NXL New Plan Excel Rlty TR

New Plan Excel Realty Trust Comments on Winn-Dixie Stores' New Footprint NEW YORK, June 21 /PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc. (NYSE:NXL) today provided supplemental disclosure on its Winn-Dixie Stores leases in response to Winn-Dixie Stores announcement of its intention to sell or close approximately 326 store locations. New Plan currently has 19 Winn-Dixie Stores leases in its portfolio, of which eight are expected to be sold or closed, including one lease at a property held in a joint venture in which the Company has a 10 percent interest. The eight store locations aggregate (including New Plan's pro rata share of the joint venture property) 308,369 square feet of gross leasable area and approximately $2.1 million of annual base rent, or approximately $6.78 per square foot. This represents approximately 0.51 percent of the Company's total annual base rent of $410.1 million. Additionally, total common area maintenance, real estate taxes and insurance reimbursements for the eight store locations aggregate approximately $525,000 per year, or $1.70 per square foot. The eight locations scheduled to close are Cloverdale Village, located in Florence, Alabama; Sweetwater Village, located in Austell, Georgia; Habersham Village, located in Cornelia, Georgia; Midway Village, located in Douglasville, Georgia; Creekwood Shopping Center, located in Rex, Georgia; Clinton Crossing, located in Clinton, Mississippi; St. Elmo Central, located in Chattanooga, Tennessee; and Apison Crossing, located in Ooltewah, Tennessee. New Plan is already in active negotiations for replacement tenants at a majority of these locations. In addition, the Company received notice that on May 19, 2005 Winn-Dixie Stores filed a motion to reject its lease at Roanoke Landing, located in Williamston, North Carolina. The store is 35,922 square feet and represented approximately $210,144 of annual base rent, or approximately $5.85 per square foot. Additionally, total common area maintenance, real estate taxes and insurance reimbursements for the store aggregated approximately $38,000 per year, or $1.07 per square foot. Considering the potential impact on annual base rent and expense reimbursements, including common area maintenance, real estate taxes and insurance; and the potential impact of co-tenancy clauses related to the additional store closing, New Plan reaffirms its previously issued earnings guidance set forth on October 28, 2004. As such, the Company reaffirms that its anticipated 2005 net income available to common stockholders per share and funds from operations per share, both on a diluted basis, will be in the range of $1.20 to $1.25 and $2.08 to $2.13, respectively. In addition, based on prior years' experience, the Company could record approximately $0.07 per share of impairment during 2005, which would impact the Company's 2005 guidance. Any additional rejection of leases by Winn-Dixie Stores could also have an adverse impact on this guidance. New Plan Excel Realty Trust, Inc. is one of the nation's largest real estate companies, focusing on the ownership and management of community and neighborhood shopping centers. The Company operates as a self-administered and self-managed REIT, with a national portfolio of 408 properties, including 28 properties held through joint ventures, and total assets of approximately $3.9 billion. The properties are strategically located across 36 states and include 389 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 56.6 million square feet of gross leasable area, and 19 related retail real estate assets, with approximately 1.8 million square feet of gross leasable area. For additional information, please visit http://www.newplan.com/. Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; possible future downgrades in our credit ratings; property ownership / management risks; the level and volatility of interest rates and changes in capitalization rates with respect to the acquisition and disposition of properties; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget and strategies, actions and performance of affiliates that the Company may not control; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Business-Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2004, which discuss these and other factors that could adversely affect the Company's results. 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, Web site: http://www.newplan.com/

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