New Plan Excel Realty Trust Reports Third Quarter 2005 Results

- Financial results reflect previously announced $968 million transaction and balance sheet recapitalization - 


NEW YORK, Oct. 27  /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc. (NYSE:NXL) today announced financial results for the three and nine months ended September 30, 2005.

Total rental revenues for the third quarter of 2005 were $112.8 million as compared with $119.3 million in the third quarter of 2004.  Net income available to common stockholders was $194.9 million, or $1.82 per diluted share, in the third quarter of 2005 compared with $24.2 million, or $0.23 per diluted share, in the third quarter of 2004. Net income available to common stockholders for the third quarter of 2005 includes a gain on sale of real estate of $1.75 per diluted share related to the Galileo Transactions (as defined below) and charges of $0.17 per diluted share related to the Galileo Transactions and the redemption of all $250.0 million of the Company's previously outstanding 5.875 percent senior unsecured notes that were due June 15, 2007 (as described below). Funds from operations (FFO) for the third quarter of 2005 was $30.7 million, or $0.29 on a diluted per share basis, compared with $51.4 million, or $0.50 on a diluted per share basis, in the third quarter of 2004. FFO for the third quarter of 2005 includes charges of $0.17 per diluted share related to the Galileo Transactions and the redemption of all $250.0 million of the Company's previously outstanding 5.875 percent senior unsecured notes that were due June 15, 2007.  A reconciliation of net income to FFO is presented in the attached table.

Financial results for the nine months ended September 30, 2005 include the gain on sale of real estate of $1.75 per diluted share and charges of $0.17 per diluted share as described above.  Total rental revenues for the nine months ended September 30, 2005 were $370.1 million as compared with $358.7 million in the first nine months of 2004.  Net income available to common stockholders was $263.9 million, or $2.48 per diluted share, in the first nine months of 2005 compared with $84.5 million, or $0.82 per diluted share, in the first nine months of 2004.  FFO for the first nine months of 2005 was $143.1 million, or $1.34 on a diluted per share basis, compared with $158.7 million, or $1.55 on a diluted per share basis, in the first nine months of 2004.

Portfolio Review

At the end of the third quarter, the gross leasable area (GLA) for the Company's stabilized community and neighborhood shopping centers, including its pro rata share of unconsolidated joint venture properties, was approximately 92.7 percent leased.  The GLA for the Company's total community and neighborhood shopping center portfolio, which includes redevelopment properties and the Company's pro rata share of unconsolidated joint venture properties, was approximately 91.1 percent leased at September 30, 2005.

During the third quarter, 169 new leases, aggregating approximately 1.1 million square feet, were signed at an average annual base rent (ABR) of $10.02 per square foot.  Also during the quarter, 156 renewal leases, aggregating approximately 707,000 square feet, were signed at an average ABR of $10.51 per square foot, an increase of approximately 6.1 percent over the expiring leases. During the first nine months of 2005, the Company executed a total of 995 new and renewal leases aggregating approximately 5.3 million square feet, including 459 new leases, totaling approximately 2.9 million square feet, which were signed at an average ABR of $9.38 per square foot and 536 renewal leases, totaling approximately 2.4 million square feet, which were signed at an average ABR of $9.84 per square foot, an increase of approximately 6.4 percent over the expiring leases.

During the third quarter, the Company completed the redevelopment of eight shopping centers (including two joint venture properties) and added 13 projects to its redevelopment pipeline, increasing the pipeline to 45 redevelopment projects (including joint venture redevelopment projects and outparcel development), the aggregate cost of which (including costs incurred in prior years on these projects) is expected to be approximately $253.4 million.

Acquisitions and Dispositions

During the third quarter of 2005, the Company acquired, including through co-investments with its joint venture partners, four shopping centers and six land parcels for an aggregate purchase price of approximately $82.0 million. The shopping centers totaled approximately 590,225 square feet of gross leasable area and the land parcels totaled approximately 51 acres. During the first nine months of 2005, the Company acquired, including through co- investments with its joint venture partners, an aggregate of ten shopping centers, a vacant building and adjacent land parcel, a shopping center currently being de-malled, the remaining 90 percent interests in two shopping centers in which the Company owned the other 10 percent interests and six land parcels for an aggregate of approximately $322.0 million.  The shopping centers and the vacant building totaled approximately 2.2 million square feet of gross leaseable area and the shopping center being de-malled and the land parcels totaled approximately 108.5 acres. Acquisitions completed during the third quarter are summarized below:

  * On July 13, 2005, the Company acquired Market Plaza, a 161,453 square
    foot shopping center located in Plano, Texas and anchored by H.E.B.
    Central Market, for approximately $39.6 million.

