | January 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.265
Ordinary income (in dollars per share)										0.158
Capital gain (in dollars per share)										0.02325
Non-taxable portion (in dollars per share)										0.08375
Class A Common Shares [Member] | April 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.265
Ordinary income (in dollars per share)										0.158
Capital gain (in dollars per share)										0.02325
Non-taxable portion (in dollars per share)										0.08375
Class A Common Shares [Member] | July 17, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.265
Ordinary income (in dollars per share)										0.158
Capital gain (in dollars per share)										0.02325
Non-taxable portion (in dollars per share)										0.08375
Class A Common Shares [Member] | October 20, 2017 [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Gross dividend paid per share (in dollars per share)										0.265
Ordinary income (in dollars per share)										0.158
Capital gain (in dollars per share)										0.02325
Non-taxable portion (in dollars per share)										$ 0.08375
Series F Cumulative Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Liquidation preference (in dollars per share)	$ 25.00								$ 25.00
Preferred stock, dividend rate									7.125%	7.125%	7.125%
Series I & J Participating Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Preferred shares purchaseable per right (in shares) | shares	0.01								0.01
Exercise price per right (in dollars per right)	$ 85								$ 85
Value of common shares as a multiple of the exercise price of the right	200.00%								200.00%
Series I & J Participating Preferred Stock [Member] | Minimum [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Percentage of combined voting power of Common Shares to trigger rights distribution	10.00%								10.00%
Percentage of ownership offer to trigger rights distribution	30.00%								30.00%
Series G Senior Redeemable Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Liquidation preference (in dollars per share)	$ 25				$ 25				$ 25	$ 25
Preferred stock, dividend rate				6.75%					6.75%	6.75%	6.75%
Series H Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Liquidation preference (in dollars per share)	$ 25				$ 25				$ 25	$ 25
Preferred stock, dividend rate									6.25%	6.25%	6.25%
Common Stock [Member] | Common Shares [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Shares issued under the dividend reinvestment plan (in shares) | shares									4,528	4,705	4,988
Common Stock [Member] | Class A Common Shares [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Shares issued (in shares) | shares											3,162,500
Shares issued under the dividend reinvestment plan (in shares) | shares									5,766	5,399	5,854
Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Preferred stock, shares authorized (in shares) | shares	50,000,000				50,000,000				50,000,000	50,000,000
Preferred Stock [Member] | Series F Cumulative Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Share Price (in dollars per share)					$ 25.00					$ 25.00
Income statement effect of redememption of preferred stock | $										$ 4,100
Preferred Stock [Member] | Series G Senior Redeemable Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Redemption price (in dollars per share)	$ 25								$ 25
Preferred stock, dividend rate									6.75%
Number of quarters with cumulative arrearage of quarterly dividends to trigger the election of additional board members by holders of preferred stock | Quarter									6
Number of directors redeemable preferred stockholders are entitled to elect | Director	2								2
Redemption date of preferred stock									Oct. 28, 2019
Preferred Stock [Member] | Series H Preferred Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Redemption price (in dollars per share)	$ 25								$ 25
Preferred stock, dividend rate									6.25%
Number of quarters with cumulative arrearage of quarterly dividends to trigger the election of additional board members by holders of preferred stock | Quarter									6
Number of directors redeemable preferred stockholders are entitled to elect | Director	2								2
Redemption date of preferred stock									Sep. 18, 2022
Excess Stock [Member]
Authorized Stock, Preferred Stock, and Common Stock [Abstract]
Excess stock, shares authorized (in shares) | shares	20,000,000				20,000,000				20,000,000	20,000,000

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STOCKHOLDERS' EQUITY, Stock Repurchase (Details)	12 Months Ended
	Oct. 31, 2018 $ / shares shares
Common Stock [Member] | All Share Repurchase Programs [Member]
Stock Repurchase [Abstract]
Number of shares repurchased to date (in shares)	4,600
Class A Common Stock [Member] | Current Program [Member]
Stock Repurchase [Abstract]
Number of shares repurchased to date (in shares)	195,413
Number of shares repurchased during period (in shares)	6,660
Average price per share of shares repurchased during period (in dollars per share) | $ / shares	$ 17.94
Class A Common Stock [Member] | All Share Repurchase Programs [Member]
Stock Repurchase [Abstract]
Number of shares repurchased to date (in shares)	919,991
Class A Common Shares, Common Shares, Series G Preferred Stock and Series H Preferred Stock [Member] | Current Program [Member]
Stock Repurchase [Abstract]
Number of shares authorized for repurchase (in shares)	2,000,000

