----

----

|   | xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|--------|------------------------------------------------------------------|

|   | EXCHANGE ACT OF 1934 |
|--------|----------------------|

|   | For the fiscal year ended October 31, 2010 |
|--------|--------------------------------------------|

|   | □ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|--------|-----------------------------------------------------------------------------|

|   | EXCHANGE ACT OF 1934 |
|--------|----------------------|

| 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)                              |

|                                              | Name of each exchange   |
|---------------------------------------------------|-------------------------|
| Title of each class                               | 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 |
|                                              |                    |
| 8.50 % Series C Senior Cumulative Preferred Stock | New York Stock Exchange |
|                                              |                    |
| 7.5 % Series D Senior Cumulative Preferred Stock  | New York Stock Exchange |
|                                              |                    |
| Preferred Share Purchase Rights                   | 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 x |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 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 x |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 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 x                                                                                                                                                                                                                                                                                                                                                                                                                                | No □ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes o No o |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 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.  x                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):                                                                            |
| Large accelerated filer □                                                                                                                                                                                                                                                                                                                                                                                                      | Accelerated filer x |
| Non-accelerated filer □                                                                                                                                                                                                                                                                                                                                                                                                        | Smaller reporting company □ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                                                                                                              |
| Yes  □                                                                                                                                                                                                                                                                                                                                                                                                               | No x |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| The aggregate market value of the voting common stock held by non-affiliates of the Registrant as of April 30, 2010 (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 $46,078,320; Class A Common Shares, par value $.01 per share $335,560,871.                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock and Class A Common Stock, as of January 11, 2011 (latest date practicable): 8,637,390 Common Shares, par value $.01 per share, and 20,883,748 Class A Common Shares, par value $.01 per share.                                                                                                                                         |

----

| Item No.  | Page No.                                                                                                              |
|-----------|-----------------------------------------------------------------------------------------------------------------------|
|      | PART I                                                                                                                |   |
|      |                                                                                                                  |   |
| 1.        | Business                                                                                                              |  4 |
|      |                                                                                                                  |   |
| 1 A.      | Risk Factors                                                                                                          |   9 |
|      |                                                                                                                  |   |
| 1 B.      | Unresolved Staff Comments                                                                                             |  14 |
|      |                                                                                                                  |   |
| 2.        | Properties                                                                                                            |   14 |
|      |                                                                                                                  |   |
| 3.        | Legal Proceedings                                                                                                     |   15 |
|      |                                                                                                                  |   |
| 4.        | Removed and Reserved                                                                                                  |   15 |
|      |                                                                                                                  |   |
|      | PART II                                                                                                               |   |
|      |                                                                                                                  |   |
| 5.        | Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities |   16 |
|      |
|      |                                                                                                                  |   |
| 6.        | Selected Financial Data                                                                                               |   18 |
|      |                                                                                                                  |   |
| 7.        | Management's Discussion and Analysis ofFinancial Condition and Results of Operations                                  |   19 |
|      |
|      |                                                                                                                  |   |
| 7 A.      | Quantitative and Qualitative Disclosures about Market Risk                                                            |   31 |
|      |                                                                                                                  |   |
| 8.        | Financial Statements and Supplementary Data                                                                           |   31 |
|      |                                                                                                                  |   |
| 9.        | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                             |   31 |
|      |
|      |                                                                                                                  |   |
| 9 A.      | Controls and Procedures                                                                                               |   31 |
|      |                                                                                                                  |   |
| 9 B.      | Other Information                                                                                                     |   34 |
|      |                                                                                                                  |   |
|      | PART III                                                                                                              |   |
|      |                                                                                                                  |   |
| 10.       | Directors, Executive Officers and Corporate Governance                                                                |   34 |
|      |                                                                                                                  |   |
| 11.       | Executive Compensation                                                                                                |   34 |
|      |                                                                                                                  |   |
| 12.       | Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters                         |   35 |
|      |                                                                                                                  |   |
| 13.       | Certain Relationships and Related Transactions and Director Independence                                              |   35 |
|      |                                                                                                                  |   |
| 14.       | Principal Accountant Fees and Services                                                                                |   35 |
|      |                                                                                                                  |   |
|      | PART IV                                                                                                               |   |
|      |                                                                                                                  |   |
| 15.       | Exhibits and Financial Statement Schedules                                                                            |   36 |
|      |                                                                                                                  |   |
|  16. | Signatures                                                                                                            |   63 |

----

Business

----

----

|   Tenant          | NumberofStores | % of TotalAnnual Base Rent ofCore Properties |
|-----------------------------|----------------|----------------------------------------------|
|                        |           |                                         |
| Stop & Shop Supermarket | 5              | 8.7%                                         |
| Bed Bath & Beyond       | 3              | 4.1%                                         |
| TJX Companies               | 4              | 2.9%                                         |
| A&P Supermarkets        | 3              | 2.9%                                         |
| ShopRite                    | 3              | 2.8%                                         |
| Staples                     | 3              | 2.4%                                         |
| Big Y                       | 2              | 2.2%                                         |
| Toys R Us                   | 2              | 2.1%                                         |
| BJ’s                  | 2              | 2.0%                                         |
| Sports Authority            | 1              | 1.4%                                         |
|                        |           | 31.5%                                        |

| Year ofExpiration | Number ofLeases Expiring | Square Footage | MinimumBase Rentals | Base Rent (%) |
|-------------------|--------------------------|----------------|---------------------|---------------|
| 2011              | 5                        | 8,715          | 291,895             | 2.9%          |
| 2012              | 6                        | 35,359         | 1,227,057           | 12.3%         |
| 2013              | 10                       | 77,146         | 2,485,077           | 24.8%         |
| 2014              | 4                        | 15,498         | 302,039             | 3.0%          |
| 2015              | 4                        | 31,935         | 834,325             | 8.3%          |
| 2016              | -                        | -              | -                   | -             |
| 2017              | 1                        | 60,000         | 1,853,760           | 18.5%         |
| 2018              | 4                        | 54,085         | 1,618,351           | 16.2%         |
| 2019              | 1                        | 2,950          | 88,500              | 0.9%          |
| 2020              | -                        | -              | -                   | -             |
| Thereafter        | 3                        | 64,882         | 1,309,802           | 13.1%         |
|              |                     |           |                |          |
| Total             | 38                       | 350,570        | $10,010,806         | 100.0%        |

----

----

----

Risk Factors

----

| ·   | 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 in response to changing business and economic conditions; or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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, capital or to finance acquisitions in the future. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | relating to the maintenance of the property securing the debt; |
|--------------------|----------------------------------------------------------------|

| ·   | 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | incur additional unsecured debt; |
|--------------------|----------------------------------|

| ·   | 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 at any fiscal quarter end to be more than 35% of gross asset value, as defined in the agreement; or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | permit the value of our unencumbered assets to be less than 50% of eligible real estate asset value as defined in the agreement. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | 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. |
|--------------------|------------------------------------------------------------|

| ·   | 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 gets 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | 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 (a) 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 (b) the holders of two-thirds of the voting power of our common equity securities. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Certain provisions of our charter may only be amended by (a) a vote of a majority of our Continuing Directors and (b) the holders of two-thirds of the voting power of our common equity securities. These provisions relate to the election, classification and removal of directors, the ownership limit and the stockholder vote required for certain business combination transactions. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The number of directors may be increased or decreased by a vote of our board of directors. |
|--------------------|--------------------------------------------------------------------------------------------|

----

Unresolved Staff Comments

Properties

|                                 | YearRenovated | YearCompleted | YearAcquired    | GrossLeasableSq Feet | Acres           | NumberofTenants | %Leased | Principal Tenant                      |
|--------------------------------------|---------------|---------------|-----------------|----------------------|-----------------|-----------------|---------|---------------------------------------|
| Retail Properties:                   |          |          |            |                 |            |            |    |                                  |
| Stamford, CT (1)                     | 1997          | 1950          | 2002            | 371,000              | 13.6            | 37              | 100%    | Stop & Shop Supermarket           |
| Springfield, MA                      | 1996          | 1970          | 1970            | 326,000              | 26.0            | 27              | 88%     | Big Y Supermarket                     |
| Meriden, CT                          | 2001          | 1989          | 1993            | 316,000              | 29.2            | 26              | 89%     | ShopRite Supermarket                  |
| Stratford, CT                        | 1988          | 1978          | 2005            | 273,000              | 29.0            | 15              | 94%     | Stop & Shop Supermarket           |
| Scarsdale, NY (3)                    | 2004          | 1958          | 2010            | 247,000              | 14.0            | 27              | 87%     | ShopRite Supermarket                  |
| New Milford, CT                      | 2002          | 1972          | 2010            | 231,000              | 20.0            | 10              | 90%     | Walmart                               |
| Yorktown, NY                         | 1997          | 1973          | 2005            | 200,000              | 16.4            | 8               | 88%     | Staples                               |
| Danbury, CT                          | -             | 1989          | 1995            | 194,000              | 19.3            | 23              | 100%    | Christmas Tree Shops                  |
| Carmel, NY (4)                       | 2006          | 1971          | 2010            | 193,000              | 22.0            | 37              | 97%     | Hannaford Brothers                    |
| White Plains, NY                     | 1994          | 1958          | 2003            | 193,000              |   3.5 | 10              | 100%    | Toys “R” Us               |
| Ossining, NY                         | 2000          | 1978          | 1998            | 137,000              | 11.4            | 25              | 97%     | Stop & Shop Supermarket           |
| Somers, NY                           | -             | 2002          | 2003            | 135,000              | 26.0            | 27              | 97%     | Home Goods                            |
| Carmel, NY                           | 1999          | 1983          | 1995            | 129,000              | 19.0            | 19              | 98%     | ShopRite Supermarket                  |
| Wayne, NJ                            | 1992          | 1959          | 1992            | 102,000              | 9.0             | 39              | 89%     | A&P Supermarket                   |
| Newington, NH                        | 1994          | 1975          | 1979            | 102,000              | 14.3            | 8               | 100%    | Savers                                |
| Newark, NJ (2)                       | -             | 1995          | 2008            | 101,000              | 8.4             | 15              | 100%    | Pathmark                              |
| Darien, CT                           | 1992          | 1955          | 1998            | 97,000               | 9.5             | 16              | 92%     | Stop & Shop Supermarket           |
| Emerson, NJ                          | -             | 1981          | 2007            | 93,000               | 7.0             | 15              | 94%     | ShopRite Supermarket                  |
| New Milford, CT                      | -             | 1966          | 2008            | 79,000               | 7.6             | 5               | 100%    | Big Y Supermarket                     |
| Somers, NY                           | -             | 1991          | 1999            | 78,000               | 10.8            | 31              | 91%     | CVS                                   |
| Orange, CT                           | -             | 1990          | 2003            | 78,000               | 10.0            | 10              | 87%     | Trader Joe’s Supermarket        |
| Eastchester, NY                      | 2002          | 1978          | 1997            | 70,000               | 4.0             | 14              | 93%     | Food Emporium                         |
| Ridgefield, CT                       | 1999          | 1930          | 1998            | 51,000               | 2.1             | 29              | 70%     | Keller Williams                       |
| Rye, NY (4 buildings)                | -             | Various       | 2004            | 40,000               | 1.0             | 16              | 81%     | Cosi                                  |
| Westport, CT                         | -             | 1986          | 2003            | 39,000               | 3.0             | 10              | 100%    | Pier One Imports                      |
| Ossining, NY                         | -             | 1975          | 2001            | 38,000               | 1.0             | 16              | 86%     | Dress Barn                            |
| Danbury, CT                          | -             | 1988          | 2002            | 33,000               | 2.7             | 5               | 100%    | Chuck E Cheese                        |
| Ossining, NY                         | 2001          | 1981          | 1999            | 29,000               | 4.0             | 4               | 100%    | Westchester Community College         |
| Katonah, NY                          | 1986          | Various       | 2010            | 28,000               | 1.7             | 25              | 97%     | Squires                               |
| Pelham, NY                           | -             | 1975          | 2006            | 26,000               | 1.0             | 10              | 100%    | Gristede’s Supermarket          |
| Queens, NY (2 buildings)             | -             | 1960          | 2006            | 26,000               | 1.0             | 14              | 92%     | Melodya                               |
| Waldwick, NJ                         | -             | 1961          | 2008            | 20,000               | 1.8             | 1               | 100%    | RiteAid                               |
| Somers, NY                           | -             | 1987          | 1992            | 19,000               | 4.9             | 10              | 91%     | Putnam County Savings Bank            |
| Monroe, CT                           | -             | 2005          | 2007            | 10,000               | 2.0             | 6               | 100%    | Starbucks                             |
| Office Properties and Bank Branches: |          |          |            |                 |            |            |    |                                  |
| Greenwich, CT(5 buildings)           | -             | various       | various         | 59,000               | 2.8             | 16              | 83%     | Tutor Time                            |
| Bank Branches, NY (4 buildings)      | -             | 1960          | 2008 & 2009 | 23,000               | 0.7             | 3               | 88%     | People's United Bank, JP Morgan Chase |
|                                 |          |          |            | 4,186,000            |            | 609             |    |                                  |

----

|  Location  | Year Renovated | Year Completed | Year Acquired | Rentable Square Feet |  Acres | # of Tenants |  Leased |  Principal Tenant |
|-----------------|----------------|----------------|---------------|----------------------|-------------|--------------|--------------|------------------------|
|            |           |           |          |                 |        |         |         |                   |
| Dallas, TX      | 1989           | 1970           | 1970          |  255,000        | 14.5        | 1            |  100%   | Chrysler Group, LLC    |
|            |           |           |          |                 |        |         |         |                   |
| St. Louis, MO   | 2000           | 1970           | 1970          |  192,000        | 16.0        | 1            |  100%   | Chrysler Group, LLC    |
|            |           |           |          |                 |        |         |         |                   |
|            |           |           |          |  447,000        |        | 2            |         |                   |
|            |           |           |          |                 |        |         |         |                   |
| Total Portfolio |           |           |          | 4,633,000            |        | 611          |         |                   |

| Year of Lease Expiration |   | Number of Leases Expiring |   |   | Square Footage of Expiring Leases |   |      | Percentage of TotalLeased Square Feet |   |
|--------------------------|--------|---------------------------|--------|--------|-----------------------------------|--------|-----------|---------------------------------------|--------|
| 2011 (1)                 |   |                      | 113    |   |                              |   | 352,114   |                                  |   |   | 8.80 | % |
| 2012                     |   |                      | 84     |   |                              |   | 430,668   |                                  |   |   | 10.76 | % |
| 2013                     |   |                      | 71     |   |                              |   | 441,378   |                                  |   |   | 11.02 | % |
| 2014                     |   |                      | 53     |   |                              |   | 313,262   |                                  |   |   | 7.83 | % |
| 2015                     |   |                      | 55     |   |                              |   | 402,250   |                                  |   |   | 10.05 | % |
| 2016                     |   |                      | 35     |   |                              |   | 145,250   |                                  |   |   | 3.63 | % |
| 2017                     |   |                      | 31     |   |                              |   | 717,376   |                                  |   |   | 17.92 | % |
| 2018                     |   |                      | 22     |   |                              |   | 169,371   |                                  |   |   | 4.23 | % |
| 2019                     |   |                      | 31     |   |                              |   | 147,032   |                                  |   |   | 3.67 | % |
| 2020                     |   |                      | 27     |   |                              |   | 164,644   |                                  |   |   | 4.11 | % |
| Thereafter               |   |                      | 27     |   |                              |   | 719,716   |                                  |   |   | 17.98 | % |
|                     |   |                      |   |   |                              |   |      |                                  |   |   |   |   |
| Total                    |   |                      | 549    |   |                              |   | 4,003,061 |                                  |   |   | 100.00 | % |

| (1)   | Represents lease expirations from November 1, 2010 to October 31, 2011 and month-to-month leases. |
|-----------------|---------------------------------------------------------------------------------------------------|

Legal Proceedings

Removed and Reserved

----

|   | PART II |
|--------|---------|

Market 

| Common shares: |   | Fiscal Year EndedOctober 31, 2010 |   |   | Fiscal Year EndedOctober 31, 2009 |   |
|----------------|--------|-----------------------------------|--------|--------|-----------------------------------|--------|
|           |   | Low                               |   |   | High                              |   |   | Low |   |   | High |   |
| First Quarter  |   | $                                 | 13.07  |   |                              | $      | 15.65 |   |   | $ | 11.65 |   |   | $ | 16.60 |   |
| Second Quarter |   | $                                 | 13.45  |   |                              | $      | 15.50 |   |   | $ | 9.59 |   |   | $ | 14.70 |   |
| Third Quarter  |   | $                                 | 13.68  |   |                              | $      | 15.58 |   |   | $ | 11.54 |   |   | $ | 14.50 |   |
| Fourth Quarter |   | $                                 | 14.73  |   |                              | $      | 16.75 |   |   | $ | 12.70 |   |   | $ | 15.11 |   |

| Class A Common shares: |   | Fiscal Year EndedOctober 31, 2010 |   |   | Fiscal Year EndedOctober 31, 2009 |   |
|------------------------|--------|-----------------------------------|--------|--------|-----------------------------------|--------|
|                   |   | Low                               |   |   | High                              |   |   | Low |   |   | High |   |
| First Quarter          |   | $                                 | 13.72  |   |                              | $      | 15.61 |   |   | $ | 12.82 |   |   | $ | 17.39 |   |
| Second Quarter         |   | $                                 | 14.49  |   |                              | $      | 17.38 |   |   | $ | 10.08 |   |   | $ | 16.05 |   |
| Third Quarter          |   | $                                 | 15.72  |   |                              | $      | 17.85 |   |   | $ | 12.46 |   |   | $ | 16.19 |   |
| Fourth Quarter         |   | $                                 | 16.96  |   |                              | $      | 19.55 |   |   | $ | 14.24 |   |   | $ | 16.21 |   |

|                 |   | Common Shares                |   |   | Class A Common Shares |   |
|----------------------|--------|------------------------------|--------|--------|-----------------------|--------|
| DividendPayment Date |   | Gross DividendPaid Per Share |   |   | Ordinary Income       |   |   | Non-Taxable Portion |   |   | Gross DividendPaid Per Share |   |   | Ordinary Income |   |   | Non-Taxable Portion |   |
| January 22, 2010     |   | $                            | .220   |   |                  | $      | .161 |   |   | $ | .059 |   |   | $ | .2425 |   |   | $ | .1771 |   |   | $ | .0654 |   |
| April 16, 2010       |   | $                            | .220   |   |                  | $      | .161 |   |   | $ | .059 |   |   | $ | .2425 |   |   | $ | .1771 |   |   | $ | .0654 |   |
| July 16, 2010        |   | $                            | .220   |   |                  | $      | .161 |   |   | $ | .059 |   |   | $ | .2425 |   |   | $ | .1771 |   |   | $ | .0654 |   |
| October 15, 2010     |   | $                            | .220   |   |                  | $      | .161 |   |   | $ | .059 |   |   | $ | .2425 |   |   | $ | .1771 |   |   | $ | .0654 |   |
|                 |   | $                            | .88    |   |                  | $      | .644 |   |   | $ | .236 |   |   | $ | .97 |   |   | $ | .7084 |   |   | $ | .2616 |   |

|                 |   | Common Shares                |   |   | Class A Common Shares |   |
|----------------------|--------|------------------------------|--------|--------|-----------------------|--------|
| DividendPayment Date |   | Gross DividendPaid Per Share |   |   | Ordinary Income       |   |   | Non-Taxable Portion |   |   | CapitalGain |   |   | Gross DividendPaid Per Share |   |   | Ordinary Income |   |   | Non-Taxable Portion |   |   | CapitalGain |   |
| January 16, 2009     |   | $                            | .2175  |   |                  | $      | .1385 |   |   | $ | .075 |   |   | $ | .004 |   |   | $ | .240 |   |   | $ | .154 |   |   | $ | .082 |   |   | $ | .004 |   |
| April 17, 2009       |   | $                            | .2175  |   |                  | $      | .1385 |   |   | $ | .075 |   |   | $ | .004 |   |   | $ | .240 |   |   | $ | .154 |   |   | $ | .082 |   |   | $ | .004 |   |
| July 17, 2009        |   | $                            | .2175  |   |                  | $      | .1385 |   |   | $ | .075 |   |   | $ | .004 |   |   | $ | .240 |   |   | $ | .154 |   |   | $ | .082 |   |   | $ | .004 |   |
| October 16, 2009     |   | $                            | .2175  |   |                  | $      | .1385 |   |   | $ | .075 |   |   | $ | .004 |   |   | $ | .240 |   |   | $ | .154 |   |   | $ | .082 |   |   | $ | .004 |   |
|                 |   | $                            | .87    |   |                  | $      | .554 |   |   | $ | .300 |   |   | $ | .016 |   |   | $ | .96 |   |   | $ | .616 |   |   | $ | .328 |   |   | $ | .016 |   |

----

| Period                                       | Total Numberof SharesPurchased | Average PricePer SharePurchased | Total NumberShares Re-purchased asPart of PubliclyAnnouncedPlan orProgram | MaximumNumber ofShares ThatMay bePurchasedUnder the Planor Program |
|----------------------------------------------|--------------------------------|---------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------|
| August 1, 2010 – August 31, 2010       | -                              | -                               | -                                                                         | 771,822                                                            |
| September 1, 2010 – September 30, 2010 | -                              | -                               | -                                                                         | 771,822                                                            |
| October 1, 2010 – October 31, 2010     | -                              | -                               | -                                                                         | 771,822                                                            |

----

Selected

| Year Ended October 31,                                    |   | 2010   |    |   | 2009   |   |    | 2008   |   |   | 2007    |   |   | 2006   |    |
|-----------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|
| Balance Sheet Data:                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
| Total Assets                                              |   | $      | 557,053 |   |   | $      | 504,539 |   |   | $      | 506,117 |   |   | $      | 471,770 |   |   | $ | 451,350 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Revolving Credit Lines                                    |   | $      | 11,600  |   |   | $      | -       |   |   | $      | 5,100   |   |   | $      | -       |   |   | $ | - |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Mortgage Notes Payable                                    |   | $      | 118,202 |   |   | $      | 116,417 |   |   | $      | 104,954 |   |   | $      | 96,282  |   |   | $ | 104,341 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Redeemable Preferred Stock                                |   | $      | 96,203  |   |   | $      | 96,203  |   |   | $      | 96,203  |   |   | $      | 52,747  |   |   | $ | 52,747 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Operating Data:                                           |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Total Revenues                                            |   | $      | 85,149  |   |   | $      | 82,727  |   |   | $      | 80,856  |   |   | $      | 81,880  |   |   | $ | 72,302 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Total Expenses and payments to noncontrolling interests   |   | $      | 58,211  |   |   | $      | 55,645  |   |   | $      | 52,649  |   |   | $      | 49,630  |   |   | $ | 48,708 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net income attributable to Urstadt Biddle Properties Inc. |   | $      | 27,542  |   |   | $      | 27,743  |   |   | $      | 28,525  |   |   | $      | 32,751  |   |   | $ | 24,544 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Per Share Data:                                           |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Basic Earnings Per Share:                                 |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Class A Common Stock                                      |   | $      | .58     |   |   | $      | .60     |   |   | $      | .66     |   |   | $      | .95     |   |   | $ | .63 |   |
| Common Stock                                              |   | $      | .53     |   |   | $      | .55     |   |   | $      | .60     |   |   | $      | .86     |   |   | $ | .56 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Diluted Earnings Per Share:                               |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Class A Common Stock                                      |   | $      | .57     |   |   | $      | .59     |   |   | $      | .64     |   |   | $      | .93     |   |   | $ | .61 |   |
| Common Stock                                              |   | $      | .52     |   |   | $      | .54     |   |   | $      | .58     |   |   | $      | .83     |   |   | $ | .55 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash Dividends on:                                        |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Class A Common Stock                                      |   | $      | .97     |   |   | $      | .96     |   |   | $      | .95     |   |   | $      | .92     |   |   | $ | .90 |   |
| Common Stock                                              |   | $      | .88     |   |   | $      | .87     |   |   | $      | .86     |   |   | $      | .83     |   |   | $ | .81 |   |
| Total                                                     |   | $      | 1.85    |   |   | $      | 1.83    |   |   | $      | 1.81    |   |   | $      | 1.75    |   |   | $ | 1.71 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Other Data:                                               |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net Cash Flow Provided by (Used in):                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Operating Activities                                      |   | $      | 45,172  |   |   | $      | 42,611  |   |   | $      | 44,997  |   |   | $      | 49,307  |   |   | $ | 35,429 |   |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Investing Activities                                      |   | $      | (51,195 | )      |   | $      | (3,095  | )      |   | $      | (33,694 | )      |   | $      | (19,457 | ) |   | $ | (20,129 | ) |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Financing  Activities                           |   | $      | 11,358  |   |   | $      | (30,840 | )      |   | $      | (13,857 | )      |   | $      | (28,432 | ) |   | $ | (38,994 | ) |
|                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Funds from Operations (Note 1)                            |   | $      | 30,053  |   |   | $      | 30,108  |   |   | $      | 30,444  |   |   | $      | 37,062  |   |   | $ | 28,848 |   |

1

----

  

----

 Management's

| §   | Acquire neighborhood and community shopping centers in the northeastern part of the United States with a concentration in Fairfield County, Connecticut, Westchester and Putnam Counties, New York and Bergen County, New Jersey |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Hold core properties for long-term investment and enhance their value through regular maintenance, periodic renovation and capital improvement |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Selectively dispose of non-core and underperforming properties and re-deploy the proceeds into properties located in the  northeast region |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Increase property values by aggressively marketing available GLA and renewing existing leases |
|--------------------|-----------------------------------------------------------------------------------------------|

| §   | Renovate, reconfigure or expand existing properties to meet the needs of existing or new tenants |
|--------------------|--------------------------------------------------------------------------------------------------|

| §   | Negotiate and sign leases which provide for regular or fixed contractual increases to minimum rents |
|--------------------|-----------------------------------------------------------------------------------------------------|

| §   | Control property operating and administrative costs |
|--------------------|-----------------------------------------------------|

----

| Buildings             | 30-40 years                                |
|-----------------------|--------------------------------------------|
| Property Improvements | 10-20 years                                |
| Furniture/Fixtures    | 3-10 years                                 |
| Tenant Improvements   | Shorter of lease term or their useful life |

