<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): MAY 11, 2000
NEW PLAN EXCEL REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
MARYLAND 1-12244 33-0160389
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
1120 AVENUE OF THE AMERICAS, 12TH FLOOR
NEW YORK, NEW YORK 10036
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code:
(212) 869-3000
NOT APPLICABLE
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS
Attached hereto as Exhibit 99.1 is a copy of certain Supplemental
Disclosure of the Company for the quarter ended March 31, 2000.
ITEM 7. EXHIBITS
The following exhibit is filed as part of this report:
99.1 Supplemental Disclosure of New Plan Excel Realty Trust, Inc.
for the Quarter Ended March 31, 2000.
-2-
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NEW PLAN EXCEL REALTY TRUST, INC.
Date: May 11, 2000 By:/s/ STEVEN F. SIEGEL
---------------------------------------
Steven F. Siegel
Senior Vice President, General Counsel
and Secretary
-3-
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Document
------- --------
<S> <C>
99.1 Supplemental Disclosure of New Plan Excel Realty
Trust, Inc. for the Quarter Ended March 31, 2000.
</TABLE>
<PAGE> 1
Exhibit 99.1
[NEW PLAN EXCEL REALTY TRUST LOGO]
NEW PLAN EXCEL REALTY TRUST, INC.
- --------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE
QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
This supplemental package should be considered along with the Company's other
reports filed with the Securities and Exchange Commission and other publicly
disseminated documents by the Company. This package has not been reviewed or
audited by any outside individual or agency, no representations or warranties,
expressed or implied, are deemed to be made with respect to the accuracy of this
package. Past performance may not be indicative of future performance. Risks and
other factors that might cause differences, some of which could be material,
include, but are not limited to, economic and market conditions, the financial
stability of tenants within the retail industry, financing and development
risks, leasing delays, overruns, the level and volatility of interest rates, as
well as other risks listed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
<PAGE> 2
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
COMPANY OVERVIEW / FIRST QUARTER REVIEW.................................................................................2
SHAREHOLDER INFORMATION.................................................................................................4
FINANCIAL REVIEW
Balance Sheets
CONSOLIDATED..........................................................................................5
ERT Development Corporation...........................................................................6
Income Statements
CONSOLIDATED..........................................................................................7
ERT Development Corporation...........................................................................8
Funds from Operations / Funds Available for Distribution ......................................................9
Select Financial Ratios / Data ...............................................................................10
Debt Maturity Schedule .......................................................................................11
ACTIVITY REVIEW
2000 Property Acquisitions....................................................................................12
Development Projects..........................................................................................13
Substantial Redevelopment Projects............................................................................14
PORTFOLIO REVIEW
Property Type Summary.........................................................................................15
Properties by State / Region..................................................................................16
Same Property NOI Analysis....................................................................................17
Top Ten Tenants...............................................................................................18
New Lease Summary.............................................................................................19
Lease Expiration Schedule ....................................................................................20
Property Portfolio............................................................................................21
</TABLE>
<PAGE> 3
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
COMPANY OVERVIEW / FIRST QUARTER REVIEW PAGE 2
New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate
companies, focusing on the ownership, management, acquisition, development and
redevelopment of community and neighborhood shopping centers and garden
apartment communities. The Company operates as a self-administered and
self-managed REIT, with a national portfolio of 355 properties and total assets
of approximately $3.0 billion. Its properties are strategically located across
31 states and include 295 retail centers, primarily high-quality supermarket or
name-brand discount chain anchored, with approximately 37 million square feet of
gross leasable area; 53 garden apartment communities containing 12,558 units;
and 7 commercial properties. For additional information, please visit the New
Plan Excel Realty Trust, Inc. Web site at www.newplanexcel.com.
FIRST QUARTER REVIEW
- - At March 31, 2000, approximately 92 percent of the gross leasable area
(GLA) at the Company's retail and commercial properties was leased. 97 new
leases were signed during the first quarter at an average annual base rent
(ABR) of $12.07 per square foot. 114 renewal leases were signed during the
first quarter at an average increase in ABR of approximately 6.0 percent.
(The above data does not include Clearwater Mall, a property with
redevelopment plans under reevaluation.) The Company has approved $23
million of revenue-generating capital expenditures relating to the
redevelopment and expansion of five community shopping centers, including
three state-of-the-art grocery anchor projects. Approximately $13 million
of the allocated budget is expected to be spent in 2000.
- - At the end of the first quarter, the Company's garden apartment communities
were 91 percent leased. The Company has approved a $3.5 million exterior
renovation of Sherwood Acres, a 612-unit garden apartment community located
in Baton Rouge, Louisiana. Approximately $800,000 of the allocated budget
is expected to be spent in 2000.
- - In January 2000, the Company acquired Dover Park Plaza, a 60,000 square
foot shopping center located in Yardville, New Jersey, for approximately
$3.0 million. The property is anchored by Acme Markets and CVS and is 100
percent leased.
- - On February 25, 2000, the Company announced the appointment of Glenn J.
Rufrano as Chief Executive Officer and President. He succeeds Arnold
Laubich who retired after 50 years with the Company and its predecessors.
Mr. Rufrano has been nominated for election to the Company's Board of
Directors at its Annual Meeting of Shareholders to be held on May 31, 2000.
Additionally, the Board of Directors agreed that by September 2001 a
majority of the Board would be composed of outside directors.
- - On March 10, 2000, the Company announced that Dr. Matthew Goldstein,
Chancellor of The City University of New York, has also been nominated for
election to the Company's Board of Directors at its Annual Meeting of
Shareholders to be held on May 31, 2000.
<PAGE> 4
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
COMPANY OVERVIEW / FIRST QUARTER REVIEW PAGE 3
SUBSEQUENT EVENTS
- - On April 5, 2000, a $66.5 million construction loan for The Centre at
Preston Ridge development project closed. The Centre at Preston Ridge,
located in Frisco, Texas, is a 126-acre retail project being jointly
developed by ERT Development Corporation (ERT), the Company's development
affiliate, and entities controlled by George W. Allen and Milton Schaffer.
- - On April 13, 2000, the Company announced that it is reevaluating the timing
of previously announced redevelopment plans for Clearwater Mall, located in
Clearwater, Florida. As such, the Mall will remain open for business as
usual through the holiday season 2001.
- - On April 17, 2000, the Company announced the appointment of John B. Roche
as Chief Financial Officer. Mr. Roche will be responsible for directing New
Plan Excel Realty Trust's capital markets, MIS, financial controls, SEC
reporting and compliance activities.
- - In early May 2000, the Company completed the sale of York Marketplace, a
300,000 square foot shopping center located in York, Pennsylvania, and
Northland Center, a 108,000 square foot shopping center located in State
College, Pennsylvania, to a single buyer for an aggregate of approximately
$31.4 million.
- - On May 11, 2000, the Company announced the resignation of James M.
Steuterman as an Executive Vice President and Chief Operating Officer of
the Company. Mr. Steuterman's day-to-day responsibilities will be assumed
by members of the Company's senior management team, including the Company's
recently appointed Chief Financial Officer, John Roche. In addition, Mr.
Steuterman resigned his position as a member of the Company's Board of
Directors.
<PAGE> 5
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
SHAREHOLDER INFORMATION PAGE 4
CORPORATE HEADQUARTERS
New Plan Excel Realty Trust, Inc.
1120 Avenue of the Americas
New York, NY 10036
Phone: 212-869-3000
Fax: 212-869-3989
www.newplanexcel.com
EXCHANGE LISTING
New York Stock Exchange
Common stock: NXL
Series A preferred stock: NXLprA
Series B preferred stock: NXLprB
SENIOR UNSECURED DEBT RATINGS
Standard & Poor's: BBB+
Moody's: Baa1
QUARTERLY RESULTS
The Company expects to announce quarterly results as follows:
Second quarter: Wednesday, August 9, 2000
Third quarter: Wednesday, November 8, 2000
Fourth quarter and Year-end: Mid-March 2001
TRANSFER AGENT AND REGISTRAR
Questions about dividend payments, shareholder accounts, replacement or lost
certificates, stock transfers and address or name changes should be directed to:
BankBoston, N.A.
c/o EquiServe, L.P.
P.O. Box 8040
Boston, MA 02266-8040
Phone: 800-730-6001
www.equiserve.com
CORPORATE COMMUNICATIONS DEPARTMENT
Shareholders seeking financial and operating information may contact:
Stacy Lipschitz
Director of Corporate Communications
Phone: 212-869-3000
Fax: 212-869-3989
E-mail: [email protected]
[email protected]
<PAGE> 6
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
BALANCE SHEETS - CONSOLIDATED PAGE 5
(IN THOUSANDS)
<TABLE>
<CAPTION>
As Of
-------------------------------------------
3/31/2000 12/31/1999
----------------- -----------------
<S> <C> <C>
ASSETS:
Land $ 552,411 $ 552,146
Buildings and improvements 2,311,499 2,328,499
Less: accumulated depreciation and amortization (229,218) (216,274)
----------------- -----------------
NET REAL ESTATE 2,634,692 2,664,371
Real estate held for sale 21,634 -
Cash and cash equivalents 19,207 10,834
Marketable securities 1,310 1,190
Receivables
Trade and notes, net of allowance for doubtful accounts of 30,907 30,225
(March 31, 2000- $13,532, December 31, 1999- $13,897)
Other 20,870 15,825
Mortgages and notes receivable 60,198 59,142
Prepaid expenses and deferred charges 15,527 13,076
Investment in and loans to ERT Development Corporation 157,220 150,432
Other assets (1) 6,987 8,046
----------------- -----------------
TOTAL ASSETS $ 2,968,552 $ 2,953,141
================= =================
LIABILITIES:
Mortgages payable, including unamortized premium of $ 331,906 $ 341,643
(March 31, 2000- $9,565, December 31, 1999- $9,921)
Notes payable, net of unamortized discount of 662,800 662,736
(March 31, 2000- $2,200, December 31, 1999- $2,264)
Credit facilities 230,721 188,721
Capital leases 27,351 27,351
Other liabilities (2) 85,577 88,591
Tenant security deposits 7,681 7,480
----------------- -----------------
TOTAL LIABILITIES 1,346,036 1,316,522
MINORITY INTEREST IN PARTNERSHIP: 24,802 25,100
----------------- -----------------
STOCKHOLDERS' EQUITY:
Preferred stock 23 23
Common stock 876 875
Additional paid-in capital 1,708,825 1,708,186
Add: unrealized gain on securities reported at fair value 334 214
Less: accumulated distributions in excess of net income (112,344) (97,779)
----------------- -----------------
TOTAL STOCKHOLDERS' EQUITY 1,597,714 1,611,519
----------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,968,552 $ 2,953,141
================= =================
</TABLE>
(1) Other assets includes: deposits, real estate tax escrow and fixed assets.
(2) Other liabilities includes: amounts payable for dividends, real estate
taxes, interest, payroll and normal vendor payables.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 7
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
BALANCE SHEETS - ERT DEVELOPMENT CORPORATION PAGE 6
(IN THOUSANDS)
<TABLE>
<CAPTION>
As Of
----------------------------------------
3/31/2000 12/31/1999
----------------- -----------------
<S> <C> <C>
ASSETS:
Notes receivable from developers $ 33,394 $ 33,405
Real estate and other assets, net of depreciation 212,656 212,238
----------------- -----------------
TOTAL ASSETS $ 246,050 $ 245,643
================= =================
LIABILITIES:
Notes and interest payable to New Plan Excel Realty Trust, Inc. $ 157,999 $ 145,318
Other 89,100 96,098
----------------- -----------------
TOTAL LIABILITIES 247,099 241,416
TOTAL STOCKHOLDERS' EQUITY (1,049) 4,227
----------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 246,050 $ 245,643
================= =================
</TABLE>
In 1995 ERT Development Corporation ("ERT") was organized to finance, acquire,
develop, hold and sell real estate in the short-term for capital gains and/or to
receive fee income.
