<PAGE> 1
Exhibit 99.1
[NPXL LOGO]
NEW PLAN EXCEL REALTY TRUST, INC.
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SUPPLEMENTAL DISCLOSURE
QUARTER ENDED JUNE 30, 2000
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Certain statements in this Supplemental Disclosure 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 conditions; the
competitive environment in which the Company operates: financing risks; property
management risks; acquisition, 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, 1999,
which discuss these and other factors that could adversely affect the Company's
results.
<PAGE> 2
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
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TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
COMPANY OVERVIEW / SECOND 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
Summary of Outstanding Debt ..................................................................................11
Debt Maturity Schedule........................................................................................13
ACTIVITY REVIEW
2000 Property Acquisitions....................................................................................14
2000 Property Dispositions....................................................................................15
Remodeling / Expansion Activities.............................................................................16
PORTFOLIO REVIEW
Property Type Summary.........................................................................................17
Properties by State / Region..................................................................................18
Same Property NOI Analysis....................................................................................19
Top Ten Tenants...............................................................................................20
New Lease Summary.............................................................................................21
Lease Expiration Schedule ....................................................................................22
Property Portfolio............................................................................................23
APPENDIX
Summary of ERT Development Corporation / Joint Venture Projects...............................................30
ERT Development Corporation Disposition Activity..............................................................33
</TABLE>
<PAGE> 3
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
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COMPANY OVERVIEW / SECOND 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 351 properties and total assets
of approximately $3 billion. Its properties are strategically located across 31
states and include 291 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.
SECOND QUARTER REVIEW
- At the end of the second quarter, approximately 92 percent of the gross
leasable area (GLA) at the Company's retail and commercial properties was
leased. The average annual base rent (ABR) per leased square foot was $7.78
at June 30, 2000. During the quarter, 52 new leases were signed at an
average ABR of $12.44 per square foot. Also during the quarter, 71 renewal
leases were signed at an average ABR of $5.34 per square foot, an increase
of approximately 2 percent over the expiring leases. 16 of the renewal
leases signed, which accounts for 61 percent of the renewed GLA, were
options exercised at an average increase of 0.6 percent. (The above data
does not include Clearwater Mall, a property with redevelopment plans under
reevaluation.)
- At the end of the second quarter, the Company's garden apartment
communities were 90 percent leased. During the quarter, remodeling was
completed at three of the garden apartment communities, Charlestown,
located in Louisville, Kentucky; Eastgreen on The Commons, located in
Reynoldsburg, Ohio; and Ashford Place, located in Clarksville, Tennessee.
- During the second quarter, the Company completed the sale of four
properties for an aggregate of approximately $35 million. Properties sold
during the quarter include York Marketplace, a 300,000 square foot shopping
center located in York, Pennsylvania; Northland Center, a 108,000 square
foot shopping center located in State College, Pennsylvania; Piney Grove
Plaza, a 50,000 square foot shopping center located in Kernersville, North
Carolina; and a 4,000 square foot single tenant Pizza Hut located in
Greenville, North Carolina.
- On April 5, 2000, a $66.5 million construction loan for The Centre at
Preston Ridge closed. The Centre at Preston Ridge, located in Frisco,
Texas, is a 730,800 square foot community shopping center 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 stated that it is reevaluating the timing
and structure of previously announced redevelopment plans for Clearwater
Mall, located in Clearwater, Florida. As such, the Mall will remain open
through the holiday season 2001.
<PAGE> 4
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
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COMPANY OVERVIEW / SECOND QUARTER REVIEW PAGE 3
- 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.
- 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.
- On May 31, 2000, the Company announced the appointment of Robert A.
Friedman, a retired partner of The Goldman Sachs Group, L.P., to the
Company's Board of Directors. His appointment increases the size of the
Board to twelve directors.
- On June 13, 2000, Home Depot, a tenant at The Mall at 163rd Street (an ERT
property), purchased its store site and additional land for expansion and
parking. A total of 9.5 acres of land was purchased for approximately $5.1
million.
SUBSEQUENT EVENTS
- On July 10, 2000, the Company announced that it has commenced the
implementation of several technology initiatives in conjunction with
Storetrax.com, a Web-based listing service for retail properties;
Eversave.com, an online source for tenant and consumer communications; and
AAT Communications Corporation, a wireless communications site provider.
<PAGE> 5
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
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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:
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 name or address 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 JUNE 30, 2000
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BALANCE SHEETS - CONSOLIDATED PAGE 5
(IN THOUSANDS)
<TABLE>
<CAPTION>
As Of
----------------------------------------------------------------
6/30/00 3/31/00 12/31/99
------------------- -------------------- ------------------
<S> <C> <C> <C>
ASSETS:
Land $ 547,386 $ 552,411 $ 552,146
Buildings and improvements 2,240,435 2,311,499 2,328,499
Less: accumulated depreciation and amortization (241,735) (229,218) (216,274)
------------------ -------------------- -------------------
NET REAL ESTATE 2,546,086 2,634,692 2,664,371
Real estate held for sale 70,135 21,634 -
Cash and cash equivalents 13,678 19,207 10,834
Marketable securities 1,426 1,310 1,190
Receivables
Trade and notes, net of allowance for doubtful accounts of 34,880 30,907 30,225
(June 30, 2000- $14,357, March 31, 2000- $13,532,
December 31, 1999- $13,897)
Other 22,402 20,870 15,825
Mortgages and notes receivable 59,585 60,198 59,142
Prepaid expenses and deferred charges 12,889 15,527 13,076
Investment in and loans to ERT Development Corporation 170,391 157,220 150,432
Other assets (1) 7,407 6,987 8,046
------------------ -------------------- -------------------
TOTAL ASSETS $ 2,938,879 $ 2,968,552 $ 2,953,141
================== ==================== ===================
LIABILITIES:
Mortgages payable, including unamortized premium of $ 338,988 $ 331,906 $ 341,643
(June 30, 2000- $8,457, March 31, 2000- $9,565,
December 31, 1999- $9,921)
Notes payable, net of unamortized discount of 622,864 662,800 662,736
(June 30, 2000- $2,136, March 31, 2000- $2,200,
December 31, 1999- $2,264)
Credit facilities 238,721 230,721 188,721
Capital leases 27,351 27,351 27,351
Other liabilities (2) 86,415 85,577 88,591
Tenant security deposits 7,789 7,681 7,480
------------------ -------------------- -------------------
TOTAL LIABILITIES 1,322,128 1,346,036 1,316,522
MINORITY INTEREST IN PARTNERSHIP: 24,505 24,802 25,100
------------------ -------------------- -------------------
STOCKHOLDERS' EQUITY:
Preferred stock 23 23 23
Common stock 876 876 875
Additional paid-in capital 1,708,825 1,708,825 1,708,186
Add: unrealized gain on securities reported at fair value 450 334 214
Less: accumulated distributions in excess of net income (117,928) (112,344) (97,779)
------------------ -------------------- -------------------
TOTAL STOCKHOLDERS' EQUITY 1,592,246 1,597,714 1,611,519
------------------ -------------------- -------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,938,879 $ 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 7
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
BALANCE SHEETS - ERT DEVELOPMENT CORPORATION PAGE 6
(IN THOUSANDS)
<TABLE>
<CAPTION>
As Of
----------------------------------------------------------
6/30/00 3/31/00 12/31/99
--------------- ----------------- ---------------
<S> <C> <C> <C>
ASSETS:
Land $ 29,295 $ 29,982 $ 29,974
Buildings and improvements 157,923 160,418 158,245
Less: accumulated depreciation and amortization (9,323) (8,235) (7,149)
--------------- ----------------- ---------------
NET REAL ESTATE 177,895 182,165 181,070
Cash and cash equivalents 3,067 11,090 11,459
Receivables
Trade and notes, net of allowance for doubtful accounts of 4,923 4,523 4,768
(June 30, 2000- $5,566, March 31, 2000- $4,693,
December 31, 1999- $3,197 )
Mortgages, notes and interest receivable from developers 64,897 40,213 40,074
Other investments (1) 3,212 3,264 3,654
Prepaid expenses and deferred charges 5,066 4,795 4,618
--------------- ----------------- ---------------
TOTAL ASSETS $ 259,060 $ 246,050 $ 245,643
=============== ================= ===============
LIABILITIES:
Mortgages payable to New Plan Excel Realty Trust, Inc. 81,824 58,900 -
Notes and accounts payable to New Plan Excel Realty Trust, Inc. 70,764 78,003 128,903
Interest payable to New Plan Excel Realty Trust, Inc. 22,866 21,096 16,415
Mortgages payable to third parties 78,475 78,475 84,013
Other liabilities (2) 10,192 10,625 12,085
--------------- ----------------- ---------------
TOTAL LIABILITIES 264,121 247,099 241,416
STOCKHOLDERS' EQUITY:
Preferred stock 1 1 1
Partner's capital (3) 1 1 1
Retained earnings (5,063) (1,051) 4,225
--------------- ----------------- ---------------
TOTAL STOCKHOLDERS' EQUITY (5,061) (1,049) 4,227
--------------- ----------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 259,060 $ 246,050 $ 245,643
=============== ================= ===============
</TABLE>
(1) Represents direct equity investments in Vail Ranch II and The Centre at
Preston Ridge joint venture projects.
(2) Other liabilities includes: interest payable to third parties, accounts
payable and accrued liabilities.
(3) Represents original capital contribution upon formation of Pointe Orlando
Development Company.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 8
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
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INCOME STATEMENTS - CONSOLIDATED PAGE 7
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------------------------------------
6/30/00 3/31/00 6/30/99 3/31/99
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES:
Rental revenues $ 87,050 $ 87,977 $ 88,620 $ 87,482
Percentage rents 2,068 2,202 1,617 1,552
Expense reimbursements 13,421 13,219 13,157 15,289
Interest, dividend, and other income 7,353 7,422 5,891 5,625
Equity participation in ERT (1) (4,012) (5,276) (126) 1,023
Foreign currency gain (loss) (276) (16) 262 195
------------- ------------- ------------- -------------
TOTAL REVENUES 105,604 105,528 109,421 111,166
------------- ------------- ------------- -------------
EXPENSES:
Operating costs 21,015 23,189 20,747 23,288
Real estate and other taxes 10,931 10,789 9,546 9,506
Interest expense 23,539 22,573 19,410 18,947
Depreciation and amortization 15,554 15,989 15,759 15,639
Provision for doubtful accounts 1,372 754 1,897 1,406
Non-recurring charges 915 2,749 8,429 -
General and administrative (1) 2,581 1,997 1,497 2,254
------------- ------------- ------------- -------------
TOTAL EXPENSES 75,907 78,040 77,285 71,040
------------- ------------- ------------- -------------
Income before real estate sales and minority interest 29,697 27,488 32,136 40,126
Gain (loss) on sale of real estate 7,915 (1) - -
Impairment of real estate (1,900) - - -
Minority interest in income of partnership (241) (238) (348) (457)
------------- ------------- ------------- -------------
NET INCOME BEFORE EXTRAORDINARY INCOME 35,471 27,249 31,788 39,669
Extraordinary income (2) 758 - - -
------------- ------------- ------------- -------------
NET INCOME $ 36,229 $ 27,249 $ 31,788 $ 39,669
============= ============= ============= =============
-------------------------------------------------------------------------------------------------------------- -------------
NET INCOME PER COMMON SHARE - BASIC (BEFORE EXTRAORDINARY ITEM) $ 0.34 $ 0.25 $ 0.29 $ 0.38
NET INCOME PER COMMON SHARE - DILUTED (BEFORE EXTRAORDINARY ITEM) 0.34 0.25 0.29 0.38
-------------------------------------------------------------------------------------------------------------- -------------
Weighted average common shares outstanding - basic 87,651,000 87,607,000 88,815,000 88,804,000
ERP partnership units 1,235,000 1,235,000 2,220,000 2,202,000
Options 128,000 189,000 78,000 388,000
------------- ------------- ------------- -------------
Weighted average common shares outstanding - diluted 89,014,000 89,031,000 91,113,000 91,394,000
</TABLE>
<TABLE>
<CAPTION>
Twelve
Months Ended
12/31/99
---------------
<S> <C>
REVENUES:
Rental revenues $ 353,884
Percentage rents 5,850
Expense reimbursements 54,747
Interest, dividend, and other income 26,041
Equity participation in ERT (1) (3,169)
Foreign currency gain (loss) 674
---------------
TOTAL REVENUES 438,027
---------------
EXPENSES:
Operating costs 90,612
Real estate and other taxes 38,929
Interest expense 81,412
Depreciation and amortization 62,912
Provision for doubtful accounts 6,144
Non-recurring charges 8,497
General and administrative (1) 6,665
---------------
TOTAL EXPENSES 295,171
---------------
Income before real estate sales and minority interest 142,856
Gain (loss) on sale of real estate 7,956
Impairment of real estate -
Minority interest in income of partnership (1,299)
---------------
NET INCOME BEFORE EXTRAORDINARY INCOME 149,513
Extraordinary income (2) -
---------------
NET INCOME $ 149,513
===============
--------------------------------------------------------------------------------------
NET INCOME PER COMMON SHARE - BASIC (BEFORE EXTRAORDINARY ITEM) $ 1.43
NET INCOME PER COMMON SHARE - DILUTED (BEFORE EXTRAORDINARY ITEM) 1.42
--------------------------------------------------------------------------------------
Weighted average common shares outstanding - basic 88,662,000
ERP partnership units 1,756,000
Options 22,000
---------------
Weighted average common shares outstanding - diluted 90,440,000
</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) Write-off of mortgage premium resulting from prepayment of Circle Center
mortgage.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 9
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
INCOME STATEMENTS - ERT DEVELOPMENT CORPORATION PAGE 8
(IN THOUSANDS)
<TABLE>
<CAPTION>
Twelve
Three Months Ended Months Ended
----------------------------------------------------------
6/30/00 3/31/00 6/30/99 3/31/99 12/31/99
-------------- ------------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Rental revenues $ 3,981 $ 4,629 $ 1,540 $ 3,383 $ 11,756
Percentage rents 302 (86) 73 3 777
Expense reimbursements 907 1,152 465 579 2,321
Loss in equity affiliate (1) - - (343) (894) (3,467)
Interest income 1,635 761 2,778 2,308 8,720
------------- ------------- ---------- ---------- ------------
TOTAL REVENUES 6,825 6,456 4,513 5,379 20,107
------------- ------------- ---------- ---------- ------------
EXPENSES:
Operating costs 2,596 2,781 790 584 2,340
Real estate and other taxes 516 389 169 47 844
Interest expense to New Plan Excel Realty Trust, Inc. 4,613 4,681 3,566 3,605 14,842
Interest expense 1,122 1,249 8 - 2,758
Depreciation and amortization 1,200 1,116 106 107 1,906
Provision for doubtful accounts 790 1,516 - 13 586
------------- ------------- ---------- ---------- ------------
TOTAL EXPENSES 10,837 11,732 4,639 4,356 23,276
------------- ------------- ---------- ---------- ------------
NET INCOME (LOSS) $ (4,012) $ (5,276) $ (126) $ 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.