----

----

| ·   | Proceeds from Class A Common stock offering of $46.0 million. |
|--------------------|---------------------------------------------------------------|

| ·   | Proceeds from revolving credit line borrowings for property acquisitions in the amount of $44.0 million. |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | Mortgage proceeds of $36.7 million from the refinancing of one property with a larger mortgage and the placing of a mortgage on another property which was unencumbered. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Proceeds from revolving credit line borrowings in the amount of $14.1 million. |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Net proceeds from the issuance of Series E Preferred stock in the amount of $58.0 million. |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | Proceeds from revolving credit line borrowings in the amount of $18.1 million. |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Repayment to the Company of an officer note receivable in the amount of $1.3 million. |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | Dividends to shareholders in the amount of $38.9 million. |
|--------------------|-----------------------------------------------------------|

| ·   | Repayment of revolving credit line borrowings in the amount of $32.4 million. |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Repayment of mortgage notes payable in the amount of $7.4 million. |
|--------------------|--------------------------------------------------------------------|

| ·   | Dividends to shareholders in the amount of $37.7 million. |
|--------------------|-----------------------------------------------------------|

| ·   | Repayment of revolving credit line borrowings in the amount of $19.2 million. |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Repayment of mortgage notes payable in the amount of $25.2 million. |
|--------------------|---------------------------------------------------------------------|

----

| ·   | Dividends to shareholders in the amount of $36.0 million. |
|--------------------|-----------------------------------------------------------|

| ·   | Repayment of Series B Preferred stock in the amount of $15.0 million. |
|--------------------|-----------------------------------------------------------------------|

| ·   | Repayment of revolving credit line borrowings in the amount of $ 25.2 million. |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Repayment of mortgage notes payable in the amount of $7.0 million. |
|--------------------|--------------------------------------------------------------------|

| ·   | Repurchase of Class A common stock in the amount of $9.0 million. |
|--------------------|-------------------------------------------------------------------|

----

| Payments Due by Period        |   |
|-------------------------------|--------|
|                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                          |   | Total |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Thereafter |   |
| Mortgage notes payable        |   | $ | 118,202 |   |   | $ | 6,417 |   |   | $ | 6,210 |   |   | $ | 13,526 |   |   | $ | 2,038 |   |   | $ | 2,164 |   |   | $ | 87,847 |   |
| Tenant obligations*           |   |   | 5,286 |   |   |   | 5,263 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 23 |   |
| Total Contractual Obligations |   | $ | 123,488 |   |   | $ | 11,680 |   |   | $ | 6,210 |   |   | $ | 13,526 |   |   | $ | 2,038 |   |   | $ | 2,164 |   |   | $ | 87,870 |   |

----

----

| §   | 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 the Company’s performance. |
|--------------------|------------------------------------------------------------------------------------------------------------|

----

|                                                                       |   | Year Ended October 31, |    |
|----------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                       |   | 2010                   |    |   | 2009 |   |   | 2008 |   |
| Net Income Applicable to Common and Class A Common Stockholders            |   | $                      | 14,448  |   |   | $ | 14,649 |   |   | $ | 16,147 |   |
|                                                                       |   |                   |    |   |   |   |   |   |   |   |   |   |
| Real property depreciation                                                 |   |                   | 11,689  |   |   |   | 11,463 |   |   |   | 10,966 |   |
| Amortization of tenant improvements and allowances                         |   |                   | 2,810   |   |   |   | 3,169 |   |   |   | 2,822 |   |
| Amortization of deferred leasing costs                                     |   |                   | 523     |   |   |   | 672 |   |   |   | 509 |   |
| Depreciation and amortization on unconsolidated joint ventures             |   |                   | 283     |   |   |   | - |   |   |   | - |   |
| Loss on assets held for sale                                               |   |                   | 300     |   |   |   | 155 |   |   |   | - |   |
|                                                                       |   |                   |    |   |   |   |   |   |   |   |   |   |
| Funds from Operations Applicable to Common and Class A Common Stockholders |   | $                      | 30,053  |   |   | $ | 30,108 |   |   | $ | 30,444 |   |
|                                                                       |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net Cash Provided by (Used in):                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Operating Activities                                                       |   | $                      | 45,172  |   |   | $ | 42,611 |   |   | $ | 44,997 |   |
| Investing Activities                                                       |   | $                      | (51,195 | ) |   | $ | (3,095 | ) |   | $ | (33,694 | ) |
| Financing Activities                                                       |   | $                      | 11,358  |   |   | $ | (30,840 | ) |   | $ | (13,857 | ) |

----

|                                             |   | Year Ended  |   |   |   |   |   |               |   |   |                    |   |   |                 |   |
|--------------------------------------------------|--------|-------------|--------|--------|--------|--------|--------|--------------------|--------|--------|-------------------------|--------|--------|----------------------|--------|
|                                             |   | October 31, |   |   |   |   |   |               |   |   | Change Attributable to: |   |
| Revenues                                         |   | 2010        |   |   | 2009   |   |   | Increase(Decrease) |   |   | %Change                 |   |   | PropertyAcquisitions |   |   | Properties Held In Both Periods |   |
| Base rents                                       |   | $           | 63,419 |   |   | $      | 61,178 |               |   | $      | 2,241                   |   |   |                 | 3.7    | % |   | $ | 1,367 |   |   | $ | 874 |   |
| Recoveries from tenants                          |   |        | 20,074 |   |   |   | 20,728 |               |   |   | (654                    | )      |   |                 | (3.2   | )% |   |   | 248 |   |   |   | (902 | ) |
| Mortgage interest and other                      |   |        | 1,023  |   |   |   | 744    |               |   |   | 279                     |   |   |                 | 37.5   | % |   |   | 2 |   |   |   | 277 |   |
|                                             |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                               |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Property operating                               |   |        | 13,626 |   |   |   | 13,239 |               |   |   | 387                     |   |   |                 | 2.9    | % |   |   | 361 |   |   |   | 26 |   |
| Property taxes                                   |   |        | 13,682 |   |   |   | 13,089 |               |   |   | 593                     |   |   |                 | 4.5    | % |   |   | 275 |   |   |   | 318 |   |
| Depreciation and amortization                    |   |        | 15,066 |   |   |   | 15,366 |               |   |   | (300                    | )      |   |                 | (2.0   | )% |   |   | 379 |   |   |   | (679 | ) |
| General and administrative                       |   |        | 6,873  |   |   |   | 6,350  |               |   |   | 523                     |   |   |                 | 8.2    | % |   |   | n/a |   |   |   | n/a |   |
|                                             |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Non-Operating Income/Expense                     |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                 |   |        | 7,585  |   |   |   | 6,695  |               |   |   | 890                     |   |   |                 | 13.3   | % |   |   | 182 |   |   |   | 708 |   |
| Interest, dividends, and other investment income |   |        | 396    |   |   |   | 280    |               |   |   | 116                     |   |   |                 | 41.4   | % |   |   | n/a |   |   |   | n/a |   |

----

|                                             |   | Year Ended  |   |   |   |   |   |               |   |   |                    |   |   |                 |   |
|--------------------------------------------------|--------|-------------|--------|--------|--------|--------|--------|--------------------|--------|--------|-------------------------|--------|--------|----------------------|--------|
|                                             |   | October 31, |   |   |   |   |   |               |   |   | Change Attributable to: |   |
| Revenues                                         |   | 2009        |   |   | 2008   |   |   | Increase(Decrease) |   |   | %Change                 |   |   | PropertyAcquisitions |   |   | Properties Held In Both Periods |   |
| Base rents                                       |   | $           | 61,178 |   |   | $      | 61,008 |               |   | $      | 170                     |   |   |                 | 0.3    | % |   | $ | 1,652 |   |   | $ | (1,482 | ) |
| Recoveries from tenants                          |   |        | 20,728 |   |   |   | 18,938 |               |   |   | 1,790                   |   |   |                 | 9.5    | % |   |   | 1,139 |   |   |   | 651 |   |
| Mortgage interest and other                      |   |        | 744    |   |   |   | 849    |               |   |   | (105                    | )      |   |                 | (12.4  | )% |   |   | 49 |   |   |   | (154 | ) |
|                                             |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                               |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Property operating                               |   |        | 13,239 |   |   |   | 12,937 |               |   |   | 302                     |   |   |                 | 2.3    | % |   |   | 495 |   |   |   | (193 | ) |
| Property taxes                                   |   |        | 13,089 |   |   |   | 12,059 |               |   |   | 1,030                   |   |   |                 | 8.5    | % |   |   | 332 |   |   |   | 698 |   |
| Depreciation and amortization                    |   |        | 15,366 |   |   |   | 14,374 |               |   |   | 992                     |   |   |                 | 6.9    | % |   |   | 469 |   |   |   | 523 |   |
| General and administrative                       |   |        | 6,350  |   |   |   | 5,853  |               |   |   | 497                     |   |   |                 | 8.5    | % |   |   | n/a |   |   |   | n/a |   |
|                                             |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Non-Operating Income/Expense                     |   |        |   |   |   |   |   |               |   |   |                    |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                 |   |        | 6,695  |   |   |   | 7,012  |               |   |   | (317                    | )      |   |                 | (4.5   | )% |   |   | 513 |   |   |   | (830 | ) |
| Interest, dividends, and other investment income |   |        | 280    |   |   |   | 318    |               |   |   | (38                     | )      |   |                 | (11.9  | )% |   |   | n/a |   |   |   | n/a |   |

----

----

Quantitative

| For the years ended October 31,                  |   |
|--------------------------------------------------|--------|
|                                             |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Thereafter |   |   | Total |   |   | Estimated Fair Value |   |
| Mortgage notes payable                           |   | $ | 6,417 |   |   | $ | 6,210 |   |   | $ | 13,526 |   |   | $ | 2,038 |   |   | $ | 2,164 |   |   | $ | 87,847 |   |   | $ | 118,202 |   |   | $ | 121,767 |   |
| Weighted average interest rate for debt maturing |   |   | 7.3 | % |   |   | 6.6 | % |   |   | 4.6 | % |   |   | N/A |   |   |   | N/A |   |   |   | 6.0 | % |   |   |   |   |   |   |   |   |

Financial 

Changes

Controls

----

----

| New York, New York | /s/ PKF LLP |
|--------------------|-------------|
| January 13, 2011   |        |
|               |        |

----

Other

Directors

| Name               | Age    | Offices Held                                                                                                                                                                                                                                                                                            |
|--------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |   |                                                                                                                                                                                                                                                                                                    |
| Charles J. Urstadt | 82     | Chairman (since 1986) and Chief Executive Officer (since September 1989); Mr. Urstadt has been a Director since 1975.                                                                                                                                                                                   |
|               |   |                                                                                                                                                                                                                                                                                                    |
| Willing L. Biddle  | 49     | President and Chief Operating Officer (since December 1996); Executive Vice President (March 1996 to December 1996); Senior Vice President – Management  (June 1995 to March 1996); Vice President – Retail (April 1993 to June 1995); Mr. Biddle has been a director since 1997. |
|               |   |                                                                                                                                                                                                                                                                                                    |
| Thomas D. Myers    | 59     | Executive Vice President (since March 2009), Secretary (since 2000) and Chief Legal Officer (since August 2008); Senior Vice President (2003-2009); Co-Counsel (2007-2008) Vice President (1995-2003); Associate Counsel (1995-2007).                                                                   |
|               |   |                                                                                                                                                                                                                                                                                                    |
| John T. Hayes      | 44     | Senior Vice President, Treasurer and Chief Financial Officer (since July 2008); Vice President and Controller (March 2007 to June 2008).                                                                                                                                                                |

Executive 

----

Security

 Certain 

Principal 

----

| 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 40 are filed as part of this Annual Report. |
|                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                           | 2.  Financial Statement Schedules -- |
|                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                           | The financial statement schedules required by this Item are filed with this report and are listed in the accompanying index to financial statements on Page 40.  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).                                                                                                                                                                                                                                                           | Articles of Incorporation and Bylaws |
|                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                           | 3.1 | (a)  Amended Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Company’s Statement on Form S-4/A filed January 23, 1997 (SEC File No. 333-19113)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (b) Articles Supplementary of the Company (incorporated by reference to Annex A of Exhibit 4.1 of the Company’s Current Report on Form 8-K dated August 3, 1998 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (c) Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated January 8, 1998 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (d) Articles Supplementary of the Company (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form S-3 filed on August 8, 2003 (SEC File No. 333-107803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (e)  Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated April 11, 2005 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (f)  Certificate of Correction to the Articles Supplementary of the Company (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated May 3, 2005 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (g)  Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated June 7, 2005 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           |   | (h)  Articles Supplementary of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)). |
|                                                                                                                                                                                                                                                           |   |   |
|                                                                                                                                                                                                                                                           | 3.2 | Bylaws of the Company, Amended and Restated as of December 12, 2007 (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K dated December 18, 2007 (SEC File No. 001-12803). |