The Company owns 100% of the outstanding preferred shares of ERT.
The preferred shares are entitled to 95% of the economic interest in ERT.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 8
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
INCOME STATEMENTS - CONSOLIDATED PAGE 7
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended Twelve
------------------------------------------- Months Ended
3/31/2000 3/31/1999 12/31/1999
----------------- ----------------- -----------------
<S> <C> <C> <C>
REVENUES:
Rental revenues $ 87,977 $ 87,482 $ 353,884
Percentage rents 2,202 1,552 5,850
Expense reimbursements 13,219 15,289 54,747
Interest, dividend, and other income 7,422 5,625 26,041
Equity participation in ERT (1) (5,276) 1,023 (3,169)
Foreign currency gain (loss) (16) 195 674
----------------- ----------------- -----------------
TOTAL REVENUES 105,528 111,166 438,027
----------------- ----------------- -----------------
EXPENSES:
Operating costs 23,189 23,288 90,612
Real estate and other taxes 10,789 9,506 38,929
Interest expense 22,573 18,947 81,412
Depreciation and amortization 15,989 15,639 62,912
Provision for doubtful accounts 754 1,406 6,144
Non-recurring charges 2,749 - 8,497
General and administrative (1) 1,997 2,254 6,665
----------------- ----------------- -----------------
TOTAL EXPENSES 78,040 71,040 295,171
----------------- ----------------- -----------------
Income before real estate sales and minority interest 27,488 40,126 142,856
Gain (loss) on sale of real estate (1) - 7,956
Minority interest in income of partnership (238) (457) (1,299)
----------------- ----------------- -----------------
NET INCOME $ 27,249 $ 39,669 $ 149,513
================= ================= =================
Add:
Depreciation and amortization
New Plan Excel real estate assets $ 15,989 $ 15,639 $ 62,912
ERT real estate assets (2) 1,116 - 3,477
Deduct:
Preferred A dividends (800) (943) (3,343)
Preferred B dividends (3,396) (3,396) (13,584)
Preferred D dividends (1,463) (1,463) (5,850)
(Gain) loss on sale of real estate 1 - (7,956)
----------------- ----------------- -----------------
FUNDS FROM OPERATIONS - BASIC (3) 38,696 49,506 185,169
Add:
Preferred A dividends 800 943 3,343
Minority interest in income of partnership 238 457 1,299
----------------- ----------------- -----------------
FUNDS FROM OPERATIONS - DILUTED (3) $ 39,734 $ 50,906 $ 189,811
================= ================= =================
------------------------------------------------------------------------------------------------------------------------
FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.44 $ 0.56 $ 2.09
FUNDS FROM OPERATIONS PER SHARE - DILUTED 0.44 0.54 2.05
NET INCOME PER COMMON SHARE - BASIC $ 0.25 $ 0.38 $ 1.43
NET INCOME PER COMMON SHARE - DILUTED 0.25 0.38 1.42
------------------------------------------------------------------------------------------------------------------------
Weighted average common shares outstanding - basic 87,607,000 88,804,000 88,662,000
ERP partnership units 1,235,000 2,202,000 1,756,000
Options 189,000 388,000 22,000
----------------- ----------------- -----------------
Weighted average common shares outstanding - diluted
Net income calculation 89,031,000 91,394,000 90,440,000
Add: Dilutive effect of convertible Preferred A 1,874,000 2,208,000 1,957,000
----------------- ----------------- -----------------
Weighted average common shares outstanding - diluted
FFO calculation 90,905,000 93,602,000 92,397,000
================= ================= =================
</TABLE>
(1) As of 4Q 1999, the Company allocates approximately 20 percent of senior
management time to ERT, reducing equally Equity participation in ERT and General
and administrative expenses.
(2) As of 3Q 1999, the Company recognizes Depreciation and amortization from
Pointe*Orlando, The Mall at 163rd Street and Valley Fair Apartments for FFO
purposes.
(3) FFO for prior periods has been restated to conform to the NAREIT definition
effective January 1, 2000 which requires inclusion of both recurring and
non-recurring results of operations.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 9
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
INCOME STATEMENTS - ERT DEVELOPMENT CORPORATION PAGE 8
(IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended Twelve
------------------------------------ Months Ended
3/31/2000 3/31/1999 12/31/1999
---------------- ---------------- ----------------
<S> <C> <C> <C>
Interest income $ 762 $ 2,308 $ 8,720
Rental revenue and other income 5,694 3,965 11,387
Interest expense to New Plan Excel Realty Trust, Inc. (4,681) (3,605) (14,842)
Other expenses (7,051) (1,645) (8,434)
---------------- ---------------- ----------------
$ (5,276) $ 1,023 $ (3,169)
================ ================ ================
</TABLE>
In 1995 ERT Development Corporation ("ERT") was organized to finance, acquire,
develop, hold and sell real estate in the short-term for capital gains and/or to
receive fee income.
The Company owns 100% of the outstanding preferred shares of ERT.
The preferred shares are entitled to 95% of the economic interest in ERT.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 10
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
FUNDS FROM OPERATIONS / FUNDS AVAILABLE FOR DISTRIBUTION PAGE 9
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Twelve
-------------------------------------- Months Ended
3/31/2000 3/31/1999 12/31/1999
------------------ ------------------ ------------------
<S> <C> <C> <C>
Funds from Operations:(1)
Net income $ 27,249 $ 39,669 $ 149,513
Depreciation and amortization
New Plan Excel real estate assets 15,989 15,639 62,912
ERT real estate assets (2) 1,116 - 3,477
Preferred distributions -A, B & D (5,659) (5,802) (22,777)
Loss (gain) on sale of real estate 1 - (7,956)
------------------ ------------------ ------------------
FUNDS FROM OPERATIONS - BASIC 38,696 49,506 185,169
Add: 800 943 3,343
Preferred A dividends 238 457 1,299
Minority interest in income of partnership ------------------ ------------------ ------------------
FUNDS FROM OPERATIONS - DILUTED $ 39,734 $ 50,906 $ 189,811
================== ================== ==================
--------------------------------------------------------------------------------------------------------------------------------
FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.44 $ 0.56 $ 2.09
FUNDS FROM OPERATIONS PER SHARE - DILUTED 0.44 0.54 2.05
--------------------------------------------------------------------------------------------------------------------------------
Funds Available for Distribution $ 38,696 $ 49,506 $ 185,169
Funds from operations - basic (717) (1,017) (3,681)
Straight line rents (1,843) (1,127) (5,833)
Tenant improvements (217) (210) (852)
Leasing commissions (1,624) (1,214) (6,277)
Building improvements capitalized (Parking lots, roofs, etc.) ------------------ ------------------ ------------------
FUNDS AVAILABLE FOR DISTRIBUTION $ 34,295 $ 45,938 $ 168,526
================== ================== ==================
Dividends per Common share $ 0.41250 $ 0.40250 $ 1.625
Dividends per Preferred A share 0.53125 0.53125 2.125
Dividends Per Preferred B share 0.53906 0.53906 2.159
Dividends per Preferred D share 0.97500 0.97500 3.900
Common dividends $ 36,156 $ 35,801 $ 143,726
Preferred A dividends 800 943 3,343
Preferred B dividends 3,396 3,396 13,584
Preferred D dividends 1,463 1,463 5,850
------------------ ------------------ ------------------
Total Preferred distributions 5,659 5,802 22,777
------------------ ------------------ ------------------
TOTAL DISTRIBUTIONS $ 41,815 $ 41,603 $ 166,503
================== ================== ==================
Payout ratio of common dividends/basic funds from operations (3) 87% 72% 78%
Payout ratio of common dividends/funds available for distribution (3) 98% 78% 85%
</TABLE>
(1) FFO for prior periods has been restated to conform to the NAREIT definition
effective January 1, 2000 which requires inclusion of both recurring and
non-recurring results of operations.
(2) As of 3Q 1999, the Company recognizes Depreciation and amortization from
Pointe*Orlando, The Mall at 163rd Street and Valley Fair Apartments for FFO
purposes.
(3) Excludes a $2.7 million non-recurring charge in 1Q 2000 relating to the
retirement of Arnold Laubich.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 11
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
SELECTED FINANCIAL RATIOS / DATA PAGE 10
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended Twelve
----------------------------------------- Months Ended
3/31/2000 3/31/1999 12/31/1999
------------------ ------------------ ------------------
<S> <C> <C> <C>
DEBT COVERAGE RATIOS:
Interest coverage ratio (EBITDA /interest expense) 2.92 x 3.92 x 3.61 x
Debt service coverage (EBITDA/(interest expense + 2.62 x 3.56 x 3.20 x
scheduled principal payments))
DEBT/EQUITY RATIOS:
Total debt/total market capitalization 46.7% 35.9% 43.1%
Total debt/total equity market capitalization 87.5% 56.1% 75.7%
OVERHEAD RATIOS:
Annualized G&A/total assets 0.27% 0.31% 0.27%
G&A/total revenues (excluding currency change) 1.89% 2.03% 1.52%
CAPITALIZED INTEREST: $ 198 $ 126 $ 126
MARKET CAPITALIZATION CALCULATIONS:
Common shares outstanding 87,650,655 88,946,710 87,555,237
Preferred A shares outstanding 1,506,780 1,775,130 1,506,780
Preferred B shares outstanding 6,300,000 6,300,000 6,300,000
Preferred D shares outstanding 1,500,000 1,500,000 1,500,000
Common stock price end of period $ 13.75 $ 19.19 $ 15.81
Preferred A price end of period 19.25 25.19 21.25
Preferred B price end of period 19.50 24.94 19.31
Preferred D price end of period 50.00 50.00 50.00
Common market equity at end of period $ 1,205,197 $ 1,706,665 $ 1,384,467
Preferred market equity at end of period 226,856 276,817 228,691
------------------ ------------------ ------------------
Total equity market capitalization 1,432,053 1,983,482 1,613,158
Total debt end of period 1,252,778 1,112,635 1,220,451
------------------ ------------------ ------------------
TOTAL MARKET CAPITALIZATION $ 2,684,831 $ 3,096,117 $ 2,833,609
================== ================== ==================
EBITDA CALCULATION:
Net income $ 27,249 $ 39,669 $ 149,513
Depreciation and amortization 15,989 15,639 62,912
Income Taxes 98 - 352
Interest expense 22,573 18,947 81,412
------------------ ------------------ ------------------
EBITDA $ 65,909 $ 74,255 $ 294,189
================== ================== ==================
</TABLE>
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 12
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
DEBT MATURITY SCHEDULE PAGE 11
(IN THOUSANDS)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DEBT MATURITIES
- -----------------------------------------------------------------------------------------------------------------------------------
Total Percent of
Year Debt Maturing Debt Maturing
--------------------- --------------------------------------------
<S> <C> <C>
2000 $ 99,666 10.1%
2001 41,586 4.2%
2002 114,349 11.6%
2003 68,120 6.9%
2004 97,300 9.9%
2005 146,027 14.8%
2006 10,453 1.1%
2007+ 409,840 41.4%
------------------- ----------------
TOTAL DEBT $ 987,341 100.0%
=================== ================
- -----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE AND UNSECURED DEBT ANALYSIS
- -----------------------------------------------------------------------------------------------------------------------------------
Percent of
Balances Total Debt
--------------------- -------------------
Fixed rate mortgage debt $ 256,766 26.0%
Variable rate mortgage debt 65,575 6.6%
Fixed rate unsecured debt 615,000 62.3% Weighted average interest rate - mortgages 7.8%
Variable rate unsecured debt 50,000 5.1% Weighted average interest rate - notes 7.2%
===================== ===================
TOTAL DEBT $ 987,341 100.0% Weighted average interest rate - mortgages &
===================== =================== notes 7.4%
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FIXED RATE AND VARIABLE RATE DEBT ANALYSIS
- -----------------------------------------------------------------------------------------------------------------------------------
Percent of Weighted Average Weighted Average
Balances Total Debt Interest Rate Maturity
--------------------- ------------------- ---------------- -----------------
<S> <C> <C> <C>
Fixed rate debt 871,766 88.3% 7.5% 9.2 Years
Variable rate debt 115,575 11.7% 6.3% 5.0 Years
--------------------- ------------------- ---------------- -----------------
TOTAL DEBT $ 987,341 100.0% 7.4% 8.7 Years
===================== =================== ================ =================
</TABLE>
Analysis excludes $230,721 outstanding on credit facilities (including term loan
facility), $27,351 of capital leases, an unamortized premium of $9,565 on
mortgage debt and an unamortized discount of $2,200 on unsecured debt. Including
these items, total debt is 1,252,778.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 13
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
2000 PROPERTY ACQUISITIONS PAGE 12
<TABLE>
<CAPTION>
Property Acquiring Purchase Purchase Cap-
Property Name Type (1) Location Company (2) Date Amount Rate (3)
- ---------------------- -------- ------------- -------------------- -------------- ---------------------- --------------
<S> <C> <C> <C> <C> <C> <C>
1Q 2000
Dover Park Plaza R Yardville, NJ NPXL 01/19/00 $ 3,300,000 11.2%
</TABLE>
<TABLE>
<CAPTION>
Square Percent Anchor Mortgage Units Year
NOI ABR Footage Leased (4) Tenants Amount Issued Built
- --------------------- --------------- ------------------ ----------- --------------- -------------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 369,000 $ 425,000 60,000 100% Acme Markets - - 1966
CVS
</TABLE>
(1) Property Type
R - Retail
(2) Acquiring Company
NPXL - New Plan Excel Realty Trust, Inc.
