New Plan Excel Realty Trust Reports First Quarter Results

Business Wire, August 12, 1999

NEW YORK--(BUSINESS WIRE)--Aug. 12, 1999--

Funds From Operations Up 7.3% from Year-Ago Quarter

New Plan Excel Realty Trust, Inc. (NYSE: NXL) today announced record results for the mid year and quarter ended June 30, 1999. Strong increases in funds from operations and revenues were achieved in the quarter.

New Plan Excel Realty Trust, Inc. results for the mid year and quarter ended June 30, 1999 reflect the benefits of the merger of New Plan Realty Trust and Excel Realty Trust, which occurred on September 28, 1998. Historical results for the quarter ended July 31, 1998 reflect those separately reported by New Plan Realty Trust prior to the merger. Pro forma results represent the combined results of New Plan Realty Trust and Excel Realty Trust as if the merger had occurred on February 1, 1998.

For the six months ended June 30, 1999, funds from operations (FFO) were up 8.6% to $100,628,000 from pro forma FFO for the six months ended July 31, 1998. Diluted FFO per share increased 6.8% to $1.10 from pro forma diluted FFO per share of $1.03 for the six months ended July 31, 1998.

Net income before preferred stock dividends and non-recurring charges of $8,429,000 increased 5.3% for the six months, rising to $79,886,000 from pro forma net income before preferred dividends of $75,878,000 in the six months ended July 31, 1998. Net income available to common stockholders before non-recurring charges was $68,425,000 up 6.7% from pro forma net income available to common stockholders of $64,108,000 in the six month period ended July 31, 1998.

Revenues for the six-months increased 10.3% to $220,587,000 from pro forma revenues of $199,938,000 for the six months ended July 31, 1998.

For the quarter ended June 30, 1999, FFO rose 7.3% to $50,665,000 from $47,214,000 pro forma FFO for the quarter ended July 31, 1998. Diluted FFO per share rose 7.7% to $.56 from pro forma diluted FFO per share of $.52 for the quarter ended July 31, 1998.

Net income before preferred stock dividends and non-recurring charges advanced 4% for the second quarter, rising to $40,217,000 from pro forma net income before preferred stock dividends of $38,665,000 in the three months ended July 31, 1998. Net income available to common stockholders before the non-recurring charges rose to $34,558,000, up 5.8% from pro forma net income applicable to common stockholders of $32,677,000 in the quarter ended July 31, 1998.

Revenues for the quarter increased 7.9%, rising to $109,421,000 from pro forma revenues of $101,390,000 for the three months ended July 31, 1998.

New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate companies, with $2.9 billion in total assets, more than $425 million in annual revenue and an investment grade rating of A by Standard & Poor's and A2 by Moody's, ratings unsurpassed by any other REIT. The company owns and operates a portfolio of 359 properties in 31 states, including 293 retail centers with a total of approximately 38 million square feet of gross leasable area as well as 55 garden apartment communities containing 13,000 units.

Table follows.

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates: financing risks; property management risks; acquisition and development risks; 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 10K/A for the year ended Dec. 31, 1998, which discuss these and other factors that could adversely affect the company's results. -0-