NXL New Plan Excel Rlty TR

NEW YORK, Dec. 21 /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc. (NYSE:NXL) today announced that it has completed the sale of 15 non- strategic community and neighborhood shopping centers to Phillips Edison & Company for an aggregate of approximately $68.5 million. The Company expects to use the net proceeds from the transaction for general corporate purposes, including the repayment of indebtedness under its $350 million revolving credit facility. As a result of the transaction, the Company will record an impairment of real estate of up to $0.01 per share during the fourth quarter of 2006. The following table provides certain information with respect to the 15 properties sold: ANCHOR PROPERTY NAME CITY, STATE GLA (SF) ANCHOR TENANTS(1) TENANTS NOT OWNED(1) Cloverdale Southern Family Village Florence, AL 59,407 Markets Holly Hill Holly Hill, FL 116,096 Family Dollar, Shopping Center Winn-Dixie AutoZone, Buddy's Silver Hills Orlando, FL 109,001 Home, Winn-Dixie Habersham Village Cornelia, GA 147,182 Kmart, Piggly Wiggly Town Fair Princeton, IN 119,439 Goody's, Kmart Stanly County Plaza Albemarle, NC 63,637 Ingles Village Marketplace Asheboro, NC 87,869 Big Lots Hobby Lobby Big Lots, D & F Plaza Dunkirk, NY 195,781 Quality Markets Ashland Square Ashland, OH 163,168 - First Baptist Church, Heritage Square Dover, OH 181,732 Bag-N-Save Foods Fashion Place Dollar Tree, Shopping Center Columbia, SC 149,493 Staples, Superpetz, T.J. Maxx Food Lion, Market Palmetto Hilton Head, Area Real Estate Crossroads SC 40,910 Sales Chapman Square Knoxville, TN 53,591 Dollar Tree Kroger Conn's Clearance, Stella Link Houston, TX 93,827 Davis Food City Irving West Irving, TX 69,956 Terry's Supermarket TOTAL 1,651,089 (1) Anchor tenants include 1) major discount stores, 2) major grocers, 3) tenants with square footage greater than 10,000 square feet if the shopping center GLA is less than 125,000 square feet and tenants with square footage greater than 25,000 square feet if the shopping center GLA is greater than 125,000 square feet and 4) tenants with square footage greater than 10 percent of the shopping center GLA, but not less than 5,000 square feet. New Plan is one of the nation's largest real estate companies, focusing on the ownership, management and development of community and neighborhood shopping centers. As of September 30, 2006, the Company operates as a self- administered and self-managed REIT, with a national portfolio of 477 properties, including 175 properties held through joint ventures, and total assets of approximately $3.5 billion. The properties are strategically located across 39 states and include 461 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 68.1 million square feet of gross leasable area, and 16 related retail real estate assets, with approximately 694,000 square feet of gross leasable area. For additional information, please visit http://www.newplan.com/. Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national or local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; possible future downgrades in our credit ratings; property ownership / management risks; the level and volatility of interest rates and changes in capitalization rates with respect to the acquisition and disposition of properties; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget; governmental approvals, actions and initiatives; 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 "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005, which discuss these and other factors that could adversely affect the Company's results. DATASOURCE: New Plan Excel Realty Trust, Inc. CONTACT: Stacy Slater, Senior Vice President - Corporate Communications of New Plan Excel Realty Trust, Inc., +1-212-869-3000, or Web site: http://www.newplan.com/

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