(1) Prior to 4Q 1999, ERT owned less than 50% of Pointe*Orlando and accounted
for the property using the equity method.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 10
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
FUNDS FROM OPERATIONS / FUNDS AVAILABLE FOR DISTRIBUTION PAGE 9
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Twelve
Three Months Ended Months Ended
---------------------------------------------------------------
6/30/00 3/31/00 6/30/99 3/31/99 12/31/99
--------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
FUNDS FROM OPERATIONS: (1)
Net income before extraordinary item $ 35,471 $ 27,249 $ 31,788 $ 39,669 $ 149,513
Add:
Depreciation and amortization
New Plan Excel real estate assets 15,554 15,989 15,759 15,639 62,912
ERT real estate assets (2) 1,200 1,116 106 107 1,906
Deduct:
Preferred A dividends (800) (800) (800) (943) (3,343)
Preferred B dividends (3,396) (3,396) (3,396) (3,396) (13,584)
Preferred D dividends (1,462) (1,463) (1,463) (1,463) (5,850)
(Gain) loss on sale of real estate (7,915) 1 - - (7,956)
Impairment of real estate 1,900 - - - -
-------------- ------------- ------------- -------------- ---------------
FUNDS FROM OPERATIONS - BASIC 40,552 38,696 41,994 49,613 183,598
Add:
Preferred A dividends 800 800 800 943 3,343
Minority interest in income of partnership 241 238 348 457 1,299
-------------- ------------- ------------- -------------- ---------------
FUNDS FROM OPERATIONS - DILUTED $ 41,593 $ 39,734 $ 43,142 $ 51,013 $ 188,240
============== ============= ============= ============== ===============
--------------------------------------------------------------------------------------------------------------------------------
FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.46 $ 0.44 $ 0.47 $ 0.56 $ 2.07
FUNDS FROM OPERATIONS PER SHARE - DILUTED 0.46 0.44 0.46 0.54 2.04
--------------------------------------------------------------------------------------------------------------------------------
Weighted average common shares outstanding -
basic 87,651,000 87,607,000 88,815,000 88,804,000 88,662,000
ERP partnership units 1,235,000 1,235,000 2,220,000 2,202,000 1,756,000
Options 128,000 189,000 78,000 388,000 22,000
Dilutive effect of convertible Preferred A 1,874,000 1,874,000 1,977,000 2,297,000 2,004,000
Weighted average common shares outstanding -
diluted 90,888,000 90,905,000 93,090,000 93,691,000 92,444,000
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds from operations - diluted $ 41,593 $ 39,734 $ 43,142 $ 51,013 $ 188,240
Straight line rents (805) (717) (683) (1,017) (3,681)
Tenant improvements (1,485) (1,843) (2,043) (1,127) (5,833)
Leasing commissions (225) (217) (155) (210) (852)
Building improvements capitalized (1,963) (1,624) (1,571) (1,214) (6,277)
-------------- ------------- ------------- -------------- ---------------
TOTAL (4,478) (4,401) (4,452) (3,568) (16,643)
-------------- ------------- ------------- -------------- ---------------
FUNDS AVAILABLE FOR DISTRIBUTION $ 37,115 $ 35,333 $ 38,690 $ 47,445 $ 171,597
============== ============= ============= ============== ===============
Dividend per Common share $ 0.41250 $ 0.41250 $ 0.40500 $ 0.40250 $ 1.62500
Dividend per Preferred A share 0.53125 0.53125 0.53125 0.53125 $ 2.12500
Dividend per Preferred B share 0.53906 0.53906 0.53906 0.53906 $ 2.15900
Dividend per Preferred D share 0.97500 0.97500 0.97500 0.97500 $ 3.90000
Common dividends $ 36,156 $ 36,156 $ 35,807 $ 35,801 $ 143,726
Preferred A dividends 800 800 800 943 3,343
Preferred B dividends 3,396 3,396 3,396 3,396 13,584
Preferred D dividends 1,462 1,463 1,463 1,463 5,850
-------------- ------------- ------------- -------------- ---------------
TOTAL DISTRIBUTIONS $ 41,814 $ 41,815 $ 41,466 $ 41,603 $ 166,503
============== ============= ============= ============== ===============
Payout ratio of common dividends/diluted funds
from operations (3) 85% 85% 69% 70% 73%
Payout ratio of common dividends/funds available
for distribution (3) 95% 95% 76% 75% 80%
</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 non-recurring charges relating to executive resignations.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 11
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
SELECTED FINANCIAL RATIOS / DATA PAGE 10
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended
--------------------------------------------------------------------------
6/30/00 3/31/00 6/30/99 3/31/99
----------------- ---------------- ------------------- ----------------
<S> <C> <C> <C> <C>
DEBT COVERAGE RATIOS:
Interest coverage ratio (EBITDA /interest expense) 3.17 x 2.92 x 3.45 x 3.92 x
Debt service coverage (EBITDA/(interest expense + 2.88 x 2.62 x 3.06 x 3.56 x
scheduled principal payments))
DEBT/EQUITY RATIOS:
Total debt/total market capitalization 47.0% 46.7% 38.1% 35.9%
Total debt/total equity market capitalization 88.8% 87.5% 61.6% 56.1%
Total debt/total book assets 41.8% 42.2% 39.1% 37.9%
OVERHEAD RATIOS:
Annualized G&A/total assets 0.35% 0.27% 0.20% 0.31%
G&A/total revenues (excluding currency change) 2.44% 1.89% 1.37% 2.03%
CAPITALIZED INTEREST: $ 79 $ 198 $ - $ 126
MARKET CAPITALIZATION CALCULATIONS:
Common shares outstanding 87,650,655 87,650,655 88,403,947 88,946,710
Preferred A shares outstanding 1,506,780 1,506,780 1,506,780 1,775,130
Preferred B shares outstanding 6,300,000 6,300,000 6,300,000 6,300,000
Preferred D shares outstanding 1,500,000 1,500,000 1,500,000 1,500,000
Common stock price end of period $ 13.00 $ 13.75 $ 18.00 $ 19.19
Preferred A price end of period 22.25 19.25 27.00 25.19
Preferred B price end of period 21.50 19.50 24.75 24.94
Preferred D price end of period 50.00 50.00 50.00 50.00
Common market equity at end of period $ 1,139,459 $ 1,205,197 $ 1,591,271 $ 1,706,665
Preferred market equity at end of period 243,976 226,856 271,608 276,817
--------------- -------------- ----------------- ---------------
Total equity market capitalization 1,383,435 1,432,053 1,862,879 1,983,482
Total debt end of period 1,227,924 1,252,778 1,146,679 1,112,635
--------------- -------------- ----------------- ---------------
TOTAL MARKET CAPITALIZATION $ 2,611,359 $ 2,684,831 $ 3,009,558 $ 3,096,117
=============== ============== ================= ===============
EBITDA CALCULATION:
Net income before extraordinary income $ 35,471 $ 27,249 $ 31,788 $ 39,669
Depreciation and amortization 15,554 15,989 15,759 15,639
Income Taxes 167 98 - -
Interest expense 23,539 22,573 19,410 18,947
--------------- -------------- ----------------- ---------------
EBITDA $ 74,731 $ 65,909 $ 66,957 $ 74,255
=============== ============== ================= ===============
</TABLE>
<TABLE>
<CAPTION>
Twelve
Months Ended
12/31/99
----------------
<S> <C>
DEBT COVERAGE RATIOS:
Interest coverage ratio (EBITDA /interest expense) 3.61 x
Debt service coverage (EBITDA/(interest expense + 3.20 x
scheduled principal payments))
DEBT/EQUITY RATIOS:
Total debt/total market capitalization 43.1%
Total debt/total equity market capitalization 75.7%
Total debt/total book assets 41.3%
OVERHEAD RATIOS:
Annualized G&A/total assets 0.27%
G&A/total revenues (excluding currency change) 1.52%
CAPITALIZED INTEREST: $ 126
MARKET CAPITALIZATION CALCULATIONS:
Common shares outstanding 87,555,237
Preferred A shares outstanding 1,506,780
Preferred B shares outstanding 6,300,000
Preferred D shares outstanding 1,500,000
Common stock price end of period $ 15.81
Preferred A price end of period 21.25
Preferred B price end of period 19.31
Preferred D price end of period 50.00
Common market equity at end of period $ 1,384,467
Preferred market equity at end of period 228,691
----------------
Total equity market capitalization 1,613,158
Total debt end of period 1,220,451
----------------
TOTAL MARKET CAPITALIZATION $ 2,833,609
================
EBITDA CALCULATION:
Net income before extraordinary income $ 149,513
Depreciation and amortization 62,912
Income Taxes 352
Interest expense 81,412
----------------
EBITDA $ 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 12
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
SUMMARY OF OUTSTANDING DEBT PAGE 11
(IN THOUSANDS)
<TABLE>
<CAPTION>
Outstanding Actual
Lender Balance Interest Rate
-------------------------- --------------------- -------------------
<S> <C> <C> <C>
FIXED RATE DEBT:
SECURED MORTGAGE INDEBTEDNESS
Greentree PNC Bank $ 6,387 8.000%
Plantation Apartments Abraham Mitchell 1,000 6.000%
Maison Deville Apartments Abraham Mitchell 4,625 6.000%
Maison Imperial Apartments Abraham Mitchell 1,750 6.000%
University Commons Modern Woodsman of America 3,138 8.250%
Factory Merchants-Barstow NY Life Insurance 8,856 10.750%
Wisteria Village First Tennessee Bank 2,282 6.800%
Knollwood Apartments Abraham A. Mitchell 6,027 6.750%
Hamilton Park - Kmart Plaza Guardian Life Insurance 4,738 9.530%
Hillcrest Apartments Abraham A. Mitchell 1,253 6.750%
Tara Apartments Bank Of America 3,207 7.600%
Northgate Apartments Bank Of America 7,077 7.600%
Eastgreen On The Commons Apartments Bank Of America 5,672 7.600%
Polo Run Apartments Bank Of America 4,416 7.600%
Lake Drive Plaza Monumental Life Insurance 3,666 7.200%
Roanoke Landing American Express 5,793 7.200%
Hunting Hills Nationwide Life Insurance 4,096 8.250%
Valley Fair Mall Lincoln National Life 16,649 7.600%
Briggsmore Plaza AETNA Life 1,000 8.288%
Stillwater Office Bldg. Stillwater Group 246 8.000%
Grant Mills Station Laureate Realty Services 7,314 8.850%
Mist Lake Plaza Banker Financial Group 9,241 8.850%
Lagniappe Village Shopping Center Laureate Realty Services 6,281 8.850%
Roundtree Place First Chicago / WMF Proctor 6,801 8.850%
Genesee Valley Shopping Center Holliday Fenoglio Fowler 8,317 8.850%
River Run Centre Fifth Third Real Estate Capital Markets 2,518 8.850%
Charter Pointe Apartments Collateral Mortgage 5,070 7.500%
Montebello Plaza Nationwide Life Insurance 7,431 9.625%
Crown Point Jackson National Life Insurance 7,644 8.120%
Westminster City Center Wells Fargo 29,634 6.690%
The Club Apartments Tax Exempt Bonds 6,145 5.650%
Brice Park USG Annuity and Life 4,605 7.875%
London Marketplace Aegon USA Realty 4,965 8.265%
Paradise Plaza CIGNA 2,458 9.150%
Saddletree Village Shopping Center Aegon USA Realty 1,900 8.250%
Hampton Village Centre Deutsche Banc 30,000 8.530%
Johnstown Galleria Outparcel Holliday Fenoglio Fowler 3,244 8.000%
Irving West Protective Life 2,670 8.500%
Chapel Square American National Real Estate 1,957 9.250%
Northgate Shoptaw James 7,560 8.750%
Perry Marketplace American Express 6,547 9.000%
Stratford Commons Protective Life Insurance 5,744 8.125%
Riverview Plaza Protective Life Insurance 5,229 8.625%
---------------------- --------------
TOTAL FIXED RATE SECURED MORTGAGE INDEBTEDNESS $ 265,153 8.061%
</TABLE>
<TABLE>
<CAPTION>
Maturity Percent of
Date Total Indebtedness
------------------- ------------------------
<S> <C> <C>
FIXED RATE DEBT:
SECURED MORTGAGE INDEBTEDNESS
Greentree 08/01/00 0.52%
Plantation Apartments 09/01/00 0.08%
Maison Deville Apartments 09/01/00 0.38%
Maison Imperial Apartments 09/01/00 0.14%
University Commons 01/10/01 0.26%
Factory Merchants-Barstow 08/10/01 0.72%
Wisteria Village 09/01/01 0.19%
Knollwood Apartments 04/01/02 0.49%
Hamilton Park - Kmart Plaza 06/01/02 0.39%
Hillcrest Apartments 07/01/02 0.10%
Tara Apartments 11/15/02 0.26%
Northgate Apartments 11/15/02 0.58%
Eastgreen On The Commons Apartments 11/15/02 0.46%
Polo Run Apartments 11/15/02 0.36%
Lake Drive Plaza 04/01/03 0.30%
Roanoke Landing 04/03/03 0.47%
Hunting Hills 05/01/03 0.34%
Valley Fair Mall 01/01/04 1.36%
Briggsmore Plaza 08/01/04 0.08%
Stillwater Office Bldg. 12/01/04 0.02%
Grant Mills Station 05/10/05 0.60%
Mist Lake Plaza 02/10/05 0.76%
Lagniappe Village Shopping Center 02/10/05 0.51%
Roundtree Place 02/10/05 0.56%
Genesee Valley Shopping Center 02/10/05 0.68%
River Run Centre 02/10/05 0.21%
Charter Pointe Apartments 03/01/06 0.42%
Montebello Plaza 03/05/07 0.61%
Crown Point 05/01/07 0.63%
Westminster City Center 02/01/08 2.43%
The Club Apartments 06/01/08 0.50%
Brice Park 02/01/09 0.38%
London Marketplace 04/01/09 0.41%
Paradise Plaza 04/15/09 0.20%
Saddletree Village Shopping Center 05/22/10 0.16%
Hampton Village Centre 06/30/10 2.46%
Johnstown Galleria Outparcel 07/11/11 0.27%
Irving West 09/30/11 0.22%
Chapel Square 02/01/13 0.16%
Northgate 06/30/13 0.62%
Perry Marketplace 10/01/13 0.54%
Stratford Commons 10/01/15 0.47%
Riverview Plaza 09/01/15 0.43%
-----------------
TOTAL FIXED RATE SECURED MORTGAGE INDEBTEDNESS 21.71%
</TABLE>
<PAGE> 13
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
SUMMARY OF OUTSTANDING DEBT (CONT'D) PAGE 12