  * On August 17, 2005, NP/I&G Institutional Retail Company, LLC, the
    Company's joint venture with JPMorgan Fleming Asset Management,
    acquired Meridian Towne Centre, an 86,891 square foot shopping center
    located in Okemos, Michigan (a suburb of Lansing) and anchored by
    Kroger (non-owned), Marshalls and Target (non-owned), for approximately
    $14.3 million.

  * On August 26, 2005, the Company acquired Surrey Square Mall, a 192,388
    square foot shopping center located in Norwood, Ohio and anchored by
    Kroger, for approximately $10.5 million.  The property will be
    redeveloped with a new 76,000 square foot Kroger.

  * On September 7, 2005, the Company acquired five land parcels located
    adjacent to four existing and one to-be-built Home Depot stores for an
    aggregate of approximately $9.3 million.  The land parcels aggregate
    approximately 40 acres and are located in Orlando and Pensacola,
    Florida; Baton Rouge, Louisiana; and Columbus and Akron, Ohio.  The
    Company expects to develop approximately 223,240 square feet of retail
    space on four of the land parcels and, over time, expects to sell the
    land parcel in Akron, Ohio.

  * On September 14, 2005, the Company acquired Fashion Place Shopping
    Center, a 149,493 square foot shopping center located in Columbia, South
    Carolina and anchored by Dollar Tree, Staples, Superpetz and T.J. Maxx,
    for approximately $6.8 million.

  * On September 30, 2005, the Company acquired Brandt Pike Place, an
    11-acre land parcel located in Dayton, Ohio, adjacent to a Kroger store,
    for approximately $1.6 million.  The Company expects to develop
    approximately 40,500 square feet of retail space on the land parcel.



On October 7, 2005, the Company closed under a joint venture with Kmart Corporation pursuant to which the joint venture will redevelop three Kmart Supercenter properties formerly owned by Kmart and located in the Memphis, Tennessee market.  The Company has a 20 percent interest in the joint venture and will be responsible for redevelopment, management and leasing of the properties.

During the third quarter of 2005, the Company generated an aggregate of approximately $982.3 million of proceeds through the sale of a portfolio of 69 shopping centers to a joint venture and the sale of three properties and one land parcel, as well as the sale of one property and one land parcel held through joint ventures.  During the first nine months of 2005, the Company generated an aggregate of approximately $1.0 billion of proceeds through the sale of a portfolio of 69 shopping centers to a joint venture, the culling of non-core and non-strategic properties and the disposition of certain properties and land parcels held through joint ventures.  Transfers and dispositions completed during the third quarter are summarized below:

  * On August 10, 2005, the Company sold an aggregate of 69 community and
    neighborhood shopping centers (the "Properties") to Galileo America LLC
    for approximately $968.0 million, comprised of approximately $928.2
    million in cash and approximately $39.8 million of equity in Galileo
    America LLC (the "Property Transfer").  The Company has the right to
    receive up to an additional $12.0 million in cash based upon the
    performance of the Properties during the 18-month period following the
    closing of the Property Transfer.
     -- A series of related transactions occurred simultaneously with the
        closing of the Property Transfer, resulting in the Company owning an
        approximate 5.0 percent equity interest in Galileo America LLC,
        which included (i) the redemption by Galileo America LLC of an
        existing interest in Galileo America LLC held by CBL & Associates
        Properties, Inc. ("CBL") for two properties previously owned by
        Galileo America LLC, (ii) the purchase by the Company of an asset
        management fee stream from Galileo America LLC for $18.5 million and
        (iii) the acquisition by the Company of the property management
        rights of CBL with respect to Galileo America LLC for $22.0 million
        (plus an agreement to purchase additional property management rights
        in 2008 for $7.0 million) (such transactions are referred to
        collectively with the Property Transfer as the "Galileo
        Transactions").

  * The remaining properties sold during the quarter include Desiard Plaza,
    a 65,439 square foot shopping center located in Monroe, Louisiana;
    Harbor Plaza, a 51,794 square foot shopping center located in Ashtabula,
    Ohio; Fondren, a 45,873 square foot shopping center located in Houston,
    Texas; 0.46 acres of land at North Leg Plaza in Augusta, Georgia; Conway
    Plaza, a 32,875 square foot shopping center located in Conway, South
    Carolina and owned by Galileo America LLC, a joint venture in which the
    Company holds a 5.0 percent interest; and 9.3 acres of land at BPR West,
    L.P. in Frisco, Texas, owned by a joint venture in which the Company
    previously held a 50.0 percent interest.



