EXHIBIT 10.18

                            URSTADT BIDDLE PROPERTIES INC.


                                       and

                              THE BANK OF NEW YORK

                                 as Rights Agent

                               ----------------



                          Amendment to Rights Agreement

                         Dated as of September 22, 1999


<PAGE>
                         AMENDMENT TO RIGHTS AGREEMENT

                  AMENDMENT TO RIGHTS AGREEMENT (this  "Amendment")  dated as of
September 22, 1999, by and between  URSTADT BIDDLE  PROPERTIES  INC., a Maryland
corporation  (the  "Corporation"),  and THE BANK OF NEW YORK, a New York banking
corporation, as Rights Agent (the "Rights Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Corporation  previously entered into that certain
Rights  Agreement,  dated as of July 31, 1998 (the "Rights  Agreement"),  by and
between the Corporation and the Rights Agent,  whereby the Board of Directors of
the Corporation  (the "Board")  authorized the issuance of, and agreed to issue,
one right  (as such  number  may be  appropriately  adjusted)  to  purchase  one
one-hundredth of a share of the Corporation's  Series A Participating  Preferred
Shares in respect of every share of the  Corporation's  Common Stock,  par value
$.01  per  share  (the  "Original  Common  Shares"),  and  every  share  of  the
Corporation's  Class A Common  Stock,  par value  $.01 per share  (the  "Class A
Common  Shares"),  outstanding  as of the close of business on November 13, 1998
(collectively, the "Rights," and individually a "Right");

                  WHEREAS, the Maryland legislature has amended the Corporations
and Associations Article of the Maryland Code to authorize Maryland corporations
to, inter alia, adopt certain  provisions in connection with rights plans, which
provisions would have the effect of limiting for a period not to exceed 180 days
the power of certain  directors to vote for the  redemption of the Rights and/or
the amendment of the Rights Agreement (the "Newly Authorized Provisions");

                  WHEREAS,  the  Board  has  accordingly  determined  that it is
advisable and in the best interests of the Corporation  and its  shareholders to
amend the Rights Agreement to include the Newly Authorized  Provisions,  as well
as certain other provisions related to the protection of the Corporation and its
shareholders; and

                  WHEREAS,  in  furtherance of the  foregoing,  the  Corporation
desires to amend the Rights  Agreement as set forth herein,  effective as of the
date hereof.

                  NOW, THEREFORE, the parties hereby agree as follows:

Article I

                         DEFINITIONS AND INTERPRETATION

         Except as otherwise defined or expressly  provided herein,  capitalized
terms  shall  have the  respective  meanings  attributed  thereto  in the Rights
Agreement.  On or after the date hereof,  each reference in the Rights Agreement
to the "Agreement,"  "hereunder," "hereof," "herein," "hereby," or words of like
import shall mean and be a reference to the Rights Agreement, as amended by this
Amendment.
<PAGE>

Article II

                       AMENDMENTS TO THE RIGHTS AGREEMENT

2.01 Amendment to Section 1. Section 1 of the Rights Agreement is hereby amended
by adding the  following  definition  in  alphabetical  order among the existing
definitions:

         "The  term  `Continuing  Director'  shall  mean  any  Director  of  the
         Corporation  who (i) is not an  Acquiring  Person or an Affiliate of an
         Acquiring  Person  and (ii)  either  was (A) a member  of the  Board of
         Directors of the Corporation on the  Declaration  Date or (B) nominated
         for his or her initial  term of office by a majority of the  Continuing
         Directors in office at the time of such nomination."

2.02  Amendment  to  Section  11(a)(i).  The  parenthetical  phrase in the first
sentence of Section  11(a)(i) of the Rights  Agreement is hereby amended to read
as follows:

         "(including any such reclassification or recapitalization in connection
         with  a  consolidation  or  merger  or  share  exchange  in  which  the
         Corporation is the continuing or surviving entity)".

2.03  Amendment  to Section  11(a)(ii)(C).  Section  11(a)(ii)(C)  of the Rights
Agreement  is hereby  amended by inserting  "or share  exchange"  following  the
phrase "any merger or consolidation".

2.04  Amendment  to  Section  11(a)(iii).   The  parenthetical   phrase  of  the
penultimate  sentence of Section  11(a)(iii)  of the Rights  Agreement is hereby
amended to read as follows:

         "(except  as  shall  be  determined  by a  majority  of the  Directors;
         provided,  that if any  shareholder  action  at an  annual  or  special
         meeting  of the  shareholders  has been  taken to elect a  Director  or
         Directors of the Company with the result that  Continuing  Directors do
         not constitute a majority of the Board of Directors of the Company,  no
         such  exception  shall be made by the  Directors  until  the  180th day
         following the effectiveness of such election)".

2.05 Amendment to Section 11(c). Section 11(c) of the Rights Agreement is hereby
amended by inserting "or share  exchange"  following  the phrase "in  connection
with a consolidation or merger".

2.06    Amendments to Section 11(n).  Section 11(n) of the Rights Agreement is
hereby amended as set forth below.

(a)        Clause (ii) of Section 11(n) is hereby amended to read as follows:

                           "(ii)  merge  with or  into,  or  consummate  a share
                           exchange   with,  any  other  Person  (other  than  a
                           Subsidiary of the Corporation in a transaction  which
                           complies with Section 11(p) hereof) or".
<PAGE>

(b)                Clause (iii) of Section 11(n) is hereby  amended by inserting
                   ",  share   exchange"   following   the  phrase  "after  such
                   consolidation, merger".