(IN THOUSANDS)
<TABLE>
<CAPTION>
Outstanding Actual Maturity Percent of
Lender Balance Interest Rate Date Total Indebtedness
--------------- ------------------ ----------------- ------------ --------------------
<S> <C> <C> <C> <C> <C>
UNSECURED NOTES
6.80%, 7 Year Unsecured Notes N/A $ 81,000 6.800% 05/15/02 6.63%
7.33%, 4 Year Unsecured Notes N/A 49,000 7.330% 11/20/03 4.01%
6.88%, 7 Year Unsecured Notes N/A 75,000 6.875% 10/15/04 6.14%
7.75%, 10 Year Unsecured Notes N/A 100,000 7.750% 04/06/05 8.19%
7.35%, 10 Year Unsecured Notes N/A 30,000 7.350% 06/15/07 2.46%
7.40%, 10 Year Unsecured Notes N/A 150,000 7.400% 09/15/09 12.28%
7.97%, 30 Year Unsecured Notes N/A 10,000 7.970% 08/14/26 0.82%
7.65%, 30 Year Unsecured Notes N/A 25,000 7.650% 11/02/26 2.05%
7.68%, 30 Year Unsecured Notes N/A 10,000 7.680% 11/02/26 0.82%
7.68%, 30 Year Unsecured Notes N/A 10,000 7.680% 11/02/26 0.82%
6.90%, 30 Year Unsecured Notes N/A 25,000 6.900% 02/15/28 2.05%
6.90%, 30 Year Unsecured Notes N/A 25,000 6.900% 02/15/28 2.05%
7.50%, 30 Year Unsecured Notes N/A 25,000 7.500% 07/30/29 2.05%
------------------ ----------------- ----------------
TOTAL FIXED RATE UNSECURED NOTES $ 615,000 7.298% 50.34%
CAPITAL LEASES $ 27,351 8.770% 06/20/31 2.24%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL FIXED RATE DEBT $ 907,504 7.565% 74.29%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
VARIABLE RATE DEBT:
SECURED MORTGAGE INDEBTEDNESS
Green River PNC Bank $ 5,312 6.700% 08/01/00 0.43%
Northside Plaza PNC Bank 2,248 7.130% 08/01/00 0.18%
Habersham Crossing PNC Bank 3,954 7.130% 08/01/00 0.32%
Palmetto Crossroads Aegon USA Realty 2,448 6.630% 11/01/00 0.20%
St. Elmo Central Southtrust Bank Of Georgia 4,049 8.361% 07/31/01 0.33%
Commerce Central Southtrust Bank Of Georgia 8,738 8.404% 08/31/01 0.72%
Remount Village Southtrust Bank Of Georgia 3,660 8.406% 11/10/01 0.30%
San Dimas Plaza Tax Exempt Bonds 8,100 3.510% 12/01/05 0.66%
Highland Commons GNA 4,273 7.250% 12/01/09 0.35%
Lexington Road Plaza GNA 7,537 8.125% 09/01/11 0.62%
Unity Professional Bldg. Tax Exempt Bonds 5,459 5.100% 02/01/13 0.45%
Courts at Waterford Apartments Tax Exempt Bonds 9,600 5.265% 11/01/29 0.79%
------------- ------------ ----------
TOTAL VARIABLE RATE SECURED MORTGAGE INDEBTEDNESS $ 65,378 6.625% 5.35%
UNSECURED NOTES
LIBOR + 10 b.p. Notes N/A $ 10,000 6.240% 08/18/00 0.82%
UNSECURED CREDIT FACILITIES
$122.5 Million Revolving
Credit Facility The Bank of New York $ 56,221 7.118% 11/17/00 4.60%
$122.5 Million Revolving
Credit Facility The Bank of New York 107,500 7.278% 11/17/02 8.80%
$75 Million Term Loan Facility Fleet National Bank 75,000 7.550% 03/07/01 6.14%
--------------- ------------ ----------
TOTAL CREDIT FACILITIES $ 238,721 7.326% 19.54%
--------------------------------------------------------------------------------------------------------------------------
TOTAL VARIABLE RATE DEBT $ 314,099 7.146% 25.71%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
TOTAL DEBT $ 1,221,603 7.457% 100.00%
--------------------------------------------------------------------------------------------------------------------------
Net Unamortized Premiums on Mortgages $ 8,457
Net Unamortized Discount on Notes (2,136)
---------------
TOTAL DEBT - NET $ 1,227,924
===============
</TABLE>
<PAGE> 14
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
DEBT MATURITY SCHEDULE PAGE 13
(IN THOUSANDS)
DEBT MATURITY SCHEDULE:
<TABLE>
<CAPTION>
Scheduled Scheduled Total Percent of
Amortization Maturities Debt Maturing Debt Maturing
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
2000 $ 4,011 $ 89,934 (1) $ 93,945 7.69%
2001 8,042 97,681 (2) 105,723 8.65%
2002 7,701 213,189 (3) 220,890 18.08%
2003 7,227 55,328 62,555 5.12%
2004 7,076 85,819 92,895 7.60%
2005 6,385 142,187 148,572 12.16%
2006 3,036 2,034 5,070 0.42%
2007+ 26,980 464,973 491,953 40.28%
---------------- ---------------- ---------------- ----------------
$ 70,458 $ 1,151,145 $ 1,221,603 100.00%
================ ================ ================ ================
Net Unamortized Premiums on Mortgages 8,457
Net Unamortized Discount on Notes (2,136)
----------------
TOTAL DEBT - NET $ 1,227,924
================
</TABLE>
WEIGHTED AVERAGE MATURITY:
<TABLE>
<CAPTION>
Fixed Rate Debt Variable Rate Debt Total Debt
---------------------- ---------------- ----------------
<S> <C> <C> <C>
Including credit facilities and capital leases 9.7 Years 2.8 Years 6.9 Years
Excluding credit facilities and capital leases 9.0 Years 7.2 Years 8.9 Years
</TABLE>
(1) Scheduled maturities include $56.2 million representing the balance of the
Revolving Credit Facility drawn as of June 30, 2000 and maturing November 17,
2000.
(2) Scheduled maturities include $75.0 million representing the balance of the
Term Loan Facility drawn as of June 30, 2000 and maturing March 7, 2001.
(3) Scheduled maturities include $107.5 million representing the balance of the
Revolving Credit Facility drawn as of June 30, 2000 and maturing November 17,
2002.
<PAGE> 15
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
2000 PROPERTY ACQUISITIONS PAGE 14
<TABLE>
<CAPTION>
Property Purchase Purchase Cap- Net Operating
Property Name Type (1) Location Date Amount Rate (2) Income (NOI) (3)
--------------------------- ------------- ------------- ------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
1Q 2000
Dover Park Plaza R Yardville, NJ 01/28/00 $ 3,300,000 11.2% $ 369,000
</TABLE>
<TABLE>
<CAPTION>
Square Percent Mortgage Units Year
Property Name Footage Leased (3) Anchor Tenants Amount Issued Built
--------------------------- ------------ ------------- ------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
1Q 2000
Dover Park Plaza 60,000 100% Acme Markets, CVS - - 1966
</TABLE>
(1) R - Retail
(2) Cash basis, excludes straight-line rents.
(3) 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 16
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
2000 PROPERTY DISPOSITIONS PAGE 15
<TABLE>
<CAPTION>
Property Sale Sale Book
Property Name Type (1) Location Date Amount Value
--------------------------- ------------- ---------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
2Q 2000
Northland Center R State College, PA 05/01/00 $ 9,000 $ 6,054
York Marketplace R York, PA 05/01/00 22,438 16,024
Pizza Hut R Greenville, NC 06/22/00 400 165
Piney Grove Plaza R Kernersville, NC 06/30/00 2,750 2,391
------------- -------------
TOTAL $ 34,588 $ 24,634
============= =============
</TABLE>
<TABLE>
<CAPTION>
Gain / Cap- Square Percent Year
Property Name (Loss) (2) Rate (3) NOI (4) Footage Leased (4) Built
---------------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
2Q 2000
Northland Center $ 2,610 9.6% $ 868 108,241 100% 1988
York Marketplace 4,844 9.0% 2,024 300,368 99% 1955
Pizza Hut 234 9.5% 38 3,640 100% 1973
Piney Grove Plaza 227 10.1% 278 49,709 86% 1988
------------- -------------
TOTAL $ 7,915 $ 3,208
============= =============
</TABLE>
(1) R - Retail
(2) Includes deferred straight line rent receivable.
(3) Cash basis, excludes straight-line rents.
(4) As of closing date of sale.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 17
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
REMODELING / EXPANSION ACTIVITIES PAGE 16
<TABLE>
<CAPTION>
Year Year
Location Built Acquired Project Description
--------------------- ------------- ------------- -------------------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Fruitland Plaza Salisbury, MD 1973 1986 Conversion of a single use space into a
shopping center anchored by a 40,000 sq.
ft. Food Lion.
Middletown Plaza Middletown, NJ 1972 1975 Construction of a new 78,000 sq. ft.
Shoprite, renovation of an existing
36,000 sq. ft. space and facade
replacement.
New Boston New Boston, OH 1991 1993 Construction of a 5,000 sq. ft. single
tenant space on outparcel.
GARDEN APARTMENT COMMUNITIES
Charlestown Louisville, KY 1974 1993 New siding, trim paint, windows and
parking lot.
Eastgreen On The Commons Reynoldsburg, OH 1971, 82 1998 Exterior and patio renovations.
Hickory Lake Antioch, TN 1974 1993 Painting, roofing, guttering,
landscaping and parking lot.
Northgate Columbus, OH 1970 1998 Exterior renovation, roof work,
recreation courts and landscaping.
Ashford Place Clarksville, TN 1972, 74 1993 Exterior remodel, windows, wood
replacement, guttering, tennis courts
and landscaping.
Forest Hills Columbia, SC 1968 1999 Hallway renovations and recreation
courts.
Mayfair Dover, DE 1971 1981 Exterior renovation.
Sherwood Acres Baton Rouge, LA 1978, 79 1996 Exterior remodel, roofs, downspouts and
parking lot.
Tara Athens, GA 1970 1996 Exterior and hallway renovations.
Goldcrest Sharonville, OH 1968 1996 Hallway renovations and playground.
</TABLE>
<TABLE>
<CAPTION>
Construction
Adjusted ---------------------------------------- Expected Expected
GLA/ Percent Expected Expected Percent Total Stabilized
Units Leased (1) Start Date Completion Date Complete Project Cost Return on Cost
------------- ------------- ----------- --------------- ---------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
RETAIL PORTFOLIO
Fruitland Plaza 101,595 48% Apr-99 Mar-01 85% $ 4,800,000 14.4%
Middletown Plaza 203,558 85% Jun-00 Aug-01 10% 10,000,000 12.1%
New Boston 243,711 98% Sep-00 Apr-01 0% 500,000 14.6%
GARDEN APARTMENT COMMUNITIES
Charlestown 244 96% Feb-99 Jun-00 100% 434,000 11.9%
Eastgreen On The Commons 360 87% Feb-99 Jun-00 100% 1,840,217 12.3%
Hickory Lake 322 93% Feb-99 Mar-00 100% 1,277,530 10.5%
Northgate 316 87% Mar-99 Jul-00 100% 1,914,285 10.5%
Ashford Place 268 93% Apr-99 Apr-00 100% 1,926,943 10.4%
Forest Hills 176 85% Feb-00 Oct-00 90% 258,500 12.7%
Mayfair 96 83% Mar-00 Sep-00 75% 321,000 11.7%
Sherwood Acres 612 87% May-00 Dec-01 10% 3,356,000 11.2%
Tara 240 96% Jul-00 Nov-00 5% 500,000 12.2%
Goldcrest 173 91% Aug-00 Mar-01 0% 308,000 14.5%
</TABLE>
(1) Includes all leases that have commenced and are in force as of June 30, 2000
and is based on current GLA, not adjusted GLA.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 18
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
PROPERTY TYPE SUMMARY PAGE 17
<TABLE>
<CAPTION>
# of Percent Leased
Properties GLA Leased GLA
---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO (1)
Shopping Centers 232 34,347,755 92% 31,453,585
Single Tenant Properties 58 1,713,196 91% 1,554,621
COMMERCIAL PROPERTIES 7 165,969 98% 162,073
TOTAL RETAIL PORTFOLIO ---------------- ---------------- --------------- ----------------
AND COMMERCIAL PROPERTIES 297 36,226,920 92% 33,170,279
================ ================ =============== ================
</TABLE>
<TABLE>
<CAPTION>
Annual Base Rent (ABR) Quarterly NOI
--------------------------------- ----------------------------------
Percent of Percent of
Company Company
Amount ABR Amount NOI
---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO (1)
Shopping Centers $ 245,326,761 72.7% $ 57,255,576 82.7%
Single Tenant Properties 10,362,411 3.1% 2,374,915 3.4%
COMMERCIAL PROPERTIES 1,920,437 0.6% 280,099 0.4%
TOTAL RETAIL PORTFOLIO ---------------- --------------- ---------------- ----------------
AND COMMERCIAL PROPERTIES $ 257,609,609 76.4% $ 59,910,590 86.5%
================ =============== ================ ================
</TABLE>
<TABLE>
<CAPTION>
# of # of Percent Leased
Communities Units Leased Units
---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
GARDEN APARTMENT COMMUNITIES 53 12,558 90% 11,314
----------------
TOTAL PORTFOLIO 350
================
</TABLE>
<TABLE>
<CAPTION>
ABR Quarterly NOI
--------------------------------- ----------------------------------
Percent of Percent of
Company Company
Amount ABR Amount NOI
---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
GARDEN APARTMENT COMMUNITIES $ 79,610,096 23.6% $ 9,311,905 13.5%
---------------- --------------- ---------------- ----------------
TOTAL PORTFOLIO $ 337,219,705 100.0% $ 69,222,495 100.0%
================ =============== ================ ================
</TABLE>
SHOPPING CENTERS ANCHOR, NON-ANCHOR TENANT MIX: (2)
<TABLE>
<CAPTION>
ABR
---------------------------------
Percent of Percent of
Leased Shopping Centers Shopping Centers
GLA Leased GLA Amount ABR
---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Anchor Tenants 15,649,333 53.3% $ 86,735,134 40.1%
Non-anchor Tenants 13,698,705 46.7% 129,496,190 59.9%
---------------- ---------------- --------------- ----------------
29,348,038 100.0% $ 216,231,324 100.0%
================ ================ =============== ================
</TABLE>
(1) Does not include Clearwater Mall (679,661 square feet), a property with
redevelopment plans under reevaluation.