On October 11, 2005, the Company completed the sale of Valley Fair Mall, a 607,075 square foot enclosed regional mall located in West Valley City, Utah, for approximately $35.0 million. Valley Fair Apartments, comprised of 16 units and located adjacent to Valley Fair Mall, was included in the sale.

Balance Sheet Position

The Company completed the third quarter with total book assets of approximately $3.3 billion and a total debt / undepreciated book value ratio of 43.8 percent.  The Company's debt for the three months ended September 30, 2005 had an overall weighted average current interest rate of 6.0 percent and a weighted average maturity of 8.2 years.  Approximately 83 percent of the Company's total debt is fixed rate debt, including the impact of the Company's interest rate swaps.

On July 19, 2005, in connection with Galileo Transactions, the Company entered into amendments to its (i) revolving credit facility, (ii) secured term loan facility and (iii) senior unsecured term loan facility.  As part of the amendments, the Company amended certain covenants contained in such facilities relating to (i) asset sales by the Company, (ii) permitted dividends by the Company, (iii) the Company's minimum tangible net worth, (iv) the maximum ratio of the Company's total unsecured debt to unencumbered asset value and (v) the capitalization rate used to calculate the value of the Company's assets for purposes of certain ratio tests.

During the third quarter, the Company repaid certain outstanding indebtedness with a portion of the proceeds generated from the Galileo Transactions, including $100.6 million of secured mortgage indebtedness and $200.0 million outstanding under its senior unsecured term loan facility.  In addition, a portion of the proceeds was used to repay the balance outstanding under the Company's revolving credit facility.  On September 27, 2005, the Company paid a special distribution of $3.00 per common share, aggregating approximately $310.4 million, with the remaining proceeds generated from the Galileo Transactions.

On September 19, 2005, the Company completed a public offering of $125.0 million aggregate principal amount of senior unsecured, 7-year fixed rate notes with a coupon of 5.125 percent due September 15, 2012 and $125.0 million aggregate principal amount of senior unsecured, 10-year fixed rate notes with a coupon of 5.25 percent due September 15, 2015.  The 5.125 percent notes and the 5.25 percent notes were priced at 99.919 percent of par value to yield 5.139 percent and at 99.372 percent of par value to yield 5.332 percent, respectively.  Net proceeds from the offering were used to redeem all $250.0 million of the Company's outstanding 5.875 percent senior unsecured notes that were due June 15, 2007 (CUSIP #648053AA4) and were called for redemption on August 4, 2005 at a redemption price of 100 percent of their principal amount plus any interest accrued up to, but excluding, the redemption date, and the applicable "make-whole" premium relating to such notes.

  Earnings Guidance

  2005 Guidance


Based upon actual results differing from various assumptions made by the Company regarding the Galileo Transactions and the redemption of all $250.0 million of the Company's previously outstanding 5.875 percent senior unsecured notes that were due June 15, 2007, and taking into account the Company's third quarter 2005 results of operations, the Company is revising upwards its 2005 FFO expectations.  The Company has revised its 2005 net income available to common stockholders per share ("EPS") and FFO per share estimates, both on a diluted basis, to $2.66 to $2.68 and $1.73 to $1.75, respectively, from $2.66 to $2.70 and $1.69 to $1.73, respectively.  The Company's guidance for 2005 EPS and FFO is reconciled below:

                                                            2005
  EPS - Diluted                                         $2.66 - $2.68
  Add:
   Depreciation and amortization                             0.90
  Deduct:
   Gain on sale of real estate                              (1.75)
   Gain on sale of discontinued operations                  (0.08)
  FFO per Share - Diluted                               $1.73 - $1.75

  2006 Guidance


Given the current economic outlook and management's expectations with respect to its portfolio performance and capital recycling program, the Company anticipates 2006 EPS and FFO per share, both on a diluted basis, to be in the range of $1.01 to $1.07 and $1.80 to $1.86, respectively. The Company's guidance for 2006 EPS and FFO is reconciled below:

                                                            2006
  EPS - Diluted                                         $1.01 - $1.07
  Add: Depreciation and amortization                         0.79
  FFO per Share - Diluted                               $1.80 - $1.86




See footnote 6 in the attached table for an explanation of the usefulness of FFO.