2.07  Amendment  to Section  11(o).  Clause (iv) of Section  11(o) of the Rights
Agreement  is hereby  amended by inserting  "or share  exchange"  following  the
phrase "in connection with a consolidation or merger".

 2.08    Amendments to Section 13.  Section 13 of the Rights Agreement is hereby
 amended as set forth below.


(a)        The heading to Section 13 is hereby amended to read as follows:

     SECTION 13.  CONSOLIDATION,  MERGER, SHARE EXCHANGE OR SALE OR TRANSFER OF
                  -------------------------------------------------------------
                  ASSETS OR EARNING POWER."
                  ------------------------

(b)                The  first  paragraph  of  Section  13 is hereby  amended  by
                   inserting  "following the Share Acquisition  Date," following
                   the phrase "In the event that,".

(c)                Clause  (a) of the first  paragraph  of  Section 13 is hereby
                   amended by inserting "or  consummate a share  exchange  with"
                   after the phrase "or merge with or into,".

(d)                Clause (b) of the first paragraph of Section 13 is hereby
                   amended to read as follows:

                           "(b)  any  Person  (other  than a  Subsidiary  of the
                           Corporation  in a  transaction  which  complies  with
                           Section  11(p)  hereof)  shall  consolidate  with, or
                           merge with and into or  consummate  a share  exchange
                           with the  Corporation,  the Corporation  shall be the
                           continuing or surviving entity of such  consolidation
                           or merger or share  exchange and, in connection  with
                           such  consolidation or merger or share exchange,  all
                           or  part  of  the  Original   Common  Shares  of  the
                           Corporation shall be changed or otherwise transformed
                           into stock or other securities of any other Person or
                           the Corporation or cash or any other property or".

(e)                Clause (i)(y) of the first  paragraph of Section 13 is hereby
                   amended by inserting "share  exchange,"  following the phrase
                   "of such consolidation, merger,".

(f)                Clause  (ii) of the first  paragraph  of Section 13 is hereby
                   amended by inserting "share  exchange,"  following the phrase
                   "of such consolidation, merger,".

(g)                The penultimate  paragraph of Section 13 is hereby amended by
                   inserting  "share  exchange,"  after  the  phrase  "any  such
                   consolidation, merger,".
<PAGE>

 2.09    Amendments to Section 23.  Section 23 of the Rights Agreement is hereby
 amended as set forth below.


(a)        Section 23 is hereby amended by inserting "(a)" at the beginning of
 the text therof.

(b)        Section 23 is hereby amended by inserting a new Section 23(b) to read
 as follows:

                           "(b)  Notwithstanding the provision of Section 23(a),
                           in the event that shareholder  action at an annual or
                           special  meeting of  shareholders is taken to elect a
                           Director or  Directors of the Company with the result
                           that   Continuing   Directors  do  not  constitute  a
                           majority of the Board of  Directors  of the  Company,
                           then until the 180th day following the  effectiveness
                           of such election, the Rights shall not be redeemed."

2.10  Amendment to Section 24. Clause (d) of Section 24 of the Rights  Agreement
is hereby  amended by inserting "or share  exchange  with"  following the phrase
"any consolidation or merger into or with".

 2.11    Amendments to Section 26.  Section 26 of the Rights Agreement is hereby
 amended as set forth below.


(a)        Section 26 is hereby amended by inserting "(a)" at the beginning of
 the text thereof.

(b)        Section 26 is hereby amended by inserting "(a)" following all
 references to Section 26.

(c)        Section 26 is hereby amended by inserting a new Section 26(b) to read
 as follows:

                           "(b)  Notwithstanding the provision of Section 26(a),
                           in the event that shareholder  action at an annual or
                           special  meeting of  shareholders is taken to elect a
                           Director or  Directors of the Company with the result
                           that   Continuing   Directors  do  not  constitute  a
                           majority of the Board of  Directors  of the  Company,
                           then until the 180th day following the  effectiveness
                           of  such  election,   this  Agreement  shall  not  be
                           supplemented or amended in any manner."

Article III

                                  MISCELLANEOUS

 3.01    Binding  Effect.  This  Amendment  shall bind and inure to the benefit
of the  respective  successors  andpermitted assigns of the parties.
<PAGE>

3.02 Counterparts.  This Amendment may be executed in any number of counterparts
or counterpart signature pages, each of which shall be deemed to be an original,
but all of which together shall  constitute one and the same agreement and shall
become  binding  upon the  parties  when each  party has  executed  at least one
counterpart.

3.03 Severability.  Whenever possible, each provision of this Amendment shall be
interpreted  in such manner as to be effective and valid under  applicable  law,
but if any provision of this Amendment shall be  unenforceable  or invalid under
applicable law, such provision  shall be ineffective  only to the extent of such
enforceability  or invalidity,  and the  remanining  provisions of the Amendment
shall continue to be binding and in full force and effect. In the event that all
or any part of a provision of this Amendment shall be  unenforceable  or invalid
under  applicable  law, the parties  agree to  negotiate  in good faith  another
provision  which is as  similar  as  possible  in terms and  effect to the first
mentioned provision but which is enforceable and valid.

 3.04    Governing  Law. This  Amendment  shall be governed by and  construed
and enforced in accordance  with the laws of the State of New York applicable
to agreements made and to be performed entirely within the State of New York.

<PAGE>


         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed, all as of the day and year first above written.

                                URSTADT BIDDLE PROPERTIES INC.



                                By:      _____________________________
                                                 Name:
                                                 Title:

                                THE BANK OF NEW YORK, as Rights Agent



                                By:      _____________________________
                                                  Name:
                                                  Title: