<PAGE>   1






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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K
  [X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934 [NO FEE REQUIRED EFFECTIVE OCTOBER 7, 1996]
        For the fiscal year ended December 31, 2000

                                       OR
  [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
        For the transition period from _______________ to _______________
                         Commission File Number 1-12244

                        NEW PLAN EXCEL REALTY TRUST, INC.
             (Exact Name of Registrant as Specified in Its Charter)

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<S>                                                     <C>
                         MARYLAND                                  33-0160389
                 (State of Incorporation)                       (I.R.S. Employer
                                                               Identification No.)
                1120 AVENUE OF THE AMERICAS
                    NEW YORK, NY 10036                           (212) 869-3000
         (Address of Principal Executive Offices)        (Registrant's Telephone Number)
</TABLE>
           Securities registered pursuant to Section 12(b) of the Act:
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<S>                                                               <C>
   Common Stock, $0.01 par value per share                         New York Stock Exchange
   Series A Cumulative Convertible Preferred Stock                 New York Stock Exchange
   Series B Cumulative Redeemable Preferred Stock                  New York Stock Exchange
</TABLE>


        Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.
                                       YES   X       NO
                                            ---         ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.



The aggregate market value of the Registrant's shares of common stock held by
non-affiliates was approximately $1,278,740,000 as of March 1, 2001, based on
the closing price of $15.20 on the NYSE on that date.

As of March 1, 2001, the number of shares of common stock of the Registrant
outstanding was 87,201,165.

Documents incorporated by reference: Portions of the Proxy Statement for the
2001 Annual Meeting of Stockholders of the Registrant to be filed subsequently
with the SEC are incorporated by reference into Part III of this report.


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                                TABLE OF CONTENTS

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PART I.......................................................................................2

  Item 1. Business...........................................................................2

  Item 2. Properties........................................................................13

  Item 3. Legal Proceedings.................................................................15

  Item 4. Submission of Matters to a Vote of Security Holders...............................15

PART II.....................................................................................16

  Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.............16

  Item 6. Selected Financial Data...........................................................16

  Item 7. Management's Discussion and Analysis of Financial Condition and Results of
  Operations................................................................................16

  Item 7A.  Quantitative and Qualitative Disclosures About Market Risk......................28

  Item 8.   Financial Statements and Supplementary Data.....................................29

  Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
  Disclosure ...............................................................................29

PART III....................................................................................30

  Item 10.  Directors and Executive Officers of the Registrant..............................30

  Item 11.  Executive Compensation..........................................................30

  Item 12.  Security Ownership of Certain Beneficial Owners and Management..................30

  Item 13.  Certain Relationships and Related Transactions..................................30

PART IV.....................................................................................31

  Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K.................31
</TABLE>


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                                     PART I


                           FORWARD-LOOKING STATEMENTS

        This Annual Report on Form 10-K, together with other statements and
information publicly disseminated by New Plan Excel Realty Trust, Inc. (the
"Registrant" or the "Company"), contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such statements are based on assumptions
and expectations which may not be realized and are inherently subject to risks,
uncertainties and other factors, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and actual
results, performance or achievements, financial and otherwise, may differ
materially from the results, performance or achievements expressed or implied by
the forward-looking statements. Risks, uncertainties and other factors that
might cause such differences, some of which could be material, include, but are
not limited to: national and local economic, business and real estate and other
market conditions; financing risks, such as the inability to obtain debt or
equity financing on favorable terms; the level and volatility of interest rates;
financial stability of tenants; the impact of dramatic increases in electronic
commerce; the rate of revenue increases versus expense increases; governmental
approvals, actions and initiatives; environmental/safety requirements; risks of
real estate acquisition and development (including the failure of acquisitions
to close and pending developments to be completed on time and within budget);
risks of disposition strategies (including the failure to complete sales on a
timely basis); risks of joint venture activities; as well as other risks
identified from time to time in this Annual Report on Form 10-K and in the other
reports filed by the Company with the SEC or otherwise publicly disseminated by
the Company.


ITEM 1.    BUSINESS

GENERAL

        The Company, a self-administered and self-managed equity real estate
investment trust ("REIT"), is a Maryland corporation and one of the nation's
largest community and neighborhood shopping center companies. As of December 31,
2000, the Company owned interests in 289 retail properties (excluding one retail
property under redevelopment and including six commercial properties) containing
over 35.7 million square feet of gross leasable area in 31 states. The Company
also owned, as of that date, 53 garden apartment communities containing 12,550
units in 14 states.

        The Company elected to be taxed as a REIT for federal income tax
purposes, beginning with its taxable year ended December 31, 1987, and believes
that, beginning with that taxable year, it has been organized and has operated
in conformity with the requirements for qualification as a REIT under the
Internal Revenue Code of 1986. Although the Company believes that it will
continue to operate in such a manner, no assurance can be given that the Company
will continue to qualify as a REIT. In order to maintain its qualification as a
REIT, among other things, the Company must distribute to its stockholders each
year at least 95% of its REIT taxable income and meet certain tests regarding
the nature of its income and assets. This requirement is reduced to 90%
beginning in 2001. As a REIT, the Company is not subject to federal income tax
with respect to that portion of its income which meets certain criteria and is
distributed annually to the stockholders. Additionally, to facilitate
maintenance of the Company's REIT

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qualification and for other strategic reasons, the Company's charter generally
prohibits any person from acquiring or holding shares of the Company's preferred
and common stock in excess of 9.8% (by value or by number of shares, whichever
is more restrictive) of the outstanding shares of each class or series of stock
of the Company, subject to certain exceptions.

DESCRIPTION OF BUSINESS

        As of December 31, 2000, the Company owned interests in 289 retail
properties (excluding one property under redevelopment and six commercial
properties) containing over 35.7 million square feet of gross leasable area in
31 states. The Company also owned, as of that date, 53 garden apartment
communities containing 12,550 units in 14 states. The average occupancy rates as
of December 31, 2000 for the retail properties (including six commercial
properties and excluding one retail property under redevelopment) and the garden
apartment communities were 91% and 91%, respectively.

        The Company maintains its principal executive offices at 1120 Avenue of
the Americas, New York, New York 10036, where its telephone number is (212)
869-3000.

Strategy and Philosophy

        The Company's primary objective is to own and manage a portfolio of
commercial retail properties, a majority of which are community and neighborhood
shopping centers, that will provide increasing cash flow for quarterly
distributions to shareholders while protecting investor capital and providing
potential for capital appreciation. The Company seeks to achieve this objective
by (i) aggressively managing, and where appropriate, redeveloping its existing
operations, (ii) recycling capital created through asset dispositions into
upgrading its shopping centers, paying down debt, repurchasing public equity and
making selective acquisitions of well-located neighborhood and community
shopping centers with tenants that have a national or regional presence and an
established credit quality and (iii) continuing to maintain a strong and
flexible financial position to facilitate growth. In November 2000, the Company
formally declared its intention to divest its garden apartment communities and
exit this product type.

Aggressive Management

        The Company aggressively manages its retail properties, with an emphasis
on maintaining high occupancy rates and a strong base of nationally recognized
anchor tenants. The Company regularly monitors the physical condition of its
retail properties and the financial condition of its retail tenants. The Company
follows a schedule of regular physical maintenance at its retail properties with
a view toward tenant expansions, renovations and refurbishing to preserve and
increase the value of these properties. The Company currently is improving the
general appearance of its properties by upgrading existing roofs and facades,
updating signage, resurfacing parking lots and improving parking lot and
exterior building lighting at certain of its retail properties.

        The Company has field offices throughout the country, each of which is
responsible for managing the leasing, property management and maintenance of the
Company's properties in its region. The Company also has an office in Salt Lake
City, Utah whose efforts are dedicated solely to joint venture developments and
redevelopments of the Company's properties. The Company seeks to increase the
cash flow and portfolio value of its existing properties primarily through
contractual rent increases during the


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lease term, reletting of existing space at higher rents, expansion and
redevelopment of existing properties and the minimization of overhead and
operating costs.

Acquisition of Properties

        General. The Company intends to focus on retail properties, primarily
community and neighborhood shopping centers, that generate stable cash flows and
present the opportunity for appreciation. The Company may seek to expand its
portfolio by making selective, opportunistic acquisitions of well-located
neighborhood and community shopping centers and other retail properties with
tenants that have a national or regional presence and an established credit
quality, and that the Company believes will have the ability to make timely
lease payments over the term of the lease. When acquiring properties, the
Company focuses on the quality of the location and comparable market rents.

        Acquisitions through Partnerships. The Company may from time to time
enter into joint venture partnership arrangements with third parties for the
acquisition and management of properties. The Company also may acquire
properties from unaffiliated property owners in exchange for units of limited
partnership interest in a partnership that the Company controls. These
partnership units generally are redeemable for cash or, in the sole discretion
of the general partner of the partnership, for shares of the Company's common
stock. The Company believes that this acquisition method may permit the Company
to acquire properties at attractive prices from property owners wishing to enter
into tax-deferred transactions. The Company formed Excel Realty Partners, L.P.,
a Delaware limited partnership in which a wholly owned subsidiary of the Company
is the sole general partner ("ERP"), to facilitate these transactions.

        Acquisitions of Real Estate Companies/Portfolios. The Company may
acquire various public and private real estate companies and real estate
portfolios in an effort to position itself as an industry consolidator. The
Company's strategy is to capitalize on the benefits of size, market
capitalization, liquidity and financial strength that can be gained from
consolidation.

Disposition of Properties

        The Company continually analyzes each asset in its portfolio and
identifies those properties which can be sold or exchanged (to the extent
consistent with REIT qualification requirements) for optimal sales prices or
exchange values, given prevailing market conditions and the particular
characteristics of each property. Through this strategy, the Company seeks to
continually update its core property portfolio by disposing of properties which
have limited growth potential and redeploying capital into newer properties or
properties where the Company's aggressive management techniques may maximize
property values. The Company may engage from time to time in like-kind property
exchanges which allow the Company to dispose of properties and redeploy proceeds
in a tax efficient manner.

        The Company generally holds its properties for investment and the
production of rental income and not for sale to customers or other buyers in the
ordinary course of the Company's business. If the Company were treated as
holding properties for sale to customers in the ordinary course of its business,
tax rules applicable to REITs would subject the Company to tax equal to 100% of
its gain from each property sold.




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        In November 2000, the Company announced plans to dispose of, over time,
certain shopping centers, single tenant and commercial properties and its garden
apartment communities in order to refocus the Company on its retail franchise.
In addition, the Company will continue to monetize the assets of ERT Development
Corporation, a Delaware corporation and affiliate of the Company ("ERT"), and
certain of the Company's joint venture projects.

Financing Strategy

        The Company intends to finance future acquisitions with the most
advantageous sources of capital available to the Company at the time, which may
include the sale of common stock, preferred stock or debt securities through
public offerings or private placements, the incurrence of additional
indebtedness through secured or unsecured borrowings, and the reinvestment of
proceeds from the disposition of assets. The Company also may enter into joint
ventures with institutions to acquire large properties. In these instances, the
Company would receive property management and leasing fees. The Company's
financing strategy is to maintain a strong and flexible financial position by
(i) maintaining a prudent level of leverage, (ii) maintaining a large pool of
unencumbered properties and (iii) managing its exposure to interest rate risk
represented by its floating rate debt.

RECENT DEVELOPMENTS

Management Changes

        On February 23, 2000, Glenn J. Rufrano was appointed Chief Executive
Officer and President of the Company. He succeeds Arnold Laubich, who has
retired as both Chief Executive Officer and President. Mr. Rufrano was elected
in May 2000 to serve on the Company's Board of Directors.

        Other management changes included the appointment of John B. Roche as
Chief Financial Officer of the Company in April 2000 and the appointment of
Leonard I. Brumberg as Executive Vice President - Retail of the Company in
September 2000. Dean R. Bernstein, formerly Senior Vice President - Finance,
became Senior Vice President - Acquisitions/Dispositions, effective in January
2001.

Term Loan Facility

        On March 7, 2000, the Company established a term loan facility with
Fleet National Bank, and subsequently drew down the entire $75 million available
under the facility. The loans drawn under this facility accrued interest at
LIBOR plus 90 basis points (based on the Company's credit rating). The term loan
agreement prepared in connection with the facility contained covenants
substantially similar to those included in the Company's two revolving credit
facilities with The Bank of New York. The loans drawn under this facility, which
originally were scheduled to mature on March 5, 2001, were extended to April 14,
200l. It is anticipated that the loan will be increased to $100 million with a
maturity date of November 2002.

Extension of Term of Credit Facility

        On November 3, 2000, the Company entered into an agreement with The Bank
of New York to extend the maturity date of $122.5 million of debt under one of
the Company's unsecured senior revolving credit facilities with The Bank of New
York to November 2, 2001. The extended facility continues to bear


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interest at LIBOR plus 72.5 basis points. The Company's other unsecured senior
revolving credit facility with The Bank of New York matures in November 2002.

EMPLOYEES

        As of December 31, 2000, the Company employed approximately 750
individuals (including executive, administrative and field personnel).

FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

        The Company is in the business of managing, operating, leasing,
acquiring, developing, redeveloping and investing in retail properties
(including six commercial properties) and garden apartment communities. See the
Consolidated Financial Statements and Notes thereto included in Item 8 of this
Annual Report on Form 10-K for certain information required by Item 1. See
"--Description of Business--Strategy and Philosophy" above.

RISK FACTORS

        Set forth below are the risks that the Company believes are material to
investors who purchase or own the securities of the Company that are not
otherwise described in this Annual Report on Form 10-K.

Performance and Share Value are Subject to Risks Associated with the Real Estate
Industry

        The Company Faces the Risks of All Real Estate Companies. If the
Company's assets do not generate income sufficient to pay expenses and maintain
properties, it may not be able to service debt or pay expected dividends to
stockholders. A number of factors may adversely affect the economic performance
of the Company and the value of its properties. These factors include changes in
the national, regional and local economic climate, local conditions, such as an
oversupply of space in properties like those owned by the Company, or a
reduction in demand for such properties, the attractiveness of its properties to
tenants, competition from other available properties, the impact of dramatic
increases in electronic commerce, changes in market rental rates and the need to
periodically repair, renovate and relet space. The Company's performance also
depends on its ability to collect rent from tenants and to pay for adequate
maintenance, insurance and other operating costs (including real estate taxes),
which could increase over time. Also, the expenses of owning and operating a
property are not necessarily reduced when circumstances such as market factors
and competition cause a reduction in income from the property. If a property is
mortgaged and the Company is unable to make the mortgage payments, the lender
could foreclose on the mortgage and take the property. In addition, interest
rate levels, the availability of financing and changes in laws and governmental
regulations (including those governing usage, zoning, the environment and taxes)
may adversely affect the Company's financial condition.

        The Company is Dependent upon Economic Trends in the Retailing Industry.
The Company's properties consist largely of community and neighborhood shopping
centers and other retail properties. The Company's performance therefore is
linked to economic conditions in the market for retail space generally. The
market for retail space has been or could be adversely affected by the ongoing
consolidation in the retail sector, the adverse financial condition of certain
large retailing companies, the excess amount of retail space in certain markets,
and increasing consumer purchases through catalogues or



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the Internet. To the extent that these conditions impact the market rents for
retail space, the Company's financial position and ability to service debt and
pay dividends to stockholders could be adversely affected.

        The Company is Subject to Competition Concerning Leases and May be
Unable to Renew Leases or Relet Space as Leases Expire. The Company competes
with a number of other companies in providing leases to prospective tenants and
in re-letting space to current tenants upon completion of their respective
leases. If the Company's tenants decide not to renew their leases upon
expiration, the Company may not be able to relet the space. Even if the tenants
do renew or the Company can relet the space, the terms of renewal or reletting
(including the cost of required renovations) may be less favorable than current
lease terms or than expectations for the space. As of December 31, 2000, leases
were scheduled to expire on a total of approximately 38% of the space at the
Company's retail properties through the end of 2004. If the Company is unable
promptly to renew the leases or relet this space, or if the rental rates upon
renewal or reletting are significantly lower than expected rates, then the
results of operations and financial condition may be adversely affected.
Consequently, cash flow and ability to service debt and pay dividends to
stockholders could be adversely affected.

        The Company is Dependent upon the Financial Health of its Tenants. The
Company's financial position and ability to pay dividends may be affected by
financial difficulties experienced by a major tenant, including a bankruptcy,
insolvency or general downturn in business. The bankruptcy or insolvency of one
or more major tenants or a number of smaller tenants may have an adverse impact
on the Company's properties and on the income produced by such properties. As of
December 31, 2000, the Company's largest retail tenants were Kmart and Wal-Mart
Stores, whose scheduled annualized base rents represented 5.2% and 3.7%,
respectively, of the Company's total annualized base rents.

        New Projects May Fail to Perform as Expected. The Company intends to
continue selectively acquiring and developing community and neighborhood
shopping centers. Newly acquired and newly developed properties may fail to
perform as expected. The Company's management may underestimate the costs
necessary to bring an acquired property up to standards established for its
intended market position. New developments are subject to a number of risks,
including construction delays, cost overruns, financing risks, failure to meet
expected occupancy and rent levels, delays in and the inability to obtain
zoning, occupancy and other governmental permits, and changes in zoning and land
use laws. These development risks may result in increased project costs and the
incurrence of costs for developments that are not pursued to completion.

        The Company Does Not Have Exclusive Control Over Its Joint Venture
Investments. The Company and ERT have invested in certain instances as a
borrower, co-venturer or partner in the development of new properties, instead
of developing projects directly. Such investments involve risks not present in a
wholly owned development project, including the absence of exclusive control
over the development, financing, leasing, management and other aspects of the
project and the possibility that the borrower, co-venturer or partner might
become bankrupt, have interests or goals that are inconsistent with those of the
Company, take action contrary to the instructions, requests or interests of the
Company or otherwise impede the Company's objectives.

        Competition for Acquisitions May Result in Increased Prices for
Properties. The Company competes for acquisitions of, and investments in,
properties and real estate companies with an indeterminate number of investors,
including investors with access to significant capital such as domestic and
foreign corporations and financial institutions, publicly traded and privately
held REITs, private institutional



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investment funds, investment banking firms, life insurance companies and pension
funds. This competition may increase prices for the types of properties in which
the Company invests.

        Because Real Estate Property Investments are Illiquid, the Company May
Not be Able to Dispose of Properties when Appropriate. Real estate property
investments generally cannot be disposed of quickly. In addition, the federal
tax code imposes restrictions on a REIT's ability to dispose of properties. The
Company may not be able to vary its portfolio promptly in response to economic
or other conditions. This inability to respond promptly to changes in economic
or other conditions could adversely affect the Company's financial condition and
ability to service debt and pay dividends to stockholders.

        Some Potential Losses are Not Covered by Insurance. The Company carries
comprehensive liability, fire, extended coverage and rental loss insurance on
all of its properties. The Company believes the policy specifications and
insured limits of these policies are adequate and appropriate. There are,
however, certain types of losses, such as lease and other contract claims, that
generally are not insured. Should an uninsured loss or a loss in excess of
insured limits occur, the Company could lose all or a portion of the capital it
has invested in a property, as well as the anticipated future revenue from the
property. In such an event, the Company might nevertheless remain obligated for
any mortgage debt or other financial obligations related to the property.

Debt Financing, Financial Covenants, Degree of Leverage and Increases in
Interest Rates Could Adversely Affect the Company's Economic Performance

        Scheduled Debt Payments Could Adversely Affect the Company's Financial
Condition. The Company's business is subject to risks normally associated with
debt financing. Cash flow could be insufficient to pay expected dividends to
stockholders and meet required payments of principal and interest. The Company
may not be able to refinance existing indebtedness (which in virtually all cases
requires substantial principal payments at maturity) and, even if it can, the
terms of such refinancing might not be as favorable as the terms of existing
indebtedness. The total principal amount of the Company's outstanding
indebtedness was approximately $1.2 billion as of December 31, 2000. If
principal payments due at maturity cannot be refinanced, extended or paid with
proceeds of other capital transactions, such as new equity capital, cash flow
may not be sufficient in all years to repay all maturing debt. If prevailing
interest rates or other factors at the time of refinancing (such as the possible
reluctance of lenders to make commercial real estate loans) result in higher
interest rates, increased interest expense would adversely affect cash flow and
the Company's ability to service debt and pay expected dividends to
stockholders.

        Financial Covenants Could Adversely Affect the Company's Financial
Condition. If a property is mortgaged to secure payment of indebtedness and the
Company is unable to meet mortgage payments, the holder of the mortgage or
lender could foreclose on the property, resulting in loss of income and asset
value. Certain of the mortgages contain customary negative covenants which,
among other things, limit the Company's ability, without the prior consent of
the lender, to further mortgage the property, to enter into new leases or
materially modify existing leases, and to discontinue insurance coverage. In
addition, the credit facilities and indentures under which the Company's senior
uncollateralized indebtedness is issued contain certain financial and operating
covenants, including, among other things, certain coverage ratios, as well as
limitations on the Company's ability to incur secured and unsecured
indebtedness, sell all or substantially all of the Company's assets and engage
in mergers and consolidations and certain acquisitions. Foreclosure on mortgaged
properties or an inability to refinance existing indebtedness would likely have
a negative impact on the Company's financial condition and results of
operations.




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        The Company's Degree of Leverage Could Limit Its Ability to Obtain
Additional Financing. The Company's organizational documents do not contain any
limitation on the incurrence of indebtedness. The degree of leverage of the
Company could have important consequences, including affecting the ability to
obtain additional financing in the future for working capital, capital
expenditures, acquisitions, development or other general corporate purposes and
making the Company more vulnerable to a downturn in business or the economy
generally.

        The Company is Subject to Interest Rate Risk. Increases in interest
rates, or the loss of the benefits of any hedging agreements of the Company,
would increase the Company's interest expense, which would adversely affect cash
flow and the Company's ability to service its debt and pay dividends to
stockholders. As of December 31, 2000, the Company had $294.8 million of
floating rate debt maturing between 2001 and 2029. The rates on this debt
increase when interest rates increase.

        The Company was a party to one hedging agreement with respect to its
floating rate debt as of December 31, 2000. Hedging agreements enable the
Company to convert floating rate liabilities into fixed rate liabilities.
Hedging agreements expose the Company to the risk that the counterparties to
such agreements may not perform, which could increase the Company's exposure to
rising interest rates. Generally, however, the counterparties to hedging
agreements that the Company enters into are major financial institutions.

        The Company may borrow additional money with floating interest rates in
the future. Increases in interest rates, or the loss of the benefits of existing
hedging agreements or any hedging agreements that the Company may enter into in
the future, would increase the Company's interest expense, which would adversely
affect cash flow and the ability of the Company to service its debt. Future
decreases in interest rates will increase the Company's interest expense as
compared to the floating rate debt underlying the Company's hedging agreements
and could result in the Company making payments to unwind such agreements.

        The Interest Rates on Certain of the Company's Debt May Change Based on
Credit Ratings. The floating rates of interest applicable to certain debt of the
Company (including debt under the Company's credit facilities with The Bank of
New York) are determined based on the credit ratings of the Company's debt
provided by independent agencies. Thus, if such credit ratings are downgraded,
the Company's ability to raise additional debt may be negatively impacted and
the Company may be subject to higher interest rates with respect to such debt.

The Ability of Stockholders to Effect Changes in Control of the Company is
Limited

        Provisions of the Company's Charter and Bylaws Could Inhibit Changes in
Control. Certain provisions of the Company's charter and bylaws may delay or
prevent a change in control of the Company or other transactions that could
provide stockholders with a premium over the then-prevailing market price of
their common stock or that might otherwise be in the best interests of the
stockholders. These include a staggered Board of Directors, a stockholder rights
plan and the Company's share ownership limit described below. Also, any future
series of preferred stock of the Company may have certain voting provisions that
could delay or prevent a change in control or other transaction that might
involve a premium price or otherwise be in the best interests of the
stockholders.



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        The Company Could Adopt Maryland Law Limitations on Changes in Control.
Certain provisions of Maryland law applicable to REITs prohibit "business
combinations" (including certain issuances of equity securities) with any person
who beneficially owns ten percent or more of the voting power of outstanding
shares, or with an affiliate of the REIT who, at any time within the two-year
period prior to the date in question, was the beneficial owner of ten percent or
more of the voting power of the outstanding voting shares (a so-called
"interested stockholder"), or with an affiliate of an interested stockholder.
These prohibitions last for five years after the most recent date on which the
interested stockholder became an interested stockholder. After the five-year
period, a business combination with an interested stockholder must be approved
by two super-majority stockholder votes unless, among other conditions, the
REIT's common stockholders receive a minimum price for their shares and the
consideration is received in cash or in the same form as previously paid by the
interested stockholder for its common shares. The Board of Directors of the
Company has opted out of these business combination provisions. As a result, the
five-year prohibition and the super-majority vote requirements will not apply to
a business combination involving the Company. The Board of Directors may,
however, repeal this election in most cases and cause the Company to become
subject to these provisions in the future.

        The Company Has a Share Ownership Limit. To facilitate maintenance of
the Company's REIT qualification and for other strategic reasons, the Company's
charter generally prohibits any person from acquiring or holding shares of the
Company's preferred and common stock in excess of 9.8% (by value or by number of
shares, whichever is more restrictive) of the outstanding shares of each class
or series of stock of the Company. The Company's Board of Directors may exempt a
person from this ownership limit under specified conditions. Absent an exemption
or a waiver, shares of stock that are purportedly transferred in excess of the
ownership limit will be automatically transferred to a trust for the exclusive
benefit of one or more charitable beneficiaries, and the purported transferee
will not acquire any rights in such shares. This ownership limit could delay or
prevent a change in control of the Company and, therefore, could adversely
affect the stockholders' ability to realize a premium over the then-prevailing
market price for their shares.

The Company Does Not Control its Development Business

    To facilitate maintenance of its REIT qualification, the Company has an
investment in and has made substantial loans to ERT, a noncontrolled company
that is engaged in the real estate development business, and has guaranteed
approximately $57.3 million of indebtedness of ERT. At December 31, 2000, the
amount outstanding relating to the guarantees was $53.1 million. Although the
Company owns 95% of the economic interest in ERT, the voting stock of ERT is
owned by a private company controlled by an executive officer (and director) of
the Company. The Company therefore does not control the timing or amount of
dividends or the management and operations of this company. As a result,
decisions relating to the declaration and payment of dividends and the business
policies and operations of this company could be adverse to the Company's
interests or could lead to adverse financial results, which could adversely
affect the Company's financial condition and results of operations.

Certain Environmental Problems Exist at Some of the Company's Properties

         Under various federal, state and local laws, ordinances and
regulations, the Company may be considered an owner or operator of real property
or may have arranged for the disposal or treatment of hazardous or toxic
substances and, therefore, may become liable for the costs of removal or


                                       10
<PAGE>   12

remediation of certain hazardous substances released on or in its property or
disposed of by it, as well as certain other potential costs which could relate
to hazardous or toxic substances (including governmental fines and injuries to
persons and property). Such liability may be imposed whether or not the Company
knew of, or was responsible for, the presence of such hazardous or toxic
substances. Except as discussed below, the Company is not aware of any
significant environmental condition at any of its properties.

        Soil and groundwater contamination exists at certain of the Company's
properties. The primary contaminants of concern at these properties include
perchloroethylene and trichloroethelyne (associated with the operations of
on-site dry cleaners) and petroleum hydrocarbons (associated with the operations
of on-site gasoline facilities). The Company currently estimates that the total
remaining cost of remediation of environmental conditions for these properties
will be in the range of approximately $1 million to $3 million, although there
can be no assurance that this range of estimates will prove accurate. In
connection with certain of these properties, the Company has entered into
remediation and indemnity agreements, which obligate the prior owners of certain
of the properties (including in some cases, principals of the prior owners) to
perform the remediation and to indemnify the Company for any losses the Company
may suffer because of the contamination or remediation. There can be no
assurance that the remediation estimates of the Company will prove accurate or
that the prior owners will perform their obligations under these agreements,
although in certain cases funds have been set aside with respect to the
performance under these agreements. In connection with certain other properties,
the former tenants at the properties are in the process of performing the
necessary remediation, although there can be no assurance that such remediation
will be satisfactory. In connection with certain additional properties, the
Company has assumed the obligation to perform the necessary remediation in
connection with the Company's purchase of the properties. In addition to the
environmental conditions discussed above, asbestos minerals (associated with
spray applied fireproofing materials) exist at certain of the Company's
properties. The Company currently estimates that the total cost of abatement of
asbestos minerals at these properties would be approximately $3.2 million,
although there can be no assurance that this estimate will prove accurate. The
Company does not expect the environmental conditions at its properties,
considered as a whole, to have a material adverse effect on the Company.
Included in other liabilities in the Company's Consolidated Balance Sheet at
December 31, 2000 is $3.2 million related to the clean-up of certain asbestos
minerals.

        No assurance can be given that any environmental studies performed at
the Company's properties will identify all material environmental conditions,
that any prior owner of the properties did not create a material environmental
condition not known to the Company or that a material environmental condition
does not otherwise exist with respect to any of the Company's properties.



                                       11
<PAGE>   13

The Market Value of the Company's Publicly Traded Securities Can Be Adversely
Affected by a Number of Factors

        Changes in Market Conditions Could Adversely Affect the Market Price of
the Company's Publicly Traded Securities. As with other publicly traded
securities, the value of the Company's publicly traded securities depends on
various market conditions, which may change from time to time. Among the market
conditions that may affect the value of its publicly traded securities are the
following: the extent of institutional investor interest in the Company; the
reputation of REITs generally; the reputation of REITs with portfolios similar
to the Company's; the attractiveness of the securities of REITs in comparison to
other securities (including securities issued by other real estate companies);
the Company's financial condition and performance; and general economic and
financial market conditions.

        Market Interest Rates May Affect the Value of the Company's Publicly
Traded Securities. One of the factors that investors consider important in
deciding whether to buy or sell shares of a REIT is the dividend rate on such
shares (as a percentage of the price of such shares) relative to market interest
rates. If market interest rates go up, prospective purchasers of REIT shares may
expect a higher dividend rate. Higher interest rates would not, however, result
in more dividends and, in fact, likely would increase borrowing costs and
potentially decrease funds available for dividends. Thus, higher market interest
rates could cause the market price of the Company's publicly traded securities
to go down.

The Company is Dependent on External Sources of Capital

        To qualify as a REIT the Company must, among other things, distribute to
its stockholders each year at least 90% of its REIT taxable income (excluding
any net capital gains). Because of these distribution requirements, the Company
likely will not be able to fund all future capital needs, including capital for
acquisitions, with income from operations. The Company therefore will have to
rely on third-party sources of capital, which may or may not be available on
favorable terms or at all. The Company's access to third-party sources of
capital depends on a number of things, including the market's perception of the
Company's growth potential and the Company's current and potential future
earnings. Moreover, additional equity offerings may result in substantial
dilution of stockholders' interests, and additional debt financing may
substantially increase leverage.

The Company's Classification as a REIT is Dependent on Compliance with Federal
Income Tax Requirements

        Failure of the Company to Qualify as a REIT Would Have Serious Adverse
Consequences to Stockholders. The Company believes that its predecessor
companies, New Plan Realty Trust and Excel Realty Trust, Inc., qualified for
taxation as REITs for federal income tax purposes since their first elections to
be taxed as REITs for the taxable years ended July 31, 1972 and December 31,
1987, respectively. The Company plans to continue to operate so that it meets
the requirements for taxation as a REIT. Many of these requirements, however,
are highly technical and complex. The determination that the Company is a REIT
requires an analysis of various factual matters and circumstances that may not
be totally within the Company's control. For example, to qualify as a REIT, at
least 95% of the Company's gross income must come from certain sources that are
itemized in the REIT tax laws. The Company is also required to distribute to
stockholders at least 90% of its REIT taxable income (excluding any net capital
gains). The fact that the Company holds certain of its assets through
partnerships and their subsidiaries further complicates the application of the
REIT requirements. Even a technical or inadvertent mistake could


                                       12
<PAGE>   14

jeopardize the Company's REIT status. Furthermore, Congress and the Internal
Revenue Service might make changes to the tax laws and regulations, and the
courts might issue new rulings, that make it more difficult, or impossible, for
the Company to remain qualified as a REIT.

        If the Company fails to qualify as a REIT, the Company would be subject
to federal income tax at regular corporate rates. Also, unless the IRS granted
the Company relief under certain statutory provisions, the Company would remain
disqualified as a REIT for four years following the year the Company first
failed to qualify. If the Company failed to qualify as a REIT, the Company would
have to pay significant income taxes and would therefore have less money
available for investments, debt service and dividends to stockholders. This
likely would have a significant adverse affect on the value of its securities.
In addition, the Company would no longer be required to pay any dividends to
stockholders.

        The Company Could be Disqualified as a REIT or Have to Pay Taxes if its
Predecessor Companies Did Not Qualify as REITs. If either New Plan Realty Trust
or Excel Realty Trust, Inc., whose businesses were combined in a merger
transaction on September 28, 1998 to form the Company, failed to qualify as a
REIT throughout the duration of its existence, it might have had undistributed
"C corporation earnings and profits." If that were the case and either of the
Company's predecessor companies did not distribute such earnings and profits
prior to the merger transaction, the Company might not qualify as a REIT. The
Company believes that each of the predecessor companies qualified as a REIT and
that, in any event, neither of the predecessor companies had any undistributed
"C corporation earnings and profits" at the time of the merger transaction. If
either of the predecessor companies failed to qualify as a REIT, it would have
recognized taxable gain at the time of the merger transaction (and the Company
would be liable for the tax on such gain). This would be the case even though
the merger transaction qualified as a "tax-free reorganization," unless the
Company makes a special election that is available under current law. The
Company will make such an election with respect to each of the predecessor
companies. This election will have the effect of requiring the Company, if
either of the predecessor companies was not qualified as a REIT, to pay
corporate income tax on any gain existing at the time of the merger transaction
on assets acquired in the transaction if such assets are sold within 10 years
after the transaction. Finally, if either of the predecessor companies did not
qualify as a REIT, the Company could be precluded from electing REIT status for
up to four years after the year in which that predecessor company failed to
qualify if the Company were determined to be a "successor" to that predecessor
company.




ITEM 2.    PROPERTIES

        As of December 31, 2000, the Company owned interests in 289 retail
properties (excluding one retail property redevelopment and including six
commercial properties) and 53 garden apartment communities. Properties held by
ERT are excluded from the table below. The following table sets forth certain
information as of December 31, 2000 regarding the Company's properties on a
state-by-state basis:



                                       13
<PAGE>   15



<TABLE>
<CAPTION>
                RETAIL PORTFOLIO AND COMMERCIAL PROPERTIES (1)                GARDEN APARTMENT COMMUNITIES

                                                        PERCENT OF                              TOTAL      PERCENT OF
                 NUMBER OF  PERCENT                      SCHEDULED  NUMBER OF  PERCENT       NUMBER OF      SCHEDULED
STATE           PROPERTIES   LEASED            GLA         ABR (2) PROPERTIES   LEASED          UNITS         ABR (2)
------------   ---------------------  -------------  ----------------------------------   ------------   --------------
<S>            <C>            <C>     <C>            <C>            <C>        <C>        <C>            <C>
Alabama               7        100%        760,014            1.8%        9        91%          2,269            16.8%
Arizona              12         95%      1,109,017            3.6%
Arkansas              2        100%        105,459            0.2%
California           16         92%      2,484,427           10.2%
Colorado              2         96%        352,156            1.7%
Delaware              2         85%        243,686            0.4%        2        84%            303             2.4%
Florida              18         92%      2,695,532            7.9%        2        94%            539             5.3%
Georgia              34         90%      3,092,184            7.1%        2        98%            420             3.3%
Illinois             10         99%      1,228,551            4.4%
Indiana              13         89%        886,530            1.8%        3        89%            893             6.7%
Iowa                  5         93%        604,896            1.3%
Kentucky              9         91%      1,456,230            3.3%        4        92%            783             6.8%
Louisiana             2         78%        261,518            0.4%        3        90%          1,236             9.4%
Maryland              3         77%        380,531            1.0%
Michigan             13         90%      2,114,282            6.2%
Minnesota             3         97%         84,986            0.5%
Missouri              3         86%        722,190            4.0%        1        95%            309             2.7%
Nebraska              2        100%          9,671            0.1%
Nevada                3         98%        587,388            2.1%
New Jersey           10         99%      1,190,505            4.8%
New York             26         88%      3,439,392            7.9%        2        96%            308             2.2%
North Carolina       14         95%      1,668,279            3.9%        2        95%            463             4.6%
Ohio                 21         85%      3,072,217            6.8%        7        87%          1,601            13.6%
Oklahoma              1        100%         45,510            0.1%
Pennsylvania         14         92%      1,737,239            5.2%        1        95%            130             1.1%
South Carolina        5         97%        375,698            1.1%        4        90%            816             6.2%
Tennessee            16         93%      1,872,537            4.6%       11        91%          2,480            18.8%
Texas                 7        100%        500,986            1.6%
Utah                  1         84%        600,584            1.4%
Virginia             12         89%      1,681,258            3.8%
West Virginia         3         92%        354,939            0.8%

               ---------   ---------  -------------  -----------------------  ---------   ------------   --------------
                    289         91%     35,718,392            100%       53        91%         12,550             100%
               =========   =========  =============  =======================  =========   ============   ==============

REGION
------------
East                 98         91%     12,527,757           32.3%       15        92%          2,803            23.2%
Midwest              70         89%      8,723,323           25.0%       11        88%          2,803            22.9%
South                87         92%      9,333,740           23.8%       27        92%          6,944            53.9%
West                 34         93%      5,133,572           19.0%        -          -              -                -

               ---------   ---------  -------------  -----------------------  ---------   ------------   --------------
                    289         91%     35,718,392            100%       53        91%         12,550             100%
               =========   =========  =============  =======================  =========   ============   ==============
</TABLE>

(1) Excludes Clearwater Mall (679,671 sq. ft.), a property with redevelopment
    plans under reevaluation.

(2) ABR represents annualized base rent (contractual minimum lease payments as
    of December 31, 2000).
The above does not purport to disclose all items required under GAAP.




                                       14
<PAGE>   16




ITEM 3.    LEGAL PROCEEDINGS


        ERT is involved in certain ongoing litigation concerning the
construction, design and delayed opening of Pointe Orlando, a project now
controlled by ERT. ERT initially brought actions against the contractor and
architect alleging various causes of action relating to these matters. The
contractor has filed a mechanic's lien claim in the approximate face amount of
$7.2 million representing the unpaid balance due under its contract which, with
statutory interest and attorney fees, now exceeds $10 million. The contractor
has also claimed other additional damages in an unspecified amount. The
architect has filed a claim for the unpaid balance of its fee in the approximate
amount of $700,000, plus interest. ERT disputes these claims and is vigorously
defending them. In the event that the various claims are decided in a manner
adverse to ERT, the Company does not believe that such result will have a
material adverse effect on the financial condition of the Company.

        The Company also is a party to other routine litigation matters in the
ordinary course of business, none of which are believed to be material.


ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        No matters were submitted to a vote of the stockholders of the Company
during the fourth quarter of 2000.





                                       15
<PAGE>   17



                                     PART II

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

        The Company's common stock is listed for trading on the New York Stock
Exchange under the symbol "NXL." As of March 1, 2001, there were approximately
12,447 registered record holders of the Company's common stock, plus those who
hold their shares in street name. The following table sets forth the high and
low sales price, as reported by the New York Stock Exchange composite tape, and
the cash dividends declared each calendar quarter during 2000 and 1999 with
respect to the Company's common stock:

<TABLE>
<CAPTION>
                                                                              CASH
                                                                            DIVIDENDS
                                            HIGH              LOW           DECLARED
                                        -------------  --------------- ------------------
<S>                                  <C>               <C>             <C>
               1999:
                     First quarter      $   22.5625        $ 18.7500        $  0.4025
                     Second quarter         20.6875          18.0000           0.4050
                     Third quarter          19.2500          17.6250           0.4075
                     Fourth quarter         18.0000          14.7500           0.4100

               2000:
                     First quarter      $   17.3750        $ 11.7500        $  0.4125
                     Second quarter         15.8125          13.0000           0.4125
                     Third quarter          15.5625          13.6250           0.4125
                     Fourth quarter         14.0625          11.8125           0.4125
</TABLE>


ITEM 6.    SELECTED FINANCIAL DATA

        The financial information included in the following table has been
derived from the audited consolidated financial statements for the periods
indicated. This information should be read together with the audited financial
statements of the Company and Management's Discussion and Analysis of the
Financial Condition and Results of Operations included elsewhere in this Annual
Report on Form 10-K.

        On September 28, 1998, Excel Realty Trust, Inc. ("Excel") and New Plan
Realty Trust (the "Trust") consummated a merger whereby a wholly owned
subsidiary of Excel was merged with and into the Trust with the Trust surviving
as a wholly owned subsidiary of Excel (the "Merger"). As a result of the Merger,
the shareholders of the Trust immediately prior to the Merger owned
approximately 65% of the Company's common stock outstanding immediately
following the Merger. In connection with the merger transaction, Excel changed
its name to "New Plan Excel Realty Trust, Inc."

        Under generally accepted accounting principles, the Merger was accounted
for as a purchase by the Trust of Excel. Therefore, all of the financial
information prior to September 28, 1998 included in the following table is that
of the Trust. Because the Trust had a fiscal year end of July 31 prior to the
Merger, the financial information included in the following table for periods
prior to September 28, 1998 is based on a fiscal year end of July 31. All of the
financial information included in the following table for periods on and after
September 28, 1998 relates to the Company as a combined entity. Immediately
following the Merger, each of the Company and the Trust adopted a fiscal year
end of December 31, beginning with a short fiscal year ending on December 31,
1998.

                                       16
<PAGE>   18

                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                     FIVE MONTHS
                                                           ENDED
                           YEARS ENDED DECEMBER 31, DECEMBER 31,   YEARS ENDED JULY 31,
STATEMENT OF INCOME DATA:         2000        1999        1998        1998      1997       1996
-------------------------         ----        ----        ----        ----      ----       ----
<S>                        <C>         <C>          <C>          <C>          <C>        <C>
Revenue                       $423,386    $438,027    $155,921    $250,259    $206,821   $167,606
Expenses                       305,691     295,171      99,693     159,645     129,781     97,484
                               -------     -------     -------     -------     -------     ------
                               117,695     142,856      56,228      90,614      77,040     70,122
Minority interest                 (952)     (1,299)       (457)         --          --         --
Impairment of real
estate                          (3,620)         --          --          --          --         --
Gain/(loss) on sales
of
 properties and

securities,  net                 9,200       7,956          34        (41)         (3)        399
                               -------     -------     -------     -------     -------     ------
Net income before
 extraordinary income          122,323     149,513      55,805      90,573      77,037     70,521
Extraordinary income               758          --          --          --          --         --
                               -------     -------     -------     -------     -------     ------
Net income after
 extraordinary income          123,081     149,513      55,805      90,573      77,037     70,521
                               -------     -------     -------     -------     -------     ------
Preferred dividends            (22,635)    (22,777)     (6,914)     (5,850)       (461)        --
                               -------     -------     -------     -------     -------     ------
Net income
applicable to
 common shareholders
after
 extraordinary income         $100,446    $126,736    $ 48,891    $ 84,723    $ 76,576   $ 70,521
                              ========    ========     =======     =======     =======    =======

Net income per
common share before
extraordinary
 income
    Basic                        $1.14       $1.43       $0.63       $1.43       $1.31      $1.25
    Diluted                      $1.13       $1.42       $0.62       $1.42       $1.30      $1.25
Weighted average
number  of  common
shares  outstanding
    Basic                       87,608      88,662      77,481      59,365      58,461     56,484
    Diluted                     88,951      90,440      79,396      59,774      58,735     56,642

OTHER DATA:
Distributions per
common
 share                          $1,650      $1.625      $0.678      $1.475      $1.435     $1.395
                                ======      ======       =====      ======    ========     ======

BALANCE SHEET DATA
AS OF THE END OF
EACH PERIOD:
Total assets                $2,894,431   2,953,141  $2,896,568  $1,386,831  $1,263,958   $948,477
Long-term debtobligations    1,214,976   1,220,451   1,105,271     576,888     478,207    238,426
Shareholders' equity         1,555,610   1,611,519   1,662,242     766,833     747,719    662,438
</TABLE>


ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

        Cash flow from operations has been the principal source of capital to
fund the Company's ongoing operations. The Company's issuance of common and
preferred stock, use of the Company's revolving credit facilities and financing
from uncollateralized notes and mortgage debt have been the principal sources of
capital required to fund its growth.

        In order to continue to expand and develop its portfolio of properties
and other investments, the Company intends to finance future acquisitions and
growth through the most advantageous sources of capital available to the Company
at the time, which may include excess cash flow, the sale of common stock,



                                       17
<PAGE>   19

preferred stock or debt securities through public offerings or private
placements, the incurrence of additional indebtedness through borrowings, and
the reinvestment of proceeds from the disposition of assets. The Company also
may enter into joint ventures with institutions to acquire properties. The
Company's financing strategy is to maintain a strong and flexible financial
position by (i) maintaining a prudent level of leverage, (ii) maintaining a
large pool of unencumbered properties and (iii) managing its exposure to
interest rate risk represented by its floating rate debt.

        As of December 31, 2000, the Company had approximately $2.7 million in
available cash, cash equivalents and marketable securities.

        The Company has two revolving credit facilities with The Bank of New
York, each of which provides for $122.5 million in uncollateralized advances
from a group of banks. One facility ("Facility #1") expires in November 2001.
The other facility ("Facility #2") expires in November 2002. As of December 31,
2000, the Company had $46.25 million outstanding under Facility #1, which bears
interest at LIBOR plus 72.5 basis points and $122.5 million outstanding under
Facility #2 which bears interest at LIBOR plus 67.5 basis points. The covenants
of these credit facilities include maintaining certain ratios such as
liabilities to assets of less than 50% and maintaining a minimum unencumbered
assets coverage ratio of 2 to 1. In addition, the Company has a $75.0 million
term loan facility with Fleet National Bank, all of which was outstanding as of
December 31, 2000. Loans drawn under this facility originally were scheduled to
mature on March 5, 2001, and accrue interest at LIBOR plus 90 basis points
(based on the Company's credit rating). The Fleet loan has been extended to
April 14, 2001. It is anticipated that the loan will be increased to $100
million with a maturity date of November 2002. The term loan agreement prepared
in connection with the facility contains covenants substantially similar to
those included in the two credit facilities of the Company with The Bank of New
York. On October 11, 2000, the Company entered into a two-year swap agreement
with Fleet National Bank relating to $125 million of the Company's variable rate
debt. The agreement effectively fixes the annual interest rate of this debt at a
base rate of 6.67% plus applicable spreads associated with the Company's
variable rate credit facilities.

        In addition to outstanding amounts on the Company's credit facilities,
debt as of December 31, 2000 consisted of $328.8 million of mortgages payable
having a weighted average interest rate of 7.9% and $613.0 million of notes
payable with a weighted average interest rate of 7.3%. Of this debt, $51.1
million bear variable interest rates. Additionally, the Company has $1.5 million
in marketable equity securities which are sensitive to market price changes and
notes receivable in the amount of Canadian $14.2 million (approximately U.S.
$9.5 million as of December 31, 2000) which are sensitive to currency exchange
rate fluctuations.

        The Company guarantees certain indebtedness of ERT and the debt
outstanding related to these guarantees as of December 31, 2000 was $53.1
million. In addition, the Company has guaranteed that ERT will provide
additional funding, currently approximately $4.2 million, for the Centre at
Preston Ridge, a community shopping center project in Frisco, Texas. This
guarantee is reduced commensurately as funds are provided. ERT has third-party
debt of $78.5 million, excluding notes payable to the Company, having a weighted
average interest rate of 8.1%. In addition, ERT has third party mortgages of
$5.2 million at December 31, 2000. The Company provides substantially all of the
capital required to fund ERT's operations.

        In November 1998, the Company filed a $1 billion shelf registration
statement relating to the issuance from time to time of debt securities,
preferred stock, depository shares, common stock, warrants


                                       18
<PAGE>   20

and rights, in amounts, at initial prices and on terms to be determined at the
time of offering. Under this shelf registration statement, the Company
established a program for the issuance of medium-term notes due nine months or
more from date of issue. As of December 31, 2000, an aggregate principal amount
of $276 million was available for issuance under the Company's medium-term notes
program.

        In October 1999, the Company commenced a program to repurchase up to $75
million of the Company's outstanding common stock from time to time through
periodic open market transactions or through privately negotiated transactions.
Through December 31, 2000, approximately 1,981,000 shares had been repurchased
and retired at an average purchase price of $15.61 per share. Of this amount,
approximately 750,000 shares were repurchased and retired in 2000. As of
February 28, 2001, the Company had repurchased 119,200 shares at an average
price of $13.40.

        Management believes that other sources of funds are available to the
Company. Based on management's internal evaluation of the Company's properties,
many of which are free and clear of mortgages, the estimated value of these
properties is considerably in excess of the outstanding mortgage indebtedness.
Accordingly, management believes that potential exists for additional mortgage
financing as well as unsecured borrowing capacity from banks and other lenders.

        The Company had three classes of preferred stock outstanding as of
December 31, 2000: (i) 1,507,000 shares of 8 1/2% Series A Cumulative
Convertible Preferred Stock outstanding which have an annual distribution of
$2.125 per share payable quarterly; (ii) 6,300,000 depositary shares
outstanding, each representing 1/10 of a share of 8 5/8% Series B Cumulative
Redeemable Preferred Stock, with an annual distribution of $2.15625 per
depositary share payable quarterly; and (iii) 1,500,000 depositary shares
outstanding, each representing 1/10 of one share of 7.8% Series D Cumulative
Voting Step-Up Premium Rate Preferred Stock, with a liquidation preference and
annual distribution of $50 and $3.90 per depositary share, respectively.

        The current quarterly dividend on the Company's common stock is $.4125
per share. The maintenance of this dividend will be subject to various factors,
including the discretion of the Board of Directors of the Company, the ability
to pay dividends under applicable law and the effect which the payment of
dividends may have from time to time on the maintenance by the Company of its
status as a REIT.

        In the normal course of business, the Company also faces risks that are
either non-financial or non-qualitative. Such risks principally include credit
risks and legal risks and are not included in the aforementioned notes.



                                       19
<PAGE>   21


RECENTLY ISSUED ACCOUNTING STANDARDS

        In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No.
133 establishes accounting and reporting standards for derivative instruments,
including certain derivative instruments embedded in other contracts, and
hedging activities. It requires that an entity recognize all derivatives as
either assets or liabilities in the statement of financial position and measure
those instruments at fair value as issued. SFAS No. 133 was effective January 1,
2000; however, SFAS 137, "Deferral of the Effective Date of SFAS 133," extended
the effective date for the Company to January 2001. The Company adopted SFAS No.
133/138, Accounting for Derivative Instruments and Hedging Activities, on
January 1, 2001. This new accounting standard requires companies to carry all
derivative instruments, including certain embedded derivatives, in the statement
of financial condition at fair value. The accounting for changes in the fair
value of a derivative instrument depends on whether it has been designated and
qualifies as part of a hedging relationship and, if so, on the reason for
holding it. The Company uses only qualifying hedges that are designated
specifically to reduce exposure to interest rate risk by locking in the expected
future cash payments on certain liabilities. This is typically accomplished
using an interest rate swap. For financial reporting purposes, the gain or loss
on the interest rate swap is recorded as a component of equity. In connection
with the adoption of SFAS No. 133/138 in January 2001, the Company recorded a
net transition adjustment of $2,124,000 in accumulated other comprehensive
income (equity) at that time. Adoption of the standard also resulted in the
Company recognizing $2,124,000 of derivative instrument liabilities. In general,
the amount of volatility will vary with the level of derivative activities
during any period.

        At its meeting on October 27, 1999, NAREIT's leadership clarified the
industry's supplemental performance measure to confirm that funds from
operations should include all operating results, both recurring and
nonrecurring, except for those results defined as "extraordinary items" under
generally accepted accounting principles and gains and losses from sales of
depreciable operating properties and excluding depreciation and amortization of
real estate assets. The clarification is effective for years beginning January
1, 2000 and all prior results have been restated to confirm to the new
definition.

RESULTS OF OPERATIONS

        The following discussion should be read in conjunction with the
Consolidated Financial Statements and the Notes thereto. Historical results and
percentage relationships set forth in the Consolidated Statements of Income
contained in the Consolidated Financial Statements and accompanying notes,
including trends which might appear, should not be taken as indicative of future
operations.


RESULTS OF OPERATIONS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999

        REVENUES:

        Rental income and related revenues decreased by approximately $3.2
million, or 0.8%. Between January 1, 1999 and December 31, 2000, six retail
shopping centers and one residential property were acquired. These acquisitions
produced revenue increases of approximately $2.9 million. During the same
period, the Company sold all or a portion of 17 retail and two residential
properties which accounted for revenue reductions of $4.6 million and $2.5
million, respectively. Clearwater Mall, a property with redevelopment plans
under reevaluation, accounted for a revenue decline of $1.7 million. Lease



                                       20
<PAGE>   22

settlement income declined $1.2 million. The balance of the change in revenue
was an increase of $3.9 million or 3.8%.

        Interest, dividend and other income decreased by approximately $11.4
million, or 48.5%. This decrease was due primarily to an increase in the loss
from ERT of $14.7 million and an increase in the foreign currency loss of $1.1
million. These decreases were partially offset by higher interest income of $4.4
million earned primarily from ERT and the Company's development projects.

        The decrease in equity participation in ERT, from a loss of $3.2 million
in the twelve months ended December 31, 1999 to a loss of $17.9 million in the
twelve months ended December 31, 2000, was primarily the result of factors
relating to the two operating mall properties (The Mall at 163rd Street and
Pointe Orlando), a decrease in interest income and an increase in interest
expense.

        The Mall at 163rd Street, a property owned by ERT, had a reduction in
net income of approximately $4.7 million. This was due primarily to a reduction
in rental revenue of $4.9 million because of redevelopment plans, lease
settlement income of $1.9 million received in the prior period, which did not
recur in the current period, offset by higher interest income of approximately
$0.1 million, and an increase in the bad debt expense of $0.5 million. These
increases were offset by lower operating expenses of approximately $0.6 million.

        Pointe Orlando, a mall in Florida, which in three quarters of the prior
year was accounted for using the equity method when ERT was a 38.5% owner, has
been 100% owned and consolidated with ERT since October 1, 1999. The effect of
owning 100% of Pointe Orlando for the full year of 2000 increased the loss to
ERT by an additional $3.1 million to $6.3 million. Pointe Orlando had an
increased loss in the twelve months ended December 31, 2000 of approximately
$3.2 million. This was due primarily to lower revenues of $1.7 million,
increased litigation costs of $3.9 million relating to a legal action revolving
around the construction and delayed opening of the mall and an increase in bad
debt expense of approximately $0.9 million. These items were offset by lower
operating costs of $0.9 million and lower interest expense of $2.4 million.

        ERT had a decrease in interest income of approximately $5.3 million, or
49.4%, due primarily to the acquisition and consolidation of Pointe Orlando and
the elimination of the interest income charged to the previously unconsolidated
entity. ERT's interest expense to New Plan Excel increased $3.7 million due to
higher borrowings by ERT and this was the primary reason for the $4.4 million
increase in interest, dividend and other income of the Company.

        Foreign currency loss increased $1.1 million due to the decline in value
of the Canadian dollar.

        EXPENSES:

        Total expenses increased $10.5 million, or 3.6%. The major areas of
increase were real estate and other taxes, interest expense, depreciation and
amortization, and administrative expense. These increases were partially offset
by decreases in operating, bad debt and non-recurring expenses.

        Interest expense increased $11.5 million, or 14.1%, due primarily to
increased borrowings in connection with stock repurchases, property acquisitions
and improvements and additional investments in ERT.

        Real estate and other taxes increased $3.4 million, or 8.7%.
Approximately $0.5 million of the increase was due to a one-time recovery of
prior year's expense in 1999, which did not occur again in


                                       21
<PAGE>   23

2000. The remaining amount of approximately $2.9 million was due to higher
property tax expenses primarily in the retail portfolio.

        Depreciation expense increased $1.6 million, or 2.5%. The primary reason
for the increase was the improvements to real estate put in place in 1999 and
2000 and the increase of real estate assets due to additional allocation of
purchase price from the 1998 merger with Excel Realty Trust, Inc., in the prior
year. The net impact of the acquisitions and dispositions during the periods was
a reduction of $0.5 million.

        Bad debt expense decreased $1.3 million, or 21.5%, due to the collection
of amounts previously thought to be uncollectible and improved collection
experience in both the retail and residential properties. The decrease was
partially offset by an increase in the reserve for bad debts at the Clearwater
Mall.

        Non-recurring charges declined $3.6 million, or 42.4%. The $4.9 million
non-recurring charges in 2000 were primarily payments made to certain former
officers in connection with their resignation or retirement from the Company and
their respective retirement and employment agreements. In the prior year, the
$8.5 million expense was the result of the resignation of seven former Excel
executives and the payments made to them in accordance with their employment
agreements.

        Operating expenses decreased $1.9 million, or 2.1%. The net impact of
the acquisitions and dispositions was a decline of $2.0 million. The garden
apartment portfolio had a decline in expenses and the retail properties had an
increase in expenses. The net of the two was an increase of $0.1 million.

        Administrative expenses increased $0.8 million, or 12.7%. As a percent
of total assets, administrative expense decreased to 0.26% from 0.27%. As a
percent of total revenues, costs increased to 1.77% from 1.52%. The major reason
for the increase was related to increases in personnel costs.

        GAINS ON THE SALE OF ASSETS:

        Gains on the sale of real estate increased $1.2 million. In 2000, the
Company sold 11 retail and one commercial property resulting in a gain of $9.2
million. In 1999, five retail and two residential properties were sold resulting
in a gain of $8.0 million.

        IMPAIRMENT OF REAL ESTATE:

        The estimated fair value of certain properties classified as "Real
estate held for sale" was less than the book value of these properties. This
resulted in an impairment of real estate expense of $3.62 million for the year.
Of this impairment, $1.9 million is related to real estate held for sale during
the year which is now held for use as of December 31, 2000. There was no
impairment of real estate in 1999.

        EXTRAORDINARY INCOME:

        During the year there was a prepayment of a mortgage payable which had
an unamortized mortgage premium associated with it. The elimination of this
premium resulted in the extraordinary income of $0.8 million. There was no
extraordinary income in 1999.



Twelve Months Ended December 31, 1999 Compared to the Twelve Months Ended
December 31, 1998



                                       22
<PAGE>   24


        The results of operations reflected in the Consolidated Statements of
Income and Comprehensive Income include post-Merger results for the twelve
months ended December 31, 1999 and the five months ended December 31, 1998. The
following includes pro forma financial information for the year ended December
31, 1998 presented as if the Merger had been consummated on January 1, 1998 in
order to make the comparison of 1999 and 1998 more informative. Except as stated
otherwise, the discussions below relate to comparison of actual results for the
twelve-month period ended December 31, 1999 to pro forma results for the
twelve-month period ended December 31, 1998. The pro forma results are not
necessarily indicative of what the results would have been if the Merger
actually occurred on January 1, 1998.

        The actual results of operations for the twelve months ended December
31, 1998 have been derived by aggregating the estimated results of operations
and cash flows for the month ended January 31, 1998, the amounts reported for
the three months ended April 30 and July 31, 1998, and the actual results for
the five months ended December 31, 1998 (which reflect the Merger as of
September 28, 1998).

                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                       TWELVE MONTHS ENDED DECEMBER 31,
                                                  1999              1998               1998
                                                (ACTUAL)        (PRO FORMA)          (ACTUAL)
<S>                                             <C>             <C>                <C>
Revenues
    Retail                                       $337,004          $322,884          $225,931
    Residential                                    77,477            74,415            71,662
    Interest, dividend and other                   23,546            21,253             7,840
                                                ---------         ---------         ---------
        Total revenues                            438,027           418,552           305,433

Expenses
    Operating costs                                90,612            81,614            68,737
    Real estate and other taxes                    38,929            36,380            27,286
    Interest                                       81,412            71,902            49,655
    Depreciation and amortization                  62,912            58,865            40,416
    Provision for doubtful accounts                 6,144             6,285             5,366
    Non-recurring charges                           8,497                --                --
    General and administrative                      6,665             7,719             3,758
                                                ---------         ---------         ---------
        Total expenses                            295,171           262,765           195,218
                                                  -------           -------           -------
Income before real estate sales and
    minority interest                             142,856           155,787           110,215
Sale of real estate/securities                      7,956               371                58
Minority interest in income from
partnership                                        (1,299)           (1,684)             (457)
                                                ----------        ----------        ----------
Net Income                                       $149,513          $154,474          $109,816
                                                 ========          ========          ========
Net income per share:
    Basic                                           $1.43             $1.49             $1.48
                                                    =====             =====             =====
    Diluted                                         $1.42             $1.46             $1.47
                                                    =====             =====             =====
</TABLE>

        All changes between 1998 actual results and 1999 actual results are
primarily attributable to the Merger as well as the impact of property
acquisitions made by Excel during 1998. Accordingly, the following discussions
reflect a comparison of pro forma 1998 data to actual 1999 data.

        The Company acquired 36 properties between January 1, 1998 and December
31, 1999, including 31 retail and five residential properties. These retail
acquisitions produced increased revenue of $16.2 million in 1999. In addition,
revenue in the current period was reduced $1.1 million because of the sale of
six properties and was reduced $1.7 million because of an adjustment of common
area maintenance revenue


                                       23
<PAGE>   25

relating to certain properties. The remaining retail revenue change was an
increase of $0.7 million, or 0.2%. The residential acquisitions produced
increased revenue of $3.9 million and the sale of two properties reduced revenue
by $0.5 million in fiscal year 1999. The remaining residential revenue change
was a decrease of $0.4 million, or 0.5%.

        The increase in interest, dividend and other revenues was primarily the
result of the following factors. The net effect of an interest revenue increase
and equity revenue decrease from ERT Development Corporation was a decrease of
$2.8 million. This decrease was offset by increases in interest revenues from
development notes receivable of $1.1 million, currency gains of $1.8 million,
financing commitment fees revenue of $1.4 million and an insurance recovery of
$0.5 million. The remaining interest, dividend and other revenue change was an
increase of $0.3 million, or 1.0%.

        Property acquisitions and the assumption of related debt resulted in
$14.3 million of the $32.4 million increase in total expenses, including a $5.6
million increase in operating costs, $4.0 million in additional depreciation,
$1.8 million in additional real estate and taxes, and $2.9 million in interest
expense. The remaining $3.4 million increase in operating costs is principally
attributable to increases in snow removal, professional service costs and
turnover costs in the residential division during the current year. The
remaining $6.6 million increase in interest expense was primarily the result of
increased borrowings in connection with property acquisitions, severance costs
and common stock repurchases resulting from the resignation of seven executives,
all formally of Excel Realty Trust, Inc. and the purchase by the Company of
Excel Realty Partners, L.P. partnership units. The decrease of $1.1 million in
general and administrative costs relates primarily to staff reductions in the
closing of the Company's San Diego office which was partially offset by a
non-recurring increase in professional fees of approximately $0.8 million
related to a terminated acquisition of another company. The $8.5 million
non-recurring charge is a result of payments of $1.7 million in severance
payments, $6.0 million in stock compensation expense related to the settlement
of outstanding stock options and $0.8 million of other costs related to the
resignation of the aforementioned seven executives in April 1999.




                                       24
<PAGE>   26



Five Months Ended December 31, 1998 Compared to Five Months Ended December 31,
1997

        The actual results of operations for the five-month period ended
December 31, 1998 only include operations of Excel from September 28, 1998 to
December 31, 1998. Therefore, certain pro forma comparisons are included which
have been presented as if the Merger had been consummated on August 1, 1998 and
1997, respectively. The pro forma information is not necessarily indicative of
what the actual results of operations of the Company would have been had the
Merger actually occurred on August 1, 1998 and 1997, respectively (in thousands,
except per share amounts):

<TABLE>
<CAPTION>
                                     FIVE MONTHS    FIVE MONTHS    FIVE MONTHS ENDED
                                        ENDED          ENDED           DECEMBER 31,
                                     DECEMBER 31,     DECEMBER 31,        1997
                                         1998            1998            (ACTUAL)
                                       (ACTUAL)     (PRO FORMA)
<S>                                  <C>            <C>            <C>
Total revenues                        $ 155,921       $ 179,092        $ 100,457

Expenses:
   Operating costs                       32,764          32,233           25,325
   Real estate and other taxes           13,456          15,655            9,047
   Interest                              27,168          32,339           14,309
   Depreciation and amortization         21,366          25,644           12,544
   Provision for doubtful accounts        2,825           2,884            1,675
   General and administrative             2,114           2,849            1,143
                                      ---------       ----------       ---------
      Total expenses                     99,693         111,604           64,043
Gain/(loss) on sale of real
estate/securities                            34              34              (67)
Minority interest in income from
   partnership                             (457)           (739)               -
                                       --------        --------          -------
Net income                            $  55,805      $   66,783        $  36,347
                                      =========      ==========        =========
Net income per share:
   Basic                                  $0.63           $0.66            $0.62
                                          =====           =====            =====
   Diluted                                $0.62           $0.64            $0.61
                                          =====           =====            =====
</TABLE>

        Excel acquired 22 properties from August 1997 to September 1998 which
are reflected in the pro forma results of operations for the five months ended
December 31, 1998 and 1997 above. As previously discussed, however, operations
of Excel are included in actual results only for the period from the Merger to
December 31, 1998. In addition to the acquisitions Excel has made, the Company
acquired 23 properties from August 1997 to December 1998.

        Total revenues increased approximately $55.5 million to $155.9 million,
or 55%. Of the increase, $42.6 million related to additional revenues from Excel
as a result of the Merger. In addition to the Merger, the 23 properties that
were acquired since August 1997 accounted for $9.8 million of the increased
revenues in 1998 when compared to the five-month period ended December 31, 1997.
The remaining $3.1 million increase was primarily a result of net increases in
rentals from the remaining portfolio of properties.

        Of the $155.9 million in revenue in 1998, $32.5 million related to the
54 garden apartment communities and $117.9 million related to the 301 property
retail portfolio (including four office buildings and two vacant land parcels).
Interest, dividend and other income accounted for $5.5 million in revenue. In
1997, $27.2 million of revenue related to the garden apartment portfolio, $71.6
million related to the retail portfolio, and $1.7 million related to interest
and dividends.



                                       25
<PAGE>   27

        Total expenses increased $35.7 million to $99.7 million, or 56%. Of the
increase, $27.2 million related to additional expenses from Excel as a result of
the Merger. In addition to the Merger, the properties that were acquired since
August 1997 accounted for $4.8 million of additional expenses, excluding
interest expense. Interest expense of $3.1 million related to the assumption of
$56.7 million in mortgage debt from the property acquisitions, and $50.0 million
of additional notes payable. The remaining $0.6 million relates to increased
expenses from the Company's existing portfolio.

        Operating costs increased $7.5 million to $32.8 million, of which the
Merger accounted for $6.0 million. The properties acquired since August 1997
accounted for $2.4 million of increases and other properties accounted for a
decrease in operating costs of $0.9 million. Real estate and other taxes
increased $4.5 million to $13.5 million, of which $3.2 million related to Excel
as a result of the Merger, $0.9 million related to the properties acquired since
August 1997 and $0.4 million related to increases on the remaining portfolio.
Interest expense increased $12.9 million to $27.2 million, of which $9.8 million
related to the Merger and $3.1 million related to additional debt as described
above. Depreciation and amortization increased $8.9 million to $21.4 million, of
which $6.9 million related to the Merger and the remaining $2.0 million related
to the properties acquired since August 1997. Finally, provision for doubtful
accounts increased $1.1 million to $2.8 million, of which $0.4 million related
to the Merger, and general and administrative costs increased $1.0 million, of
which $0.9 million related to the Merger.

        On a pro forma basis, total revenues increased $28.9 million to $179.1
million, or 19%. Of this increase, $28.2 million relates to the acquisition of
45 properties since August 1997. Also in 1997, the Company recognized income
from its equity investment in ERT in the amount of $1.8 million, compared to a
loss in 1998 of $1.1 million which is included in the expenses below. The
remaining difference in revenue between the periods is $2.5 million and is
primarily a result of net increases in rentals from the remaining portfolio of
properties.

      On a pro forma basis, total expenses increased $18.0 million to $111.6
million, or 19%. Properties acquired since August 1997 accounted for $17.3
million, including increased interest expense from Excel of $3.1 million,
primarily related to additional debt related to acquisitions. General and
administrative expenses increased $0.5 million on a pro forma basis, but
remained 1.6% of total revenues. The remaining difference is a net decrease of
$0.9 million, which primarily relates to the Company's remaining portfolio of
properties.



                                       26
<PAGE>   28




Funds From Operations

        The Company calculates funds from operations ("FFO") as net income
attributable to common shareholders on a diluted basis before gain or loss on
sales of real estate and securities and before extraordinary items, plus
depreciation and amortization on real estate, amortized leasing commission costs
and the minority interest share of income. Effective January 1, 2000, the
Company adopted the NAREIT definition of FFO which requires the inclusion of
both recurring and non-recurring results of operations. The 1999 and 1998
calculations have been restated to conform to the NAREIT definition to include
non-recurring charges. FFO is not a substitute for cash flows from operations or
net income as defined by generally accepted accounting principles, and may not
be comparable to other similarly titled measures of other REITs. FFO is
presented because industry analysts and the Company consider FFO to be an
appropriate supplemental measure of performance of REITs. The following
information is included to show the items included in the Company's FFO for the
past periods indicated (in thousands, except per share amounts):


<TABLE>
<CAPTION>
                                           YEAR             YEAR     FIVE MONTHS
                                          ENDED            ENDED     YEAR ENDED      YEAR ENDED
                                   DECEMBER 31,     DECEMBER 31,    DECEMBER 31,       JULY 31,
                                           2000            1999             1998           1998
                                   ------------     ------------    ------------     ----------
<S>                                <C>              <C>             <C>              <C>
Net income before extraordinary
item                                   $122,323        $149,513          $55,805        $90,573
   Preferred dividends                 (22,635)        (22,777)          (6,914)        (5,850)
   Minority interest                        952           1,299              457             --
                                     ----------      ----------         --------    -----------
Net income applicable to common
  shareholders - diluted                100,640         128,035           49,348         84,723
(Gains)/loss on real estate and
 securities                             (9,200)         (7,956)             (34)             41
Dilutive preferred A dividends            3,200           3,343               --             --
Depreciation and amortization,
 including
  depreciation relating to
 equity
  investments                            69,422          66,602           21,366         31,622

Impairment of real estate                 3,620              --               --             --
                                    -----------  --------------     ------------      ---------
Funds from operations                  $167,682        $190,024          $70,680       $116,386
                                       ========        ========          =======       ========
Weighted average of common
 shares outstanding - diluted            90,825          92,444           79,396         59,774
                                         ======          ======           ======         ======
FFO per share - diluted                   $1.85           $2.06            $0.89          $1.95
                                          =====           =====            =====          =====
Net cash provided by operating
 activities                            $179,332        $165,855          $51,580       $121,507
                                       ========        ========          =======       ========
Net cash used in investing
 activities                            ($9,772)       ($87,207)        ($61,099)     ($113,846)
                                       ========       =========        =========     ==========
Net cash used in financing
 activities                          ($179,224)       ($81,765)         ($2,814)      ($24,158)
                                     ==========       =========         ========      =========
</TABLE>

        Series A Preferred Stock has a dilutive effect on the FFO calculation.
On a pro forma basis, FFO would have been $83,974 for the five months ended
December 31, 1998, had the Merger been consummated on August 1, 1998.

ECONOMIC CONDITIONS



                                       27
<PAGE>   29

        The majority of the Company's leases contain provisions designed to
mitigate the adverse impact of inflation. Such provisions include clauses
enabling the Company to receive percentage rents which generally increase as
prices rise but may be adversely impacted by tenant sales decreases, and/or
escalation clauses which are typically related to increases in the consumer
price index or similar inflation indices. In addition, the Company believes that
many of its existing lease rates are below current market levels for comparable
space and that upon renewal or re-rental such rates may be increased to or get
closer to current market rates. This belief is based upon an analysis of
relevant market conditions, including a comparison of comparable market rental
rates, and upon the fact that many of such leases have been in place for a
number of years and may not contain escalation clauses sufficient to match the
increase in market rental rates over such time. Most of the Company's leases
require the tenant to pay its share of operating expenses, including common area
maintenance, real estate taxes and insurance, thereby reducing the Company's
exposure to increases in costs and operating expenses resulting from inflation.
In addition, the Company periodically evaluates its exposure to interest rate
fluctuations, and may enter into interest rate protection agreements which
mitigate, but do not eliminate, the effect of changes in interest rates on its
floating rate loans.

        Many regions of the United States, including regions in which the
Company owns property, may experience economic recessions. Such recessions, or
other adverse changes in general or local economic conditions, could result in
the inability of some existing tenants of the Company to meet their lease
obligations and could otherwise adversely affect the Company's ability to
attract or retain tenants. The Company's shopping centers are typically anchored
by discount department stores, supermarkets and drug stores which usually offer
day-to-day necessities rather than high priced luxury items. These types of
tenants, in the experience of the Company, generally continue to maintain their
volume of sales despite a slowdown in economic conditions.


ITEM 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


        As of December 31, 2000, the Company had approximately $51.1 million of
outstanding floating rate mortgages. In addition, the Company had $243.7 million
outstanding as of December 31, 2000 in connection with floating rate borrowings
under credit facilities. The Company does not believe that the interest rate
risk represented by its floating rate debt is material as of that date in
relation to the approximately $1.2 billion of outstanding total debt of the
Company, the approximately $2.9 billion of total assets of the Company and the
approximately $2.6 billion market capitalization of the Company's common stock
as of that date. In addition, as discussed below, the Company has fixed $125
million of floating rate borrowings through the use of an interest swap.

        The Company was a party to one hedging agreement with respect to its
floating rate debt as of December 31, 2000. On October 11, 2000, the Company
entered into a two-year swap agreement with Fleet National Bank relating to $125
million of the Company's variable rate debt. The agreement effectively fixes the
annual interest rate of this debt at a base rate of 6.67% plus applicable
spreads associated with the Company's variable rate credit facilities. Hedging
agreements enable the Company to convert floating rate liabilities into fixed
rate liabilities. Hedging agreements expose the Company to the risk that the
counterparties to such agreements may not perform, which could increase the
Company's exposure to rising interest rates. Generally, however, the
counterparties to hedging agreements that the Company enters into are major
financial institutions. The Company may borrow additional money with floating
interest rates in the future. Increases in interest rates, or the loss of the
benefits of existing hedging agreements or any


                                       28
<PAGE>   30

hedging agreements that the Company may enter into in the future, would increase
the Company's interest expense, which would adversely affect cash flow and the
ability of the Company to service its debt. Future decreases in interest rates
will increase the Company's interest expense as compared to the floating rate
debt underlying the Company's hedging agreements and could result in the Company
making payments to unwind such agreements.

        If market rates of interest on the Company's variable rate debt increase
by 10% (or approximately 70 basis points), the increase in interest expense on
the Company's variable rate debt would decrease future earnings and cash flows
by approximately $2.2 million. If market rates of interest increase by 10%, the
fair value of the Company's total outstanding debt would decrease by
approximately $9.1 million. If market rates of interest on the Company's
variable rate debt decrease by 10% (or approximately 70 basis points), the
decrease in interest expense on the Company's variable rate debt would increase
future earnings and cash flows by approximately $2.2 million. If market rates of
interest decreased by 10%, the fair value of the Company's total outstanding
debt would increase by approximately $9.1 million.

        As of December 31, 2000, the Company had notes receivable in the total
amount of Canadian $14.2 million (approximately U.S. $9.5 million as of December
31, 2000). The Company does not believe that the foreign currency exchange risk
associated with these loans is material. The Company had no other material
exposure to market risk (including foreign currency exchange risk, commodity
price risk or equity price risk) as of December 31, 2000.


ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

        Financial statements required by this item appear with an Index to
Financial Statements and Schedules, starting on page F-1 of this report.


ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
           FINANCIAL DISCLOSURE

        Not applicable.





                                       29
<PAGE>   31




                                    PART III


ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

        The information required by this item is hereby incorporated by
reference to the material appearing in the Proxy Statement for the Annual
Stockholders Meeting to be held in 2001 (the "Proxy Statement") under the
captions "Proposal 1--Election of Directors," "Executive Compensation and Other
Information" and "Other Matters--Section 16(a) Beneficial Ownership Reporting
Compliance."


ITEM 11.   EXECUTIVE COMPENSATION

        The information required by this item is hereby incorporated by
reference to the material appearing in the Proxy Statement under the caption
"Executive Compensation and Other Information."


ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

        The information required by this item is hereby incorporated by
reference to the material appearing in the Proxy Statement under the caption
"Voting Securities of Certain Beneficial Owners and Management."


ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        The information required by this item is hereby incorporated by
reference to the material appearing in the Proxy Statement under the caption
"Certain Relationships and Related Transactions."




                                       30
<PAGE>   32




                                     PART IV

ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

          (a)  Consolidated Financial Statements.  The following documents are
filed as a part of this report:

          The response to this portion of Item 14 is submitted as a separate
          section of this report.

          (b) Reports on Form 8-K filed during the three months ended December
31, 2000.

                      1.     Form 8-K filed on November 8, 2000, containing
                             Items 7 and 9.

          (c)  Exhibits.  The following documents are filed as exhibits to this
report:

            *3.1      Articles of Amendment and Restatement of the Charter of
                      the Company filed as Exhibit 3.01 to Amendment No. 1 to
                      the Company's Registration Statement on Form S-3, File
                      No. 33-59195.

            *3.2      Articles of Amendment of Articles of Amendment and
                      Restatement of the Charter of the Company filed as
                      Exhibit 4.4 to the Company's Registration Statement on
                      Form S-3, File No. 333-65211.

            *3.3      Amended and Restated Bylaws of the Company filed as
                      Exhibit 4.6 to the Company's Registration Statement on
                      Form S-3, File No. 333-65211.

            *3.4      Amendments to the Bylaws of the Company, dated April 21,
                      1999, filed as Exhibit 3.1 to the Company's Quarterly
                      Report on Form 10-Q/A for the quarter ended June 30, 1999.

            *3.5      Amendments to the Bylaws of the Company, dated June 3,
                      1999, filed as Exhibit 3.2 to the Company's Quarterly
                      Report on Form 10-Q/A for the quarter ended June 30, 1999.

            *3.6      Amendments to the Bylaws of the Company, dated February 7,
                      2000, filed as Exhibit 3.6 to the Company's Annual Report
                      on Form 10-K for the year ended December 31, 1999.

            *4.1      Articles Supplementary classifying 4,600,000 shares of
                      preferred stock as 8 1/2% Series A Cumulative Convertible
                      Preferred Stock filed as Exhibit 4.01 to the Company's
                      Current Report on Form 8-K dated February 7, 1997.

            *4.2      Articles Supplementary classifying 690,000 shares of
                      preferred stock as 8 5/8% Series B Cumulative Redeemable
                      Preferred Stock filed as Exhibit 4.02 to the Company's
                      Current Report on Form 8-K dated January 14, 1998.

            *4.3      Articles Supplementary relating to the Series C Junior
                      Participating Preferred Stock of the Company, which may in
                      the future be issued under the Company's Rights Plan filed
                      as Exhibit 4.3 to the Company's Annual Report on Form
                      10-K/A for the year ended December 31, 1998.



                                       31
<PAGE>   33

            *4.4      Articles Supplementary classifying 150,000 shares of
                      preferred stock as 7.80% Series D Cumulative Voting
                      Step-Up Premium Rate Preferred Stock filed as Exhibit 4.5
                      to the Company's Registration Statement on Form S-3, File
                      No. 333-65211.

           *10.1      Amended and Restated 1993 Stock Option Plan of the Company
                      filed as Exhibit 4.1 to the Company's Registration
                      Statement on Form S-8, File No. 333-65223.

           *10.2      Amendment to the Amended and Restated 1993 Stock Option
                      Plan of the Company, dated May 28, 1998, dated September
                      28, 1998, filed as Exhibit 10.4 to the Company's Annual
                      Report on Form 10-K/A for the year ended December 31,
                      1998.

           *10.3      Amendment to the Amended and Restated 1993 Stock Option
                      Plan of the Company, dated February 8, 1999, filed as
                      Exhibit 10.5 to the Company's Annual Report on Form 10-K/A
                      for the year ended December 31, 1998.

           *10.4      Amendment to the Amended and Restated 1993 Stock Option
                      Plan of the Company, dated April 21, 1999, filed as
                      Exhibit 10.4 to the Company's Annual Report on Form 10-K
                      for the year ended December 31, 1999.

           *10.5      Amendment to the Amended and Restated 1993 Stock Option
                      Plan of the Company, dated February 17, 2000, filed as
                      Exhibit 10.5 to the Company's Annual Report on Form 10-K
                      for the year ended December 31, 1999.

           *10.6      Directors' Amended and Restated 1994 Stock Option Plan of
                      the Company, dated May 10, 1996, filed as Exhibit 10.8 to
                      the Company's Annual Report on Form 10-K/A for the year
                      ended December 31, 1998.

           *10.7      Amendment to the Amended and Restated 1994 Directors'
                      Stock Option Plan of the Company, dated September 28,
                      1998, filed as Exhibit 10.9 to the Company's Annual Report
                      on Form 10-K/A for the year ended December 31, 1998.

           *10.8      Amendment to the Amended and Restated 1994 Directors'
                      Stock Option Plan of the Company, dated February 17, 2000,
                      filed as Exhibit 10.8 to the Company's Annual Report on
                      Form 10-K for the year ended December 31, 1999.

           *10.9      Amendment to the Amended and Restated 1994 Directors'
                      Stock Option Plan of the Company, effective as of May 24,
                      2000, filed as Exhibit 10.6 to the Company's Quarterly
                      Report on Form 10-Q for the quarter ended June 30, 2000.


           *10.10     New Plan Realty Trust 1997 Stock Option Plan filed as
                      Exhibit 4.1 to the Company's Registration Statement on
                      Form S-8, File No. 333-65221.

           *10.11     New Plan Realty Trust 1991 Stock Option Plan, as amended,
                      filed as Exhibit 4.2 to the Company's Registration
                      Statement on Form S-8, File No. 333-65221.

           *10.12     Amended and Restated New Plan Realty Trust 1985 Incentive
                      Stock Option Plan filed as Exhibit 4.3 to the Company's
                      Registration Statement on Form S-8, File No. 333-65221.

           *10.13     New Plan Realty Trust March 1991 Stock Option Plan and
                      Non-Qualified Stock Option Plan filed as Exhibit 4.4 to
                      the Company's Registration Statement on Form S-8, File No.
                      333-65221.


                                       32
<PAGE>   34

           *10.14     Credit Agreement, dated as of November 17, 1999, by and
                      among New Plan Excel Realty Trust, Inc., the lenders party
                      thereto, The Bank of New York, as administrative agent,
                      and Bank One, NA and BankBoston, N.A., each as
                      co-documentation agent, filed as Exhibit 10.13 to the
                      Company's Annual Report on Form 10-K for the year ended
                      December 31, 1999.

           *10.15     Amendment No. 1 to Credit Agreement, dated as of June 27,
                      2000, by and among the Company, the lenders party thereto,
                      The Bank of New York, as administrative agent, and Bank
                      One, NA and BankBoston, N.A., each as co-documentation
                      agent, filed as Exhibit 10.3 to the Company's Quarterly
                      Report on Form 10-Q for the quarter ended June 30, 2000.

            10.16     Amendment No. 2 to Credit Agreement, dated as of October
                      16, 2000, by and among the Company, the lenders party
                      thereto, The Bank of New York, as administrative agent,
                      and Bank One, NA and Fleet National Bank, f/k/a
                      BankBoston, N.A., each as co-documentation agent.

            10.17     Amendment No. 3 to Credit Agreement, dated as of
                      November 3, 2000, by and among the Company, the lenders
                      party thereto, The Bank of New York, as administrative
                      agent, and Bank One, NA and Fleet National Bank, f/k/a
                      BankBoston, N.A., each as co-documentation agent.

           *10.18     Guaranty, dated as of November 17, 1999, by and among New
                      Plan Realty Trust, Excel Realty Trust - ST, Inc. and The
                      Bank of New York, as administrative agent, filed as
                      Exhibit 10.14 to the Company's Annual Report on Form 10-K
                      for the year ended December 31, 1999.

           *10.19     Credit Agreement, dated as of November 17, 1999, by and
                      among New Plan Excel Realty Trust, Inc., the lenders party
                      thereto, The Bank of New York, as administrative agent,
                      and Bank One, NA and BankBoston, N.A., each as
                      co-documentation agent, filed as Exhibit 10.15 to the
                      Company's Annual Report on Form 10-K for the year ended
                      December 31, 1999.

           *10.20     Amendment No. 1 to Credit Agreement, dated as of June 27,
                      2000, by and among the Company, the lenders party thereto,
                      The Bank of New York, as administrative agent, and Bank
                      One, NA and BankBoston, N.A., each as co-documentation
                      agent, filed as Exhibit 10.4 to the Company's Quarterly
                      Report on Form 10-Q for the quarter ended June 30, 2000.



            10.21     Amendment No. 2 to Credit Agreement, dated as of
                      November 3, 2000, by and among the Company, the lenders
                      party thereto, The Bank of New York, as administrative
                      agent, and Bank One, NA and Fleet National Bank, f/k/a
                      BankBoston, N.A., each as co-documentation agent



                                       33
<PAGE>   35



           *10.22     Guaranty, dated as of November 17, 1999, by and among New
                      Plan Realty Trust, Excel Realty Trust - ST, Inc. and The
                      Bank of New York, as administrative agent, filed as
                      Exhibit 10.16 to the Company's Annual Report on Form 10-K
                      for the year ended December 31, 1999.

           *10.23     Indenture, dated as of May 8, 1995, between the Company
                      and State Street Bank and Trust Company of California,
                      N.A. (as successor to the First National Bank of Boston)
                      filed as Exhibit 4.01 to the Company's Registration
                      Statement on Form S-3, File No. 33-59195, as amended, on
                      May 9, 1995.

           *10.24     First Supplemental Indenture, dated as of April 4, 1997,
                      between the Company and State Street Bank and Trust
                      Company of California, N.A. filed as Exhibit 4.02 to the
                      Company's Registration Statement on Form S-3, File No.
                      333-24615, as amended, on April 4, 1997.

           *10.25     Second Supplemental Indenture, dated as of July 3, 1997,
                      between the Company and State Street Bank and Trust
                      Company of California, N.A. filed as Exhibit 4.01 to the
                      Company's Current Report on Form 8-K dated July 3, 1997.

           *10.26     Senior Securities Indenture, dated as of March 29, 1995,
                      between New Plan Realty Trust and The First National Bank
                      of Boston, as Trustee filed as Exhibit 4.2 to New Plan
                      Realty Trust's Registration Statement on Form S-3, File
                      No. 33-60045.

           *10.27     First Supplemental Indenture, dated as of August 5, 1999,
                      by and among New Plan Realty Trust, New Plan Excel Realty
                      Trust, Inc. and State Street Bank and Trust Company filed
                      as Exhibit 10.2 to the Company's Quarterly Report on Form
                      10-Q for the quarter ended September 30, 1999.

           *10.28     Senior Securities Indenture, dated as of February 3, 1999,
                      among the Company, New Plan Realty Trust, as guarantor,
                      and State Street Bank and Trust Company, as Trustee, filed
                      as Exhibit 4.1 to the Company's Current Report on Form 8-K
                      dated February 3, 1999.

           *10.29     Amended and Restated Agreement of Limited Partnership of
                      Excel Realty Partners, L.P., dated as of June 25, 1997,
                      filed as Exhibit 10.20 to the Company's Annual Report on
                      Form 10-K for the fiscal year ended December 31, 1997.

           *10.30     First Amendment to Amended and Restated Agreement of
                      Limited Partnership of Excel Realty Partners, L.P., dated
                      as of August 20, 1999, by and among New Plan DRP Trust,
                      New Plan Excel Realty Trust, Inc. and the current and
                      future partners in the partnership filed as Exhibit 10.3
                      to the Company's Quarterly Report on Form 10-Q for the
                      quarter ended September 30, 1999.

           *10.31     Agreement and Plan of Merger, dated May 14, 1998, as
                      amended as of August 7, 1998, among the Company, ERT
                      Merger Sub, Inc. and New Plan Realty Trust filed, as
                      Exhibit 2.1 to the Company's Registration Statement on
                      Form S-4, File No. 333-61131.



                                       34
<PAGE>   36

           *10.32     Rights Agreement, dated as of May 15, 1998, between the
                      Company and BankBoston, N.A., filed as Exhibit 4 to the
                      Company's Report on Form 8-A dated May 19, 1998.

           *10.33     First Amendment to Rights Agreement, dated as of
                      February 8, 1999, between the Company and BankBoston, N.A.
                      filed as Exhibit 4.1 to the Company's Report on Form
                      8-A/A (Amendment No.1) dated May 5, 1999.

           *10.34     Dividend Reinvestment and Share Purchase Plan, included in
                      the prospectus of the Company filed pursuant to Rule
                      424(b)(3), File No. 333-65211, on April 20, 2000.

           *10.35     Employment Agreement, dated as of September 17, 1998, by
                      and between the Company and William Newman, filed as
                      Exhibit 10.39 to the Company's Annual Report on Form
                      10-K/A for the year ended December 31, 1998.

           *10.36     Employment Agreement, dated as of February 23, 2000, by
                      and between the Company and Glenn J. Rufrano, filed as
                      Exhibit 10.1 to the Company's Current Report on Form 8-K,
                      dated March 9, 2000.

           *10.37     Employment Agreement, dated as of April 14, 2000, by and
                      between the Company and John Roche, filed as Exhibit 10.15
                      to the Company's Quarterly Report on Form 10-Q for the
                      quarter ended March 31, 2000.



           *10.38     Employment Agreement, dated as of September 14, 2000, by
                      and between the Company and Leonard Brumberg, filed as
                      Exhibit 10.1 to the Company's Quarterly Report on Form
                      10-Q for the quarter ended September 30, 2000.



            10.39     Employment Agreement, dated as of September 25, 1998, by
                      and between the Company and Dean Bernstein.


           *10.40     Employment Agreement, dated as of September 25, 1998, by
                      and between the Company and Steven F. Siegel, filed as
                      Exhibit 10.45 to the Company's Annual Report on Form
                      10-K/A for the year ended December 31, 1998.

           *10.41     Support Agreement, dated as of May 14, 1998, by William
                      Newman to the Company, filed as Exhibit 10.7 to the
                      Company's Registration Statement on Form S-4, File No.
                      333-61131, dated August 11, 1998.

           *10.42     Agreement, dated as of February 23, 2000, by and between
                      the Company and Arnold Laubich, filed as Exhibit 10.9 to
                      the Company's Current Report on Form 8-K, dated March 9,
                      2000.


           *10.43     Agreement, dated as of May 5, 2000, by and between the
                      Company and James M. Steuterman, filed as Exhibit 10.16 to
                      the Company's Quarterly Report on Form 10-Q for the
                      quarter ended March 31, 2000.



            10.44     Agreement, dated as of December 19, 2000, by and between
                      the Company and James DeCicco.



                                       35
<PAGE>   37


              *10.45  Amended and Restated Guaranty of Payment, dated as of
                      April 28, 2000, by the Company (Pointe Orlando), filed as
                      Exhibit 10.7 to the Company's Quarterly Report on Form
                      10-Q for the quarter ended June 30, 2000.


              *10.46  Amended and Restated Unconditional Guaranty of Payment
                      and Performance, dated as of April 5, 2000, by the
                      Company (Briar Preston Ridge), filed as Exhibit 10.8 to
                      the Company's Quarterly Report on Form 10-Q for the
                      quarter ended June 30, 2000.



              *10.47  Guaranty, dated as of April 5, 2000, by the Company for
                      the benefit of Bank One, Texas, National Association
                      (Briar Preston Ridge), filed as Exhibit 10.2 to the
                      Company's Quarterly Report on Form 10-Q for the quarter
                      ended September 30, 2000.


              *10.48  Term Loan Agreement, dated as of March 7, 2000, between
                      the Company and Fleet National Bank, filed as Exhibit
                      10.41 to the Company's Annual Report on Form 10-K for the
                      year ended December 31, 1999.

              *10.49  Amendment No. 1 to Term Loan Agreement, dated as of June
                      27, 2000, between the Company and Fleet National Bank,
                      filed as Exhibit 10.5 to the Company's Quarterly Report on
                      Form 10-Q for the quarter ended June 30, 2000.



               10.50  Amendment No. 2 to Term Loan Agreement, dated as of
                      November 3, 2000, between the Company and Fleet National
                      Bank



               10.51  Amendment No. 3 to Term Loan Agreement, dated as of
                      March 2, 2001, between the Company and Fleet National Bank



              *10.52  Guaranty, dated as of March 7, 2000, by the Trust and
                      Excel Realty Trust - ST, Inc., filed as Exhibit 10.42 to
                      the Company's Annual Report on Form 10-K for the year
                      ended December 31, 1999.

              *10.53  Stock Option Agreement, dated as of February 23, 2000, by
                      and between the Company and Glenn J. Rufrano (relating to
                      460,976 options), filed as Exhibit 10.2 to the Company's
                      Current Report on Form 8-K, dated March 9, 2000.



              *10.54  Stock Option Agreement, dated as of February 23, 2000, by
                      and between the Company and Glenn J. Rufrano (relating to
                      39,024 options), filed as Exhibit 10.3 to the Company's
                      Current Report on Form 8-K, dated March 9, 2000.



              *10.55  Stock Option Agreement, dated as of February 23, 2000, by
                      and between the Company and Glenn J. Rufrano (relating to
                      200,000 options), filed as Exhibit 10.4 to the Company's
                      Current Report on Form 8-K, dated March 9, 2000.



                                       36
<PAGE>   38


              *10.56  Stock Option Agreement, dated as of February 23, 2000, by
                      and between the Company and Glenn J. Rufrano (relating to
                      515,121 options), filed as Exhibit 10.5 to the Company's
                      Current Report on Form 8-K, dated March 9, 2000.



              *10.57  Recourse Promissory Note, dated February 23, 2000, made by
                      Glenn J. Rufrano in favor of the Company, filed as Exhibit
                      10.6 to the Company's Current Report on Form 8-K, dated
                      March 9, 2000.



              *10.58  Limited Recourse Promissory Note, dated February 23, 2000,
                      made by Glenn J. Rufrano in favor of the Company, filed as
                      Exhibit 10.7 to the Company's Current Report on Form 8-K,
                      dated March 9, 2000.



              *10.59  Stock Pledge Agreement, dated February 23, 2000 between
                      the Company and Glenn J. Rufrano, filed as Exhibit 10.8 to
                      the Company's Current Report on Form 8-K, dated
                      March 9, 2000.


              12      Ratio of Earnings to Fixed Charges and Preferred Stock
                      Dividends.

              21      Subsidiaries of the Registrant.

              23      Consent of PricewaterhouseCoopers LLP.

-----------------------
*Incorporated herein by reference as above indicated.

        (d)     Financial Statement Schedules. The following documents are filed
                as a part of this report:

        The response to this portion of Item 14 is submitted as a separate
section of this report.




                                       37
<PAGE>   39



                   NEW PLAN REALTY TRUST INC. AND SUBSIDIARIES

                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

<TABLE>
<CAPTION>

                                                                                          PAGE
                                                                                          ----
<S>                                                                                       <C>
1.      CONSOLIDATED STATEMENTS

    Report of Independent Accountants......................................................F-2

    Consolidated Balance Sheets
      December 31, 2000 and December 31, 1999..............................................F-3

    Consolidated Statements of Income and Comprehensive Income
      for the Years ended December 31, 2000 and December 31, 1999, the Five Months ended
      December 31, 1998 and the Year ended July 31, 1998...................................F-4

    Consolidated Statements of Changes in Shareholders' Equity for the Years ended
      December 31, 2000 and December 31, 1999, the Five Months ended December 31, 1998 and
      the Year ended July 31, 1998.........................................................F-5

    Consolidated Statements of Cash Flows for the Years ended December 31, 2000 and
      December 31, 1999, the Five Months ended December 31, 1998 and
      the Year ended July 31, 1998.........................................................F-6

    Notes to Consolidated Financial Statements.............................................F-7

2.      CONSOLIDATED FINANCIAL STATEMENT SCHEDULES:

    Schedule II - Valuation and Qualifying Accounts.......................................F-26

    Schedule III - Real Estate and Accumulated Depreciation...............................F-27

    Schedule IV - Mortgage Loans on Real Estate...........................................F-53
</TABLE>







<PAGE>   40


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholders
of New Plan Excel Realty Trust, Inc.:


        In our opinion, the consolidated financial statements listed in the
accompanying index present fairly, in all material respects, the financial
position of New Plan Excel Realty Trust, Inc. and its subsidiaries at December
31, 2000 and 1999, and the results of their operations and their cash flows for
each of the years ended December 31, 2000 and 1999, the five months ended
December 31, 1998 and the year ended July 31, 1998, in conformity with
accounting principles generally accepted in the United States of America. In
addition, in our opinion, the financial statement schedules listed in the
accompanying index present fairly, in all material respects, the information set
forth therein when read in conjunction with the related consolidated financial
statements. These financial statements and financial statement schedules are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements and financial statement schedules based on
our audits. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.


                                          PricewaterhouseCoopers LLP

New York, New York
February 23, 2001




                                      F-2
<PAGE>   41



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                     DECEMBER 31, 2000 AND DECEMBER 31, 1999
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>

ASSETS
                                                                    DECEMBER 31, 2000   DECEMBER 31, 1999
                                                                    -----------------   -----------------
<S>                                                                 <C>                 <C>
Real estate:
     Land                                                                    $532,240            $552,146
     Building and improvements                                              2,310,036           2,328,499
     Accumulated depreciation                                               (261,504)           (216,274)
                                                                            ---------           ---------
               Net real estate                                              2,580,772           2,664,371
Real Estate held for sale                                                       9,104                  --
Cash and cash equivalents                                                       1,170              10,834
Marketable securities                                                           1,531               1,190
Receivables:
     Trade, less allowance for doubtful accounts
     of $12,816 and $13,897 at December 31, 2000
     and December 31, 1999, respectively                                       43,454              30,225
     Other, net                                                                11,620              15,825
Mortgages and notes receivable                                                 58,553              59,142
Prepaid expenses and deferred charges                                           9,320              13,076
Investment in and loans to ERT Development
Corporation                                                                   170,004             150,432
Other assets                                                                    8,903               8,046
                                                                        -------------       -------------
              Total assets                                                 $2,894,431          $2,953,141
                                                                           ==========          ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
     Mortgages payable, including unamortized
     premium of $7,753 and $9,921 at December 31, 2000
     and 1999, respectively                                                  $328,803            $341,643
Notes payable, net of unamortized discount of
     $2,008 and $2,264 at December 31, 2000 and
     December 31, 1999, respectively                                          612,992             662,736
Credit facilities                                                             243,750             188,721
Capital leases                                                                 29,431              27,351
Other liabilities                                                              92,145              88,591
Tenant security deposits                                                        7,791               7,480
                                                                           ----------         -----------
               Total liabilities                                            1,314,912           1,316,522
                                                                            ---------           ---------

Minority interest in partnership                                               23,909              25,100
                                                                          -----------         -----------


Commitments and contingencies                                                      --                  --

Stockholders' equity:
    Preferred stock, Series A: $.01 par value,
       25,000 shares authorized: 4,600 shares designated
       as 8 1/2% Series A Cumulative Convertible Preferred,
       1,507 outstanding at December 31, 2000 and 1999;
       Series B: 6,300 depository shares, each representing
       1/10 of one share of 8 5/8% Series B Cumulative
       Redeemable Preferred, 630 outstanding at December 31,
       2000 and 1999; Series D: 1,500 depositary shares, each
       representing 1/10 of one share of Series D Cumulative
       Voting Step-Up Premium Rate Preferred, 150 shares
       outstanding at December 31, 2000 and 1999.                                  23                  23
    Common stock, $.01 par value, 250,000 shares
       authorized; 87,320 and 87,555 shares issued and
       outstanding as of December 31, 2000 and 1999, respectively.                873                 875
Additional paid-in capital                                                  1,695,994           1,708,186
Accumulated other comprehensive income                                            555                 214
Accumulated distribution in excess of net income                            (141,835)            (97,779)
                                                                            ---------         -----------
                 Total stockholders' equity                                 1,555,610           1,611,519
                                                                            ---------           ---------
                 Total liabilities and
stockholders' equity                                                       $2,894,431          $2,953,141
                                                                           ==========          ==========
</TABLE>


    The accompanying notes are an integral part of the consolidated financial
statements.



                                      F-3
<PAGE>   42




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
          FOR THE YEARS ENDED DECEMBER 31, 2000 AND DECEMBER 31, 1999,
    THE FIVE MONTHS ENDED DECEMBER 31, 1998 AND THE YEAR ENDED JULY 31, 1998
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>

                                       YEAR ENDED        YEAR ENDED      FIVE MONTHS ENDED       YEAR ENDED
                                       ----------        ----------      -----------------       ----------
                                  DECEMBER 31, 2000  DECEMBER 31, 1999   DECEMBER 31, 1998     JULY 31, 1998
                                  -----------------  -----------------   -----------------     -------------
<S>                                     <C>          <C>                 <C>                   <C>
Revenues:
     Rental income and related revenues    $411,263           $414,481             $150,411          $246,309
     Interest, dividend and other income     12,123             23,546                5,510             3,950
                                           --------           --------            ---------         ---------

          Total revenues                    423,386            438,027              155,921           250,259
                                            -------            -------              -------           -------

Expenses:
     Operating costs                         88,679             90,612               32,764            61,417
     Real estate and other taxes             42,319             38,929               13,456            22,850
     Interest                                92,915             81,412               27,168            36,815
     Depreciation and amortization           64,499             62,912               21,366            31,622
     Provision for doubtful accounts          4,825              6,144                2,825             4,171
     Non-recurring charge                     4,945              8,497                   --                --
     General and administrative               7,509              6,665                2,114             2,770
                                        -----------        -----------           ----------         ---------
          Total expenses                    305,691            295,171               99,693           159,645
                                        -----------        -----------           ----------         ---------

     Income before sales of real
       estate and securities, impairment
       of real estate and minority
       interest                             117,695            142,856               56,228            90,614

Gain/(loss) on sale of real estate
and securities                                9,200              7,956                   34              (41)
Impairment of real estate                   (3,620)                 --                   --                --
Minority interest in income of
partnership                                   (952)            (1,299)                (457)                --
                                        -----------        -----------           ----------         ---------
Net income before extraordinary item        122,323            149,513               55,805            90,573
Extraordinary item, early
extinguishment of debt                          758                 --                   --                --
                                        -----------        -----------           ----------         ---------
Net income                                  123,081            149,513               55,805            90,573

Other comprehensive income (loss):
   Unrealized gain (loss) on
securities for the period                       341              (512)                 (87)             (244)
                                        -----------        -----------           ----------         ---------

Comprehensive income                       $123,422           $149,001              $55,718           $90,329
                                           ========           ========              =======           =======

Net income available to common
  stock - basic                            $100,446           $126,736              $48,891           $84,723
                                           ========           ========              =======           =======
Net income available to common
  stock - diluted                          $101,398           $128,035              $49,348           $84,723
                                           ========           ========              =======           =======

Basic earnings per common share
  before extraordinary item                   $1.14              $1.43                $0.63             $1.43
                                              =====              =====                =====             =====

Diluted earnings per common share
  before extraordinary item                   $1.13              $1.42                $0.62             $1.42
                                              =====              =====                =====             =====

Basic earnings per common share
  after extraordinary item , if any           $1.15              $1.43                $0.63             $1.43
                                              =====              =====                =====             =====

Diluted earnings per common share
  after extraordinary item, if any            $1.14              $1.42                $0.62             $1.42
                                              =====              =====                =====             =====

Average shares outstanding - basic           87,608             88,662               77,481            59,365
                                             ======             ======               ======            ======

Average shares outstanding - diluted         88,951             90,440               79,396            59,774
                                             ======             ======               ======            ======
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.



                                      F-4
<PAGE>   43



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

         CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR
             THE YEARS ENDED DECEMBER 31, 2000 AND DECEMBER 31, 1999
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>


                                                            SHARES OF BENEFICIAL     ADDITIONAL
                                                            --------------------    -----------
                                                                 INTEREST/              PAID-IN
                                                                 ---------              -------
                                    PREFERRED STOCK             COMMON STOCK            CAPITAL
                                    ---------------             ------------            -------
                                   NUMBER       AMOUNT      NUMBER       AMOUNT
                                   ------       ------      ------       ------
<S>                             <C>             <C>         <C>          <C>         <C>
       Balance at July 31,
       1997                              150     $72,775       58,934     $738,011          $--
       Net income                         --          --           --           --           --
       Dividends                          --          --           --           --           --
       Dividend reinvestment              --          --          765       18,197           --
       Exercise of stock
       options                            --          --          175        3,645           --
       Unrealized holding
       gain on
          marketable
       securities                         --          --           --           --           --
                                  ----------  ----------   ----------   ----------   ----------

       Balance at July 31,
       1998                              150      72,775       59,874      759,853           --
       Net income                         --          --           --           --           --
       Dividends                          --          --           --           --           --
       Dividend reinvestment              --          --          235        4,373           --
       Merger transactions             2,755    (72,746)       28,275    (763,342)    1,735,207
       Unrealized holding
       gain on
          marketable
       securities                         --          --           --           --           --
                                  ----------  ----------   ----------   ----------   ----------

       Balance at December
       31, 1998                        2,905          29       88,384          884    1,735,207
       Net income                         --          --           --           --           --
       Dividends                          --          --           --           --           --
       Dividend reinvestment              --          --          907            9       17,155
       Exercise of stock
       options                            --          --           66            1        1,334
       Shares repurchased and
          retired                         --          --      (2,457)         (25)     (45,510)
       Conversion of
       preferred shares                (618)         (6)          655            6           --
       Unrealized holding
       loss on
         marketable securities            --          --           --           --           --
                                    --------        -----  ----------       ------         ----

       Balance at December
       31, 1999                        2,287         $23       87,555         $875   $1,708,186
       Net income                         --          --           --           --           --
       Dividends                          --          --           --           --           --
       Exercise of stock
       options                            --          --          515            5        6,595
       Shares repurchased and
          retired                         --          --        (750)          (7)     (10,784)
       Employee loans                     --          --           --           --      (8,003)
       Unrealized holding
       gain on
         marketable securities            --          --           --           --           --
                                   ---------     -------  -----------  -----------          ---

       Balance at December
       31, 2000                        2,287         $23       87,320         $873   $1,695,994
                                       =====         ===       ======         ====   ==========

<CAPTION>
                                   ACCUMULATED  ACCUMULATED
                                   -----------  -----------
                                         OTHER  DISTRIBUTIONS     TOTAL
                                         -----  -------------     -------
                                 COMPREHENSIVE   IN EXCESS OF  STOCKHOLDERS'
                                 -------------   ------------  ------------
                                        INCOME   NET INCOME       EQUITY
                                        ------   ----------       ------


<S>                             <C>            <C>            <C>
       Balance at July 31,
       1997                             $1,057    ($64,074)     $747,769
       Net income                           --       90,573       90,573
       Dividends                            --     (93,107)     (93,107)
       Dividend reinvestment                --           --       18,197
       Exercise of stock
       options                              --           --        3,645
       Unrealized holding
       gain on
          marketable
       securities                        (244)           --        (244)
                                     ---------   ----------        -----

       Balance at July 31,
       1998                                813     (66,608)      766,833
       Net income                           --       55,805       55,805
       Dividends                            --     (63,801)     (63,801)
       Dividend reinvestment                --           --        4,373
       Merger transactions                  --           --      899,119
       Unrealized holding
       gain on
          marketable
       securities                         (87)           --         (87)
                                    ----------   ----------   ----------

       Balance at December
       31, 1998                            726     (74,604)    1,662,242
       Net income                           --      149,513      149,513
       Dividends                            --    (172,688)    (172,688)
       Dividend reinvestment                --           --       17,164
       Exercise of stock
       options                              --           --        1,335
       Shares repurchased and
          retired                           --           --     (45,535)
       Conversion of
       preferred shares                     --           --           --
       Unrealized holding
       loss on
         marketable securities           (512)           --        (512)
                                      ------          -----       ------

       Balance at December
       31, 1999                           $214    ($97,779)   $1,611,519
       Net income                           --      123,081      123,081
       Dividends                            --    (167,137)    (167,137)
       Exercise of stock
       options                              --           --        6,600
       Shares repurchased and
          retired                           --           --     (10,791)
       Employee loans                       --           --      (8,003)
       Unrealized holding
       gain on
         marketable securities             341           --          341
                                           ---     --------          ---

       Balance at December
       31, 2000                            555   ($141,835)   $1,555,610
                                           ===   ==========   ==========






</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                   statements



                                      F-5
<PAGE>   44



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

               CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS
                 ENDED DECEMBER 31, 2000 AND DECEMBER 31, 1999,
    THE FIVE MONTHS ENDED DECEMBER 31, 1998 AND THE YEAR ENDED JULY 31, 1998
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                                 FIVE MONTHS
                                                                                 -----------
                                                   YEAR ENDED     YEAR ENDED       ENDED       YEAR ENDED
                                                   ----------     ----------       -----       ----------
                                                 DECEMBER 31,    DECEMBER 31,    DECEMBER 31,   JULY 31,
                                                 ------------    ------------    ------------   --------
                                                      2000           1999            1998         1998
                                                      ----           ----            ----         ----
<S>                                              <C>             <C>             <C>            <C>
 Cash flows from operating activities:
    Net income                                         $123,081       $149,513        $55,805    $90,573
    Adjustments to reconcile net income to net
     cash provided by
      Operations:
         Depreciation and amortization                   64,499         62,912         21,366     31,622
         Amortization of net premium/discount
          on mortgages and
            Notes payable                               (1,153)        (3,547)             --         --
        Amortization of deferred debt and loan
         acquisition costs                                1,035             --             --         --
        Foreign currency loss (gain)                        437          (674)             --         --
        Provision for doubtful accounts                   2,902          6,144          2,825      4,171
        (Gain)/loss on sale of real estate
         and securities, net                            (9,200)        (7,956)           (34)         41
        Minority interest in income of
         partnership                                        952          1,299            457         --
        Extraordinary item                                (758)             --             --         --
        Impairment of real estate assets                  3,620             --             --         --
        Equity in loss/(income) of affiliate             17,867          3,169          1,123         --
        Cash received in connection with the
         Merger                                              --             --          4,892         --
        Change in investment in and accrued
         interest on loans to ERT Development
         Corporation                                   (11,185)       (10,977)             --         --
 Changes in operating assets and
   liabilities, net:
        Change in trade and notes receivable           (15,125)       (12,947)        (6,673)    (6,161)
        Change in other receivables                     (3,531)        (7,739)       (13,257)         88
        Change in other liabilities                       4,646        (1,950)       (18,076)      4,161
        Change in sundry assets and
         liabilities                                      1,245       (11,392)          3,152    (2,988)
                                                       --------       --------      ---------  ---------
                    Net cash provided by
                      operating activities              179,332        165,855         51,580    121,507
                                                       --------       --------      ---------  ---------

 Cash flows from investing activities:
    Real estate acquisitions and building
     improvements                                      (33,742)       (55,719)       (34,959)  (123,036)
    Proceeds from real estate sales, net                 52,253         28,350            329       (67)
    Advances for mortgage notes receivable, net         (4,609)       (14,373)       (26,948)         --
    Loans to ERT Development Corporation               (39,324)       (28,845)             --         --
    Repayments from ERT Development Corporation          13,034             --             --         --
    Repayments of mortgage notes receivable               2,616          5,713            479      9,229
    Sales of marketable securities                           --             84             --         29
    Purchases of marketable securities                       --            (2)             --        (1)

    Purchase of minority interest                            --       (22,415)             --         --
                                                       --------       --------      ---------  ---------
                    Net cash used in investing
                      activities                       (9,772))       (87,207)       (61,099)  (113,846)
                                                       --------       --------      ---------  ---------

 Cash flows from financing activities:
    Proceeds from issuing notes                              --        224,000        135,500     50,000
    Principal payments of mortgages and notes
     payable                                          (108,877)       (98,850)      (113,427)    (3,401)
    Dividends paid                                    (167,043)      (166,443)       (28,934)   (93,107)
    Proceeds from mortgages payable                      48,000             --             --         --
    Minority interest distributions paid                (2,143)        (3,249)          (910)         --
    Issuance of common stock/beneficial
     interest                                                --             --          4,673     21,842
    Proceeds from dividend reinvestment plan                 --         17,164             --         --
    Repayment of credit facility                      (181,970)      (458,417)             --         --
    Proceeds from credit facility borrowing             237,000        446,637             --         --
    Proceeds from exercise of stock options               6,600          1,335             --         --
    Payments for the repurchase of common stock        (10,791)       (43,942)             --         --
    Repayment of loans receivable for the
     purchase of common stock                                --             --            284        508
                                                       --------       --------      ---------  ---------
                    Net cash ( used in) provided
                      by financing activities         (179,224)       (81,765)        (2,814)   (24,158)
                                                       --------       --------      ---------  ---------

                    Net increase (decrease) in
                      cash and cash equivalents         (9,664)        (3,117)       (12,333)   (16,497)

 Cash and cash equivalents at beginning of year          10,834         13,951         26,284     42,781
                                                       --------       --------      ---------  ---------

 Cash and cash equivalents at end of year                $1,170        $10,834        $13,951    $26,284
                                                         ======        =======        =======    =======
 </TABLE>

    The accompanying notes are an integral part of the consolidated financial
                                  statements.



                                      F-6
<PAGE>   45



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

ORGANIZATION

        Excel Realty Trust, Inc. ("Excel") was formed in 1985 and subsequently
reincorporated as a Maryland corporation. New Plan Realty Trust (the "Trust")
was organized in 1972 as a Massachusetts business trust. On September 28, 1998,
Excel and the Trust consummated a merger pursuant to an Agreement and Plan of
Merger dated as of May 14, 1998, as amended as of August 7, 1998 (the "Merger
Agreement"), whereby ERT Merger Sub, Inc., a wholly owned subsidiary of Excel,
was merged with and into the Trust with the Trust surviving as a wholly owned
subsidiary of Excel (the "Merger"). The Merger was approved by the stockholders
of Excel and the shareholders of the Trust at special meetings held on September
25, 1998. In connection with the consummation of the Merger, Excel changed its
name to New Plan Excel Realty Trust, Inc. (the "Company"). The Company is
operated as a self-administered, self-managed real estate investment trust
("REIT") which owns and operates residential and retail properties throughout
the United States.

CHANGE IN FISCAL YEAR

        As discussed in Note 21 below, the Merger was treated as a purchase by
the Trust of assets and liabilities of Excel using the purchase method of
accounting in the accompanying consolidated financial statements. Because the
Trust, as the accounting acquirer, had a fiscal year end of July 31, immediately
following the Merger the Company and the Trust adopted a fiscal year end of
December 31, beginning with a short fiscal year ending on December 31, 1998. The
actual results of operations for the five-month period ended December 31, 1998
include operations of Excel only from September 28, 1998 to December 31, 1998.

PRINCIPLES OF CONSOLIDATION

        The accompanying consolidated financial statements include the accounts
of the Company, its wholly owned subsidiaries and Excel Realty Partners, L.P., a
Delaware limited partnership ("ERP"). All significant intercompany transactions
and balances have been eliminated. The Company uses the equity method to account
for its investment in ERT Development Corporation ("ERT"), a Delaware
corporation (Note 6).

