Document:

<PAGE>
                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

         REGISTRATION RIGHTS AGREEMENT, dated as of this 29th day of May, 2003
(this "Agreement"), by and among Urstadt Biddle Properties Inc., a Maryland
corporation (the "Company"), and Ferris, Baker Watts, Incorporated and Stifel,
Nicolaus & Company, Incorporated, (each individually an "Initial Purchaser" and
collectively the "Initial Purchasers") as attorneys-in-fact for and on behalf of
each person listed on Exhibit A hereto.

                              W I T N E S S E T H :
                               - - - - - - - - - -

         WHEREAS, upon the terms and subject to the conditions of the Purchase
Agreement dated as of May 28, 2003, by and among each of the Initial Purchasers
and the Company (the "Purchase Agreement"), the Company has agreed to issue and
sell to the Initial Purchasers, and the Initial Purchasers have agreed to
purchase from the Company, an aggregate of 400,000 shares, par value $.01 per
share, of the Company's 8.5% Series C Senior Cumulative Preferred Stock (the
"Preferred Stock") on the terms and conditions set forth therein;

         WHEREAS, upon the terms and subject to the conditions of subscription
agreements (the form of which is an Exhibit to the Purchase Agreement) dated as
of May 29, 2003, by and between the Initial Purchasers, on the one hand, and the
qualified institutional buyers, on the other hand, the Initial Purchasers have
agreed to resell the preferred stock to the qualified institutional buyers in
accordance with Rule 144A of the Securities Act (the "subscription agreements");
and

         WHEREAS, in order to induce the Initial Purchasers to enter into the
Purchase Agreement and to consummate the transactions contemplated thereby, and
to induce the qualified institutional buyers to enter into the subscription
agreements and to consummate the transactions contemplated thereby, the Company
has agreed to provide the persons listed on Exhibit A hereto and the holders of
the Registrable Securities prior to the time of the filing of the Registration
Statement with certain registration rights with respect to the Preferred Stock
as more fully set forth herein.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein, the parties hereto, intending to be legally bound,
hereby agree as follows:

         1. Definitions.

         As used in this Agreement, the following terms shall have the following
meanings:

                                      -1-
<PAGE>

         (a) "Affiliate" of any specified Person means any other Person who
directly, or indirectly through one or more intermediaries, is in control of, is
controlled by, or is under common control with, such specified Person. For
purposes of this definition, control of a Person means the power, directly or
indirectly, to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise; and the terms "controlling" and
"controlled" have the respective meanings correlative to the foregoing.

         (b) "Commission" means the Securities and Exchange Commission.

         (c) "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder, or any
similar successor statute.

         (d) "Purchasers" mean the persons listed on Exhibit A hereto and any
transferee or assignee of the Registrable Securities who holds such Registrable
Securities immediately prior to the effective date of the Registration
Statement.

         (e) "Person" means any individual, partnership, corporation, limited
liability company, joint stock company, association, trust, unincorporated
organization, or a government or agency or political subdivision thereof.

         (f) "Prospectus" means the prospectus (including, without limitation,
any preliminary prospectus and any final prospectus filed pursuant to Rule
424(b) under the Securities Act, including any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance on Rule 430A under the Securities Act)
included in the Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Registration Statement and by all
other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

         (g) "Registrable Securities" mean the shares of Preferred Stock, or any
other securities issued in respect of such securities upon any stock split,
stock dividend, recapitalization, merger or other reorganization, issued to or
held by each Purchaser; provided, however, that a share of Preferred Stock, or
of such other securities issued in respect thereof, shall cease to be a
Registrable Security for purposes of this Agreement when it no longer is a
Restricted Security.

         (h) "Registration Statement" means a registration statement of the
Company filed on an appropriate form under the Securities Act providing for the
registration of, and the sale on a continuous or delayed basis by the holders
of, all of the Registrable Securities pursuant to Rule 415 under the Securities
Act, including the Prospectus contained therein and forming a part thereof, any
amendments to such registration statement and supplements to such Prospectus,
and all exhibits and other material incorporated by reference in such
registration statement.

                                      -2-
<PAGE>

         (i) "Restricted Security" means any share of Preferred Stock, or any
other security issued in respect of such security upon any stock split, stock
dividend, recapitalization, merger or other reorganization, except any such
share that (i) has been registered pursuant to an effective registration
statement under the Securities Act and sold in a manner contemplated by the
Prospectus included in the Registration Statement, (ii) has been transferred in
compliance with the resale provisions of Rule 144 under the Securities Act (or
any successor provision thereto) or is transferable pursuant to paragraph (k) of
Rule 144 under the Securities Act (or any successor provision thereto), or (iii)
otherwise has been transferred and a new share of Preferred Stock not subject to
transfer restrictions under the Securities Act has been delivered by or on
behalf of the Company.

         (j) "Securities Act" means the Securities Act of 1933, as amended, and
the rules and regulations of the Commission thereunder, or any similar successor
statute.

         2. Registration. Subject to the receipt of necessary information from
the Purchasers, the Company shall use its reasonable efforts to prepare and file
with the Commission as soon as reasonably practicable after the date hereof, a
Registration Statement under the Securities Act relating to the offer and sale
of the Registrable Securities and shall use its reasonable efforts to cause the
Commission to declare such Registration Statement to be effective under the
Securities Act as soon as reasonably practicable after filing, all in accordance
with the terms of this Agreement.

         3. Obligations of the Company. In connection with the registration of
the Registrable Securities, the Company shall:

         (a) promptly (i) prepare and file with the Commission such amendments
(including post-effective amendments) to the Registration Statement and
supplements to the Prospectus as may be necessary to keep the Registration
Statement continuously effective and in compliance with the provisions of the
Securities Act applicable thereto so as to permit the Prospectus forming a part
thereof to be current and useable by Purchasers for resales of the Registrable
Securities for a period of two years from the date on which the Registration
Statement is first declared effective by the Commission (the "Effective Time")
or such shorter period that will terminate when all the Registrable Securities
covered by the Registration Statement have been (A) sold pursuant thereto in
accordance with the plan of distribution provided in the Prospectus, (B)
transferred pursuant to Rule 144 under the Securities Act or (C) otherwise
transferred in a manner that results in the delivery of new securities not
subject to transfer restrictions under the Securities Act (the "Registration
Period"), and (ii) take all lawful action such that each of (A) the Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, not
misleading, and (B) the Prospectus forming part of the Registration Statement,
and any amendment or supplement thereto, does not at any time during the
Registration Period include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the

                                      -3-
<PAGE>

circumstances under which they were made, not misleading. Notwithstanding the
foregoing provisions of this Section 3(a), the Company may, during the
Registration Period, suspend the use of the Prospectus for a period not to
exceed 60 days (whether or not consecutive) in any 12-month period if the Board
of Directors of the Company determines in good faith that because of valid
business reasons, including pending mergers or other business combination
transactions, planned acquisitions or divestitures of assets, or pending
material corporate developments and similar events, it is in the best interests
of the Company to suspend such use, and prior to or contemporaneously with
suspending such use the Company provides the Purchasers with written notice of
such suspension, which notice need not specify the nature of the event giving
rise to such suspension. At the end of any such suspension period, the Company
shall provide the Purchasers with written notice of the termination of such
suspension. The Company covenants and agrees that it shall not suspend use of
any Prospectus according to the above terms unless Company employees, officers
and directors and their affiliates and any other holders of registration rights
with respect to the Company's stock would, under applicable law, also be
prohibited from effecting any public sales of shares of Company stock
beneficially owned by them for the duration of such period. The Company
represents that it has no knowledge of any circumstance that would reasonably be
expected at the time of the filing of the Registration Statement pursuant to
Section 2 to cause the Company to exercise its rights under this Section 3(a);

         (b) during the Registration Period, comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities of
the Company covered by the Registration Statement until such time as all of such
Registrable Securities have been disposed of in accordance with the intended
methods of disposition by the Purchasers as set forth in the Prospectus forming
part of the Registration Statement;

         (c) (i) prior to the filing with the Commission of the Registration
Statement (including any amendments thereto) and the distribution or delivery of
any Prospectus (including any supplements thereto), provide draft copies thereof
to the Purchasers and reflect in such documents all such comments as the
Purchasers (and their counsel) reasonably may propose and (ii) furnish to each
Purchaser whose Registrable Securities are included in the Registration
Statement and its legal counsel identified to the Company, (A) promptly after
the same is prepared and publicly distributed, filed with the Commission, or
received by the Company, one copy of the Registration Statement, each
Prospectus, and each amendment or supplement thereto, and (B) such number of
copies of the Prospectus and all amendments and supplements thereto, and such
other documents, as such Purchaser may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Purchaser;