----

| (4)    | Instruments Defining the Rights of Security Holders, Including Indentures. |
|--------|----------------------------------------------------------------------------|
|   |                                                                       |   |
|   | 4.1                                                                        | Common Stock:  See Exhibits 3.1 (a)-(h) hereto. |
|   |                                                                       |   |
|   | 4.2                                                                        | Series B Preferred Shares:  See Exhibits 3.1 (a)-(h) hereto. |
|   |                                                                       |   |
|   | 4.3                                                                        | Series C Preferred Shares:  See Exhibits 3.1 (a)-(h) and 10.4 hereto. |
|   |                                                                       |   |
|   | 4.4                                                                        | Series D Preferred Shares:  See Exhibits 3.1 (a)-(h). |
|   |                                                                       |   |
|   | 4.5                                                                        | Series E Preferred Shares:  See Exhibits 3.1 (a)-(h) and 10.13 hereto. |
|   |                                                                       |   |
|   | 4.6                                                                        | Series A Preferred Share Purchase Rights:  See Exhibits 3.1 (a)-(h) and 10.15 hereto. |

----

| (10)   | Material Contracts. |
|--------|---------------------|
|   |                |   |
|   | 10.1                | Form of Indemnification Agreement entered into between the Company and each of its Directors and for future use with Directors and officers of the Company (incorporated herein by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended October 31, 1989 (SEC File No. 001-12803)).  1 |
|   |                |   |
|   | 10.2                | Amended and Restated Dividend Reinvestment and Share Purchase Plan (incorporated herein by reference to the Company’s Registration Statement on Form S-3 (SEC File No. 333-64381). |
|   |                |   |
|   | 10.3                | Excess Benefit and Deferred Compensation Plan (incorporated by reference to Exhibit 10.10 of the Company’s Annual Report on Form 10-K for the year ended October 31, 1998 (SEC File No. 001-12803)). 1 |
|   |                |   |
|   | 10.4                | Registration Rights Agreement dated as of May 29, 2003 by and between the Company and Ferris, Baker Watts, Incorporated (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-3 dated August 8, 2003 (SEC File No. 333-107803)).   |
|   |                |   |
|   | 10.5                | Amended and Restated Restricted Stock Award Plan as approved by the Company’s stockholders on March 10, 2004 (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2004 (SEC File No. 001-12803)). 1 |
|   |                |   |
|   | 10.5.1              | Forms of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Employee Directors, Employee Directors and Employees), effective as of November 1, 2006 (incorporated by reference to Exhibits 10.24.1, 10.24.2 and 10.24.3 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2006) 1 |
|   |                |   |
|   | 10.6                | Form of Amended and Restated Change of Control Agreements dated as of December 19, 2007 between the Company and Charles J. Urstadt, Willing L. Biddle and Thomas D. Myers (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K dated December 26, 2007).1 |
|   |                |   |
|   | 10.7                | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employees) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.18 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1 |
|   |                |   |
|   | 10.8                | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Employee Directors) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.19 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1 |
|   |                |   |
|   | 10.9                | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Directors) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.20 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1 |

----

|                                                     | 10.10       | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Directors – Alternative Version) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.21 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1   |
|----------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.11       | Unsecured Credit Agreement dated February 11, 2008 among the Company, lenders thereto (The Bank of New York and Wells Fargo Bank, N.A.) and The Bank of New York as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q dated March 7, 2008 (SEC File No. 001-12803)). |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.12       | Investment Agreement between the Company and WFC Holdings Corporation dated March 13, 2008 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)).                                                                                                |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.13       | Registration Rights Agreement between the Company and WFC Holdings Corporation dated March 13, 2008 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)).                                                                                       |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.14  | Rights Agreement between the Company and The Bank of New York, as Rights Agent, dated as of July 18, 2008 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated July 24, 2008 (SEC File No. 001-12803)).                                                                                    |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.15       | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Director Employees) effective as of December 10, 2008 (incorporated by reference to Exhibit 10.22 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2008 (SEC File No. 001-12803)). 1                         |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.16       | 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 dated December 15, 2008 (SEC File No. 001-12803)). 1                                                                                       |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.17       | Change of 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 dated December 17, 2008 (SEC File No. 001-12803)). 1                                                                                        |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
|                                                     | 10.18       | Equity Underwriting Agreement, dated September 14, 2010, between the Company and Deutsche Bank Securities, Inc. as Underwriter (incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K dated September 14, 2010 (SEC File No. 001-12803)).                                                          |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| 1 Management contract, compensatory plan or arrangement. |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| (14)                                                     |        | Code of Ethics for Chief Executive Officer and Senior Financial Officers (incorporated by reference to Exhibit 14 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2003 (SEC File No. 001-12803)).                                                                                                      |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| (21)                                                     |        | List of Company's subsidiaries                                                                                                                                                                                                                                                                                                          |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| (23)                                                     |        | Consent of PKF LLP                                                                                                                                                                                                                                                                                                                      |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| (31.1)                                                   |        | Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Charles J. Urstadt.                                                                                                                                                                                                    |
|                                                     |        |                                                                                                                                                                                                                                                                                                                                    |
| (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 Charles J. Urstadt and John T. Hayes.                                                                                                                                                      |

----

|                                                                                                                                                                                                                                   | URSTADT BIDDLE PROPERTIES INC.                                                                                   |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|-----------|
| Item 15A.                                                                                                                                                                                                                              | INDEX TO FINANCIAL STATEMENTS ANDFINANCIAL STATEMENT SCHEDULES                                                   | Page      |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Consolidated Balance Sheets at October 31, 2010 and 2009                                                         |   41 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Consolidated Statements of Income for each of the three years in the period ended October 31, 2010               |   42 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Consolidated Statements of Cash Flows for each of the three years in the period ended October 31, 2010           |   43 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Consolidated Statements of Stockholders' Equity for each of the three years in the period ended October 31, 2010 |   44 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Notes to Consolidated Financial Statements                                                                       |   45 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
|                                                                                                                                                                                                                                   | Report of Independent Registered Public Accounting Firm                                                          |   59 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
| Schedules                                                                                                                                                                                                                              |                                                                                                             |      |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
| III                                                                                                                                                                                                                                    | Real Estate and Accumulated Depreciation - October 31, 2010                                                      |   60 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
| IV                                                                                                                                                                                                                                     | Mortgage Loans on Real Estate - October 31, 2010                                                                 |   62 |
|                                                                                                                                                                                                                                   |                                                                                                             |      |
| 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. |

----

|                                                                                                                              |   | October 31, |     |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-------------|----------|
| ASSETS                                                                                                                            |   | 2010        |     |   | 2009 |   |
|                                                                                                                              |   |        |     |   |   |   |
| Real Estate Investments:                                                                                                          |   |        |     |   |   |   |
| Core properties – at cost                                                                                                   |   | $           | 599,839  |   |   | $ | 564,289 |   |
| Non-core properties – at cost                                                                                               |   |        | 1,383    |   |   |   | 1,383 |   |
|                                                                                                                              |   |        | 601,222  |   |   |   | 565,672 |   |
| Less:  Accumulated depreciation                                                                                         |   |        | (118,193 | ) |   |   | (104,904 | ) |
|                                                                                                                              |   |        | 483,029  |   |   |   | 460,768 |   |
| Investments in and advances to unconsolidated joint ventures                                                                      |   |        | 24,850   |   |   |   | 723 |   |
| Mortgage note receivable                                                                                                          |   |        | 1,090    |   |   |   | 1,170 |   |
|                                                                                                                              |   |        | 508,969  |   |   |   | 462,661 |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Cash and cash equivalents                                                                                                         |   |        | 15,675   |   |   |   | 10,340 |   |
| Restricted cash                                                                                                                   |   |        | 861      |   |   |   | 1,035 |   |
| Marketable securities                                                                                                             |   |        | 932      |   |   |   | 933 |   |
| Tenant receivables                                                                                                                |   |        | 20,504   |   |   |   | 19,500 |   |
| Prepaid expenses and other assets                                                                                                 |   |        | 5,296    |   |   |   | 5,643 |   |
| Deferred charges, net of accumulated amortization                                                                                 |   |        | 4,816    |   |   |   | 4,427 |   |
| Total Assets                                                                                                                      |   | $           | 557,053  |   |   | $ | 504,539 |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                        |   |        |     |   |   |   |   |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Liabilities:                                                                                                                      |   |        |     |   |   |   |   |   |
| Unsecured revolving credit line                                                                                                   |   | $           | 11,600   |   |   | $ | - |   |
| Mortgage notes payable                                                                                                            |   |        | 118,202  |   |   |   | 116,417 |   |
| Accounts payable and accrued expenses                                                                                             |   |        | 1,397    |   |   |   | 771 |   |
| Deferred compensation – officers                                                                                            |   |        | 304      |   |   |   | 354 |   |
| Other liabilities                                                                                                                 |   |        | 10,566   |   |   |   | 9,954 |   |
| Total Liabilities                                                                                                                 |   |        | 142,069  |   |   |   | 127,496 |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Redeemable Noncontrolling Interests                                                                                               |   |        | 11,330   |   |   |   | 7,259 |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Redeemable Preferred Stock, par value $.01 per share; issued and outstanding 2,800,000 shares                                     |   |        | 96,203   |   |   |   | 96,203 |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Commitments and Contingencies                                                                                                     |   |        |     |   |   |   |   |   |
|                                                                                                                              |   |        |     |   |   |   |   |   |
| Stockholders’ Equity:                                                                                                       |   |        |     |   |   |   |   |   |
| 7.5% Series D Senior Cumulative Preferred Stock (liquidation preference of $25 per share);2,450,000 shares issued and outstanding |   |        | 61,250   |   |   |   | 61,250 |   |
| Excess Stock, par value $.01 per share; 10,000,000 shares authorized;none issued and outstanding                                  |   |        | -        |   |   |   | - |   |
| Common Stock, par value $.01 per share; 30,000,000 shares authorized;                                                             |   |        |     |   |   |   |   |   |
| 8,461,440 and 8,222,514 shares issued and outstanding                                                                             |   |        | 84       |   |   |   | 82 |   |
| Class A Common Stock, par value $.01 per share; 40,000,000 shares authorized;                                                     |   |        |     |   |   |   |   |   |
| 20,819,698 and 18,241,275 shares issued and outstanding                                                                           |   |        | 208      |   |   |   | 182 |   |
| Additional paid in capital                                                                                                        |   |        | 310,695  |   |   |   | 261,433 |   |
| Cumulative distributions in excess of net income                                                                                  |   |        | (64,557  | ) |   |   | (49,150 | ) |
| Accumulated other comprehensive income (loss)                                                                                     |   |        | (229     | ) |   |   | (216 | ) |
| Total Stockholders’ Equity                                                                                                  |   |        | 307,451  |   |   |   | 273,581 |   |
| Total Liabilities and Stockholders’ Equity                                                                                  |   | $           | 557,053  |   |   | $ | 504,539 |   |

----

|                                                            |   | Year Ended October 31, |    |
|-----------------------------------------------------------------|--------|------------------------|---------|
|                                                            |   | 2010                   |    |   | 2009 |   |   | 2008 |   |
| Revenues                                                        |   |                   |    |   |   |   |   |   |   |
| Base rents                                                      |   | $                      | 63,419  |   |   | $ | 61,178 |   |   | $ | 61,008 |   |
| Recoveries from tenants                                         |   |                   | 20,074  |   |   |   | 20,728 |   |   |   | 18,938 |   |
| Lease termination income                                        |   |                   | 633     |   |   |   | 77 |   |   |   | 61 |   |
| Mortgage interest and other                                     |   |                   | 1,023   |   |   |   | 744 |   |   |   | 849 |   |
| Total Revenues                                                  |   |                   | 85,149  |   |   |   | 82,727 |   |   |   | 80,856 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                              |   |                   |    |   |   |   |   |   |   |   |   |   |
| Property operating                                              |   |                   | 13,626  |   |   |   | 13,239 |   |   |   | 12,937 |   |
| Property taxes                                                  |   |                   | 13,682  |   |   |   | 13,089 |   |   |   | 12,059 |   |
| Depreciation and amortization                                   |   |                   | 15,066  |   |   |   | 15,366 |   |   |   | 14,374 |   |
| General and administrative                                      |   |                   | 6,873   |   |   |   | 6,350 |   |   |   | 5,853 |   |
|     Acquisition costs                       |   |                   | 307     |   |   |   | - |   |   |   | - |   |
| Directors' fees and expenses                                    |   |                   | 313     |   |   |   | 292 |   |   |   | 256 |   |
| Total Operating Expenses                                        |   |                   | 49,867  |   |   |   | 48,336 |   |   |   | 45,479 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Operating Income                                           |   |                   | 35,282  |   |   |   | 34,391 |   |   |   | 35,377 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Non-Operating Income (Expense):                                 |   |                   |    |   |   |   |   |   |   |   |   |   |
| Interest expense                                                |   |                   | (7,585  | ) |   |   | (6,695 | ) |   |   | (7,012 | ) |
| Gain on sale of marketable securities                           |   |                   | -       |   |   |   | 381 |   |   |   | - |   |
| Equity in net income from unconsolidated joint ventures         |   |                   | 208     |   |   |   | - |   |   |   | - |   |
| Other expense                                                   |   |                   | (452    | ) |   |   | (155 | ) |   |   | - |   |
| Interest, dividends and other investment income                 |   |                   | 396     |   |   |   | 280 |   |   |   | 318 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net Income                                                      |   |                   | 27,849  |   |   |   | 28,202 |   |   |   | 28,683 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Noncontrolling Interests:                                       |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net income attributable to noncontrolling interests             |   |                   | (307    | ) |   |   | (459 | ) |   |   | (158 | ) |
| Net income attributable to Urstadt Biddle Properties Inc.       |   |                   | 27,542  |   |   |   | 27,743 |   |   |   | 28,525 |   |
| Preferred stock dividends                                       |   |                   | (13,094 | ) |   |   | (13,094 | ) |   |   | (11,718 | ) |
| Redemption of Preferred Stock                                   |   |                   | -       |   |   |   | - |   |   |   | (660 | ) |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net Income Applicable to Common and Class A Common Stockholders |   | $                      | 14,448  |   |   | $ | 14,649 |   |   | $ | 16,147 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Share:                                       |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Common Share                                                    |   | $                      | .53     |   |   | $ | .55 |   |   | $ | .60 |   |
| Class A Common Share                                            |   | $                      | .58     |   |   | $ | .60 |   |   | $ | .66 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Share:                                     |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Common Share                                                    |   | $                      | .52     |   |   | $ | .54 |   |   | $ | .58 |   |
| Class A Common Share                                            |   | $                      | .57     |   |   | $ | .59 |   |   | $ | .64 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Dividends Per Share:                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |
| Common                                                          |   | $                      | .88     |   |   | $ | .87 |   |   | $ | .86 |   |
| Class A Common                                                  |   | $                      | .97     |   |   | $ | .96 |   |   | $ | .95 |   |
|                                                            |   |                   |    |   |   |   |   |   |   |   |   |   |