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STOCK COMPENSATION AND OTHER BENEFIT PLANS (Details) - USD ($)	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Savings Plan [Abstract]
Company contributions to 401K Plan	$ 220,000	$ 208,000	$ 187,000
Restricted Stock [Member]
Restricted Stock Plan [Abstract]
Grant date fair value of restricted stock grants awarded to participants	5,000,000
Unamortized restricted stock compensation	$ 14,000,000
Weighted average period for recognizing unamortized expense	4 years 7 months 6 days
Compensation expense	$ 4,394,000	$ 4,156,000	$ 4,426,000
Restricted Stock [Member] | Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	350,000
Non-vested shares, number of shares [Roll forward]
Non-vested, beginning of period (in shares)	1,274,150
Granted (in shares)	152,700
Vested (in shares)	(170,950)
Forfeited (in shares)	0
Non-vested, end of period (in shares)	1,255,900	1,274,150
Non-vested shares, weighted-average grant-date fair value [Roll forward]
Non-vested, beginning of period (in dollars per share)	$ 17.02
Granted (in dollars per share)	17.70
Vested (in dollars per share)	15.78
Forfeited (in dollars per share)	0
Non-vested, end of period (in dollars per share)	$ 17.22	$ 17.02
Restricted Stock [Member] | Class A Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	350,000
Non-vested shares, number of shares [Roll forward]
Non-vested, beginning of period (in shares)	412,275
Granted (in shares)	102,800
Vested (in shares)	(57,200)
Forfeited (in shares)	(4,950)
Non-vested, end of period (in shares)	452,925	412,275
Non-vested shares, weighted-average grant-date fair value [Roll forward]
Non-vested, beginning of period (in dollars per share)	$ 20.60
Granted (in dollars per share)	22.10
Vested (in dollars per share)	18.07
Forfeited (in dollars per share)	22.06
Non-vested, end of period (in dollars per share)	$ 21.13	$ 20.60
Restricted Stock [Member] | Class A Common Shares or Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	4,500,000
Restricted Stock Plan [Member] | Class A Common Shares or Common Shares [Member]
Restricted Stock Plan [Abstract]
Number of shares authorized (in shares)	3,800,000

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FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Fair Value Measurements [Abstract]
Increase (decrease) in redemption value of noncontrolling interest	$ (2,674)	$ (666)	$ 2,298
Estimated fair value of mortgage notes payable and other loans	281,000	296,000
Recurring [Member]
Assets [Abstract]
Interest Rate Swap Agreements	7,011	3,316
Available for sale securities	5,567
Liabilities [Abstract]
Interest Rate Swap Agreements	114	574
Redeemable noncontrolling interests	78,258	81,361
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	0	0
Available for sale securities	5,567
Liabilities [Abstract]
Interest Rate Swap Agreements	0	0
Redeemable noncontrolling interests	22,131	23,709
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	7,011	3,316
Available for sale securities	0
Liabilities [Abstract]
Interest Rate Swap Agreements	114	574
Redeemable noncontrolling interests	53,359	53,788
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Interest Rate Swap Agreements	0	0
Available for sale securities	0
Liabilities [Abstract]
Interest Rate Swap Agreements	0	0
Redeemable noncontrolling interests	2,768	3,864		$ 3,846
UB Ironbound, LP ("Ironbound") [Member]
Fair Value Measurements [Abstract]
Increase (decrease) in redemption value of noncontrolling interest	$ (1,096)	$ 18

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COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
	Oct. 31, 2018 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments for tenant related obligations	$ 5.0

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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2016
Unaudited Quarterly Results of Operations [Abstract]
Revenues	$ 32,543	$ 32,809	$ 37,005	$ 32,995	$ 32,313	$ 32,020	$ 30,024	$ 29,202	$ 135,352	$ 123,560	$ 116,792
Income from Continuing Operations	9,302	9,780	14,022	9,079	9,696	10,613	27,919	7,204
Net Income Attributable to Urstadt Biddle Properties Inc.	8,181	8,642	12,660	7,984	8,648	9,631	27,672	6,982	37,467	52,933	33,716
Preferred Stock Dividends	(3,062)	(3,063)	(3,062)	(3,063)	(4,249)	(3,570)	(3,571)	(3,570)	(12,250)	(14,960)	(14,280)
Redemption of Preferred Stock	0	0	0	0	(4,075)	0	0	0	0	(4,075)	0
Net Income Applicable to Common and Class A Common Stockholders	$ 5,119	$ 5,579	$ 9,598	$ 4,921	$ 324	$ 6,061	$ 24,101	$ 3,412	25,217	33,898	19,436
Class A Common Stock [Member]
Unaudited Quarterly Results of Operations [Abstract]
Net Income Applicable to Common and Class A Common Stockholders									$ 20,044	$ 27,041	$ 15,294
Basic [Abstract]
Common Stock (in dollars per share)	$ 0.14	$ 0.15	$ 0.26	$ 0.13	$ 0.01	$ 0.16	$ 0.66	$ 0.09	$ 0.68	$ 0.92	$ 0.57
Diluted [Abstract]
Common Stock (in dollars per share)	0.14	0.15	0.25	0.13	0.01	0.16	0.64	0.09	$ 0.67	$ 0.90	$ 0.56
Common Stock [Member]
Unaudited Quarterly Results of Operations [Abstract]
Net Income Applicable to Common and Class A Common Stockholders									$ 5,173	$ 6,857	$ 4,142
Basic [Abstract]
Common Stock (in dollars per share)	0.12	0.13	0.23	0.12	0.01	0.15	0.58	0.08	$ 0.61	$ 0.82	$ 0.50
Diluted [Abstract]
Common Stock (in dollars per share)	$ 0.12	$ 0.13	$ 0.23	$ 0.12	$ 0.01	$ 0.14	$ 0.57	$ 0.08	$ 0.60	$ 0.80	$ 0.49