(2) Anchor tenants are defined on a property by property basis. Analysis
excludes Clearwater and Valley Fair Malls and factory outlets.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 19
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
PROPERTIES BY STATE / REGION PAGE 18
<TABLE>
<CAPTION>
-------------------------------------------------------- -------------------------------------------------------
RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES (1) GARDEN APARTMENT COMMUNITIES
-------------------------------------------------------- -------------------------------------------------------
Percent of Total Percent of
Number of Percent Scheduled Number of Percent Number of Scheduled
State Properties Leased GLA ABR Properties Leased Units ABR
-------------- ------------- ------------- ------------ ------------ ------------- ------------ ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alabama 7 99% 760,014 1.7% 9 89% 2,269 16.8%
Arizona 12 92% 1,107,728 3.5%
Arkansas 2 100% 105,459 0.2%
California 17 92% 2,503,784 10.1%
Colorado 2 100% 352,156 1.7%
Delaware 2 84% 243,686 0.4% 2 86% 303 2.3%
Florida 18 92% 2,695,267 7.7% 2 94% 539 5.2%
Georgia 34 90% 3,095,910 7.0% 2 95% 420 3.3%
Illinois 10 99% 1,228,550 4.4%
Indiana 14 91% 965,972 2.0% 3 84% 893 6.7%
Iowa 5 93% 604,896 1.3%
Kentucky 9 92% 1,456,230 3.4% 4 93% 783 6.8%
Louisiana 2 99% 261,518 0.6% 3 91% 1,244 9.5%
Maryland 3 77% 380,531 1.0%
Michigan 13 93% 2,114,471 6.4%
Minnesota 3 99% 85,898 0.5%
Missouri 4 83% 726,790 4.0% 1 92% 309 2.7%
Nebraska 3 100% 70,513 0.2%
Nevada 3 97% 587,388 2.0%
New Jersey 10 97% 1,193,225 4.6%
New York 26 85% 3,439,499 7.7% 2 94% 308 2.2%
North Carolina 15 94% 1,750,185 3.8% 2 94% 463 4.6%
Ohio 22 88% 3,186,128 7.1% 7 88% 1,601 13.5%
Oklahoma 1 100% 45,510 0.1%
Pennsylvania 16 93% 1,879,602 5.5% 1 95% 130 1.1%
South Carolina 5 97% 375,698 1.1% 4 90% 816 6.2%
Tennessee 16 93% 1,872,537 4.7% 11 91% 2,480 19.0%
Texas 7 100% 500,986 1.6%
Utah 1 90% 600,593 1.2%
Virginia 12 90% 1,681,258 3.8%
West Virginia 3 94% 354,938 0.8%
------------- ------------- ------------ ------------ ------------- ------------ ------------- -----------
297 92% 36,226,920 100% 53 90% 12,558 100.0%
============= ============= ============ ============ ============= ============ ============= ===========
REGION
--------------
East 101 90% 12,754,852 32.1% 15 92% 2,803 23.1%
Midwest 74 91% 8,983,218 25.7% 11 87% 2,803 22.8%
South 87 93% 9,337,201 23.6% 27 91% 6,952 54.0%
West 35 93% 5,151,649 18.5% 0 - 0 0.0%
------------- ------------- ------------ ------------ ------------- ------------ ------------- -----------
297 92% 36,226,920 100% 53 90% 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 20
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
SAME PROPERTY NOI ANALYSIS PAGE 19
(IN THOUSANDS, EXCEPT PROPERTY STATISTICS)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
-------------------------- Percent -------------------------- Percent
6/30/00 6/30/99 Change 3/31/00 3/31/99 Change
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ANALYSIS SPECIFIC PROPERTY STATISTICS:
Number of properties included in analysis
Retail portfolio and commercial properties 289 289 293 293
Garden apartment communities 39 39 42 42
------------ ------------ ------------ ------------
328 328 335 335
Retail portfolio and commercial properties
Gross leasable area 34,868,000 34,868,000 34,991,000 34,991,000
Percent leased 92.0% 92.0% 0.0% 92.0% 92.0% 0.0%
Garden apartment communities
Number of units 8,927 8,927 9,755 9,755
Percent leased 90.1% 90.0% 0.1% 91.0% 91.0% 0.0%
NEW PLAN EXCEL REALTY TRUST:
Property revenues $ 91,702 $ 90,085 1.8% $ 93,513 $ 93,425 0.1%
Property operating expenses 27,871 27,174 2.6% 29,090 29,686 -2.0%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI (GAAP BASIS) $ 63,831 $ 62,911 1.5% $ 64,423 $ 63,739 1.1%
============ ============ ============ ============ ============ ============
Operating margin (GAAP basis) 69.6% 69.8% -0.2% 68.9% 68.2% 0.7%
Straight-line rent adjustment 722 698 3.4% 691 985 -29.8%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI $ 63,109 $ 62,213 1.4% $ 63,732 $ 62,754 1.6%
============ ============ ============ ============ ============ ============
Operating margin 68.8% 69.1% -0.3% 68.2% 67.2% 1.0%
RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES:
Property revenues $ 78,201 $ 76,842 1.8% $ 79,102 $ 79,087 0.0%
Property operating expenses 21,066 20,513 2.7% 21,479 22,370 -4.0%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI (GAAP BASIS) $ 57,135 $ 56,329 1.4% $ 57,623 $ 56,717 1.6%
============ ============ ============ ============ ============ ============
Operating margin (GAAP basis) 73.1% 73.3% -0.2% 72.8% 71.7% 1.1%
Straight-line rent adjustment 722 698 3.4% 691 985 -29.8%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI $ 56,413 $ 55,631 1.4% $ 56,932 $ 55,732 2.2%
============ ============ ============ ============ ============ ============
Operating margin 72.1% 72.4% -0.3% 72.0% 70.5% 1.5%
GARDEN APARTMENT COMMUNITIES:
Property revenues $ 13,501 $ 13,243 1.9% $ 14,411 $ 14,338 0.5%
Property operating expenses 6,805 6,661 2.2% 7,611 7,316 4.0%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI (GAAP BASIS) $ 6,696 $ 6,582 1.7% $ 6,800 $ 7,022 -3.2%
============ ============ ============ ============ ============ ============
Operating margin (GAAP basis) 49.6% 49.7% -0.1% 47.2% 49.0% -1.8%
Straight-line rent adjustment - - 0.0% - - 0.0%
------------ ------------ ------------ ------------ ------------ ------------
SAME PROPERTY NOI $ 6,696 $ 6,582 1.7% $ 6,800 $ 7,022 -3.2%
============ ============ ============ ============ ============ ============
Operating margin 49.6% 49.7% -0.1% 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 excludes
properties that have or are undergoing remodeling or expansion. and includes
only properties owned for the full quarters.
Same store revenue and NOI for the three months ended June 30, 1999 has been
reduced by $1.58 million to reflect the adjustment for the $1.75 million
overstatement of CAM revenue in 2Q 1999 which was corrected in 3Q 1999.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 21
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
TOP TEN TENANTS PAGE 20
<TABLE>
<CAPTION>
ABR as a
Number of Percentage of Total
Tenant Leases GLA ABR Portfolio ABR
------------------------ ----------- ----------- ------------ -------------------
<S> <C> <C> <C> <C>
1 Kmart Corporation 43 3,885,863 $17,591,701 5.2%
2 Wal-Mart Stores 27 2,881,411 12,534,233 3.7%
3 The Kroger Co. (1) 26 1,273,923 8,588,951 2.5%
4 Winn-Dixie Stores 18 804,556 5,055,437 1.5%
5 Ahold USA (2) 13 619,237 4,621,049 1.4%
6 The TJX Companies (3) 17 525,614 3,497,230 1.0%
7 Food Lion 17 507,747 3,322,991 1.0%
8 Albertson's (4) 20 706,425 3,240,193 1.0%
9 Publix Super Markets 8 423,388 2,500,903 0.7%
10 J.C. Penney Company (5) 26 572,125 2,377,517 0.7%
----------- ----------- ------------ ---------------
215 12,200,289 $63,330,205 18.8%
=========== =========== ============ ===============
</TABLE>
(1) Includes Ralphs and The Kroger Co.
(2) Includes BI-LO, Edwards Super Foods, Giant Food Stores and Tops Markets.
(3) Includes T.J. Maxx and Marshalls.
(4) Includes Albertson's, Acme Markets, Eagle Food Center and Lucky stores.
(5) 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 22
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
NEW LEASE SUMMARY PAGE 21
<TABLE>
<CAPTION>
NEW LEASE SUMMARY Total New
Number GLA ABR
------------- ------------- ------------
<S> <C> <C> <C> <C>
1Q 2000 97 214,730 $ 2,591,102
psf 12.07
2Q 2000 52 183,915 $ 2,288,786
psf 12.44
</TABLE>
<TABLE>
<CAPTION>
RENEWAL LEASE SUMMARY
Total Former Total New Increase/(Decrease)
Number GLA ABR ABR Total Dollar Percent
------------- ------------- ------------ ------------- ------------- ------------
<S> <C> <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
2Q 2000 71 572,249 $ 3,445,556 $ 3,508,751 $ 63,195 1.8%
psf 5.24 5.34 0.10
</TABLE>
Renewal leases include expiring 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
and June 30, 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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 23
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE PAGE 22
<TABLE>
<CAPTION>
Number of Leased Percent of ABR Percent of
Leases Expiring GLA GLA per Foot Total ABR
--------------- ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
2000 689 3,060,936 9.23% $ 6.34 7.52%
2001 747 2,947,429 8.89% 9.59 10.96%
2002 691 3,108,093 9.37% 8.92 10.74%
2003 537 2,985,820 9.00% 8.44 9.77%
2004 401 2,324,327 7.01% 9.00 8.11%
2005 245 2,526,489 7.62% 6.93 6.79%
2006 125 1,272,240 3.84% 8.67 4.28%
2007 97 1,235,220 3.72% 9.09 4.35%
2008 82 1,152,471 3.47% 8.28 3.70%
2009 79 1,862,754 5.62% 6.33 4.57%
2010+ 356 10,694,500 32.24% 7.05 29.21%
--------------- ------------- ------------ ------------- -------------
4,049 33,170,279 100.0% $ 7.78 100.0%
=============== ============= ============ ============= =============
</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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 24
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 23
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ------------------ ------------ --------------
RETAIL PORTFOLIO
SHOPPING CENTERS
<S> <C> <C> <C> <C> <C>
1 Cloverdale Village Florence AL 1986 10/27/94 59,407
2 Riverview Plaza Gadsden AL 1990 10/12/95 147,621
3 Grant Mills Station Irondale AL 1991 07/01/98 226,837
4 Payton Park Sylacauga AL 1995 07/01/98 231,820
5 Glendale Galleria Glendale AZ 1989-91 08/01/97 119,465
6 Kmart Plaza Mesa AZ 1970 12/28/90 182,933
7 SunValley Plaza Mesa AZ 1981 05/31/94 107,090
8 Southern Village Mesa Mesa AZ 1986-97 08/01/97 84,160
9 Metro Marketplace Phoenix AZ 1988 06/21/91 251,175
10 Northmall Centre Tucson AZ 1995-96 12/31/96 168,719
11 Bakersfield Plaza Bakersfield CA 1970 06/20/97 213,379
12 Factory Merchants - Barstow Barstow CA 1989 11/01/93 333,506
13 Sony/Kinko Burbank CA 1988 05/01/89 14,176
14 Carmen Plaza Camarillo CA 1971 06/20/97 129,054
15 Coachella Plaza Coachella CA 1991 06/20/97 11,184
16 Cudahy Plaza Cudahy CA 1968 06/20/97 138,430
17 Broadway Faire Fresno CA 1995 04/09/97 60,383
18 Arbor Faire Fresno CA 1993 04/09/97 199,986
19 Briggsmore Plaza Modesto CA 1974 06/20/97 98,945
20 Montebello Plaza Montebello CA 1974 06/20/97 288,390
21 Metro 580 Shopping Center Pleasanton CA 1995-96 09/15/97 174,584
22 Rose Pavilion Shopping Center Pleasanton CA 1987 02/27/98 292,902
23 Bristol Plaza Santa Ana CA 1972 06/20/97 112,379
24 San Dimas Plaza San Dimas CA 1986 10/07/97 119,159
25 Vail Ranch Center Temecula CA 1997 12/31/97 97,881
26 Paradise Plaza Paradise CA 1979 06/20/97 198,562
27 Westminster City Center Westminster CO 1996 12/16/97 339,600
28 Rodney Village Dover DE 1959 01/01/69 213,686
29 Brooksville Square Brooksville FL 1987 03/28/94 95,066
30 Northgate S.C. Deland FL 1993 06/30/93 186,396
31 Regency Park Jacksonville FL 1985 06/16/97 329,495
32 Eastgate S.C. Lakewales FL 1994 05/20/94 102,161
33 Leesburg Square Leesburg FL 1986 12/23/92 91,682
34 Miami Gardens Miami FL 1996 10/06/97 245,119
35 Freedom Square Naples FL 1995 10/06/97 211,839
36 Presidential West North Lauderdale FL 1977 04/18/97 21,035
37 Presidential Plaza North Lauderdale FL 1977 04/18/97 67,269
38 Southgate New Port Ritchie FL 1966 08/27/97 262,912
39 Colonial Marketplace Orlando FL 1979,86 04/01/98 128,823
40 23rd Street Plaza Panama City FL 1986 07/01/98 99,756
41 Riverwood Port Orange FL 1984,96 09/05/97 93,506
42 Seminole Plaza Seminole FL 1964 06/11/98 144,011
43 St. Augustine Outlet Center St. Augustine FL 1991 03/01/92 334,795
44 Rutland Plaza St. Petersburg FL 1964 11/01/96 149,811
45 Albany Plaza Albany GA 1968 05/12/94 114,183
46 Southgate Plaza Albany GA 1969 07/11/90 59,816
47 Eastgate Plaza Americus GA 1980 07/11/90 44,365
48 Perlis Plaza Americus GA 1972 07/11/90 165,774
49 Rogers Plaza Ashburn GA 1974 07/11/90 49,978
50 Sweetwater Village Austell GA 1985 10/27/94 66,197
51 Cedar Plaza Cedartown GA 1994 10/27/94 83,300
52 Cedartown Cedartown GA 1989 01/10/95 107,220
</TABLE>
<TABLE>
<CAPTION>
Percent Anchor Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
------------------------------ ------------ --------- --------------------------------------------- -----------------------