(3) Cash basis, excludes straight-line rents.
(4) As of closing date of acquisition.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 14
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
DEVELOPMENT PROJECTS PAGE 13
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
ERT DEVELOPMENT CORPORATION
- ---------------------------------------------------------------------------------------------------------------
ERT's Investment
------------------------------------------------------
Notes Receivable
Property Direct ---------------------------------
Project Location Type (1) Equity (2) Amount Interest Rate
- ------------------------ -------------- -------- -------------------- ------------------ --------------
<S> <C> <C> <C> <C> <C>
Mesa Pavilions (5) Mesa, AZ R $ - $ 8,604,000 11%
The Groves (5) Tempe, AZ R - 7,578,000 12% (7)
Festival Pavilions Escondido, CA R 107,000 1,205,000 12% (7)
Stein Mart Center (4,5) Poway, CA R - 3,675,000 12% (7)
Vail Ranch II (3) Temecula, CA R 1,422,000 - -
The Mall at 163rd
Street (4,8) Miami, FL R 20,187,000 - -
Miami Gardens Miami, FL R - 400,000 12% (7)
Pointe*Orlando (3,8) Orlando, FL R 26,335,000 - -
Meadows Tampa Tampa, FL R - 91,000 12% (7)
The Centre at Preston
Ridge (3,6) Frisco, TX R 1,735,000 - -
Springtown Springtown, TX L 267,000 - -
Taylorsville Salt Lake City, UT L 1,877,000 - -
Valley Fair Apartments W. Valley City, UT A 750,000 - -
Lovingston Lovingston, VA R - 983,000 12% (7)
Broad Street Richmond, VA R - 6,632,000 12%
Cottonwood Varina, VA R - 686,000 12%
Atrium Media Tower Toronto, Canada M - 2,326,000 10%
Other 1,214,000 -
===================== ==================
TOTAL $ 52,680,000 $ 33,394,000
===================== ==================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
NEW PLAN EXCEL REALTY TRUST, INC.
- ------------------------------------------------------------------------------------------------
NXL's Investment
-----------------------------------------
Notes Receivable
Property -----------------------------------------
Project Location Type Amount Interest Rate
- ------------------------ -------------- -------- --------------------- ------------------
<S> <C> <C> <C> <C>
Atrium on Bay Toronto, Canada O/R $ 11,097,000 10%
Arapahoe Crossings Aurora, CO R 10,300,000 12%
Superior Towne Center Superior, CO R 24,044,000 12%
=====================
TOTAL $ 45,441,000
=====================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
ERT DEVELOPMENT CORPORATION
- ---------------------------------------------------------------------------------------------------------------------------
Construction
- ---------------------------
Expected Percent Approximate Percent
Start Date Complete GLA or Area Leased Anchor Tenants
- ----------- ------------- ------------- ---------- -----------------------------------------------------------------
<S> <C> <C> <C> <C>
Started 90% 310,000 (9) 90% Circuit City, Staples, Costco (NAP), Kmart (NAP), Target (NAP)
Started 97% 248,000 (9) 96% Circuit City, Home Express, Office Max, Wal-Mart (NAP)
TBD 0% 23.7 acres 0% -
TBD 0% 109,273 62% Motor Sports, Stein Mart
Started 5% 110,261 46% Stein Mart
Late 2000 0% 993,773 45% Home Depot, Marshalls, Service Merchandise
Complete 100% 11,200 100% Eckerd
Started 92% 457,666 81% Disney, FAO Schwarz, Foot Locker, Muvico
Complete 100% 11,200 100% Eckerd
Started 10% 126 acres 50% Best Buy, Dress Barn, Drug Emporium, DSW Shoe Warehouse,
Famous Footwear, Linens 'N Things, Marshalls, Old Navy, PetsMart,
Ross Dress for Less, Staples, Ulta3, Target (NAP)
N/A N/A 1 acre N/A -
N/A N/A 6.3 acres N/A -
Complete 100% 16 units 81% -
Complete 100% 42,500 94% Family Dollar Store, Food Lion
Complete 100% 136,000 95% Comp USA, Office Max
Complete 100% 40,125 96% Food Lion, Movie Time Video
N/A N/A N/A N/A N/A
- - - - - WAM Office Building, Credit Lines
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
NEW PLAN EXCEL REALTY TRUST, INC.
- --------------------------------------------------------------------------------------------------------------------
Construction
- ----------------------
Expected Percent Approximate Percent
Start Date Complete GLA Leased Anchor Tenants
- ----------- ------------- ------------- ---------- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Complete 100% 1,050,071 86% CIBC
Started 80% 463,000 (9) 69% King Soopers, Kohl's, Mann Theaters, Marshalls, Office Max
Started 39% 290,000 (9) 23% Office Max, TJ Maxx, Costco (NAP), Target (NAP)
</TABLE>
(1) Property Type
A - Apartments R - Retail L - Land M - Media tower O - Office
(2) Amounts are reflected in ERT Development Corporation's balance sheet as part
of Real estate and other assets, net of depreciation.
(3) The Company guaranteed notes on these properties.
(4) Redevelopment of an existing, operating property.
(5) Participating loans.
(6) JV owns an additional 50 acres of land to be developed.
(7) Interest stopped accruing effective January 1, 2000.
(8) 100% owned by ERT Development Corporation.
(9) Represents GLA owned after pad sales.
NAP - Not a part (Anchor tenant not owned)
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 15
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
SUBSTANTIAL REDEVELOPMENT PROJECTS PAGE 14
<TABLE>
<CAPTION>
Property Year Year
Property Name Type (1) Location Built Acquired Description
- ------------------------ --------- ---------------------- ------------ ---------- ------------------------
<S> <C> <C> <C> <C> <C>
Charlestown A Louisville, KY 1970 1993 Exterior rehabilitation
Northgate A Columbus, OH 1970 1998 Exterior rehabilitation
Eastgreen On The Commons A Reynoldsburg, OH 1971, 82 1998 Exterior rehabilitation
</TABLE>
<TABLE>
<CAPTION>
Construction
- ------------------------
Percent # of Percent
Start Date Complete Units Leased
- ----------- --------- -------- -------
<S> <C> <C> <C>
March 1999 95% 244 92%
March 1999 90% 316 86%
March 1999 95% 360 91%
========
TOTAL 920
========
</TABLE>
(1) Property Type
A - Apartments
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 16
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTY TYPE SUMMARY PAGE 15
<TABLE>
<CAPTION>
Gross Leasable Area
------------------------------------------------
# of Percent Leased
Properties GLA Leased GLA
----------------- ------------------ ------- ------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO (1)
Shopping Centers 237 34,793,767 92% 32,048,800
Single Tenant Properties 59 1,717,436 91% 1,558,861
COMMERCIAL PROPERTIES 7 165,077 98% 161,181
TOTAL RETAIL PORTFOLIO
AND COMMERCIAL PROPERTIES ----------------- ------------------ ------- ------------------
303 36,676,280 92% 33,768,842
================= ================== ======= ==================
# of # of Percent Leased
Communities Units Leased Units
----------------- ------------------ ------- ------------------
GARDEN APARTMENT COMMUNITIES 53 12,558 91% 11,416
=================
TOTAL PORTFOLIO 356
</TABLE>
<TABLE>
<CAPTION>
Annual Base
Rental Income (ABR) Net Operating Income (NOI)
- ----------------------------------- -------------------------------------
Percent of Percent of
Company Company
Amount ABR Amount NOI
- --------------------- ----------- ------------------- ---------------
<S> <C> <C> <C>
$ 250,038,022 73.1% $ 57,562,934 83.8%
10,379,697 3.0% 2,393,377 3.5%
1,918,135 0.6% 372,639 0.5%
- --------------------- ----------- ------------------- ---------------
$ 262,335,854 76.7% $ 60,328,950 87.9%
===================== =========== =================== ===============
<CAPTION>
Annual Base
Rental Income (ABR) Net Operating Income (NOI)
- ----------------------------------- -------------------------------------
<S> <C> <C> <C>
Percent of Percent of
Company Company
Amount ABR Amount NOI
- --------------------- ----------- ------------------- ---------------
$ 79,552,308 23.3% $ 8,336,521 12.1%
- --------------------- ----------- ------------------- ---------------
$ 341,888,162 100.0% $ 68,665,471 100.0%
===================== =========== =================== ===============
</TABLE>
(1) Does not include Clearwater Mall (679,661 square feet), a property with
redevelopment plans under reevaluation.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 17
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTIES BY STATE / REGION PAGE 16
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------ ----------------------------------------------------
RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES (1) APARTMENTS
- ------------------------------------------------------------------------------ ----------------------------------------------------
Percent of Percent of
Gross Scheduled Total Scheduled
Number of Percent Leasable Annual Base Number of Percent Number of Annual Base
State Properties Leased Area Rental Income Properties Leased Units Rental Income
- ---------- ------------ --------- --------------- -------------- ----------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alabama 7 99% 760,014 1.7% 9 94% 2,269 16.7%