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SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions		2 Months Ended	12 Months Ended
	Dec. 12, 2018 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Oct. 31, 2018 $ / shares	Oct. 31, 2017 $ / shares	Oct. 31, 2016 $ / shares	Dec. 03, 2018 ft²
Common Stock [Member]
Dividends Declared [Abstract]
Cash dividends declared (in dollars per share)			$ 0.96	$ 0.94	$ 0.92
Class A Common Shares [Member]
Dividends Declared [Abstract]
Cash dividends declared (in dollars per share)			$ 1.08	$ 1.06	$ 1.04
Subsequent Event [Member]
Restricted Stock Awards [Abstract]
Fair value of shares awarded | $	$ 4.2
Subsequent Event [Member] | Common Stock [Member]
Restricted Stock Awards [Abstract]
Number of shares awarded (in shares) | shares	137,200
Subsequent Event [Member] | Class A Common Shares [Member]
Restricted Stock Awards [Abstract]
Number of shares awarded (in shares) | shares	111,450
Subsequent Event [Member] | Dividend Declared [Member] | Common Stock [Member]
Dividends Declared [Abstract]
Dividends payable, date declared	Dec. 12, 2018
Cash dividends declared (in dollars per share)	$ 0.245
Dividends payable, date to be paid	Jan. 18, 2019
Dividends payable, record date	Jan. 04, 2019
Subsequent Event [Member] | Dividend Declared [Member] | Class A Common Shares [Member]
Dividends Declared [Abstract]
Dividends payable, date declared	Dec. 12, 2018
Cash dividends declared (in dollars per share)	$ 0.275
Dividends payable, date to be paid	Jan. 18, 2019
Dividends payable, record date	Jan. 04, 2019
Subsequent Event [Member] | Lakeview Shopping Center [Member]
Real Estate Investment [Abstract]
Purchase price of property acquired | $		$ 12.0
Area of real estate property acquired | ft²						177,000
Additional Capital Investment on Real Property | $		$ 8.0