RETAIL PORTFOLIO
SHOPPING CENTERS
<S> <C> <C> <C> <C>
1 Cloverdale Village 100% $ 377,578 Winn-Dixie Stores
2 Riverview Plaza 100% 882,550 Wal-Mart
3 Grant Mills Station 96% 1,261,549 Wal-Mart
4 Payton Park 99% 1,354,336 Wal-Mart
5 Glendale Galleria 92% 1,128,232 Food 4 Less, Osco Drugs
6 Kmart Plaza 100% 725,238 Kmart
7 SunValley Plaza 64% 534,301 ABCO
8 Southern Village Mesa 98% 724,228 Mega Food
9 Metro Marketplace 85% 2,245,372 Office Max, Toys R' Us
10 Northmall Centre 100% 1,582,790 Comp USA, JC Penney, Stein Mart
11 Bakersfield Plaza 96% 1,845,478 Vons Mervyn's
12 Factory Merchants - Barstow 78% 4,909,599 Esprit, Gap, Polo, Timberland
13 Sony/Kinko 100% 404,363 Kinko's, Sony Electronics
14 Carmen Plaza 84% 1,227,997 24 Hour Fitness Miller's Outpost
15 Coachella Plaza 100% 178,447 - Vons
16 Cudahy Plaza 100% 655,200 Kmart
17 Broadway Faire 95% 909,026 United Artists
18 Arbor Faire 78% 1,580,342 Home Depot, PetsMart Mervyn's
19 Briggsmore Plaza 81% 515,127 Canned Foods
20 Montebello Plaza 96% 2,334,804 Albertson's, Circuit City
21 Metro 580 Shopping Center 100% 2,390,952 Borders, Linens N Things, Staples
22 Rose Pavilion Shopping Center 99% 4,522,390 Levitz Furniture, Macy's Home Store
23 Bristol Plaza 98% 1,066,432 Lucky stores
24 San Dimas Plaza 98% 1,576,145 T.J. Maxx Payless Drugs, Ralphs
25 Vail Ranch Center 100% 979,566 Albertson's
26 Paradise Plaza 96% 672,702 Albertson's, Kmart
27 Westminster City Center 100% 4,216,619 Babies R Us, Circuit City, Homeplace
28 Rodney Village 82% 938,666 Food Liner
29 Brooksville Square 81% 610,009 Publix
30 Northgate S.C. 100% 1,275,544 Kmart, Publix
31 Regency Park 90% 2,310,590 Babies R Us, Marshalls, Rhodes Furniture
32 Eastgate S.C. 100% 597,367 Kmart
33 Leesburg Square 96% 710,588 Publix
34 Miami Gardens 100% 2,247,802 Kmart, Winn-Dixie Stores
35 Freedom Square 89% 1,489,852 Kmart, Publix
36 Presidential West 68% 123,624 -
37 Presidential Plaza 92% 472,641 Winn-Dixie Stores
38 Southgate 71% 700,370 Publix
39 Colonial Marketplace 100% 972,385 Office Max, Service Merchandise Target
40 23rd Street Plaza 99% 896,882 Publix
41 Riverwood 96% 438,956 Winn-Dixie Stores
42 Seminole Plaza 94% 573,712 T.J. Maxx
43 St. Augustine Outlet Center 91% 4,600,167 Ann Taylor, Calvin Klein, Gap, Mikasa, Reebok
44 Rutland Plaza 94% 949,410 Winn-Dixie Stores
45 Albany Plaza 100% 654,512 Food Lion
46 Southgate Plaza 80% 252,050 -
47 Eastgate Plaza 100% 184,555 Beall's Outlet
48 Perlis Plaza 89% 759,440 Belk's, Piggly Wiggly
49 Rogers Plaza 83% 210,957 Piggly Wiggly
50 Sweetwater Village 96% 454,554 Winn-Dixie Stores
51 Cedar Plaza 100% 552,202 The Kroger Co.
52 Cedartown 100% 497,393 Wal-Mart
</TABLE>
<PAGE> 25
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 24
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ------------------ -------------- -------------
<S> <C> <C> <C> <C> <C>
53 Mr. B's Cordele GA 1968 07/11/90 13,702
54 Cordele Square Cordele GA 1968 07/11/90 131,327
55 Southgate Plaza Cordele GA 1969 07/11/90 39,292
56 Habersham Village Cornelia GA 1985 05/06/92 147,182
57 Habersham Crossing Cornelia GA 1990 03/01/96 161,278
58 Covington Gallery Covington GA 1991 12/30/93 174,858
59 Market Central Dalton GA 1994 03/31/97 34,000
60 Northside Plaza Dalton GA 1990 10/11/95 67,831
61 Midway Village Douglasville GA 1989 05/01/97 73,328
62 Westgate Dublin GA 1974 07/11/90 189,629
63 Marshalls at Eastlake Marietta GA 1982 10/26/98 55,179
64 New Chastain Corners Marietta GA 1990 07/17/97 108,380
65 Pavilions at Eastlake Marietta GA 1986 03/01/99 159,088
66 Village at Southlake Morrow GA 1983 04/13/98 53,390
67 Perry Marketplace Perry GA 1992 12/30/92 179,973
68 Creekwood Rex GA 1990 05/01/97 69,778
69 Shops of Riverdale Riverdale GA 1995 02/15/96 34,255
70 Victory Square Savannah GA 1986 07/02/92 168,514
71 Eisenhower Square Savannah GA 1985 07/16/97 125,120
72 Wisteria Village Snellville GA 1985 10/11/95 164,646
73 University Commons Statesboro GA 1994 07/24/96 59,814
74 Tift-Town Tifton GA 1965 07/11/90 61,218
75 Westgate Tifton GA 1980 07/11/90 16,307
76 Haymarket Mall Des Moines IA 1968,79 05/12/95 234,163
77 Haymarket Square Des Moines IA 1971,79 05/12/95 266,525
78 Southfield Plaza Bridgeview IL 1958 12/03/96 199,947
79 King City Square Mt. Vernon IL 1994 07/01/98 94,428
80 Westridge Court Naperville IL 1990 07/18/97 446,182
81 Tinley Park Plaza Tinley Park IL 1973 09/20/95 283,470
82 Columbus Center Columbus IN 1964 12/01/88 270,227
83 Jasper Manor Jasper IN 1990 02/18/92 194,120
84 Valley View Plaza Marion IN 1989 03/28/94 29,974
85 Town Fair Princeton IN 1991 02/09/93 113,939
86 Wabash Valley Plaza Terre Haute IN 1989 03/28/94 79,077
87 Wabash Crossing Wabash IN 1988 12/16/93 166,992
88 Woodland Plaza Warsaw IN 1989 03/28/94 31,375
89 Green River Campbellsville KY 1989 03/08/96 190,316
90 Kmart Plaza Elizabethtown KY 1992 02/04/93 130,466
91 Highland Commons Glasgow KY 1992 03/31/93 130,466
92 J*Town Center Jeffersontown KY 1959 10/21/88 186,855
93 Mist Lake Plaza Lexington KY 1993 07/01/98 217,292
94 London Marketplace London KY 1994 03/17/94 169,032
95 Picadilly Square Louisville KY 1973 04/25/89 96,370
96 Eastgate Middletown KY 1987 11/10/93 152,855
97 Lexington Road Plaza Versailles KY 1994 04/28/94 182,578
98 Lagniappe Village Shopping Center New Iberia LA 1990 07/01/98 220,225
99 Liberty Plaza Randallstown MD 1962 05/12/95 215,575
100 Rising Sun Towne Centre Rising Sun MD 1998 06/04/99 63,361
101 Fruitland Plaza Salisbury MD 1973 05/14/86 101,595
102 Maple Village Ann Arbor MI 1965 10/14/94 280,846
103 Farmington Crossroads Farmington MI 1986 12/11/95 84,310
104 Delta Center Lansing MI 1985 12/12/95 173,619
105 Hampton Village Centre Rochester Hills MI 1990 12/12/95 460,269
106 Fashion Corner Saginaw MI 1986 12/12/95 188,877
107 Hall Road Crossing Shelby MI 1985 12/12/95 175,182
</TABLE>
<TABLE>
<CAPTION>
Anchor
Percent Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
----------------------------------- ---------- ---------- ------------------------------------------------------ -----------
<S> <C> <C> <C> <C>
53 Mr. B's 72% 53,368 -
54 Cordele Square 86% 509,283 Belk's, Harvey Foods
55 Southgate Plaza 94% 97,724 Beall's Outlet
56 Habersham Village 100% 743,630 Kmart, Winn-Dixie Stores
57 Habersham Crossing 100% 751,323 Wal-Mart
58 Covington Gallery 96% 1,044,809 Ingles, Kmart
59 Market Central 100% 420,516 - Wal-Mart
60 Northside Plaza 83% 416,724 BI-LO
61 Midway Village 81% 415,900 Winn-Dixie Stores
62 Westgate 63% 591,823 Bruno's
63 Marshalls at Eastlake 96% 445,081 Marshalls
64 New Chastain Corners 96% 1,002,903 The Kroger Co.
65 Pavilions at Eastlake 94% 1,515,366 The Kroger Co.
66 Village at Southlake 87% 433,678 Marshalls
67 Perry Marketplace 97% 1,155,876 The Kroger Co.
68 Creekwood 100% 573,433 Winn-Dixie Stores
69 Shops of Riverdale 90% 348,754 - Wal-Mart
70 Victory Square 98% 943,162 Food Lion
71 Eisenhower Square 97% 818,309 Food Lion
72 Wisteria Village 98% 1,063,391 Kmart, Winn-Dixie Stores
73 University Commons 100% 547,176 -
74 Tift-Town 63% 173,292 Beall's Outlet
75 Westgate 92% 100,981 -
76 Haymarket Mall 95% 1,067,875 Burlington Coat Factory, Hobby Lobby
77 Haymarket Square 89% 1,661,729 Dahl's Foods
78 Southfield Plaza 100% 1,807,316 Dominicks Foods, Hobby Lobby
79 King City Square 100% 775,884 Kroger
80 Westridge Court 98% 5,649,227 Cub Foods, Linen N Things, Cineplex, Old Navy, Spiegel
81 Tinley Park Plaza 99% 1,891,136 Walts Finer Foods
82 Columbus Center 79% 1,027,625 Ames Department Store, Office Max
83 Jasper Manor 93% 933,493 Kmart
84 Valley View Plaza 95% 270,980 - Wal-Mart
85 Town Fair 100% 579,299 Kmart
86 Wabash Valley Plaza 84% 455,035 Supervalu Wal-Mart
87 Wabash Crossing 100% 964,973 Kmart, Supervalu
88 Woodland Plaza 91% 264,075 - Wal-Mart
89 Green River 95% 899,184 Goody's Family Clothing
90 Kmart Plaza 97% 754,092 Kmart
91 Highland Commons 100% 746,167 Food Lion, Kmart
92 J*Town Center 74% 812,976 Tricon Corporate Office
93 Mist Lake Plaza 97% 1,610,426 Wal-Mart, Winn-Dixie Stores
94 London Marketplace 100% 1,052,899 Kmart, The Kroger Co.
95 Picadilly Square 83% 357,606 -
96 Eastgate 84% 1,229,794 The Kroger Co.
97 Lexington Road Plaza 100% 1,245,719 Kmart, The Kroger Co.
98 Lagniappe Village Shopping Center 98% 1,347,457 Wal-Mart
99 Liberty Plaza 86% 1,487,879 -
100 Rising Sun Towne Centre 94% 572,480 Giant Food Stores
101 Fruitland Plaza 48% 411,750 Food Lion
102 Maple Village 97% 1,510,869 Kmart
103 Farmington Crossroads 89% 574,348 Farmer Jack
104 Delta Center 78% 1,187,343 T.J. Maxx, Toys R Us
105 Hampton Village Centre 99% 4,696,877 Farmer Jack, Kohl's Target
106 Fashion Corner 67% 975,160 Best Buy, Kids R Us
107 Hall Road Crossing 100% 1,789,678 Old Navy, T.J. Maxx
</TABLE>
<PAGE> 26
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 25
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ----------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
108 Southfield Shopping Center Southfield MI 1969-70 02/12/98 106,948
109 Delco Plaza Sterling Heights MI 1970,73 11/14/96 154,853
110 Westland Crossing Westland MI 1986 11/16/99 141,877
111 Washtenaw Fountain Plaza Ypsilanti MI 1989 10/05/92 136,103
112 Roundtree Place Ypsilanti MI 1992 07/01/98 195,413
113 Factory Merchants - Branson Branson MO 1988 11/01/93 317,512
114 Factory Outlet Village Osage Beach Osage Beach MO 1987 01/29/93 399,965
115 Stanly County Plaza Albermarle NC 1988 03/28/94 66,037
116 Village Marketplace Asheboro NC 1988 04/13/95 87,800
117 Goldsboro Flea Market Goldsboro NC 1973 05/14/86 79,579
118 Foothills Market Jonesville NC 1988 06/05/95 49,630
119 Chapel Square Kannapolis NC 1992 12/01/94 45,450
120 Kinston Pointe Kinston NC 1991 07/05/95 170,170
121 Granville Corners Oxford NC 1991 02/21/96 136,550
122 Roxboro Square Roxboro NC 1989 06/05/95 98,980
123 Siler Crossing Siler City NC 1988 06/05/95 132,639
124 Crossroads Ctr. Statesville NC 1991 02/27/96 340,190
125 Thomasville Crossing Thomasville NC 1996 04/18/97 78,509
126 Anson Station Wadesboro NC 1988 08/23/95 130,800
127 Roanoke Landing Williamston NC 1991 01/02/96 156,561
128 Wilson Wilson NC 1973 05/14/86 104,982
129 Stratford Commons Winston-Salem NC 1995 12/30/96 72,308
130 Laurel Square Bricktown NJ 1973 07/13/92 246,235
131 Hamilton Plaza-Kmart Plaza Hamilton NJ 1972 05/12/94 149,060
132 Bennetts Mills Plaza Jackson NJ 1988 09/01/94 115,238
133 Six Flags Factory Outlet Jackson Township NJ 1997 04/30/97 290,358
134 Middletown Plaza Middletown NJ 1972 01/01/75 125,558
135 Tinton Falls Plaza Tinton Falls NJ 1953 01/30/98 100,582
136 Dover Park Plaza Yardville NJ 1966 01/28/00 59,642
137 Galleria Commons Shopping Center Henderson NV 1998 06/09/98 276,460
138 Renaissance Center East Las Vegas NV 1981 10/17/96 145,578
139 Kietzke Center Reno NV 1974 06/20/97 165,350
140 University Mall Canton NY 1967 01/01/76 78,738
141 Cortlandville Cortland NY 1984 08/04/87 100,300
142 Kmart Plaza DeWitt NY 1970 08/03/93 115,500
143 D & F Plaza Dunkirk NY 1967 01/01/86 190,518
144 Elmira Plaza Elmira NY 1976 02/13/89 54,400
145 Pyramid Mall Geneva NY 1973 08/03/93 233,137
146 Genesee Valley Shopping Center Genesco NY 1993 07/01/98 204,609
147 Gloversville Gloversville NY 1974 12/29/98 45,012
148 McKinley Plaza Hamburg NY 1991 06/14/92 92,782
149 Hornell Plaza Shopping Center Hornell NY 1995 07/31/98 253,813
150 Cayuga Mall Ithaca NY 1969 05/12/89 205,527
151 Shops at Seneca Mall Liverpool NY 1971 08/03/93 237,202
152 Transit Road Plaza Lockport NY 1971 08/03/93 138,120
153 Marcy Marcy NY 1971 05/14/86 123,380
154 Wallkill Plaza Middletown NY 1986 12/12/95 203,234
155 Monroe Shoprite Plaza Monroe NY 1972 08/01/97 122,394
156 Rockland Plaza Nanuet NY 1963 01/01/83 248,067
157 South Plaza Norwich NY 1967 04/01/83 143,665
158 Westgate Plaza Oneonta NY 1967 01/20/84 71,952
159 Oswego Plaza Oswego NY 1966 01/01/77 128,087
160 Price Chopper Plaza Rome NY 1988 08/03/93 78,401
161 Westgate Manor Plaza Rome NY 1961 01/01/86 65,813
</TABLE>
<TABLE>
<CAPTION>
Percent Anchor Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
----------------------------------- ---------- --------- -------------------------------------------- ----------------------
<S> <C> <C> <C> <C>
