Urstadt Biddle Properties Inc. Announces Closing of Over-Allotment Option for Series H Preferred Stock Offering

Biddle Properties Inc.
(the “Company”) (NYSE:UBA), a
self-administered equity real estate investment trust, today announced
that the underwriters of the previously announced public offering of
4,000,000 shares of its 6.250% Series H Cumulative Redeemable Preferred
Stock, liquidation preference of $25.00 per share, have exercised in
full their option to purchase an additional 600,000 shares of Series H
Preferred Stock from the Company, resulting in approximately $14.5
million of additional proceeds to the Company before offering expenses.

The Company intends to use the net proceeds from the over-allotment
option to fund the redemption of all of the outstanding shares of its
existing Series F preferred stock. Pending the use of the net proceeds
as described above, the Company may use the net proceeds to make
investments in short-term income-producing securities that are
consistent with its qualification as a REIT.

BMO Capital Markets Corp. and Wells Fargo Securities, LLC acted as joint
book-running managers for the offering. D.A. Davidson & Co., J.J.B.
Hilliard, W.L. Lyons, LLC, FBR Capital Markets & Co., a B. Riley
Financial Company
, BNY Mellon Capital Markets, LLC and Deutsche Bank
Securities Inc. acted as co-managers for the offering.

A final prospectus supplement and accompanying base prospectus related
to the offering has been filed with the Securities and Exchange
Commission. Copies of the final prospectus supplement and accompanying
base prospectus may be obtained by contacting BMO Capital Markets Corp.,
Attention: Syndicate Department, 3 Times Square, 25th Floor, New York,
New York 10036 or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com;
or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd
Avenue South, Suite 1000, Minneapolis, Minnesota 55402 or by telephone
at (800) 645-3751 or by email at wfscustomerservice@wellsfargo.com.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other

Urstadt Biddle Properties Inc. is a self-administered equity real estate
investment trust which owns or has equity interests in 81 properties
containing approximately 5.1 million square feet of space. Listed on the
New York Stock Exchange since 1970, it provides investors with a means
of participating in ownership of income-producing properties. It has
paid 190 consecutive quarters of uninterrupted dividends to its
shareholders since its inception and has raised total dividends to its
shareholders for the last 23 consecutive years.

This press release contains statements that constitute “forward-looking
statements,” including with regard to the anticipated use of the net
proceeds from the offering. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. No assurance can be given that the net proceeds from the
offering will be used as indicated. These statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in or incorporated by reference into
the Risk Factors section of the Company’s Registration Statement on Form
S-3. Copies are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.

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