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part I (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2018		Oct. 31, 2017		Oct. 31, 2016		Oct. 31, 2015
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 290,638
Initial Cost to Company [Abstract]
Land	[1]	225,418
Building & Improvements	[1]	783,520
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	6,242
Building & Improvements	[1]	102,895
Amount at which Carried at Close of Period [Abstract]
Land	[1]	231,660
Building & Improvements	[1]	886,415
TOTAL		1,118,075	[1],[2]	$ 1,090,402	[2]	$ 1,016,838	[2]	$ 941,690
Accumulated Depreciation		218,653	[1],[3]	$ 195,020		$ 186,098		$ 165,660
Office Buildings [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	0
Initial Cost to Company [Abstract]
Land	[1]	2,797
Building & Improvements	[1]	9,258
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(25)
Building & Improvements	[1]	2,642
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,772
Building & Improvements	[1]	11,900
TOTAL	[1]	14,672
Accumulated Depreciation	[1],[3]	4,490
Office Buildings [Member] | Greenwich, CT 1 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	0
Initial Cost to Company [Abstract]
Land	[1]	708
Building & Improvements	[1]	1,641
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	262
Amount at which Carried at Close of Period [Abstract]
Land	[1]	708
Building & Improvements	[1]	1,903
TOTAL	[1]	2,611
Accumulated Depreciation	[1],[3]	$ 802
Date Constructed/Acquired	[1]	2001
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Office Buildings [Member] | Greenwich, CT 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	488
Building & Improvements	[1]	1,139
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	622
Amount at which Carried at Close of Period [Abstract]
Land	[1]	488
Building & Improvements	[1]	1,761
TOTAL	[1]	2,249
Accumulated Depreciation	[1],[3]	$ 663
Date Constructed/Acquired	[1]	2000
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Office Buildings [Member] | Greenwich, CT 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	570
Building & Improvements	[1]	2,359
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	879
Amount at which Carried at Close of Period [Abstract]
Land	[1]	570
Building & Improvements	[1]	3,238
TOTAL	[1]	3,808
Accumulated Depreciation	[1],[3]	$ 1,585
Date Constructed/Acquired	[1]	1998
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Office Buildings [Member] | Greenwich, CT 4 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	199
Building & Improvements	[1]	795
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	544
Amount at which Carried at Close of Period [Abstract]
Land	[1]	199
Building & Improvements	[1]	1,339
TOTAL	[1]	1,538
Accumulated Depreciation	[1],[3]	$ 625
Date Constructed/Acquired	[1]	1993
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Office Buildings [Member] | Greenwich, CT 5 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	111
Building & Improvements	[1]	444
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	309
Amount at which Carried at Close of Period [Abstract]
Land	[1]	111
Building & Improvements	[1]	753
TOTAL	[1]	864
Accumulated Depreciation	[1],[3]	$ 351
Date Constructed/Acquired	[1]	1994
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Office Buildings [Member] | Bernardsville, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	721
Building & Improvements	[1]	2,880
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(25)
Building & Improvements	[1]	26
Amount at which Carried at Close of Period [Abstract]
Land	[1]	696
Building & Improvements	[1]	2,906
TOTAL	[1]	3,602
Accumulated Depreciation	[1],[3]	$ 464
Date Constructed/Acquired	[1]	2012
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 290,638
Initial Cost to Company [Abstract]
Land	[1]	222,621
Building & Improvements	[1]	774,262
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	6,267
Building & Improvements	[1]	100,253
Amount at which Carried at Close of Period [Abstract]
Land	[1]	228,888
Building & Improvements	[1]	874,515
TOTAL	[1]	1,103,403
Accumulated Depreciation	[1],[3]	214,163
Retail Properties [Member] | Greenwich, CT 1 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	4,602
Initial Cost to Company [Abstract]
Land	[1]	1,600
Building & Improvements	[1]	6,401
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	28
Building & Improvements	[1]	733
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,628
Building & Improvements	[1]	7,134
TOTAL	[1]	8,762
Accumulated Depreciation	[1],[3]	$ 1,082
Date Constructed/Acquired	[1]	2013
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Greenwich, CT 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 5,740
Initial Cost to Company [Abstract]
Land	[1]	1,998
Building & Improvements	[1]	7,994
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	53
Building & Improvements	[1]	283
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,051
Building & Improvements	[1]	8,277
TOTAL	[1]	10,328
Accumulated Depreciation	[1],[3]	$ 1,155
Date Constructed/Acquired	[1]	2013
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Greenwich, CT 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 7,721
Initial Cost to Company [Abstract]
Land	[1]	3,223
Building & Improvements	[1]	12,893
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	6
Building & Improvements	[1]	244
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,229
Building & Improvements	[1]	13,137
TOTAL	[1]	16,366
Accumulated Depreciation	[1],[3]	$ 1,369
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Greenwich, CT 4 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 14,988
Initial Cost to Company [Abstract]
Land	[1]	6,257
Building & Improvements	[1]	25,029
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	27
Building & Improvements	[1]	660
Amount at which Carried at Close of Period [Abstract]
Land	[1]	6,284
Building & Improvements	[1]	25,689
TOTAL	[1]	31,973
Accumulated Depreciation	[1],[3]	$ 2,665
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Bronxville, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	60
Building & Improvements	[1]	239
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	95
Building & Improvements	[1]	776
Amount at which Carried at Close of Period [Abstract]
Land	[1]	155
Building & Improvements	[1]	1,015
TOTAL	[1]	1,170
Accumulated Depreciation	[1],[3]	$ 243
Date Constructed/Acquired	[1]	2009
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Yonkers, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	30
Building & Improvements	[1]	121
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	183
Building & Improvements	[1]	734
Amount at which Carried at Close of Period [Abstract]
Land	[1]	213
Building & Improvements	[1]	855
TOTAL	[1]	1,068
Accumulated Depreciation	[1],[3]	$ 198
Date Constructed/Acquired	[1]	2009
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Yonkers, NY 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	30
Building & Improvements	[1]	121
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	85
Building & Improvements	[1]	341
Amount at which Carried at Close of Period [Abstract]
Land	[1]	115
Building & Improvements	[1]	462
TOTAL	[1]	577
Accumulated Depreciation	[1],[3]	$ 107
Date Constructed/Acquired	[1]	2009
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | New Milford, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,114
Building & Improvements	[1]	8,456
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	71
Building & Improvements	[1]	546
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,185
Building & Improvements	[1]	9,002
TOTAL	[1]	11,187
Accumulated Depreciation	[1],[3]	$ 2,408
Date Constructed/Acquired	[1]	2008
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | New Milford, CT 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 39
Initial Cost to Company [Abstract]
Land	[1]	4,492
Building & Improvements	[1]	17,967
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	166
Building & Improvements	[1]	3,305
Amount at which Carried at Close of Period [Abstract]
Land	[1]	4,658
Building & Improvements	[1]	21,272
TOTAL	[1]	25,930
Accumulated Depreciation	[1],[3]	$ 4,539
Date Constructed/Acquired	[1]	2010
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Newark, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 10,084
Initial Cost to Company [Abstract]
Land	[1]	5,252
Building & Improvements	[1]	21,023
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	1,540