Due to the uncertain nature of property dispositions and impairments, the Company has assumed no additional impairment of real estate for 2005 and has assumed no impairments of real estate for 2006 in its guidance.  Any impairment of real estate will negatively impact both net income and FFO, which may be material.

Dividend

For the fourth quarter of 2005, the Company's Board of Directors declared a cash dividend of $0.3125 per common share (CUSIP #648053106).  On an annualized basis, this is the equivalent of $1.25 per share.  The dividend is payable on January 17, 2006 to common stockholders of record on January 3, 2006.  The Company's shares go ex-dividend on December 29, 2005.  The Board of Directors also declared a dividend of $0.975 per depositary share on its 7.8 percent Series D Cumulative Voting Step-Up Premium Rate Preferred Stock (CUSIP #648053700) to stockholders of record on January 3, 2006, payable on January 17, 2006.  In addition, the Board of Directors declared a dividend of $0.47656 per depositary share on its 7.625 percent Series E Cumulative Redeemable Preferred Stock (CUSIP #6480538090) to stockholders of record on January 3, 2006, payable on January 17, 2006.

Management Comment

"The productive pace of activity that defined the first half of our year increased in the third quarter as we completed a variety of significant operating and financial transactions and positioned ourselves for 2006 and beyond.  In addition to closing the Galileo Transactions and assimilating the management and leasing of the 120 properties, we continued our program of leveraging tenant relationships with Kroger, Home Depot and Kmart into new development and redevelopment opportunities," commented Glenn J. Rufrano, Chief Executive Officer.

Conference Call / Portfolio Assessment

The Company will be hosting a teleconference on Thursday, October 27, 2005 at 2:00 PM ET.  The teleconference can be accessed by dialing 1-866-202-4367 (International: 1-617-213-8845) or via the web at http://www.newplan.com/ under Investor Information; Audio Archives. Please refer to passcode #47832679.  A replay of the teleconference will be available through midnight ET on November 3, 2005 by dialing 1-888-286-8010 (International: 1-617-801-6888) or via the web at http://www.newplan.com/ under Investor Information; Audio Archives. Please refer to passcode #59521390.

The Company's Supplemental Disclosure package will be furnished today on a Current Report on Form 8-K and will also be available on the Company's website at http://www.newplan.com/ under Investor Information; Financial Reports.  These materials are also available in e-mail or hard copy formats by contacting New Plan Corporate Communications at  or 1-800-468-7526.

In addition, the Company's 2005 Portfolio Assessment will be available on the Company's website at http://www.newplan.com/ under Investor Information; Presentations.  These materials are also available in e-mail or hard copy formats by contacting New Plan Corporate Communications at  or 1-800-468-7526.

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 466 properties, including 150 properties held through joint ventures, and total assets of approximately $3.3 billion.  The properties are strategically located across 39 states and include 446 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 63.5 million square feet of gross leasable area, and 20 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 and changes in capitalization rates with respect to the acquisition and disposition of properties; 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, 2004, which discuss these and other factors that could adversely affect the Company's results.

            NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF INCOME
          (In thousands, except per share amounts and footnotes)

                                Three Months Ended       Nine Months Ended
                                   September 30,            September 30,
                                 2005        2004         2005        2004
  Rental Revenues:
  Rental income               $ 89,398    $ 95,581     $288,438    $282,384
  Percentage rents                 893       1,202        4,940       4,914
  Expense reimbursements        22,466      22,555       76,678      71,383
   TOTAL RENTAL REVENUES       112,757     119,338      370,056     358,681

  Rental Operating Expenses:
  Operating costs               17,737      18,628       60,170      59,712
  Real estate taxes             15,192      15,868       49,748      45,311
  Provision for doubtful
   accounts                      4,520       2,408        9,247       6,584
   TOTAL RENTAL OPERATING
    EXPENSES                    37,449      36,904      119,165     111,607

   NET OPERATING INCOME (1)     75,308      82,434      250,891     247,074

  Other Income:
  Fee income                     3,228       1,406        6,153       3,965
  Interest, dividend and
   other income                  1,837         769        3,574       2,593
  Equity in income of
   unconsolidated ventures         755         314        1,885       1,103
   TOTAL OTHER INCOME            5,820       2,489       11,612       7,661

  Other Expenses:
  Interest expense              39,554      26,150       95,062      79,087
  Depreciation and
   amortization                 21,875      22,589       71,071      64,290
  General and administrative    10,166       4,483       20,141      14,647
   TOTAL OTHER EXPENSES         71,595      53,222      186,274     158,024