Arizona 12 95% 1,107,370 3.6%
Arkansas 2 100% 105,459 0.2%
California 17 92% 2,504,446 10.2%
Colorado 2 100% 352,156 1.6%
Delaware 2 88% 243,686 0.4% 2 88% 303 2.4%
Florida 18 93% 2,693,480 7.6% 2 96% 539 5.2%
Georgia 34 91% 3,097,545 7.0% 2 95% 420 3.3%
Illinois 10 98% 1,226,636 4.2%
Indiana 14 92% 965,972 2.0% 3 84% 893 6.6%
Iowa 5 92% 604,896 1.3%
Kentucky 9 94% 1,456,230 3.4% 4 91% 783 6.7%
Louisiana 2 99% 261,518 0.6% 3 89% 1,244 9.5%
Maryland 3 76% 380,529 0.9%
Michigan 13 90% 2,122,220 6.0%
Minnesota 3 99% 85,898 0.5%
Missouri 4 85% 726,676 3.9% 1 90% 309 2.6%
Nebraska 3 100% 70,513 0.2%
Nevada 3 98% 587,386 2.0%
New Jersey 10 96% 1,193,236 4.4%
New York 26 85% 3,440,210 7.6% 2 94% 308 2.1%
North Carolina 17 94% 1,801,132 4.0% 2 93% 463 4.6%
Ohio 22 89% 3,181,126 7.0% 7 87% 1,601 13.5%
Oklahoma 1 100% 45,510 0.1%
Pennsylvania 20 94% 2,287,457 6.7% 1 98% 130 1.1%
South Carolina 5 96% 376,324 1.1% 4 93% 816 6.2%
Tennessee 16 95% 1,874,187 4.7% 11 91% 2,480 19.4%
Texas 7 100% 500,985 1.5%
Utah 1 100% 587,550 1.2%
Virginia 12 90% 1,680,995 3.7%
West Virginia 3 94% 354,938 0.8%
------------ --------- --------------- -------------- ---------- ---------- ----------- -----------
303 92% 36,676,280 100% 53 91% 12,558 100.0%
============ ========= =============== ============== ========== ========== =========== ===========
<CAPTION>
- ------------------------------------------------------------------------------ ----------------------------------------------------
RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES (1) APARTMENTS
- ------------------------------------------------------------------------------ ----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Region
- ----------
East 107 91% 13,214,737 33.0% 15 92% 2,803 23.1%
Midwest 74 91% 8,983,937 25.0% 11 87% 2,803 22.8%
South 87 94% 9,338,698 23.4% 27 92% 6,952 54.1%
West 35 95% 5,138,908 18.6% 0 - 0 0.0%
------------ --------- ----------------- ------------ ---------- ---------- ----------- -----------
303 92% 36,676,280 100% 53 91% 12,558 100%
============ ========= ================= ============ ========== ========== =========== ===========
</TABLE>
(1) Does not include Clearwater Mall (679,661 square feet), a property with
redevelopment plans under reevaluation.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 18
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
SAME PROPERTY NOI ANALYSIS PAGE 17
(IN THOUSANDS, EXCEPT PROPERTY STATISTICS)
<TABLE>
<CAPTION>
Three Months Ended
--------------------------------------- Percent
3/31/2000 3/31/1999 Change
----------------- ------------------ -------------
<S> <C> <C> <C>
ANALYSIS SPECIFIC PROPERTY STATISTICS:
Number of properties included in analysis
Retail portfolio and commercial properties 293 293
Garden apartment communities 42 42
----------------- ------------------
335 335
Retail portfolio and commercial properties
Gross leasable area 34,991,000 34,991,000
Percent leased 92% 92% 0.0%
Garden apartment communities
Number of units 9,755 9,755
Percent leased 91% 91% 0.0%
NEW PLAN EXCEL REALTY TRUST:
Property revenues $ 93,513 $ 93,425 0.1%
Property operating expenses 29,090 29,686 -2.0%
----------------- ------------------ -------------
SAME PROPERTY NOI (GAAP BASIS) $ 64,423 $ 63,739 1.1%
================= ================== =============
Operating margin (GAAP basis) 68.9% 68.2% 0.7%
Straight-line rent adjustment 691 985 -29.8%
----------------- ------------------ -------------
SAME PROPERTY NOI $ 63,732 $ 62,754 1.6%
================= ================== =============
Operating margin 68.2% 67.2% 1.0%
RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES:
Property revenues $ 79,102 $ 79,087 0.0%
Property operating expenses 21,479 22,370 -4.0%
----------------- ------------------ -------------
SAME PROPERTY NOI (GAAP BASIS) $ 57,623 $ 56,717 1.6%
================= ================== =============
Operating margin (GAAP basis) 72.8% 71.7% 1.1%
Straight-line rent adjustment 691 985 -29.8%
----------------- ------------------ -------------
SAME PROPERTY NOI $ 56,932 $ 55,732 2.2%
================= ================== =============
Operating margin 72.0% 70.5% 1.5%
GARDEN APARTMENT COMMUNITIES:
Property revenues $ 14,411 $ 14,338 0.5%
Property operating expenses 7,611 7,316 4.0%
----------------- ------------------ -------------
SAME PROPERTY NOI (GAAP BASIS) $ 6,800 $ 7,022 -3.2%
================= ================== =============
Operating margin (GAAP basis) 47.2% 49.0% -1.8%
Straight-line rent adjustment - - 0.0%
----------------- ------------------ -------------
SAME PROPERTY NOI $ 6,800 $ 7,022 -3.2%
================= ================== =============
Operating margin 47.2% 49.0% -1.8%
</TABLE>
NOI is defined as Property revenues less Property operating expenses, excluding
depreciation and amortization and interest expense. Same store is defined as
properties owned in the first quarter this year and in the first quarter last
year, exclusive of properties that have undergone expansion and redevelopment.
Only properties owned for both full periods are included.
Analysis excludes Clearwater and Valley Fair Malls.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the
quarter ended March 31, 2000 should be read in conjunction with the above
information.
<PAGE> 19
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
TOP TEN TENANTS PAGE 18
<TABLE>
<CAPTION>
ABR as a
Number of Annual Percentage of Total
Tenant Leases GLA Base Rent Portfolio ABR
---------------------------- ---------------- ---------------- ------------------ ---------------------
<S> <C> <C> <C> <C>
1 Kmart Corporation 43 3,885,863 $ 17,591,701 5.1%
2 Wal-Mart Stores 27 2,881,411 12,534,233 3.7%
3 The Kroger Co. 26 1,273,923 8,588,951 2.5%
4 Winn-Dixie Stores 18 804,556 5,055,437 1.5%
5 Ahold USA (1) 14 674,566 4,875,403 1.4%
6 The TJX Companies (2) 17 525,614 3,497,230 1.0%
7 Food Lion 17 507,747 3,322,991 1.0%
8 Albertson's (3) 16 568,321 2,697,226 0.8%
9 J.C. Penney Company (4) 28 582,338 2,515,190 0.7%
10 Publix Super Markets 8 423,388 2,500,903 0.7%
---------------- ---------------- ------------------ -------------------
214 12,127,727 $ 63,179,265 18.5%
================ ================ ================== ===================
</TABLE>
(1) Includes BI-LO, Edwards Super Foods, Giant Food Stores, Stop & Shop and Tops
Markets.
(2) Includes T.J. Maxx and Marshalls.
(3) Includes Albertson's, Acme Markets, Eagle Food and Lucky stores.
(4) Includes JC Penney and Eckerd Drugstores.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 20
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
NEW LEASE SUMMARY PAGE 19
<TABLE>
<CAPTION>
NEW LEASE SUMMARY Total New
Number GLA ABR
--------------- ---------------- -----------------
<S> <C> <C> <C>
1Q 2000 97 214,730 $ 2,591,102
psf 12.07
</TABLE>
RENEWAL LEASE SUMMARY
<TABLE>
<CAPTION>
Total Former Total New Increase/(Decrease)
Number GLA ABR ABR Total Dollar Percent
------------ ---------- ------------- ------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
1Q 2000 114 657,377 $ 4,561,317 $ 4,830,226 $ 268,909 5.9%
psf 6.94 7.35 0.41
</TABLE>
Renewal leases include expiring existing leases renewed with the same tenant and
the exercise of options. All other leases are categorized as new.
Data includes leases that have commenced and are in force as of March 31, 2000.
Does not include Clearwater Mall (679,661 square feet), a property with
redevelopment plans under reevaluation, or apartments.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the quarter
ended March 31, 2000 should be read in conjunction with the above information.
<PAGE> 21
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE PAGE 20
<TABLE>
<CAPTION>
Number of Leased Percent of ABR Percent of
Leases Expiring GLA GLA per Foot Total ABR
--------------- --------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C>
2000 857 3,534,301 10.47% $ 7.47 10.06%
2001 738 2,978,643 8.82% 9.66 10.97%
2002 707 3,140,421 9.30% 8.87 10.61%
2003 501 2,950,957 8.74% 8.16 9.18%
2004 402 2,376,424 7.04% 8.86 8.02%
2005 197 2,126,116 6.30% 6.76 5.48%
2006 126 1,333,941 3.95% 8.34 4.24%
2007 95 1,226,374 3.63% 9.00 4.21%
2008 84 1,197,236 3.55% 8.15 3.72%
2009 81 1,944,226 5.76% 6.38 4.73%
2010+ 253 10,960,203 32.46% 6.89 28.78%
------------- ---------- ------- ---------- ------------
4,041 33,768,842 100.0% $ 7.77 100.0%
============= ========== ======= ========== ============
</TABLE>
Does not assume exercise of renewal options.
Does not include Clearwater Mall (679,661 square feet), a property with
redevelopment plans under reevaluation, or apartments.
The above does not purport to disclose all items required under GAAP.
The Company's 10-K for the year ended December 31, 1999 and 10-Q for the
quarter ended March 31, 2000 should be read in conjunction with the above
information.