108 Southfield Shopping Center 100% 1,161,985 Farmer Jack Burlington Coats, F&M,
Marshalls
109 Delco Plaza 100% 782,874 Babies R Us, Bed, Bath & Beyond
110 Westland Crossing 84% 1,237,220 Michaels, Office Depot Toys R' Us
111 Washtenaw Fountain Plaza 99% 934,422 -
112 Roundtree Place 100% 1,279,233 Busch Grocery, Wal-Mart
113 Factory Merchants - Branson 74% 3,505,112 Bugle Boy, Dress Barn
114 Factory Outlet Village Osage Beach 91% 6,723,984 Gap, Mikasa, Polo, Tommy Hilfiger
115 Stanly County Plaza 90% 375,694 Ingles Wal-Mart
116 Village Marketplace 71% 571,664 Harris Teeter
117 Goldsboro Flea Market 100% 84,000 Goldsboro Flea Market
118 Foothills Market 92% 274,126 Food Lion
119 Chapel Square 94% 337,522 Food Lion Wal-Mart
120 Kinston Pointe 92% 882,295 Wal-Mart
121 Granville Corners 99% 925,812 Lowe's Food, Wal-Mart
122 Roxboro Square 100% 631,034 Wal-Mart
123 Siler Crossing 96% 761,759 Belk-Yates, Food Lion, Rose's
124 Crossroads Ctr. 98% 1,899,609 BI-LO, Wal-Mart
125 Thomasville Crossing 96% 610,481 Lowe's Food
126 Anson Station 92% 689,292 Food Lion, Wal-Mart
127 Roanoke Landing 97% 932,990 Wal-Mart, Winn-Dixie Stores Belk's
128 Wilson 76% - Wilson Flea Market
129 Stratford Commons 100% 903,896 Michaels, Office Max
130 Laurel Square 98% 1,849,774 Kmart, Pathmark Store
131 Hamilton Plaza-Kmart Plaza 100% 812,191 Kmart
132 Bennetts Mills Plaza 97% 1,064,274 Edwards Super Foods
133 Six Flags Factory Outlet 98% 5,434,421 Brooks Brothers, Gap, Mikasa, Nike, Reebok
134 Middletown Plaza 85% 838,904 Shoprite
135 Tinton Falls Plaza 100% 926,354 Burlington Coat Factory Great A&P Tea Company
136 Dover Park Plaza 100% 423,692 Acme Markets
137 Galleria Commons Shopping Center 100% 2,612,439 Babies R Us, Comp USA, Homebase, Stein Mart,
T.J. Maxx
138 Renaissance Center East 94% 1,594,189 Albertson's
139 Kietzke Center 95% 951,400 Mervyn's Target
140 University Mall 86% 275,359 Ames Department Stores
141 Cortlandville 95% 225,279 Ames Department Stores
142 Kmart Plaza 100% 573,475 Kmart, Office Max
143 D & F Plaza 81% 723,301 Quality Markets
144 Elmira Plaza 0% - -
145 Pyramid Mall 81% 1,070,399 Kmart, Tops Market
146 Genesee Valley Shopping Center 99% 1,411,485 Wal-Mart, Wegmans
147 Gloversville 100% 99,026 Citizens Telecom
148 McKinley Plaza 93% 797,365 Kids R Us, T.J. Maxx
149 Hornell Plaza Shopping Center 100% 1,807,161 Wal-Mart, Wegmans
150 Cayuga Mall 93% 1,083,844 Penn Traffic
151 Shops at Seneca Mall 92% 1,297,612 Kmart, Price Chopper
152 Transit Road Plaza 100% 361,208 Kmart
153 Marcy 2% 25,000 -
154 Wallkill Plaza 99% 1,745,603 Bradlees, Shoprite
155 Monroe Shoprite Plaza 98% 1,263,178 Shoprite
156 Rockland Plaza 97% 4,168,005 Barnes & Noble, Marshalls, Tower Records
157 South Plaza 78% 306,869 Ames Department Stores
158 Westgate Plaza 97% 208,280 Ames Department Stores
159 Oswego Plaza 97% 540,725 JC Penney
160 Price Chopper Plaza 100% 530,930 Price Chopper
161 Westgate Manor Plaza 96% 368,356 Rome Cinemas
</TABLE>
<PAGE> 27
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 26
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ------------- ----------------- --------------
<S> <C> <C> <C> <C> <C>
162 Mohawk Acres Rome NY 1965 02/01/84 98,182
163 Northland Watertown NY 1962 01/01/73 122,666
164 Harbor Plaza Ashtabula OH 1988 02/20/91 51,794
165 Ashland Square Ashland OH 1990 10/06/93 163,168
166 Belpre Plaza Belpre OH 1969 06/08/88 88,426
167 Southwood Plaza Bowling Green OH 1961 05/16/90 82,952
168 Lakewood Village Celina OH 1990 03/28/94 113,903
169 Delhi Cincinnati OH 1973 05/22/96 166,496
170 Western Village Cincinnati OH 1960 05/04/94 138,625
171 Brentwood Plaza Cincinnati OH 1957 05/04/94 232,567
172 Crown Point Columbus OH 1980 07/23/98 147,427
173 River Run Centre Coshocton OH 1992 07/01/98 82,957
174 South Towne Centre Dayton OH 1972 03/27/92 308,719
175 Heritage Square Dover OH 1959 08/31/93 232,132
176 Midway Crossing Elyria OH 1986 12/11/95 138,675
177 Fairfield Center Fairfield OH 1978 05/01/90 74,095
178 Silver Bridge Plaza Gallipolis OH 1972 12/28/86 145,481
179 Genoa Genoa OH 1987 03/01/91 16,500
180 Parkway Plaza Maumee OH 1955 09/06/89 140,021
181 New Boston New Boston OH 1991 02/17/93 238,711
182 Market Place Piqua OH 1972 11/20/91 169,311
183 Brice Park Reynoldsburg OH 1989 03/04/98 168,284
184 Central Ave Market Place Toledo OH 1968 08/14/90 157,383
185 Greentree Upper Arlington OH 1974 07/23/98 128,501
186 Bethel Park Bethel Park PA 1965 05/14/97 224,069
187 Dillsburg Shopping Center Dillsburg PA 1994 10/16/96 68,848
188 Market Street Square Elizabethtown PA 1993 10/06/97 169,481
189 New Garden Kennett Square PA 1979 06/20/97 149,279
190 Stone Mill Plaza Lancaster PA 1988 01/06/94 94,493
191 Crossroads Plaza Mt. Pleasant PA 1975 11/10/88 105,602
192 Ivyridge Philadelphia PA 1963 08/02/95 112,278
193 Roosevelt Mall (2) Philadelphia PA 1958, 64 01/01/64, 04/01/74 556,313
194 St. Mary's Plaza St. Mary's PA 1970 12/15/94 107,950
195 Hampton Square Upper South Hampton PA 1980 12/29/98 62,933
196 Shops at Prospect West Hempfield PA 1994 07/31/95 63,392
197 Johnstown Galleria Outparcel Richard Twnsp PA 1993 07/31/97 61,968
198 Circle Center Hilton Head SC 1992 03/24/94 65,313
199 Palmetto Crossroads Hilton Head SC 1990 10/18/95 40,916
200 Island Plaza James Island SC 1994 10/06/97 167,101
201 Remount Village N. Charleston SC 1996 11/13/96 60,238
202 Congress Crossing Athens TN 1990 11/10/88 172,305
203 St. Elmo Central Chattanooga TN 1995 08/06/96 74,978
204 Apison Crossing Collegedale TN 1997 07/29/97 79,054
205 Saddletree Village Shopping Center Columbia TN 1990 06/15/98 45,800
206 West Towne Square Elizabethton TN 1970, 98 06/09/98 99,224
207 Greeneville Commons Greeneville TN 1990 03/10/92 223,118
208 Georgetown Square Murfreesboro TN 1986 09/29/93 104,117
209 Hazel Path Hendersonville TN 1989 11/27/95 67,965
210 Kimball Crossing Jasper TN 1987 11/27/95 280,482
211 Chapman-Ford Crossing Knoxville TN 1990 12/30/92 185,604
212 Farrar Place Shopping Center Manchester TN 1989 12/15/95 43,220
213 Madison Street Station Shelbyville TN 1985 10/11/95 56,766
214 Commerce Central Tullahoma TN 1995 08/09/96 182,401
215 Merchant's Central Winchester TN 1997 12/09/97 208,123
216 Bardin Place Center Arlington TX 1992-93 10/06/97 303,900
</TABLE>
<TABLE>
<CAPTION>
Percent Anchor Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
----------------------------------- --------------- ----------- ------------------------------------ ---------------------
<S> <C> <C> <C> <C>
162 Mohawk Acres 66% 556,479 -
163 Northland 77% 496,095 Ames Department Store
164 Harbor Plaza 86% 297,119 Jubilee Foods
165 Ashland Square 95% 854,774 Foodtown, Wal-Mart
166 Belpre Plaza 96% 306,099 -
167 Southwood Plaza 91% 378,297 -
168 Lakewood Village 98% 575,769 Wal-Mart
169 Delhi 90% 1,315,971 The Kroger Co.
170 Western Village 100% 955,683 T.J. Maxx
171 Brentwood Plaza 54% 1,111,525 -
172 Crown Point 90% 1,110,327 The Kroger Co.
173 River Run Centre 100% 415,430 Wal-Mart
174 South Towne Centre 100% 2,352,296 Burlington Coat Factory, Kmart
175 Heritage Square 87% 1,059,404 Bag N Save Foods
176 Midway Crossing 86% 986,924 T.J. Maxx Kids R Us, Toys R Us
177 Fairfield Center 92% 372,604 The Kroger Co.
178 Silver Bridge Plaza 80% 493,754 Quality Farm & Fleet
179 Genoa 85% 106,334 -
180 Parkway Plaza 51% 321,515 Foodtown
181 New Boston 98% 1,390,811 Festival Foods, Wal-Mart
182 Market Place 80% 592,901 Foodtown
183 Brice Park 100% 1,701,367 Gregg Appliances, Michaels, Old Navy
184 Central Ave Market Place 91% 558,173 Hills Department Store
185 Greentree 91% 989,349 The Kroger Co.
186 Bethel Park 97% 1,303,578 Ames Department Store, Giant Eagle
187 Dillsburg Shopping Center 100% 627,444 Giant Food Stores
188 Market Street Square 100% 1,363,460 Kmart, Weis Markets
189 New Garden 65% 503,834 Acme Markets
190 Stone Mill Plaza 97% 868,563 Giant Food Stores
191 Crossroads Plaza 96% 388,337 Quality Farm & Fleet
192 Ivyridge 78% 953,342 Super Fresh
193 Roosevelt Mall (2) 95% 5,521,277 Strawbridges
194 St. Mary's Plaza 99% 622,650 BI-LO
195 Hampton Square 92% 439,234 Acme Market
196 Shops at Prospect 94% 492,925 Fox Markets Kmart
197 Johnstown Galleria Outparcel 87% 339,677 - Builders Square,
Toys R Us, Wal-Mart
198 Circle Center 100% 685,666 BI-LO
199 Palmetto Crossroads 100% 294,293 Food Lion
200 Island Plaza 95% 1,162,437 Food Lion, Kmart
201 Remount Village 94% 530,538 BI-LO
202 Congress Crossing 98% 1,101,827 BI-LO, Kmart
203 St. Elmo Central 94% 612,216 Winn-Dixie Stores
204 Apison Crossing 96% 699,564 Winn-Dixie Stores
205 Saddletree Village Shopping Center 83% 257,360 Food Lion
206 West Towne Square 72% 506,207 Winn-Dixie Stores
207 Greeneville Commons 99% 1,429,802 Kmart, Proffitt's
208 Georgetown Square 85% 807,818 The Kroger Co.
209 Hazel Path 88% 439,677 Food Lion
210 Kimball Crossing 89% 1,665,020 Wal-Mart
211 Chapman-Ford Crossing 97% 1,041,168 Food Lion, Wal-Mart
212 Farrar Place Shopping Center 84% 308,601 Food Lion The Crystal Company
213 Madison Street Station 94% 346,587 BI-LO
214 Commerce Central 97% 1,097,046 Wal-Mart
215 Merchant's Central 98% 1,190,346 Peebles, Wal-Mart
216 Bardin Place Center 100% 2,906,118 Oshmann's, Kmart Hobby Lobby
</TABLE>
<PAGE> 28
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 27
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ------------ ----------- ----------------
<S> <C> <C> <C> <C> <C>
217 Irving West Irving TX 1987 09/14/93 70,056
218 Valley Fair Mall W. Valley City UT 1970 12/31/96 600,593
219 Colonial Heights Colonial Heights VA 1972 05/14/86 80,363
220 Factory Merchants Ft. Chiswell Ft. Chiswell VA 1989 11/01/93 175,578
221 Hanover Square Mechanicsville VA 1991 01/06/93 129,987
222 Victorian Square Midlothian VA 1991 03/24/94 271,215
223 VA-KY Regional S.C. Norton VA 1989 12/30/92 193,238
224 Hunting Hills Roanoke VA 1989 04/02/98 166,207
225 Cave Spring Corners Roanoke VA 1969 06/05/97 171,125
226 Lakeside Plaza Salem VA 1989 04/15/99 82,036
227 Fredricksburg Spotsylvania VA 1970 05/14/86 83,374
228 Lake Drive Plaza Vinton VA 1976 02/12/98 148,061
229 Ridgeview Centre Wise VA 1990 07/02/92 176,690
230 Moundsville Plaza Moundsville WV 1961 12/27/88 174,663
231 Grand Central Plaza Parkersburg WV 1986 06/08/88 74,017
232 Kmart Plaza Vienna WV 1975 02/25/93 106,258
----------------
TOTAL 34,347,755
================
SINGLE TENANT PROPERTIES
1 The Kroger Co. Muscle Shoals AL 1982 08/10/93 42,130
2 The Kroger Co. Muscle Shoals AL 1982 08/10/93 10,069
3 The Kroger Co. Scottsboro AL 1982 08/10/93 42,130
4 The Kroger Co. Pine Bluff AR 1981 08/10/93 60,842
5 Safeway Sherwood AR 1981 08/10/93 44,617
6 Lucky stores Mesa AZ 1982 08/10/93 29,827
7 Lucky stores Phoenix AZ 1982 01/19/94 28,217
8 Q-Club Phoenix AZ 1994 05/06/94 44,374
9 Q-Club Scottsdale AZ 1994 08/19/94 44,374
10 Rite Aid Yuma AZ 1980 08/10/93 25,834
11 United Artists Pueblo CO 1977 08/10/93 12,556
12 Doverama at Rodney Dover DE 1959 01/01/69 30,000
13 Food Lion Brandon FL 1982 08/10/93 36,750
14 Kmart Brookville FL 1987 06/17/97 94,841
15 Albany I Albany GA 1981 08/10/93 72,900
16 The Kroger Co. East Albany GA 1982 08/10/93 34,019
17 Rite Aid East Albany GA 1982 08/10/93 10,069
18 Kmart Atlantic IA 1980 01/19/94 40,318
19 Eagle Food Center Coralville IA 1981 08/10/93 28,875
20 Eagle Food Center Dubuque IA 1980 08/10/93 35,015
21 Eagle Food Center Decatur IL 1983 08/10/93 29,000
22 The Kroger Co. Ottawa IL 1982 08/10/93 44,088
23 Eagle Food Center Peoria IL 1983 08/10/93 30,000
24 Eagle Food Center Springfield IL 1982 08/10/93 30,000
25 Eagle Food Center Sterling IL 1980 08/10/93 40,265
26 The Kroger Co. Waterloo IL 1982 08/10/93 31,170
27 Kindercare Beech Grove IN 1976 12/31/92 4,268
28 Kindercare Fort Wayne IN 1976 12/31/92 4,584
29 Eagle Food Center Hobart IN 1983 08/10/93 29,300
30 Kindercare Indianapolis IN 1976 12/31/92 4,452
31 Kindercare Indianapolis IN 1976 12/31/92 4,452
32 Kindercare Indianapolis IN 1976 12/31/92 4,212
33 Eagle Food Center Michigan City IN 1983 08/10/93 29,000
34 Safeway West Monroe LA 1981 08/10/93 41,293
</TABLE>
<TABLE>
<CAPTION>
Percent Anchor Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
----------------------------------- ---------- ------------ -------------------------------------- -------------