         (d) (i) register and qualify the Registrable Securities covered by the
Registration Statement under such securities or "blue sky" laws of such U.S.
jurisdictions as a Purchaser who holds Registrable Securities being offered may
reasonably request as necessary or advisable in connection with the sale of such
Securities, (ii) prepare and file in such jurisdictions such amendments
(including post effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof at all
times during the Registration Period, (iii) take all such other lawful actions
as may be necessary to maintain such

                                      -4-
<PAGE>

registrations and qualifications in effect at all times during the Registration
Period, and (iv) take all such other lawful actions as may be reasonably
necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions; provided, however, that the Company shall not be required in
connection therewith or as a condition thereto to (A) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(d), (B) subject itself to general taxation in any such
jurisdiction or (C) file a general consent to service of process in any such
jurisdiction;

         (e) as promptly as practicable after becoming aware of such event,
notify each Purchaser of the occurrence of any event, as a result of which the
Prospectus included in the Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and
promptly prepare an amendment to the Registration Statement and supplement to
the Prospectus to correct such untrue statement or omission, and deliver such
number of copies of such supplement and amendment to each Purchaser as such
Purchaser may reasonably request;

         (f) as promptly as practicable after becoming aware of such event,
notify each Purchaser who holds Registrable Securities being sold of the
issuance by the Commission of any stop order or other suspension of the
effectiveness of the Registration Statement at the earliest possible time and
use its reasonable efforts to effect the withdrawal, recession or removal of
such stop order or other suspension;

         (g) upon the Commission declaring effective any Registration Statement
relating to the offer and sale of the Registrable Securities, use its reasonable
efforts to cause the listing of the Preferred Stock on the New York Stock
Exchange, Inc. (the "NYSE") or, if the Preferred Stock shall not then be
eligible for listing on the NYSE, to apply for listing of the Preferred Stock on
the American Stock Exchange, Inc. (the "AMEX") or, if the Preferred Stock shall
not then be eligible for listing on the AMEX, to apply for quotation of the
Preferred Stock through the National Association of Securities Dealers, Inc.
Automated Quotation System (the date of any such listing, the "Listing Date");
provided, however, that the Company, on the Listing Date, shall be entitled to
discontinue the trading of the Registrable Securities on The PortalSM Market, a
subsidiary of the Nasdaq Stock Market, Inc.;

         (h) subsequent to the Listing Date, maintain a transfer agent and
registrar, which may be a single entity, for the Preferred Stock;

         (i) cooperate with the Purchasers who hold Registrable Securities being
offered to facilitate the timely preparation and delivery of certificates for
the Registrable Securities to be offered pursuant to the Registration Statement
and enable such certificates for the Registrable Securities to be in such
denominations or amounts, as the case may be, as the Purchasers reasonably may
request and registered in such names as the Purchasers may request; and, at the
Effective Time, deliver and cause legal counsel selected by the Company to
deliver to the transfer agent for the

                                      -5-
<PAGE>

Registrable Securities (with copies to the Purchasers whose Registrable
Securities are included in the Registration Statement) an appropriate
instruction and opinion of such counsel;

         (j) use its reasonable efforts to expedite and facilitate the
disposition by the Purchasers of their Registrable Securities in accordance with
the intended methods therefor provided in the Prospectus;

         (k) make generally available to its securityholders as soon as
practicable, but in any event not later than 18 months after (i) the effective
date (as defined in Rule 158(c) under the Securities Act) of the Registration
Statement, (ii) the effective date of each post-effective amendment to the
Registration Statement, and (iii) the date of each filing by the Company with
the Commission of its Annual Report on Form 10-K, an earnings statement of the
Company and its subsidiaries complying with Section 11(a) of the Securities Act
and the rules and regulations of the Commission thereunder (including, at the
option of the Company, Rule 158);

         (l) enter into such customary agreements and use its reasonable efforts
to expedite and facilitate the registration and disposition of the Registrable
Securities; and

         (m) (i) make reasonably available for inspection by Purchasers and any
attorney, accountant or other agent retained by such Purchasers all relevant
financial and other records, pertinent corporate documents and properties of the
Company and its subsidiaries, and (ii) cause the Company's officers, directors
and employees to supply all information reasonably requested by such Purchasers,
attorney, accountant or agent in connection with the Registration Statement, in
each case, as is customary for similar due diligence examinations; provided,
however, that all records, information and documents that are designated in
writing by the Company as confidential, proprietary or containing any material
non-public information shall be kept confidential by such Purchasers, attorney,
accountant or agent, unless such disclosure is made pursuant to judicial process
in a court proceeding (after first giving the Company an opportunity promptly to
seek a protective order or otherwise limit the scope of the information sought
to be disclosed) or is required by law, or such records, information or
documents become available to the public generally or through a third party not
in violation of an accompanying obligation of confidentiality; and provided
further that, if the foregoing inspection and information gathering would
otherwise disrupt the Company's conduct of its business, such inspection and
information gathering shall, to the maximum extent possible, be coordinated on
behalf of the Purchasers and the other parties entitled thereto by one legal
counsel designated by and on behalf of the Purchasers.

         4. Obligations of the Purchasers. In connection with the registration
of the Registrable Securities, the Purchasers shall have the following
obligations:

         (a) It shall be a condition precedent to the obligations of the Company
to use its reasonable efforts to complete the registration pursuant to this
Agreement with respect to the Registrable Securities of a holder of Registrable
Securities that such Purchaser shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended

                                      -6-
<PAGE>

method of disposition of the Registrable Securities held by it as shall be
reasonably required to effect the registration of such Registrable Securities,
and shall execute such documents in connection with such registration as the
Company may reasonably request. As soon as is reasonably practicable after the
date hereof, the Company shall notify each Purchaser of the information the
Company requires from each such Purchaser (the "Requested Information"), if such
Purchaser shall elect to have any of its Registrable Securities included in the
Registration Statement. If, at least five business days prior to the anticipated
filing date of the Registration Statement, the Company has not received the
Requested Information from a Purchaser (a "Non-Responsive Purchaser"), then the
Company may file the Registration Statement without including the Registrable
Securities of such Non-Responsive Purchaser.

         (b) Each Purchaser by its acceptance of the Registrable Securities
agrees to cooperate with the Company in connection with the preparation and
filing of the Registration Statement hereunder, unless such Purchaser has
notified the Company in writing of its election to exclude all of its
Registrable Securities from the Registration Statement or is otherwise a
Non-Responsive Purchaser.

         (c) Each Purchaser agrees that, upon receipt of any notice from the
Company of the occurrence of any event of the kind described in Section 3(e) or
3(f), it shall immediately discontinue its disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such Purchaser's receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3(e) and, if so directed by the Company, such
Purchaser shall deliver to the Company (at the expense of the Company) or
destroy (and deliver to the Company a certificate of destruction) all copies in
such Purchaser's possession of the Prospectus covering such Registrable
Securities current at the time of receipt of such notice.

         5. Expenses of Registration. All expenses incurred in connection with
registrations, filings or qualifications pursuant to Section 3, including,
without limitation, all registration, listing, and qualification fees, printing
and engraving and accounting fees, the fees and disbursements of counsel for the
Company (but excluding the fees of any legal counsel selected by the
Purchasers), shall be borne by the Company.

         6. Indemnification and Contribution.

         (a) Indemnification by the Company. The Company shall indemnify and
hold harmless each Purchaser and each of their respective officers and directors
and each Person who controls such Purchaser within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (each such Person being
sometimes hereinafter referred to as an "Indemnified Party") from and against
any losses, claims, damages or liabilities, joint or several, to which such
Indemnified Party may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or an
omission or alleged omission to state therein a material fact required to be
stated therein or

                                      -7-
<PAGE>

necessary to make the statements therein, not misleading, or arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact
contained in any Prospectus or an omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; and the Company hereby agrees to reimburse such
Indemnified Party for all reasonable legal and other expenses incurred by them
in connection with investigating or defending any such action or claim as and
when such expenses are incurred; provided, however, that the Company shall not
be liable to any such Indemnified Party in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon (i) an
untrue statement or alleged untrue statement made in, or an omission or alleged
omission from, such Registration Statement or Prospectus in reliance upon and in
conformity with written information furnished to the Company by such Indemnified
Party expressly for use therein or (ii) in the case of the occurrence of an
event of the type specified in Section 3(e), the use by the Indemnified Party of
an outdated or defective Prospectus after the Company has provided to such
Indemnified Party the notice required by Section 3(e).