INCOME TAXES

        The Company has elected to be treated as a REIT under Sections 856
through 860 of the Internal Revenue Code of 1986. In order to maintain its
qualification as a REIT, among other things, as of December 31, 2000, the
Company was required to distribute at least 95% of its REIT taxable income to
its stockholders and meet certain tests regarding the nature of its income and
assets. This requirement was reduced to 90% beginning in 2001. As a REIT, the
Company is not subject to federal income tax with respect to that portion of its
income which meets certain criteria and is distributed annually to the
stockholders. Accordingly, no provision for federal income taxes is included in
the accompanying consolidated financial statements. The Company plans to
continue to operate so that it meets the requirements for taxation as a REIT.
Many of these requirements, however, are highly technical and complex. If the
Company were to fail to meet these requirements, the Company would be subject to
Federal income tax. The Company may be subject to tax by certain states that do
not recognize a Real Estate Investment Trust as a legal entity. Provision for
such taxes has been included in real estate and other taxes.

CASH EQUIVALENTS

        Cash equivalents consist of short-term, highly liquid debt instruments
with original maturities of three months or less. Items classified as cash
equivalents include insured bank certificates of deposit and commercial paper.
At times, cash balances at a limited number of banks may exceed insurable
amounts. The Company believes it mitigates its risk by investing in or through
major financial institutions.



                                      F-7
<PAGE>   46



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:

REAL ESTATE

        Land, buildings and building improvements are recorded at cost.
Depreciation is computed using the straight-line method over estimated useful
lives of 35 and 40 years for buildings and 5 to 40 years for building
improvements. Tenant improvements are depreciated using the straight-line method
over the life of the lease. Expenditures for maintenance and repairs are charged
to expense as incurred and significant renovations are capitalized.

        The Company assesses whether there has been a permanent impairment in
the value of its real estate by comparing its carrying amount to the aggregate
undiscounted future cash flows without interest charges. Such cash flows
consider factors such as expected future operating income, trends and prospects
as well as the effects of demand, competition and other economic factors. Such
market factors include a lessee's ability to pay rent under the terms of the
lease. If a property is leased at a significantly lower rent, the Company may
recognize a loss if the income stream is not sufficient to recover its
investment.


DEFERRED LEASING AND LOAN ACQUISITION COSTS

        Costs incurred in obtaining tenant leases are amortized on the
straight-line method over the terms of the related leases. Costs incurred in
obtaining long-term financing are amortized over the life of the loan and
charged to interest expense over the terms of the related debt agreements which
approximates the effective interest method.

REVENUE RECOGNITION

        Rental revenue is recognized on the straight-line basis, which averages
minimum rents over the terms of the leases. Certain of the leases provide
revenues for additional rental revenue by way of percentage rents to be paid
based upon the level of sales achieved by the lessee. These percentage rents are
recorded once the required sales level is achieved. The leases also typically
provide for tenant reimbursement of common area maintenance and other operating
expenses.

NET INCOME PER SHARE OF COMMON STOCK

        Basic earnings per share ("EPS") is computed by dividing income
available to common stockholders by the weighted average number of common shares
outstanding for the period. Diluted EPS is computed giving effect to all
dilutive potential common shares that were outstanding during the period.
Dilutive potential common shares consist of the incremental common shares
issuable upon the conversion of convertible preferred stock (using the "if
converted" method), exercise of stock options and upon conversion of ERP limited
partnership interests for all periods.

USE OF ESTIMATES

        The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the period. Actual results could differ from those estimates.
The most significant assumptions and estimates relate to depreciable lives,
impairments of real estate, the recovery of mortgage notes and trade accounts
receivables and recovery of the Company's interest in ERT.

RECLASSIFICATIONS

        Certain amounts in prior years have been reclassified to conform to the
classification used in 2000.




                                      F-8
<PAGE>   47




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


2.      RECENTLY ISSUED ACCOUNTING STANDARDS

DISCLOSURES UNDER SFAS NO. 133:

        The Company adopted SFAS No. 133/138, Accounting for Derivative
 Instruments and Hedging Activities, effective January 1, 2001. This new
 accounting standard requires companies to carry all derivative instruments,
 including certain embedded derivatives, in the statement of financial condition
 at fair value. The accounting for changes in the fair value of a derivative
 instrument depends on whether it has been designated and qualifies as part of a
 hedging relationship and, if so, on the reason for holding it. The Company uses
 only qualifying hedges that are designated specifically to reduce exposure to
 interest rate risk by locking in the expected future cash payments on certain
 liabilities. This is typically accomplished using an interest rate swap. For
 financial reporting purposes, the gain or loss on the interest rate swap is
 recorded as a component of equity.

        In connection with the adoption of SFAS No. 133/138 in January 2001, the
Company will record a net transition adjustment of $2.124 million in accumulated
other comprehensive income (equity) at that time. Adoption of the standard also
resulted in the Company recognizing $2.124 million of derivative instrument
liabilities. In general, the amount of volatility will vary with the level of
derivative activities during any period.


3.     MARKETABLE SECURITIES:

        The Company has classified all investments in equity securities as
 available-for-sale. All investments are recorded at current market value with
 an offsetting adjustment to stockholders' equity (in thousands):

<TABLE>
<CAPTION>
                                                                 DECEMBER 31, 2000   DECEMBER 31, 1999
                                                                 -----------------   -----------------
<S>                                                              <C>                 <C>
      Cost basis                                                             $ 976               $ 976
      Unrealized holding gains                                                 555                 214
                                                                            ------             -------
      Fair value                                                            $1,531              $1,190
                                                                            ======              ======
</TABLE>

      The weighted average method is used to determine realized gain or
   loss on securities sold. The fair value of marketable securities is based
   upon quoted market prices as of December 31, 2000 and 1999.




                                      F-9
<PAGE>   48



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

4.    MORTGAGES, NOTES AND OTHER RECEIVABLES:

           The Company had the following mortgages and notes receivable (in
thousands):

<TABLE>
<CAPTION>
                                                                     DECEMBER 31, 2000      DECEMBER 31, 1999
                                                                     -----------------      -----------------
<S>                                                                  <C>                    <C>
      Notes from development companies, monthly interest from 11%
         to 12% per annum.  Maturity dates vary depending upon the
         completion or sale of certain properties.                           $34,344           $33,334
      Note from a development company, effective interest rate of
         10%, payable in Canadian dollars.  Due May 2003.                      9,477            11,113
      Purchase money first mortgages, interest at 7.2% to 10%.
         Due 2000 to 2003.                                                    12,121            10,738
      Leasehold mortgages, interest at 10% to 12%.   Due 2008.                 2,311             2,650
      Other                                                                      300             1,307
                                                                          ----------         ---------
                        Total                                                $58,553           $59,142
                                                                             =======           =======

</TABLE>

               The Company has notes receivable in the total amount of Canadian
        $14,178,550 and Canadian $16,050,000 at December 31, 2000 and 1999,
        respectively (US$9,477,000 and US$11,113,000 at December 31, 2000 and
        1999, respectively) from a Canadian company which used the proceeds to
        acquire a 50% joint venture interest in a mixed-use commercial building
        known as "Atrium on the Bay", and an adjacent building in Toronto,
        Canada. The loan is collateralized by the Canadian company's interest in
        the joint venture. During 2000 Canadian $10,000,000 (US$6,407,000) was
        repaid to the Company. Of this amount, US$5,208,000 was applied to
        accrued interest and US$1,199,000 was applied to the principal balance.

           The Company established $43,646,000 in credit facilities to certain
        developers. The total outstanding amounts on the credit facilities of
        $34,344,000 carry interest at 11% to 12% and are payable on the earlier
        of the sale of real estate or 2004.

           At December 31, 2000 and 1999, $9,759,000 and $9,663,000,
        respectively, of the other receivables on the accompanying balance sheet
        represents interest and dividends receivable, most of which represents
        interest receivable related to notes from development companies. The
        Company has assessed its ability to collect these receivables and
        expects to realize interest and principal in accordance with the terms
        of the notes.

5.      EXCEL REALTY PARTNERS, L.P.:

           In 1995, ERP, a consolidated entity, was formed to own and manage
        certain real estate properties. A wholly owned subsidiary of the Company
        is the sole general partner of ERP and is entitled to receive 99% of all
        net income and gains before depreciation, if any, after the limited
        partners receive their net income and gain allocations. Properties have
        been contributed to ERP in exchange for limited partnership units (which
        may be redeemed at stipulated prices for cash or the issuance of the
        Company common shares at the Company's option), cash and the assumption
        of mortgage debt. These units can convert to Company shares at exchange
        ratios from 1.0 to 1.4 Company shares for each unit. At both December
        31, 2000 and 1999, there were approximately 3,256,000 limited partner
        units outstanding of which the Company owned approximately 2,164,000
        units. During 2000 the Company did not acquire any additional units.
        During 1999, the Company acquired an additional 634,000 units for $22.4
        million in cash.



                                      F-10
<PAGE>   49



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

6.            ERT DEVELOPMENT CORPORATION:

           In 1995, ERT was organized to finance, acquire, develop, hold and
        sell real estate in the short-term for capital gains and/or to receive
        fee income. The Company owns 100% of the outstanding preferred shares of
        ERT. An officer and director of the Company owns all the common shares.
        The preferred shares are entitled to receive 95% of dividends, if any,
        and bears 100% of the losses. Cash requirements to facilitate ERT's
        transactions have primarily been obtained through borrowings from the
        Company.

           Investment in and loans to ERT are comprised of the following (in
           thousands):

<TABLE>
<CAPTION>
                                                                     DECEMBER 31, 2000    DECEMBER 31, 1999
                                                                     -----------------    -----------------
<S>                                                                  <C>                  <C>
        Investment                                                          ($13,641)           $4,226
        Uncollateralized loans and accounts receivable                         69,393          129,791
        Collateralized Loans receivable                                        85,724               --
        Accrued interest                                                       28,528           16,415
                                                                             --------        ---------
                                                                             $170,004         $150,432
                                                                             ========        =========
</TABLE>

           Interest and principal payments from ERT are primarily received upon
        the completion of development projects. Interest receivable from ERT was
        $28.5 million and $16.4 million at December 31, 2000 and 1999,
        respectively. Interest income recognized by the Company was $18.5
        million and $14.8 million in 2000 and 1999, respectively and $2.8
        million in the three months ended December 31, 1998.

                For the twelve months ended December 31, 2000 and 1999, the
        equity in the losses of ERT recorded by the Company was ($17.9 million)
        and ($3.2 million), respectively and ($1.1 million) in the three months
        ended December 31, 1998.

                Summary unaudited financial information for ERT is as follows
                (in thousands).

<TABLE>
<CAPTION>
                                                                        DECEMBER 31, 2000    DECEMBER 31, 1999
                                                                        -----------------    -----------------
<S>                                                                     <C>                  <C>
        CONDENSED BALANCE SHEETS
          Mortgages, notes and interest receivable from developers,
             December 31, 2000 and 1999 interest at 10% to 12%                $61,339          $40,074
          Real estate and other assets, net of depreciation                   202,153          205,568
                                                                              -------          -------
             Total Assets                                                    $263,492         $245,642
                                                                             ========         ========

          Notes and accounts payable to New Plan Excel Realty
           Trust, Inc.                                                       $155,118         $128,903
          Accrued interest payable to New Plan Excel Realty Trust,
           Inc.                                                                28,528           16,415
          Mortgages, construction and land loans                               83,650           84,013
          Other liabilities                                                     9,837           12,085
                                                                             --------         --------
             Total liabilities                                                277,133          241,416
          Total stockholders' equity                                         (13,641)            4,226
                                                                             --------         --------
             Total liabilities and stockholders' equity                      $263,492         $245,642
                                                                             ========         ========
</TABLE>



                                      F-11
<PAGE>   50



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

6.          ERT DEVELOPMENT CORPORATION, CONTINUED:

<TABLE>
<CAPTION>
                                                      YEAR ENDED          YEAR ENDED  THREE MONTHS ENDED
                                                      ----------          ----------  ------------------
                                               DECEMBER 31, 2000   DECEMBER 31, 1999   DECEMBER 31, 1998
                                               -----------------   -----------------   -----------------
                                                                                             SEE NOTE 21
                                                                                             -----------
<S>                                            <C>                 <C>                 <C>
        CONDENSED STATEMENTS OF INCOME

        Revenues                                         $27,060          $20,107              $2,019
        Interest expense to New Plan Excel
        Realty Trust,
           Inc.                                         (18,499)         (14,842)             (2,764)
        Other expenses                                  (26,428)          (8,434)               (378)
                                                        --------          -------            --------
                  Net loss                             ($17,867)         ($3,169)            ($1,123)
                                                       =========         ========            ========
</TABLE>

             Pointe Orlando Development Company, which has been consolidated
        with ERT since October 1, 1999, has a term loan which had a balance of
        $78.5 million at December 31, 2000 of which $15.0 million was guaranteed
        by the Company. At December 31, 1999 Pointe Orlando had outstanding
        construction and land loans totaling $84.0 million of which $35.0
        million was guaranteed by the Company. ERT has an investment in joint
        venture partnerships related to a retail development project in Frisco,
        Texas (The Centre at Preston Ridge). The Company has guaranteed $33.7
        million of the loans on this project, which had outstanding balances,
        related to the guarantees, in the aggregate of $33.7 million at December
        31, 2000. The Company initially had guaranteed $68.0 million of the
        loans on the project, of which $58.6 million was outstanding at December
        31, 1999. The Company also has guaranteed that ERT will provide
        additional funding for the project, which guarantee now totals
        approximately $4.2 million. This guarantee is reduced commensurately as
        the funds are provided. In addition, the Company has guaranteed $1.3
        million of the outstanding debt on an ERT retail development project,
        Vail Ranch II, in Temecula, California, all of which was outstanding at
        December 31, 2000.

             ERT accounts for its investments in Preston Ridge and Vail Ranch II
        using the equity method. As of December 31, 2000, the equity in the
        profits (losses) of these investments recorded by ERT was $459,500 and
        ($147,000), respectively.

             On October 2, 2000 ERT acquired ownership of two properties, Annie
        Land Plaza and New Market Shopping Center, from Wilton Partners, in
        exchange for notes and interest receivable due to ERT. In connection
        with the acquisition, ERT assumed mortgages on the properties in the
        amounts of $2,390,708 for Annie Land Plaza and $2,802,612 for New Market
        Shopping Center. The Company has guaranteed 100% of Annie Land Plaza's
        outstanding mortgage balance and 25% of New Market Shopping Center's
        outstanding mortgage balance. These guarantees amounted to $2,380,000
        and $699,000, respectively, at December 31, 2000.

             In addition, during 2000, Wilton Partners repaid in full to ERT
        approximately $11.0 million of notes receivable and accrued and
        contingent interest. ERT paid approximately $1.2 million to Wilton
        Partners to acquire all of its management, development and ownership
        interests and rights in and to The Mall at 163rd Street.

7.      MORTGAGES PAYABLE:

             Mortgages are collateralized by real estate and an assignment of
        rents. As of December 31, 2000, mortgages payable bear interest at rates
        ranging from 3.7% to 10.75%, having a weighted average of 7.9% per annum
        and maturity dates from 2001 to 2029. The principal payments required to
        be made on mortgages payable (excluding $7,753 of unamortized premiums,
        net of unamortized discounts) are as follows (in thousands):

<TABLE>
<CAPTION>
               YEAR
               ----
<S>                                                     <C>
               2001                                        $43,007
               2002                                         37,262
               2003                                         34,960
               2004                                          7,372
               2005                                         50,754
               Thereafter                                  147,695
                                                          --------
                                                          $321,050
                                                          ========
</TABLE>


                                      F-12
<PAGE>   51





               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

8.    CREDIT FACILITIES:

        The Company has two revolving credit facilities with The Bank of New
    York, each of which provides for $122.5 million in uncollateralized advances
    from a group of banks. One facility ("Facility #1") expires in November
    2001. The other facility ("Facility #2") expires in November 2002. As of
    December 31, 2000, the Company had outstanding under Facility #1, $46.250
    million which bears interest at LIBOR plus 72.5 basis points and $122.5
    million outstanding under Facility #2 which currently bears interest at
    LIBOR plus 67.5 basis points. The covenants of these credit facilities
    include maintaining certain ratios such as liabilities to assets of less
    than 50% and maintaining a minimum unencumbered assets coverage ratio of 2
    to 1. In addition, the Company has a $75.0 million term loan facility with
    Fleet National Bank, all of which was outstanding as of December 31, 2000.
    Loans drawn under this facility were scheduled to mature on March 5, 2001,
    and accrue interest at LIBOR plus 90 basis points (based on the Company's
    credit rating). The loan has been extended to April 14, 2001. It is
    anticipated that the loan will be increased to $100 million with a maturity
    date in November 2002. The term loan agreement prepared in connection with
    the facility contains covenants substantially similar to those included in
    the two credit facilities of the Company with The Bank of New York.

         On October 11, 2000, the Company entered into a two-year swap agreement
    with Fleet National Bank relating to $125 million of the Company's variable
    rate debt. The agreement effectively fixes the annual interest rate of this
    debt at a base rate of 6.67% plus applicable spreads associated with the
    Company's variable rate credit facilities.

9.             NOTES PAYABLE (IN THOUSANDS):

        <TABLE>
        <CAPTION>
        DESCRIPTION                              FACE AMOUNT   DUE DATE   DECEMBER 31,   DECEMBER 31,
        -----------                              -----------   --------   ------------   ------------
                                                                                  2000           1999
                                                                                  ----           ----
<S>                                              <C>           <C>        <C>            <C>
        7.75% Senior notes, effective interest
        rate 7.95%,
          net of unamortized discount;
        December 31, 2000
          and 1999 - $670 and $806;
        respectively                                $100,000        2005        99,330       $99,194
        6.80% Senior unsecured notes,
        effective interest
          rate 6.87%, net of unamortized
        discount;
          December 31, 2000 and 1999 - $92 and
        $136;
          respectively                                81,000        2002        80,908        80,864
        6.875% Senior unsecured notes,
        effective interest
           rate 6.982%                                75,000        2004        75,000        75,000
        7.97% unsecured notes                         10,000        2026        10,000        10,000
        7.65% unsecured notes                         25,000        2026        25,000        25,000
        7.68% unsecured notes                         20,000        2026        20,000        20,000
        Variable rate unsecured notes (LIBOR
        +10 bp)                                       40,000        2000            --        40,000
        7.35% unsecured notes                         30,000        2007        30,000        30,000
        6.9% unsecured notes                          50,000        2028        50,000        50,000
        Variable rate unsecured notes (LIBOR
        +5 bp)                                        10,000        2000            --        10,000
        7.4% unsecured notes                         150,000        2009       149,607       149,565
        7.5% unsecured notes                          25,000        2029        24,147        24,113
        7.33% unsecured notes                         49,000        2003        49,000        49,000
                                                                            ----------    ----------
                    Total                                                     $612,992      $662,736
                                                                              ========      ========
</TABLE>




                                      F-13
<PAGE>   52



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

9.      NOTES PAYABLE (IN THOUSANDS) CONTINUED:

          The Notes are uncollateralized and subordinate to mortgages payable
        and rank equally with debt under the revolving credit facilities. Where
        applicable, the discount is being amortized over the life of the
        respective Notes using the effective interest method. Interest is
        payable semi-annually or quarterly and the principal is due at maturity.
        Among other restrictive covenants, there is a restrictive covenant that
        limits the amount of total indebtedness to 65% of total assets. The
        principal payments (excluding $2,008 of unamortized discount) required
        to be made on notes payable are as follows (in thousands):

<TABLE>
<CAPTION>
                           YEAR
                           ----
<S>                                                             <C>
                           2001                                     $    --
                           2002                                      81,000
                           2003                                      49,000
                           2004                                      75,000
                           2005                                     100,000
                           Thereafter                               310,000
                                                                   --------
                                                                   $615,000
                                                                   ========
</TABLE>

10.     CAPITAL LEASES:

          The Company owns a leasehold interest in three shopping centers in
        California ("Master Leased Centers"). The term of the leases is
        thirty-four years. The leases bear interest at a rate of 7.5%. In
        addition, the Company has purchased the option to acquire fee title to
        the Master Leased Centers, exercisable at various times during the terms
        of the respective leases but subordinate to certain rights of the owner
        to sell the property. The owner of one of the Master Leased Centers has
        the option to require the Company to purchase the property after the
        occurrence of certain events. The payments required to be made on master
        leases are as follows (in thousands):

<TABLE>
<CAPTION>
                           YEAR
                           ----
<S>                                                               <C>
                           2001                                      $2,459
                           2002                                       2,459
                           2003                                       2,459
                           2004                                       2,459
                           2005                                       2,459
                           Thereafter                                62,695
                                                                     ------
                                                                    $74,990
                           Interest                                (45,559)
                                                                   --------
                                                                    $29,431
                                                                   ========
</TABLE>

11.       OTHER LIABILITIES:

                  Comprised of the following (in thousands):
<TABLE>
<CAPTION>
                                                                    DECEMBER 31, 2000    DECEMBER 31, 1999
                                                                    -----------------    -----------------
<S>                                                                 <C>                  <C>
        Property and other taxes payable                                      $15,895          $13,385
        Interest payable                                                       11,600           11,965
        Accounts payable                                                        6,778            6,935
        Dividend payable                                                       41,694           41,599
        Accrued construction costs                                              2,853            1,936
        Deferred rent expense and rents
        received in advance                                                     1,755            1,523
        Amounts due seller of property                                          1,021            1,365
        Accrued professional and personnel costs                                4,936            3,805
        Acquisition costs                                                         370              235
        Other                                                                   5,243            5,843
                                                                             --------         --------
                  Total                                                       $92,145          $88,591
                                                                              =======          =======
</TABLE>



                                      F-14
<PAGE>   53




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


12.            ENVIRONMENTAL MATTERS:

                Under various federal, state and local laws, ordinances and
        regulations, the Company may be considered an owner or operator of real
        property or may have arranged for the disposal or treatment of hazardous
        or toxic substances and, therefore, may become liable for the costs of
        removal or remediation of certain hazardous substances released on or in
        its property or disposed of by it, as well as certain other potential
        costs which could relate to hazardous or toxic substances (including
        governmental fines and injuries to persons and property). Such liability
        may be imposed whether or not the Company knew of, or was responsible
        for, the presence of such hazardous or toxic substances. Except as
        discussed below, the Company is not aware of any significant
        environmental condition at any of its properties.

                Soil and groundwater contamination exists at certain of the
        Company's properties. The primary contaminants of concern at these
        properties include perchloroethylene and trichloroethelyne (associated
        with the operations of on-site dry cleaners) and petroleum hydrocarbons
        (associated with the operations of on-site gasoline facilities). The
        Company currently estimates that the total remaining cost of remediation
        of environmental conditions for these properties will be in the range of
        approximately $1 million to $3 million, although there can be no
        assurance that this range of estimates will prove accurate. In
        connection with certain of these properties, the Company has entered
        into remediation and indemnity agreements, which obligate the prior
        owners of certain of the properties (including in some cases, principals
        of the prior owners) to perform the remediation and to indemnify the
        Company for any losses the Company may suffer because of the
        contamination or remediation. There can be no assurance that the
        remediation estimates of the Company will prove accurate or that the
        prior owners will perform their obligations under these agreements,
        although in certain cases funds have been set aside with respect to the
        performance under these agreements. In connection with certain other
        properties, the former tenants at the properties are in the process of
        performing the necessary remediation, although there can be no assurance
        that such remediation will be satisfactory. In connection with certain
        additional properties, the Company has assumed the obligation to perform
        the necessary remediation in connection with the Company's purchase of
        the properties. In addition to the environmental conditions discussed
        above, asbestos minerals (associated with spray applied fireproofing
        materials) exist at certain of the Company's properties. The Company
        currently estimates that the total cost of abatement of asbestos
        minerals at these properties would be approximately $3.2 million,
        although there can be no assurance that this estimate will prove
        accurate. The Company does not expect the environmental conditions at
        its properties, considered as a whole, to have a material adverse effect
        on the Company. Included in other liabilities in the Company's
        Consolidated Balance Sheet at December 31, 2000 is $3.2 million related
        to the clean-up of certain asbestos minerals.





                                      F-15
<PAGE>   54





               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

13.     LEASE AGREEMENTS:

                The Company has entered into leases, as lessee, in connection
        with ground leases for shopping centers which it operates, an office
        building which it sublets and administrative office space for the
        Company. These leases are accounted for as operating leases. The minimum
        annual rental commitments during the next five fiscal years and
        thereafter are approximately as follows (in thousands):

<TABLE>
<CAPTION>
                 YEAR
                 ----
<S>                                             <C>
                  2001                               1,278
                  2002                               1,218
                  2003                               1,409
                  2004                               1,146
                  2005                               1,152
                  Thereafter
                                                     10,107
                                                     ------
                                                    $16,310
                                                   ========
</TABLE>

               For the years ended December 31, 2000 and July 31, 1998, the
        leases for office space included contingent rentals for real estate tax
        escalations and operating expenses in the amount of $0.21 million and
        $0.10 million, respectively. There were no contingent rentals for the
        twelve months ended December 31, 1999 or the five months ended December
        31, 1998. In addition, ground leases provide for fixed rent escalations
        and renewal options.

14.     STOCKHOLDERS' EQUITY:

        PREFERRED STOCK

               Holders of the 8 1/2% Series A Cumulative Convertible Preferred
        Stock (the "Preferred A Shares") are entitled to an annual distribution
        of $2.125 per share and are convertible into common shares at a price of
        $20.10 per share. The Preferred A Shares rank senior to the Company's
        common stock and are on a parity with the other preferred shares with
        respect to the payment of dividends and amounts payable upon
        liquidation, dissolution or winding down of the Company.

               The Company has outstanding 6,300,000 depositary shares each
        representing 1/10 of a share of 8 5/8% Series B Cumulative Redeemable
        Preferred Stock (the "Preferred B Shares"). Holders of the Preferred B
        Shares are entitled to an annual dividend equal to $2.15625, payable
        quarterly.

               The Company also has 1,500,000 depositary shares outstanding,
        each representing a 1/10 fractional interest in a share of 7.8% Series D
        Cumulative Voting Step-Up Premium Rate Preferred Stock (the "Preferred D
        Shares"), which are redeemable at the option of the Company on or after
        June 2007 at a liquidation preference of $500 per share. The Preferred D
        Shares pay dividends quarterly at the rate of 7.8% of the liquidation
        preference per annum through September 2012 and at the rate of 9.8% of
        the liquidation preference per annum thereafter.




                                      F-16
<PAGE>   55






               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

14.     STOCKHOLDERS' EQUITY, CONTINUED:

        OPTIONS

               The Company has two active stock option plans (the "Plans") and
        five option plans under which grants are no longer made. Pursuant to the
        seven plans, options have been granted to purchase shares of common
        stock of the Company (the "Shares") to officers, directors, and certain
        key employees of the Company. The two active plans are: the 1993
        Employee Plan (the "1993 Plan") and the 1994 Directors Plan (the "1994
        Plan"). The exercise price of a share pursuant to each of the Plans is
        required to be no less than the fair market value of a share on the date
        of grant. The vesting schedule for the 1993 Plan is determined at the
        time of grant by the option committee and the grants under the 1994 Plan
        vest 100% at the grant date. As of December 31, 2000, approximately 1.9
        million option shares are available for grant under the 1993 Plan. The
        total available for future grant is approximately 1.8 million option
        shares plus an aggregate amount equal to 2% of the total number of
        issued and outstanding shares of common stock as of December 31, 2001.
        As of December 31, 2000, approximately 147,000 option shares were
        available for grant under the 1994 Plan. The options outstanding at
        December 31, 2000 had exercise prices from $12.81 to $25.25 and a
        weighted average remaining contractual life of 4.2 years. The total
        option shares under all seven plans exercisable at December 31, 2000 is
        approximately 3.4 million.

               Stock option and warrant activity are summarized as follows:
<TABLE>
<CAPTION>

                                                                                          WEIGHTED
                                                                         OPTION            AVERAGE
                                                                         ------         EXERCISE PRICE
                                                                         SHARES           PER SHARE
                                                                         ------           ---------
<S>                                                                     <C>             <C>
        Outstanding at July 31, 1997                                    2,513,200
        Granted                                                         1,450,250           $24.08
        Exercised or forfeited                                          (387,500)           $21.97
                                                                        ---------

        Outstanding at July 31, 1998                                    3,575,950
        Balance from Excel at date of Merger                            2,315,842           $19.71
        Granted                                                           135,500           $20.62
        Exercised or forfeited                                           (81,402)           $21.58
                                                                      -----------

        Outstanding at December 31, 1998                                5,945,890
        Granted                                                           633,000           $19.92
        Exercised or forfeited                                        (1,338,662)           $17.27
                                                                      -----------

        Outstanding at December 31, 1999                                5,240,228
        Granted                                                         1,992,621           $12.98
        Exercised or forfeited                                        (1,530,141)           $18.16
                                                                      -----------
        Outstanding at December 31, 2000                                5,702,708           $19.53
                                                                        =========

        Options exercisable at December 31, 2000                        3,417,907           $21.06
                                                                        =========
</TABLE>




                                      F-17
<PAGE>   56




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

14.     STOCKHOLDERS' EQUITY, CONTINUED:

                SFAS No. 123, Accounting for Stock-Based Compensation, requires
        either the recording or disclosure of compensation cost for stock-based
        employee compensation plans at fair value. The Company has adopted the
        disclosure-only provisions of SFAS No. 123. Accordingly, no compensation
        costs have been recognized by the Company.

                Had compensation cost for the Company's stock option plans been
        recognized based on the fair value at the grant date for awards
        consistent with the provisions of SFAS No. 123, the Company's net income
        in the year ended December 31, 2000 would have been reduced by
        $2,050,000 from $123,081,000 to $121,031,000 ($1.12 per share - basic
        and diluted). In the year ended December 31, 1999, net income would have
        been reduced by $1,160,000 from $149,513,000 to $148,353,000 ($1.42 per
        share - basic and $1.40 per share - diluted). In the five months ended
        December 31, 1998 net income would have been reduced by $677,000 from
        $55,805,000 to $55,128,000 ($0.62 per share - basic and $0.61 per share
        - diluted). In the year ended July 31, 1998, net income would have been
        reduced by $6,425,000, from $90,573,000 to $84,148,000 ($1.41 per share
        - basic and diluted).

                The fair value of each option grant is estimated on the date of
        grant using the Black-Scholes option-pricing model with the following
        weighted-average assumptions used for grants in the five months ended
        December 31, 1998, and each of the three years ended December 31, 2000
        and December 31, 1999 and July 31, 1998, respectively: dividend yield of
        6.70%, 8.26%, 6.14%, and 6.12%, respectively; expected volatility of
        19.51%, 22.15%, 20.99% and 18.25%, respectively; risk-free interest rate
        of 4.93%, 6.68%, 5.57% and 5.87%, respectively; and expected life of 5.2
        years, 4.6 years, 4.6 years and 6.5 years, respectively. The per share
        weighted average fair value at the dates of grant for options awarded
        for the above periods was $2.04, $1.31, $1.47 and $2.78, respectively.

        DIVIDENDS PAID AND PAYABLE

<TABLE>
<S>                                                                                                   <C>
                     Dividends declared in 1999, paid in 2000                                           $41,599
                     Dividends declared in 2000, paid in 2000                                          $125,443
                     Dividends declared in 2000, payable in 2001                                        $41,694
</TABLE>


        DIVIDEND REINVESTMENT PLAN

        The Company has a Dividend Reinvestment and Share Purchase Plan (the
        "Plan") whereby shareholders may invest cash distributions and make
        optional cash payments to purchase shares of the Company. The additional
        shares will be purchased in the open market.






                                      F-18
<PAGE>   57



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

14.     STOCKHOLDERS' EQUITY, CONTINUED:

        EARNINGS PER SHARE (EPS)

             In accordance with the disclosure requirements of SFAS No. 128
        (Note 1), a reconciliation of the numerator and denominator of basic and
        diluted EPS is provided as follows (in thousands, except per share
        amounts):

<TABLE>
<CAPTION>
                                                                            FIVE MONTHS
                                                     YEARS ENDED               ENDED        YEAR ENDED
                                               DECEMBER    DECEMBER 31,     DECEMBER 31,     JULY 31,
                                               --------    ------------     ------------     --------
                                               31, 2000        1999             1998           1998
                                               --------        ----             ----           ----
<S>                                            <C>         <C>              <C>             <C>
BASIC EPS
  NUMERATOR:
    Net income before extraordinary item         $122,323       $149,513           $55,805      $90,573
    Preferred dividends                          (22,635)       (22,777)           (6,914)      (5,850)
                                               ----------     ----------          --------     --------
    Net income available to common shares
      - basic before extraordinary item           $99,688       $126,736           $48,891      $84,723

    Extraordinary item                                758             --                --           --
                                               ----------     ----------          --------     --------
Net income available to common shares -
    basic after extraordinary item               $100,446       $126,736           $48,891      $84,723
                                                 ========       ========           =======      =======

  DENOMINATOR:
    Weighted average of common shares
      outstanding                                  87,608         88,662            77,481       59,365
                                                   ======         ======            ======       ======

  EARNINGS PER SHARE:
  Earnings per share before extraordinary
    item                                            $1.14          $1.43             $0.63        $1.43
                                                    =====          =====             =====        =====
  Earnings per share after extraordinary
    item, if any                                    $1.15          $1.43             $0.63        $1.43
                                                    =====          =====             =====        =====

DILUTED EPS
  NUMERATOR:
    Net income before extraordinary item         $122,323       $149,513           $55,805      $90,573
    Preferred dividends                          (22,635)       (22,777)           (6,914)      (5,850)
    Minority interest                                 952          1,299               457           --
                                               ----------     ----------          --------     --------
    Net income available to common shares
      - diluted before extraordinary item        $100,640       $128,035           $49,348      $84,723

    Extraordinary item                                758             --                --           --
                                               ----------     ----------          --------     --------
    Net income available to common shares
      - diluted after extraordinary item         $101,398       $128,035           $49,348      $84,723
                                                 ========       ========           =======      =======

  DENOMINATOR:
    Weighted average of common shares
     outstanding                                   87,608         88,662            77,481       59,365
    Effect of diluted securities:
      Common stock options                            108             22               594          409
      Excel Realty Partners, L.P. third
       party units                                  1,235          1,756             1,321           --
                                               ----------     ----------          --------     --------
                                                   88,951         90,440            79,396       59,774
                                                   ======         ======            ======       ======
EARNINGS PER SHARE:
Earnings per share before extraordinary
    item                                            $1.13          $1.42             $0.62        $1.42
                                                    =====          =====             =====        =====
Earnings per share after extraordinary
    item, if any                                    $1.14          $1.42             $0.62        $1.42
                                                    =====          =====             =====        =====
</TABLE>

Preferred A shares are anti-dilutive for earnings per share calculations.



                                      F-19
<PAGE>   58



               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

 15.    STATEMENT OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE:

                During the year ended December 31, 2000, the Company did not
        assume any mortgages payable. In the five months ended December 31, 1998
        and the years ended December 31, 1999 and July 31, 1998, the Company
        acquired properties by assuming mortgages payable of $4,730,000,
        $5,357,000 and $51,900,000, respectively. In addition, in connection
        with the purchase of a certain property in April 1999, the seller was
        issued partnership units in Excel Realty Partners, L.P. valued at
        $770,000. Moreover, in connection with the purchase of partnership units
        in Excel Realty Partners, L.P. in August 1999, $8.0 million in excess of
        minority interest has been included in real estate. The amounts paid for
        interest for the five months ended December 31, 1998 and the years ended
        December 31, 2000 and 1999 and July 31, 1998 were $33,061,000,
        $93,839,000, $84,163,000 and $34,876,000, respectively. State and local
        income taxes paid for the five months ended December 31, 1998 and the
        years ended December 31, 2000 and 1999 and July 31, 1998 were $100,000,
        $897,000, $352,000, and $156,000, respectively. The Company accrued
        $490,000 as of December 31, 2000 in order to repurchase the Company's
        common stock.

16.     FINANCIAL INSTRUMENTS:

                The following fair value disclosure was determined by the
        Company, using available market information and discounted cash flow
        analyses as of December 31, 2000 and 1999, respectively. The discount
        rate used in calculating fair value is the sum of the current risk free
        rate and the risk premium on the date of acquiring the instruments.
        Considerable judgment is necessary to interpret market data and to
        develop the related estimates of fair value. Accordingly, the estimates
        presented are not necessarily indicative of the amounts that the Company
        could realize upon disposition. The use of different estimation
        methodologies may have a material effect on the estimated fair value
        amounts. The Company believes that the carrying amounts reflected in the
        Consolidated Balance Sheets at December 31, 2000 and 1999 approximate
        the fair values for cash and cash equivalents, marketable securities,
        receivables and other liabilities. The following are financial
        instruments for which Company estimates of fair value differ from
        carrying amounts (in thousands):
<TABLE>
<CAPTION>
                                                   DECEMBER 31, 2000       DECEMBER 31, 1999
                                                   -----------------       -----------------
                                                 CARRYING       FAIR      CARRYING      FAIR
                                                 --------       ----      --------      ----
                                                  AMOUNTS      VALUE       AMOUNTS      VALUE
                                                  -------      -----       -------      -----
<S>                                             <C>           <C>        <C>            <C>
        Mortgages and notes receivable
        including
           advances to ERT                         $213,746    $215,278     $188,045   $189,737
        Mortgages payable                           328,803     331,382      341,643    342,757
        Notes payable                               612,992     653,860      662,736    691,501
        Credit facilities                           243,750     243,616      188,721    190,289
</TABLE>

17.     FUTURE MINIMUM ANNUAL BASE RENTS:

               Future minimum annual base rental revenue for the next five years
        for the commercial real estate owned at December 31, 2000 and subject to
        noncancelable operating leases is as follows (in thousands):

<TABLE>
<CAPTION>
                      YEAR
                      ----
<S>                                               <C>
                      2001                          $254,308
                      2002                           228,876
                      2003                           203,017
                      2004                           177,103
                      2005                           156,157
                      Thereafter                     931,958
</TABLE>

                The above table assumes that all leases which expire are not
        renewed and tenant renewal options are not exercised, therefore neither
        renewal rentals nor rentals from replacement tenants are included.
        Future minimum annual base rentals do not include contingent rentals,
        which may be received under certain leases on the basis of percentage of
        reported tenants' sales volume, increases in consumer price indices,
        common area maintenance charges and real estate tax reimbursements.
        Contingent rentals for the five months ended December 31, 1998 and for
        the years ended December 31, 2000 and 1999 and July 31, 1998 amounted to
        approximately $15,549, $62,447, $59,581 and $34,421, respectively.




                                      F-20
<PAGE>   59







               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

18.     RETIREMENT PLAN:

                The Company has a Retirement and 401(k) Savings Plan (the
        "Savings Plan") covering most of the officers and employees of the
        Company. Participants in the Savings Plan may elect to contribute a
        portion of their earnings to the Savings Plan and the Company makes a
        matching contribution to the Savings Plan to a maximum of 3% of the
        employee's eligible compensation. For the five months ended December 31,
        1998 and the years ended December 31, 2000 and 1999 and July 31, 1998,
        the Company's expense for the Savings Plan was $205,000, $147,000,
        $607,000 and $317,000, respectively.

