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.