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EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

New Plan Realty Trust, a Massachusetts business
trust

Excel Realty Trust  ST, Inc., a
Delaware corporation


ERT Development Corporation, a Delaware
corporation


CA New Plan Asset Partnership IV, L.P., a
Delaware limited partnership


New Plan Securities Corp., a New York corporation


New Plan Realty of Alabama, Inc., an Alabama
corporation


Avion Service Corp., a Pennsylvania corporation


New Plan Realty of Kingsport, Inc., a Tennessee
corporation


New Plan Factory Malls, Inc., a Delaware
corporation


New Plan of Fashion Corners, Inc., a Delaware
corporation


New Plan Disbursing Corp., a Delaware corporation


New Plan Realty of Louisiana, Inc., a Delaware
corporation


New Plan of Tennessee, Inc., a Delaware
corporation


New Plan Realty of Louisiana, L.P., a Delaware
limited partnership


New Plan of New Garden, Inc., a Delaware
corporation


New Plan of New Jersey, Inc., a Delaware
corporation


New Plan of Tinton Falls, Inc., a Delaware
corporation


NC Properties #1, Inc., a Delaware corporation


NC Properties #2, Inc., a Delaware corporation


Excel Realty Trust  NC, a North
Carolina partnership


TX Properties #1, Inc., a Delaware corporation


TX Properties #2, Inc., a Delaware corporation


Excel Realty Trust  TX, L.P., a
Delaware limited partnership


Excel Realty  PA, Inc., a Delaware
corporation


Excel Realty  NE, Inc., a Nebraska
corporation


Excel Westminster Marketplace, Inc., a Delaware
corporation


Excel Realty Partners, L.P., a Delaware limited
partnership (99% interest)


New Plan DRP Trust, a Maryland real estate
investment trust


E.H. Properties, L.P., a Delaware limited
partnership


ERP Financing, LLC, a Delaware limited liability
company


ERPF, Inc., a Delaware corporation


New Plan Financing I, Inc., a Delaware corporation


NPHV, Inc., a Delaware corporation


New Plan Hampton Village, LLC, a Delaware limited
liability company


NPTN, Inc., a Delaware corporation


NP of Tennessee, L.P., a Delaware limited
partnership


New Plan of Laurel Mall, Inc., a Delaware
corporation


ERT Poway, Inc., a Delaware corporation


ERT 163rd Street Mall, LLC, a Delaware limited
liability company


ERT Pointe Orlando, Inc., a New York corporation


Pointe Orlando Development Company, a California
partnership


Clearwater Mall Restaurant, Inc., a Florida
corporation


CA New Plan Mississippi Partnership II, L.P., a
Delaware limited partnership


CA New Plan Asset Partnership I, L.P., a Delaware
limited partnership


CA New Plan Asset Partnership II, L.P., a
Delaware limited partnership


CA New Plan Asset Partnership III, L.P., a
Delaware limited partnership


CA New Plan IV, a Maryland real estate investment
trust


CA New Plan V, a Maryland real estate investment
trust


CA New Plan III, a Maryland real estate
investment trust




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CA New Plan Mississippi I, Inc., a Delaware
corporation


CA New Plan Mississippi II, Inc., a Delaware
corporation


CA New Plan VI, a Maryland real estate investment
trust


CA New Plan Asset, Inc., a Delaware corporation


CA New Plan Venture Partner, a Maryland real
estate investment trust


CA New Plan Management, Inc., a Delaware
corporation


CA New Plan Merchants Crossings SPE, Inc., a
Delaware corporation


CA New Plan Floating Rate SPE, Inc., a Delaware
corporation


CA New Plan Fixed Rate SPE, Inc., a Delaware
corporation


CA New Plan Mississippi Partnership I, L.P., a
Delaware limited partnership


CA New Plan Mississippi Partnership III, Inc., a
Delaware corporation


CA New Plan Merchants Crossings Partnership,
L.P., a Delaware limited partnership


CA New Plan Floating Rate Partnership, L.P., a
Delaware limited partnership


CA New Plan Fixed Rate Partnership, L.P., a
Delaware limited partnership