----

|                                                                     |   | Year Ended October 31, |    |
|--------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                     |   | 2010                   |    |   | 2009 |   |   | 2008 |   |
| Cash Flows from Operating Activities:                                    |   |                   |    |   |   |   |   |   |   |
| Net income                                                               |   | $                      | 27,849  |   |   | $ | 28,202 |   |   | $ | 28,683 |   |
| Adjustments to reconcile net income to net cash provided                 |   |                   |    |   |   |   |   |   |   |   |   |   |
| by operating activities:                                                 |   |                   |    |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                            |   |                   | 15,066  |   |   |   | 15,366 |   |   |   | 14,374 |   |
| Straight-line rent adjustments                                           |   |                   | (877    | ) |   |   | (580 | ) |   |   | (738 | ) |
| Provisions for tenant credit losses                                      |   |                   | 671     |   |   |   | 655 |   |   |   | 749 |   |
| Loss on property held for sale                                           |   |                   | 300     |   |   |   | 155 |   |   |   | - |   |
| Restricted stock compensation expense and other adjustment               |   |                   | 3,277   |   |   |   | 2,692 |   |   |   | 1,713 |   |
| Change in value of deferred compensation arrangement                     |   |                   | (50     | ) |   |   | (720 | ) |   |   | (116 | ) |
| Gain on sale of marketable securities                                    |   |                   | -       |   |   |   | (381 | ) |   |   | - |   |
| Equity in net income of unconsolidated joint venture                     |   |                   | (208    | ) |   |   | - |   |   |   | - |   |
| Changes in operating assets and liabilities:                             |   |                   |    |   |   |   |   |   |   |   |   |   |
| Tenant receivables                                                       |   |                   | (799    | ) |   |   | (1,794 | ) |   |   | (1,204 | ) |
| Accounts payable and accrued expenses                                    |   |                   | 425     |   |   |   | 166 |   |   |   | (187 | ) |
| Other assets and other liabilities, net                                  |   |                   | (656    | ) |   |   | (634 | ) |   |   | 1,654 |   |
| Restricted cash                                                          |   |                   | 174     |   |   |   | (516 | ) |   |   | 69 |   |
| Net Cash Flow Provided by Operating Activities                           |   |                   | 45,172  |   |   |   | 42,611 |   |   |   | 44,997 |   |
|                                                                     |   |                   |    |   |   |   |   |   |   |   |   |   |
| Cash Flows from Investing Activities:                                    |   |                   |    |   |   |   |   |   |   |   |   |   |
| Acquisition of limited partner interests in consolidated joint venture   |   |                   | -       |   |   |   | (2,111 | ) |   |   | - |   |
| Acquisitions of real estate investments                                  |   |                   | (22,261 | ) |   |   | (600 | ) |   |   | (23,893 | ) |
| Investments in and advances to unconsolidated joint venture              |   |                   | (23,919 | ) |   |   | - |   |   |   | - |   |
| Deposit on acquisitions of real estate investment                        |   |                   | (60     | ) |   |   | (87 | ) |   |   | (1,100 | ) |
| Return of deposits on real estate investments                            |   |                   | -       |   |   |   | 1,100 |   |   |   | - |   |
| Improvements to properties and deferred charges                          |   |                   | (4,728  | ) |   |   | (2,315 | ) |   |   | (8,691 | ) |
| Net proceeds from sales of properties                                    |   |                   | -       |   |   |   | 925 |   |   |   | - |   |
| Distributions to noncontrolling interests                                |   |                   | (307    | ) |   |   | (459 | ) |   |   | (158 | ) |
| Payments received on mortgage notes receivable                           |   |                   | 80      |   |   |   | 71 |   |   |   | 63 |   |
| Proceeds on sale of securities available for sale                        |   |                   | -       |   |   |   | 3,620 |   |   |   | - |   |
| Purchases of securities available for sale                               |   |                   | -       |   |   |   | (3,239 | ) |   |   | - |   |
| Redemption of marketable securities – net                          |   |                   | -       |   |   |   | - |   |   |   | 85 |   |
| Net Cash Flow (Used in) Investing Activities                             |   |                   | (51,195 | ) |   |   | (3,095 | ) |   |   | (33,694 | ) |
|                                                                     |   |                   |    |   |   |   |   |   |   |   |   |   |
| Cash Flows from Financing Activities:                                    |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net proceeds from issuance of Series E Preferred stock                   |   |                   | -       |   |   |   | - |   |   |   | 57,972 |   |
| Sales of additional shares of  Common and Class A Common Stock |   |                   | 46,013  |   |   |   | 1,014 |   |   |   | 943 |   |
| Dividends paid - Common and Class A Common Stock                         |   |                   | (25,783 | ) |   |   | (24,618 | ) |   |   | (24,251 | ) |
| Dividends paid - Preferred Stock                                         |   |                   | (13,094 | ) |   |   | (13,094 | ) |   |   | (11,718 | ) |
| Redemption of Series B Preferred Stock                                   |   |                   | -       |   |   |   | - |   |   |   | (15,000 | ) |
| Proceeds from revolving credit line borrowings                           |   |                   | 43,950  |   |   |   | 14,100 |   |   |   | 18,100 |   |
| Repayments on revolving credit line borrowings                           |   |                   | (32,350 | ) |   |   | (19,200 | ) |   |   | (25,200 | ) |
| Proceeds from mortgage refinancing                                       |   |                   | -       |   |   |   | 36,700 |   |   |   | - |   |
| Principal repayments on mortgage notes payable                           |   |                   | (7,378  | ) |   |   | (25,237 | ) |   |   | (6,994 | ) |
| Repayment of officer note receivable                                     |   |                   | -       |   |   |   | - |   |   |   | 1,300 |   |
| Repurchase of shares of Class A  Common Stock                  |   |                   | -       |   |   |   | (505 | ) |   |   | (9,009 | ) |
| Net Cash Flow Provided by (Used in) Financing Activities                 |   |                   | 11,358  |   |   |   | (30,840 | ) |   |   | (13,857 | ) |
|                                                                     |   |                   |    |   |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                     |   |                   | 5,335   |   |   |   | 8,676 |   |   |   | (2,554 | ) |
| Cash and Cash Equivalents at Beginning of Year                           |   |                   | 10,340  |   |   |   | 1,664 |   |   |   | 4,218 |   |
|                                                                     |   |                   |    |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents at End of Year                                 |   | $                      | 15,675  |   |   | $ | 10,340 |   |   | $ | 1,664 |   |

----

|                                                         | .      |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |
|--------------------------------------------------------------|--------|--------|--------|-----------------|--------|--------|--------------|--------|--------|----------------------|--------|-----------|------------|--------|--------|------------------------|--------|--------|--------------------------------|------------|--------|----------------|--------|--------|-----------------------------------------------|--------|--------|--------------------------------------------|--------|--------|--------|---------|--------|--------|--------|
|                                                         |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   | CumulativeDistributions InExcess ofNet Income |   |   | AccumulatedOtherComprehensiveIncome (Loss) |   |   |   |    |   |   |   |
|                                                         |   |   |   | 7.5% Series D   |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   | TotalStockholders’Equity |       |
|                                                         |   |   |   | Preferred Stock |   |   | Common Stock |   |   | Class A Common Stock |   |      | Additional |   |   | Officer NoteReceivable |   |
|                                                         |   |   |   | Issued          |   |   | Amount       |   |   | Issued               |   |      | Amount     |   |   | Issued                 |   |   | Amount                         |       |   | Paid InCapital |   |
|                                                         |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |
| Balances – October 31, 2007                            |   |   |   | 2,450,000       |   |   | $            | 61,250 |   |                 |   | 7,773,618 |       |   | $      | 77                     |   |   |                           | 18,836,778 |   |           | $      | 188    |                                          |   | $      | 264,585                                    |   |   | $      | (31,077 | )      |   | $      | 480 |   |   | $ | (1,300 | ) |   | $ | 294,203 |   |
| Comprehensive Income:                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to Common                              |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and Class A common stockholders                              |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | 16,147  |   |   |   | - |   |   |   | - |   |   |   | 16,147 |   |
| Change in unrealized gains in marketable securities          |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | (750 | ) |   |   | - |   |   |   | (750 | ) |
| Total comprehensive income                                   |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 15,397 |   |
| Cash dividends paid :                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock ($0.86 per share)                               |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (6,848  | )      |   |   | - |   |   |   | - |   |   |   | (6,848 | ) |
| Class A common stock ($0.95 per share)                       |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (17,403 | )      |   |   | - |   |   |   | - |   |   |   | (17,403 | ) |
| Issuance of shares under dividend                            |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| reinvestment plan                                            |   |   |   | -               |   |   |         | -      |   |                 |   | 43,636    |       |   |   | 1                      |   |   |                           | 14,765     |   |           |   | -      |                                          |   |   | 907                                        |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 908 |   |
| Exercise of stock options                                    |   |   |   | -               |   |   |         | -      |   |                 |   | 1,966     |       |   |   | -                      |   |   |                           | 1,953      |   |           |   | -      |                                          |   |   | 36                                         |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 36 |   |
| Shares issued under restricted stock plan                    |   |   |   | -               |   |   |         | -      |   |                 |   | 170,900   |       |   |   | 2                      |   |   |                           | 59,900     |   |           |   | 1      |                                          |   |   | (3                                         | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Restricted stock compensation                                |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | 1,713                                      |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 1,713 |   |
| Repurchases of Class A common stock                          |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | (623,278   | )      |           |   | (6     | )                                             |   |   | (9,003                                     | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | (9,009 | ) |
| Forfeiture of restricted stock                               |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | (82,000    | )      |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Repayment of officer note receivable                         |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | - |   |   |   | 1,300 |   |   |   | 1,300 |   |
| Balances – October 31, 2008                            |   |   |   | 2,450,000       |   |   |         | 61,250 |   |                 |   | 7,990,120 |       |   |   | 80                     |   |   |                           | 18,208,118 |   |           |   | 183    |                                          |   |   | 258,235                                    |   |   |   | (39,181 | )      |   |   | (270 | ) |   |   | - |   |   |   | 280,297 |   |
| Comprehensive Income:                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to Common                              |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and Class A common stockholders                              |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | 14,649  |   |   |   | - |   |   |   | - |   |   |   | 14,649 |   |
| Change in unrealized gains in marketable securities          |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | 54 |   |   |   | - |   |   |   | 54 |   |
| Total comprehensive income                                   |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 14,703 |   |
| Cash dividends paid :                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock ($0.87 per share)                               |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (7,121  | )      |   |   | - |   |   |   | - |   |   |   | (7,121 | ) |
| Class A common stock ($0.96 per share)                       |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (17,497 | )      |   |   | - |   |   |   | - |   |   |   | (17,497 | ) |
| Issuance of shares under dividend                            |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| reinvestment plan                                            |   |   |   | -               |   |   |         | -      |   |                 |   | 59,494    |       |   |   | -                      |   |   |                           | 11,657     |   |           |   | -      |                                          |   |   | 981                                        |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 981 |   |
| Exercise of stock options                                    |   |   |   | -               |   |   |         | -      |   |                 |   | 2,000     |       |   |   | -                      |   |   |                           | 2,000      |   |           |   | -      |                                          |   |   | 32                                         |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 32 |   |
| Shares issued under restricted stock plan                    |   |   |   | -               |   |   |         | -      |   |                 |   | 170,900   |       |   |   | 2                      |   |   |                           | 64,200     |   |           |   | -      |                                          |   |   | (2                                         | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Restricted stock compensation and other adjustment           |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | 2,692                                      |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 2,692 |   |
| Repurchases of Class A common stock                          |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | (38,700    | )      |           |   | (1     | )                                             |   |   | (505                                       | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | (506 | ) |
| Forfeiture of restricted stock                               |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | (6,000     | )      |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balances – October 31, 2009                            |   |   |   | 2,450,000       |   |   |         | 61,250 |   |                 |   | 8,222,514 |       |   |   | 82                     |   |   |                           | 18,241,275 |   |           |   | 182    |                                          |   |   | 261,433                                    |   |   |   | (49,150 | )      |   |   | (216 | ) |   |   | - |   |   |   | 273,581 |   |
| Comprehensive Income:                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to Common                              |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and Class A common stockholders                              |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | 14,448  |   |   |   | - |   |   |   | - |   |   |   | 14,448 |   |
| Change in unrealized gains (losses) in marketable securities |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | 190 |   |   |   | - |   |   |   | 190 |   |
| Change in unrealized loss on interest rate swap              |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | -       |   |   |   | (203 | ) |   |   | - |   |   |   | (203 | ) |
| Total comprehensive income                                   |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   | 14,435 |   |
| Cash dividends paid :                                        |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock ($0.88 per share)                               |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (7,412  | )      |   |   | - |   |   |   | - |   |   |   | (7,412 | ) |
| Class A common stock ($0.97 per share)                       |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (18,371 | )      |   |   | - |   |   |   | - |   |   |   | (18,371 | ) |
| Sale of Class A Common Shares                                |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | 2,500,000  |   |           |   | 25     |                                          |   |   | 44,897                                     |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 44,922 |   |
| Issuance of shares under dividend                            |   |   |   |            |   |   |         |   |   |                 |   |      |       |   |   |                   |   |   |                           |       |   |           |   |   |                                          |   |   |                                       |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| reinvestment plan                                            |   |   |   | -               |   |   |         | -      |   |                 |   | 62,976    |       |   |   | -                      |   |   |                           | 8,873      |   |           |   | -      |                                          |   |   | 1,091                                      |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 1,091 |   |
| Shares issued under restricted stock plan                    |   |   |   | -               |   |   |         | -      |   |                 |   | 175,950   |       |   |   | 2                      |   |   |                           | 69,550     |   |           |   | 1      |                                          |   |   | (3                                         | )      |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Restricted stock compensation and other adjustment           |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | 3,277                                      |   |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 3,277 |   |
| Adjustments to redeemable noncontrolling interests           |   |   |   | -               |   |   |         | -      |   |                 |   | -         |       |   |   | -                      |   |   |                           | -          |   |           |   | -      |                                          |   |   | -                                          |   |   |   | (4,072  | )      |   |   | - |   |   |   | - |   |   |   | (4,072 | ) |
| Balances – October 31, 2010                            |   |   |   | 2,450,000       |   |   | $            | 61,250 |   |                 |   | 8,461,440 |       |   | $      | 84                     |   |   |                           | 20,819,698 |   |           | $      | 208    |                                          |   | $      | 310,695                                    |   |   | $      | (64,557 | )      |   | $      | (229 | ) |   | $ | - |   |   | $ | 307,451 |   |