<PAGE> 22
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 21
<TABLE>
<CAPTION>
Year Acquired Percent
Property Name City State Built Date GLA Leased (1)
----------------------------- -------------- ----- -------- -------- --------- ------------
RETAIL PORTFOLIO
SHOPPING CENTERS
<S> <C> <C> <C> <C> <C> <C>
1 Cloverdale Village Florence AL 1986 10/27/94 59,407 94%
2 Riverview Plaza Gadsden AL 1990 10/12/95 147,621 100%
3 Grant Mills Station Irondale AL 1991 07/01/98 226,837 96%
4 Payton Park Sylacauga AL 1995 07/01/98 231,820 100%
5 Glendale Galleria Glendale AZ 1989-91 08/01/97 119,460 94%
6 Kmart Plaza Mesa AZ 1970 12/28/90 182,581 100%
7 SunValley Plaza Mesa AZ 1981 05/31/94 107,089 92%
8 Southern Village Mesa Mesa AZ 1986-97 08/01/97 84,160 98%
9 Metro Marketplace Phoenix AZ 1988 06/21/91 251,175 83%
10 Northmall Centre Tucson AZ 1995-96 12/31/96 168,719 100%
11 Bakersfield Plaza Bakersfield CA 1970 06/20/97 213,372 96%
12 Factory Merchants - Barstow Barstow CA 1989 11/01/93 333,512 83%
13 Sony/Kinko Burbank CA 1988 05/01/89 14,176 100%
14 Carmen Plaza Camarillo CA 1971 06/20/97 129,054 78%
15 Coachella Plaza Coachella CA 1991 06/20/97 11,182 100%
16 Cudahy Plaza Cudahy CA 1968 06/20/97 138,430 100%
17 Broadway Faire Fresno CA 1995 04/09/97 60,383 100%
18 Arbor Faire Fresno CA 1993 04/09/97 199,986 78%
19 Briggsmore Plaza Modesto CA 1974 06/20/97 100,681 82%
20 Montebello Plaza Montebello CA 1974 06/20/97 286,890 95%
21 Metro 580 Shopping Center Pleasanton CA 1995-96 09/15/97 174,584 100%
22 Rose Pavilion Shopping Center Pleasanton CA 1987 02/27/98 292,902 97%
23 Bristol Plaza Santa Ana CA 1972 06/20/97 112,379 100%
24 San Dimas Plaza San Dimas CA 1986 10/07/97 119,157 96%
25 Vail Ranch Center Temecula CA 1997 12/31/97 99,204 100%
26 Paradise Plaza Paradise CA 1979 06/20/97 198,562 96%
27 Westminster City Center Westminster CO 1996 12/16/97 339,600 100%
28 Rodney Village Dover DE 1959 01/01/69 213,686 87%
29 Brooksville Square Brooksville FL 1987 03/28/94 95,066 88%
30 Northgate S.C. Deland FL 1993 06/30/93 186,396 100%
31 Regency Park Jacksonville FL 1985 06/16/97 327,710 92%
32 Eastgate S.C. Lakewales FL 1994 05/20/94 102,161 100%
33 Leesburg Square Leesburg FL 1986 12/23/92 91,682 96%
34 Miami Gardens Miami FL 1996 10/06/97 245,119 100%
35 Freedom Square Naples FL 1995 10/06/97 211,839 90%
36 Presidential West N. Lauderdale FL 1977 04/18/97 21,035 80%
37 Presidential Plaza N. Lauderdale FL 1977 04/18/97 67,269 88%
</TABLE>
<TABLE>
<CAPTION>
Anchor Tenant
Property Name Anchor Tenant Not Owned
----------------------------- --------------------- -------------
RETAIL PORTFOLIO
SHOPPING CENTERS
<S> <C> <C>
1 Cloverdale Village Winn-Dixie
2 Riverview Plaza Wal-Mart
3 Grant Mills Station Wal-Mart
4 Payton Park Wal-Mart
5 Glendale Galleria Food 4 Less
6 Kmart Plaza Kmart
7 SunValley Plaza ABCO
8 Southern Village Mesa Megafoods
9 Metro Marketplace Toys R' Us
10 Northmall Centre Stein Mart
11 Bakersfield Plaza Von's Mervyn's
12 Factory Merchants - Barstow Polo
13 Sony/Kinko Sony
14 Carmen Plaza Sav-on Drug Miller's Outpost
15 Coachella Plaza Payless ShoeSource Kmart
16 Cudahy Plaza Kmart
17 Broadway Faire United Artists
18 Arbor Faire Home Depot
19 Briggsmore Plaza MacFrugals Montgomery Ward
20 Montebello Plaza Albertson's
21 Metro 580 Shopping Center Linens N Things
22 Rose Pavilion Shopping Center Macy's Furniture
23 Bristol Plaza Lucky
24 San Dimas Plaza T.J. Maxx
25 Vail Ranch Center Albertson's
26 Paradise Plaza Kmart
27 Westminster City Center Circuit City
28 Rodney Village Farm Fresh
29 Brooksville Square Publix
30 Northgate S.C. Kmart
31 Regency Park Babies R' Us
32 Eastgate S.C. Kmart
33 Leesburg Square Publix
34 Miami Gardens Kmart
35 Freedom Square Kmart
36 Presidential West Polish American Club
37 Presidential Plaza Winn-Dixie Stores
</TABLE>
<PAGE> 23
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 22
<TABLE>
<CAPTION>
Year Acquired Percent
Property Name City State Built Date GLA Leased (1)
------------------------------- --------------------- ----- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
38 Southgate New Port Ritchie FL 1966 08/27/97 262,910 72%
39 Colonial Marketplace Orlando FL 1979,86 04/01/98 128,823 100%
40 23rd Street Plaza Panama City FL 1986 07/01/98 99,756 100%
41 Riverwood Port Orange FL 1984,96 09/05/97 93,506 99%
42 Seminole Plaza Seminole FL 1964 06/11/98 144,011 94%
43 St. Augustine Outlet Center St. Augustine FL 1991 03/01/92 334,795 92%
44 Rutland Plaza St. Petersburg FL 1964 11/01/96 149,811 95%
45 Albany Plaza Albany GA 1968 05/12/94 114,183 100%
46 Southgate Plaza Albany GA 1969 07/11/90 59,816 80%
47 Eastgate Plaza Americus GA 1980 07/11/90 44,365 100%
48 Perlis Plaza Americus GA 1972 07/11/90 165,774 89%
49 Rogers Plaza Ashburn GA 1974 07/11/90 49,978 83%
50 Sweetwater Village Austell GA 1985 10/27/94 66,197 94%
51 Cedar Plaza Cedartown GA 1994 10/27/94 83,300 100%
52 Cedartown Cedartown GA 1989 01/10/95 107,220 98%
53 Mr. B's Cordele GA 1968 07/11/90 13,702 72%
54 Cordele Square Cordele GA 1968 07/11/90 131,327 86%
55 Southgate Plaza Cordele GA 1969 07/11/90 39,292 94%
56 Habersham Village Cornelia GA 1985 05/06/92 147,182 100%
57 Habersham Crossing Cornelia GA 1990 03/01/96 161,278 100%
58 Covington Gallery Covington GA 1991 12/30/93 174,857 95%
59 Market Central Dalton GA 1994 03/31/97 34,000 100%
60 Northside Plaza Dalton GA 1990 10/11/95 67,831 98%
61 Midway Village Douglasville GA 1989 05/01/97 73,328 87%
62 Westgate Dublin GA 1974 07/11/90 189,629 62%
63 Marshalls at Eastlake Marietta GA 1982 10/26/98 55,179 96%
64 New Chastain Corners Marietta GA 1990 07/17/97 108,379 97%
65 Pavilions at Eastlake Marietta GA 1986 03/01/99 160,725 95%
66 Village at Southlake Morrow GA 1983 04/13/98 53,390 100%
67 Perry Marketplace Perry GA 1992 12/30/92 179,973 99%
68 Creekwood Rex GA 1990 05/01/97 69,778 100%
69 Shops of Riverdale Riverdale GA 1995 02/15/96 34,255 90%
70 Victory Square Savannah GA 1986 07/02/92 168,514 98%
71 Eisenhower Square Savannah GA 1985 07/16/97 125,120 97%
72 Wisteria Village Snellville GA 1985 10/11/95 164,646 98%
73 University Commons Statesboro GA 1994 07/24/96 59,814 100%
74 Tift-Town Tifton GA 1965 07/11/90 61,218 66%
75 Westgate Tifton GA 1980 07/11/90 16,307 92%
76 Haymarket Mall Des Moines IA 1968,79 05/12/95 234,163 90%
77 Haymarket Square Des Moines IA 1971,79 05/12/95 266,525 90%
78 Southfield Plaza Bridgeview IL 1958 12/03/96 198,436 100%
</TABLE>
<TABLE>
<CAPTION>
Anchor Tenant
Property Name Anchor Tenant Not Owned
------------------------------- ------------------------- --------------
<S> <C> <C>
38 Southgate Publix
39 Colonial Marketplace Service Merchandise
40 23rd Street Plaza Publix
41 Riverwood Winn-Dixie Stores
42 Seminole Plaza Roberd's, T.J. Maxx
43 St. Augustine Outlet Center West Point
44 Rutland Plaza Winn-Dixie Stores
45 Albany Plaza Food Lion
46 Southgate Plaza Bargin Town
47 Eastgate Plaza Winn-Dixie Stores
48 Perlis Plaza Piggly Wiggly, Belk's
49 Rogers Plaza Piggly Wiggly
50 Sweetwater Village Winn-Dixie Stores
51 Cedar Plaza Kroger
52 Cedartown Wal-Mart
53 Mr. B's Fitness Lady
54 Cordele Square Piggly Wiggly, Belk's
55 Southgate Plaza Fred's
56 Habersham Village Kmart
57 Habersham Crossing Wal-Mart
58 Covington Gallery Kmart
59 Market Central Cato Wal-Mart
60 Northside Plaza BI-LO
61 Midway Village Winn-Dixie Stores
62 Westgate Food Max
63 Marshalls at Eastlake Marshalls
64 New Chastain Corners Kroger
65 Pavilions at Eastlake Kroger
66 Village at Southlake Marshalls
67 Perry Marketplace Kmart
68 Creekwood Winn-Dixie Stores
69 Shops of Riverdale Fashion Bug Wal-Mart
70 Victory Square Scotty's
71 Eisenhower Square Food Lion, Cinema
72 Wisteria Village Kmart
73 University Commons Publix
74 Tift-Town Beall's Outlet
75 Westgate Advance Stores
76 Haymarket Mall Hobby Lobby
77 Haymarket Square Dahl's Food
78 Southfield Plaza Dominick's Food
</TABLE>
<PAGE> 24
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 23
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
---------------------------------------------- -------------------- ----- --------- -------------
<S> <C> <C> <C> <C>
79 King City Square Mt. Vernon IL 1994 07/01/98
80 Westridge Court Naperville IL 1990 07/18/97
81 Tinley Park Plaza Tinley Park IL 1973 09/20/95
82 Columbus Center Columbus IN 1964 12/01/88
83 Jasper Manor Jasper IN 1990 02/18/92
84 Valley View Plaza Marion IN 1989 03/28/94
85 Town Fair Princeton IN 1991 02/09/93
86 Wabash Valley Plaza Terre Haute IN 1989 03/28/94
87 Wabash Crossing Wabash IN 1988 12/16/93
88 Woodland Plaza Warsaw IN 1989 03/28/94
89 Green River Campbellsville KY 1989 03/08/96
90 Kmart Plaza Elizabethtown KY 1992 02/04/93
91 Highland Commons Glasgow KY 1992 03/31/93
92 J*Town Center Jeffersontown KY 1959 10/21/88
93 Mist Lake Plaza Lexington KY 1993 07/01/98
94 London Marketplace London KY 1994 03/17/94
95 Picadilly Square Louisville KY 1973 04/25/89
96 Eastgate Middletown KY 1987 11/10/93