         (b) Indemnification by the Purchasers. Each Purchaser agrees, as a
consequence of the inclusion of any of its Registrable Securities in a
Registration Statement, severally and not jointly, to (i) indemnify and hold
harmless the Company, its directors (including any person who, with his or her
consent, is named in the Registration Statement as a director nominee of the
Company), its officers who sign the Registration Statement and each Person, if
any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, against any losses, claims,
damages or liabilities to which the Company or such other Persons may become
subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in such Registration Statement or Prospectus or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in
light of the circumstances under which they were made, in the case of the
Prospectus), not misleading, in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information
furnished to the Company by such holder expressly for use therein, and (ii)
reimburse the Company for any reasonable legal or other expenses incurred by the
Company in connection with investigating or defending any such action or claim
as such expenses are incurred.

         (c) Notice of Claims, etc. Promptly after receipt by an Indemnified
Party of written notice of any investigation, claim, proceeding or other action
in respect of which indemnification is being sought (each, a "Claim"), the
Indemnified Party promptly shall notify the party against whom indemnification
pursuant to this Section 6 is being sought (the "Indemnifying Party") of the
commencement thereof; but the omission to so notify the Indemnifying Party shall
not relieve the Indemnifying Party from any liability that it otherwise may have
to the Indemnified Party, except to the extent that the Indemnifying Party is
materially prejudiced and forfeits substantive rights and defenses by reason of
such omission. In connection with any Claim as to

                                      -8-
<PAGE>

which both the Indemnifying Party and the Indemnified Party are parties, the
Indemnifying Party shall be entitled to assume the defense thereof.
Notwithstanding the assumption of the defense of any Claim by the Indemnifying
Party, the Indemnified Party shall have the right to employ separate legal
counsel and to participate in the defense of such Claim, and the Indemnifying
Party shall bear the reasonable fees, out-of-pocket costs and expenses of such
separate legal counsel to the Indemnified Party if (and only if): (x) the
Indemnifying Party shall have agreed to pay such fees, costs and expenses; (y)
the Indemnified Party and the Indemnifying Party shall reasonably have concluded
that representation of the Indemnified Party by the legal counsel to the
Indemnifying Party would not be appropriate due to actual or, as reasonably
determined by legal counsel to the Indemnified Party, potentially differing
interests between such parties in the conduct of the defense of such Claim, or
if there may be legal defenses available to the Indemnified Party that are in
addition to or disparate from those available to the Indemnifying Party; or (z)
the Indemnifying Party shall have failed to employ legal counsel reasonably
satisfactory to the Indemnified Party within a reasonable period of time after
notice of the commencement of such Claim. If the Indemnified Party employs
separate legal counsel in circumstances other than as described in clauses (x),
(y) or (z) above, the fees, costs and expenses of such legal counsel shall be
borne exclusively by the Indemnified Party. Except as provided above, the
Indemnifying Party shall not, in connection with any Claim in the same
jurisdiction, be liable for the fees and expenses of more than one legal counsel
for the Indemnified Party. The Indemnified Party shall not, without the prior
written consent of the Indemnifying Party (which consent shall not unreasonably
be withheld), settle or compromise any Claim or consent to the entry of any
judgment that does not include an unconditional release of the Indemnifying
Party from all liabilities with respect to such Claim or judgment.

         (d) Contribution. If the indemnification provided for in this Section 6
is unavailable to or insufficient to hold harmless an Indemnified Party under
subsection (a) or (b) above in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, then each
Indemnifying Party shall contribute to the amount paid or payable to such
Indemnified Party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and the Indemnified Party in connection
with the statements or omissions which resulted in such losses, claims, damages
or liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such Indemnifying Party or by such Indemnified Party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 6(d) were determined by
pro rata allocation (even if the Purchasers were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in this Section 6(d). The amount paid or
payable by an Indemnified Party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to above shall be deemed to
include any legal or other fees or expenses reasonably

                                      -9-
<PAGE>

incurred by such Indemnified Party in connection with investigating or defending
any such action or claim. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. The obligations of the Purchasers in this Section 6(d) to
contribute shall be several, not joint, and in proportion to the percentage of
Registrable Securities registered by the Purchasers.

         (e) Notwithstanding any other provision of this Section 6, in no event
shall any Purchaser be liable to any Person under this Section 6 for any amounts
in excess of the dollar amount of the proceeds to be received by such Purchaser
from the sale of such Purchaser's Registrable Securities (after deducting any
fees, discounts and commissions applicable thereto) pursuant to the Registration
Statement under which such Registrable Securities are to be registered under the
Securities Act.

         (f) The obligations of the Company under this Section 6 shall be in
addition to any liability which the Company may otherwise have to any
Indemnified Party and the obligations of any Purchaser under this Section 6
shall be in addition to any liability which such Purchaser may otherwise have to
any Indemnified Party. The remedies provided in this Section 6 are not exclusive
and shall not limit any rights or remedies which may otherwise be available to
an Indemnified Party at law or in equity.

         7. Rule 144. With a view to making available to the Purchasers the
benefits of Rule 144 under the Securities Act or any other similar rule or
regulation of the Commission that may at any time permit the Purchasers to sell
securities of the Company to the public without registration ("Rule 144"), the
Company agrees to:

         (a) comply with the provisions of paragraph (c)(1) of Rule 144; and

         (b) file with the Commission in a timely manner all reports and other
documents required to be filed by the Company pursuant to Section 13 or 15(d)
under the Exchange Act.

         8. Assignment. Notwithstanding anything to the contrary contained in
this Agreement, the rights to have the Company register Registrable Securities
pursuant to this Agreement will not be transferred to a transferee of
Registrable Securities unless: (a) the Purchaser agrees in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company as soon as practicable after such assignment; (b) the
Company is, as soon as practicable after such transfer or assignment, furnished
with written notice of (i) the name and address of such transferee or assignee
and (ii) the securities with respect to which such registration rights are being
transferred or assigned; (c) immediately following such transfer or assignment,
the securities so transferred or assigned to the transferee or assignee
constitute Restricted Securities; and (d) at or before the time the Company
receives the written notice contemplated by clause (b) of this sentence, the
transferee or assignee signs a counterpart of this

                                      -10-
<PAGE>

Agreement or otherwise agrees in writing with the Company to be bound by all of
the provisions contained herein.

         9. Restrictions on Transferability. Each Purchaser acknowledges and
agrees that the Registrable Securities are subject to certain transfer
restrictions set forth in the subscription agreements, and each Purchaser
further acknowledges and agrees that certificates representing shares of
Registrable Securities shall be stamped or otherwise imprinted with legends
restricting the transferability thereof, in substantially the form set forth in
such subscription agreements.

         10. Amendment and Waiver. Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Purchasers who hold at least 66-2/3% of
the Registrable Securities. Any amendment or waiver effected in accordance with
this Section 10 shall be binding upon each Purchaser and the Company.

         11. Miscellaneous.

         (a) A Person shall be deemed to be a holder of Registrable Securities
whenever such Person owns of record such Registrable Securities. If the Company
receives conflicting instructions, notices or elections from two or more Persons
with respect to the same Registrable Securities, the Company shall act upon the
basis of instructions, notice or election received from the registered owner of
such Registrable Securities.

         (b) Notices required or permitted to be given hereunder shall be in
writing and shall be deemed to be sufficiently given when personally delivered
(by hand, by courier, by facsimile transmission, receipt confirmed) or sent by
certified mail, return receipt requested, properly addressed and with proper
postage pre-paid (i) if to the Company, to Urstadt Biddle Properties Inc., 321
Railroad Avenue, Greenwich Connecticut 06830 Attn: Secretary, with a copy to
Coudert Brothers, 1114 Avenue of the Americas, New York, NY 10036, Attn: Thomas
J. Drago, Esq., (ii) if to the Initial Purchasers, at the respective addresses
set forth in the Purchase Agreement and (iii) if to any other Purchaser, at such
address as such Purchaser shall have provided in writing to the Company, or at
such other address as each such party furnishes by notice given in accordance
with this Section 12(b), and shall be effective, when personally delivered, upon
receipt and, when so sent by certified mail, four calendar days after deposit
with the United States Postal Service.