Amount at which Carried at Close of Period [Abstract]
Land	[1]	5,252
Building & Improvements	[1]	22,563
TOTAL	[1]	27,815
Accumulated Depreciation	[1],[3]	$ 6,268
Date Constructed/Acquired	[1]	2008
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Waldwick, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,266
Building & Improvements	[1]	5,064
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	0
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,266
Building & Improvements	[1]	5,064
TOTAL	[1]	6,330
Accumulated Depreciation	[1],[3]	$ 1,417
Date Constructed/Acquired	[1]	2007
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Emerson, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 412
Initial Cost to Company [Abstract]
Land	[1]	3,633
Building & Improvements	[1]	14,531
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	1,659
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,633
Building & Improvements	[1]	16,190
TOTAL	[1]	19,823
Accumulated Depreciation	[1],[3]	$ 4,917
Date Constructed/Acquired	[1]	2007
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Monroe, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	765
Building & Improvements	[1]	3,060
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	135
Amount at which Carried at Close of Period [Abstract]
Land	[1]	765
Building & Improvements	[1]	3,195
TOTAL	[1]	3,960
Accumulated Depreciation	[1],[3]	$ 960
Date Constructed/Acquired	[1]	2007
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Pelham, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,694
Building & Improvements	[1]	6,843
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	149
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,694
Building & Improvements	[1]	6,992
TOTAL	[1]	8,686
Accumulated Depreciation	[1],[3]	$ 2,212
Date Constructed/Acquired	[1]	2006
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stratford,CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 25,101
Initial Cost to Company [Abstract]
Land	[1]	10,173
Building & Improvements	[1]	40,794
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	2,743
Building & Improvements	[1]	11,715
Amount at which Carried at Close of Period [Abstract]
Land	[1]	12,916
Building & Improvements	[1]	52,509
TOTAL	[1]	65,425
Accumulated Depreciation	[1],[3]	$ 19,732
Date Constructed/Acquired	[1]	2005
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Yorktown Heights, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	5,786
Building & Improvements	[1]	23,221
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	12,063
Amount at which Carried at Close of Period [Abstract]
Land	[1]	5,786
Building & Improvements	[1]	35,284
TOTAL	[1]	41,070
Accumulated Depreciation	[1],[3]	$ 9,335
Date Constructed/Acquired	[1]	2005
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Rye, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	909
Building & Improvements	[1]	3,637
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	381
Amount at which Carried at Close of Period [Abstract]
Land	[1]	909
Building & Improvements	[1]	4,018
TOTAL	[1]	4,927
Accumulated Depreciation	[1],[3]	$ 1,496
Date Constructed/Acquired	[1]	2004
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Rye, NY 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 1,286
Initial Cost to Company [Abstract]
Land	[1]	483
Building & Improvements	[1]	1,930
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	117
Amount at which Carried at Close of Period [Abstract]
Land	[1]	483
Building & Improvements	[1]	2,047
TOTAL	[1]	2,530
Accumulated Depreciation	[1],[3]	$ 725
Date Constructed/Acquired	[1]	2004
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Rye, NY 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 580
Initial Cost to Company [Abstract]
Land	[1]	239
Building & Improvements	[1]	958
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	87
Amount at which Carried at Close of Period [Abstract]
Land	[1]	239
Building & Improvements	[1]	1,045
TOTAL	[1]	1,284
Accumulated Depreciation	[1],[3]	$ 439
Date Constructed/Acquired	[1]	2004
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Rye, NY 4 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 1,315
Initial Cost to Company [Abstract]
Land	[1]	695
Building & Improvements	[1]	2,782
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	20
Amount at which Carried at Close of Period [Abstract]
Land	[1]	695
Building & Improvements	[1]	2,802
TOTAL	[1]	3,497
Accumulated Depreciation	[1],[3]	$ 1,041
Date Constructed/Acquired	[1]	2004
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Somers, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	4,318
Building & Improvements	[1]	17,268
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	272
Amount at which Carried at Close of Period [Abstract]
Land	[1]	4,318
Building & Improvements	[1]	17,540
TOTAL	[1]	21,858
Accumulated Depreciation	[1],[3]	$ 6,858
Date Constructed/Acquired	[1]	2003
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Westport, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 10
Initial Cost to Company [Abstract]
Land	[1]	2,076
Building & Improvements	[1]	8,305
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	367
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,076
Building & Improvements	[1]	8,672
TOTAL	[1]	10,748
Accumulated Depreciation	[1],[3]	$ 3,546
Date Constructed/Acquired	[1]	2003
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Orange, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,320
Building & Improvements	[1]	10,564
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	826
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,320
Building & Improvements	[1]	11,390
TOTAL	[1]	13,710
Accumulated Depreciation	[1],[3]	$ 4,609
Date Constructed/Acquired	[1]	2003
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stamford, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 48,449
Initial Cost to Company [Abstract]
Land	[1]	17,964
Building & Improvements	[1]	71,859
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	7,205
Amount at which Carried at Close of Period [Abstract]
Land	[1]	17,964
Building & Improvements	[1]	79,064
TOTAL	[1]	97,028
Accumulated Depreciation	[1],[3]	$ 35,089
Date Constructed/Acquired	[1]	2002
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Danbury, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,459
Building & Improvements	[1]	4,566
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	1,342
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,459
Building & Improvements	[1]	5,908
TOTAL	[1]	8,367
Accumulated Depreciation	[1],[3]	$ 2,812
Date Constructed/Acquired	[1]	2002
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Briarcliff, NY 1 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,222
Building & Improvements	[1]	5,185
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	1,234
Building & Improvements	[1]	8,629
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,456
Building & Improvements	[1]	13,814
TOTAL	[1]	17,270
Accumulated Depreciation	[1],[3]	$ 3,332
Date Constructed/Acquired	[1]	2001
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Somers, NY 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,833
Building & Improvements	[1]	7,383
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	2,890
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,833
Building & Improvements	[1]	10,273
TOTAL	[1]	12,106
Accumulated Depreciation	[1],[3]	$ 4,951
Date Constructed/Acquired	[1]	1999
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Retail Properties [Member] | Briarcliff, NY 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	380
Building & Improvements	[1]	1,531
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	135
Amount at which Carried at Close of Period [Abstract]
Land	[1]	380
Building & Improvements	[1]	1,666
TOTAL	[1]	2,046
Accumulated Depreciation	[1],[3]	$ 845
Date Constructed/Acquired	[1]	1999
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Briarcliff, NY 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 14,905
Initial Cost to Company [Abstract]
Land	[1]	2,300
Building & Improvements	[1]	9,708
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	2
Building & Improvements	[1]	3,384
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,302
Building & Improvements	[1]	13,092
TOTAL	[1]	15,394
Accumulated Depreciation	[1],[3]	$ 6,680
Date Constructed/Acquired	[1]	1998
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Ridgefield, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	900