97 Lexington Road Plaza Versailles KY 1994 04/28/94
98 Lagniappe Village Shopping Center New Iberia LA 1990 07/01/98
99 Liberty Plaza Randallstown MD 1962 05/12/95
100 Rising Sun Towne Centre Rising Sun MD 1998 06/04/99
101 Fruitland Plaza (2) Salisbury MD 1973 05/14/86
102 Maple Village Ann Arbor MI 1965 10/14/94
103 Farmington Crossroads Farmington MI 1986 12/11/95
104 Delta Center Lansing MI 1985 12/12/95
105 Hampton Village Centre Rochester Hills MI 1990 12/12/95
106 Fashion Corner Saginaw MI 1986 12/12/95
107 Hall Road Crossing Shelby MI 1985 12/12/95
108 Southfield Shopping Center Southfield MI 1969-70 02/12/98
109 Delco Center Sterling Heights MI 1970,73 11/14/96
110 Westland Crossing Westland MI 1986 11/16/99
111 Washtenaw Fountain Plaza Ypsilanti MI 1989 10/05/92
112 Roundtree Place Ypsilanti MI 1992 07/01/98
113 Factory Merchants - Branson Branson MO 1988 11/01/93
114 Factory Outlet Village Osage Beach Osage Beach MO 1987 01/29/93
115 Stanly County Plaza Albermarle NC 1988 03/28/94
116 Village Marketplace Asheboro NC 1988 04/13/95
117 Goldsboro Flea Market Goldsboro NC 1973 05/14/86
118 Foothills Market Jonesville NC 1988 06/05/95
119 Chapel Square Kannapolis NC 1992 12/01/94
<CAPTION>
Percent Anchor Tenant
Property Name GLA Leased (1) Anchor Tenant Not Owned
------------------------------------------- ---------- ------------ ------------------------------ --------------
<S> <C> <C> <C> <C>
79 King City Square 94,428 99% Kroger
80 Westridge Court 445,779 96% Cub Foods
81 Tinley Park Plaza 283,470 98% Walt's Finer Foods, T.J. Maxx
82 Columbus Center 270,227 79% Hills Dept. Store
83 Jasper Manor 194,120 95% Kmart
84 Valley View Plaza 29,974 95% Hallmark Wal-Mart
85 Town Fair 113,939 100% Kmart
86 Wabash Valley Plaza 79,077 92% Supervalu Wal-Mart
87 Wabash Crossing 166,992 100% Kmart
88 Woodland Plaza 31,375 95% Shoe Show Wal-Mart
89 Green River 190,316 95% Wal-Mart
90 Kmart Plaza 130,466 97% Kmart
91 Highland Commons 130,466 100% Kmart
92 J*Town Center 186,855 74% J-Town Bowl
93 Mist Lake Plaza 217,292 100% Wal-Mart
94 London Marketplace 169,032 100% Kmart
95 Picadilly Square 96,370 83% Big Lots
96 Eastgate 152,855 91% Kroger
97 Lexington Road Plaza 182,578 100% Kmart
98 Lagniappe Village Shopping Center 220,225 98% Wal-Mart
99 Liberty Plaza 215,574 89% Stop & Shop
100 Rising Sun Towne Centre 63,360 94% Giant Food
101 Fruitland Plaza (2) 101,595 38% Food Lion
102 Maple Village 280,521 90% Kmart
103 Farmington Crossroads 84,310 89% Farmer Jack
104 Delta Center 173,619 78% Service Merchandise
105 Hampton Village Centre 460,268 98% Farmer Jacks / A & P Target
106 Fashion Corner 188,877 68% Best Buy
107 Hall Road Crossing 176,466 85% Gander Mountain
108 Southfield Shopping Center 106,948 100% Farmer Jacks / A & P
109 Delco Center 154,853 100% Toys R' Us
110 Westland Crossing 146,668 81% Office Depot Toys R' Us
111 Washtenaw Fountain Plaza 138,103 99% Kmart
112 Roundtree Place 195,413 99% Wal-Mart
113 Factory Merchants - Branson 317,399 75% Eddie Bauer
114 Factory Outlet Village Osage Beach 399,964 93% Polo
115 Stanly County Plaza 63,637 89% Ingles Wal-Mart
116 Village Marketplace 87,800 74% Harris-Teeter
117 Goldsboro Flea Market 79,579 100% Goldsboro Flea Market
118 Foothills Market 49,630 92% Food Lion
119 Chapel Square 45,450 94% Food Lion Wal-Mart
</TABLE>
<PAGE> 25
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 24
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
---------------------------------------------- -------------- ----- --------- ------------
<S> <C> <C> <C> <C>
120 Piney Grove Plaza Kernersville NC 1988 06/05/95
121 Kinston Pointe Kinston NC 1991 07/05/95
122 Granville Corners Oxford NC 1991 02/21/96
123 Roxboro Square Roxboro NC 1989 06/05/95
124 Siler Crossing Siler City NC 1988 06/05/95
125 Crossroads Ctr. Statesville NC 1991 02/27/96
126 Thomasville Crossing Thomasville NC 1996 04/18/97
127 Anson Station Wadesboro NC 1988 08/23/95
128 Roanoke Landing Williamston NC 1991 01/02/96
129 Wilson Wilson NC 1973 05/14/86
130 Stratford Commons Winston-Salem NC 1995 12/30/96
131 Laurel Square Bricktown NJ 1973 07/13/92
132 Hamilton Plaza-Kmart Plaza Hamilton NJ 1972 05/12/94
133 Bennetts Mills Plaza Jackson NJ 1988 09/01/94
134 Six Flags Factory Outlet Jackson Township NJ 1997 04/30/97
135 Middletown Plaza Middletown NJ 1972 01/01/75
136 Tinton Falls Plaza Tinton Falls NJ 1953 01/30/98
137 Dover Park Plaza Yardville NJ 2000 01/28/00
138 Galleria Commons Shopping Center Henderson NV 1998 06/09/98
139 Renaissance Center East Las Vegas NV 1981 10/17/96
140 Kietzke Center Reno NV 1974 06/20/97
141 University Mall Canton NY 1967 01/01/76
142 Cortlandville Cortland NY 1984 08/04/87
143 Kmart Plaza DeWitt NY 1970 08/03/93
144 D & F Plaza Dunkirk NY 1967 01/01/86
145 Elmira Plaza Elmira NY 1976 02/13/89
146 Pyramid Mall Geneva NY 1973 08/03/93
147 Genesee Valley Shopping Center Genesco NY 1993 07/01/98
148 Gloversville Gloversville NY 1974 12/29/98
149 McKinley Plaza Hamburg NY 1991 06/14/92
150 Hornell Plaza Shopping Center Hornell NY 1995 07/31/98
151 Cayuga Mall Ithaca NY 1969 05/12/89
152 Shops at Seneca Mall Liverpool NY 1971 08/03/93
153 Transit Road Plaza Lockport NY 1971 08/03/93
154 Marcy Marcy NY 1971 05/14/86
155 Wallkill Plaza Middletown NY 1986 12/12/95
156 Monroe Shoprite Plaza Monroe NY 1972 08/01/97
157 Rockland Plaza Nanuet NY 1963 01/01/83
158 South Plaza Norwich NY 1967 04/01/83
159 Westgate Plaza Oneonta NY 1967 01/20/84
160 Oswego Plaza Oswego NY 1966 01/01/77
<CAPTION>
Percent Anchor Tenant
Property Name GLA Leased (1) Anchor Tenant Not Owned
---------------------------------------- ----------- ------------ --------------------------- ----------------
<S> <C> <C> <C> <C>
120 Piney Grove Plaza 49,709 86% Lowe's Food
121 Kinston Pointe 170,170 96% Wal-Mart
122 Granville Corners 136,549 99% Wal-Mart
123 Roxboro Square 98,980 100% Wal-Mart
124 Siler Crossing 132,639 96% Food Lion
125 Crossroads Ctr. 340,189 98% Wal-Mart
126 Thomasville Crossing 78,509 96% Lowe's Food
127 Anson Station 130,800 92% Wal-Mart
128 Roanoke Landing 156,561 99% Wal-Mart
129 Wilson 104,982 76% Wilson Flea Market
130 Stratford Commons 72,308 100% Office Max
131 Laurel Square 246,235 98% Kmart
132 Hamilton Plaza-Kmart Plaza 149,060 100% Kmart
133 Bennetts Mills Plaza 115,238 93% Edwards Food / Ahold
134 Six Flags Factory Outlet 290,370 95% Gap, Nike
135 Middletown Plaza 125,558 85% Shoprite
136 Tinton Falls Plaza 100,582 100% Burlington Coat Factory A & P
137 Dover Park Plaza 59,641 100% Acme Markets, CVS
138 Galleria Commons Shopping Center 276,458 100% Home Base
139 Renaissance Center East 145,578 94% Lucky
140 Kietzke Center 165,350 97% Mervyn's
141 University Mall 78,738 75% Ames Dept. Stores
142 Cortlandville 100,300 95% Ames Dept. Store
143 Kmart Plaza 115,500 100% Kmart
144 D & F Plaza 191,732 82% Quality Markets
145 Elmira Plaza 54,400 0% Tops Markets
146 Pyramid Mall 233,137 81% Kmart
147 Genesee Valley Shopping Center 204,609 100% Wal-Mart
148 Gloversville 45,012 100% Eckerd Drugstores
149 McKinley Plaza 92,782 95% T.J. Maxx
150 Hornell Plaza Shopping Center 253,813 98% Wal-Mart
151 Cayuga Mall 205,526 95% Zayre
152 Shops at Seneca Mall 237,202 92% Kmart
153 Transit Road Plaza 138,119 100% Kmart
154 Marcy 123,380 2% U.S. Postal Service
155 Wallkill Plaza 203,234 99% Bradlee's
156 Monroe Shoprite Plaza 122,394 100% Shoprite
157 Rockland Plaza 248,067 97% Marshalls
158 South Plaza 143,665 78% Ames Dept. Stores
159 Westgate Plaza 71,952 97% Ames Dept. Stores
160 Oswego Plaza 128,087 97% JC Penney
</TABLE>
<PAGE> 26
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 25
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
------------------------------------------- ------------------------ ----------- ------------------ -----------
<S> <C> <C> <C> <C>
161 Price Chopper Plaza Rome NY 1988 08/03/93
162 Westgate Manor Plaza Rome NY 1961 01/01/86
163 Mohawk Acres Rome NY 1965 02/01/84
164 Northland Watertown NY 1962 01/01/73
165 Harbor Plaza Ashtabula OH 1988 02/20/91
166 Ashland Square Ashland OH 1990 10/06/93
167 Belpre Plaza Belpre OH 1969 06/08/88
168 Southwood Plaza Bowling Green OH 1961 05/16/90
169 Lakewood Village Celina OH 1990 03/28/94
170 Delhi Cincinnati OH 1973 05/22/96
171 Western Village Cincinnati OH 1960 05/04/94
172 Brentwood Plaza Cincinnati OH 1957 05/04/94
173 Crown Point Columbus OH 1980 07/23/98
174 River Run Centre Coshocton OH 1992 07/01/98
175 South Towne Centre Dayton OH 1972 03/27/92
176 Heritage Square Dover OH 1959 08/31/93
177 Midway Crossing Elyria OH 1986 12/11/95
178 Fairfield Center Fairfield OH 1978 05/01/90
179 Silver Bridge Plaza Gallipolis OH 1972 12/28/86
180 Genoa Genoa OH 1987 03/01/91
181 Parkway Plaza Maumee OH 1955 09/06/89
182 New Boston New Boston OH 1991 02/17/93
183 Market Place Piqua OH 1972 11/20/91
184 Brice Park Reynoldsburg OH 1989 03/04/98
185 Central Ave Market Place Toledo OH 1968 08/14/90