----

----

----

| Description:                     |   | Fair Market Value |   |   | CostBasis |   |   | Net Unrealized Gain/(Loss) |   |   | GrossUnrealized Gains |   |   | Gross Unrealized (Loss) |   |
|----------------------------------|--------|-------------------|--------|--------|-----------|--------|--------|----------------------------|--------|--------|-----------------------|--------|--------|-------------------------|--------|
|                             |   |              |   |   |      |   |   |                       |   |   |                  |   |   |                    |   |
| REIT Common and Preferred Stocks |   | $                 | 932    |   |      | $      | 958    |                       |   | $      | (26                   | )      |   | $                       | 113    |   |   | $ | (139 | ) |

----

|                                                                          |   | Year Ended October 31, |   |
|-------------------------------------------------------------------------------|--------|------------------------|--------|
|                                                                          |   | 2010                   |   |   | 2009 |   |   | 2008 |   |
| Numerator                                                                     |   |                   |   |   |   |   |   |   |   |
| Net income applicable to common stockholders – basic                    |   | $                      | 3,795  |   |   | $ | 3,859 |   |   | $ | 4,162 |   |
| Effect of dilutive securities:                                                |   |                   |   |   |   |   |   |   |   |   |   |   |
| Stock awards                                                                  |   |                   | 175    |   |   |   | 110 |   |   |   | 125 |   |
| Net income applicable to common stockholders – diluted                  |   | $                      | 3,970  |   |   | $ | 3,969 |   |   | $ | 4,287 |   |
| Denominator                                                                   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Denominator for basic EPS-weighted average common shares                      |   |                   | 7,176  |   |   |   | 7,069 |   |   |   | 6,990 |   |
| Effect of dilutive securities:                                                |   |                   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock and other awards                                             |   |                   | 519    |   |   |   | 323 |   |   |   | 361 |   |
| Denominator for diluted EPS – weighted average common equivalent shares |   |                   | 7,695  |   |   |   | 7,392 |   |   |   | 7,351 |   |
|                                                                          |   |                   |   |   |   |   |   |   |   |   |   |   |
| Numerator                                                                     |   |                   |   |   |   |   |   |   |   |   |   |   |
| Net income applicable to Class A common stockholders – basic            |   | $                      | 10,653 |   |   | $ | 10,790 |   |   | $ | 11,985 |   |
| Effect of dilutive securities:                                                |   |                   |   |   |   |   |   |   |   |   |   |   |
| Stock awards                                                                  |   |                   | (175   | ) |   |   | (110 | ) |   |   | (125 | ) |
| Net income applicable to Class A common stockholders – diluted          |   | $                      | 10,478 |   |   | $ | 10,680 |   |   | $ | 11,860 |   |
|                                                                          |   |                   |   |   |   |   |   |   |   |   |   |   |
| Denominator                                                                   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Denominator for basic EPS – weighted average Class A common shares      |   |                   | 18,273 |   |   |   | 17,910 |   |   |   | 18,223 |   |
| Effect of dilutive securities:                                                |   |                   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock and other awards                                             |   |                   | 150    |   |   |   | 116 |   |   |   | 185 |   |
| Denominator for diluted EPS – weighted average Class A common           |   |                   |   |   |   |   |   |   |   |   |   |   |
| equivalent shares                                                             |   |                   | 18,423 |   |   |   | 18,026 |   |   |   | 18,408 |   |

----

|       |   | Core Properties |    |   | Non-Core Properties |   |   | Unconsolidated Joint Venture |   |   | Mortgage Notes Receivable |   |   | 2010Totals |   |   | 2009Totals |   |
|------------|--------|-----------------|---------|--------|---------------------|--------|--------|------------------------------|--------|--------|---------------------------|--------|--------|------------|--------|--------|------------|--------|
| Retail     |   | $               | 474,780 |   |                | $      | -      |                         |   | $      | 24,850                    |   |   | $          | 1,090  |   |       | $      | 500,720 |   |   | $ | 454,353 |   |
| Office     |   |            | 7,799   |   |                |   | -      |                         |   |   | -                         |   |   |       | -      |   |       |   | 7,799 |   |   |   | 7,769 |   |
| Industrial |   |            | -       |   |                |   | 450    |                         |   |   | -                         |   |   |       | -      |   |       |   | 450 |   |   |   | 539 |   |
|       |   | $               | 482,579 |   |                | $      | 450    |                         |   | $      | 24,850                    |   |   | $          | 1,090  |   |       | $      | 508,969 |   |   | $ | 462,661 |   |

|      |   | 2010   |    |   | 2009   |   |
|-----------|--------|--------|---------|--------|--------|--------|
| Northeast |   | $      | 507,429 |   |   | $      | 460,951 |   |
| Midwest   |   |   | 450     |   |   |   | 540 |   |
| Southwest |   |   | 1,090   |   |   |   | 1,170 |   |
|      |   | $      | 508,969 |   |   | $      | 462,661 |   |

|                       |   | 2010   |     |   | 2009   |   |
|----------------------------|--------|--------|----------|--------|--------|--------|
| Land                       |   | $      | 110,493  |   |   | $      | 103,906 |   |
| Buildings and improvements |   |   | 489,346  |   |   |   | 460,383 |   |
|                       |   |   | 599,839  |   |   |   | 564,289 |   |
| Accumulated depreciation   |   |   | (117,260 | )      |   |   | (104,060 | ) |
|                       |   | $      | 482,579  |   |   | $      | 460,229 |   |

----

----

|                       |   | 2010   |   |   | 2009   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|
| Land                       |   | $      | 450    |   |   | $      | 450 |   |
| Buildings and improvements |   |   | 933    |   |   |   | 933 |   |
|                       |   |   | 1,383  |   |   |   | 1,383 |   |
| Accumulated depreciation   |   |   | (932   | )      |   |   | (844 | ) |
|                       |   | $      | 451    |   |   | $      | 539 |   |

----

|       |   | PrincipalRepayments |    |   | ScheduledAmortization |   |   | Total  |   |
|------------|--------|---------------------|---------|--------|-----------------------|--------|--------|--------|--------|
| 2011       |   | $                   | 3,947   |   |                  | $      | 2,470  |   |   | $ | 6,417 |   |
| 2012       |   |                | 3,791   |   |                  |   | 2,419  |   |   |   | 6,210 |   |
| 2013       |   |                | 11,455  |   |                  |   | 2,071  |   |   |   | 13,526 |   |
| 2014       |   |                | -       |   |                  |   | 2,038  |   |   |   | 2,038 |   |
| 2015       |   |                | -       |   |                  |   | 2,164  |   |   |   | 2,164 |   |
| Thereafter |   |                | 80,952  |   |                  |   | 6,895  |   |   |   | 87,847 |   |
|       |   | $                   | 100,145 |   |                  | $      | 18,057 |   |   | $ | 118,202 |   |

----

|                                                                                                                                          |   | October 31,2010 |   |   | October 31,2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
| 8.50% Series C Senior Cumulative Preferred Stock; liquidation preference of $100 per share; issued and outstanding  400,000 shares  |   | $               | 38,406 |   |            | $      | 38,406 |   |
| 8.50% Series E Senior Cumulative Preferred Stock; liquidation preference of $25 per share; issued and outstanding  2,400,000 shares |   |            | 57,797 |   |            |   | 57,797 |   |
| Total Redeemable Preferred Stock                                                                                                              |   | $               | 96,203 |   |            | $      | 96,203 |   |

| ·   | UB Ironbound, LP (“Ironbound”) (75%) |
|--------------------|--------------------------------------------------|

| ·   | UB Stamford, LP (“Stamford”) (90%) (See Note 16) |
|--------------------|--------------------------------------------------------------|

----

|                       |   | October 31,2010 |   |   | October 31,2009 |   |
|----------------------------|--------|-----------------|--------|--------|-----------------|--------|
|                       |   |            |   |   |            |   |
| Beginning Balance          |   | $               | 7,259  |   |            | $      | 7,259 |   |
| Change in Redemption Value |   |            | 4,071  |   |            |   | - |   |
|                       |   |            |   |   |            |   |   |   |
| Ending Balance             |   | $               | 11,330 |   |            | $      | 7,259 |   |

----

|                                   |   | October 31, 2010 |   |   | October 31, 2009 |   |
|----------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                   |   |             |   |   |             |   |
| Midway Shopping Center, L.P. (9.9667%) |   | $                | 17,517 |   |             | $      | - |   |
| Putnam Plaza Shopping Center (66.7%)   |   |             | 6,610  |   |             |   | - |   |
| 81 Pondfield Road Company (20%)        |   |             | 723    |   |             |   | 723 |   |
| Total                                  |   | $                | 24,850 |   |             | $      | 723 |   |
|                                   |   |             |   |   |             |   |   |   |

----

|                           |   | 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, 2009 |   |          | 1,095,450 |   |                                   | $      | 14.72 |   |   |   | 334,700 |   |   | $ | 15.08 |   |
| Granted                        |   |          | 175,950   |   |                                   | $      | 14.88 |   |   |   | 69,550 |   |   | $ | 15.25 |   |
| Vested                         |   |          | (38,300   | )      |                                   | $      | 7.25 |   |   |   | (54,300 | ) |   | $ | 10.33 |   |
| Forfeited                      |   |          | -         |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Non-vested at October 31, 2010 |   |          | 1,233,100 |   |                                   | $      | 14.97 |   |   |   | 349,950 |   |   | $ | 15.85 |   |

| ·   | 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 |
|--------------------|-----------------------------------------------------------------------------------------------------------|

----

|                                |   |   |   |   | Fair Value Measurements at Reporting Date Using               |   |
|-------------------------------------|--------|--------|--------|--------|---------------------------------------------------------------|--------|
|                                |   | Total  |   |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |   |
|                                |   |   |   |   |                                                          |   |   |   |   |   |   |   |
| Assets:                             |   |   |   |   |                                                          |   |   |   |   |   |   |   |
| Available for Sale Securities       |   | $      | 932    |   |                                                          | $      | 932 |   |   | $ | - |   |   | $ | - |   |
|                                |   |   |   |   |                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                        |   |   |   |   |                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Swap Agreement        |   | $      | 203    |   |                                                          | $      | - |   |   | $ | 203 |   |   | $ | - |   |
|                                |   |   |   |   |                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable noncontrolling interests |   | $      | 11,330 |   |                                                          | $      | - |   |   | $ | 7,419 |   |   | $ | 3,911 |   |