         (c) Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

         (d) This Agreement shall be governed by and interpreted in accordance
with the laws of the State of New York, without regard to applicable conflict of
laws principles. Each of the parties consents to the jurisdiction of the federal
courts whose districts encompass any part of the

                                      -11-
<PAGE>

City of New York or the state courts of the State of New York sitting in the
City of New York in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection including
any objection based on forum non conveniens, to the bringing of any such
proceeding in such jurisdictions. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction.

         (e) This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and undertakings among the parties hereto with respect to the subject
matter hereof.

         (f) Subject to all conditions herein, this Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties
hereto.

         (g) All pronouns and any variations thereof refer to the masculine,
feminine or neuter, singular or plural, as the context may require.

         (h) The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning thereof.

         (i) This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which shall constitute one and the
same agreement.

                  [Remainder of page intentionally left blank]

                                      -12
<PAGE>

A facsimile transmission of this signed Agreement shall be legal and binding on
all parties hereto.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the date first above written.

                               URSTADT BIDDLE PROPERTIES INC.

                               By: /s/ Willing L. Biddle
                                   -------------------------------
                                   Name:  Willing L. Biddle
                                   Title: President

                               FERRIS, BAKER WATTS, INCORPORATED
                               as attorney-in-fact for and on behalf
                               of the  persons specified on Exhibit A hereto

                               By: /s/ Mark O. Decker, Sr.
                                   -------------------------------
                                   Name:  Mark O. Decker, Sr.
                                   Title: Senior Vice President

<PAGE>
                                                                       EXHIBIT A

Qualified Institutional Buyer              Number of Shares
-----------------------------              ----------------

AEW Capital Management                         90,000
Cohen & Steers Capital Management              80,000
Kensington Investment Group                    95,000
Neuberger Berman                               60,000
RREEF Real Estate Securities Advisors          75,000
                                               ------
                                              400,000

                                      -14-<PAGE>

                                                                     Exhibit 4.2

                             ARTICLES SUPPLEMENTARY

                                       OF

                         URSTADT BIDDLE PROPERTIES INC.

         Urstadt Biddle Properties Inc., a Maryland corporation (the "Company"),
hereby certifies to the State Department of Assessments and Taxation of the
State of Maryland that:

         FIRST: Pursuant to authority contained in Article 7 of the Charter of
the Company (the "Charter"), 400,000 shares of authorized but unissued shares of
the Company's preferred stock have been duly classified by the Board of
Directors of the Company on May 28, 2003, as authorized but unissued shares of
the Company's 8.5% Series C Senior Cumulative Preferred Stock and the Board of
Directors of the Company has set the preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends, qualifications, and
terms and conditions of redemption thereof.

         SECOND: A description of the 8.5% Series C Senior Cumulative Preferred
Stock including the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and
conditions of redemption, as set by the Board of Directors of the Company is as
follows:

              1. Designation and Number. A series of preferred stock, designated
the 8.5% Series C Senior Cumulative Preferred Stock, par value $.01 per share
(the "Series C Preferred Stock"), is hereby established. The number of shares
constituting the Series C Preferred Stock shall be 400,000.

              2. Defined Terms. The terms defined in this Section, whenever used
herein, shall, unless the context otherwise requires, have the respective
meanings hereinafter specified:

         "Calculation Period" means, as of any date of determination, the period
comprised of the two most recently completed fiscal quarters of the Company
immediately preceding the fiscal quarter of the Company in which such date of
determination occurs.

         "Capitalization Ratio" means, as of any date of determination, the
ratio obtained by dividing (i) the sum of (A) the aggregate amount of Debt of
the Company and (B) the aggregate amount of Preferred Stock of the Company by
(ii) the sum of (A) the aggregate amount of Debt of the Company, (B) the
aggregate amount of Preferred Stock of the Company, (C) the aggregate amount of
capital (including additional paid in capital) which in accordance with
generally accepted accounting principles would be reflected on a balance sheet
of the Company in connection with the Common Stock of the Company as of the end
of the quarter immediately preceding the fiscal quarter of the Company in which
such date of determination occurs and (D) accumulated depreciation of the
Company as set forth on the Company's balance sheet as of the end of the quarter
immediately preceding the fiscal quarter of the Company in which such date of
determination occurs.

<PAGE>

         "Capitalized Lease Obligations" of a person means any obligation that
is required to be classified and accounted for as a capital lease on the face of
a balance sheet of such person prepared in accordance with generally accepted
accounting principles; the amount of such obligation shall be the capitalized
amount thereof determined in accordance with generally accepted accounting
principles; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease.

         "Change of Control" means either (i) the occurrence of any merger or
other acquisition with or by any person, entity or group as a consequence of
which a majority of the outstanding shares of Common Stock of the Company shall
be owned or acquired by such person, entity or group or (ii) the occurrence of
any event or transaction as a consequence of which the persons, entities or
organizations set forth in (A), (B) and (C), below, shall, in the aggregate,
cease to own, beneficially or of record, or cease to control the voting or
disposition or the power to direct the voting or disposition of, at least 75% of
the number of shares of Common Stock of the Company which the persons, entities
or organizations set forth in (A), (B) or (C), below, in the aggregate, own,
beneficially or of record, or control the voting or disposition or have the
power to direct the voting or disposition of, as of the date hereof (excluding,
for the avoidance of doubt, any stock options or other stock rights which any
such person, entity or organization may now own or hereafter acquire for
purposes of this definition): (A) Charles J. Urstadt; (B) any Immediate Relative
of Charles J. Urstadt (defined as his spouse, any of his children or any of
their spouses, or any of his grandchildren or any of their spouses); or (C) any
trust, corporation, partnership, limited liability company or other entity or
organization controlled by Charles J. Urstadt or any Immediate Relative of
Charles J. Urstadt or in which Charles J. Urstadt or any Immediate Relative of
Charles J. Urstadt has any economic, beneficial or other interest.

         "Common Stock" means the common stock, par value $.01 per share, of the
Company, any stock into which such common stock shall have been changed or any
stock resulting from any capital reorganization or reclassification of such
common stock, the Class A common stock, par value $.01 per share, of the
Company, any stock into which such Class A common stock shall have been changed
or any stock resulting from any capital reorganization or reclassification of
such Class A common stock, and all other stock of any class or classes (however
designated) of the Company the holders of which have the right, without
limitation as to amount, either to all or to a share of the balance of current
dividends and liquidating dividends after the payment of dividends and
distributions of any shares entitled to preference.

         "De Minimis Series B Preferred Stock" means up to 100 shares of Series
B Preferred Stock to be issued at the sole discretion of the Company subsequent
to the original issuance of the Series B Preferred Stock pursuant to the consent
of the holders of the Series B Preferred Stock contained in the Series B
Subscription Agreement.

         "Debt" of the Company or any subsidiary means any indebtedness of the
Company or any subsidiary, whether or not contingent, in respect of (i) borrowed
money or evidenced by bonds, notes, debentures or similar instruments, (ii)
indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any
security interest existing on property owned by the Company or any subsidiary,
(iii) reimbursement obligations, contingent or otherwise, in connection with
letters of credit or amounts representing the balance deferred and unpaid of the

                                       2
<PAGE>

purchase price of any property except any such balance that constitutes an
accrued expense or trade payable or (iv) any lease of property by the Company or
any subsidiary as lessee which is reflected on the Company's consolidated
balance sheet as a capitalized lease in accordance with generally accepted
accounting principles, in the case of items of indebtedness under (i) through
(iii) above to the extent that any such items (other than reimbursement
obligations in connection with letters of credit) would appear as a liability on
the Company's consolidated balance sheet in accordance with generally accepted
accounting principles, and also includes, to the extent not otherwise included,
any obligation by the Company or any subsidiary to be liable for, or to pay, as
obligor, guarantor or otherwise (other than for purposes of collection in the
ordinary course of business), indebtedness of another person (other than the
Company or any subsidiary) (it being understood that Debt will be deemed to be
incurred by the Company or any subsidiary whenever the Company or such
subsidiary shall create, assume, guarantee or otherwise become liable in respect
thereof).