19.     SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):

         Summarized quarterly financial data is as follows (in thousands, except
     per share amounts):

<TABLE>
<CAPTION>
                                                                      NET INCOME     NET INCOME
                                                                             PER            PER
                                                      NET INCOME     SHARE-BASIC  SHARE-DILUTED
                                                           AFTER           AFTER          AFTER
                                             TOTAL  EXTRAORDINARY  EXTRAORDINARY  EXTRAORDINARY
                                          REVENUES  ITEM, IF ANY    ITEM, IF ANY   ITEM, IF ANY
<S>                                       <C>       <C>            <C>            <C>
     YEAR ENDED DECEMBER 31, 2000:
            First quarter                 $105,528    $27,249(2)        $0.25(2)       $0.25(2)
            Second quarter(3)              105,604     36,229(2)         0.35(2)        0.35(2)

            Third quarter                  102,927     32,233            0.30           0.30
            Fourth quarter                 109,327     27,370(2)         0.25(2)        0.25(2)

     YEAR ENDED DECEMBER 31, 1999:

            First quarter                 $111,166    $39,669           $0.38          $0.38
            Second quarter(3)              109,421     31,788(1)         0.29(1)        0.29(1)

            Third quarter                  108,167     34,688            0.33           0.32

            Fourth quarter                 109,273     43,368            0.43           0.42
</TABLE>

----------------------
     (1) Includes a non-recurring charge of $8.5 million
     (2) Includes a non-recurring charge of $2.7 million in the first quarter,
         $0.9 million in the second quarter and $1.3 million in the fourth
         quarter
     (3) Net income before extraordinary item $35,471; earnings per share before
         extraordinary item: basic and diluted $0.34




                                      F-21
<PAGE>   60





               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


20.     SEGMENT INFORMATION:

                The Company's two reportable business segments are retail and
        residential rental properties. At December 31, 2000, the retail segment
        consists of 290 shopping centers (included in this amount are six
        commercial properties and one retail property under redevelopment) and
        the residential segment consists of 53 garden apartment complexes.
        "Other" includes interest income from ERT and development projects and
        other income. Also included is general and administrative expense,
        equity pick-up of ERT, interest expense, gains on sale of properties and
        a non-recurring charge. Selected financial information for each segment
        is as follows (in thousands):

<TABLE>
<CAPTION>
 FOR YEAR ENDED                          RETAIL    RESIDENTIAL           OTHER          TOTAL
 --------------                          ------    -----------           -----          -----
 DECEMBER 31, 2000
 -----------------
<S>                               <C>             <C>             <C>             <C>
 Revenue                               $334,975        $76,288         $12,123       $423,386
 Operating expenses and
    minority interest                    94,543         41,280          13,406        149,229

 Interest expense                            --             --          92,915         92,915
 Depreciation and amortization           55,364          9,135              --         64,499
 Gain/(loss) on sale of
 securities/
    properties                               --             --           9,200          9,200
 Impairment of real estate                3,620             --              --          3,620
 Extraordinary item                          --             --             758            758
                                  -------------     ----------    ------------     ----------
 Net income/(loss)                     $181,448        $25,873       ($84,240)       $123,081
                                       ========        =======       =========       ========

 Real estate assets, net             $2,233,993       $346,779                     $2,580,772
                                     ==========       ========                     ==========

 FOR YEAR ENDED
 --------------
 DECEMBER 31, 1999
 -----------------
 Revenue                               $337,004        $77,477         $23,546       $438,027
 Operating expenses and
    minority interest                    92,021         43,664          16,461        152,146

 Interest expense                            --             --          81,412         81,412
 Depreciation and amortization           54,199          8,713              --         62,912
 Gain/(loss) on sale of
 securities/
    properties                               --             --           7,956          7,956
                                  -------------     ----------    ------------     ----------
 Net income/(loss)                     $190,784        $25,100       ($66,371)       $149,513
                                       ========        =======       =========       ========

 Real estate assets, net             $2,318,073       $346,298                     $2,664,371
                                     ==========       ========                     ==========

 FOR FIVE MONTHS ENDED
 ---------------------
 DECEMBER 31, 1998
 -----------------
 Revenue                               $122,505        $32,471            $945       $155,921
 Operating expenses and
    minority interest                    32,984         16,518           2,114         51,616

 Interest Expense                            --             --          27,168         27,168
 Depreciation and amortization           17,885          3,481              --         21,366
 Gain/(loss) on sale of
 securities/
    properties                               --             --              34             34
                                  -------------     ----------    ------------     ----------
 Net Income/(loss)                      $71,636        $12,472       ($28,303)        $55,805
                                        =======        =======       =========        =======

 Real Estate Assets, net             $2,318,001      $ 349,447                     $2,667,448
                                     ==========      =========                     ==========
 </TABLE>




                                      F-22
<PAGE>   61




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


20.     SEGMENT INFORMATION, CONTINUED:

<TABLE>
<CAPTION>
 FOR YEAR ENDED
 --------------
 JULY 31, 1998                           RETAIL    RESIDENTIAL           OTHER          TOTAL
 -------------                           ------    -----------           -----          -----
<S>                               <C>             <C>            <C>              <C>
 Revenue                               $176,982        $69,326          $3,951       $250,259
 Operating expenses and
    minority interest                    52,184         36,216           2,808         91,208

 Interest expense                            --             --          36,815         36,815
 Depreciation                            24,077          7,545              --         31,622
 Gain/(loss) on sale of
 securities/
    properties                               --             --           (41)            (41)
                                  -------------   ------------  --------------    -----------
 Net income/(loss)                     $100,721        $25,565       ($35,713)        $90,573
                                       ========        =======       =========        =======

 Real estate assets, net               $977,617       $338,143                     $1,315,760
                                       ========       ========                     ==========
</TABLE>




                                      F-23
<PAGE>   62


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED


21.     MERGER:

        On September 28, 1998, New Plan Realty Trust ("Trust") and Excel Realty
Trust ("Excel") merged. As provided in the Merger Agreement, Excel paid a 20%
stock dividend prior to the Merger. In connection with the Merger, each share of
beneficial interest, no par value, of the Trust was converted into one share of
common stock, par value $.01 share, of the Company, and each 7.8% Series A
Cumulative Step-Up Premium Rate Preferred Share, par value $.01 per share, of
the Trust was converted into one share of 7.8% Series D Cumulative Voting
Step-Up Premium Rate Preferred Stock, par value $.01 per share, of the Company
("Series D Preferred Stock"). The Company issued an aggregate of approximately
60,000,000 shares of common stock and 150,000 shares of Series D Preferred Stock
(represented by 1,500,000 depositary shares, each of which represents a
one-tenth fractional interest in a share of Series D Preferred Stock) to the
Trust's shareholders in the Merger.

        The Merger has been accounted for as a purchase by the Trust of the
assets and liabilities of Excel using the purchase method of accounting in the
accompanying consolidated financial statements. This treatment was applied
because the shareholders of the Trust immediately prior to the Merger owned
approximately 65% of the Company's common stock outstanding immediately
following the Merger, and the members of the Board of Trustees of the Trust
immediately prior to the Merger comprised of nine of 15 members of the Board of
Directors of the Company immediately following the Merger. As a result of the
Merger, the Trust became a wholly owned subsidiary of the Company.

        The accompanying consolidated financial statements reflect the results
of the Trust prior to the Merger and combined the results from September 28,
1998 to December 31, 1998. All information regarding per share information prior
to the Merger has been restated to reflect the conversion of shares of
beneficial interest in the Trust into common stock of the Company. The Trust
valued the equity of the Company (assets net of liabilities) at $899,118,300,
based upon the market value at the execution of the Merger Agreement of Trust
shares of beneficial interest into which outstanding Excel shares of common
stock could be converted. Additionally, the Company incurred costs of $6,400,000
related to the Merger. The total consideration for the fair value of the assets
and liabilities acquired are set forth below:

<TABLE>
<CAPTION>
CONSIDERATION                     SHARES OUTSTANDING     VALUE PER SHARE     TOTAL CONSIDERATION
-------------                     ------------------     ---------------     -------------------
<S>                               <C>                    <C>                 <C>
Common stock                              28,146,906              $24.20            $681,155,125
Series A preferred stock                   2,124,980               28.75              61,093,175
Series B preferred stock
(depositary
    shares)                                6,300,000               24.90             156,870,000
                                                                                     -----------
                                                                                    $899,118,300
ASSETS AND LIABILITIES ACQUIRED                                                     ============
------------------------------
Real estate                                                                       $1,332,715,400
Other assets                                                                         136,864,400
Mortgages and notes payable                                                        (501,400,600)
Other liabilities                                                                   (27,957,000)
Minority interest                                                                   (41,103,900)
                                                                                    ------------
Allocation of purchase price                                                        $899,118,300
                                                                                    ============
</TABLE>


22.     NON-RECURRING CHARGE:

        During the year ended December 31, 2000, one executive retired and three
executives resigned their positions. In connection with their respective
retirement and employment agreements the Company recorded a non-recurring charge
of $4.9 million for their severance payments. In April 1999, seven executives,
all formerly of Excel Realty Trust, Inc., resigned. These resignations occurred
under the terms of Resignation and Release Agreements between the executives and
the Company. They provided for payment by the Company of severance benefits, the
cancellation of certain "in the money" vested stock options in exchange for the
payment of the value of the stock options and the repurchase of Company stock
owned by these executives. As a result, $8.5 million has been recorded as a
non-recurring charge in 1999. This charge comprises $1.7 million in severance
payments, $6.0 million in stock compensation expense and $0.8 million of other
costs.



                                      F-24
<PAGE>   63




23.  COMMITMENTS AND CONTINGENCIES:

        The Company is a defendant in certain litigation. This includes the
following:

        ERT is involved in certain ongoing litigation concerning the
construction, design and delayed opening of Pointe Orlando, a project now
controlled by ERT. ERT initially brought actions against the contractor and
architect alleging various causes of action relating to these matters. The
contractor has filed a mechanic's lien claim in the approximate face amount of
$7.2 million representing the unpaid balance due under its contract which, with
statutory interest and attorney fees, now exceeds $10 million. The contractor
has also claimed other additional damages in an unspecified amount. The
architect has filed a claim for the unpaid balance of its fee in the approximate
amount of $700,000, plus interest. ERT disputes these claims and is vigorously
defending them. In the event that the various claims are decided in a manner
adverse to ERT, the Company does not believe that such result will have a
material adverse effect on the financial condition of the Company.

        None of these amounts are provided for at December 31, 2000.

        The Company is also a defendant in certain other litigation arising in
the normal course of business activities and management does not believe that
the resolution of these matters will have a materially adverse effect upon the
Company.




                                      F-25
<PAGE>   64




               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                               ADDITIONS      DEDUCTIONS
                                                               ---------      ----------

                                             BALANCES AT      CHARGED TO        ACCOUNTS     BALANCE AT
                                            BEGINNING OF        BAD DEBT      RECEIVABLE         END OF
                                                  PERIOD         EXPENSE     WRITTEN OFF         PERIOD
                                                  ------         -------     -----------         ------
<S>                                         <C>               <C>            <C>             <C>
Allowance for doubtful accounts:

      Year ended December 31, 2000               $13,897          $4,825      $5,906        $12,816
                                                 =======          ======      ======        =======


      Year ended December 31, 1999               $11,636          $6,144      $3,883        $13,897
                                                 =======          ======      ======        =======


      Five months ended December 31, 1998         $7,926          $4,368(1)   $  658        $11,636
                                                  ======          ======      ======        =======


      Year ended July 31, 1998                    $5,581          $4,171      $1,826         $7,926
                                                  ======          ======      ======         ======

</TABLE>




---------------------------
(1) $1,543 of this amount was assumed as part of the Merger.




                                      F-26
<PAGE>   65

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RESIDENTIAL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  BRECKENRIDGE APARTMENTS                                      604,487       2,411,462         509,026
   BIRMINGHAM         AL
  COURTS AT WILDWOOD                                         1,119,320       4,477,301         550,912
   BIRMINGHAM         AL
  DEVONSHIRE PLACE                                           1,245,728       4,982,914       1,750,148
   BIRMINGHAM         AL
  THE CLUB APARTMENTS                        6,145,000       1,709,558       6,838,233       1,562,852
   BIRMINGHAM         AL
  HILLCREST APARTMENTS                       1,252,632         251,734       3,325,604         163,989
   MOBILE             AL
  KNOLLWOOD APARTMENTS                       6,026,518       4,352,001      16,926,403         408,996
   MOBILE             AL
  MAISON DE VILLE APTS                       4,625,000       1,971,014       7,897,056         572,091
   MOBILE             AL
  MAISON IMPERIAL APTS                       1,750,000         672,368       2,702,471         233,780
   MOBILE             AL
  PLANTATION APARTMENTS                      1,000,000         410,866       1,653,465         136,512
   MOBILE             AL
  MAYFAIR APARTMENTS                                           240,000         962,217         556,763
   DOVER              DE
  RODNEY APARTMENTS                                            769,188       1,483,150         838,986
   DOVER              DE
  CHARTER POINTE APARTMENTS                  4,983,099       1,473,146       9,049,327         312,185
   ALTAMONTE SPRINGS  FL
  LAKE PARK APARTMENTS                                         833,000       1,822,039       2,105,898
   LAKE PARK          FL
  CAMBRIDGE APARTMENTS                                         878,593       3,514,373         188,407
   ATHENS             GA

<CAPTION>

              COLUMN A                                     COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                 ----------------------------------------     ------------   ------------  --------

                                              Gross Amount at Which Carried at the
                                                      Close of the Period
                                            ----------------------------------------

                                                           Building &                       Accumulated      Date         Date
             Description                      Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                  ------      -------------       ----------     ------------   ------------  --------
  RESIDENTIAL
  ****************
<S>                                        <C>           <C>                 <C>            <C>              <C>          <C>
  BRECKENRIDGE APARTMENTS                      604,487       2,920,488         3,524,975          658,681    1979         Feb 92
   BIRMINGHAM         AL
  COURTS AT WILDWOOD                         1,119,320       5,028,213         6,147,533          997,855    1969         Jul 93
   BIRMINGHAM         AL
  DEVONSHIRE PLACE                           1,245,728       6,733,062         7,978,790        1,497,705    1971         Feb 92
   BIRMINGHAM         AL
  THE CLUB APARTMENTS                        1,709,558       8,401,085        10,110,643        1,156,085    1969-1974    May 95
   BIRMINGHAM         AL
  HILLCREST APARTMENTS                         251,734       3,489,593         3,741,327          316,514    1977         Jun 97
   MOBILE             AL
  KNOLLWOOD APARTMENTS                       4,352,001      17,335,399        21,687,400        1,581,433    1978-1982    May 97
   MOBILE             AL
  MAISON DE VILLE APTS                       1,971,014       8,469,147        10,440,161          961,762    1963,71-73   Jul 96
   MOBILE             AL
  MAISON IMPERIAL APTS                         672,368       2,936,251         3,608,619          330,736    1969-73      Jul 96
   MOBILE             AL
  PLANTATION APARTMENTS                        410,866       1,789,977         2,200,843          210,779    1977         Jul 96
   MOBILE             AL
  MAYFAIR APARTMENTS                           240,000       1,518,980         1,758,980          585,501    1971         Jan 81
   DOVER              DE
  RODNEY APARTMENTS                            769,188       2,322,136         3,091,324        1,754,725    1963-1965    Jan 69
   DOVER              DE
  CHARTER POINTE APARTMENTS                  1,473,146       9,361,512        10,834,658          656,172    1973         Apr 98
   ALTAMONTE SPRINGS  FL
  LAKE PARK APARTMENTS                         833,000       3,927,937         4,760,937        1,746,538    1965         Feb 76
   LAKE PARK          FL
  CAMBRIDGE APARTMENTS                         878,593       3,702,780         4,581,373          450,075    1972,1982    May 96
   ATHENS             GA

<CAPTION>

              COLUMN A                       COLUMN I
         ------------------                --------------



                                            Life on Which
                                            Depreciated -
                                            Latest Income
             Description                      Statement
         ------------------                 --------------
  RESIDENTIAL
  ****************
<S>                                           <C>
  BRECKENRIDGE APARTMENTS                     40 Years
   BIRMINGHAM         AL
  COURTS AT WILDWOOD                          40 Years
   BIRMINGHAM         AL
  DEVONSHIRE PLACE                            40 Years
   BIRMINGHAM         AL
  THE CLUB APARTMENTS                         40 Years
   BIRMINGHAM         AL
  HILLCREST APARTMENTS                        40 Years
   MOBILE             AL
  KNOLLWOOD APARTMENTS                        40 Years
   MOBILE             AL
  MAISON DE VILLE APTS                        40 Years
   MOBILE             AL
  MAISON IMPERIAL APTS                        40 Years
   MOBILE             AL
  PLANTATION APARTMENTS                       40 Years
   MOBILE             AL
  MAYFAIR APARTMENTS                          40 Years
   DOVER              DE
  RODNEY APARTMENTS                           40 Years
   DOVER              DE
  CHARTER POINTE APARTMENTS                   40 Years
   ALTAMONTE SPRINGS  FL
  LAKE PARK APARTMENTS                        40 Years
   LAKE PARK          FL
  CAMBRIDGE APARTMENTS                        40 Years
   ATHENS             GA
</TABLE>

                                     F - 27
<PAGE>   66

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RESIDENTIAL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  TARA APARTMENTS                            3,141,947       1,192,545       4,792,179         607,479
   ATHENS             GA
  REGENCY CLUB APARTMENTS                                    1,179,910       4,719,639         328,482
   EVANSVILLE         IN
  FOREST HILLS APARTMENTS                                      714,761       8,197,499         414,490
   INDIANAPOLIS       IN
  HAWTHORNE HEIGHTS APTS                                     1,669,304       6,698,215         545,012
   INDIANAPOLIS       IN
  CHARLESTOWN @ DOUGLASS HILLS                               1,306,230       5,231,914       1,310,970
   LOUISVILLE         KY
  LA FONTENAY APARTMENTS                                     1,176,550       4,706,200       1,810,174
   LOUISVILLE         KY
  POPLAR LEVEL APARTMENTS                                      284,793       1,139,174         153,028
   LOUISVILLE         KY
  RIVERCHASE APARTMENTS                                        807,302       3,229,206         390,277
   NEWPORT            KY
  FORESTWOOD APARTMENTS                                      2,070,811       8,283,242         446,024
   BATON ROUGE        LA
  SHERWOOD ACRES APARTMENTS                                  3,906,900      15,627,597         345,310
   BATON ROUGE        LA
  WILLOW BEND LAKE APARTMENTS                                2,930,484      11,721,937         232,985
   BATON ROUGE        LA
  DEERHORN VILLAGE APARTMENTS                                1,292,778       5,171,112         858,349
   KANSAS CITY        MO
  CARDINAL WOODS APARTMENTS                                  1,435,783       5,726,132         357,731
   CARY               NC
  POLO RUN APARTMENTS                        4,326,132       4,331,230       8,413,395         599,752
   RALEIGH            NC

<CAPTION>

              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RESIDENTIAL
  ****************
<S>                                       <C>           <C>                 <C>            <C>              <C>          <C>
  TARA APARTMENTS                           1,192,545       5,399,658         6,592,203          617,083    1970         Jun 96
   ATHENS             GA
  REGENCY CLUB APARTMENTS                   1,179,910       5,048,121         6,228,031          562,688    1980         Sep 96
   EVANSVILLE         IN
  FOREST HILLS APARTMENTS                     714,761       8,611,989         9,326,750          707,450    1974         Oct 97
   INDIANAPOLIS       IN
  HAWTHORNE HEIGHTS APTS                    1,669,304       7,243,227         8,912,531          841,911    1965         Jun 96
   INDIANAPOLIS       IN
  CHARLESTOWN @ DOUGLASS HILLS              1,306,230       6,542,884         7,849,114        1,121,582    1974         Sep 93
   LOUISVILLE         KY
  LA FONTENAY APARTMENTS                    1,176,550       6,516,374         7,692,924        1,337,739    1970         Jul 92
   LOUISVILLE         KY
  POPLAR LEVEL APARTMENTS                     284,793       1,292,202         1,576,995          349,002    1974         Jan 91
   LOUISVILLE         KY
  RIVERCHASE APARTMENTS                       807,302       3,619,483         4,426,785          389,417    1968         Aug 96
   NEWPORT            KY
  FORESTWOOD APARTMENTS                     2,070,811       8,729,266        10,800,077          904,373    1985         Oct 96
   BATON ROUGE        LA
  SHERWOOD ACRES APARTMENTS                 3,906,900      15,972,907        19,879,807        1,681,512    1978-1979    Oct 96
   BATON ROUGE        LA
  WILLOW BEND LAKE APARTMENTS               2,930,484      11,954,922        14,885,406        1,230,074    1986         Oct 96
   BATON ROUGE        LA
  DEERHORN VILLAGE APARTMENTS               1,292,778       6,029,461         7,322,239          906,707    1974         Jul 95
   KANSAS CITY        MO
  CARDINAL WOODS APARTMENTS                 1,435,783       6,083,863         7,519,646          497,258    1978         Aug 97
   CARY               NC
  POLO RUN APARTMENTS                       4,331,230       9,013,147        13,344,377          525,284    1971         Aug 98
   RALEIGH            NC

<CAPTION>

              COLUMN A                      COLUMN I
         ------------------                --------------



                                           Life on Which
                                           Depreciated -
                                           Latest Income
             Description                     Statement
         ------------------                --------------
  RESIDENTIAL
  ****************
<S>                                         <C>
  TARA APARTMENTS                            40 Years
   ATHENS             GA
  REGENCY CLUB APARTMENTS                    40 Years
   EVANSVILLE         IN
  FOREST HILLS APARTMENTS                    40 Years
   INDIANAPOLIS       IN
  HAWTHORNE HEIGHTS APTS                     40 Years
   INDIANAPOLIS       IN
  CHARLESTOWN @ DOUGLASS HILLS               40 Years
   LOUISVILLE         KY
  LA FONTENAY APARTMENTS                     40 Years
   LOUISVILLE         KY
  POPLAR LEVEL APARTMENTS                    40 Years
   LOUISVILLE         KY
  RIVERCHASE APARTMENTS                      40 Years
   NEWPORT            KY
  FORESTWOOD APARTMENTS                      40 Years
   BATON ROUGE        LA
  SHERWOOD ACRES APARTMENTS                  40 Years
   BATON ROUGE        LA
  WILLOW BEND LAKE APARTMENTS                40 Years
   BATON ROUGE        LA
  DEERHORN VILLAGE APARTMENTS                40 Years
   KANSAS CITY        MO
  CARDINAL WOODS APARTMENTS                  40 Years
   CARY               NC
  POLO RUN APARTMENTS                        40 Years
   RALEIGH            NC

</TABLE>

                                     F - 28
<PAGE>   67

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RESIDENTIAL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  MEADOW EAST APARTMENTS                                        86,629       1,468,172         533,569
   POTSDAM            NY
  MOHAWK GARDEN APARTMENTS                                     163,371       1,136,202       1,610,069
   ROME               NY
  NORTHGATE APARTMENTS                       6,933,754       1,513,498       9,297,201       2,357,546
   COLUMBUS           OH
  SPRING CREEK APARTMENTS                                    1,455,271       9,082,352         156,773
   COLUMBUS           OH
  ARLINGTON VILLAGE APARTMENTS                               1,065,284       4,269,138         277,492
   FAIRBORN           OH
  CHESTERFIELD APARTMENTS                                      179,109       1,449,156         571,833
   MAUMEE             OH
  EASTGREEN ON THE COMMONS APARTMENTS        5,557,282       1,142,888       7,648,557       2,243,129
   REYNOLDSBURG       OH
  GOLDCREST APARTMENTS                                       1,133,355       4,533,416         298,376
   SHARONVILLE        OH
  CAMBRIDGE PARK APTS                                        1,223,582       4,894,326         335,022
   UNION TWP-CINN     OH
  GOVERNOUR'S PLACE APARTMENTS                                 626,807       2,507,226         530,023
   HARRISBURG         PA
  HARBOUR LANDING APARTMENTS                                 1,141,954       4,567,815         517,345
   COLUMBIA           SC
  LANDINGS AT FOREST ACRES                                   1,204,688       3,257,121         423,485
   COLUMBIA           SC
  SEDGEFIELD APARTMENTS                                      1,550,734       6,211,936         578,312
   FLORENCE           SC
  TURTLE CREEK APARTMENTS                                      984,565       3,954,261         662,547
   GREENVILLE         SC

<CAPTION>


              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RESIDENTIAL
  ****************
<S>                                       <C>           <C>                 <C>            <C>              <C>          <C>
  MEADOW EAST APARTMENTS                       86,629       2,001,741         2,088,370          797,589    1964-1971    Sep 83
   POTSDAM            NY
  MOHAWK GARDEN APARTMENTS                    163,371       2,746,271         2,909,642        1,279,710    1947         Nov 85
   ROME               NY
  NORTHGATE APARTMENTS                      1,513,498      11,654,747        13,168,245          650,725    1970         Jul 98
   COLUMBUS           OH
  SPRING CREEK APARTMENTS                   1,455,271       9,239,125        10,694,396          815,205    1985         Jun 97
   COLUMBUS           OH
  ARLINGTON VILLAGE APARTMENTS              1,065,284       4,546,630         5,611,914          765,177    1966         Aug 94
   FAIRBORN           OH
  CHESTERFIELD APARTMENTS                     179,109       2,020,989         2,200,098          478,787    1979-1984    Feb 91
   MAUMEE             OH
  EASTGREEN ON THE COMMONS APARTMENTS       1,142,888       9,891,686        11,034,574          637,964    1971,1982    Jan 98
   REYNOLDSBURG       OH
  GOLDCREST APARTMENTS                      1,133,355       4,831,792         5,965,147          530,532    1968         Aug 96
   SHARONVILLE        OH
  CAMBRIDGE PARK APTS                       1,223,582       5,229,348         6,452,930          570,833    1973         Aug 96
   UNION TWP-CINN     OH
  GOVERNOUR'S PLACE APARTMENTS                626,807       3,037,249         3,664,056          420,630    1974         Apr 95
   HARRISBURG         PA
  HARBOUR LANDING APARTMENTS                1,141,954       5,085,160         6,227,114          699,268    1974         Sep 95
   COLUMBIA           SC
  LANDINGS AT FOREST ACRES                  1,204,688       3,680,606         4,885,294          156,759    1968         Jan 99
   COLUMBIA           SC
  SEDGEFIELD APARTMENTS                     1,550,734       6,790,248         8,340,982        1,137,022    1972,74,79   Jul 94
   FLORENCE           SC
  TURTLE CREEK APARTMENTS                     984,565       4,616,808         5,601,373          497,900    1976         Jun 96
   GREENVILLE         SC

<CAPTION>

              COLUMN A                      COLUMN I
         ------------------               -------------



                                           Life on Which
                                           Depreciated -
                                           Latest Income
             Description                     Statement
         ------------------                --------------
  RESIDENTIAL
  ****************
<S>                                          <C>
  MEADOW EAST APARTMENTS                     40 Years
   POTSDAM            NY
  MOHAWK GARDEN APARTMENTS                   40 Years
   ROME               NY
  NORTHGATE APARTMENTS                       40 Years
   COLUMBUS           OH
  SPRING CREEK APARTMENTS                    40 Years
   COLUMBUS           OH
  ARLINGTON VILLAGE APARTMENTS               40 Years
   FAIRBORN           OH
  CHESTERFIELD APARTMENTS                    40 Years
   MAUMEE             OH
  EASTGREEN ON THE COMMONS APARTMENTS        40 Years
   REYNOLDSBURG       OH
  GOLDCREST APARTMENTS                       40 Years
   SHARONVILLE        OH
  CAMBRIDGE PARK APTS                        40 Years
   UNION TWP-CINN     OH
  GOVERNOUR'S PLACE APARTMENTS               40 Years
   HARRISBURG         PA
  HARBOUR LANDING APARTMENTS                 40 Years
   COLUMBIA           SC
  LANDINGS AT FOREST ACRES                   40 Years
   COLUMBIA           SC
  SEDGEFIELD APARTMENTS                      40 Years
   FLORENCE           SC
  TURTLE CREEK APARTMENTS                    40 Years
   GREENVILLE         SC
</TABLE>

                                     F - 29
<PAGE>   68

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RESIDENTIAL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  HICKORY LAKE APARTMENTS                                    1,369,251       5,483,004       2,383,671
   ANTIOCH            TN
  COURTS @ WATERFORD PLACE                   9,600,000       2,745,404      10,982,373         428,897
   CHATTANOOGA        TN
  ASHFORD PLACE APARTMENTS                                   1,150,270       4,611,080       2,839,400
   CLARKSVILLE        TN
  CEDAR VILLAGE APARTMENTS                                     806,355       3,230,420         251,125
   CLARKSVILLE        TN
  PADDOCK PLACE APARTMENTS                                   1,358,400       5,437,602         184,858
   CLARKSVILLE        TN
  THE PINES APARTMENTS                                         918,769       3,679,074         211,982
   CLARKSVILLE        TN
  LANDMARK ESTATES APARTMENTS                                  476,624       1,906,284         287,581
   EAST RIDGE         TN
  MILLER CREST APARTMENTS                                      747,155       3,025,619         376,065
   JOHNSON CITY       TN
  CEDAR BLUFF APARTMENTS                                     1,273,023       5,269,532         347,002
   KNOXVILLE          TN
  COUNTRY PLACE APARTMENTS                                   1,896,828       7,587,313         299,781
   NASHVILLE          TN
  WOODBRIDGE APARTMENTS                                      1,594,214       6,376,854         440,872
   NASHVILLE          TN

<CAPTION>

              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RESIDENTIAL
  ****************
<S>                                       <C>           <C>                 <C>            <C>              <C>          <C>
  HICKORY LAKE APARTMENTS                   1,369,251       7,866,675         9,235,926        1,297,955    1974         Dec 93
   ANTIOCH            TN
  COURTS @ WATERFORD PLACE                  2,745,404      11,411,270        14,156,674        1,202,447    1988,89      Dec 96
   CHATTANOOGA        TN
  ASHFORD PLACE APARTMENTS                  1,150,270       7,450,480         8,600,750        1,122,737    1972,1974    Oct 93
   CLARKSVILLE        TN
  CEDAR VILLAGE APARTMENTS                    806,355       3,481,545         4,287,900          598,044    1982         Jul 94
   CLARKSVILLE        TN
  PADDOCK PLACE APARTMENTS                  1,358,400       5,622,460         6,980,860          930,809    1989         Jul 94
   CLARKSVILLE        TN
  THE PINES APARTMENTS                        918,769       3,891,056         4,809,825          664,960    1986         Jul 94
   CLARKSVILLE        TN
  LANDMARK ESTATES APARTMENTS                 476,624       2,193,865         2,670,489          269,673    1971         Aug 96
   EAST RIDGE         TN
  MILLER CREST APARTMENTS                     747,155       3,401,684         4,148,839          392,598    1973         Jun 96
   JOHNSON CITY       TN
  CEDAR BLUFF APARTMENTS                    1,273,023       5,616,534         6,889,557          664,033    1980         May 96
   KNOXVILLE          TN
  COUNTRY PLACE APARTMENTS                  1,896,828       7,887,094         9,783,922          973,143    1979         Apr 96
   NASHVILLE          TN
  WOODBRIDGE APARTMENTS                     1,594,214       6,817,726         8,411,940          734,674    1980         Aug 96
   NASHVILLE          TN

<CAPTION>

              COLUMN A                      COLUMN I
         ------------------               -------------



                                           Life on Which
                                           Depreciated -
                                           Latest Income
             Description                     Statement
         ------------------                --------------
  RESIDENTIAL
  ****************
<S>                                          <C>
  HICKORY LAKE APARTMENTS                    40 Years
   ANTIOCH            TN
  COURTS @ WATERFORD PLACE                   40 Years
   CHATTANOOGA        TN
  ASHFORD PLACE APARTMENTS                   40 Years
   CLARKSVILLE        TN
  CEDAR VILLAGE APARTMENTS                   40 Years
   CLARKSVILLE        TN
  PADDOCK PLACE APARTMENTS                   40 Years
   CLARKSVILLE        TN
  THE PINES APARTMENTS                       40 Years
   CLARKSVILLE        TN
  LANDMARK ESTATES APARTMENTS                40 Years
   EAST RIDGE         TN
  MILLER CREST APARTMENTS                    40 Years
   JOHNSON CITY       TN
  CEDAR BLUFF APARTMENTS                     40 Years
   KNOXVILLE          TN
  COUNTRY PLACE APARTMENTS                   40 Years
   NASHVILLE          TN
  WOODBRIDGE APARTMENTS                      40 Years
   NASHVILLE          TN
</TABLE>

                                     F - 30
<PAGE>   69

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  CLOVERDALE VILLAGE                                           634,152       2,536,606           7,304
   FLORENCE           AL
  RIVERVIEW PLAZA                            5,535,758       2,072,169       8,286,847
   GADSDEN            AL
  GRANTS MILL STATION                        7,704,133       2,888,819      11,555,308         103,935
   IRONDALE           AL
  KROGER                                                       102,822         396,597
   MUSCLE SHOALS      AL
  KROGER                                                       429,999       1,659,638
   MUSCLE SHOALS      AL
  KROGER                                                       369,815       1,427,451
   SCOTTSBORO         AL
  PAYTON PARK                                                3,584,697      14,339,021          24,000
   SYLACAUGA          AL
  KMART                                                        490,287       1,892,539
   PINE BLUFF         AR
  SAFEWAY                                                      409,418       1,579,953
   SHERWOOD           AR
  GLENDALE GALLERIA                                          2,869,504      11,478,248          60,195
   GLENDALE           AZ
  KMART PLAZA                                                1,147,194       4,588,778          67,610
   MESA               AZ
  LUCKY                                                        243,862         946,071
   MESA               AZ
  SOUTHERN VILLAGE MESA                                      1,712,353       6,849,509          31,366
   MESA               AZ
  SUN VALLEY PLAZA                                           1,188,094       4,752,619         161,089
   MESA               AZ

<CAPTION>

              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                       <C>           <C>                 <C>            <C>              <C>          <C>
  CLOVERDALE VILLAGE                          634,152       2,543,910         3,178,062          395,870    1986         Oct 94
   FLORENCE           AL
  RIVERVIEW PLAZA                           2,072,169       8,286,847        10,359,016          451,562    1995         Oct 95
   GADSDEN            AL
  GRANTS MILL STATION                       2,888,819      11,659,243        14,548,062          644,206    1991         Jul 98
   IRONDALE           AL
  KROGER                                      102,822         396,597           499,419           22,896    1982         Aug 93
   MUSCLE SHOALS      AL
  KROGER                                      429,999       1,659,638         2,089,637           95,806    1982         Aug 93
   MUSCLE SHOALS      AL
  KROGER                                      369,815       1,427,451         1,797,266           82,393    1981         Aug 93
   SCOTTSBORO         AL
  PAYTON PARK                               3,584,697      14,363,021        17,947,718          790,975    1995         Jul 98
   SYLACAUGA          AL
  KMART                                       490,287       1,892,539         2,382,826          109,243    1981         Aug 93
   PINE BLUFF         AR
  SAFEWAY                                     409,418       1,579,953         1,989,371           91,208    1981         Aug 93
   SHERWOOD           AR
  GLENDALE GALLERIA                         2,869,504      11,538,443        14,407,947          648,670    1989-91      Aug 97
   GLENDALE           AZ
  KMART PLAZA                               1,147,194       4,656,388         5,803,582          260,434    1970         Dec 90
   MESA               AZ
  LUCKY                                       243,862         946,071         1,189,933           54,342    1982         Aug 93
   MESA               AZ
  SOUTHERN VILLAGE MESA                     1,712,353       6,880,875         8,593,228          388,405    1986,97      Aug 97
   MESA               AZ
  SUN VALLEY PLAZA                          1,188,094       4,913,708         6,101,802          264,862    1981         May 94
   MESA               AZ

<CAPTION>


              COLUMN A                      COLUMN I
         ------------------               -------------



                                           Life on Which
                                           Depreciated -
                                           Latest Income
             Description                     Statement
         ------------------                --------------
  RETAIL
  ****************
<S>                                          <C>
  CLOVERDALE VILLAGE                         40 Years
   FLORENCE           AL
  RIVERVIEW PLAZA                            40 Years
   GADSDEN            AL
  GRANTS MILL STATION                        40 Years
   IRONDALE           AL
  KROGER                                     40 Years
   MUSCLE SHOALS      AL
  KROGER                                     40 Years
   MUSCLE SHOALS      AL
  KROGER                                     40 Years
   SCOTTSBORO         AL
  PAYTON PARK                                40 Years
   SYLACAUGA          AL
  KMART                                      40 Years
   PINE BLUFF         AR
  SAFEWAY                                    40 Years
   SHERWOOD           AR
  GLENDALE GALLERIA                          40 Years
   GLENDALE           AZ
  KMART PLAZA                                40 Years
   MESA               AZ
  LUCKY                                      40 Years
   MESA               AZ
  SOUTHERN VILLAGE MESA                      40 Years
   MESA               AZ
  SUN VALLEY PLAZA                           40 Years
   MESA               AZ
</TABLE>

                                     F - 31
<PAGE>   70

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                        <C>             <C>             <C>             <C>
  LUCKY                                                        298,236       1,156,132
   PHOENIX            AZ
  METRO MARKETPLACE                                          5,098,702      20,521,995             325
   PHOENIX            AZ
  Q CLUB                                                     1,830,245       7,320,951
   PHOENIX            AZ
  GENZYME                                                      491,910       1,897,261
   SCOTTSDALE         AZ
  Q CLUB                                                     1,794,808       7,374,597
   SCOTTSDALE         AZ
  NORTHMALL CENTRE                                           4,762,481      12,630,121         707,640
   TUCSON             AZ
  RITE AID                                                     192,303         742,236
   YUMA               AZ
  BAKERSFIELD PLAZA                         15,241,447                      27,595,521          10,000
   BAKERSFIELD        CA
  FACTORY MERCHANTS BARSTOW                  8,641,636       5,730,337      22,936,349      12,841,179
   BARSTOW            CA
  KINKO'S/SONY                                               1,153,334       4,613,209         112,211
   BURBANK            CA
  CARMEN PLAZA                                               1,872,708       7,491,044          56,567
   CAMARILLO          CA
  COACHELLA PLAZA                                              263,529       1,054,118           9,281
   COACHELLA          CA
  CUDAHY PLAZA                               5,047,272                       9,972,361          43,174
   CUDAHY             CA
  ARBOR FAIRE                                                4,378,813      17,624,497
   FRESNO             CA