  Income before real estate
   sales, impairment of real
   estate and minority
   interest                      9,533      31,701       76,229      96,711
  Gain on sale of real
   estate (2)                  186,942           -      186,942       1,217
  Impairment of real estate       (859)          -         (859)        (43)
  Minority interest in
   income of consolidated
   partnership and joint
   ventures                     (4,359)       (203)      (5,775)       (939)
   INCOME FROM CONTINUING
    OPERATIONS                 191,257      31,498      256,537      96,946

  Discontinued Operations:
  Results of discontinued
   operations                    1,809       1,124       14,677      (2,648)
  Gain (loss) on sale of
   discontinued
   operations (3)(4)(5)          2,979      (3,093)       4,215       5,546
  Impairment of real estate
   held for sale                     -         (88)           -         (88)
   INCOME FROM DISCONTINUED
    OPERATIONS                   4,788      (2,057)      18,892       2,810

   NET INCOME                 $196,045    $ 29,441     $275,425    $ 99,756

  Preferred dividends           (5,475)     (5,458)     (16,413)    (16,008)
   NET INCOME AVAILABLE TO
    COMMON STOCKHOLDERS
    - BASIC                    190,570      23,983      259,016      83,748
  Minority interest in
   income of consolidated
   partnership                   4,359         206        4,892         751
   NET INCOME AVAILABLE TO
    COMMON STOCKHOLDERS
    - DILUTED                 $194,929    $ 24,189     $263,908    $ 84,499

  Net income per common
   share - basic              $   1.84    $   0.24     $   2.51    $   0.84
  Net income per common
   share - diluted                1.82        0.23         2.48        0.82

  Funds from operations:(6)
  Net income available to
   common stockholders
   - diluted                  $194,929    $ 24,189     $263,908    $ 84,499
  Deduct:
  Minority interest in
   income of consolidated
   partnership, excluding
   gain allocation                  (3)       (206)        (536)       (751)
  Net income available to
   common stockholders
   - basic                     194,926      23,983      263,372      83,748
  Add:
  Depreciation and
   amortization:
   Continuing operations
    real estate assets          21,875      22,589       71,071      64,290
   Discontinued operations
    real estate assets             397         971        1,755       2,427
   Pro rata share of joint
    venture real estate
    assets                         947         495        2,139       1,136
  Deduct:
   Gain on sale of real
    estate (2)(7)             (186,942)          -     (186,942)     (1,217)
   (Gain) loss on sale of
   discontinued
   operations (4)(7)              (451)      3,169       (8,794)      7,131
   Pro rata share of joint
    venture (gain) loss on
    sale of real estate(7)         (40)         12          (40)        433

   FUNDS FROM OPERATIONS
    - BASIC                     30,712      51,219      142,561     157,948
  Add:
  Minority interest in
   income of consolidated
   partnership, excluding
   gain allocation                   3         206          536         751
   FUNDS FROM OPERATIONS
    - DILUTED                 $ 30,715    $ 51,425     $143,097    $158,699

  Funds from operations
   per share - basic          $   0.30    $   0.51     $   1.38    $   1.58
  Funds from operations
   per share - diluted            0.29        0.50         1.34        1.55




            NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF INCOME
          (In thousands, except per share amounts and footnotes)

                                Three Months Ended      Nine Months Ended
                                   September 30,           September 30,
                                 2005        2004         2005        2004
  Funds from operations
   - diluted                  $ 30,715    $ 51,425     $143,097    $158,699
  Add:
   Impairment of real estate       859           -          859          43
   Impairment of real estate
    held for sale                    -          88            -          88
  FUNDS FROM OPERATIONS
   - DILUTED (prior
     calculation)             $ 31,574    $ 51,513     $143,956    $158,830

  Funds from operations
   per share - diluted
   (prior calculation)        $   0.30    $   0.50     $   1.35    $   1.55

  Weighted average common
   shares outstanding
   - basic                     103,460     101,255      103,157     100,281
  ERP partnership units          2,369       1,405        2,258       1,311
  Options and contingently
   issuable shares                 865         998          981       1,034
  Convertible debt                  89           -          162           -
  Restricted stock                  52           -           65           -

  Weighted average common
   shares outstanding
   - diluted                   106,835     103,658      106,623     102,626

  (1) Net operating income ("NOI") is provided here as a supplemental
      measure of operating performance.  NOI is defined as property revenues
      less property operating expenses, excluding depreciation and
      amortization and interest expense, and excludes NOI from properties
      classified as discontinued operations under Statement of Financial
      Accounting Standards No. 144, Accounting for the Impairment or
      Disposal of Long-Lived Assets.  The Company believes that this
      presentation of NOI is helpful to investors as a measure of its
      operational performance because it excludes various items included in
      net income that do not relate to or are not indicative of its
      operating performance, such as depreciation and amortization and
      interest expense, which can make periodic and peer analyses of
      operating performance more difficult to compare.  NOI should not,
      however, be considered as an alternative to net income (calculated in
      accordance with GAAP) as an indicator of the Company's financial
      performance.