         "Discount Rate" means, as of any date of determination, the yield to
maturity implied by (i) the yields reported, as of 10:00 A.M. (New York City
time) on the second business day preceding such date of determination on the
display designated as "Page 678" on the Telerate Access Service (or such other
display as may replace Page 678 on Telerate Access Service) for actively traded
U.S. Treasury securities having a 30-year maturity as of such date of
determination, or (ii) if such yields are not reported as of such time or the
yields reported as of such time are not ascertainable, the Treasury Constant
Maturity Series Yields reported, for the latest day for which such yields have
been so reported as of the second business day preceding the date of
determination in Federal Reserve Statistical Release H.15 (519) (or any
comparable successor publication) for actively traded U.S. Treasury securities
having a 30-year constant maturity as of such date of determination.

         "Fixed Charge Coverage Ratio" means, as of any date of determination,
the ratio obtained by dividing (i) the sum of (A) Interest Expense for the
Calculation Period and Preferred Dividends for the Calculation Period and (B)
Funds From Operations for the Calculation Period by (ii) the sum of (A) Interest
Expense for the Calculation Period and (B) Preferred Dividends for the
Calculation Period; provided, however, that (x) if the Company has issued any
Debt or Preferred Stock since the beginning of the Calculation Period that
remains outstanding or (y) if the transactions giving rise to the need to
calculate the Fixed Charge Coverage Ratio is an issuance of Debt or Preferred
Stock, or both (x) and (y), Interest Expense and Preferred Dividends for the
Calculation Period shall be calculated after giving effect on a pro forma basis
to such Debt or Preferred Stock as if such Debt or Preferred Stock had been
issued on the first day of the Calculation Period and the discharge of any other
Debt or Preferred Stock refinanced, refunded, exchanged or otherwise discharged
with the proceeds of such new Debt or Preferred Stock as if any such discharge
had occurred on the first day of the Calculation Period.

         "Funds From Operations" means, with respect to any fiscal quarter, the
net income of the Company, computed in accordance with generally accepted
accounting principles, for that quarter excluding gains or losses from sales of
properties, plus depreciation, amortization and after adjustments for
unconsolidated joint ventures.

                                       3
<PAGE>

         "Interest Expense" means, for any period, the total interest expense of
the Company, including (i) interest expense attributable to capital leases, (ii)
amortization of debt discount and debt issuance cost, (iii) capitalized
interest, (iv) non-cash interest payments and (v) interest actually paid by the
Company under any guarantee of Debt or other obligation of any other person.

         "Lien" means any mortgage, pledge, security interest, conditional sale
or other title retention agreement or other similar lien.

         "Make-Whole Price" means, for any share of Series C Preferred Stock as
of any date of determination, the sum of (i) the present value as of such date
of determination of all remaining scheduled dividend payments of such share of
Series C Preferred Stock until the Tenth Anniversary Date, discounted by the
Discount Rate, (ii) the Liquidation Preference (as defined in Section 6) and
(iii) all accrued and unpaid dividends thereon to such date of determination.

         "Preferred Dividends" means, for any period, dividends accrued during
such period in respect of all Preferred Stock held by persons other than the
Company.

         "Preferred Stock" means, as applied to the capital stock of the
Company, capital stock of any class or classes (however designated) which is
preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of stock of any other class of the Company.

         "Regulated Person" means any bank holding company, subsidiary of a bank
holding company or other person or entity that is subject to the Bank Holding
Company Act of 1956, as amended from time to time.

         "Senior Obligation" means any (i) Debt other than accounts payable
incurred in the ordinary course of the Company's business and (ii) any equity
securities of the Company which rank senior to the Series C Preferred Stock with
respect to the payment of dividends or the distribution of assets upon
liquidation, dissolution or winding up of the Company.

         "Series B Preferred Stock" means the 8.99% Series B Senior Cumulative
Preferred Stock, par value $.01 per share, of the Company.

         "Series B Subscription Agreement" means that certain Subscription
Agreement, by and among the Company and certain holders of the Series B
Preferred Stock, dated as of January 8, 1998, as the same may be amended,
modified or supplemented from time to time in accordance with the provisions
thereof.

         "Stated Maturity" means, with respect to any security, the date
specified in such security as the fixed date on which the principal of such
security is due and payable, including pursuant to any mandatory redemption
provision (but excluding any provision providing for the repurchase of such
security at the option of the holder thereof upon the happening of any
contingency).

         "Tenth Anniversary Date" means, the date which is the tenth anniversary
of the first date of issuance of any shares of Series C Preferred Stock.

                                       4
<PAGE>

              3. Maturity. The Series C Preferred Stock has no stated maturity
and will not be subject to any sinking fund or mandatory redemption.

              4. Rank. The Series C Preferred Stock will, with respect to
dividend rights and rights upon liquidation, dissolution or winding up of the
Company, rank (i) senior to all classes or series of Common Stock of the
Company, and to all equity securities issued by the Company ranking junior to
the Series C Preferred Stock with respect to dividend rights or rights upon
liquidation, dissolution or winding up of the Company, (ii) on a parity with the
Series B Preferred Stock, and with all other equity securities issued by the
Company the terms of which specifically provide that such equity securities rank
on a parity with the Series B and Series C Preferred Stock with respect to
dividend rights or other rights upon liquidation, dissolution or winding up of
the Company, and (iii) junior to all existing and future indebtedness of the
Company. Without the affirmative vote or consent of at least two-thirds of the
outstanding shares of Series C Preferred Stock, the Company may not issue any
equity securities which rank senior to the Series C Preferred Stock with respect
to dividend rights or rights upon liquidation, dissolution or winding up of the
Company. The term "equity securities" does not include convertible debt
securities, which will rank senior to the Series C Preferred Stock prior to
conversion.

              5. Dividends.

              (a) Holders of shares of the Series C Preferred Stock are entitled
to receive, when and as declared by the Board of Directors, out of funds legally
available for the payment of dividends, preferential cumulative cash dividends
at the rate of 8.5% per annum of the Liquidation Preference (the "Initial
Dividend Yield"); provided, however, that if the Company should violate the
Fixed Charge Coverage Ratio Covenant (as defined in Section 10) or the
Capitalization Ratio Covenant (as defined in Section 10), and fails to cure such
violation on or prior to the second succeeding dividend payment date, the
Initial Dividend Yield shall be increased to 200 basis points over the Initial
Dividend Yield (the "First Default Dividend Yield") as of such second succeeding
dividend payment date. If the Company remains in violation of either the Fixed
Charge Ratio Covenant or the Capitalization Ratio Covenant on four consecutive
dividend payment dates subsequent to the initial violation of either such
covenant, the Initial Dividend Yield shall increase to the greater of (i) the
Discount Rate plus 700 basis points or (ii) 15% (the "Second Default Dividend
Yield") as of such fourth consecutive dividend payment date. The First Default
Dividend Yield and the Second Default Dividend Yield will revert back to the
Initial Dividend Yield if the Company remains in compliance with the Fixed
Charge Coverage Ratio Covenant and the Capitalization Ratio Covenant (in each
case measured at the end of the then most recently completed fiscal quarter) on
two consecutive dividend payment dates after such First Default Dividend Yield
or Second Default Dividend Yield takes effect.

              (b) Dividends on the Series C Preferred Stock shall be cumulative
from the date of original issue and shall be payable in arrears for each
quarterly period ending January 31, April 30, July 31 and October 31 on January
31, April 30, July 31 and October 31, respectively, of each year, or, if any
such date shall not be a business day, the next succeeding business day (each, a
"Dividend Payment Date"). The first dividend will be payable on July 31, 2003
with respect to the period commencing on the date of issue and ending July 31,
2003 and will be for

                                       5
<PAGE>

less than a full quarterly period. Any dividend payable on the Series C
Preferred Stock will be computed on the basis of a 360-day year consisting of
twelve 30-day months. Dividends will be payable to holders of record as they
appear in the stock records of the Company at the close of business on the
applicable record date determined each quarter by the Board of Directors, as
provided by the Maryland General Corporation Law (the "MGCL") (each, a "Dividend
Record Date").

              (c) No dividends on shares of Series C Preferred Stock shall be
declared by the Board of Directors or paid or set apart for payment by the
Company at such time as the terms and provisions of any agreement of the
Company, including any agreement relating to its indebtedness, prohibits such
declaration, payment or setting apart for payment or provides that such
declaration, payment or setting apart for payment would constitute a breach
thereof or a default thereunder, or if such declaration or payment shall be
restricted or prohibited by law.