<S> <C> <C> <C> <C>
217 Irving West 100% 610,264 Winn-Dixie Stores
218 Valley Fair Mall 90% 3,073,516 JC Penney, Mervyn's, ZCMI
219 Colonial Heights 0% - -
220 Factory Merchants Ft. Chiswell 67% 848,638 Polo, Reebok
221 Hanover Square 100% 1,383,512 Ukrops Supermarket Kohl's
222 Victorian Square 95% 1,846,265 The Kroger Co., Kmart
223 VA-KY Regional S.C. 100% 1,173,525 Ingles, Wal-Mart
224 Hunting Hills 100% 932,015 Wal-Mart
225 Cave Spring Corners 98% 666,657 Hills Department Store, The Kroger Co.
226 Lakeside Plaza 100% 749,867 The Kroger Co.
227 Fredricksburg 100% 164,905 Pharmhouse
228 Lake Drive Plaza 92% 890,907 The Kroger Co.
229 Ridgeview Centre 98% 1,118,713 Food City, Kmart Belk's
230 Moundsville Plaza 90% 960,659 The Kroger Co.
231 Grand Central Plaza 100% 625,450 Office Depot
232 Kmart Plaza 98% 527,710 Kmart
--------- -------------
92% $ 245,326,761
========= =============
SINGLE TENANT PROPERTIES
1 The Kroger Co. 100% $ 252,780 Jitney Sak N Save
2 The Kroger Co. 100% 60,414 Handy TV
3 The Kroger Co. 100% 217,391 Bruno's
4 The Kroger Co. 100% 288,232 Country Market
5 Safeway 100% 240,651 The Kroger Co.
6 Lucky stores 100% 126,438 ABCO
7 Lucky stores 100% 154,620 ABCO
8 Q-Club 100% 741,189
9 Q-Club 100% 749,773
10 Rite Aid 100% 113,050 Payless Drugs
11 United Artists 100% 83,011
12 Doverama at Rodney 100% 56,250
13 Food Lion 100% 202,582 Kash n Karry
14 Kmart 100% 540,510
15 Albany I 0% -
16 The Kroger Co. 100% 197,612 Harvey Foods
17 Rite Aid 100% 54,567
18 Kmart 100% 160,000
19 Eagle Food Center 100% 172,669
20 Eagle Food Center 100% 230,300
21 Eagle Food Center 100% 181,996
22 The Kroger Co. 100% 278,866
23 Eagle Food Center 100% 208,133
24 Eagle Food Center 100% 180,090
25 Eagle Food Center 100% 229,748
26 The Kroger Co. 100% 207,135 Schnuck Markets
27 Kindercare 100% 49,694
28 Kindercare 100% 49,694
29 Eagle Food Center 100% 190,792
30 Kindercare 100% 21,600
31 Kindercare 100% 49,694
32 Kindercare 100% 49,694
33 Eagle Food Center 100% 158,000
34 Safeway 100% 228,671 Brookshire Grocery
</TABLE>
<PAGE> 29
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 28
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired GLA
----------------------------------- ------------------- --------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
35 Mountain Jacks Dearborne Hts. MI 1988 12/31/92 9,914
36 Kindercare Kalamazoo MI 1990 02/06/91 6,260
37 Firstar Bank Building Burnsville MN 1975 08/04/97 13,373
38 Kindercare Fenton MO 1977 12/31/92 4,659
39 Kindercare High Ridge MO 1980 12/31/92 4,654
40 Northern Automotive Grand Island NE 1988 12/31/92 5,671
41 Northern Automotive Hastings NE 1988 12/31/92 4,000
42 Kmart Omaha NE 1981 08/10/93 60,842
43 Kmart Somerville NJ 1982 08/10/93 55,552
44 Mohawk Rome NY 1965 01/20/84 84,000
45 Safeway Muskogee OK 1981 08/10/93 45,510
46 The Kroger Co. Clearfield PA 1982 08/10/93 31,170
47 Acme Markets Philadelphia PA 1980 08/19/98 34,000
48 Hardees Hanover PA 1971 07/31/97 3,800
49 The Kroger Co. Pittsburgh PA 1982 08/10/93 34,026
50 The Kroger Co. James Island SC 1982 08/10/93 42,130
51 Winn-Dixie Stores Chattanooga TN 1995 03/31/97 43,848
52 First American Bank/Audition Hi-Fi Kingsport TN 1970 09/01/92 5,532
53 Kmart Desoto TX 1980 08/10/93 72,897
54 Houston I Houston TX 1991 12/31/92 1,675
55 Houston II Houston TX 1991 12/31/92 1,675
56 The Kroger Co. Missouri City TX 1982 08/10/93 44,183
57 El Chico Temple TX 1995 12/19/95 6,600
58 Pizza Hut Harrisonburg VA 1969 07/31/96 3,384
-------------
TOTAL 1,713,196
=============
COMMERCIAL PROPERTIES
1 Genzyme Corp. Scottsdale AZ 1971 12/17/90 21,560
2 Via Del Campo Office San Diego CA 1988 01/24/94 20,884
3 Unity Professional Bldg. Fridley MN 1991 05/30/96 62,518
4 Stillwater Office Bldg. Stillwater MN 1985 07/31/91 10,007
5 Roxbury Township Roxbury NJ 1997 12/31/97 LAND
6 Institute for Defense Analysis Princeton NJ 1982 05/31/74 51,000
7 North Central Avenue Hartsdale NY 1972 07/31/72 LAND
-------------
TOTAL 165,969
=============
</TABLE>
<TABLE>
<S> <C>
-------------
TOTAL RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES 36,226,920
=============
</TABLE>
SHOPPING CENTERS WITH REDEVELOPMENT PLANS UNDER REEVALUATION
<TABLE>
<S> <C> <C> <C> <C> <C>
1 Clearwater Mall Clearwater FL 1973 12/02/97 679,661
</TABLE>
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired Units
---------------------------------- ------------------- --------- ---------------- ---------------- -------------
<S> <C> <C> <C> <C> <C>
GARDEN APARTMENT COMMUNITIES
1 Breckenridge Birmingham AL 1979 02/18/92 120
2 Courts At Wildwood Birmingham AL 1969 07/22/93 220
3 The Club Birmingham AL 1969-74 05/24/95 278
4 Devonshire Place Birmingham AL 1971 02/18/92 284
5 Hillcrest Mobile AL 1977 06/30/97 140
</TABLE>
<TABLE>
<CAPTION>
Percent Anchor Tenant
Property Name Leased (1) ABR Anchor Tenant Not Owned
----------------------------------- -------------- ----------------- ------------------------ -------------
<S> <C> <C> <C> <C>
35 Mountain Jacks 100% 169,000
36 Kindercare 100% 74,060
37 Firstar Bank Building 100% 133,772
38 Kindercare 100% 24,972
39 Kindercare 100% 32,299
40 Northern Automotive 100% 73,693
41 Northern Automotive 100% 52,758
42 Kmart 100% 312,775 Golds Gym
43 Kmart 100% 271,780
44 Mohawk 0% -
45 Safeway 100% 280,344 Associated Grocers
46 The Kroger Co. 100% 210,000 Clearfield Market
47 Acme Markets 100% 163,795
48 Hardees 100% 24,100
49 The Kroger Co. 100% 266,680 Giant Eagle
50 The Kroger Co. 100% 223,289 BI-LO
51 Winn-Dixie Stores 100% 237,413
52 First American Bank/Audition Hi-Fi 100% 494,791 Food Lion
53 Kmart 100% 289,000
54 Houston I 100% -
55 Houston II 0% -
56 The Kroger Co. 100% 229,289
57 El Chico 100% 50,000
58 Pizza Hut 100% 22,755
------------- -----------------
91% $ 10,362,411
============= =================
COMMERCIAL PROPERTIES
1 Genzyme Corp. 100% $ 293,808 Genzyme Corp.
2 Via Del Campo Office 88% 310,465
3 Unity Professional Bldg. 99% 913,351
4 Stillwater Office Bldg. 91% 141,475 Washington City
5 Roxbury Township - -
6 Institute for Defense Analysis 100% 261,338
7 North Central Avenue - -
------------- -----------------
98% $ 1,920,437
============= =================
------------- -----------------
92% $ 257,609,609
============= =================
</TABLE>
SHOPPING CENTERS WITH REDEVELOPMENT PLANS UNDER REEVALUATION
<TABLE>
<S> <C> <C> <C>
1 Clearwater Mall 52% $ 2,616,833 Cinema, Montgomery Wards Burdines
</TABLE>
<TABLE>
<CAPTION>
Percent
Property Name Leased (1) ABR
----------------------------------- ---------------- -------------
GARDEN APARTMENT COMMUNITIES
<S> <C> <C>
1 Breckenridge 93% $ 794,904
2 Courts At Wildwood 88% 1,487,496
3 The Club 89% 1,762,980
4 Devonshire Place 85% 1,674,422
5 Hillcrest 88% 699,072
</TABLE>
<PAGE> 30
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
PROPERTY PORTFOLIO PAGE 29
<TABLE>
<CAPTION>
Year Date
Property Name City State Built Acquired Units
---------------------------------- ------------------- --------- ---------------- ---------------- ------------
<S> <C> <C> <C> <C> <C>
6 Knollwood Mobile AL 1978-82 05/07/97 704
7 Maison Deville Mobile AL 1963,71-73 07/31/96 347
8 Maison Imperial Mobile AL 1969-73 07/31/96 56
9 Plantation Mobile AL 1977 07/31/96 120
10 Mayfair Dover DE 1971 01/01/81 96
11 Rodney Dover DE 1963-65 01/01/69 207
12 Charter Pointe Altamonte Springs FL 1973 04/03/98 312
13 Lake Park Lake Park FL 1965 02/01/76 227
14 Cambridge Athens GA 1972,82 05/01/96 180
15 Tara Athens GA 1970 06/06/96 240
16 Regency Club Evansville IN 1980 09/16/96 232
17 Forest Hills Indianapolis IN 1974 10/28/97 420
18 Hawthorne Heights Indianapolis IN 1965 06/18/96 241
19 Charlestown Louisville KY 1974 09/14/93 244
20 La Fontenay III Louisville KY 1970 07/16/92 248
21 Poplar Level Terrace Louisville KY 1974 01/01/91 88
22 Riverchase Newport KY 1968 08/29/96 203
23 Forestwood Baton Rouge LA 1985 10/31/96 272
24 Sherwood Acres Baton Rouge LA 1978-79 10/31/96 612
25 Willow Bend Lake Baton Rouge LA 1986 10/31/96 360
26 Deerhorn Village Kansas City MO 1974 07/12/95 309
27 Cardinal Woods Cary NC 1978 08/15/97 184
28 Polo Run Raleigh NC 1971 08/27/98 279
29 Meadow East Potsdam NY 1964-71 09/13/83 100
30 Mohawk Garden Rome NY 1947 11/01/85 208
31 Northgate Columbus OH 1970 07/16/98 316
32 Spring Creek Columbus OH 1985 06/02/97 288
33 Arlington Village Fairborn OH 1966 08/16/94 164
34 Chesterfield Maumee OH 1979-84 02/20/91 104
35 Eastgreen On The Commons Reynoldsburg OH 1971,82 01/29/98 360
36 Goldcrest Sharonville OH 1968 08/29/96 173
37 Cambridge Park Union Twp-Cinn OH 1973 08/29/96 196
38 Governours Place Harrisburg PA 1974 04/25/95 130
39 Forest Hills Columbia SC 1968 01/14/99 176
40 Harbour Landing Columbia SC 1974 09/06/95 208
41 Sedgefield Florence SC 1972,74,79 07/01/94 280
42 Turtle Creek Greenville SC 1976 06/03/96 152
43 Hickory Lake Antioch TN 1974 12/17/93 322
44 Courts at Waterford Chattanooga TN 1988,89 12/12/96 318
45 Ashford Place Clarksville TN 1972,74 10/12/93 268
46 Cedar Village Clarksville TN 1982 07/25/94 170
47 Paddock Place Clarksville TN 1989 07/25/94 240
48 The Pines Clarksville TN 1986 07/25/94 224
49 Landmark Estates East Ridge TN 1971 08/29/96 93
50 Miller Crest Johnson City TN 1973 06/03/96 121
51 Cedar Bluff Knoxville TN 1980 05/01/96 192
52 Country Place Nashville TN 1979 04/02/96 312
53 Woodbridge Nashville TN 1980 08/29/96 220
------------
TOTAL 12,558
============
</TABLE>
<TABLE>
<CAPTION>
Percent
Property Name Leased (1) ABR
----------------------------------- ----------------- ------------
<S> <C> <C>
6 Knollwood 88% 3,769,212
7 Maison Deville 90% 1,972,728
8 Maison Imperial 96% 655,884
9 Plantation 97% 523,320
10 Mayfair 83% 716,196
11 Rodney 88% 1,153,349
12 Charter Pointe 95% 2,228,760
13 Lake Park 93% 1,899,324
14 Cambridge 93% 1,065,630
15 Tara 96% 1,528,452
16 Regency Club 91% 1,408,122
17 Forest Hills 84% 2,096,952
18 Hawthorne Heights 76% 1,799,820
19 Charlestown 96% 1,930,404
20 La Fontenay III 91% 1,886,184
21 Poplar Level Terrace 95% 469,572
22 Riverchase 90% 1,092,108
23 Forestwood 94% 1,764,120
24 Sherwood Acres 87% 3,372,754
25 Willow Bend Lake 96% 2,392,008
26 Deerhorn Village 92% 2,111,724
27 Cardinal Woods 95% 1,376,712
28 Polo Run 93% 2,285,520
29 Meadow East 91% 642,888
30 Mohawk Garden 95% 1,068,804
31 Northgate 87% 2,120,832
32 Spring Creek 85% 1,992,480
33 Arlington Village 94% 1,088,556
34 Chesterfield 87% 600,060
35 Eastgreen On The Commons 87% 2,385,108
36 Goldcrest 91% 1,162,782
37 Cambridge Park 91% 1,394,052
38 Governours Place 95% 887,376
39 Forest Hills 85% 1,078,462
40 Harbour Landing 96% 1,323,648
41 Sedgefield 88% 1,512,576
42 Turtle Creek 91% 1,004,220
43 Hickory Lake 93% 2,206,860
44 Courts at Waterford 93% 2,143,080
45 Ashford Place 93% 1,564,320
46 Cedar Village 94% 896,928
47 Paddock Place 91% 1,314,910
48 The Pines 95% 1,115,940
49 Landmark Estates 96% 614,040
50 Miller Crest 85% 810,324
51 Cedar Bluff 97% 1,112,558
52 Country Place 79% 1,990,452
53 Woodbridge 85% 1,661,112
------------- ----------------
90% $ 79,610,096
============= ================
</TABLE>
(1) Includes all leases that have commenced and are in force as of June 30,
2000.
