New Plan Excel Realty Trust Announces Tax Allocations of 2004 Dividend Distributions

New Plan Excel Realty Trust Announces Tax Allocations of 2004
Dividend Distributions 


NEW YORK, Jan. 14  /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc.
(NYSE:NXL) today announced the tax allocations of the 2004 dividend
distributions on its Common Shares and Preferred Shares.  Dividends paid on
Common Shares totaled $1.65 per share in 2004.

  COMMON SHARES (NYSE:NXL); CUSIP #648053106

         Payment  Paid Per   Ordinary Dividend   Long-Term      Return of
          Dates    Share     Income Per Share   Capital Gain     Capital
                                                              (Non-taxable)
         1/15/04  $ 0.4125       $ 0.297123          -         $ 0.115377
         4/15/04  $ 0.4125       $ 0.297123          -         $ 0.115377
         7/15/04  $ 0.4125       $ 0.297123          -         $ 0.115377
        10/15/04  $ 0.4125       $ 0.297123          -         $ 0.115377
          Totals  $ 1.6500       $ 1.188492          -         $ 0.461508

  7.80 PERCENT SERIES D CUMULATIVE STEP-UP PREMIUM RATE; CUSIP #648053700

         Payment   Paid Per  Ordinary Dividend   Long-Term      Return of
          Dates     Share     Income Per Share   Capital Gain     Capital
                                                               (Non-taxable)
         1/15/04   $ 0.975         $ 0.975            -             -
         4/15/04   $ 0.975         $ 0.975            -             -
         7/15/04   $ 0.975         $ 0.975            -             -
        10/15/04   $ 0.975         $ 0.975            -             -
          Totals   $ 3.900         $ 3.900            -             -



7.625 PERCENT SERIES E CUMULATIVE REDEEMABLE PREFERRED (NYSE:NXLprE); CUSIP
#648053809

         Payment   Paid Per  Ordinary Dividend    Long-Term     Return of
          Dates     Share    Income Per Share   Capital Gain    Capital
                                                              (Non-taxable)
         1/15/04   $ 0.47656     $ 0.47656            -             -
         4/15/04   $ 0.47656     $ 0.47656            -             -
         7/15/04   $ 0.47656     $ 0.47656            -             -
        10/15/04   $ 0.47656     $ 0.47656            -             -
         Totals    $ 1.90624     $ 1.90624            -             -

  The Company did not incur any foreign taxes in 2004.


The fourth quarter distributions declared on October 28, 2004, with a record
date of January 3, 2005 and payable on January 18, 2005, are reportable for tax
purposes in 2005.

New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate
companies, focusing on the ownership and management of community and
neighborhood shopping centers.  The Company operates as a self-administered and
self-managed REIT, with a national portfolio of 403 properties, including 24
properties held through joint ventures, and total assets of approximately $3.8
billion.  Its properties are strategically located across 35 states and include
381 community and neighborhood shopping centers, primarily grocery or
name-brand discount chain anchored, with approximately 55.6 million square feet
of gross leasable area, and 22 related retail real estate assets, with
approximately 1.8 million square feet of gross leasable area.  For additional
information, please visit http://www.newplan.com/.

Certain statements in this release that are not historical fact may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.  Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual
results of the Company to differ materially from historical results or from any
results expressed or implied by such forward-looking statements, including
without limitation: national and local economic, business, real estate and
other market conditions; the competitive environment in which the Company
operates; financing risks; possible future downgrades in our credit ratings;
property ownership / management risks; the level and volatility of interest
rates; financial stability of tenants; the Company's ability to maintain its
status as a REIT for federal income tax purposes; acquisition, disposition,
development and joint venture risks, including risks that developments and
redevelopments are not completed on time or on budget and strategies, actions
and performance of affiliates that the Company may not control; potential
environmental and other liabilities; and other factors affecting the real
estate industry generally.  The Company refers you to the documents filed by
the Company from time to time with the Securities and Exchange Commission,
specifically the section titled "Business-Risk Factors" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2003, which discuss these
and other factors that could adversely affect the Company's results. 

DATASOURCE: New Plan Excel Realty Trust, Inc.



CONTACT:  Stacy Lipschitz-Slater, Senior Vice President - Corporate

Communications of New Plan Excel Realty Trust, Inc., [phone]



Web site:  http://www.newplanexcel.com/ 

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