----

|                                                            |   | Year Ended October 31, 2010 |   |   | Year Ended October 31, 2009 |   |
|-----------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|
|                                                            |   | Quarter Ended               |   |   | Quarter Ended               |   |
|                                                            |   | Jan 31                      |   |   | Apr 30                      |   |   | July 31 |   |   | Oct 31 |   |   | Jan 31 |   |   | Apr 30 |   |   | July 31 |   |   | Oct 31 |   |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                        |   | $                           | 20,518 |   |                        | $      | 21,169 |   |   | $ | 21,813 |   |   | $ | 21,618 |   |   | $ | 21,370 |   |   | $ | 21,188 |   |   | $ | 20,485 |   |   | $ | 19,529 |   |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income Attributable to Urstadt Biddle Properties Inc.       |   | $                           | 6,413  |   |                        | $      | 6,160 |   |   | $ | 7,792 |   |   | $ | 7,177 |   |   | $ | 6,879 |   |   | $ | 7,381 |   |   | $ | 7,052 |   |   | $ | 6,431 |   |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock Dividends                                       |   |                        | (3,273 | )      |                        |   | (3,274 | ) |   |   | (3,273 | ) |   |   | (3,274 | ) |   |   | (3,273 | ) |   |   | (3,274 | ) |   |   | (3,273 | ) |   |   | (3,274 | ) |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income Applicable to Common and Class A Common Stockholders |   | $                           | 3,140  |   |                        | $      | 2,886 |   |   | $ | 4,519 |   |   | $ | 3,903 |   |   | $ | 3,606 |   |   | $ | 4,107 |   |   | $ | 3,779 |   |   | $ | 3,157 |   |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share Data:                                                 |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Share:                                       |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A Common Stock                                            |   | $                           | .13    |   |                        | $      | .12 |   |   | $ | .18 |   |   | $ | .15 |   |   | $ | .15 |   |   | $ | .17 |   |   | $ | .16 |   |   | $ | .13 |   |
| Common Stock                                                    |   | $                           | .12    |   |                        | $      | .11 |   |   | $ | .17 |   |   | $ | .14 |   |   | $ | .13 |   |   | $ | .15 |   |   | $ | .14 |   |   | $ | .12 |   |
|                                                            |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Share:                                     |   |                        |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class A Common Stock                                            |   | $                           | .13    |   |                        | $      | .12 |   |   | $ | .18 |   |   | $ | .15 |   |   | $ | .15 |   |   | $ | .17 |   |   | $ | .15 |   |   | $ | .13 |   |
| Common Stock                                                    |   | $                           | .11    |   |                        | $      | .10 |   |   | $ | .16 |   |   | $ | .13 |   |   | $ | .13 |   |   | $ | .15 |   |   | $ | .14 |   |   | $ | .11 |   |

----

| New York, New York | /s/ PKF LLP |
|--------------------|-------------|
| January 13, 2011   |        |
|               |        |

----

| URSTADT BIDDLE PROPERTIES INC.                          |
|---------------------------------------------------------|
| OCTOBER 31, 2010                                        |
| 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 Subsequentto Acquisition |   | Amount at which Carried at Close of Period |   |   | Life on which depreciation forbuilding and |
|  Description andLocation                           |   | Encumbrances |   | Land | Building &Improvements |   | Land | Building &Improvements |   | Land | Building &Improvements | TOTAL (a) | AccumulatedDepreciation(Note (b)) |   | DateConstructed/Acquired | improvements in latestincome statement iscomputed (Note (c)) |
| Real Estate Subject toOperating Leases (Note (a)):      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Office Buildings:                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Greenwich, CT                                           |   |                       - |   |  $                708 |  $             1,641 |   |  $               - |  $                   163 |   |  $        708 |  $                1,804 |  $          2,512 |  $                420 |   | 2001 |                               31.5 |
| Greenwich, CT                                           |   |                       - |   |                    488 |                 1,139 |   |                   - |                       206 |   |            488 |                    1,345 |              1,833 |                    310 |   | 2000 |                               31.5 |
| Greenwich, CT                                           |   |                       - |   |                    570 |                 2,359 |   |                   - |                       783 |   |            570 |                    3,142 |              3,712 |                    890 |   | 1998 |                               31.5 |
| Greenwich, CT                                           |   |                       - |   |                    199 |                    795 |   |                   - |                       406 |   |            199 |                    1,201 |              1,400 |                    359 |   | 1993 |                               31.5 |
| Greenwich, CT                                           |   |                       - |   |                    111 |                    444 |   |                   - |                           5 |   |            111 |                       449 |                 560 |                    239 |   | 1994 |                               31.5 |
|                                                    |   |                       - |   |                 2,076 |                 6,378 |   |                   - |                    1,563 |   |         2,076 |                    7,941 |            10,017 |                 2,218 |   |   |   |
| Retail Properties:                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bronxville, NY                                          |   |                       - |   |                      60 |                    239 |   |                  95 |                       453 |   |            155 |                       692 |                 847 |                      13 |   | 2009 |                               39.0 |
| Yonkers, NY                                             |   |                       - |   |                      30 |                    121 |   |                183 |                       733 |   |            213 |                       854 |              1,067 |                      22 |   | 2009 |                               39.0 |
| Yonkers, NY                                             |   |                       - |   |                      30 |                    121 |   |                  85 |                       341 |   |            115 |                       462 |                 577 |                      12 |   | 2009 |                               39.0 |
| New Milford, CT                                         |   |                 3,507 |   |                 2,114 |                 8,456 |   |                  71 |                       284 |   |         2,185 |                    8,740 |            10,925 |                    481 |   | 2008 |                               39.0 |
| New Milford, CT                                         |   |                 8,991 |   |                 4,492 |               17,967 |   |                  87 |                       355 |   |         4,579 |                  18,322 |            22,901 |                    233 |   | 2010 |                               39.0 |
| Newark, NJ                                              |   |               11,408 |   |                 5,252 |               21,023 |   |                   - |                          - |   |         5,252 |                  21,023 |            26,275 |                 1,348 |   | 2008 |                               39.0 |
| Briarcliff, NY                                          |   |                       - |   |                    279 |                 1,117 |   |                   - |                          - |   |            279 |                    1,117 |              1,396 |                      76 |   | 2008 |                               39.0 |
| Waldwick, NJ                                            |   |                       - |   |                 1,266 |                 5,064 |   |                   - |                         55 |   |         1,266 |                    5,119 |              6,385 |                    379 |   | 2007 |                               39.0 |
| Emerson NJ                                              |   |                       - |   |                 3,633 |               14,531 |   |                   - |                       541 |   |         3,633 |                  15,072 |            18,705 |                 1,317 |   | 2007 |                               39.0 |
| Monroe, CT                                              |   |                       - |   |                    765 |                 3,060 |   |                   - |                       115 |   |            765 |                    3,175 |              3,940 |                    302 |   | 2007 |                               39.0 |
| Queens,NY                                               |   |                       - |   |                    951 |                 3,802 |   | (57) | (221) |   |            894 |                    3,581 |              4,475 |                    371 |   | 2006 |                               39.0 |
| Queens,NY                                               |   |                       - |   |                    826 |                 3,304 |   | (34) | (138) |   |            792 |                    3,166 |              3,958 |                    320 |   | 2006 |                               39.0 |
| Pelham,NY                                               |   |                       - |   |                 1,694 |                 6,843 |   |                   - |                          - |   |         1,694 |                    6,843 |              8,537 |                    819 |   | 2006 |                               39.0 |
| Stratford, CT                                           |   |                       - |   |               10,173 |               40,794 |   | (96) |                    7,811 |   |       10,077 |                  48,605 |            58,682 |                 7,175 |   | 2005 |                               39.0 |
| Yorktown Heights, NY                                    |   |                       - |   |                 5,786 |               23,221 |   |                   - |                       174 |   |         5,786 |                  23,395 |            29,181 |                 3,218 |   | 2005 |                               39.0 |
| Rye, NY                                                 |   |                       - |   |                    909 |                 3,637 |   |                   - |                       156 |   |            909 |                    3,793 |              4,702 |                    613 |   | 2004 |                               39.0 |
| Rye, NY                                                 |   |                 1,641 |   |                    483 |                 1,930 |   |                   - |                           7 |   |            483 |                    1,937 |              2,420 |                    322 |   | 2004 |                               39.0 |
| Rye, NY                                                 |   |                    748 |   |                    239 |                    958 |   |                   - |                         87 |   |            239 |                    1,045 |              1,284 |                    175 |   | 2004 |                               39.0 |
| Rye, NY                                                 |   |                 1,688 |   |                    695 |                 2,782 |   |                   - |                          - |   |            695 |                    2,782 |              3,477 |                    462 |   | 2004 |                               39.0 |
| Somers, NY                                              |   |                       - |   |                 4,318 |               17,268 |   |                   - |                       547 |   |         4,318 |                  17,815 |            22,133 |                 3,525 |   | 2003 |                               39.0 |
| Westport, CT                                            |   |                       - |   |                 2,076 |                 8,305 |   |                   - |                       209 |   |         2,076 |                    8,514 |            10,590 |                 1,718 |   | 2003 |                               39.0 |
| White Plains, NY                                        |   |                       - |   |                 8,065 |               32,258 |   |                   - |                    6,276 |   |         8,065 |                  38,534 |            46,599 |                 7,916 |   | 2003 |                               39.0 |
| Orange, CT                                              |   |                       - |   |                 2,320 |               10,564 |   |                   - |                    1,168 |   |         2,320 |                  11,732 |            14,052 |                 2,478 |   | 2003 |                               39.0 |
| Stamford, CT                                            |   |               50,221 |   |               17,965 |               71,859 |   |                   - |                    5,671 |   |       17,965 |                  77,530 |            95,495 |               17,141 |   | 2002 |                               39.0 |
| Danbury, CT                                             |   |                       - |   |                 2,459 |                 4,566 |   |                   - |                       899 |   |         2,459 |                    5,465 |              7,924 |                 1,108 |   | 2002 |                               39.0 |
| Briarcliff, NY                                          |   |                       - |   |                 2,222 |                 5,185 |   |                   - |                       272 |   |         2,222 |                    5,457 |              7,679 |                 1,244 |   | 2001 |                               40.0 |
| Somers, NY                                              |   |   |   |                 1,833 |                 7,383 |   |                   - |                       400 |   |         1,833 |                    7,783 |              9,616 |                 2,697 |   | 1999 |                               31.5 |
| Briarcliff, NY                                          |   |                       - |   |                    380 |                 1,531 |   |                   - |                    2,391 |   |            380 |                    3,922 |              4,302 |                 2,572 |   | 1999 |                               40.0 |
| Briarcliff, NY                                          |   |               17,445 |   |                 2,300 |                 9,708 |   |                  15 |                    3,792 |   |         2,316 |                  13,500 |            15,816 |                 3,976 |   | 1998 |                               40.0 |
| Ridgefield, CT                                          |   |                       - |   |                    900 |                 3,793 |   |                   - |                       108 |   |            900 |                    3,901 |              4,801 |                 1,292 |   | 1998 |                               40.0 |
| Darien, CT                                              |   |               18,464 |   |                 4,260 |               17,192 |   |                   - |                       599 |   |         4,260 |                  17,791 |            22,051 |                 5,546 |   | 1998 |                               40.0 |
| Eastchester, NY                                         |   |                       - |   |                 1,500 |                 6,128 |   |                   - |                    1,993 |   |         1,500 |                    8,121 |              9,621 |                 2,258 |   | 1997 |                               31.0 |
| Danbury, CT                                             |  * |                       - |   |                 3,850 |               15,811 |   |                   - |                    3,826 |   |         3,850 |                  19,637 |            23,487 |                 8,087 |   | 1995 |                               31.5 |
| Carmel, NY                                              |   |                 4,089 |   |                 1,488 |                 5,973 |   |                   - |                    1,828 |   |         1,488 |                    7,801 |              9,289 |                 3,218 |   | 1995 |                               31.5 |
| Meriden, CT                                             |   |                       - |   |                 5,000 |               20,309 |   |                   - |                    4,257 |   |         5,000 |                  24,566 |            29,566 |               13,918 |   | 1993 |                               31.5 |
| Somers, NY                                              |   |                       - |   |                    821 |                 2,600 |   |                   - |                         18 |   |            821 |                    2,618 |              3,439 |                 1,215 |   | 1992 |                               31.5 |
| Wayne, NJ                                               |  * |                       - |   |                 2,492 |                 9,966 |   |                   - |                       598 |   |         2,492 |                  10,564 |            13,056 |                 4,600 |   | 1992 |                               31.0 |
| Newington, NH                                           |   |                       - |   |                    728 |                 1,997 |   |                   - |                    3,984 |   |            728 |                    5,981 |              6,709 |                 4,239 |   | 1979 |                               40.0 |
| Springfield, MA                                         |   |                       - |   |                 1,372 |                 3,656 |   |                337 |                    9,977 |   |         1,709 |                  13,633 |            15,342 |                 8,534 |   | 1970 |                               40.0 |
| Katonah, NY                                             |   |   |   |                 1,704 |                 6,816 |   |   |                          - |   |         1,704 |                    6,816 |              8,520 |                    102 |   | 2010 |                               39.0 |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |                    - |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |             118,202 |   |             107,730 |             421,838 |   |                686 |                  59,566 |   |     108,417 |                481,404 |          589,821 |             115,042 |   |   |   |
| Industrial Distribution Centers                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dallas, TX                                              |   |                       - |   |                    217 |                      - |   |                   - |                          - |   |            217 |                          - |                 217 |                       - |   | 1970 |                               40.0 |
| St. Louis, MO                                           |   |                       - |   |                    233 |                    934 |   |                   - | -                         - |   |            233 |                       934 |              1,167 |                    933 |   | 1970 |                               40.0 |
|                                                    |   |                       - |   |                    450 |                    934 |   |                   - |                          - |   |            450 |                       934 |              1,384 |                    933 |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                   |   |  $         118,202 |   |  $         110,256 |  $         429,150 |   |  $            686 |  $              61,129 |   |  $ 110,943 |  $            490,279 |  $      601,222 |  $         118,193 |   |   |   |

