EXHIBIT 99

          BOARD OF DIRECTORS OF URSTADT BIDDLE PROPERTIES INC. EXTENDS
                       SHAREHOLDER RIGHTS PLAN PROVISIONS

FOR IMMEDIATE RELEASE

     Greenwich,  Conn., November 5, 1998 -- Urstadt Biddle Properties Inc. (UBP)
announced  today  that  its  Board  of  Directors  has  extended  the  company's
shareholder rights plan provisions,  which are designed to protect  shareholders
against coercive takeover  tactics.  The Board adopted a new rights plan that is
essentially  the same as the  company's  1988  rights  plan,  which will  expire
shortly.

     In taking the action,  the company declared a dividend  distribution of one
preferred  share  purchase right on each share of common stock and each share of
class A common stock  outstanding at the close of business on November 13, 1998.
The new rights plan will expire November 12, 2008.

     The UBP Board gave careful  consideration  to all issues and viewpoints and
concluded  that  the  new  rights  plan  benefits  shareholders  by  encouraging
prospective  acquirers to negotiate so that the Board may obtain the best result
for UBP's shareholders.

     UBP,  headquartered in Greenwich,  CT, is a  self-administered  equity real
estate investment trust that provides  investors with an investment  vehicle for
participating in ownership of income-producing properties. UBP's core properties
consist principally of community shopping centers located in the Northeast.

CONTACT:          James R. Moore
                  Urstadt Biddle Properties Inc.
                  (203) 863-8200