<CAPTION>

              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                       <C>           <C>                 <C>            <C>              <C>          <C>
  LUCKY                                       298,236       1,156,132         1,454,368           66,454    1982         Jan 94
   PHOENIX            AZ
  METRO MARKETPLACE                         5,098,702      20,522,320        25,621,022        1,127,992    1988         Jun 91
   PHOENIX            AZ
  Q CLUB                                    1,830,245       7,320,951         9,151,196          407,767    1994         May 94
   PHOENIX            AZ
  GENZYME                                     491,910       1,897,261         2,389,171          109,589    1971         Dec 90
   SCOTTSDALE         AZ
  Q CLUB                                    1,794,808       7,374,597         9,169,405          410,755    1994         Aug 94
   SCOTTSDALE         AZ
  NORTHMALL CENTRE                          4,762,481      13,337,761        18,100,242          732,840    1995-96      Dec 96
   TUCSON             AZ
  RITE AID                                    192,303         742,236           934,539           42,847    1980         Aug 93
   YUMA               AZ
  BAKERSFIELD PLAZA                                        27,605,521        27,605,521        1,156,722    1970         Jun 97
   BAKERSFIELD        CA
  FACTORY MERCHANTS BARSTOW                 5,730,337      35,777,528        41,507,865        6,846,469    1989         Nov 93
   BARSTOW            CA
  KINKO'S/SONY                              1,153,334       4,725,420         5,878,754          288,076    1988         May 89
   BURBANK            CA
  CARMEN PLAZA                              1,872,708       7,547,611         9,420,319          415,261    1971         Jun 97
   CAMARILLO          CA
  COACHELLA PLAZA                             263,529       1,063,399         1,326,928           61,758    1991         Jun 97
   COACHELLA          CA
  CUDAHY PLAZA                                             10,015,535        10,015,535          425,620    1968         Jun 97
   CUDAHY             CA
  ARBOR FAIRE                               4,378,813      17,624,497        22,003,310          965,988    1993         Apr 97
   FRESNO             CA

<CAPTION>

              COLUMN A                      COLUMN I
         ------------------               -------------



                                           Life on Which
                                           Depreciated -
                                           Latest Income
             Description                     Statement
         ------------------                --------------
  RETAIL
  ****************
<S>                                          <C>
  LUCKY                                      40 Years
   PHOENIX            AZ
  METRO MARKETPLACE                          40 Years
   PHOENIX            AZ
  Q CLUB                                     40 Years
   PHOENIX            AZ
  GENZYME                                    40 Years
   SCOTTSDALE         AZ
  Q CLUB                                     40 Years
   SCOTTSDALE         AZ
  NORTHMALL CENTRE                           40 Years
   TUCSON             AZ
  RITE AID                                   40 Years
   YUMA               AZ
  BAKERSFIELD PLAZA                          40 Years
   BAKERSFIELD        CA
  FACTORY MERCHANTS BARSTOW                  40 Years
   BARSTOW            CA
  KINKO'S/SONY                               40 Years
   BURBANK            CA
  CARMEN PLAZA                               40 Years
   CAMARILLO          CA
  COACHELLA PLAZA                            40 Years
   COACHELLA          CA
  CUDAHY PLAZA                               40 Years
   CUDAHY             CA
  ARBOR FAIRE                                40 Years
   FRESNO             CA
</TABLE>

                                     F - 32
<PAGE>   71


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A             COLUMN B                COLUMN C                COLUMN D
       ------------------      ------------    ---------------------------   ----------------
                                                                             Cost Capitalized
                                                                              Subsequent to
                                                 Initial Cost to Company       Acquisition
                                               ---------------------------   ----------------

                                                               Building &
           Description         Encumberances       Land       Improvements     Improvements
       ------------------      -------------   -----------    ------------     ------------
<S>                            <C>             <C>            <C>              <C>
RETAIL
****************
BROADWAY FAIRE                                   2,795,383      11,181,648
 FRESNO             CA
BRIGGSMORE PLAZA                   925,098       1,663,885       6,653,828          41,087
 MODESTO            CA
MONTEBELLO PLAZA                 7,693,508       5,801,166      23,202,411          42,233
 MONTEBELLO         CA
PARADISE PLAZA                   2,566,938       1,709,966       6,840,630         111,345
 PARADISE           CA
METRO 580 SHOPPING CENTER                        5,876,389      23,651,921
 PLEASANTON         CA
ROSE PAVILION                                   11,355,146      45,703,524          50,903
 PLEASANTON         CA
SAN DIMAS PLAZA                  7,564,815       4,435,649      17,744,585
 SAN DIMAS          CA
BRISTOL PLAZA                    9,141,879                      15,179,980         182,030
 SANTA ANA          CA
VAIL RANCH CENTER                                2,630,621      10,522,619
 TEMECULA           CA
UNITED ARTISTS THEATRE                             141,221         564,854
 PUEBLO             CO
WESTMINSTER CITY CENTRE         29,274,520      12,256,884      49,332,701          55,154
 WESTMINSTER        CO
DOVERAMA @ RODNEY VILLAGE                           50,755         311,781
 DOVER              DE
RODNEY VILLAGE                                   1,202,551       1,244,315       1,745,540
 DOVER              DE
FOOD LION                                          390,830       1,513,044
 BRANDON            FL


<CAPTION>
            COLUMN A                          COLUMN E                        COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------      ----------------------------------------     ------------   ------------  --------   --------------

                                 Gross Amount at Which Carried at the
                                         Close of the Period
                               ----------------------------------------                                               Life on Which
                                                                                                                      Depreciated -
                                              Building &                       Accumulated      Date         Date     Latest Income
           Description           Land        Improvements          Total       Depreciation   Constructed   Acquired    Statement
       ------------------       ------      -------------       ----------     ------------   ------------  --------  --------------
<S>                            <C>          <C>                 <C>            <C>            <C>           <C>       <C>
RETAIL
****************
BROADWAY FAIRE                  2,795,383      11,181,648        13,977,031          616,651    1993         Apr 97    40 Years
 FRESNO             CA
BRIGGSMORE PLAZA                1,663,885       6,694,915         8,358,800          362,917    1974         Jun 97    40 Years
 MODESTO            CA
MONTEBELLO PLAZA                5,801,166      23,244,644        29,045,810        1,268,080    1974         Jun 97    40 Years
 MONTEBELLO         CA
PARADISE PLAZA                  1,709,966       6,951,975         8,661,941          373,764    1979         Jun 97    40 Years
 PARADISE           CA
METRO 580 SHOPPING CENTER       5,876,389      23,651,921        29,528,310        1,299,958    1995-96      Sep 97    40 Years
 PLEASANTON         CA
ROSE PAVILION                  11,355,146      45,754,427        57,109,573        2,518,283    1987         Feb 98    40 Years
 PLEASANTON         CA
SAN DIMAS PLAZA                 4,435,649      17,744,585        22,180,234          966,923    1986-88      Oct 97    40 Years
 SAN DIMAS          CA
BRISTOL PLAZA                                  15,362,010        15,362,010          640,253    1972         Jun 97    40 Years
 SANTA ANA          CA
VAIL RANCH CENTER               2,630,621      10,522,619        13,153,240          580,307    1997         Dec 97    40 Years
 TEMECULA           CA
UNITED ARTISTS THEATRE            141,221         564,854           706,075           31,462    1977         Dec 92    40 Years
 PUEBLO             CO
WESTMINSTER CITY CENTRE        12,256,884      49,387,855        61,644,739        2,713,137    1996         Dec 97    40 Years
 WESTMINSTER        CO
DOVERAMA @ RODNEY VILLAGE          50,755         311,781           362,536           94,537    1969         Oct 88    40 Years
 DOVER              DE
RODNEY VILLAGE                  1,202,551       2,989,855         4,192,406        1,823,116    1959         Jan 69    40 Years
 DOVER              DE
FOOD LION                         390,830       1,513,044         1,903,874           87,065    1982         Aug 93    40 Years
 BRANDON            FL
</TABLE>



                                      F-33

<PAGE>   72


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A                   COLUMN B                COLUMN C                COLUMN D
       ------------------            ------------    ---------------------------   ----------------
                                                                                   Cost Capitalized
                                                                                    Subsequent to
                                                       Initial Cost to Company       Acquisition
                                                     ---------------------------   ----------------

                                                                     Building &
           Description               Encumberances       Land       Improvements     Improvements
       ------------------            -------------   -----------    ------------     ------------
<S>                                  <C>             <C>            <C>              <C>
RETAIL
****************
BROOKSVILLE SQUARE                                     1,373,719       5,494,698          29,700
 BROOKSVILLE        FL
KMART #7513                                            1,346,436       5,385,720
 BROOKSVILLE        FL
CLEARWATER MALL MASTER                                 6,306,903      22,549,652         786,686
 CLEARWATER         FL
NORTHGATE SHOPPING CENTER              8,089,445       2,957,640      11,830,664          36,210
 DELAND             FL
REGENCY PARK SHOPPING CENTER                           3,888,425      15,553,501         199,855
 JACKSONVILLE       FL
EASTGATE SHOPPING CENTER-LAKE WALES                    1,542,842       6,171,549
 LAKE WALES         FL
LEESBURG SQUARE                                        1,051,639       4,206,554          28,164
 LEESBURG           FL
MIAMI GARDENS                                          5,430,659      22,098,501          53,710
 MIAMI              FL
FREEDOM SQUARE                                         3,340,254      13,361,048
 NAPLES             FL
SOUTHGATE SHOPPING CENTER                              4,253,341       3,981,290         229,103
 NEW PORT RICHIE    FL
PRESIDENTIAL PLAZA                                     1,312,956       2,456,917         169,833
 NORTH LAUDERDALE   FL
PRESIDENTIAL PLAZA WEST                                  437,485         812,473          20,409
 NORTH LAUDERDALE   FL
COLONIAL MARKETPLACE                                   2,524,647       3,504,446         269,978
 ORLANDO            FL
23RD STREET STATION                                    1,849,668       7,398,843          83,314
 PANAMA CITY        FL


<CAPTION>
            COLUMN A                                 COLUMN E
       ------------------             ----------------------------------------

                                        Gross Amount at Which Carried at the
                                                Close of the Period
                                      ----------------------------------------

                                                     Building &
           Description                  Land        Improvements          Total
       ------------------              ------      -------------       ----------
<S>                                   <C>          <C>                 <C>
RETAIL
****************
BROOKSVILLE SQUARE                     1,373,719       5,524,398         6,898,117
 BROOKSVILLE        FL
KMART #7513                            1,346,436       5,385,720         6,732,156
 BROOKSVILLE        FL
CLEARWATER MALL MASTER                 6,306,903      23,336,338        29,643,241
 CLEARWATER         FL
NORTHGATE SHOPPING CENTER              2,957,640      11,866,874        14,824,514
 DELAND             FL
REGENCY PARK SHOPPING CENTER           3,888,425      15,753,356        19,641,781
 JACKSONVILLE       FL
EASTGATE SHOPPING CENTER-LAKE WALES    1,542,842       6,171,549         7,714,391
 LAKE WALES         FL
LEESBURG SQUARE                        1,051,639       4,234,718         5,286,357
 LEESBURG           FL
MIAMI GARDENS                          5,430,659      22,152,211        27,582,870
 MIAMI              FL
FREEDOM SQUARE                         3,340,254      13,361,048        16,701,302
 NAPLES             FL
SOUTHGATE SHOPPING CENTER              4,253,341       4,210,393         8,463,734
 NEW PORT RICHIE    FL
PRESIDENTIAL PLAZA                     1,312,956       2,626,750         3,939,706
 NORTH LAUDERDALE   FL
PRESIDENTIAL PLAZA WEST                  437,485         832,882         1,270,367
 NORTH LAUDERDALE   FL
COLONIAL MARKETPLACE                   2,524,647       3,774,424         6,299,071
 ORLANDO            FL
23RD STREET STATION                    1,849,668       7,482,157         9,331,825
 PANAMA CITY        FL


<CAPTION>
            COLUMN A                   COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------            ------------   ------------  --------   --------------



                                                                               Life on Which
                                                                               Depreciated -
                                        Accumulated      Date         Date     Latest Income
           Description                  Depreciation   Constructed   Acquired    Statement
       ------------------               ------------   ------------  --------  --------------
<S>                                     <C>            <C>           <C>       <C>
RETAIL
****************
BROOKSVILLE SQUARE                            303,489    1987         Mar 94    40 Years
 BROOKSVILLE        FL
KMART #7513                                   299,977    1987         Jun 97    40 Years
 BROOKSVILLE        FL
CLEARWATER MALL MASTER                      1,803,944    1973         Dec 97    40 Years
 CLEARWATER         FL
NORTHGATE SHOPPING CENTER                     658,721    1993         Jun 93    40 Years
 DELAND             FL
REGENCY PARK SHOPPING CENTER                1,376,075    1985         Jun 97    40 Years
 JACKSONVILLE       FL
EASTGATE SHOPPING CENTER-LAKE WALES           340,351    1994         May 94    40 Years
 LAKE WALES         FL
LEESBURG SQUARE                               239,684    1986         Dec 92    40 Years
 LEESBURG           FL
MIAMI GARDENS                               1,216,547    1996         Oct 97    40 Years
 MIAMI              FL
FREEDOM SQUARE                                736,843    1995         Oct 97    40 Years
 NAPLES             FL
SOUTHGATE SHOPPING CENTER                     328,653    1966         Aug 97    40 Years
 NEW PORT RICHIE    FL
PRESIDENTIAL PLAZA                            241,239    1977         Apr 97    40 Years
 NORTH LAUDERDALE   FL
PRESIDENTIAL PLAZA WEST                        76,363    1977         Apr 97    40 Years
 NORTH LAUDERDALE   FL
COLONIAL MARKETPLACE                          242,506    1979,86      Apr 98    40 Years
 ORLANDO            FL
23RD STREET STATION                           421,308    1986         Jul 98    40 Years
 PANAMA CITY        FL
</TABLE>



                                      F-34

<PAGE>   73


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A             COLUMN B                COLUMN C                COLUMN D
       ------------------      ------------    ---------------------------   ----------------
                                                                             Cost Capitalized
                                                                              Subsequent to
                                                 Initial Cost to Company       Acquisition
                                               ---------------------------   ----------------

                                                               Building &
           Description         Encumberances       Land       Improvements     Improvements
       ------------------      -------------   -----------    ------------     ------------
<S>                            <C>             <C>            <C>              <C>
RETAIL
****************
RIVERWOOD SHOPPING CENTER                        2,236,444       1,500,580          43,650
 PORT ORANGE        FL
SEMINOLE PLAZA                                   2,128,480       2,215,356         368,282
 SEMINOLE           FL
ST AUGUSTINE OUTLET CENTER                       4,488,742      14,426,139      10,068,868
 ST AUGUSTINE       FL
RUTLAND PLAZA                                    1,443,294       5,773,175         307,074
 ST PETERSBURG      FL
ALBANY I                                           470,300       1,881,213
 ALBANY             GA
ALBANY PLAZA                                       696,447       2,799,786         148,167
 ALBANY             GA
SOUTHGATE PLAZA - ALBANY                           231,517         970,811         120,441
 ALBANY             GA
EASTGATE PLAZA  - AMERICUS                         221,637       1,036,331         108,166
 AMERICUS           GA
PERLIS PLAZA                                       774,966       5,301,644         658,185
 AMERICUS           GA
ROGERS PLAZA                                       291,014         688,590          74,630
 ASHBURN            GA
SWEETWATER VILLAGE                                 707,938       2,831,750          42,397
 AUSTELL            GA
CEDAR PLAZA                                        928,302       3,713,207          50,395
 CEDARTOWN          GA
CEDARTOWN SHOPPING CENTER                          745,006       3,266,424          84,289
 CEDARTOWN          GA
CORDELE SQUARE                                     864,335       3,457,337         387,172
 CORDELE            GA


<CAPTION>
            COLUMN A                         COLUMN E                        COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------     ----------------------------------------     ------------   ------------  --------   --------------

                                Gross Amount at Which Carried at the
                                        Close of the Period
                              ----------------------------------------                                               Life on Which
                                                                                                                     Depreciated -
                                             Building &                       Accumulated      Date         Date     Latest Income
           Description          Land        Improvements          Total       Depreciation   Constructed   Acquired    Statement
       ------------------      ------      -------------       ----------     ------------   ------------  --------  --------------
<S>                            <C>         <C>                 <C>            <C>            <C>           <C>       <C>
RETAIL
****************
RIVERWOOD SHOPPING CENTER      2,236,444       1,544,230         3,780,674          125,635    1984,1996    Sep 97    40 Years
 PORT ORANGE        FL
SEMINOLE PLAZA                 2,128,480       2,583,638         4,712,118          190,525    1964         Jun 98    40 Years
 SEMINOLE           FL
ST AUGUSTINE OUTLET CENTER     4,488,742      24,495,007        28,983,749        5,745,696    1991         Mar 92    40 Years
 ST AUGUSTINE       FL
RUTLAND PLAZA                  1,443,294       6,080,249         7,523,543          626,006    1964         Nov 96    40 Years
 ST PETERSBURG      FL
ALBANY I                         470,300       1,881,213         2,351,513          104,781    1981         Aug 93    40 Years
 ALBANY             GA
ALBANY PLAZA                     696,447       2,947,953         3,644,400          488,722    1968         May 94    40 Years
 ALBANY             GA
SOUTHGATE PLAZA - ALBANY         231,517       1,091,252         1,322,769          263,807    1969         Jul 90    40 Years
 ALBANY             GA
EASTGATE PLAZA  - AMERICUS       221,637       1,144,497         1,366,134          286,745    1980         Jul 90    40 Years
 AMERICUS           GA
PERLIS PLAZA                     774,966       5,959,829         6,734,795        1,581,356    1972         Jul 90    40 Years
 AMERICUS           GA
ROGERS PLAZA                     291,014         763,220         1,054,234          192,974    1974         Jul 90    40 Years
 ASHBURN            GA
SWEETWATER VILLAGE               707,938       2,874,147         3,582,085          442,732    1985         Oct 94    40 Years
 AUSTELL            GA
CEDAR PLAZA                      928,302       3,763,602         4,691,904          587,332    1994         Oct 94    40 Years
 CEDARTOWN          GA
CEDARTOWN SHOPPING CENTER        745,006       3,350,713         4,095,719          509,638    1989         Jan 95    40 Years
 CEDARTOWN          GA
CORDELE SQUARE                   864,335       3,844,509         4,708,844        1,004,506    1968         Jul 90    40 Years
 CORDELE            GA
</TABLE>



                                      F-35

<PAGE>   74


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A                       COLUMN B                COLUMN C                COLUMN D
       ------------------                ------------    ---------------------------   ----------------
                                                                                       Cost Capitalized
                                                                                        Subsequent to
                                                           Initial Cost to Company       Acquisition
                                                         ---------------------------   ----------------

                                                                         Building &
           Description                   Encumberances       Land       Improvements     Improvements
       ------------------                -------------   -----------    ------------     ------------
<S>                                      <C>             <C>            <C>              <C>
RETAIL
****************
MR B'S                                                       166,047         154,140           6,930
 CORDELE            GA
SOUTHGATE PLAZA - CORDELE                                    202,682         958,998         154,037
 CORDELE            GA
HABERSHAM CROSSING                         3,868,149       1,644,936       6,580,460
 CORNELIA           GA
HABERSHAM VILLAGE                                          1,301,643       4,340,422         727,384
 CORNELIA           GA
COVINGTON GALLERY                                          2,494,987       9,979,829
 COVINGTON          GA
MARKET CENTRAL                                               791,717       3,166,957
 DALTON             GA
NORTHSIDE SC                               2,292,975         965,965       3,861,372          10,650
 DALTON             GA
MIDWAY VILLAGE SHOPPING CENTER                             1,553,580       2,887,506          30,692
 DOUGLASVILLE       GA
WESTGATE - DUBLIN                                            699,174       5,834,809         157,749
 DUBLIN             GA
KROGER                                                       336,205       1,297,375
 EAST ALBANY        GA
RITE AID                                                      92,794         358,295
 EAST ALBANY        GA
MARSHALL'S AT EASTLAKE SHOPPING CENTER                     1,710,517       2,069,483
 MARIETTA           GA
NEW CHASTAIN CORNERS SHOPPING CENTER                       2,457,446       5,741,641          79,266
 MARIETTA           GA
PAVILLIONS AT EAST LAKE SHOPPING CENTER                    2,812,000      11,249,970          29,400
 MARIETTA           GA


<CAPTION>
            COLUMN A                                     COLUMN E
       ------------------                 ----------------------------------------

                                            Gross Amount at Which Carried at the
                                                    Close of the Period
                                          ----------------------------------------

                                                         Building &
           Description                      Land        Improvements          Total
       ------------------                  ------      -------------       ----------
<S>                                      <C>           <C>                 <C>
RETAIL
****************
MR B'S                                       166,047         161,070           327,117
 CORDELE            GA
SOUTHGATE PLAZA - CORDELE                    202,682       1,113,035         1,315,717
 CORDELE            GA
HABERSHAM CROSSING                         1,644,936       6,580,460         8,225,396
 CORNELIA           GA
HABERSHAM VILLAGE                          1,301,643       5,067,806         6,369,449
 CORNELIA           GA
COVINGTON GALLERY                          2,494,987       9,979,829        12,474,816
 COVINGTON          GA
MARKET CENTRAL                               791,717       3,166,957         3,958,674
 DALTON             GA
NORTHSIDE SC                                 965,965       3,872,022         4,837,987
 DALTON             GA
MIDWAY VILLAGE SHOPPING CENTER             1,553,580       2,918,198         4,471,778
 DOUGLASVILLE       GA
WESTGATE - DUBLIN                            699,174       5,992,558         6,691,732
 DUBLIN             GA
KROGER                                       336,205       1,297,375         1,633,580
 EAST ALBANY        GA
RITE AID                                      92,794         358,295           451,089
 EAST ALBANY        GA
MARSHALL'S AT EASTLAKE SHOPPING CENTER     1,710,517       2,069,483         3,780,000
 MARIETTA           GA
NEW CHASTAIN CORNERS SHOPPING CENTER       2,457,446       5,820,907         8,278,353
 MARIETTA           GA
PAVILLIONS AT EAST LAKE SHOPPING CENTER    2,812,000      11,279,370        14,091,370
 MARIETTA           GA


<CAPTION>
            COLUMN A                      COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------               ------------   ------------  --------   --------------



                                                                                  Life on Which
                                                                                  Depreciated -
                                           Accumulated      Date         Date     Latest Income
           Description                     Depreciation   Constructed   Acquired    Statement
       ------------------                  ------------   ------------  --------  --------------
<S>                                        <C>            <C>           <C>       <C>
RETAIL
****************
MR B'S                                            41,330    1968         Jul 90    40 Years
 CORDELE            GA
SOUTHGATE PLAZA - CORDELE                        263,612    1969         Jul 90    40 Years
 CORDELE            GA
HABERSHAM CROSSING                               358,568    1985         Mar 96    40 Years
 CORNELIA           GA
HABERSHAM VILLAGE                              1,227,687    1985         May 92    40 Years
 CORNELIA           GA
COVINGTON GALLERY                                550,374    1991         Dec 93    40 Years
 COVINGTON          GA
MARKET CENTRAL                                   174,653    1995         Mar 97    40 Years
 DALTON             GA
NORTHSIDE SC                                     210,422    1994         Oct 95    40 Years
 DALTON             GA
MIDWAY VILLAGE SHOPPING CENTER                   259,752    1989         May 97    40 Years
 DOUGLASVILLE       GA
WESTGATE - DUBLIN                              1,548,566    1974         Jul 90    40 Years
 DUBLIN             GA
KROGER                                            74,896    1982         Aug 93    40 Years
 EAST ALBANY        GA
RITE AID                                          20,682    1982         Aug 93    40 Years
 EAST ALBANY        GA
MARSHALL'S AT EASTLAKE SHOPPING CENTER           114,253    1982         Oct 98    40 Years
 MARIETTA           GA
NEW CHASTAIN CORNERS SHOPPING CENTER             503,363    1990         Jul 97    40 Years
 MARIETTA           GA
PAVILLIONS AT EAST LAKE SHOPPING CENTER          511,926    1986         Mar 99    40 Years
 MARIETTA           GA
</TABLE>



                                      F-36

<PAGE>   75


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A                       COLUMN B                COLUMN C                COLUMN D
       ------------------                ------------    ---------------------------   ----------------
                                                                                       Cost Capitalized
                                                                                        Subsequent to
                                                           Initial Cost to Company       Acquisition
                                                         ---------------------------   ----------------

                                                                         Building &
           Description                   Encumberances       Land       Improvements     Improvements
       ------------------                -------------   -----------    ------------     ------------
<S>                                      <C>             <C>            <C>              <C>
RETAIL
****************
VILLAGE AT SOUTHLAKE                                       1,733,198       3,017,677          13,520
 MORROW             GA
PERRY MARKETPLACE                          7,040,005       2,776,518      11,105,959
 PERRY              GA
CREEKWOOD SHOPPING CENTER                                  1,160,203       3,482,608
 REX                GA
SHOPS OF RIVERDALE                                           655,145       2,620,747
 RIVERDALE          GA
EISENHOWER SQUARE SHOPPING CENTER                          1,029,500       4,117,700         166,657
 SAVANNAH           GA
VICTORY SQUARE                                             1,206,181       4,824,725         148,030
 SAVANNAH           GA
WISTERIA VILLAGE                           2,301,323       2,542,919      10,200,657           3,600
 SNELLVILLE         GA
UNIVERSITY COMMONS                                         1,312,739       5,250,755
 STATESBORO         GA
TIFT-TOWN                                                    271,444       1,325,238         261,766
 TIFTON             GA
WESTGATE - TIFTON                                            156,269         304,704             963
 TIFTON             GA
KMART                                                        293,138       1,134,514
 ATLANTIC           IA
EAGLE FOOD CENTER                                            301,006       1,166,140
 CORALVILLE         IA
HAYMARKET MALL                                             1,230,252       5,031,799         792,000
 DES MOINES         IA
HAYMARKET SQUARE                                           2,056,172       8,224,688         477,383
 DES MOINES         IA


<CAPTION>
            COLUMN A                                     COLUMN E
       ------------------                 ----------------------------------------

                                            Gross Amount at Which Carried at the
                                                    Close of the Period
                                          ----------------------------------------

                                                         Building &
           Description                      Land        Improvements          Total
       ------------------                  ------      -------------       ----------
<S>                                       <C>          <C>                 <C>
RETAIL
****************
VILLAGE AT SOUTHLAKE                       1,733,198       3,031,197         4,764,395
 MORROW             GA
PERRY MARKETPLACE                          2,776,518      11,105,959        13,882,477
 PERRY              GA
CREEKWOOD SHOPPING CENTER                  1,160,203       3,482,608         4,642,811
 REX                GA
SHOPS OF RIVERDALE                           655,145       2,620,747         3,275,892
 RIVERDALE          GA
EISENHOWER SQUARE SHOPPING CENTER          1,029,500       4,284,357         5,313,857
 SAVANNAH           GA
VICTORY SQUARE                             1,206,181       4,972,755         6,178,936
 SAVANNAH           GA
WISTERIA VILLAGE                           2,542,919      10,204,257        12,747,176
 SNELLVILLE         GA
UNIVERSITY COMMONS                         1,312,739       5,250,755         6,563,494
 STATESBORO         GA
TIFT-TOWN                                    271,444       1,587,004         1,858,448
 TIFTON             GA
WESTGATE - TIFTON                            156,269         305,667           461,936
 TIFTON             GA
KMART                                        293,138       1,134,514         1,427,652
 ATLANTIC           IA
EAGLE FOOD CENTER                            301,006       1,166,140         1,467,146
 CORALVILLE         IA
HAYMARKET MALL                             1,230,252       5,823,799         7,054,051
 DES MOINES         IA
HAYMARKET SQUARE                           2,056,172       8,702,071        10,758,243
 DES MOINES         IA


<CAPTION>
            COLUMN A                      COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------               ------------   ------------  --------   --------------



                                                                                  Life on Which
                                                                                  Depreciated -
                                           Accumulated      Date         Date     Latest Income
           Description                     Depreciation   Constructed   Acquired    Statement
       ------------------                  ------------   ------------  --------  --------------
<S>                                        <C>            <C>           <C>       <C>
RETAIL
****************
VILLAGE AT SOUTHLAKE                             207,527    1983         Apr 98    40 Years
 MORROW             GA
PERRY MARKETPLACE                                612,479    1992         Dec 92    40 Years
 PERRY              GA
CREEKWOOD SHOPPING CENTER                        308,273    1990         May 97    40 Years
 REX                GA
SHOPS OF RIVERDALE                               144,530    1995         Feb 96    40 Years
 RIVERDALE          GA
EISENHOWER SQUARE SHOPPING CENTER                375,143    1985         Jul 97    40 Years
 SAVANNAH           GA
VICTORY SQUARE                                 1,077,913    1986         Jul 92    40 Years
 SAVANNAH           GA
WISTERIA VILLAGE                                 569,442    1985         Oct 95    40 Years
 SNELLVILLE         GA
UNIVERSITY COMMONS                               289,573    1994         Jul 96    40 Years
 STATESBORO         GA
TIFT-TOWN                                        399,241    1965         Jul 90    40 Years
 TIFTON             GA
WESTGATE - TIFTON                                 79,770    1980         Jul 90    40 Years
 TIFTON             GA
KMART                                             65,315    1980         Jan 94    40 Years
 ATLANTIC           IA
EAGLE FOOD CENTER                                 67,061    1981         Aug 93    40 Years
 CORALVILLE         IA
HAYMARKET MALL                                   789,889    1968-1979    May 95    40 Years
 DES MOINES         IA
HAYMARKET SQUARE                               1,259,658    1971-1979    May 95    40 Years
 DES MOINES         IA
</TABLE>



                                      F-37

<PAGE>   76


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
            COLUMN A                       COLUMN B                COLUMN C                COLUMN D
       ------------------                ------------    ---------------------------   ----------------
                                                                                       Cost Capitalized
                                                                                        Subsequent to
                                                           Initial Cost to Company       Acquisition
                                                         ---------------------------   ----------------

                                                                         Building &
           Description                   Encumberances       Land       Improvements     Improvements
       ------------------                -------------   -----------    ------------     ------------
<S>                                      <C>             <C>            <C>              <C>
RETAIL
****************
EAGLE FOOD CENTER                                            401,468       1,555,420
 DUBUQUE            IA
SOUTHFIELD PLAZA SHOPPING CENTER                           3,188,496       3,897,167       8,252,824
 BRIDGEVIEW         IL
EAGLE FOOD CENTER                                            317,157       1,235,335
 DECATUR            IL
KING CITY SQUARE                                           2,049,456       8,197,876
 MT. VERNON         IL
WESTRIDGE COURT SHOPPING CENTER                            9,815,696      39,261,783         731,614
 NAPERVILLE         IL
KROGER                                                       474,403       1,835,607
 OTTAWA             IL
EAGLE FOOD CENTER                                            401,504       1,563,980
 PEORIA             IL
EAGLE FOOD CENTER                                            313,959       1,226,628
 SPRINGFIELD        IL
EAGLE FOOD CENTER                                            400,527       1,561,677
 STERLING           IL
TINLEY PARK PLAZA                                          2,607,702      10,430,808         565,208
 TINLEY PARK        IL
KROGER                                                       352,351       1,359,954
 WATERLOO           IL
KINDERCARE                                                    84,586         326,215
 BEECH GROVE        IN
COLUMBUS CENTER                                            1,196,269       3,608,315       3,212,308
 COLUMBUS           IN
KINDERCARE                                                    84,586         325,915
 FORT WAYNE         IN


<CAPTION>
            COLUMN A                                    COLUMN E
       ------------------                ----------------------------------------

                                           Gross Amount at Which Carried at the
                                                   Close of the Period
                                         ----------------------------------------

                                                        Building &
           Description                     Land        Improvements          Total
       ------------------                 ------      -------------       ----------
<S>                                     <C>           <C>                 <C>
RETAIL
****************
EAGLE FOOD CENTER                           401,468       1,555,420         1,956,888
 DUBUQUE            IA
SOUTHFIELD PLAZA SHOPPING CENTER          3,188,496      12,149,991        15,338,487
 BRIDGEVIEW         IL
EAGLE FOOD CENTER                           317,157       1,235,335         1,552,492
 DECATUR            IL
KING CITY SQUARE                          2,049,456       8,197,876        10,247,332
 MT. VERNON         IL
WESTRIDGE COURT SHOPPING CENTER           9,815,696      39,993,397        49,809,093
 NAPERVILLE         IL
KROGER                                      474,403       1,835,607         2,310,010
 OTTAWA             IL
EAGLE FOOD CENTER                           401,504       1,563,980         1,965,484
 PEORIA             IL
EAGLE FOOD CENTER                           313,959       1,226,628         1,540,587
 SPRINGFIELD        IL
EAGLE FOOD CENTER                           400,527       1,561,677         1,962,204
 STERLING           IL
TINLEY PARK PLAZA                         2,607,702      10,996,016        13,603,718
 TINLEY PARK        IL
KROGER                                      352,351       1,359,954         1,712,305
 WATERLOO           IL
KINDERCARE                                   84,586         326,215           410,801
 BEECH GROVE        IN
COLUMBUS CENTER                           1,196,269       6,820,623         8,016,892
 COLUMBUS           IN
KINDERCARE                                   84,586         325,915           410,501
 FORT WAYNE         IN


<CAPTION>
            COLUMN A                      COLUMN F       COLUMN G    COLUMN H      COLUMN I
       ------------------               ------------   ------------  --------   --------------



                                                                                  Life on Which
                                                                                  Depreciated -
                                           Accumulated      Date         Date     Latest Income
           Description                     Depreciation   Constructed   Acquired    Statement
       ------------------                  ------------   ------------  --------  --------------
<S>                                        <C>            <C>           <C>       <C>
RETAIL
****************
EAGLE FOOD CENTER                                 89,444    1980         Aug 93    40 Years
 DUBUQUE            IA
SOUTHFIELD PLAZA SHOPPING CENTER               2,038,302    1958,72      Dec 96    40 Years
 BRIDGEVIEW         IL
EAGLE FOOD CENTER                                 70,673    1983         Aug 93    40 Years
 DECATUR            IL
KING CITY SQUARE                                 452,101    1994         Jul 98    40 Years
 MT. VERNON         IL
WESTRIDGE COURT SHOPPING CENTER                3,742,655    1990         Jul 97    40 Years
 NAPERVILLE         IL
KROGER                                           105,692    1982         Aug 93    40 Years
 OTTAWA             IL
EAGLE FOOD CENTER                                 89,452    1983         Aug 93    40 Years
 PEORIA             IL
EAGLE FOOD CENTER                                 69,943    1982         Aug 93    40 Years
 SPRINGFIELD        IL
EAGLE FOOD CENTER                                 89,229    1980         Aug 93    40 Years
 STERLING           IL
TINLEY PARK PLAZA                              1,517,479    1973         Sep 95    40 Years
 TINLEY PARK        IL
KROGER                                            78,506    1982         Aug 93    40 Years
 WATERLOO           IL
KINDERCARE                                        18,833    1976         Dec 92    40 Years
 BEECH GROVE        IN
COLUMBUS CENTER                                2,214,126    1964         Dec 88    40 Years
 COLUMBUS           IN
KINDERCARE                                        18,833    1976         Dec 92    40 Years
 FORT WAYNE         IN
</TABLE>



                                      F-38

<PAGE>   77

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
    COLUMN A                  COLUMN B               COLUMN C               COLUMN D
 ---------------           --------------   -------------------------  ------------------
                                                                        Cost Capitalized
                                                                          Subsequent to
                                             Initial Cost to Company       Acquisition
                                            -------------------------  -------------------

                                                         Building &
   Description             Encumberances     Land       Improvements       Improvements
 ---------------           -------------    ------      -------------      ------------
<S>                     <C>              <C>           <C>                <C>
RETAIL
****************
EAGLE FOOD CENTER                           332,606       1,291,924
 HOBART             IN
KINDERCARE                                   36,740         141,820
 INDIANAPOLIS       IN
KINDERCARE                                   84,586         326,215
 INDIANAPOLIS       IN
KINDERCARE                                   84,586         326,215
 INDIANAPOLIS       IN
JASPER MANOR                              1,319,937       7,110,063           31,907
 JASPER             IN
VALLEY VIEW PLAZA                           684,867       2,739,492            1,095
 MARION             IN
EAGLE FOOD CENTER                           275,395       1,071,749
 MICHIGAN CITY      IN
TOWN FAIR SHOPPING CENTER                 1,104,876       3,759,503           10,437
 PRINCETON          IN
WABASH CROSSING                           1,599,488       6,470,511           27,744
 WABASH             IN
WOODLAND PLAZA                              420,188       1,680,587           21,001
 WARSAW             IN
GREEN RIVER PLAZA                         2,410,959       9,644,967           95,328
 CAMPBELLSVILLE     KY
KMART PLAZA                  4,941,020    1,703,868       6,815,386           20,000
 ELIZABETHTOWN      KY
HIGHLAND COMMONS             4,628,911    1,715,609       6,862,680           34,578
 GLASGOW            KY
J*TOWN CENTER                             1,331,074       4,121,997          640,074
 JEFFERSONTOWN      KY
</TABLE>

<TABLE>
<CAPTION>

    COLUMN A                                   COLUMN E                   COLUMN F        COLUMN G      COLUMN H       COLUMN I
 ---------------                 -------------------------------------   -------------    ----------    ---------     -----------

                                 Gross Amount at Which Carried at the
                                         Close of the Period
                                 -------------------------------------                                               Life on Which
                                                                                                                     Depreciated -
                                              Building &                  Accumulated        Date          Date      Latest Income
   Description                   Land        Improvements       Total     Depreciation    Constructed    Acquired      Statement
 ---------------                 ----        ------------    --------     ------------    -----------    ---------   ------------
<S>                         <C>            <C>             <C>           <C>            <C>             <C>         <C>
RETAIL
****************

EAGLE FOOD CENTER                332,606      1,291,924      1,624,530        74,099         1983         Aug 93        40 Years
 HOBART             IN
KINDERCARE                        36,740        141,820        178,560         8,187         1975         Dec 92        40 Years
 INDIANAPOLIS       IN
KINDERCARE                        84,586        326,215        410,801        18,833         1976         Dec 92        40 Years
 INDIANAPOLIS       IN
KINDERCARE                        84,586        326,215        410,801        18,833         1976         Dec 92        40 Years
 INDIANAPOLIS       IN
JASPER MANOR                   1,319,937      7,141,970      8,461,907     1,581,504         1990         Feb 92        40 Years
 JASPER             IN
VALLEY VIEW PLAZA                684,867      2,740,587      3,425,454       151,626         1989         Mar 94        40 Years
 MARION             IN
EAGLE FOOD CENTER                275,395      1,071,749      1,347,144        61,365         1983         Aug 93        40 Years
 MICHIGAN CITY      IN
TOWN FAIR SHOPPING CENTER      1,104,876      3,769,940      4,874,816       741,307         1991         Feb 93        40 Years
 PRINCETON          IN
WABASH CROSSING                1,599,488      6,498,255      8,097,743     1,145,086         1988         Dec 93        40 Years
 WABASH             IN
WOODLAND PLAZA                   420,188      1,701,588      2,121,776        99,593         1989         Mar 94        40 Years
 WARSAW             IN
GREEN RIVER PLAZA              2,410,959      9,740,295     12,151,254       527,493         1989         Mar 96        40 Years
 CAMPBELLSVILLE     KY
KMART PLAZA                    1,703,868      6,835,386      8,539,254       375,922         1992         Feb 93        40 Years
 ELIZABETHTOWN      KY
HIGHLAND COMMONS               1,715,609      6,897,258      8,612,867       379,410         1992         Mar 93        40 Years
 GLASGOW            KY
J*TOWN CENTER                  1,331,074      4,762,071      6,093,145     1,453,650         1959         Oct 88        40 Years
 JEFFERSONTOWN      KY
</TABLE>