----

|                                                                                                                                                   |   | Year Ended October 31, |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|
| NOTES:                                                                                                                                                 |   | 2010                   |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |
| (a) RECONCILIATION OF REAL ESTATE -OWNED SUBJECT TO OPERATING LEASES                                                                                   |   |                   |    |   |   |   |   |   |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |
| Balance at beginning of year                                                                                                                           |   | $                      | 565,672 |   |   | $ | 568,272 |   |   | $ | 522,859 |   |
| Property improvements during the year                                                                                                                  |   |                   | 3,517   |   |   |   | 1,782 |   |   |   | 5,015 |   |
| Properties acquired during the year                                                                                                                    |   |                   | 33,243  |   |   |   | 600 |   |   |   | 45,423 |   |
| Properties sold during the year                                                                                                                        |   |                   | ---     |   |   |   | (925 | ) |   |   | --- |   |
| Property assets fully depreciated and written off                                                                                                      |   |                   | (1,210  | ) |   |   | (4,057 | ) |   |   | (5,025 | ) |
| Balance at end of year                                                                                                                                 |   | $                      | 601,222 |   |   | $ | 565,672 |   |   | $ | 568,272 |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
| (b) RECONCILIATION  OF ACCUMULATED DEPRECIATION                                                                                              |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
| Balance at beginning of year                                                                                                                           |   | $                      | 104,904 |   |   | $ | 94,328 |   |   | $ | 85,555 |   |
| Provision during the year charged to income                                                                                                            |   |                   | 14,499  |   |   |   | 14,633 |   |   |   | 13,798 |   |
| Property sold during the year                                                                                                                          |   |                   | ---     |   |   |   | --- |   |   |   | --- |   |
| Property assets fully depreciated and written off                                                                                                      |   |                   | (1,210  | ) |   |   | (4,057 | ) |   |   | (5,025 | ) |
| Balance at end of year                                                                                                                                 |   | $                      | 118,193 |   |   | $ | 104,904 |   |   | $ | 94,328 |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |                   |    |   |   |   |   |   |   |   |   |   |
| (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 $468 million at October 31, 2010. |   |

----

| URSTADT BIDDLE PROPERTIES INC.                                         |
|------------------------------------------------------------------------|
| OCTOBER 31, 2010                                                       |
| SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE                            |
| (In thousands)                                                         |
| COL. A                                                                 | COL. B | COL. C | COL. D | COL. E | COL. F |
|                                                                   | Interest Rate |   |   |   |   |
| Description                                                            | Coupon | Effective | Final Maturity Date | Periodic Payment Terms | Remaining Face     Amount of Mortgages (Note (b)) (In Thousands) | Carrying Amountof Mortgage (Note (a)) (In Thousands) |
|  FIRST MORTGAGE LOANS ON BUSINESS PROPERTIES (Notes (c) and (d)): |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |
| Retail Store:                                                          |   |   |   |   |   |   |
|   Riverside, CA                                              | 9% | 12% | 15-Jan-13 | Payable in quarterly installments of Principal and Interest of  $54 | $1,150 | $1,090 |
|                                                                   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |
| TOTAL MORTGAGE LOANS ON REAL ESTATE                                    |   | $1,150 | $1,090 |

| URSTADT BIDDLE PROPERTIES INC.                                                                   |   |
|--------------------------------------------------------------------------------------------------|--------|
| OCTOBER 31, 2010                                                                                 |   |
| SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Continued)                                          |   |
| (In thousands)                                                                                   |   |
|                                                                                             |   |
|                                                                                             |   |
| NOTES TO SCHEDULE IV                                                                             |   | Year Ended October 31 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |
| (a) Reconciliation of Mortgage Loans on Real Estate                                              |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | 2010 |   |   | 2009 |   |   | 2008 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |
| Balance at beginning of period:                                                                  |   | $ | 1,170 |   |   | $ | 1,241 |   |   | $ | 1,305 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|  Deductions during the current period:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|        Collections of principal and amortization of discounts |   |   | (80 | ) |   |   | (71 | ) |   |   | (64 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at  end of period:                                                             |   | $ | 1,090 |   |   | $ | 1,170 |   |   | $ | 1,241 |   |

----

Signatures

|                               | URSTADT BIDDLE PROPERTIES INC.                    |
|------------------------------------|---------------------------------------------------|
|                               |  (Registrant)                                |
|                               |                                              |
|                               | /s/ Charles J. Urstadt                            |
|                               | Charles J. Urstadt                                |
|                               | Chairman and Chief Executive Officer              |
|                               |                                              |
|                               |                                              |
|                               | /s/ John T. Hayes                                 |
|                               | John T. Hayes                                     |
|                               | Senior Vice President and Chief Financial Officer |
|                               | (Principal Financial Officer                      |
| Dated: January 13,  2011 | and Principal Accounting Officer)                 |

----

| /s/ Charles J. UrstadtCharles J. UrstadtChairman and Director(Principal Executive Officer)                                                     | January 13, 2011 |
|------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
|                                                                                                                                           |             |
| /s/ Willing L. BiddleWilling L. BiddlePresident and Director                                                                                   | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ John T. HayesJohn T. HayesSenior Vice President & Chief Financial Officer(Principal Financial Officerand Principal Accounting Officer) | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ Kevin J. BannonKevin J. BannonDirector                                                                                                     | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ E. Virgil ConwayE. Virgil ConwayDirector                                                                                                   | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ Robert R. DouglassRobert R. DouglassDirector                                                                                               | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ Peter HerrickPeter HerrickDirector                                                                                                         | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ George H.C. LawrenceGeorge H. C. LawrenceDirector                                                                                          | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ Robert J. MuellerRobert J. MuellerDirector                                                                                                 | January 13, 2011 |
|                                                                                                                                           |             |
| /s/ Charles D. UrstadtCharles D. UrstadtDirector                                                                                               | January 13, 2011 |
|                                                                                                                                           |             |
|                                                                                                                                           |             |
|                                                                                                                                           |             |

----

|  Exhibit |                                                                       |
|---------------|----------------------------------------------------------------------------|
| (3).          | Articles of Incorporation and Bylaws                                       |
|          |                                                                       |
|          | 3.1                                                                        | (a)  Amended Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Company’s Statement on Form S-4/A filed January 23, 1997 (SEC File No. 333-19113)). |
|          |                                                                       |   |
|          |                                                                       | (b) Articles Supplementary of the Company (incorporated by reference to Annex A of Exhibit 4.1 of the Company’s Current Report on Form 8-K dated August 3, 1998 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          |                                                                       | (c) Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated January 8, 1998 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          |                                                                       | (d) Articles Supplementary of the Company (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form S-3 filed on August 8, 2003 (SEC File No. 333-107803)). |
|          |                                                                       |   |
|          |                                                                       | (e)  Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated April 11, 2005 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          |                                                                       | (f)  Certificate of Correction to the Articles Supplementary of the Company (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated May 3, 2005 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          |                                                                       | (g)  Articles Supplementary of the Company (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated June 7, 2005 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          |                                                                       | (h)  Articles Supplementary of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)). |
|          |                                                                       |   |
|          | 3.2                                                                        | Bylaws of the Company, Amended and Restated as of December 12, 2007 (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K dated December 18, 2007 (SEC File No. 001-12803). |
|          |                                                                       |
| (4)           | Instruments Defining the Rights of Security Holders, Including Indentures. |
|          |                                                                       |   |
|          | 4.1                                                                        | Common Stock:  See Exhibits 3.1 (a)-(h) hereto. |
|          |                                                                       |   |
|          | 4.2                                                                        | Series B Preferred Shares:  See Exhibits 3.1 (a)-(h) hereto. |
|          |                                                                       |   |
|          | 4.3                                                                        | Series C Preferred Shares:  See Exhibits 3.1 (a)-(h) and 10.4 hereto. |
|          |                                                                       |   |
|          | 4.4                                                                        | Series D Preferred Shares:  See Exhibits 3.1 (a)-(h). |
|          |                                                                       |   |
|          | 4.5                                                                        | Series E Preferred Shares:  See Exhibits 3.1 (a)-(h) and 10.13 hereto. |
|          |                                                                       |   |
|          | 4.6                                                                        | Series A Preferred Share Purchase Rights:  See Exhibits 3.1 (a)-(h) and 10.15 hereto. |
| (10)          | Material Contracts.                                                        |
|          |                                                                       |   |
|          | 10.1                                                                       | Form of Indemnification Agreement entered into between the Company and each of its Directors and for future use with Directors and officers of the Company (incorporated herein by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended October 31, 1989 (SEC File No. 001-12803)).  1 |
|          |                                                                       |   |
|          | 10.2                                                                       | Amended and Restated Dividend Reinvestment and Share Purchase Plan (incorporated herein by reference to the Company’s Registration Statement on Form S-3 (SEC File No. 333-64381). |
|          |                                                                       |   |
|          | 10.3                                                                       | Excess Benefit and Deferred Compensation Plan (incorporated by reference to Exhibit 10.10 of the Company’s Annual Report on Form 10-K for the year ended October 31, 1998 (SEC File No. 001-12803)). 1  |

----

|   | 10.4   | Registration Rights Agreement dated as of May 29, 2003 by and between the Company and Ferris, Baker Watts, Incorporated (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-3 dated August 8, 2003 (SEC File No. 333-107803)).                                                                 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.5   | Amended and Restated Restricted Stock Award Plan as approved by the Company’s stockholders on March 10, 2004 (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2004 (SEC File No. 001-12803)). 1                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.5.1 | Forms of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Employee  Directors, Employee Directors and Employees), effective as of November 1, 2006 (incorporated by reference to Exhibits 10.24.1, 10.24.2 and 10.24.3 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2006) 1 |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.6   | Form of Amended and Restated Change of Control Agreements dated as of December 19, 2007 between the Company and Charles J. Urstadt, Willing L. Biddle and Thomas D. Myers (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K dated December 26, 2007).1 (SEC File No. 001-12803)) 1                |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.7   | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employees) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.18 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.8   | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Employee Directors) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.19 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.9   | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Directors) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.20 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.10  | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Employee Directors – Alternative Version) effective as of November 7, 2007 (incorporated by reference to Exhibit 10.21 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2007 (SEC File No. 001-12803)).1                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.11  | Unsecured Credit Agreement dated February 11, 2008 among the Company, lenders thereto (The Bank of New York and Wells Fargo Bank, N.A.) and The Bank of New York as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q dated March 7, 2008 (SEC File No. 001-12803)).                |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.12  | Investment Agreement between the Company and WFC Holdings Corporation dated March 13, 2008 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)).                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.13  | Registration Rights Agreement between the Company and WFC Holdings Corporation dated March 13, 2008 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q dated June 6, 2008 (SEC File No. 001-12803)).                                                                                                      |

----

|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.14                                               | Rights Agreement between the Company and The Bank of New York, as Rights Agent, dated as of July 18, 2008 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated July 24, 2008 (SEC File No. 001-12803)).                                                                       |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|   | 10.15                                                    | Form of Restricted Stock Award Agreement with Restricted Stock Plan Participants (Non-Director Employees) effective as of December 10, 2008  (incorporated by reference to Exhibit 10.22 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2008 (SEC File No. 001-12803)). 1 |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|   | 10.16                                                    | 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 dated December 15, 2008 (SEC File No. 001-12803)). 1                                                                          |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|   | 10.17                                                    | Change of 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 dated December 17, 2008 (SEC File No. 001-12803)). 1                                                                           |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|   | 10.18                                                    | Equity Underwriting Agreement, dated September 14, 2010, between the Company and Deutsche Bank Securities, Inc. as Underwriter (incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K dated September 14, 2010 (SEC File No. 001-12803))                                              |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
|   | 1 Management contract, compensatory plan or arrangement. |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
| (14)   |                                                     | Code of Ethics for Chief Executive Officer and Senior Financial Officers (incorporated by reference to Exhibit 14 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2003 (SEC File No. 001-12803)).                                                                                         |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
| (21)   |                                                     | List of Company's subsidiaries                                                                                                                                                                                                                                                                                             |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
| (23)   |                                                     | Consent of PKF LLP                                                                                                                                                                                                                                                                                                         |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
| (31.1) |                                                     | Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, signed and dated by Charles J. Urstadt.                                                                                                                                                                                       |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |
| (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 Charles J. Urstadt and John T. Hayes.                                                                                                                                         |
|   |                                                     |                                                                                                                                                                                                                                                                                                                       |

----