Building & Improvements	[1]	3,793
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	291
Building & Improvements	[1]	2,973
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,191
Building & Improvements	[1]	6,766
TOTAL	[1]	7,957
Accumulated Depreciation	[1],[3]	$ 2,360
Date Constructed/Acquired	[1]	1998
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Darien, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 15,043
Initial Cost to Company [Abstract]
Land	[1]	4,260
Building & Improvements	[1]	17,192
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	977
Amount at which Carried at Close of Period [Abstract]
Land	[1]	4,260
Building & Improvements	[1]	18,169
TOTAL	[1]	22,429
Accumulated Depreciation	[1],[3]	$ 9,232
Date Constructed/Acquired	[1]	1998
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Eastchester, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,500
Building & Improvements	[1]	6,128
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	2,662
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,500
Building & Improvements	[1]	8,790
TOTAL	[1]	10,290
Accumulated Depreciation	[1],[3]	$ 4,229
Date Constructed/Acquired	[1]	1997
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years
Retail Properties [Member] | Danbury, CT 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 24
Initial Cost to Company [Abstract]
Land	[1]	3,850
Building & Improvements	[1]	15,811
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	4,676
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,850
Building & Improvements	[1]	20,487
TOTAL	[1]	24,337
Accumulated Depreciation	[1],[3]	$ 12,823
Date Constructed/Acquired	[1]	1995
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Retail Properties [Member] | Carmel, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,488
Building & Improvements	[1]	5,973
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	923
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,488
Building & Improvements	[1]	6,896
TOTAL	[1]	8,384
Accumulated Depreciation	[1],[3]	$ 4,120
Date Constructed/Acquired	[1]	1995
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Retail Properties [Member] | Somers, NY 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	821
Building & Improvements	[1]	2,600
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	606
Amount at which Carried at Close of Period [Abstract]
Land	[1]	821
Building & Improvements	[1]	3,206
TOTAL	[1]	4,027
Accumulated Depreciation	[1],[3]	$ 1,760
Date Constructed/Acquired	[1]	1992
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years 6 months
Retail Properties [Member] | Wayne, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,492
Building & Improvements	[1]	9,966
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	2,696
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,492
Building & Improvements	[1]	12,662
TOTAL	[1]	15,154
Accumulated Depreciation	[1],[3]	$ 7,259
Date Constructed/Acquired	[1]	1992
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	31 years
Retail Properties [Member] | Newington, NH [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	728
Building & Improvements	[1]	1,997
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	975
Amount at which Carried at Close of Period [Abstract]
Land	[1]	728
Building & Improvements	[1]	2,972
TOTAL	[1]	3,700
Accumulated Depreciation	[1],[3]	$ 2,496
Date Constructed/Acquired	[1]	1979
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	40 years
Retail Properties [Member] | Katonah, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,704
Building & Improvements	[1]	6,816
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	108
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,704
Building & Improvements	[1]	6,924
TOTAL	[1]	8,628
Accumulated Depreciation	[1],[3]	$ 1,583
Date Constructed/Acquired	[1]	2010
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Fairfield, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	3,393
Building & Improvements	[1]	13,574
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	153
Building & Improvements	[1]	1,234
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,546
Building & Improvements	[1]	14,808
TOTAL	[1]	18,354
Accumulated Depreciation	[1],[3]	$ 2,666
Date Constructed/Acquired	[1]	2011
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | New Milford, CT 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,168
Building & Improvements	[1]	8,672
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	49
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,168
Building & Improvements	[1]	8,721
TOTAL	[1]	10,889
Accumulated Depreciation	[1],[3]	$ 1,692
Date Constructed/Acquired	[1]	2011
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Eastchester, NY 2 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,800
Building & Improvements	[1]	7,200
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	78
Building & Improvements	[1]	478
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,878
Building & Improvements	[1]	7,678
TOTAL	[1]	9,556
Accumulated Depreciation	[1],[3]	$ 1,362
Date Constructed/Acquired	[1]	2012
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Orangeburg NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 6,027
Initial Cost to Company [Abstract]
Land	[1]	3,200
Building & Improvements	[1]	12,800
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	30
Building & Improvements	[1]	7,624
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,230
Building & Improvements	[1]	20,424
TOTAL	[1]	23,654
Accumulated Depreciation	[1],[3]	$ 2,704
Date Constructed/Acquired	[1]	2012
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Various [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,134
Building & Improvements	[1]	4,928
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	80
Building & Improvements	[1]	(61)
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,214
Building & Improvements	[1]	4,867
TOTAL	[1]	6,081
Accumulated Depreciation	[1],[3]	$ 705
Date Constructed/Acquired	[1]	2013
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | New Providence, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 18,372
Initial Cost to Company [Abstract]
Land	[1]	6,970
Building & Improvements	[1]	27,880
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	463
Building & Improvements	[1]	2,977
Amount at which Carried at Close of Period [Abstract]
Land	[1]	7,433
Building & Improvements	[1]	30,857
TOTAL	[1]	38,290
Accumulated Depreciation	[1],[3]	$ 4,463
Date Constructed/Acquired	[1]	2013
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Chester, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	570
Building & Improvements	[1]	2,280
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(34)
Building & Improvements	[1]	(73)
Amount at which Carried at Close of Period [Abstract]
Land	[1]	536
Building & Improvements	[1]	2,207
TOTAL	[1]	2,743
Accumulated Depreciation	[1],[3]	$ 352
Date Constructed/Acquired	[1]	2012
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Bethel, CT [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	1,800
Building & Improvements	[1]	7,200
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(18)
Building & Improvements	[1]	(74)
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,782
Building & Improvements	[1]	7,126
TOTAL	[1]	8,908
Accumulated Depreciation	[1],[3]	$ 884
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Bloomfield, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,201
Building & Improvements	[1]	8,804
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	218
Building & Improvements	[1]	1,764
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,419
Building & Improvements	[1]	10,568
TOTAL	[1]	12,987
Accumulated Depreciation	[1],[3]	$ 1,243
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Boonton, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 7,108
Initial Cost to Company [Abstract]
Land	[1]	3,670
Building & Improvements	[1]	14,680
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	14
Building & Improvements	[1]	184
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,684
Building & Improvements	[1]	14,864
TOTAL	[1]	18,548
Accumulated Depreciation	[1],[3]	$ 1,839
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Yonkers, NY 3 [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 5,000
Initial Cost to Company [Abstract]
Land	[1]	3,060
Building & Improvements	[1]	12,240