                                      F-39
<PAGE>   78


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
<S>                                         <C>             <C>            <C>              <C>
  RETAIL
  ****************
  MIST LAKE PLAZA                            9,733,585       4,101,461      16,405,956           60,509
   LEXINGTON          KY
  LONDON MARKETPLACE                         5,226,899       2,520,416      10,081,562
   LONDON             KY
  PICCADILLY SQUARE                                            355,000       1,588,409          522,337
   LOUISVILLE         KY
  EASTGATE SHOPPING CENTER                                   1,945,679       7,792,717          735,155
   MIDDLETOWN         KY
  LEXINGTON ROAD PLAZA                       7,988,328       2,856,229      11,425,027           19,065
   VERSAILLES         KY
  LAGNIAPPE VILLAGE                          6,583,783       3,122,914      12,491,850          103,248
   NEW IBERIA         LA
  BROOKSHIRE GROCERY CO.                                       388,984       1,501,424
   WEST MONROE        LA
  FRUITLAND PLAZA                                              312,650       1,833,330        3,064,668
   FRUITLAND          MD
  LIBERTY PLAZA                                              2,075,809       8,303,237          333,224
   RANDALLSTOWN       MD
  RISING SUN TOWNE CENTRE                                    1,161,300       4,389,359            4,442
   RISING SUN         MD
  MAPLE VILLAGE SHOPPING CENTER                              1,625,580       6,514,322        2,130,783
   ANN ARBOR          MI
  MOUNTAIN JACK'S                                              287,462       1,109,414
   DEARBORN HEIGHTS   MI
  FARMINGTON CROSSROADS                                      1,092,200       4,368,800           93,806
   FARMINGTON         MI
  KINDERCARE                                                   119,214         459,217
   KALAMAZOO          MI
</TABLE>







<TABLE>
<CAPTION>
              COLUMN A                                        COLUMN E                            COLUMN F       COLUMN G
         ------------------                    --------------------------------------------     ------------   ------------

                                                   Gross Amount at Which Carried at the
                                                         Close of the Period
                                               --------------------------------------------

                                                             Building &                          Accumulated       Date
             Description                        Land        Improvements          Total          Depreciation   Constructed
         ------------------                    ------      -------------       ----------        ------------   ------------
<S>                                         <C>             <C>               <C>                  <C>           <C>
  RETAIL
  ****************
  MIST LAKE PLAZA                              4,101,461      16,466,465        20,567,926             904,891     1993
   LEXINGTON          KY
  LONDON MARKETPLACE                           2,520,416      10,081,562        12,601,978             555,985     1994
   LONDON             KY
  PICCADILLY SQUARE                              355,000       2,110,746         2,465,746             641,051     1973
   LOUISVILLE         KY
  EASTGATE SHOPPING CENTER                     1,945,679       8,527,872        10,473,551           1,658,003     1987
   MIDDLETOWN         KY
  LEXINGTON ROAD PLAZA                         2,856,229      11,444,092        14,300,321             637,873     1994
   VERSAILLES         KY
  LAGNIAPPE VILLAGE                            3,122,914      12,595,098        15,718,012             694,386     1990
   NEW IBERIA         LA
  BROOKSHIRE GROCERY CO.                         388,984       1,501,424         1,890,408              86,669     1981
   WEST MONROE        LA
  FRUITLAND PLAZA                                312,650       4,897,998         5,210,648             815,987     1973
   FRUITLAND          MD
  LIBERTY PLAZA                                2,075,809       8,636,461        10,712,270           1,225,525     1962
   RANDALLSTOWN       MD
  RISING SUN TOWNE CENTRE                      1,161,300       4,393,801         5,555,101             168,958     1998
   RISING SUN         MD
  MAPLE VILLAGE SHOPPING CENTER                1,625,580       8,645,105        10,270,685           1,584,055     1965
   ANN ARBOR          MI
  MOUNTAIN JACK'S                                287,462       1,109,414         1,396,876              64,044     1980
   DEARBORN HEIGHTS   MI
  FARMINGTON CROSSROADS                        1,092,200       4,462,606         5,554,806             561,203     1986
   FARMINGTON         MI
  KINDERCARE                                     119,214         459,217           578,431              26,563     1990
   KALAMAZOO          MI
</TABLE>






<TABLE>
<CAPTION>
              COLUMN A                        COLUMN H    COLUMN I
         ------------------                   --------  --------------



                                                         Life on Which
                                                         Depreciated -
                                                 Date    Latest Income
             Description                       Acquired    Statement
         ------------------                    --------  --------------
<S>                                          <C>         <C>
  RETAIL
  ****************
  MIST LAKE PLAZA                               Jul 98      40 Years
   LEXINGTON          KY
  LONDON MARKETPLACE                            Mar 94      40 Years
   LONDON             KY
  PICCADILLY SQUARE                             Apr 89      40 Years
   LOUISVILLE         KY
  EASTGATE SHOPPING CENTER                      Nov 93      40 Years
   MIDDLETOWN         KY
  LEXINGTON ROAD PLAZA                          Apr 94      40 Years
   VERSAILLES         KY
  LAGNIAPPE VILLAGE                             Jul 98      40 Years
   NEW IBERIA         LA
  BROOKSHIRE GROCERY CO.                        Aug 93      40 Years
   WEST MONROE        LA
  FRUITLAND PLAZA                               May 86      35 Years
   FRUITLAND          MD
  LIBERTY PLAZA                                 May 95      40 Years
   RANDALLSTOWN       MD
  RISING SUN TOWNE CENTRE                       Jun 99      40 Years
   RISING SUN         MD
  MAPLE VILLAGE SHOPPING CENTER                 Oct 94      40 Years
   ANN ARBOR          MI
  MOUNTAIN JACK'S                               Dec 92      40 Years
   DEARBORN HEIGHTS   MI
  FARMINGTON CROSSROADS                         Dec 95      40 Years
   FARMINGTON         MI
  KINDERCARE                                    Feb 91      40 Years
   KALAMAZOO          MI
</TABLE>




                                      F-40
<PAGE>   79


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements    Improvements
         ------------------                -------------   -----------    ------------    ------------
<S>                                      <C>              <C>            <C>              <C>
  RETAIL
  ****************
  DELTA CENTER                                               2,405,200       9,620,800         440,820
   LANSING            MI
  HAMPTON VILLAGE CENTRE                    29,889,683       8,638,500      34,541,500         404,011
   ROCHESTER HILLS    MI
  FASHION CORNERS                                            2,244,800       8,799,200         226,371
   SAGINAW            MI
  HALL ROAD CROSSING                                         2,595,500      10,382,000       1,310,422
   SHELBY             MI
  SOUTHFIELD PLAZA                                           2,052,995       8,005,015
   SOUTHFIELD         MI
  DELCO PLAZA                                                1,277,504       5,109,367          86,815
   STERLING HEIGHTS   MI
  WESTLAND CROSSING                                          2,046,000       8,184,000          55,000
   WESTLAND           MI
  ROUNDTREE PLACE                            7,154,875       2,995,774      11,983,221          88,921
   YPSILANTI          MI
  WASHTENAW FOUNTAIN PLAZA                                   1,530,281       6,121,123         380,287
   YPSILANTI          MI
  FIRSTAR BANK                                                 330,888       1,323,798
   BURNSVILLE         MN
  UNITY PROFESSIONAL BLDG.                   5,408,986       2,402,467       9,612,099         144,192
   FRIDLEY            MN
  STILLWATER                                   233,641         120,171         480,682
   STILLWATER         MN
  FACTORY MERCHANTS BRANSON                                     17,669      22,312,120      11,764,077
   BRANSON            MO
  KINDERCARE                                                    54,942         216,744
   HIGH RIDGE         MO
</TABLE>





<TABLE>
<CAPTION>
              COLUMN A                                    COLUMN E                          COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------       ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                       Close of the Period
                                           ----------------------------------------

                                                            Building &                    Accumulated        Date        Date
             Description                      Land         Improvements       Total       Depreciation   Constructed   Acquired
         ------------------                  ------       -------------     ----------    ------------   ------------  --------
<S>                                       <C>             <C>              <C>              <C>            <C>        <C>
  RETAIL
  ****************
  DELTA CENTER                               2,405,200      10,061,620       12,466,820       1,247,765      1985       Dec 95
   LANSING            MI
  HAMPTON VILLAGE CENTRE                     8,638,500      34,945,511       43,584,011       4,356,609      1990       Dec 95
   ROCHESTER HILLS    MI
  FASHION CORNERS                            2,244,800       9,025,571       11,270,371       1,144,054      1986       Dec 95
   SAGINAW            MI
  HALL ROAD CROSSING                         2,595,500      11,692,422       14,287,922       1,412,177      1985       Dec 95
   SHELBY             MI
  SOUTHFIELD PLAZA                           2,052,995       8,005,015       10,058,010         570,221      1969-70    Feb 98
   SOUTHFIELD         MI
  DELCO PLAZA                                1,277,504       5,196,182        6,473,686         522,476      1970,73    Nov 96
   STERLING HEIGHTS   MI
  WESTLAND CROSSING                          2,046,000       8,239,000       10,285,000         265,552      1986       Nov 99
   WESTLAND           MI
  ROUNDTREE PLACE                            2,995,774      12,072,142       15,067,916         671,444      1998       Jul 98
   YPSILANTI          MI
  WASHTENAW FOUNTAIN PLAZA                   1,530,281       6,501,410        8,031,691       1,473,750      1989       Oct 92
   YPSILANTI          MI
  FIRSTAR BANK                                 330,888       1,323,798        1,654,686          73,732      1975       Aug 97
   BURNSVILLE         MN
  UNITY PROFESSIONAL BLDG.                   2,402,467       9,756,291       12,158,758         548,485      1991       May 96
   FRIDLEY            MN
  STILLWATER                                   120,171         480,682          600,853          27,104      1985       Jul 91
   STILLWATER         MN
  FACTORY MERCHANTS BRANSON                     17,669      34,076,197       34,093,866       6,135,454      1988       Nov 93
   BRANSON            MO
  KINDERCARE                                    54,942         216,744          271,686          12,242      1980       Dec 92
   HIGH RIDGE         MO
</TABLE>





<TABLE>
<CAPTION>
              COLUMN A                        COLUMN I
         ------------------                 --------------



                                             Life on Which
                                             Depreciated -
                                             Latest Income
             Description                       Statement
         ------------------                  --------------
<S>                                           <C>
  RETAIL
  ****************
  DELTA CENTER                                  40 Years
   LANSING            MI
  HAMPTON VILLAGE CENTRE                        40 Years
   ROCHESTER HILLS    MI
  FASHION CORNERS                               40 Years
   SAGINAW            MI
  HALL ROAD CROSSING                            40 Years
   SHELBY             MI
  SOUTHFIELD PLAZA                              40 Years
   SOUTHFIELD         MI
  DELCO PLAZA                                   40 Years
   STERLING HEIGHTS   MI
  WESTLAND CROSSING                             40 Years
   WESTLAND           MI
  ROUNDTREE PLACE                               40 Years
   YPSILANTI          MI
  WASHTENAW FOUNTAIN PLAZA                      40 Years
   YPSILANTI          MI
  FIRSTAR BANK                                  40 Years
   BURNSVILLE         MN
  UNITY PROFESSIONAL BLDG.                      40 Years
   FRIDLEY            MN
  STILLWATER                                    40 Years
   STILLWATER         MN
  FACTORY MERCHANTS BRANSON                     40 Years
   BRANSON            MO
  KINDERCARE                                    40 Years
   HIGH RIDGE         MO
</TABLE>


                                      F-41
<PAGE>   80


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
             COLUMN A                        COLUMN B               COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
<S>                                       <C>               <C>            <C>              <C>
  RETAIL
  ****************
  FACTORY OUTLET VILLAGE OSAGE BEACH                         6,978,714      27,229,502       7,716,661
   OSAGE BEACH        MO
  STANLY COUNTY PLAZA                                          600,418       2,401,671          12,031
   ALBEMARLE          NC
  VILLAGE MARKETPLACE                                        1,155,652       4,622,609         185,117
   ASHBORO            NC
  FOOTHILLS MARKET                                             644,555       2,578,295          11,424
   JONESVILLE         NC
  CHAPEL SQUARE SC                           2,143,530         918,460       3,673,918
   KANNAPOLIS         NC
  KINSTON POINTE                                             2,235,052       8,940,354         216,789
   KINSTON            NC
  GRANVILLE CORNERS                                          2,185,356       8,741,261
   OXFORD             NC
  ROXBORO SQUARE                                             1,448,313       5,793,289         103,293
   ROXBORO            NC
  SILER CROSSING                                             1,779,566       7,118,099
   SILER CITY         NC
  CROSSROADS SC                                              5,261,636      21,177,392          48,642
   STATESVILLE        NC
  THOMASVILLE CROSSING                                       1,604,339       6,417,145
   THOMASVILLE        NC
  ANSON STATION                                              1,844,644       7,378,756          47,020
   WADESBORO          NC
  ROANOKE LANDING                            5,914,241       2,519,288      10,077,339          52,143
   WILLIAMSTON        NC
  SHOPPING CENTER - WILSON                                     315,000       1,780,370          82,331
   WILSON             NC
</TABLE>





<TABLE>
<CAPTION>
             COLUMN A                                     COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                              Gross Amount at Which Carried at the
                                                      Close of the Period
                                           ----------------------------------------

                                                           Building &                     Accumulated       Date       Date
             Description                      Land        Improvements        Total       Depreciation   Constructed  Acquired
         ------------------                  ------      -------------     ----------     ------------   ------------ --------
<S>                                         <C>            <C>             <C>               <C>          <C>         <C>
  RETAIL
  ****************
  FACTORY OUTLET VILLAGE OSAGE BEACH         6,978,714      34,946,163      41,924,877        7,022,695     1987       Jan 93
   OSAGE BEACH        MO
  STANLY COUNTY PLAZA                          600,418       2,413,702       3,014,120          135,421     1988       Mar 94
   ALBEMARLE          NC
  VILLAGE MARKETPLACE                        1,155,652       4,807,726       5,963,378          267,354     1988       Apr 95
   ASHBORO            NC
  FOOTHILLS MARKET                             644,555       2,589,719       3,234,274          144,237     1988       Jun 95
   JONESVILLE         NC
  CHAPEL SQUARE SC                             918,460       3,673,918       4,592,378          202,399     1992       Dec 94
   KANNAPOLIS         NC
  KINSTON POINTE                             2,235,052       9,157,143      11,392,195          508,540     1991       Jul 95
   KINSTON            NC
  GRANVILLE CORNERS                          2,185,356       8,741,261      10,926,617          482,069     1991       Feb 96
   OXFORD             NC
  ROXBORO SQUARE                             1,448,313       5,896,582       7,344,895          334,220     1989       Jun 95
   ROXBORO            NC
  SILER CROSSING                             1,779,566       7,118,099       8,897,665          392,554     1988       Jun 95
   SILER CITY         NC
  CROSSROADS SC                              5,261,636      21,226,034      26,487,670        1,168,007     1991       Feb 96
   STATESVILLE        NC
  THOMASVILLE CROSSING                       1,604,339       6,417,145       8,021,484          353,898     1996       Apr 97
   THOMASVILLE        NC
  ANSON STATION                              1,844,644       7,425,776       9,270,420          407,376     1988       Aug 95
   WADESBORO          NC
  ROANOKE LANDING                            2,519,288      10,129,482      12,648,770          557,206     1991       Jan 96
   WILLIAMSTON        NC
  SHOPPING CENTER - WILSON                     315,000       1,862,701       2,177,701          758,578     1973       May 86
   WILSON             NC
</TABLE>





<TABLE>
<CAPTION>
             COLUMN A                          COLUMN I
         ------------------                  --------------



                                             Life on Which
                                             Depreciated -
                                             Latest Income
             Description                       Statement
         ------------------                  --------------
<S>                                           <C>
  RETAIL
  ****************
  FACTORY OUTLET VILLAGE OSAGE BEACH            40 Years
   OSAGE BEACH        MO
  STANLY COUNTY PLAZA                           40 Years
   ALBEMARLE          NC
  VILLAGE MARKETPLACE                           40 Years
   ASHBORO            NC
  FOOTHILLS MARKET                              40 Years
   JONESVILLE         NC
  CHAPEL SQUARE SC                              40 Years
   KANNAPOLIS         NC
  KINSTON POINTE                                40 Years
   KINSTON            NC
  GRANVILLE CORNERS                             40 Years
   OXFORD             NC
  ROXBORO SQUARE                                40 Years
   ROXBORO            NC
  SILER CROSSING                                40 Years
   SILER CITY         NC
  CROSSROADS SC                                 40 Years
   STATESVILLE        NC
  THOMASVILLE CROSSING                          40 Years
   THOMASVILLE        NC
  ANSON STATION                                 40 Years
   WADESBORO          NC
  ROANOKE LANDING                               40 Years
   WILLIAMSTON        NC
  SHOPPING CENTER - WILSON                      35 Years
   WILSON             NC
</TABLE>

                                      F-42

<PAGE>   81


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
<S>                                         <C>             <C>             <C>           <C>
  RETAIL
  ****************
  STRATFORD COMMONS                          5,958,568       2,262,130       9,045,975
   WINSTON-SALEM      NC
  NORTHERN AUTOMOTIVE                                          125,317         483,441
   GRAND ISLAND       NE
  NORTHERN AUTOMOTIVE                                           89,784         346,034
   HASTINGS           NE
  LAUREL SQUARE                                              3,261,701       9,283,302         785,193
   BRICKTOWN          NJ
  HAMILTON PLAZA -  KMART PLAZA                              1,124,415       4,513,658         236,445
   HAMILTON           NJ
  BENNETTS MILLS PLAZA                                       1,794,122       6,399,888         115,706
   JACKSON            NJ
  SIX FLAGS FACTORY OUTLET                                   2,389,214       1,249,781      29,901,396
   JACKSON            NJ
  MIDDLETOWN PLAZA                                           1,204,829       1,479,487       5,697,043
   MIDDLETOWN         NJ
  INSTITUTE FOR DEFENSE ANALYSES                                             1,381,260
   PRINCETON          NJ
  ROXBURY TOWNSHIP NJ                                          333,235
   ROXBURY            NJ
  KMART                                                        462,313       1,786,994
   SOMERVILLE         NJ
  TINTON FALLS PLAZA                                         1,884,325       6,308,392         147,790
   TINTON FALLS       NJ
  DOVER PARK PLAZA                                             322,678       3,027,322          17,000
   YARDVILLE          NJ
  GALLERIA COMMONS                                           6,854,959      27,590,493          10,001
   HENDERSON          NV
</TABLE>





<TABLE>
<CAPTION>
              COLUMN A                                     COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                 ----------------------------------------     ------------   ------------  --------

                                              Gross Amount at Which Carried at the
                                                      Close of the Period
                                            ----------------------------------------

                                                           Building &                      Accumulated       Date        Date
             Description                       Land       Improvements         Total       Depreciation   Constructed   Acquired
         ------------------                   ------      -------------      ----------    ------------   ------------  --------
<S>                                         <C>            <C>              <C>             <C>           <C>          <C>
  RETAIL
  ****************
  STRATFORD COMMONS                          2,262,130       9,045,975        11,308,105        492,939      1995        Dec 96
   WINSTON-SALEM      NC
  NORTHERN AUTOMOTIVE                          125,317         483,441           608,758         27,931      1988        Dec 92
   GRAND ISLAND       NE
  NORTHERN AUTOMOTIVE                           89,784         346,034           435,818         19,995      1988        Dec 92
   HASTINGS           NE
  LAUREL SQUARE                              3,261,701      10,068,495        13,330,196      2,312,853      1973        Jul 92
   BRICKTOWN          NJ
  HAMILTON PLAZA -  KMART PLAZA              1,124,415       4,750,103         5,874,518        853,393      1972        May 94
   HAMILTON           NJ
  BENNETTS MILLS PLAZA                       1,794,122       6,515,594         8,309,716      1,014,458      1988        Sep 94
   JACKSON            NJ
  SIX FLAGS FACTORY OUTLET                   2,389,214      31,151,177        33,540,391      2,750,540      1997        Apr 97
   JACKSON            NJ
  MIDDLETOWN PLAZA                           1,204,829       7,176,530         8,381,359      2,166,195      1972        Jan 75
   MIDDLETOWN         NJ
  INSTITUTE FOR DEFENSE ANALYSES                             1,381,260         1,381,260        782,777      1974,1982   May 74
   PRINCETON          NJ
  ROXBURY TOWNSHIP NJ                          333,235                           333,235                     1998        Dec 97
   ROXBURY            NJ
  KMART                                        462,313       1,786,994         2,249,307        103,008      1982        Aug 93
   SOMERVILLE         NJ
  TINTON FALLS PLAZA                         1,884,325       6,456,182         8,340,507        488,420      1953        Jan 98
   TINTON FALLS       NJ
  DOVER PARK PLAZA                             322,678       3,044,322         3,367,000         66,223      1966        Jan 00
   YARDVILLE          NJ
  GALLERIA COMMONS                           6,854,959      27,600,494        34,455,453      1,518,514      1997-98     Jun 98
   HENDERSON          NV
</TABLE>





<TABLE>
<CAPTION>
              COLUMN A                         COLUMN I
         ------------------                 --------------



                                             Life on Which
                                             Depreciated -
                                             Latest Income
             Description                       Statement
         ------------------                  --------------
<S>                                           <C>
  RETAIL
  ****************
  STRATFORD COMMONS                             40 Years
   WINSTON-SALEM      NC
  NORTHERN AUTOMOTIVE                           40 Years
   GRAND ISLAND       NE
  NORTHERN AUTOMOTIVE                           40 Years
   HASTINGS           NE
  LAUREL SQUARE                                 40 Years
   BRICKTOWN          NJ
  HAMILTON PLAZA -  KMART PLAZA                 40 Years
   HAMILTON           NJ
  BENNETTS MILLS PLAZA                          40 Years
   JACKSON            NJ
  SIX FLAGS FACTORY OUTLET                      40 Years
   JACKSON            NJ
  MIDDLETOWN PLAZA                              40 Years
   MIDDLETOWN         NJ
  INSTITUTE FOR DEFENSE ANALYSES                35 Years
   PRINCETON          NJ
  ROXBURY TOWNSHIP NJ
   ROXBURY            NJ
  KMART                                         40 Years
   SOMERVILLE         NJ
  TINTON FALLS PLAZA                            40 Years
   TINTON FALLS       NJ
  DOVER PARK PLAZA                              40 Years
   YARDVILLE          NJ
  GALLERIA COMMONS                              40 Years
   HENDERSON          NV
</TABLE>



                                      F-43

<PAGE>   82


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>
              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company        Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
<S>                                        <C>              <C>           <C>             <C>
  RETAIL
  ****************
  RENAISSANCE CENTER EAST                                    2,543,856      10,175,427        250,623
   LAS VEGAS          NV
  KIETZKE CENTER                                             3,069,735      12,279,924        139,004
   RENO               NV
  UNIVERSITY MALL                                              115,233       1,010,520        879,434
   CANTON             NY
  CORTLANDVILLE                                                237,139       1,440,173        453,409
   CORTLAND           NY
  KMART PLAZA                                                  942,949       3,771,794        295,633
   DEWITT             NY
  D & F PLAZA                                                  730,839       2,157,849      1,643,754
   DUNKIRK            NY
  SHOPPING CENTER - ELMIRA                                     110,287         891,887
   ELMIRA             NY
  GENESSE VALLEY SHOPPING CENTER             8,760,227       3,639,467      14,557,714         12,812
   GENESCO            NY
  PYRAMID MALL                                               2,176,493       8,705,973        170,451
   GENEVA             NY
  SHOPPING CENTER - GLOVERSVILLE                               139,534         524,939        104,564
   GLOVERSVILLE       NY
  MCKINLEY PLAZA                                             1,247,522       4,990,086        126,361
   HAMBURG            NY
  1 NORTH CENTRAL AVENUE                                        19,246
   HARTSDALE          NY
  HORNELL PLAZA                                                169,487      20,870,793         45,765
   HORNELL            NY
  CAYUGA PLAZA                                               1,398,997       5,596,988        603,092
   ITHACA             NY
</TABLE>






<TABLE>
<CAPTION>
              COLUMN A                                      COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                  ----------------------------------------     ------------   ------------  --------

                                               Gross Amount at Which Carried at the
                                                        Close of the Period
                                             ----------------------------------------

                                                            Building &                     Accumulated       Date         Date
             Description                       Land        Improvements          Total     Depreciation   Constructed   Acquired
         ------------------                   ------      -------------       ----------   ------------   ------------  --------
<S>                                        <C>            <C>               <C>              <C>           <C>        <C>
  RETAIL
  ****************
  RENAISSANCE CENTER EAST                    2,543,856      10,426,050        12,969,906       1,139,311     1981        Oct 96
   LAS VEGAS          NV
  KIETZKE CENTER                             3,069,735      12,418,928        15,488,663         669,213     1974        Jun 97
   RENO               NV
  UNIVERSITY MALL                              115,233       1,889,954         2,005,187       1,080,412     1967        Jan 76
   CANTON             NY
  CORTLANDVILLE                                237,139       1,893,582         2,130,721         606,614     1984        Aug 87
   CORTLAND           NY
  KMART PLAZA                                  942,949       4,067,427         5,010,376         750,759     1970        Aug 93
   DEWITT             NY
  D & F PLAZA                                  730,839       3,801,603         4,532,442       1,415,355     1967        Jan 86
   DUNKIRK            NY
  SHOPPING CENTER - ELMIRA                     110,287         891,887         1,002,174         264,580     1976        Feb 89
   ELMIRA             NY
  GENESSE VALLEY SHOPPING CENTER             3,639,467      14,570,526        18,209,993         807,675     1993        Jul 98
   GENESCO            NY
  PYRAMID MALL                               2,176,493       8,876,424        11,052,917       1,647,442     1973        Aug 93
   GENEVA             NY
  SHOPPING CENTER - GLOVERSVILLE               139,534         629,503           769,037         189,022     1974        Dec 88
   GLOVERSVILLE       NY
  MCKINLEY PLAZA                             1,247,522       5,116,447         6,363,969       1,090,261     1991        Jun 92
   HAMBURG            NY
  1 NORTH CENTRAL AVENUE                        19,246                            19,246                                 Jul 72
   HARTSDALE          NY
  HORNELL PLAZA                                169,487      20,916,558        21,086,045       1,152,387     1995        Jul 98
   HORNELL            NY
  CAYUGA PLAZA                               1,398,997       6,200,080         7,599,077       1,816,088     1969        May 89
   ITHACA             NY
</TABLE>





<TABLE>
<CAPTION>
              COLUMN A                     COLUMN I
         ------------------             --------------



                                         Life on Which
                                         Depreciated -
                                         Latest Income
             Description                   Statement
         ------------------              --------------
<S>                                       <C>
  RETAIL
  ****************
  RENAISSANCE CENTER EAST                   40 Years
   LAS VEGAS          NV
  KIETZKE CENTER                            40 Years
   RENO               NV
  UNIVERSITY MALL                           40 Years
   CANTON             NY
  CORTLANDVILLE                             35 Years
   CORTLAND           NY
  KMART PLAZA                               40 Years
   DEWITT             NY
  D & F PLAZA                               40 Years
   DUNKIRK            NY
  SHOPPING CENTER - ELMIRA                  40 Years
   ELMIRA             NY
  GENESSE VALLEY SHOPPING CENTER            40 Years
   GENESCO            NY
  PYRAMID MALL                              40 Years
   GENEVA             NY
  SHOPPING CENTER - GLOVERSVILLE            40 Years
   GLOVERSVILLE       NY
  MCKINLEY PLAZA                            40 Years
   HAMBURG            NY
  1 NORTH CENTRAL AVENUE
   HARTSDALE          NY
  HORNELL PLAZA                             40 Years
   HORNELL            NY
  CAYUGA PLAZA                              40 Years
   ITHACA             NY
</TABLE>



                                      F-44
<PAGE>   83

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000
<TABLE>
<CAPTION>
              COLUMN A                COLUMN B                COLUMN C                COLUMN D
         ------------------         ------------    ---------------------------   ----------------
                                                                                  Cost Capitalized
                                                                                   Subsequent to
                                                      Initial Cost to Company       Acquisition
                                                    ---------------------------   ----------------

                                                                    Building &
             Description            Encumberances       Land       Improvements     Improvements
         ------------------         -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                 <C>              <C>             <C>             <C>
 SHOPS @ SENECA MALL                                  1,546,823       6,187,289       1,096,405
   LIVERPOOL          NY
  TRANSIT ROAD PLAZA                                    424,672       1,698,692         486,935
   LOCKPORT           NY
  SHOPPING CENTER - MARCY                               400,000       2,231,817          94,207
   MARCY              NY
  WALLKILL PLAZA                                      2,747,686       9,670,742         182,224
   MIDDLETOWN         NY
  MONROE SHOPRITE PLAZA                               1,027,919       8,648,132         106,707
   MONROE             NY
  ROCKLAND PLAZA                                      3,903,266       3,596,643       5,055,693
   NANUET             NY
  SOUTH PLAZA                                           508,378       1,053,099       1,551,317
   NORWICH            NY
  WESTGATE PLAZA - ONEONTA                              142,990       1,192,780         311,939
   ONEONTA            NY
  OSWEGO PLAZA                                          250,369       1,169,499       2,577,796
   OSWEGO             NY
  MOHAWK                                                 93,341         483,405         231,437
   ROME               NY
  MOHAWK ACRES                                          242,269       1,271,543       1,647,604
   ROME               NY
  PRICE CHOPPER PLAZA                                   934,546       3,738,186          82,780
   ROME               NY
  WESTGATE MANOR PLAZA - ROME                           211,924         392,836         959,680
   ROME               NY
  NORTHLAND                                              16,780         257,949         821,368
   WATERTOWN          NY
</TABLE>

<TABLE>
<CAPTION>

              COLUMN A                        COLUMN E                        COLUMN F       COLUMN G       COLUMN H     COLUMN I
         ------------------    ----------------------------------------     ------------   ------------     --------  -------------

                                 Gross Amount at Which Carried at the
                                         Close of the Period
                               ----------------------------------------                                                Life on Which
                                                                                                                       Depreciated -
                                              Building &                       Accumulated      Date         Date      Latest Income
             Description         Land        Improvements          Total       Depreciation   Constructed   Acquired     Statement
         ------------------     ------      -------------       ----------     ------------   ------------  --------   -------------
  RETAIL
  ****************
<S>                            <C>             <C>               <C>             <C>           <C>         <C>         <C>
 SHOPS @ SENECA MALL            1,546,823       7,283,694         8,830,517       1,307,633     1971         Aug 93      40 Years
   LIVERPOOL          NY
  TRANSIT ROAD PLAZA              424,672       2,185,627         2,610,299         449,960     1971         Aug 93      40 Years
   LOCKPORT           NY
  SHOPPING CENTER - MARCY         400,000       2,326,024         2,726,024         974,344     1971         May 86      35 Years
   MARCY              NY
  WALLKILL PLAZA                2,747,686       9,852,966        12,600,652       1,141,764     1986         Dec 95      40 Years
   MIDDLETOWN         NY
  MONROE SHOPRITE PLAZA         1,027,919       8,754,839         9,782,758         701,454     1972         Aug 97      40 Years
   MONROE             NY
  ROCKLAND PLAZA                3,903,266       8,652,336        12,555,602       3,917,993     1963         Jan 83      40 Years
   NANUET             NY
  SOUTH PLAZA                     508,378       2,604,416         3,112,794       1,174,725     1967         Apr 83      40 Years
   NORWICH            NY
  WESTGATE PLAZA - ONEONTA        142,990       1,504,719         1,647,709         682,779     1967         Jan 84      40 Years
   ONEONTA            NY
  OSWEGO PLAZA                    250,369       3,747,295         3,997,664       1,787,367     1966         Jan 77      40 Years
   OSWEGO             NY
  MOHAWK                           93,341         714,842           808,183         325,946     1965         Jan 84      40 Years
   ROME               NY
  MOHAWK ACRES                    242,269       2,919,147         3,161,416       1,147,445     1965         Feb 84      40 Years
   ROME               NY
  PRICE CHOPPER PLAZA             934,546       3,820,966         4,755,512         690,284     1988         Aug 93      40 Years
   ROME               NY
  WESTGATE MANOR PLAZA - ROME     211,924       1,352,516         1,564,440         434,836     1961         Jan 86      40 Years
   ROME               NY
  NORTHLAND                        16,780       1,079,317         1,096,097         365,336     1962         Jan 73      40 Years
   WATERTOWN          NY

</TABLE>




                                      F-45


<PAGE>   84

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000

<TABLE>
<CAPTION>
              COLUMN A               COLUMN B                COLUMN C                COLUMN D
         ------------------        ------------    ---------------------------   ----------------
                                                                                 Cost Capitalized
                                                                                  Subsequent to
                                                     Initial Cost to Company       Acquisition
                                                   ---------------------------   ----------------

                                                                   Building &
             Description           Encumberances       Land       Improvements     Improvements
         ------------------        -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                <C>              <C>             <C>                <C>
  ASHLAND SQUARE                                     1,990,823       7,963,282          31,418
   ASHLAND            OH
  HARBOR PLAZA                                         388,997       1,456,108         253,099
   ASHTABULA          OH
  BELPRE PLAZA                                                       2,066,121         139,088
   BELPRE             OH
  SOUTHWOOD PLAZA                                      707,073       1,537,519         583,689
   BOWLING GREEN      OH
  BRENTWOOD PLAZA                                    2,027,969       8,222,875         789,836
   CINCINNATI         OH
  DELHI SHOPPING CENTER                              2,300,029       9,218,117          70,060
   CINCINNATI         OH
  WESTERN VILLAGE SHOPPING CENTER                    1,321,484       5,300,935         157,180
   CINCINNATI         OH
  CROWN POINT SHOPPING CENTER        7,578,857       2,881,681       7,958,319           8,564
   COLUMBUS           OH
  RIVER RUN CENTRE                   2,652,564       1,050,261       2,481,106
   COSHOCTON          OH
  SOUTH TOWNE CENTRE                                 4,737,368       9,636,943       1,613,119
   DAYTON             OH
  HERITAGE SQUARE                                    1,749,182       7,011,926          96,027
   DOVER              OH
  MIDWAY CROSSING                                    1,944,200       7,776,800         192,574
   ELYRIA             OH
  FAIRFIELD MALL                                     1,287,649       1,685,919         246,817
   FAIRFIELD          OH
  SILVER BRIDGE PLAZA                                  919,022       3,197,673       1,412,736
   GALLIPOLIS         OH
</TABLE>

<TABLE>
<CAPTION>


              COLUMN A                           COLUMN E                       COLUMN F       COLUMN G      COLUMN H
         ------------------       ----------------------------------------     -----------   ------------    --------

                                    Gross Amount at Which Carried at the
                                            Close of the Period
                                  ----------------------------------------

                                                 Building &                      Accumulated      Date         Date
             Description            Land        Improvements          Total      Depreciation   Constructed   Acquired
         ------------------        ------      -------------       ----------    ------------   ------------  --------
  RETAIL
  ****************
<S>                                <C>             <C>               <C>               <C>        <C>          <C>
  ASHLAND SQUARE                   1,990,823       7,994,700         9,985,523         439,252    1990         Oct 93
   ASHLAND            OH
  HARBOR PLAZA                       388,997       1,709,207         2,098,204         464,554    1988         Feb 91
   ASHTABULA          OH
  BELPRE PLAZA                                     2,205,209         2,205,209         753,706    1969         Jun 88
   BELPRE             OH
  SOUTHWOOD PLAZA                    707,073       2,121,208         2,828,281         778,108    1961         May 90
   BOWLING GREEN      OH
  BRENTWOOD PLAZA                  2,027,969       9,012,711        11,040,680       1,480,443    1957         May 94
   CINCINNATI         OH
  DELHI SHOPPING CENTER            2,300,029       9,288,177        11,588,206       1,055,120    1973,85,87   May 96
   CINCINNATI         OH
  WESTERN VILLAGE SHOPPING CENTER  1,321,484       5,458,115         6,779,599         907,550    1960         May 94
   CINCINNATI         OH
  CROWN POINT SHOPPING CENTER      2,881,681       7,966,883        10,848,564         533,175    1980-85,97   Jul 98
   COLUMBUS           OH
  RIVER RUN CENTRE                 1,050,261       2,481,106         3,531,367         231,685    1992         Jul 98
   COSHOCTON          OH
  SOUTH TOWNE CENTRE               4,737,368      11,250,062        15,987,430       2,820,350    1972         Mar 92
   DAYTON             OH
  HERITAGE SQUARE                  1,749,182       7,107,953         8,857,135       1,351,353    1959         Aug 93
   DOVER              OH
  MIDWAY CROSSING                  1,944,200       7,969,374         9,913,574       1,013,398    1986         Dec 95
   ELYRIA             OH
  FAIRFIELD MALL                   1,287,649       1,932,736         3,220,385         509,889    1978         May 90
   FAIRFIELD          OH
  SILVER BRIDGE PLAZA                919,022       4,610,409         5,529,431       2,156,930    1972         Dec 86
   GALLIPOLIS         OH
</TABLE>

<TABLE>
<CAPTION>


              COLUMN A               COLUMN I
         ------------------        ------------



                                   Life on Which
                                   Depreciated -
                                   Latest Income
             Description             Statement
         ------------------        -------------
  RETAIL
  ****************
<S>                                  <C>
  ASHLAND SQUARE                     40 Years
   ASHLAND            OH
  HARBOR PLAZA                       40 Years
   ASHTABULA          OH
  BELPRE PLAZA                       40 Years
   BELPRE             OH
  SOUTHWOOD PLAZA                    40 Years
   BOWLING GREEN      OH
  BRENTWOOD PLAZA                    40 Years
   CINCINNATI         OH
  DELHI SHOPPING CENTER              40 Years
   CINCINNATI         OH
  WESTERN VILLAGE SHOPPING CENTER    40 Years
   CINCINNATI         OH
  CROWN POINT SHOPPING CENTER        40 Years
   COLUMBUS           OH
  RIVER RUN CENTRE                   40 Years
   COSHOCTON          OH
  SOUTH TOWNE CENTRE                 40 Years
   DAYTON             OH
  HERITAGE SQUARE                    40 Years
   DOVER              OH
  MIDWAY CROSSING                    40 Years
   ELYRIA             OH
  FAIRFIELD MALL                     40 Years
   FAIRFIELD          OH
  SILVER BRIDGE PLAZA                40 Years
   GALLIPOLIS         OH