              (d) Notwithstanding the foregoing, dividends on outstanding shares
of the Series C Preferred Stock will accrue whether or not the Company has
earnings, whether or not there are funds legally available for the payment of
such dividends and whether or not such dividends are declared. Accrued but
unpaid dividends on shares of the Series C Preferred Stock will not bear
interest and holders of shares of the Series C Preferred Stock will not be
entitled to any distributions in excess of full cumulative distributions
described above. Except as set forth in the next sentence, no dividends will be
declared or paid or set apart for payment on any capital stock of the Company
ranking, as to dividends, on a parity with or junior to the Series C Preferred
Stock (other than a dividend in shares of the Company's Common Stock or in
shares of any other class of stock ranking junior to the Series C Preferred
Stock as to dividends and upon liquidation) for any period unless full
cumulative dividends have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof is set apart for such
payment on outstanding shares of the Series C Preferred Stock for all past
dividend periods and the then current dividend period. When dividends are not
paid in full (or a sum sufficient for such full payment is not so set apart)
upon the Series C Preferred Stock and the shares of any other series of
preferred stock ranking on a parity as to dividends with the Series C Preferred
Stock, all dividends declared upon the Series C Preferred Stock and any other
series of preferred stock ranking on a parity as to dividends with the Series C
Preferred Stock shall be declared pro rata so that the amount of dividends
declared per share of Series C Preferred Stock and such other series of
preferred stock, shall in all cases bear to each other the same ratio that
accrued dividends per share on the Series C Preferred Stock and such other
series of preferred stock (which shall not include any in respect of unpaid
dividends for prior dividend periods if such preferred stock does not have a
cumulative dividend) bear to each other.

              (e) Except as provided in the immediately preceding paragraph (d),
unless full cumulative dividends on outstanding shares of the Series C Preferred
Stock have been or contemporaneously are declared and paid or declared and a sum
sufficient for the payment thereof is set apart for payment for all past
dividend periods and the then current dividend period, no dividends (other than
in shares of Common Stock or other shares of capital stock ranking junior to the
Series C Preferred Stock as to dividends and upon liquidation) shall be declared
or paid or set aside for payment nor shall any other distribution be declared or
made upon the Common Stock, or any other capital stock of the Company ranking
junior to or on a parity with

                                       6
<PAGE>

the Series C Preferred Stock as to dividends or upon liquidation, nor shall any
shares of Common Stock, or any other shares of capital stock of the Company
ranking junior to or on a parity with the Series C Preferred Stock as to
dividends or upon liquidation be redeemed, purchased or otherwise acquired for
any consideration (or any moneys be paid to or made available for a sinking fund
for the redemption of any such shares) by the Company (except by conversion into
or exchange for other capital stock of the Company ranking junior to the Series
C Preferred Stock as to dividends and upon liquidation or redemption for the
purpose of preserving the Company's qualification as a real estate investment
trust (a "REIT") under the Internal Revenue Code of 1986, as amended (the
"Code")). Holders of shares of the Series C Preferred Stock shall not be
entitled to any dividend, whether payable in cash, property or stock, in excess
of full cumulative dividends on the Series C Preferred Stock as provided above.
Any dividend payment made on shares of the Series C Preferred Stock shall first
be credited against the earliest accrued but unpaid dividend due with respect to
such shares which remains payable. So long as no dividends are in arrears, the
Company shall be entitled at any time and from time to time to repurchase shares
of Series C Preferred Stock in open-market transactions duly authorized by the
Board of Directors and effected in compliance with applicable laws.

              6. Liquidation Preference.

              (a) Upon any voluntary or involuntary liquidation, dissolution or
winding up of the affairs of the Company, the holders of shares of Series C
Preferred Stock are entitled to be paid out of the assets of the Company legally
available for distribution to its stockholders a liquidation preference of $100
per share (the "Liquidation Preference"), plus an amount equal to any accrued
and unpaid dividends to the date of payment, but without interest, before any
distribution of assets is made to holders of Common Stock or any other class or
series of capital stock of the Company that ranks junior to the Series C
Preferred Stock as to liquidation rights, but the holders of the shares of
Series C Preferred Stock will not be entitled to receive the Liquidation
Preference, plus any accrued and unpaid dividends, of such shares until the
liquidation preference of any other series or class of the Company's capital
stock hereafter issued which ranks senior as to liquidation rights to the Series
C Preferred Stock has been paid in full. The holders of Series C Preferred Stock
and all series or classes of the Company's capital stock which rank on a parity
as to liquidation rights with the Series C Preferred Stock are entitled to share
ratably, in accordance with the respective preferential amounts payable on such
capital stock, in any distribution (after payment of the liquidation preference
of any capital stock of the Company that ranks senior to the Series C Preferred
Stock as to liquidation rights) which is not sufficient to pay in full the
aggregate of the amounts payable thereon. Holders of Series C Preferred Stock
will be entitled to written notice of any event triggering the right to receive
such Liquidation Preference. After payment of the full amount of the Liquidation
Preference, plus any accrued and unpaid dividends to which they are entitled,
the holders of Series C Preferred Stock will have no right or claim to any of
the remaining assets of the Company. The consolidation or merger of the Company
with or into any other corporation, trust or entity or of any other corporation
with or into the Company, or the sale, lease or conveyance of all or
substantially all of the property or business of the Company, shall not be
deemed to constitute a liquidation, dissolution or winding up of the Company.

                                       7
<PAGE>

              (b) In determining whether a distribution to holders of Series C
Preferred Stock (other than upon voluntary or involuntary liquidation) by
dividend, redemption or other acquisition of shares of stock of the Company or
otherwise is permitted under the MGCL, no effect shall be given to amounts that
would be needed, if the Company were to be dissolved at the time of the
distribution, to satisfy the preferential rights upon distribution of holders of
shares of stock of the Company whose preferential rights upon dissolution are
superior to those receiving the distribution.

              7. Redemption.

              (a) Subject to a redemption of shares of Series C Preferred Stock
which shall be converted to Excess Stock (as defined in Section 12 of the
Charter) pursuant to the Charter and a Change of Control, the Series C Preferred
Stock is not redeemable prior to the Tenth Anniversary Date. However, in order
to ensure that the Company will continue to meet the requirements for
qualification as a REIT under the Code, the Company will have the right to
purchase from the holder of shares of Series C Preferred Stock at any time any
shares of Series C Preferred Stock in excess of 7.5% of the value of the
outstanding capital stock of the Company. On and after the Tenth Anniversary
Date, the Company, at its option, upon not less than 30 nor more than 60 days'
written notice, may redeem shares of the Series C Preferred Stock, in whole or
in part, at any time or from time to time, for cash at a redemption price of
$100 per share, plus all accrued and unpaid dividends thereon to the date fixed
for redemption (subject to Section 7(d) and except with respect to shares of
Series C Preferred Stock which shall have been converted into shares of Excess
Stock pursuant to the Charter), without interest. Holders of Series C Preferred
Stock which is to be redeemed shall surrender such Series C Preferred Stock at
the place designated in such notice and shall be entitled to the redemption
price and any accrued and unpaid dividends payable upon such redemption
following such surrender. If notice of redemption of any shares of Series C
Preferred Stock has been given and if the funds necessary for such redemption
have been set aside by the Company in trust for the benefit of the holders of
any shares of Series C Preferred Stock so called for redemption, then from and
after the redemption date dividends will cease to accrue on such shares of
Series C Preferred Stock, such shares of Series C Preferred Stock shall no
longer be deemed outstanding and all rights of the holders of such shares will
terminate, except the right to receive the redemption price. If less than all of
the outstanding shares of Series C Preferred Stock is to be redeemed, the Series
C Preferred Stock to be redeemed shall be selected pro rata (as nearly as may be
practicable without creating fractional shares) or by any other equitable method
determined by the Company.

              (b) Unless full cumulative dividends on all shares of Series C
Preferred Stock shall have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof set apart for payment for
all past dividend periods and the then current dividend period, no shares of
Series C Preferred Stock shall be redeemed unless all outstanding shares of
Series C Preferred Stock are simultaneously redeemed and the Company shall not
purchase or otherwise acquire directly or indirectly any shares of Series C
Preferred Stock (except by exchange for capital stock of the Company ranking
junior to the Series C Preferred Stock as to dividends and upon liquidation);
provided, however, that the foregoing shall not prevent the purchase by the
Company of Excess Stock in order to ensure that the Company

                                       8
<PAGE>

continues to meet the requirements for qualification as a REIT or any purchase
or exchange offer made on the same terms to holders of all outstanding shares of
Series C Preferred Stock. So long as no dividends are in arrears, the Company
shall be entitled at any time and from time to time to repurchase shares of
Series C Preferred Stock in open-market transactions duly authorized by the
Board of Directors and effected in compliance with applicable laws.