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	333
Building & Improvements	[1]	1,331
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,393
Building & Improvements	[1]	13,571
TOTAL	[1]	16,964
Accumulated Depreciation	[1],[3]	$ 1,402
Date Constructed/Acquired	[1]	2014
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Midland Park, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 20,241
Initial Cost to Company [Abstract]
Land	[1]	8,740
Building & Improvements	[1]	34,960
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(44)
Building & Improvements	[1]	496
Amount at which Carried at Close of Period [Abstract]
Land	[1]	8,696
Building & Improvements	[1]	35,456
TOTAL	[1]	44,152
Accumulated Depreciation	[1],[3]	$ 3,576
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Pompton Lakes, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 19,119
Initial Cost to Company [Abstract]
Land	[1]	8,140
Building & Improvements	[1]	32,560
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	33
Building & Improvements	[1]	447
Amount at which Carried at Close of Period [Abstract]
Land	[1]	8,173
Building & Improvements	[1]	33,007
TOTAL	[1]	41,180
Accumulated Depreciation	[1],[3]	$ 3,338
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Wyckoff, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 8,035
Initial Cost to Company [Abstract]
Land	[1]	3,490
Building & Improvements	[1]	13,960
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	17
Building & Improvements	[1]	139
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,507
Building & Improvements	[1]	14,099
TOTAL	[1]	17,606
Accumulated Depreciation	[1],[3]	$ 1,413
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Kinnelon, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 10,695
Initial Cost to Company [Abstract]
Land	[1]	4,540
Building & Improvements	[1]	18,160
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(28)
Building & Improvements	[1]	3,898
Amount at which Carried at Close of Period [Abstract]
Land	[1]	4,512
Building & Improvements	[1]	22,058
TOTAL	[1]	26,570
Accumulated Depreciation	[1],[3]	$ 2,792
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Fort Lee, NJ [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	798
Building & Improvements	[1]	3,192
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(14)
Building & Improvements	[1]	(55)
Amount at which Carried at Close of Period [Abstract]
Land	[1]	784
Building & Improvements	[1]	3,137
TOTAL	[1]	3,921
Accumulated Depreciation	[1],[3]	$ 275
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Harrison, NY [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,000
Building & Improvements	[1]	8,000
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	(10)
Building & Improvements	[1]	1,313
Amount at which Carried at Close of Period [Abstract]
Land	[1]	1,990
Building & Improvements	[1]	9,313
TOTAL	[1]	11,303
Accumulated Depreciation	[1],[3]	$ 688
Date Constructed/Acquired	[1]	2015
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stamford, Ct - Newfield [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 21,663
Initial Cost to Company [Abstract]
Land	[1]	12,686
Building & Improvements	[1]	32,620
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	218
Amount at which Carried at Close of Period [Abstract]
Land	[1]	12,686
Building & Improvements	[1]	32,838
TOTAL	[1]	45,524
Accumulated Depreciation	[1],[3]	$ 1,963
Date Constructed/Acquired	[1]	2016
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stamford, CT - High Ridge [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	3,691
Building & Improvements	[1]	9,491
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	86
Amount at which Carried at Close of Period [Abstract]
Land	[1]	3,691
Building & Improvements	[1]	9,577
TOTAL	[1]	13,268
Accumulated Depreciation	[1],[3]	$ 510
Date Constructed/Acquired	[1]	2016
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Derby, CT - Aldi [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	651
Building & Improvements	[1]	7,652
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	186
Amount at which Carried at Close of Period [Abstract]
Land	[1]	651
Building & Improvements	[1]	7,838
TOTAL	[1]	8,489
Accumulated Depreciation	[1],[3]	$ 364
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Passaic, NJ - Van Houten [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 3,419
Initial Cost to Company [Abstract]
Land	[1]	2,039
Building & Improvements	[1]	5,616
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	1
Building & Improvements	[1]	3
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,040
Building & Improvements	[1]	5,619
TOTAL	[1]	7,659
Accumulated Depreciation	[1],[3]	$ 228
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stamford, CT - High Ridge Center [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 9,644
Initial Cost to Company [Abstract]
Land	[1]	17,178
Building & Improvements	[1]	43,677
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	366
Amount at which Carried at Close of Period [Abstract]
Land	[1]	17,178
Building & Improvements	[1]	44,043
TOTAL	[1]	61,221
Accumulated Depreciation	[1],[3]	$ 1,798
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Stamford, CT - High Ridge Chase [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,376
Building & Improvements	[1]	1,458
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	0
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,376
Building & Improvements	[1]	1,458
TOTAL	[1]	3,834
Accumulated Depreciation	[1],[3]	$ 59
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Greenwich, CT - High Ridge CVS [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 1,174
Initial Cost to Company [Abstract]
Land	[1]	2,295
Building & Improvements	[1]	2,700
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	7
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,295
Building & Improvements	[1]	2,707
TOTAL	[1]	5,002
Accumulated Depreciation	[1],[3]	$ 110
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Waldwick, NJ - Waldwick Plaza [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,761
Building & Improvements	[1]	5,571
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	1
Building & Improvements	[1]	158
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,762
Building & Improvements	[1]	5,729
TOTAL	[1]	8,491
Accumulated Depreciation	[1],[3]	$ 182
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Dumont, NJ - Washington Commons [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 9,842
Initial Cost to Company [Abstract]
Land	[1]	6,646
Building & Improvements	[1]	15,341
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	3
Building & Improvements	[1]	19
Amount at which Carried at Close of Period [Abstract]
Land	[1]	6,649
Building & Improvements	[1]	15,360
TOTAL	[1]	22,009
Accumulated Depreciation	[1],[3]	$ 492
Date Constructed/Acquired	[1]	2017
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Ridgefield, CT - 470 Main [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	293
Building & Improvements	[1]	2,786
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	0
Building & Improvements	[1]	219
Amount at which Carried at Close of Period [Abstract]
Land	[1]	293
Building & Improvements	[1]	3,005
TOTAL	[1]	3,298
Accumulated Depreciation	[1],[3]	$ 61
Date Constructed/Acquired	[1]	2018
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | Yonkers, NY - Tanglewood [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	7,525
Building & Improvements	[1]	5,920
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	1
Building & Improvements	[1]	184
Amount at which Carried at Close of Period [Abstract]
Land	[1]	7,526
Building & Improvements	[1]	6,104
TOTAL	[1]	13,630
Accumulated Depreciation	[1],[3]	$ 103
Date Constructed/Acquired	[1]	2018
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years
Retail Properties [Member] | New City, NY - New City Retail [Member]
Real Estate and Accumulated Depreciation [Abstract]
Encumbrances	[1]	$ 0
Initial Cost to Company [Abstract]
Land	[1]	2,492
Building & Improvements	[1]	631
Cost Capitalized Subsequent to Acquisition [Abstract]
Land	[1]	6
Building & Improvements	[1]	2
Amount at which Carried at Close of Period [Abstract]
Land	[1]	2,498
Building & Improvements	[1]	633
TOTAL	[1]	3,131
Accumulated Depreciation	[1],[3]	$ 7
Date Constructed/Acquired	[1]	2018
Life on which depreciation for building and improvements in latest income statement is computed	[1],[4]	39 years