186 Greentree Upper Arlington OH 1974 07/23/98
187 Bethel Park Bethel Park PA 1965 05/14/97
188 Dillsburg Shopping Center Dillsburg PA 1994 10/16/96
189 Market Street Square Elizabethtown PA 1993 10/06/97
190 New Garden Kennett Square PA 1979 06/20/97
191 Stone Mill Plaza Lancaster PA 1988 01/06/94
192 Crossroads Plaza Mt. Pleasant PA 1975 11/10/88
193 Ivyridge Philadelphia PA 1963 08/02/95
194 Roosevelt Mall NE Philadelphia PA 1964 01/01/64
195 Roosevelt Mall Annex Philadelphia PA 1958 04/01/74
196 Strawbridge's Philadelphia PA 1964 01/01/64
197 St. Mary's Plaza St. Mary's PA 1970 12/15/94
198 Northland Center State College PA 1988 06/25/92
199 Hampton Square Upper South Hampton PA 1980 12/29/98
200 Shops at Prospect West Hempfield PA 1994 07/31/95
201 York Marketplace York PA 1955 05/12/95
<CAPTION>
Percent Anchor Tenant
Property Name GLA Leased (1) Anchor Tenant Not Owned
----------------------------------- ---------- ------------- ----------------------------- ----------------
<S> <C> <C> <C> <C>
161 Price Chopper Plaza 78,400 100% Price Chopper
162 Westgate Manor Plaza 65,813 96% Big Lots
163 Mohawk Acres 97,682 64% Klein's All Sports
164 Northland 122,666 77% Ames Dept. Store
165 Harbor Plaza 51,794 84% Jubilee Foods / Fleming
166 Ashland Square 163,168 95% Wal-Mart
167 Belpre Plaza 88,426 96% Lee Middleton Original Dolls
168 Southwood Plaza 82,952 91% Odd Lots
169 Lakewood Village 113,903 98% Wal-Mart
170 Delhi 166,496 90% Kroger
171 Western Village 138,625 100% Furrow's Bldg. Materials
172 Brentwood Plaza 232,567 65% Odd Lots
173 Crown Point 147,427 90% Kroger
174 River Run Centre 82,957 100% Wal-Mart
175 South Towne Centre 308,719 100% Kmart
176 Heritage Square 232,132 90% Bag'N'Save
177 Midway Crossing 138,675 84% Dunham's Toys R' Us
178 Fairfield Center 74,095 92% Kroger
179 Silver Bridge Plaza 145,481 80% Kroger
180 Genoa 16,500 85% Rite Aid
181 Parkway Plaza 140,021 51% Seaway Food Town
182 New Boston 233,711 98% Wal-Mart
183 Market Place 169,311 85% Seaway Foodtown
184 Brice Park 168,282 100% Sun TV
185 Central Ave Market Place 157,383 91% Hill's
186 Greentree 128,501 88% Kroger
187 Bethel Park 224,069 97% Ames Dept. Store
188 Dillsburg Shopping Center 68,848 100% Giant Food
189 Market Street Square 169,481 100% Kmart
190 New Garden 148,525 68% Acme Market
191 Stone Mill Plaza 94,493 97% Giant Food
192 Crossroads Plaza 105,602 97% Quality Stores Kmart
193 Ivyridge 112,278 77% Superfresh
194 Roosevelt Mall NE 207,603 88% Discovery Zone
195 Roosevelt Mall Annex 35,710 100% Lenscrafters
196 Strawbridge's 313,000 100% Strawbridge
197 St. Mary's Plaza 107,950 99% BI-LO
198 Northland Center 108,241 100% Giant Food
199 Hampton Square 62,933 90% Acme Market
200 Shops at Prospect 63,392 94% Redner's Kmart
201 York Marketplace 300,368 99% Lowe's
</TABLE>
<PAGE> 27
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 26
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
------------------------------------------- ------------------------ ----------- -------- -----------
<S> <C> <C> <C> <C>
202 Johnstown Galleria Outparcel Richard Twnsp PA 1993 07/31/97
203 Circle Center Hilton Head SC 1992 03/24/94
204 Palmetto Crossroads Hilton Head SC 1990 10/18/95
205 Island Plaza James Island SC 1994 10/06/97
206 Remount Village N. Charleston SC 1996 11/13/96
207 Congress Crossing Athens TN 1990 11/10/88
208 St. Elmo Central Chattanooga TN 1995 08/06/96
209 Apison Crossing Collegedale TN 1997 07/29/97
210 Saddletree Village Shopping Center Columbia TN 1990 06/15/98
211 West Towne Square Elizabethton TN 1970,98 06/09/98
212 Greeneville Commons Greeneville TN 1990 03/10/92
213 Georgetown Square Murfreesboro TN 1986 09/29/93
214 Hazel Path Hendersonville TN 1989 11/27/95
215 Kimball Crossing Jasper TN 1987 11/27/95
216 Chapman-Ford Crossing Knoxville TN 1990 12/30/92
217 Farrar Place Shopping Center Manchester TN 1989 12/15/95
218 Madison Street Station Shelbyville TN 1985 10/11/95
219 Commerce Central Tullahoma TN 1995 08/09/96
220 Merchant's Central Winchester TN 1997 12/09/97
221 Bardin Place Center Arlington TX 1992-93 10/06/97
222 Irving West Irving TX 1987 09/14/93
223 Valley Fair Mall W. Valley City UT 1970 12/31/96
224 Colonial Heights Colonial Heights VA 1972 05/14/86
225 Factory Merchants Ft. Chiswell Ft. Chiswell VA 1989 11/01/93
226 Hanover Square Mechanicsville VA 1991 01/06/93
227 Victorian Square Midlothian VA 1991 03/24/94
228 VA-KY Regional S.C. Norton VA 1989 12/30/92
229 Hunting Hills Roanoke VA 1989 04/02/98
230 Cave Spring Corners Roanoke VA 1969 06/05/97
231 Lakeside Plaza Salem VA 1989 04/15/99
232 Fredricksburg Spotsylvania VA 1970 05/14/86
233 Lake Drive Plaza Vinton VA 1976 02/12/98
234 Ridgeview Centre Wise VA 1990 07/02/92
235 Moundsville Plaza Moundsville WV 1961 12/27/88
236 Grand Central Plaza Parkersburg WV 1986 06/08/88
237 Kmart Plaza Vienna WV 1975 02/25/93
TOTAL
<CAPTION>
Percent Anchor Tenant
Property Name GLA Leased (1) Anchor Tenant Not Owned
------------------------------------------ ---------- ------------- --------------------- --------------
<S> <C> <C> <C> <C>
202 Johnstown Galleria Outparcel 61,968 87% Staples
203 Circle Center 65,313 100% BI-LO
204 Palmetto Crossroads 41,542 92% Food Lion
205 Island Plaza 167,101 95% Kmart
206 Remount Village 60,238 94% BI-LO
207 Congress Crossing 172,305 99% Kmart
208 St. Elmo Central 74,978 94% Winn-Dixie Stores
209 Apison Crossing 79,054 96% Winn-Dixie
210 Saddletree Village Shopping Center 45,800 97% Food Lion
211 West Towne Square 99,224 76% Winn-Dixie Stores
212 Greeneville Commons 223,118 100% Kmart
213 Georgetown Square 105,167 84% Kroger
214 Hazel Path 67,965 90% Food Lion Wal-Mart
215 Kimball Crossing 280,482 90% Wal-Mart
216 Chapman-Ford Crossing 185,604 97% Wal-Mart
217 Farrar Place Shopping Center 43,220 84% Food Lion
218 Madison Street Station 56,766 97% BI-LO
219 Commerce Central 182,401 100% Wal-Mart
220 Merchant's Central 208,123 99% Wal-Mart
221 Bardin Place Center 303,899 100% Kmart
222 Irving West 70,056 100% Winn-Dixie Stores
223 Valley Fair Mall 587,550 100% JC Penney
224 Colonial Heights 80,363 0%
225 Factory Merchants Ft. Chiswell 175,705 66% Polo
226 Hanover Square 129,601 100% Ukrops Supermarket Kohl's
227 Victorian Square 271,215 93% Kmart
228 VA-KY Regional S.C. 193,238 100% Wal-Mart
229 Hunting Hills 166,207 100% Wal-Mart
230 Cave Spring Corners 171,125 99% Ames
231 Lakeside Plaza 82,033 100% Kroger
232 Fredricksburg 83,374 100% Pharmhouse
233 Lake Drive Plaza 148,060 92% Kroger
234 Ridgeview Centre 176,690 98% Kmart Belk's
235 Moundsville Plaza 174,663 90% Kroger
236 Grand Central Plaza 74,017 100% Office Depot
237 Kmart Plaza 106,258 98% Kmart
------------ -------------
34,793,767 92%
============ =============
</TABLE>
<PAGE> 28
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 27
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
----------------------------------- ------------------------ ------- --------- -----------
SINGLE TENANT PROPERTIES
<S> <C> <C> <C> <C>
1 Kroger Muscle Shoals AL 1982 08/10/93
2 Kroger Muscle Shoals AL 1982 08/10/93
3 Kroger Scottsboro AL 1982 08/10/93
4 Kmart Pine Bluff AR 1981 08/10/93
5 Safeway Sherwood AR 1981 08/10/93
6 Lucky Mesa AZ 1982 08/10/93
7 Lucky Phoenix AZ 1982 01/19/94
8 Q-Club Phoenix AZ 1994 05/06/94
9 Q-Club Scottsdale AZ 1994 08/19/94
10 Rite Aid Yuma AZ 1980 08/10/93
11 United Artists Pueblo CO 1977 08/10/93
12 Doverama at Rodney Dover DE 1959 01/01/69
13 Food Lion Brandon FL 1982 08/10/93
14 Kmart Brookville FL 1987 06/17/97
15 Albany I Albany GA 1981 08/10/93
16 Kroger East Albany GA 1982 08/10/93
17 Rite Aid East Albany GA 1982 08/10/93
18 Kmart Atlantic IA 1980 01/19/94
19 Eagle Food Center Coralville IA 1981 08/10/93
20 Eagle Food Center Dubuque IA 1980 08/10/93
21 Eagle Food Center Decatur IL 1983 08/10/93
22 Kroger Ottawa IL 1982 08/10/93
23 Eagle Food Center Peoria IL 1983 08/10/93
24 Eagle Food Center Springfield IL 1982 08/10/93
25 Eagle Food Center Sterling IL 1980 08/10/93
26 Kroger Waterloo IL 1982 08/10/93
27 Kindercare Beech Grove IN 1976 12/31/92
28 Kindercare Fort Wayne IN 1976 12/31/92
29 Eagle Food Center Hobart IN 1983 08/10/93
30 Kindercare Indianapolis IN 1976 12/31/92
31 Kindercare Indianapolis IN 1976 12/31/92
32 Kindercare Indianapolis IN 1976 12/31/92
33 Eagle Food Center Michigan City IN 1983 08/10/93
34 Safeway West Monroe LA 1981 08/10/93
35 Mountain Jacks Dearborne Hts. MI 1988 12/31/92
36 Kindercare Kalamazoo MI 1990 02/06/91
37 Firstar Bank Building Burnsville MN 1975 08/04/97
38 Kindercare Fenton MO 1977 12/31/92
39 Kindercare High Ridge MO 1980 12/31/92
<CAPTION>
Percent Anchor Tenant
Property Name GLA Leased (1) Anchor Tenant Not Owned
---------------------------------------- ---------- ----------- ------------------------ ---------------
SINGLE TENANT PROPERTIES
<S> <C> <C> <C>
1 Kroger 42,130 100% Jitney Sak N Save
2 Kroger 10,069 100% Handy TV
3 Kroger 42,130 100% Bruno's Food World