              (c) Notice of redemption will be given by publication in a
newspaper of general circulation in the City of New York, such publication to be
made once a week for two successive weeks commencing not less than 30 nor more
than 60 days prior to the redemption date. A similar notice will be mailed by
the Company, postage prepaid, not less than 30 nor more than 60 days prior to
the redemption date, addressed to the respective holders of record of the Series
C Preferred Stock to be redeemed at their respective addresses as they appear on
the stock transfer records of the Company. No failure to give such notice or any
defect therein or in the mailing thereof shall affect the validity of the
proceedings for the redemption of any shares of Series C Preferred Stock except
as to the holder to whom notice was defective or not given. Each notice shall
state: (i) the redemption date; (ii) the redemption price; (iii) the number of
shares of Series C Preferred Stock to be redeemed; (iv) the place or places
where the Series C Preferred Stock is to be surrendered for payment of the
redemption price; and (v) that dividends on the shares to be redeemed will cease
to accrue on such redemption date. If less than all of the Series C Preferred
Stock held by any holder is to be redeemed, the notice mailed to such holder
shall also specify the number of shares of Series C Preferred Stock held by such
holder to be redeemed.

              (d) Immediately prior to any redemption of Series C Preferred
Stock, the Company shall pay, in cash, any accumulated and unpaid dividends
through the redemption date, unless a redemption date falls after a Dividend
Record Date and prior to the corresponding Dividend Payment Date, in which case
each holder of Series C Preferred Stock at the close of business on such
Dividend Record Date shall be entitled to the dividend payable on such shares on
the corresponding Dividend Payment Date notwithstanding the redemption of such
shares before such Dividend Payment Date.

              8. Change of Control.

              (a) In the event of a Change of Control of the Company, each
holder of shares of Series C Preferred Stock shall have the right, at such
holder's option, to require the Company to repurchase all or any part of such
holder's Series C Preferred Stock for cash at a repurchase price of $100 per
share, plus all accrued and unpaid dividends thereon, if any, up to the date
fixed for repurchase (except with respect to shares of Series C Preferred Stock
which shall have been converted into shares of Excess Stock pursuant to the
Charter), without interest, pursuant to the procedures described below (the
"Change of Control Put Option"), subject to the MGCL.

              (b) In connection with any Change of Control, the Company will be
required to mail to each holder of shares of Series C Preferred Stock, not later
than the date of the occurrence of such Change of Control, a notice of such
occurrence (the "Change of Control Notice"), which shall specify the purchase
price and the purchase date, which shall be no fewer than 30 business days and
no more than 40 business days from the date such notice is mailed (the

                                       9
<PAGE>

"Put Option Payment Date"), and describe the procedure that must be followed by
such holder to tender such holder's shares of Series C Preferred Stock. The
Company will be required to deliver a copy of the Change of Control Notice to
each record and known beneficial holder of shares of Series C Preferred Stock as
of the date that is 15 days prior to the date such Change of Control Notice is
mailed. To exercise the Change of Control Put Option, a holder of shares of
Series C Preferred Stock must deliver, on or before the third business day
preceding the Put Option Payment Date, written notice to the Company (or to a
paying agent designated by the Company for such purpose) of such holder's
exercise of the Change of Control Put Option, indicating the number of shares of
Series C Preferred Stock to be repurchased by the Company. Holders of shares of
Series C Preferred Stock will be entitled to withdraw, in whole or in part, any
tender of shares of Series C Preferred Stock pursuant to an exercise of the
Change of Control Put Option by delivering to the Company (or to a paying agent
designated by the Company for such purpose), on or before the second business
day preceding the Put Option Payment Date, a telegram, telex, facsimile
transmission or letter setting forth the name of the holder, the number of
shares of Series C Preferred Stock initially to be delivered for purchase, and a
statement that such holder is withdrawing its exercise of the Change of Control
Put Option as to all or part of such tendered shares of Series C Preferred
Stock.

              (c) In the event of a Change of Control of the Company, the
Company shall have the right, at the Company's option, to redeem all or any part
of the shares of each holder of Series C Preferred Stock at (i) prior to the
Tenth Anniversary Date, the Make-Whole Price as of the date fixed for redemption
(except with respect to shares of Series C Preferred Stock which shall have been
converted into shares of Excess Stock pursuant to the Charter) and (ii) on or
subsequent to the Tenth Anniversary Date, the redemption price of $100 per
share, plus all accrued and unpaid dividends thereon, if any, without interest,
up to the date fixed for redemption (except with respect to shares of Series C
Preferred Stock which shall have been converted into shares of Excess Stock
pursuant to the Charter), in each case pursuant to the procedures applicable to
other redemptions of shares of Series C Preferred Stock.

              9. Voting Rights.

              (a) Holders of the Series C Preferred Stock will not have any
voting rights, except as set forth below.

              (b) Whenever dividends on any shares of Series C Preferred Stock
shall be in arrears for three or more quarterly periods within any five year
period, whether or not such quarterly periods are consecutive (a "Preferred
Dividend Default"), the number of directors then constituting the Board of
Directors shall be increased by two (if not already increased by reason of a
similar arrearage with respect to any Parity Preferred (as hereinafter
defined)), and the holders of such shares of Series C Preferred Stock (subject
to certain restrictions in case of any Regulated Person) will be entitled to
vote separately as a class with all other series of preferred stock ranking on a
parity with the Series C Preferred Stock as to dividends or upon liquidation and
upon which like voting rights have been conferred and are exercisable,
including, in that instance, the Series B Preferred Stock ("Parity Preferred"),
in order to fill the vacancies thereby created, for the election of a total of
two additional directors of the Company (the "Preferred Stock Directors") at a
special meeting called by the Company at the request of holders of record

                                       10
<PAGE>

of at least 20% of the Series C Preferred Stock or the holders of record of at
least 20% of any series of Parity Preferred so in arrears (unless such request
is received less than 90 days before the date fixed for the next annual meeting
of stockholders) or at the next annual meeting of stockholders, and at each
subsequent annual meeting until all dividends accumulated on such shares of
Series C Preferred Stock and Parity Preferred for the past dividend periods and
the dividend for the then current dividend period shall have been fully paid or
declared and a sum sufficient for the payment thereof set aside for payment. In
the event the directors of the Company are divided into classes, each such
vacancy shall be apportioned among the classes of directors to prevent stacking
in any one class and to insure that the number of directors in each of the
classes of directors, are as nearly equal as possible. Each Preferred Stock
Director, as a qualification for election as such (and regardless of how
elected) shall submit to the Board of Directors of the Company a duly executed,
valid, binding and enforceable letter of resignation from the Board of
Directors, to be effective upon the date upon which all dividends accumulated on
such shares of Series C Preferred Stock and Parity Preferred for the past
dividend periods and the dividend for the then current dividend period shall
have been fully paid or declared and a sum sufficient for the payment thereof
set aside for payment, whereupon the terms of office of all persons elected as
Preferred Stock Directors by the holders of the Series C Preferred Stock and any
Parity Preferred shall, upon the effectiveness of their respective letters of
resignation, forthwith terminate, and the number of directors then constituting
the Board of Directors shall be reduced accordingly. A quorum for any meeting
shall exist if at least a majority of the outstanding shares of Series C
Preferred Stock and shares of Parity Preferred upon which like voting rights
have been conferred and are exercisable are represented in person or by proxy at
such meetings. Such Preferred Stock Directors shall be elected upon the
affirmative vote of a plurality of the shares of Series C Preferred Stock and
such Parity Preferred present and voting in person or by proxy at a duly called
and held meeting at which a quorum is present. If and when all accumulated
dividends and the dividend for the then current dividend period on the Series C
Preferred Stock shall have been paid in full or declared and set aside for
payment in full, the holders thereof shall be divested of the foregoing voting
rights (subject to revesting in the event of each and every Preferred Dividend
Default). Any Preferred Stock Director may be removed at any time with or
without cause by, and shall not be removed otherwise than by the vote of, the
holders of record of a majority of the outstanding shares of the Series C
Preferred Stock when they have the voting rights described above (voting
separately as a class with all series of Parity Preferred upon which like voting
rights have been conferred and are exercisable). So long as a Preferred Dividend
Default shall continue, any vacancy in the office of a Preferred Stock Director
may be filled by written consent of the Preferred Stock Director remaining in
office, or if none remains in office, by a vote of the holders of record of a
majority of the outstanding shares of Series C Preferred Stock when they have
the voting rights described above (voting separately as a class with all series
of Parity Preferred upon which like voting rights have been conferred and are
exercisable). The Preferred Stock Directors shall each be entitled to one vote
per director on any matter properly coming before the Board of Directors.

