QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.18

MUTUAL RELEASE AGREEMENT

        This Mutual Release Agreement ("Agreement') dated January 2, 2004 by and
between Price Legacy Corporation, a Maryland corporation, its subsidiaries and
affiliates (collectively known as the "Company"), and James Y. Nakagawa
("Executive"). The Company and Executive are referred herein sometimes as the
"Party" and collectively as the "Parties".

R E C I T A L S

        WHEREAS, Executive has been employed as the Chief Financial Officer of
the Company pursuant to an employment agreement dated April 7, 2003;

        WHEREAS, Executive and the Company have agreed that Executive shall
resign his employment with the Company on the conditions set forth in this
Agreement.

AGREEMENT

        NOW THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged, the Parties agree as follows:

1.Release by James Y. Nakagawa.    Mr. Nakagawa does hereby agree and
unconditionally release and discharge the Company from any and all charges,
complaints, liabilities, obligations, agreements, causes of actions, suits,
rights, demands, losses (collectively "claims") of any nature whatsoever, known
or unknown, which he may have, had or now has or may have in the future as a
result of any facts or circumstances existing or which may have existed in the
past. Executive acknowledges and agrees that if he should hereafter make any
claim or demand or commence or threaten any action, claim or proceeding against
the Company, this disagreement may be raised as a complete bar in any such
action, claim or proceeding.

2.Release by the Company.    The Company does hereby agree and unconditionally
release, defend, indemnify and discharge James Y. Nakagawa from any and all
charges, complaints, liabilities, obligations, agreements, causes of actions,
suits, rights, demands, losses (collectively "claims") of any nature whatsoever,
known or unknown, which it may have, had or now has or may have in the future as
a result of any facts or circumstances existing or which may have existed in the
past. The Company acknowledges and agrees that if it should hereafter make any
claim or demand or commence or threaten any action, claim or proceeding against
the Executive this disagreement may be raised as a complete bar in any such
action, claim or proceeding.

        The provisions of this Agreement must be read as a whole and are not
severable and/or separately enforceable by either Party hereto.

        IN WITNESS HEREOF, the undersigned has executed this Mutual Release as
of the date first set forth above.

/s/  JAMES Y. NAKAGAWA      

--------------------------------------------------------------------------------

James Y. Nakagawa    
Price Legacy Corporation
 
 
By:
 
 
 
/s/  JACK MCGRORY      

--------------------------------------------------------------------------------

Jack McGrory
 
      Its:   Chairman and Chief Executive Officer    

--------------------------------------------------------------------------------

QuickLinks

MUTUAL RELEASE AGREEMENT