[1] RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES

[2] The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $703 million at October 31, 2018.

[3] RECONCILIATION OF ACCUMULATED DEPRECIATION

[4] Tenant improvement costs are depreciated over the life of the related leases, which range from 5 to 20 years.

XML

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, Part II (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2018		Oct. 31, 2017		Oct. 31, 2016
RECONCILIATION OF REAL ESTATE OWNED SUBJECT TO OPERATING LEASES [Roll Forward]
Balance at beginning of the year		$ 1,090,402	[1]	$ 1,016,838	[1]	$ 941,690
Property improvements during the year		7,781		9,326		18,666
Properties acquired during the year		22,517		119,403		58,737
Properties sold during the year		0		(52,122)		0
Property assets fully depreciated and written off		(2,625)		(3,043)		(2,255)
Balance at end of year	[1]	1,118,075	[2]	1,090,402		1,016,838
RECONCILIATION OF ACCUMULATED DEPRECIATION [Roll Forward]
Balance at beginning of year		195,020		186,098		165,660
Provision during the year charged to income	[3]	26,258		25,058		22,693
Property sold during the year		0		(13,093)		0
Property assets fully depreciated and written off		(2,625)		(3,043)		(2,255)
Balance at end of year		218,653	[2],[4]	$ 195,020		$ 186,098
Investment in Real Estate, and Accumulated Depreciation [Abstract]
Aggregate cost for federal income tax purposes for real estate subject to operating leases		$ 703,000
Tenant Improvement Costs [Member] | Minimum [Member]
Investment in Real Estate, and Accumulated Depreciation [Abstract]
Life used for depreciation		5 years
Tenant Improvement Costs [Member] | Maximum [Member]
Investment in Real Estate, and Accumulated Depreciation [Abstract]
Life used for depreciation		20 years

[1] The aggregate cost for Federal Income Tax purposes for real estate subject to operating leases was approximately $703 million at October 31, 2018.

[2] RECONCILIATION OF REAL ESTATE-OWNED SUBJECT TO OPERATING LEASES

[3] The depreciation provision represents the expense calculated on real property only.

[4] RECONCILIATION OF ACCUMULATED DEPRECIATION

XML

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2018		Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2018
Mortgage Loans on Business Properties [Abstract]
Remaining face amount of mortgages	[1],[2],[3]					$ 0
Carrying amount of mortgage		$ 0	[1],[3],[4]	$ 13,500	$ 13,500	$ 0	[1],[3],[4]
Reconciliation of Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period		0		13,500	0
Additions during period [Abstract]
New mortgage loans		0		0	13,500
Deductions during the current period [Abstract]
Collections of principal and amortization of discounts		0		(13,500)	0
Balance at end of period		$ 0	[1],[3],[4]	$ 0	$ 13,500
First Mortgage Loans on Business Properties [Member] | Retail Property [Member]
Mortgage Loans on Business Properties [Abstract]
Description	[1],[3]					uba:RocklandCountyNYMember
Coupon interest rate	[1],[3]	3.779%
Effective interest rate	[1],[3]	3.779%
Final maturity date	[1],[3]	Oct. 10, 2017
Periodic payment terms	[1],[3]	Interest Only - Monthly
Remaining face amount of mortgages	[1],[2],[3]					$ 0
Carrying amount of mortgage	[1],[3],[4]	$ 0				$ 0
Deductions during the current period [Abstract]
Balance at end of period	[1],[3],[4]	$ 0
First Mortgage Loans on Business Properties [Member] | Retail Property [Member] | LIBOR [Member]
Mortgage Loans on Business Properties [Abstract]
Reference rate reset period		1 month
Basis spread on variable rate		3.25%

[1] At October 31, 2018, no mortgage loans were delinquent in payment of currently due principal or interest.

[2] The aggregate cost basis for Federal income tax purposes is equal to the face amount of the mortgages

[3] There are no prior liens for any of the mortgage loans on real estate.

[4] Reconciliation of Mortgage Loans on Real Estate