              (c) So long as any shares of Series C Preferred Stock remain
outstanding, the Company will not, without the affirmative vote or consent of
the holders of at least two-thirds of the shares of the Series C Preferred Stock
outstanding at the time, given in person or by proxy, either in writing or at a
meeting (voting separately as a class):

                                       11
<PAGE>

              (i)   voluntarily terminate the status of the company as a REIT;

              (ii)  amend, alter or repeal the provisions of the Charter or
                    these Articles Supplementary, whether by merger,
                    consolidation or otherwise (an "Event"), so as to materially
                    and adversely affect any preferences, conversion and other
                    rights, voting powers, restrictions, limitations as to
                    dividends, qualifications, and terms and conditions of
                    redemption of the Series C Preferred Stock or the holders
                    thereof; provided, however, that without the affirmative
                    vote or consent of each holder of shares of the Series C
                    Preferred Stock outstanding at the time, no amendment,
                    alteration or repeal of the provisions of the Charter or of
                    these Articles Supplementary may be made that will (w)
                    reduce the number of shares of the Series C Preferred Stock
                    required to consent to an amendment, alteration or repeal of
                    the Charter or these Articles Supplementary pursuant to this
                    Section 9(c)(ii), (x) reduce the Initial Dividend Yield or
                    the Liquidation Preference or change the method of
                    calculation of the First Default Dividend Yield, the Second
                    Default Dividend Yield, or the Make-Whole Price, (y) change
                    the payment date for payment of dividends with respect to
                    the Series C Preferred Stock or change the period with
                    respect to which such dividends are paid, or (z) alter or
                    modify the rights of any holder of Series C Preferred Stock
                    pursuant to Section 8 of these Articles Supplementary. With
                    respect to the occurrence of any Event set forth above, so
                    long as the Series C Preferred Stock (or any equivalent
                    class or series of stock issued by the surviving corporation
                    in any merger or consolidation to which the Company became a
                    party) remains outstanding with the terms thereof materially
                    unchanged, the occurrence of any such Event shall not be
                    deemed to materially and adversely affect any preferences,
                    conversion and other rights, voting powers, restrictions,
                    limitations as to dividends, qualifications, and terms and
                    conditions of redemption of holders of the Series C
                    Preferred Stock. Any increase in the amount of the
                    authorized Preferred Stock or the creation or issuance of
                    any other series of Preferred Stock, or any increase in the
                    amount of the authorized shares of such series, in each case
                    ranking on a parity with, or junior to the Series C
                    Preferred Stock with respect to payment of dividends or the
                    distribution of assets upon liquidation, dissolution or
                    winding up, or the issuance of additional shares of Series C
                    Preferred Stock or De Minimis Series B Preferred Stock shall
                    not be deemed to materially and adversely affect any
                    preferences, conversion and other rights, voting power,
                    restrictions, limitations as to dividends, qualifications,
                    and terms and conditions of redemption; or

              (iii) enter into or undertake any Senior Obligations at any time
                    during which the Company is in violation of the Fixed Charge
                    Coverage Ratio Covenant or the Capitalization Ratio
                    Covenant.

                                       12
<PAGE>

              (d) So long as any shares of Series C Preferred Stock remain
outstanding and any holder of the Series C Preferred Stock as of the date of its
issuance continues to hold, beneficially or of record, at least 75% of the
number of shares of Series C Preferred Stock which such holder owns,
beneficially or of record, as of such date, the Company will not, without the
affirmative vote or consent of the holders of at least 85% of the shares of the
Series C Preferred Stock outstanding at the time, given in person or by proxy,
either in writing or at a meeting (voting separately as a class), amend Section
10 of these Articles Supplementary.

              (e) The foregoing voting provisions will not apply if, at or prior
to the time when the act with respect to which such vote would otherwise be
required shall be effected, all outstanding shares of Series C Preferred Stock
shall have been redeemed or called for redemption upon proper notice and
sufficient funds shall have been deposited in trust to effect such redemption.

              (f) Notwithstanding Section 9(b), any and all shares of Series C
Preferred Stock owned by a Regulated Person which exceed 4.9% (the "Excess
Regulated Person Shares") of the total issued and outstanding shares of Series C
Preferred Stock shall not be entitled to vote for the election of Preferred
Stock Directors (and shall not be counted for purposes of determining the
percentage of holders of Series C Preferred Stock necessary to call the special
meeting described in Section 9(b) or whether a quorum is present at such a
meeting or for any other analogous purpose described in Section 9(b)) so long as
such Excess Regulated Person Shares are owned by a Regulated Person.

              (g) Except as expressly stated in these Articles Supplementary,
the Series C Preferred Stock will not have any relative, participating, optional
or other special voting rights and powers, and the consent of the holders
thereof shall not be required for the taking of any corporate action, including
but not limited to, any merger or consolidation involving the Company, or a sale
of all or substantially all of the assets of the Company, or the liquidation or
dissolution of the Company, irrespective of the effect that such merger,
consolidation, sale, liquidation or dissolution may have upon the rights,
preferences or voting power of the holders of the Series C Preferred Stock.

              10. Covenants.

              (a) The Company agrees that so long as any share of Series C
Preferred Stock shall remain outstanding:

                   (i) The Company shall not permit the Fixed Charge Coverage
         Ratio to be less than 1.30 (the "Fixed Charge Coverage Ratio Covenant")
         or the Capitalization Ratio to exceed 0.55 (the "Capitalization Ratio
         Covenant") measured, in each case, at the end of each fiscal quarter.

                   (ii) The Company shall not enter into or undertake any Senior
         Obligation which results in a violation of the Fixed Charge Coverage
         Ratio Covenant or the Capitalization Ratio Covenant, compliance with
         such covenants being determined (A) in the case of the Fixed Charge
         Coverage Ratio Covenant, after giving effect on a pro

                                       13
<PAGE>

         forma basis to any such Senior Obligation as if such Senior Obligation
         had been issued on the first day of the Calculation Period and (B) in
         the case of the Capitalization Ratio Covenant, as of the end of the
         fiscal quarter of the Company immediately preceding the fiscal quarter
         of the Company in which such Senior Obligation is issued and
         undertaken, after giving effect on a pro forma basis to any such Senior
         Obligation as if such Senior Obligation had been issued on the first
         day of such immediately preceding quarter.

              (b) The covenants set forth in Section 10(a) are for the exclusive
benefit of the holders of the Series C Preferred Stock and may be waived by such
percentage of the shares of Series C Preferred Stock outstanding at the time as
may be required to amend such covenants pursuant to Section 9(d) (or, if Section
9(d) is no longer in effect, pursuant to Section 9(c)), without the consent,
approval or vote of any other class of stock of the Company.

              11. Conversion. The Series C Preferred Stock is not convertible
into or exchangeable for any other securities or property of the Company.

         THIRD: The classification of authorized but unissued shares as set
forth in these Articles Supplementary does not increase the authorized capital
of the Company or the aggregate par value thereof.

         FOURTH: These Articles Supplementary have been approved by the majority
of the Board of Directors of the Company in the manner prescribed by the MGCL.

         IN WITNESS WHEREOF, the undersigned, the President of the Company
Acknowledges these Articles Supplementary to be the corporate act of the Company
and, as to all matters or facts required to be verified under oath, the
undersigned acknowledges that to the best of his knowledge, information and
belief, these matters and facts set forth herein are true in all material
respects and that this statement is made under the penalties for perjury.

         These Articles Supplementary have been executed under seal in the name
of the Company and on its behalf by its President and attested to by its
Secretary on this 29th day of May, 2003.

ATTEST                                       URSTADT BIDDLE PROPERTIES INC.

/s/ Thomas D. Myers                          By /s/ Willing L. Biddle
--------------------------------                --------------------------------
Thomas D. Myers                                 Willing L. Biddle
Secretary                                       President

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]