  (2) For the nine months ended September 30, 2004, balance includes
      approximately $1.217 million of previously deferred gain incurred in
      connection with the Company's sale of 70 percent of its interest in
      Arapahoe Crossings, L.P. in 2003.

  (3) For the nine months ended September 30, 2004, balance includes
      approximately $3.876 million of previously deferred gain incurred in
      connection with the Company's sale of 21.5 acres of land at The Mall
      at 163rd Street in 2003.

  (4) For the nine months ended September 30, 2005, balance includes
      approximately $3.314 million, which represents the Company's pro rata
      share of the gain on the sale of Rodney Village, a property previously
      owned by Benbrooke Ventures, a joint venture in which the Company
      previously held a 50 percent interest. Balance also includes
      approximately $140,000 of final distributions from Benbrooke Ventures.

  (5) For the three and nine months ended September 30, 2005, balance
      includes approximately $2.295 million, which represents the Company's
      gain on the sale of its ownership interest in BPR West, L.P., a joint
      venture in which the Company previously held a 50 percent interest.

  (6) Funds from Operations ("FFO") is a widely used performance measure for
      real estate companies and is provided here as a supplemental measure
      of operating performance.  The Company calculates FFO in accordance
      with the best practices described in the April 2002 National Policy
      Bulletin of the National Association of Real Estate Investment Trusts
      (the "White Paper").  The White Paper defines FFO as net income
      (computed in accordance with generally accepted accounting principles
      ("GAAP")), excluding gains (or losses) from sales of property, plus
      depreciation and amortization, and after adjustments for
      unconsolidated partnerships and joint ventures.
      On October 1, 2003, the National Association of Real Estate Investment
      Trusts ("NAREIT"), based on discussions with the Securities and
      Exchange Commission ("SEC"), provided revised guidance regarding the
      calculation of FFO.  This revised guidance provides that impairments
      should not be added back to net income in calculating FFO and that
      original issuance costs associated with preferred stock that has been
      redeemed should be factored into the calculation of FFO.  Prior to
      this pronouncement, the Company had added back impairments in
      calculating FFO, in accordance with prior NAREIT guidance, and had not
      factored in original issuance costs of preferred stock that had been
      redeemed in the calculation of FFO.  The Company presents FFO in
      accordance with NAREIT's revised guidance.  To assist investors in
      understanding the impact of these changes, the Company also is
      presenting FFO in accordance with the methodology historically used by
      the Company ("prior calculation").
      Given the nature of the Company's business as a real estate owner and
      operator, the Company believes that FFO is helpful to investors as a
      starting point in measuring its operational performance because it
      excludes various items included in net income that do not relate to or
      are not indicative of its operating performance such as gains (or
      losses) from sales of property and depreciation and amortization,
      which can make periodic and peer analyses of operating performance
      more difficult to compare.  The Company also believes that the
      presentation of FFO consistent with the guidance that was in effect
      until October 1, 2003 is further helpful to investors because it
      assists investors in evaluating the Company's historic operational
      performance and because it excludes other times included in the
      revised calculation of FFO such as impairments, which also do not
      relate to and are not indicative of the Company's operating
      performance.  FFO should not, however, be considered as an alternative
      to net income (determined in accordance with GAAP) as an indicator of
      the Company's financial performance, is not an alternative to cash
      flow from operating activities (determined in accordance with GAAP) as
      a measure of the Company's liquidity, and is not indicative of funds
      available to fund the Company's cash needs, including its ability to
      make distributions.  In addition, the Company's computation of FFO may
      differ in certain respects from the methodology utilized by other
      REITs to calculate FFO and, therefore, may not be comparable to such
      other REITs.

  (7) Excludes gain / loss on sale of land.
      The above does not purport to disclose all items required under GAAP.
      The Company's Form 10-Q for the quarter ended September 30, 2005
      should be read in conjunction with the above information.


DATASOURCE: New Plan Excel Realty Trust, Inc.



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

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



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

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