(2) Property has been combined into one property from the three properties
previously reported.
<PAGE> 31
<TABLE>
<CAPTION>
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF ERT DEVELOPMENT CORPORATION / JOINT VENTURE PROJECTS PAGE 30
ERT PROJECTS
--------------------------------------------------------------------------------
MESA PAVILIONS (1) THE GROVES (1)
----------------------------------------------- --------------------------------
<S> <C> <C>
Location Mesa, AZ Tempe, AZ
Project Description Community shopping center Community shopping center
Approximate GLA or Area 307,400 248,000
Percent Leased 100% 97%
Anchor Tenants Circuit City, Costco (NAP), Homeplace, Kmart Circuit City, DSW Shoe
(NAP), Michaels, PetsMart, Sports Authority, Warehouse, JC Penney, Office
Staples, Target (NAP) Max, Wal-Mart (NAP)
Development
Start Date Jun-93 Jun-91
Expected Completion
Date Jan-96 Mar-95
Percent Complete 92% (2) 100%
Project Cost to Date $29,808,000 $21,480,000
Expected Total Project Cost $32,243,000 $21,480,000
Project Bank Debt Outstanding $21,204,000 $13,902,000
Borrower / JV Partner The Ellman Companies The Ellman Companies
Economic Structure Note receivable with 50% profit participation Note receivable with 50%
profit participation
ERT Percent Ownership 0% 0%
ERT Investment
Direct Equity - -
Notes Receivable $8,604,000 $7,578,000
Interest Rate on Notes
Receivable 11% 12% (3)
Maturity Date Dec-01 Dec-01
</TABLE>
<TABLE>
<CAPTION>
VAIL RANCH II (1) THE MALL AT 163RD STREET
----------------------------------------------- --------------------------------
<S> <C> <C>
Location Temecula, CA Miami, FL
Project Description Community shopping center Redevelopment of enclosed
regional mall
Approximate GLA or Area 110,300 863,800
Percent Leased 46% 37%
Anchor Tenants Stein Mart Home Depot (NAP), Marshalls,
Service Merchandise
Development
Start Date Aug-98 Jun-01
Expected Completion
Date Jun-01 Dec-02
Percent Complete 55% 0%
Project Cost to Date $7,139,000 $15,046,000
Expected Total Project Cost $13,040,000 Under review
Project Bank Debt Outstanding $3,797,000 $0
Borrower / JV Partner Land Grant Development -
Economic Structure Equity investment with 12% preferred return. -
The Company has guaranteed $1,336,000 of
notes on the property. Phase I is owned by
NXL
ERT Percent Ownership 50% 100%
ERT Investment
Direct Equity $1,443,000 $15,046,000
Notes Receivable - -
Interest Rate on Notes
Receivable - -
Maturity Date - -
</TABLE>
<TABLE>
<CAPTION>
ERT PROJECTS
----------------------------------------------------------
FESTIVAL PAVILIONS STEIN MART CENTER (1)
-------------------------------- --------------------------
<S> <C> <C>
Location Escondido, CA Poway, CA
Project Description Land held for retail Redevelopment of
development community shopping center
Approximate GLA or Area 34 acres 109,273
Percent Leased - 63%
Anchor Tenants - Motorsports Warehouse,
Stein Mart
Development
Start Date - Dec-96
Expected Completion
Date - Dec-01
Percent Complete - 51%
Project Cost to Date $1,205,000 $4,876,000
Expected Total Project Cost - $9,625,000
Project Bank Debt Outstanding $0 $0
Borrower / JV Partner The Festival Companies Wilton Partners
Note receivable Note receivable with 60%
Economic Structure profit participation
ERT Percent Ownership 0% 0%
ERT Investment
Direct Equity - -
Notes Receivable $1,205,000 $3,675,000
Interest Rate on Notes
Receivable 12% (3) 15% (3)
Maturity Date Sep-00 Nov-99 (4)
</TABLE>
<TABLE>
<CAPTION>
MIAMI GARDENS (1) POINTE*ORLANDO
-------------------------------- --------------------------
<S> <C> <C>
Location Miami, FL Orlando, FL
Project Description Free standing Eckerd Drugstore Open air shopping center
Approximate GLA or Area 11,200 458,700
Percent Leased 100% 77%
Anchor Tenants Eckerd Disney, FAO Schwarz,
Foot Locker, Muvico, X-S
Development
Start Date Jan-96 Jan-96
Expected Completion
Date Jul-97 Dec-00
Percent Complete 100% 97%
Project Cost to Date $2,019,000 $169,061,000
Expected Total Project Cost $2,019,000 $173,561,000
Project Bank Debt Outstanding $1,519,000 $78,475,000
Borrower / JV Partner Wilton Partners -
Economic Structure Note receivable The Company has
guaranteed $15,000,000
of notes on the property
ERT Percent Ownership 0% 100%
ERT Investment
Direct Equity - $81,833,000
Notes Receivable $400,000 -
Interest Rate on Notes
Receivable 12% (3) -
Maturity Date Dec-99 (4) -
</TABLE>
<PAGE> 32
<TABLE>
<CAPTION>
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
--------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF ERT DEVELOPMENT CORPORATION / JOINT VENTURE PROJECTS PAGE 31
MEADOWS TAMPA (1) THE CENTRE AT PRESTON RIDGE -
PHASE 1 (1)
----------------------------------------------- --------------------------------
<S> <C> <C>
Location Tampa, FL Frisco, TX
Project Description Free standing Eckerd Drugstore Community shopping center
Approximate GLA or Area 11,200 730,800
Percent Leased 100% 66%
Anchor Tenants Eckerd Best Buy, Drug Emporium, DSW
Shoe Warehouse, Linens N
Things, Marshalls, Old Navy,
PetsMart, Staples, Stein Mart,
Target (NAP), Ulta3
Development
Start Date Jun-96 Sep-97
Expected Completion
Date Dec-97 Jun-01
Percent Complete 100% 48%
Project Cost to Date $2,251,000 $52,322,000
Expected Total Project Cost $2,251,000 $108,179,000
Project Bank Debt Outstanding $2,347,000 $26,653,000
Borrower / JV Partner Wilton Partners George Allen / Milton Schaffer
Economic Structure Note receivable Equity / debt investment with
10% preferred return. The
Company has guaranteed
$11,000,000 of notes on the
property
ERT Percent Ownership 0% 50%
ERT Investment
Direct Equity - $1,769,000
Notes Receivable $90,900 $23,900,000
Interest Rate on Notes
Receivable 12% (3) 10%
Maturity Date Dec-99 (4) Apr-10
</TABLE>
<TABLE>
<CAPTION>
TAYLORSVILLE VALLEY FAIR APARTMENTS
----------------------------------------------- --------------------------------
<S> <C> <C>
Location Salt Lake City, UT West Valley City, UT
Project Description Land held for retail development Apartments
Approximate GLA or Area 6.3 acres 16 units
Percent Leased - 94%
Anchor Tenants - -
Development
Start Date - Acquired in 1997
Expected Completion -
Date -
Percent Complete - 100%
Project Cost to Date $1,877,000 $750,000
Expected Total Project Cost - -
Project Bank Debt Outstanding $0 $0
Borrower / JV Partner - -
Economic Structure - -
ERT Percent Ownership 100% 100%
ERT Investment
Direct Equity $1,877,000 $750,000
Notes Receivable - -
Interest Rate on Notes
Receivable - -
Maturity Date - -
</TABLE>
<TABLE>
<CAPTION>
THE CENTRE AT PRESTON RIDGE - SPRINGTOWN
PHASE 2 (1)
-------------------------------- --------------------------
<S> <C> <C>
Location Frisco, TX Springtown, TX
Project Description Land to be sold for retail Outparcel, adjacent to
development previously owned
shopping center
Approximate GLA or Area 49 acres 1 acre
Percent Leased - -
Anchor Tenants - -
Development
Start Date Jan-99 -
Expected Completion
Date Jul-01 -
Percent Complete 84% -
Project Cost to Date $22,816,000 $267,000
Expected Total Project Cost $27,009,000 -
Project Bank Debt Outstanding $22,816,000 $0
Borrower / JV Partner George Allen / Milton Schaffer -
Economic Structure Equity investment with 10% -
preferred return. The Company
has guaranteed $26,800,000 of
notes on the property
ERT Percent Ownership 50% 100%
ERT Investment
Direct Equity $0 $267,000
Notes Receivable - -
Interest Rate on Notes
Receivable - -
Maturity Date - -
</TABLE>
<TABLE>
<CAPTION>
LOVINGSTON (1) BROAD STREET (1)
-------------------------------- --------------------------
<S> <C> <C>
Location Lovingston, VA Richmond, VA
Project Description Grocery-anchored shopping center Community shopping center
Approximate GLA or Area 42,500 136,000
Percent Leased 94% 95%
Anchor Tenants Food Lion M Comp USA, CVS, Marshalls, ficeax
Development
Start Date Dec-97 Dec-95
Expected Completion
Date Jun-99 Nov-98
Percent Complete 100% 100%
Project Cost to Date $3,287,000 $17,170,000
Expected Total Project Cost $3,287,000 $17,170,000
Project Bank Debt Outstanding $2,400,000 $9,648,000
Borrower / JV Partner Wilton Partners Wilton Partners
Note receivable with 50% Note receivable with 60%
Economic Structure profit participation profit participation
ERT Percent Ownership 0% 0%
ERT Investment
Direct Equity - -
Notes Receivable $982,700 $6,632,000
Interest Rate on Notes
Receivable 12% (3) 12%
Maturity Date Apr-01 (4) Sept-99 (4)
</TABLE>
<PAGE> 33
<TABLE>
<CAPTION>
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
----------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF ERT DEVELOPMENT CORPORATION / JOINT VENTURE PROJECTS PAGE 32
COTTONWOOD (1) ATRIUM MEDIA TOWER (1)
----------------------------------------------- -------------------------------
<S> <C> <C>
Location Varina, VA Toronto, Canada
Project Description Grocery-anchored shopping center Advertising tower
Approximate GLA or Area 40,100 -
Percent Leased 96% -
Anchor Tenants Food Lion -
Development
Start Date Mar-97 Dec-98
Expected Completion
Date Oct-98 Oct-99
Percent Complete 100% 100%
Project Cost to Date $3,585,000 $6,500,000
Expected Total Project Cost $3,585,000 $6,500,000
Project Bank Debt Outstanding $2,829,000 $0
Borrower / JV Partner Wilton Partners Gary Sabin Investor Group
Economic Structure Note receivable with 50% profit participation Note receivable
ERT Percent Ownership 0% 0%
ERT Investment
Direct Equity - -
Notes Receivable $686,400 $2,327,000
Interest Rate on Notes
Receivable 12% 10%
Maturity Date Feb-01 (4) Jun-02
<CAPTION>
OTHER
--------------------------------
<S> <C>
Location -
Project Description Lines of credit
Approximate GLA or Area -
Percent Leased -
Anchor Tenants -
Development
Start Date -
Expected Completion
Date -
Percent Complete -
Project Cost to Date -
Expected Total Project Cost -
Project Bank Debt Outstanding -
Borrower / JV Partner Various
Economic Structure Notes receivable
ERT Percent Ownership 0%
ERT Investment
Direct Equity -
Notes Receivable $1,215,000
Interest Rate on Notes
Receivable Various
Maturity Date Various
<CAPTION>
NXL JOINT VENTURE PROJECTS
-------------------------------------------------------------------------------
ATRIUM ON THE BAY (1) ARAPAHOE CROSSINGS (1)
----------------------------------------------- -------------------------------
<S> <C> <C>
Location Toronto, Canada Aurora, CO
Project Description Mixed-use office and retail commercial property Community shopping center
Approximate GLA or Area 1,050,000 463,900
Percent Leased 90% 69%
Anchor Tenants CIBC King Soopers, Kohl's, Mann
Theatre, Marshalls, Office Max
Development
Start Date Acquired in March 1996 Jun-96
Expected Completion
Date - Aug-01
Percent Complete 100% 78%
Project Cost to Date $51,024,000 (5) $49,301,000
Expected Total Project Cost $51,024,000 (5) $63,161,000
Project Bank Debt Outstanding $37,279,000 $39,001,000
Borrower / JV Partner The Ellman Companies The Ellman Companies
Economic Structure Note receivable Note receivable with 50% profit participation
ERT Percent Ownership 0% 0%
ERT Investment
Direct Equity - -
Notes Receivable $10,821,000 $10,300,000
Interest Rate on Notes
Receivable 25% (3) 12%
Maturity Date May-03 Sep-04
<CAPTION>
NXL JOINT VENTURE PROJECTS
--------------------------------
SUPERIOR TOWNE CENTER (1)
--------------------------------
<S> <C>
Location Superior, CO
Project Description Community shopping center
Approximate GLA or Area 290,000
Percent Leased 40%
Anchor Tenants Costco (NAP), Michaels, Office
Max, PetsMart, Target (NAP),
T.J. Maxx
Development
Start Date Sep-97
Expected Completion
Date Aug-02
Percent Complete 46%
Project Cost to Date $27,081,000
Expected Total Project Cost $59,096,000
Project Bank Debt Outstanding $0
Borrower / JV Partner The Ellman Companies
Note receivable with 50%
Economic Structure profit participation
ERT Percent Ownership 0%
ERT Investment
Direct Equity -
Notes Receivable $24,044,000
Interest Rate on Notes
Receivable 12%
Maturity Date Sep-04
</TABLE>
(1) Project data is based on information provided by borrower / joint venture
partner.
(2) Project was substantially complete in 1Q 1996. A remaining 27,000 square
foot pad will be completed by 1Q 2001.
(3) The Company has made certain adjustments to its interest accrual on these
notes.
(4) ERT is currently in negotiations with the borrower regarding a global
agreement relative to these notes.
(5) Book basis per partnership financial statements as of May 30, 2000. NAP -
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
<PAGE> 34
<TABLE>
<CAPTION>
NEW PLAN EXCEL REALTY TRUST, INC.
SUPPLEMENTAL DISCLOSURE - QUARTER ENDED JUNE 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
ERT DEVELOPMENT CORPORATION DISPOSITION ACTIVITY PAGE 33
Transaction Sale Sale Book Gain /
Property Name Location Description Date Amount Value (Loss)
--------------------------------- ---------- ------------------------- ----------------- ---------------- --------------- ----------
<S> <C> <C> <C> <C> <C> <C>
2Q 2000
The Mall at 163rd Street / Home Miami, FL Home Depot, a tenant 06/13/00 $ 5,100,000 $ 5,100,000 $ -
Depot at the Mall,
purchased its store
site and additional
land for expansion
and parking
<CAPTION>
Cap- Square
Property Name Rate NOI (1) Footage
--------------------------------- --------- -------------------- ---------------
<S> <C> <C> <C>
2Q 2000
The Mall at 163rd Street / Home 5.9% $ 300,000 9.5 acres
Depot
</TABLE>
(1) As of closing date of sale.
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
quarters ended June 30, 2000 and March 31, 2000 should be read in conjunction
with the above information.