4 Kmart 60,842 100% Country Market
5 Safeway 44,617 100% Kroger
6 Lucky 29,827 100% ABCO
7 Lucky 28,217 100% ABCO
8 Q-Club 44,374 100%
9 Q-Club 44,374 100%
10 Rite Aid 25,834 100% Payless Drug
11 United Artists 12,556 100%
12 Doverama at Rodney 30,000 100%
13 Food Lion 36,750 100% Kash n' Karry
14 Kmart 94,841 100%
15 Albany I 72,900 0%
16 Kroger 34,019 100% Harvey's Supermarket
17 Rite Aid 10,069 100%
18 Kmart 40,318 100%
19 Eagle Food Center 28,875 100%
20 Eagle Food Center 35,015 100%
21 Eagle Food Center 29,000 100%
22 Kroger 44,088 100%
23 Eagle Food Center 30,000 100%
24 Eagle Food Center 30,000 100%
25 Eagle Food Center 40,265 100%
26 Kroger 31,170 100% Schnuck
27 Kindercare 4,268 100%
28 Kindercare 4,584 100%
29 Eagle Food Center 29,300 100% Eagle Food Ctr
30 Kindercare 4,452 100%
31 Kindercare 4,212 100%
32 Kindercare 4,452 100%
33 Eagle Food Center 29,000 100%
34 Safeway 41,293 100% Brookshire Grocery
35 Mountain Jacks 9,914 100%
36 Kindercare 6,260 100%
37 Firstar Bank Building 13,373 100%
38 Kindercare 4,659 100%
39 Kindercare 4,654 100%
</TABLE>
<PAGE> 29
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- -------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 28
<TABLE>
<CAPTION>
Year Acquired Percent
Property Name City State Built Date GLA Leased (1)
------------------------------------ ----------------- ------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
40 Pizza Hut Greenville NC 1973 05/31/86 3,640 100%
41 Northern Automotive Grand Island NE 1988 12/31/92 5,671 100%
42 Northern Automotive Hastings NE 1988 12/31/92 4,000 100%
43 Kmart Omaha NE 1981 08/10/93 60,842 100%
44 Kmart Somerville NJ 1982 08/10/93 55,552 100%
45 Mohawk Rome NY 1965 01/20/84 84,000 0%
46 Safeway Muskogee OK 1981 08/10/93 45,510 100%
47 Kroger Clearfield PA 1982 08/10/93 31,170 100%
48 Acme Market Philadelphia PA 1980 08/19/98 34,000 100%
49 Hardees Hanover PA 1971 07/31/97 3,800 100%
50 Kroger Pittsburgh PA 1982 08/10/93 34,026 100%
51 Kroger James Island SC 1982 08/10/93 42,130 100%
52 Winn-Dixie Chattanooga TN 1995 03/31/97 43,848 100%
53 First American Bank/Audition Hi-Fi Kingsport TN 1970 09/01/92 6,132 100%
54 Kmart Desoto TX 1980 08/10/93 72,897 100%
55 Houston I Houston TX 1991 12/31/92 1,675 100%
56 Houston II Houston TX 1991 12/31/92 1,675 0%
57 Safeway Missouri City TX 1982 08/10/93 44,183 100%
58 El Chico Temple TX 1995 12/19/95 6,600 100%
59 Pizza Hut Harrisonburg VA 1969 07/31/96 3,384 100%
------------ -----------
TOTAL 1,717,436 91%
============ ===========
COMMERCIAL PROPERTIES
1 Genzyme Corp. Scottsdale AZ 1971 12/17/90 21,560 100%
2 Via Del Campo Office San Diego CA 1988 01/24/94 19,992 87%
3 Unity Professional Bldg. Fridley MN 1991 05/30/96 62,518 99%
4 Stillwater Office Bldg. Stillwater MN 1985 07/31/91 10,007 91%
5 Roxbury Township Roxbury NJ 1997 12/31/97 LAND N/A
6 Institute for Defense Analysis Princeton NJ 1982 05/31/74 51,000 100%
7 North Central Avenue Hartsdale NY 1972 07/31/72 LAND N/A
------------ -----------
TOTAL 165,077 98%
============ ===========
------------
TOTAL RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES 36,676,280 92%
============ ===========
SHOPPING CENTERS WITH REDEVELOPMENT PLANS UNDER REEVALUATION
1 Clearwater Mall Clearwater FL 1973 12/02/97 679,661 64%
<CAPTION>
Anchor Tenant
Property Name Anchor Tenant Not Owned
------------------------------------ ------------------------------ -----------------------
<S> <C> <C>
40 Pizza Hut
41 Northern Automotive
42 Northern Automotive
43 Kmart Golds Gym
44 Kmart
45 Mohawk
46 Safeway Associated Grocers
47 Kroger Clearfield Market
48 Acme Market
49 Hardees
50 Kroger Giant Eagle
51 Kroger BI-LO
52 Winn-Dixie
53 First American Bank/Audition Hi-Fi Food Lion
54 Kmart
55 Houston I
56 Houston II
57 Safeway Kroger
58 El Chico
59 Pizza Hut
COMMERCIAL PROPERTIES
1 Genzyme Corp. Genzyme Corp.
2 Via Del Campo Office
3 Unity Professional Bldg.
4 Stillwater Office Bldg. Washington City
5 Roxbury Township
6 Institute for Defense Analysis
7 North Central Avenue
SHOPPING CENTERS WITH REDEVELOPMENT PLANS UNDER REEVALUATION
1 Clearwater Mall Montgomery Ward, AMC Theatre Burdines
</TABLE>
<PAGE> 30
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 29
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
----------------------------------- -------------------- --------- -------------- ---------------
GARDEN APARTMENT COMMUNITIES
<S> <C> <C> <C> <C>
1 Breckenridge Birmingham AL 1979 02/18/92
2 Courts At Wildwood Birmingham AL 1969 07/22/93
3 Devonshire Place Birmingham AL 1971 02/18/92
4 The Club Birmingham AL 1969-74 05/24/95
5 Hillcrest Mobile AL 1977 06/30/97
6 Knollwood Mobile AL 1978-82 05/07/97
7 Maison Deville Mobile AL 1963,71-73 07/31/96
8 Maison Imperial Mobile AL 1969-73 07/31/96
9 Plantation Mobile AL 1977 07/31/96
10 Mayfair Dover DE 1971 01/01/81
11 Rodney Dover DE 1963-65 01/01/69
12 Charter Pointe Altamonte Springs FL 1973 04/03/98
13 Lake Park Lake Park FL 1965 02/01/76
14 Cambridge Athens GA 1972,82 05/01/96
15 Tara Athens GA 1970 06/06/96
16 Regency Club Evansville IN 1980 09/16/96
17 Forest Hills Indianapolis IN 1974 10/28/97
18 Hawthorne Heights Indianapolis IN 1965 06/18/96
19 Charlestown Louisville KY 1974 09/14/93
20 La Fontenay III Louisville KY 1970 07/16/92
21 Poplar Level Terrace Louisville KY 1974 01/01/91
22 Riverchase Newport KY 1968 08/29/96
23 Forestwood Baton Rouge LA 1985 10/31/96
24 Sherwood Acres Baton Rouge LA 1978-79 10/31/96
25 Willow Bend Lake Baton Rouge LA 1986 10/31/96
26 Deerhorn Village Kansas City MO 1974 07/12/95
27 Cardinal Woods Cary NC 1978 08/15/97
28 Polo Run Raleigh NC 1971 08/27/98
29 Meadow East Potsdam NY 1964-71 09/13/83
30 Mohawk Garden Rome NY 1947 11/01/85
31 Northgate Columbus OH 1970 07/16/98
32 Spring Creek Columbus OH 1985 06/02/97
33 Arlington Village Fairborn OH 1966 08/16/94
34 Chesterfield Maumee OH 1979-84 02/20/91
<CAPTION>
Percent
Property Name Units Leased (1)
---------------------------- -------------------- -------------
GARDEN APARTMENT COMMUNITES
<S> <C> <C>
1 Breckenridge 120 96%
2 Courts At Wildwood 220 95%
3 Devonshire Place 284 89%
4 The Club 278 96%
5 Hillcrest 140 98%
6 Knollwood 704 93%
7 Maison Deville 347 95%
8 Maison Imperial 56 95%
9 Plantation 120 98%
10 Mayfair 96 91%
11 Rodney 207 87%
12 Charter Pointe 312 95%
13 Lake Park 227 96%
14 Cambridge 180 95%
15 Tara 240 95%
16 Regency Club 232 97%
17 Forest Hills 420 82%
18 Hawthorne Heights 241 74%
19 Charlestown 244 92%
20 La Fontenay III 248 92%
21 Poplar Level Terrace 88 99%
22 Riverchase 203 83%
23 Forestwood 272 95%
24 Sherwood Acres 612 84%
25 Willow Bend Lake 360 91%
26 Deerhorn Village 309 90%
27 Cardinal Woods 184 93%
28 Polo Run 279 93%
29 Meadow East 100 95%
30 Mohawk Garden 208 94%
31 Northgate 316 86%
32 Spring Creek 288 82%
33 Arlington Village 164 95%
34 Chesterfield 104 87%
</TABLE>
<PAGE> 31
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED MARCH 31, 2000
- --------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 30
<TABLE>
<CAPTION>
Year Acquired
Property Name City State Built Date
----------------------------------- -------------------- --------- -------------- ----------------
<S> <C> <C> <C> <C>
35 Eastgreen On The Commons Reynoldsburg OH 1971,82 01/29/98
36 Goldcrest Sharonville OH 1968 08/29/96
37 Cambridge Park Union Twp-Cinn OH 1973 08/29/96
38 Governours Place Harrisburg PA 1974 04/25/95
39 Forest Hills Columbia SC 1968 01/14/99
40 Harbour Landing Columbia SC 1974 09/06/95
41 Sedgefield Florence SC 1972,74,79 07/01/94
42 Turtle Creek Greenville SC 1976 06/03/96
43 Hickory Lake Antioch TN 1974 12/17/93
44 Courts at Waterford Chattanooga TN 1988,89 12/12/96
45 Ashford Place Clarksville TN 1972,74 10/12/93
46 Cedar Village Clarksville TN 1982 07/25/94
47 Paddock Place Clarksville TN 1989 07/25/94
48 The Pines Clarksville TN 1986 07/25/94
49 Landmark Estates East Ridge TN 1971 08/29/96
50 Miller Crest Johnson City TN 1973 06/03/96
51 Cedar Bluff Knoxville TN 1980 05/01/96
52 Country Place Nashville TN 1979 04/02/96
53 Woodbridge Nashville TN 1980 08/29/96
TOTAL
<CAPTION>
Percent
Property Name Units Leased (1)
---------------------------------- ------------------ ----------------
<S> <C> <C>
35 Eastgreen On The Commons 360 91%
36 Goldcrest 173 82%
37 Cambridge Park 196 90%
38 Governours Place 130 98%
39 Forest Hills 176 84%
40 Harbour Landing 208 95%
41 Sedgefield 280 94%
42 Turtle Creek 152 98%
43 Hickory Lake 322 87%
44 Courts at Waterford 318 96%
45 Ashford Place 268 96%
46 Cedar Village 170 98%
47 Paddock Place 240 93%
48 The Pines 224 96%
49 Landmark Estates 93 92%
50 Miller Crest 121 97%
51 Cedar Bluff 192 98%
52 Country Place 312 76%
53 Woodbridge 220 84%
--------------------- -----------------
12,558 91%
===================== =================
</TABLE>
(1) Percent leased includes all leases that have commenced and are in force as
of March 31, 2000.
(2) Redevelopment project. Food Lion opened in November 1999
as the first tenant.