</TABLE>




                                      F-46

<PAGE>   85


               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000
<TABLE>
<CAPTION>

              COLUMN A              COLUMN B                COLUMN C                COLUMN D
         ------------------       ------------    ---------------------------   ----------------
                                                                                Cost Capitalized
                                                                                 Subsequent to
                                                    Initial Cost to Company       Acquisition
                                                  ---------------------------   ----------------

                                                                  Building &
             Description          Encumberances       Land       Improvements     Improvements
         ------------------       -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                <C>            <C>            <C>              <C>
  SHOPPING CENTER - GENOA                              96,001       1,016,349
   GENOA              OH
  PARKWAY PLAZA                                       950,667       2,069,921         562,094
   MAUMEE             OH
  NEW BOSTON SHOPPING CENTER                        2,102,371       9,176,918         525,441
   NEW BOSTON         OH
  MARKET PLACE                                        597,923       3,738,164         341,026
   PIQUA              OH
  BRICE PARK SHOPPING CENTER        4,413,291       4,854,414      10,204,698           9,469
   REYNOLDSBURG       OH
  CENTRAL AVE MARKET PLACE                          1,046,480       1,769,207         397,149
   TOLEDO             OH
  GREENTREE SHOPPING CENTER         5,253,904       3,379,200       6,860,800          41,627
   UPPER ARLINGTON    OH
  SAFEWAY                                             476,864       1,840,640
   MUSKOGEE           OK
  BETHEL PARK PLAZA                                   868,039       9,933,094         929,971
   BETHEL PARK        PA
  SUPERVALU/CLEARFIELD                                357,218       1,378,949          22,041
   CLEARFIELD         PA
  DILLSBURG SHOPPING CENTER                         1,166,376       4,665,505          86,868
   DILLSBURG          PA
  MARKET STREET SQUARE                              3,494,045      13,976,027
   ELIZABETHTOWN      PA
  HARDEES - PAD                                                       400,000
   HANOVER            PA
  NEW GARDEN SHOPPING CENTER                          912,130       3,161,495          16,672
   KENNETT SQUARE     PA
</TABLE>

<TABLE>
<CAPTION>

              COLUMN A                         COLUMN E                           COLUMN F       COLUMN G    COLUMN H
         ------------------     ----------------------------------------        ------------   ------------  --------

                                  Gross Amount at Which Carried at the
                                          Close of the Period
                                ----------------------------------------

                                               Building &                       Accumulated      Date         Date
             Description          Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------      ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                             <C>          <C>                 <C>            <C>            <C>           <C>
  SHOPPING CENTER - GENOA           96,001       1,016,349         1,112,350          248,972    1987         Mar 91
   GENOA              OH
  PARKWAY PLAZA                    950,667       2,632,015         3,582,682          757,758    1955         Sep 89
   MAUMEE             OH
  NEW BOSTON SHOPPING CENTER     2,102,371       9,702,359        11,804,730        1,840,949    1991         Feb 93
   NEW BOSTON         OH
  MARKET PLACE                     597,923       4,079,190         4,677,113        1,026,626    1972         Nov 91
   PIQUA              OH
  BRICE PARK SHOPPING CENTER     4,854,414      10,214,167        15,068,581          695,466    1989-92      Mar 98
   REYNOLDSBURG       OH
  CENTRAL AVE MARKET PLACE       1,046,480       2,166,356         3,212,836          548,271    1968         Aug 90
   TOLEDO             OH
  GREENTREE SHOPPING CENTER      3,379,200       6,902,427        10,281,627          458,034    1974,80,91   Jul 98
   UPPER ARLINGTON    OH
  SAFEWAY                          476,864       1,840,640         2,317,504          106,255    1981         Aug 93
   MUSKOGEE           OK
  BETHEL PARK PLAZA                868,039      10,863,065        11,731,104        1,093,380    1965         May 97
   BETHEL PARK        PA
  SUPERVALU/CLEARFIELD             357,218       1,400,990         1,758,208           79,592    1982         Aug 93
   CLEARFIELD         PA
  DILLSBURG SHOPPING CENTER      1,166,376       4,752,373         5,918,749          493,951    1994         Oct 96
   DILLSBURG          PA
  MARKET STREET SQUARE           3,494,045      13,976,027        17,470,072          770,759    1993-94      Oct 97
   ELIZABETHTOWN      PA
  HARDEES - PAD                                    400,000           400,000           34,583    1971         Jul 97
   HANOVER            PA
  NEW GARDEN SHOPPING CENTER       912,130       3,178,167         4,090,297          293,614    1979         Apr 97
   KENNETT SQUARE     PA
</TABLE>

<TABLE>
<CAPTION>

              COLUMN A           COLUMN I
         ------------------    -------------



                                 Life on Which
                                 Depreciated -
                                 Latest Income
             Description           Statement
         ------------------      -------------
  RETAIL
  ****************
<S>                              <C>
  SHOPPING CENTER - GENOA         40 Years
   GENOA              OH
  PARKWAY PLAZA                   40 Years
   MAUMEE             OH
  NEW BOSTON SHOPPING CENTER      40 Years
   NEW BOSTON         OH
  MARKET PLACE                    40 Years
   PIQUA              OH
  BRICE PARK SHOPPING CENTER      40 Years
   REYNOLDSBURG       OH
  CENTRAL AVE MARKET PLACE        40 Years
   TOLEDO             OH
  GREENTREE SHOPPING CENTER       40 Years
   UPPER ARLINGTON    OH
  SAFEWAY                         40 Years
   MUSKOGEE           OK
  BETHEL PARK PLAZA               40 Years
   BETHEL PARK        PA
  SUPERVALU/CLEARFIELD            40 Years
   CLEARFIELD         PA
  DILLSBURG SHOPPING CENTER       40 Years
   DILLSBURG          PA
  MARKET STREET SQUARE            40 Years
   ELIZABETHTOWN      PA
  HARDEES - PAD                   35 Years
   HANOVER            PA
  NEW GARDEN SHOPPING CENTER      40 Years
   KENNETT SQUARE     PA


</TABLE>
                                      F-47


<PAGE>   86

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000
<TABLE>
<CAPTION>

              COLUMN A             COLUMN B                COLUMN C                COLUMN D
         ------------------       -----------    ---------------------------   ----------------
                                                                               Cost Capitalized
                                                                                Subsequent to
                                                   Initial Cost to Company       Acquisition
                                                 ---------------------------   ----------------

                                                                 Building &
             Description          Encumberances       Land       Improvements     Improvements
         ------------------       ------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                               <C>              <C>             <C>               <C>
  STONEMILL PLAZA                                  1,407,975       5,650,901         100,565
   LANCASTER          PA
  CROSSROADS PLAZA                                   384,882       1,040,668         419,792
   MT. PLEASANT       PA
  ACME MARKET                                        227,720       1,398,726
   PHILADELPHIA       PA
  IVYRIDGE SHOPPING CENTER                         1,504,080       6,026,320         953,738
   PHILADELPHIA       PA
  ROOSEVELT MALL NE                                2,537,377       2,671,543       7,567,717
   PHILADELPHIA       PA
  JOHNSTOWN GALLERIA               3,288,863       1,584,716       6,338,789         168,999
   RICHLAND TOWNSHIP  PA
  HAMPTON SQUARE SHOPPING CENTER                     772,800       2,907,200           6,000
   UPPER SO HAMPTON   PA
  SHOPS AT PROSPECT                                  741,941       2,967,765          70,154
   WEST HEMPFIELD     PA
  CIRCLE CENTER                                    1,533,329       6,133,106
   HILTON HEAD ISLAND SC
  PALMETTO CROSSROADS                                473,111       1,892,443
   HILTON HEAD ISLAND SC
  BI-LO                                              379,829       1,466,141
   JAMES ISLAND       SC
  ISLAND PLAZA                                     2,820,729      11,283,031          69,505
   JAMES ISLAND       SC
  REMOUNT VILLAGE                  3,686,709       1,470,352       5,879,355
   N. CHARLESTON      SC
  CONGRESS CROSSING                                1,098,351       6,747,013          83,631
   ATHENS             TN

</TABLE>

<TABLE>
<CAPTION>


              COLUMN A                            COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------        ----------------------------------------     ------------   ------------  --------

                                     Gross Amount at Which Carried at the
                                             Close of the Period
                                   ----------------------------------------

                                                  Building &                     Accumulated      Date         Date
             Description              Land        Improvements        Total       Depreciation   Constructed   Acquired
         ------------------         ------      -------------     ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                 <C>          <C>             <C>             <C>            <C>            <C>
  STONEMILL PLAZA                   1,407,975       5,751,466       7,159,441        1,009,728    1988         Jan 94
   LANCASTER          PA
  CROSSROADS PLAZA                    384,882       1,460,460       1,845,342          417,515    1975         Nov 88
   MT. PLEASANT       PA
  ACME MARKET                         227,720       1,398,726       1,626,446           83,030    1980         Aug 98
   PHILADELPHIA       PA
  IVYRIDGE SHOPPING CENTER          1,504,080       6,980,058       8,484,138          905,399    1963         Aug 95
   PHILADELPHIA       PA
  ROOSEVELT MALL NE                 2,537,377      10,239,260      12,776,637        5,584,527    1958,1964    Jan 64
   PHILADELPHIA       PA
  JOHNSTOWN GALLERIA                1,584,716       6,507,788       8,092,504          367,884    1993         Jul 97
   RICHLAND TOWNSHIP  PA
  HAMPTON SQUARE SHOPPING CENTER      772,800       2,913,200       3,686,000          147,468    1980         Dec 98
   UPPER SO HAMPTON   PA
  SHOPS AT PROSPECT                   741,941       3,037,919       3,779,860          435,533    1994         Jul 95
   WEST HEMPFIELD     PA
  CIRCLE CENTER                     1,533,329       6,133,106       7,666,435          338,233    1989         Mar 94
   HILTON HEAD ISLAND SC
  PALMETTO CROSSROADS                 473,111       1,892,443       2,365,554          106,708    1994         Oct 95
   HILTON HEAD ISLAND SC
  BI-LO                               379,829       1,466,141       1,845,970           84,629    1982         Aug 93
   JAMES ISLAND       SC
  ISLAND PLAZA                      2,820,729      11,352,536      14,173,265          632,471    1993-94      Oct 97
   JAMES ISLAND       SC
  REMOUNT VILLAGE                   1,470,352       5,879,355       7,349,707          320,377    1996         Nov 96
   N. CHARLESTON      SC
  CONGRESS CROSSING                 1,098,351       6,830,644       7,928,995        1,544,385    1990         Mar 92
   ATHENS             TN
</TABLE>


<TABLE>
<CAPTION>

              COLUMN A              COLUMN I
         ------------------      --------------



                                     Life on Which
                                     Depreciated -
                                   Latest Income
             Description             Statement
         ------------------        --------------
  RETAIL
  ****************
<S>                                <C>
  STONEMILL PLAZA                  40 Years
   LANCASTER          PA
  CROSSROADS PLAZA                 40 Years
   MT. PLEASANT       PA
  ACME MARKET                      40 Years
   PHILADELPHIA       PA
  IVYRIDGE SHOPPING CENTER         40 Years
   PHILADELPHIA       PA
  ROOSEVELT MALL NE                40 Years
   PHILADELPHIA       PA
  JOHNSTOWN GALLERIA               40 Years
   RICHLAND TOWNSHIP  PA
  HAMPTON SQUARE SHOPPING CENTER   40 Years
   UPPER SO HAMPTON   PA
  SHOPS AT PROSPECT                40 Years
   WEST HEMPFIELD     PA
  CIRCLE CENTER                    40 Years
   HILTON HEAD ISLAND SC
  PALMETTO CROSSROADS              40 Years
   HILTON HEAD ISLAND SC
  BI-LO                            40 Years
   JAMES ISLAND       SC
  ISLAND PLAZA                     40 Years
   JAMES ISLAND       SC
  REMOUNT VILLAGE                  40 Years
   N. CHARLESTON      SC
  CONGRESS CROSSING                40 Years
   ATHENS             TN

</TABLE>




                                      F-48


<PAGE>   87

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>

             COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                          <C>             <C>            <C>            <C>
  ST. ELMO CENTRAL                           4,012,897       1,529,587       6,115,470
   CHATTANOOGA        TN
  WINN-DIXIE                                                   591,450       2,365,576
   CHATTANOOGA        TN
  APISON CROSSING                                            1,679,125       6,716,542
   COLLEGEDALE        TN
  SADDLETREE VILLAGE                         1,875,149         685,676       2,900,245
   COLLEGEDALE        TN
  WEST TOWNE SQUARE SHOPPING CENTER                            529,103       3,880,088          25,139
   ELIZABETHTON       TN
  GREENEVILLE COMMONS                                        1,075,200       7,884,800          33,695
   GREENEVILLE        TN
  HAZEL PATH COMMONS                                           919,231       3,677,158             468
   HENDERSONVILLE     TN
  KIMBALL CROSSING                                           3,966,352      15,875,659           9,999
   KIMBALL            TN
  FIRST AMERICAN BANK/AUDITION HI FI                                            90,233
   KINGSPORT          TN
  CHAPMAN-FORD CROSSING                                      2,367,047       9,468,292
   KNOXVILLE          TN
  FARRAR PLACE                                                 804,963       3,220,060
   MANCHESTER         TN
  GEORGETOWN SQUARE                                          1,166,924       4,674,698         208,342
   MURFREESBORO       TN
  MADISON STREET STATION                                       752,499       3,012,444         203,257
   SHELBYVILLE        TN
  COMMERCE CENTRAL                           8,708,506       3,043,798      12,177,046          69,128
   TULLAHOMA          TN




<CAPTION>

             COLUMN A                                     COLUMN E                           COLUMN F       COLUMN G    COLUMN H
         ------------------                 ----------------------------------------        ------------   ------------  --------

                                              Gross Amount at Which Carried at the
                                                      Close of the Period
                                            ----------------------------------------

                                                           Building &                       Accumulated      Date         Date
             Description                      Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                  ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                         <C>             <C>               <C>                <C>        <C>          <C>
  ST. ELMO CENTRAL                           1,529,587       6,115,470         7,645,057          333,507    1995         Aug 96
   CHATTANOOGA        TN
  WINN-DIXIE                                   591,450       2,365,576         2,957,026          131,761    1995         Jul 96
   CHATTANOOGA        TN
  APISON CROSSING                            1,679,125       6,716,542         8,395,667          370,408    1997         Jul 97
   COLLEGEDALE        TN
  SADDLETREE VILLAGE                           685,676       2,900,245         3,585,921          157,658    1990         Jun 98
   COLLEGEDALE        TN
  WEST TOWNE SQUARE SHOPPING CENTER            529,103       3,905,227         4,434,330          261,239    1970,1998    Jun 98
   ELIZABETHTON       TN
  GREENEVILLE COMMONS                        1,075,200       7,918,495         8,993,695        1,736,690    1990         Mar 92
   GREENEVILLE        TN
  HAZEL PATH COMMONS                           919,231       3,677,626         4,596,857          202,789    1989         Nov 95
   HENDERSONVILLE     TN
  KIMBALL CROSSING                           3,966,352      15,885,658        19,852,010          868,454    1987         Nov 95
   KIMBALL            TN
  FIRST AMERICAN BANK/AUDITION HI FI                            90,233            90,233              978    1970         Sep 92
   KINGSPORT          TN
  CHAPMAN-FORD CROSSING                      2,367,047       9,468,292        11,835,339          522,324    1990         Dec 92
   KNOXVILLE          TN
  FARRAR PLACE                                 804,963       3,220,060         4,025,023          177,580    1990         Dec 95
   MANCHESTER         TN
  GEORGETOWN SQUARE                          1,166,924       4,883,040         6,049,964          928,547    1986         Sep 93
   MURFREESBORO       TN
  MADISON STREET STATION                       752,499       3,215,701         3,968,200          169,333    1985         Oct 95
   SHELBYVILLE        TN
  COMMERCE CENTRAL                           3,043,798      12,246,174        15,289,972          666,898    1995         Aug 96
   TULLAHOMA          TN


<CAPTION>

             COLUMN A               COLUMN I
         ------------------      --------------



                                   Life on Which
                                   Depreciated -
                                   Latest Income
             Description             Statement
         ------------------        --------------
  RETAIL
  ****************
<S>                                 <C>
  ST. ELMO CENTRAL                   40 Years
   CHATTANOOGA        TN
  WINN-DIXIE                         40 Years
   CHATTANOOGA        TN
  APISON CROSSING                    40 Years
   COLLEGEDALE        TN
  SADDLETREE VILLAGE                 40 Years
   COLLEGEDALE        TN
  WEST TOWNE SQUARE SHOPPING CENER   40 Years
   ELIZABETHTON       TN
  GREENEVILLE COMMONS                40 Years
   GREENEVILLE        TN
  HAZEL PATH COMMONS                 40 Years
   HENDERSONVILLE     TN
  KIMBALL CROSSING                   40 Years
   KIMBALL            TN
  FIRST AMERICAN BANK/AUDITION HI FI 40 Years
   KINGSPORT          TN
  CHAPMAN-FORD CROSSING              40 Years
   KNOXVILLE          TN
  FARRAR PLACE                       40 Years
   MANCHESTER         TN
  GEORGETOWN SQUARE                  40 Years
   MURFREESBORO       TN
  MADISON STREET STATION             40 Years
   SHELBYVILLE        TN
  COMMERCE CENTRAL                   40 Years
   TULLAHOMA          TN
</TABLE>


                                      F-49








<PAGE>   88

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000
<TABLE>
<CAPTION>

              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                          <C>             <C>            <C>                 <C>
  MERCHANT'S CENTRAL                         6,529,994       2,891,062      11,564,219          43,990
   WINCHESTER         TN
  BARDIN PLACE CENTER                                        6,733,620      27,101,486          20,000
   ARLINGTON          TX
  KMART                                                        464,219       2,048,226
   DE SOTO            TX
  HOUSTON II                                                    71,600         286,239
   HOUSTON            TX
  HOUSTON II                                                    56,200         224,959
   HOUSTON            TX
  IRVING WEST SC                             2,781,163         933,850       3,735,400           3,735
   IRVING             TX
  KROGER                                                       390,012       1,505,457
   MISSOURI CITY      TX
  EL CHICO                                                     450,886         504,012
   TEMPLE             TX
  VALLEY FAIR MASTER AND INTERIOR COSTS     16,989,743       6,985,675      27,942,699       2,169,308
   WEST VALLEY CITY   UT
  SHOPPING CENTER - COLONIAL HTS                               290,000         792,441          24,825
   COLONIAL HEIGHTS   VA
  FACTORY MERCHANTS FT CHISWELL                                411,023       1,644,017         403,502
   FT CHISWELL        VA
  PIZZA HUT - PAD                                                              427,500
   HARRISONBURG       VA
  HANOVER SQUARE SHOPPING CENTER                             1,778,701       7,114,805         117,256
   MECHANICSVILLE     VA
  VICTORIAN SQUARE                                           3,548,432      14,208,727         155,427
   MIDLOTHIAN         VA
</TABLE>

<TABLE>
<CAPTION>



              COLUMN A                                    COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                ----------------------------------------     ------------   ------------  --------

                                             Gross Amount at Which Carried at the
                                                     Close of the Period
                                           ----------------------------------------

                                                          Building &                       Accumulated      Date         Date
             Description                     Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                 ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                         <C>            <C>               <C>                 <C>        <C>         <C>
  MERCHANT'S CENTRAL                        2,891,062      11,608,209        14,499,271          651,087    1997         Dec 97
   WINCHESTER         TN
  BARDIN PLACE CENTER                       6,733,620      27,121,486        33,855,106        1,489,614    1992-93      Oct 97
   ARLINGTON          TX
  KMART                                       464,219       2,048,226         2,512,445          117,974    1980         Aug 93
   DE SOTO            TX
  HOUSTON II                                   71,600         286,239           357,839           15,944    1985         Dec 92
   HOUSTON            TX
  HOUSTON II                                   56,200         224,959           281,159           12,529    1985         Dec 92
   HOUSTON            TX
  IRVING WEST SC                              933,850       3,739,135         4,672,985          211,259    1987         Sep 93
   IRVING             TX
  KROGER                                      390,012       1,505,457         1,895,469           86,904    1982         Aug 93
   MISSOURI CITY      TX
  EL CHICO                                    450,886         504,012           954,898           27,895    1995         Dec 95
   TEMPLE             TX
  VALLEY FAIR MASTER AND INTERIOR COSTS     6,985,675      30,112,007        37,097,682        2,014,992    1970         Dec 96
   WEST VALLEY CITY   UT
  SHOPPING CENTER - COLONIAL HTS              290,000         817,266         1,107,266          332,071    1972         May 86
   COLONIAL HEIGHTS   VA
  FACTORY MERCHANTS FT CHISWELL               411,023       2,047,519         2,458,542          459,141    1989         Nov 93
   FT CHISWELL        VA
  PIZZA HUT - PAD                                             427,500           427,500           53,946    1969         Jul 96
   HARRISONBURG       VA
  HANOVER SQUARE SHOPPING CENTER            1,778,701       7,232,061         9,010,762        1,463,055    1991         Jan 93
   MECHANICSVILLE     VA
  VICTORIAN SQUARE                          3,548,432      14,364,154        17,912,586        2,454,082    1991         Mar 94
   MIDLOTHIAN         VA
</TABLE>




<TABLE>
<CAPTION>



              COLUMN A                        COLUMN I
         ------------------                  --------------



                                             Life on Which
                                             Depreciated -
                                             Latest Income
             Description                       Statement
         ------------------                  --------------
  RETAIL
  ****************
<S>                                           <C>
  MERCHANT'S CENTRAL                           40 Years
   WINCHESTER         TN
  BARDIN PLACE CENTER                          40 Years
   ARLINGTON          TX
  KMART                                        40 Years
   DE SOTO            TX
  HOUSTON II                                   40 Years
   HOUSTON            TX
  HOUSTON II                                   40 Years
   HOUSTON            TX
  IRVING WEST SC                               40 Years
   IRVING             TX
  KROGER                                       40 Years
   MISSOURI CITY      TX
  EL CHICO                                     40 Years
   TEMPLE             TX
  VALLEY FAIR MASTER AND INTERIOR COSTS        40 Years
   WEST VALLEY CITY   UT
  SHOPPING CENTER - COLONIAL HTS               35 Years
   COLONIAL HEIGHTS   VA
  FACTORY MERCHANTS FT CHISWELL                40 Years
   FT CHISWELL        VA
  PIZZA HUT - PAD                              35 Years
   HARRISONBURG       VA
  HANOVER SQUARE SHOPPING CENTER               40 Years
   MECHANICSVILLE     VA
  VICTORIAN SQUARE                             40 Years
   MIDLOTHIAN         VA

</TABLE>



                                      F-50


<PAGE>   89

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2000


<TABLE>
<CAPTION>


              COLUMN A                       COLUMN B                COLUMN C                COLUMN D
         ------------------                ------------    ---------------------------   ----------------
                                                                                         Cost Capitalized
                                                                                          Subsequent to
                                                             Initial Cost to Company       Acquisition
                                                           ---------------------------   ----------------

                                                                           Building &
             Description                   Encumberances       Land       Improvements     Improvements
         ------------------                -------------   -----------    ------------     ------------
  RETAIL
  ****************
<S>                                         <C>             <C>            <C>              <C>
  VA-KY REGIONAL SC                                          2,795,765      11,183,253           9,999
   NORTON             VA
  CAVE SPRING CORNERS SHOPPING CENTER                        1,064,298       4,257,792         108,378
   ROANOKE            VA
  HUNTING HILLS SHOPPING CENTER              4,023,589       1,897,007       6,010,376           9,047
   ROANOKE            VA
  LAKESIDE PLAZA                                             1,383,339       5,355,788
   SALEM              VA
  SHOPPING CENTER - FREDRICKSBURG                              250,000       1,363,880         361,444
   SPOTSYLVANIA       VA
  LAKE DRIVE PLAZA                           3,601,646       1,432,155       4,616,848         196,443
   VINTON             VA
  RIDGEVIEW CENTRE                                           2,707,679       4,417,792         598,103
   WISE               VA
  MOUNDSVILLE PLAZA                                            228,283       1,989,798       5,066,736
   MOUNDSVILLE        WV
  GRAND CENTRAL PLAZA                                                        4,358,333         153,150
   PARKERSBURG        WV
  KMART PLAZA                                                  664,121       2,656,483         143,331
   VIENNA             WV
                                           ------------   --------------  ---------------  -------------
                                         $ 358,233,417  $   535,904,692  $ 2,115,970,315  $ 200,360,894
                                          =============  ===============  ================ ==============

</TABLE>

<TABLE>
<CAPTION>


              COLUMN A                                      COLUMN E                        COLUMN F       COLUMN G    COLUMN H
         ------------------                  ----------------------------------------     ------------   ------------  --------

                                               Gross Amount at Which Carried at the
                                                       Close of the Period
                                             ----------------------------------------

                                                            Building &                       Accumulated      Date         Date
             Description                       Land        Improvements          Total       Depreciation   Constructed   Acquired
         ------------------                   ------      -------------       ----------     ------------   ------------  --------
  RETAIL
  ****************
<S>                                        <C>             <C>                <C>             <C>           <C>           <C>
  VA-KY REGIONAL SC                           2,795,765      11,193,252        13,989,017          616,302    1989         Dec 92
   NORTON             VA
  CAVE SPRING CORNERS SHOPPING CENTER         1,064,298       4,366,170         5,430,468          389,030    1969         Jun 97
   ROANOKE            VA
  HUNTING HILLS SHOPPING CENTER               1,897,007       6,019,423         7,916,430          409,531    1989         Apr 98
   ROANOKE            VA
  LAKESIDE PLAZA                              1,383,339       5,355,788         6,739,127          215,858    1989         Apr 99
   SALEM              VA
  SHOPPING CENTER - FREDRICKSBURG               250,000       1,725,324         1,975,324          609,703    1970         May 86
   SPOTSYLVANIA       VA
  LAKE DRIVE PLAZA                            1,432,155       4,813,291         6,245,446          341,214    1976         Feb 98
   VINTON             VA
  RIDGEVIEW CENTRE                            2,707,679       5,015,895         7,723,574        1,047,067    1990         Jul 92
   WISE               VA
  MOUNDSVILLE PLAZA                             228,283       7,056,534         7,284,817        1,376,673    1961         Dec 88
   MOUNDSVILLE        WV
  GRAND CENTRAL PLAZA                                         4,511,483         4,511,483        1,449,109    1986         Jun 88
   PARKERSBURG        WV
  KMART PLAZA                                   664,121       2,799,814         3,463,935          539,800    1975         Feb 93
   VIENNA             WV
                                           --------------  ---------------  ---------------   --------------
                                           $ 535,904,692  $ 2,316,331,209  $ 2,852,235,901    $ 262,359,106
                                           =============== =============== ================   ===============

</TABLE>

<TABLE>
<CAPTION>


              COLUMN A                      COLUMN I
         ------------------               --------------



                                          Life on Which
                                          Depreciated -
                                          Latest Income
             Description                    Statement
         ------------------               --------------
  RETAIL
  ****************
<S>                                        <C>
  VA-KY REGIONAL SC                         40 Years
   NORTON             VA
  CAVE SPRING CORNERS SHOPPING CENTER       40 Years
   ROANOKE            VA
  HUNTING HILLS SHOPPING CENTER             40 Years
   ROANOKE            VA
  LAKESIDE PLAZA                            40 Years
   SALEM              VA
  SHOPPING CENTER - FREDRICKSBURG           35 Years
   SPOTSYLVANIA       VA
  LAKE DRIVE PLAZA                          40 Years
   VINTON             VA
  RIDGEVIEW CENTRE                          40 Years
   WISE               VA
  MOUNDSVILLE PLAZA                         40 Years
   MOUNDSVILLE        WV
  GRAND CENTRAL PLAZA                       40 Years
   PARKERSBURG        WV
  KMART PLAZA                               40 Years
   VIENNA             WV

</TABLE>


                                     F-51


<PAGE>   90

               NEW PLAN EXCEL REALTY TRUST, INC. AND SUBSIDIARIES

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                 YEAR ENDED            YEAR ENDED
                                                                DECEMBER 31,          DECEMBER 31,
                                                                    2000                  1999
                                                                ------------          ------------
<S>                                                             <C>                   <C>
[a] Reconciliation of total real estate carrying value
    is as follows:

      Balance at beginning of year                              $ 2,880,645           $ 2,825,469

      Acquisitions and improvements                                  38,102                75,480

      Write-off fully depreciated assets                            (12,900)                   --

      Real estate held for sale                                      (9,959)                   --

      Allocation of purchase price                                       --                 4,000

      Impairment of real estate                                      (3,620)                   --

      Cost of property sold                                         (49,992)              (24,304)
                                                                -----------           -----------

      Balance at end of year                                    $ 2,842,276           $ 2,880,645
                                                                ===========           ===========

      Total cost for federal tax purposes at end of
         each year                                              $ 2,475,320           $ 2,491,717
                                                                ===========           ===========


[b] Reconciliation of accumulated depreciation as
    follows:

      Balance at beginning of year                              $   216,274           $   158,021

      Depreciation expense                                           63,661                62,163

      Deletions - property sold                                      (4,676)               (3,910)

      Write-off fully depreciated assets                            (12,900)                   --

      Real estate held for sale                                        (855)                   --
                                                                -----------           -----------

      Balance at end of year                                    $   261,504           $   216,274
                                                                ===========           ===========
</TABLE>


                                      F-52
<PAGE>   91


                  NEW PLAN EXCEL REALTY TRUST AND SUBSIDIARIES

                          MORTGAGE LOANS ON REAL ESTATE
                             (AMOUNTS IN THOUSANDS)

                                   SCHEDULE IV

                                DECEMBER 31, 2000

<TABLE>
<CAPTION>
COLUMN A                               COLUMN B         COLUMN C          COLUMN D           COLUMN E      COLUMN F        COLUMN G
--------                               --------         --------          --------           --------      --------        --------

                                                                                                         FACE AMOUNT      CARRYING
                                      FINAL             FACE                                    PRIOR        OF            AMOUNT
DESCRIPTION                       INTEREST RATE    MATURITY DATE  PERIODIC PAYMENT TERMS        LIENS     MORTGAGES    OF MORTGAGES
-----------                       -------------    -------------  ----------------------        -----     ---------    ------------
<S>                               <C>              <C>            <C>                         <C>        <C>           <C>
Purchase money first mortgage,
collateralized                                                    Interest payable
   by a shopping center in                                        monthly, balance at
   Connellsville, PA                        10%        8/31/2000  maturity                                    $5,420          $5,180

Purchase money first mortgage,
collateralized                                                    Interest payable
   by a shopping center in                                        monthly, balance at
   Whitesboro, NY                         9.38%        7/31/2000  maturity                                     4,610           4,205

Leasehold mortgage,
collateralized by a
   tenant lease in D&F Plaza in                                   Interest and principal
   Dunkirk, NY                              12%         5/1/2008  payable monthly                              1,000             784

Purchase money first mortgage,
collateralized                                                    Interest payable
   by a shopping center in New                                    quarterly and principal
   Bern, NC                                7.2%         5/9/2001  payable at maturity                            750             750

Leasehold mortgage,
collateralized by a
   tenant lease in Shops @                                        Interest and principal
   Seneca in Liverpool, NY                  10%        5/31/2008  payable monthly                              1,823           1,527

Purchase money first mortgage,
collateralized                                                    Interest and principal
   by a building in Tucson, AZ             8.5%       11/12/2003  payable monthly                                758             736

Purchase money first mortgage,
collateralized                                                    Interest payable
   by a shopping center in                                        monthly, balance at
   Omaha, NE                                10%         5/1/2001  maturity                                     1,250           1,250
                                                                                                               -----           -----

                                                                                                             $15,611         $14,432
                                                                                                             =======         =======
Note: Column H is not applicable
</TABLE>


                                      F-53
<PAGE>   92

                  NEW PLAN EXCEL REALTY TRUST AND SUBSIDIARIES

                          MORTGAGE LOANS ON REAL ESTATE
                             (AMOUNTS IN THOUSANDS)

                                   SCHEDULE IV
                                   (CONTINUED)

                                   YEAR ENDED

<TABLE>
<CAPTION>
                                     DECEMBER 31, 2000    DECEMBER 31, 1999
                                     -----------------    -----------------
<S>                                  <C>                  <C>
Balance, beginning of period              $ 13,388             $ 13,399

Additions during period:
       New loans                             1,986                5,168

Reductions during period:
       Collection of principal                (942)              (5,179)
                                          --------             --------

Balance, end of period                    $ 14,432             $ 13,388
                                          ========             ========
</TABLE>


                                      F-54
<PAGE>   93

                                   SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                       NEW PLAN EXCEL REALTY TRUST, INC.
                                       (Registrant)


                                       By: /s/ GLENN J. RUFRANO
                                           -------------------------------------
                                           Glenn J. Rufrano
                                           President and Chief Executive Officer


Dated:  March 15, 2001

        Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
                 SIGNATURE                                     TITLE                            DATE
                 ---------                                     -----                            ----
<S>                                            <C>                                         <C>
              /s/ WILLIAM NEWMAN                      Chairman of the Board of             March 15, 2001
--------------------------------------------                 Directors
               William Newman


             /s/ GLENN J. RUFRANO              President and Chief Executive Officer       March 15, 2001
--------------------------------------------                and Director
              Glenn J. Rufrano


              /s/ JOHN B. ROCHE                       Chief Financial Officer              March 15, 2001
--------------------------------------------      (principal financial officer
               John B. Roche                    and principal accounting officer)


            /s/ DEAN R. BERNSTEIN                     Senior Vice President -              March 15, 2001
--------------------------------------------   Acquisitions/Dispositions and Director
             Dean R. Bernstein


           /s/ RAYMOND H. BOTTORF                             Director                     March 15, 2001
--------------------------------------------
             Raymond H. Bottorf


           /s/ ROBERT A. FRIEDMAN                             Director                     March  9, 2001
--------------------------------------------
             Robert A. Friedman


              /s/ NORMAN GOLD                                 Director                     March  9, 2001
--------------------------------------------
                Norman Gold
</TABLE>



                                      F-55
<PAGE>   94

<TABLE>
<CAPTION>
                 SIGNATURE                                     TITLE                            DATE
                 ---------                                     -----                            ----
<S>                                                           <C>                          <C>
          /s/ MATTHEW GOLDSTEIN                               Director                     March  9, 2001
--------------------------------------------
           Dr. Matthew Goldstein


             /s/ ARNOLD LAUBICH                               Director                     March 15, 2001
--------------------------------------------
               Arnold Laubich


           /s/ MELVIN D. NEWMAN                               Director                     March 15, 2001
--------------------------------------------
              Melvin D. Newman


            /s/ BRUCE A. STALLER                              Director                     March  9, 2001
--------------------------------------------
              Bruce A. Staller


              /s/ JOHN WETZLER                                Director                     March 15, 2001
--------------------------------------------
                John Wetzler


           /s/ GREGORY A. WHITE                               Director                     March 15, 2001
--------------------------------------------
              Gregory A. White
</TABLE>


                                      F-56
<PAGE>   95

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
       Exhibit
         No.              Description
       -------            -----------
       <S>      <C>
        *3.1    Articles of Amendment and Restatement of the Charter of the
                Company filed as Exhibit 3.01 to Amendment No. 1 to the
                Company's Registration Statement on Form S-3, File No. 33-59195.

        *3.2    Articles of Amendment of Articles of Amendment and Restatement
                of the Charter of the Company filed as Exhibit 4.4 to the
                Company's Registration Statement on Form S-3, File No.
                333-65211.

        *3.3    Amended and Restated Bylaws of the Company filed as Exhibit 4.6
                to the Company's Registration Statement on Form S-3, File No.
                333-65211.

        *3.4    Amendments to the Bylaws of the Company, dated April 21, 1999,
                filed as Exhibit 3.1 to the Company's Quarterly Report on Form
                10-Q/A for the quarter ended June 30, 1999.

        *3.5    Amendments to the Bylaws of the Company, dated June 3, 1999,
                filed as Exhibit 3.2 to the Company's Quarterly Report on Form
                10-Q/A for the quarter ended June 30, 1999.

        *3.6    Amendments to the Bylaws of the Company, dated February 7, 2000,
                filed as Exhibit 3.6 to the Company's Annual Report on Form 10-K
                for the year ended December 31, 1999.

        *4.1    Articles Supplementary classifying 4,600,000 shares of preferred
                stock as 8 1/2% Series A Cumulative Convertible Preferred Stock
                filed as Exhibit 4.01 to the Company's Current Report on Form
                8-K dated February 7, 1997.

        *4.2    Articles Supplementary classifying 690,000 shares of preferred
                stock as 8 5/8% Series B Cumulative Redeemable Preferred Stock
                filed as Exhibit 4.02 to the Company's Current Report on Form
                8-K dated January 14, 1998.

        *4.3    Articles Supplementary relating to the Series C Junior
                Participating Preferred Stock of the Company, which may in the
                future be issued under the Company's Rights Plan filed as
                Exhibit 4.3 to the Company's Annual Report on Form 10-K/A for
                the year ended December 31, 1998.

        *4.4    Articles Supplementary classifying 150,000 shares of preferred
                stock as 7.80% Series D Cumulative Voting Step-Up Premium Rate
                Preferred Stock filed as Exhibit 4.5 to the Company's
                Registration Statement on Form S-3, File No. 333-65211.

        *10.1   Amended and Restated 1993 Stock Option Plan of the Company filed
                as Exhibit 4.1 to the Company's Registration Statement on Form
                S-8, File No. 333-65223.

        *10.2   Amendment to the Amended and Restated 1993 Stock Option Plan of
                the Company, dated May 28, 1998, dated September 28, 1998, filed
                as Exhibit 10.4 to the Company's Annual Report on Form 10-K/A
                for the year ended December 31, 1998.

        *10.3   Amendment to the Amended and Restated 1993 Stock Option Plan of
                the Company, dated February 8, 1999, filed as Exhibit 10.5 to
                the Company's Annual Report on Form 10-K/A for the year ended
                December 31, 1998.

        *10.4   Amendment to the Amended and Restated 1993 Stock Option Plan of
                the Company, dated April 21, 1999, filed as Exhibit 10.4 to the
                Company's Annual Report on Form 10-K for the year ended December
                31, 1999.

        *10.5   Amendment to the Amended and Restated 1993 Stock Option Plan of
                the Company, dated February 17, 2000, filed as Exhibit 10.5 to
                the Company's Annual Report on Form 10-K for the year ended
                December 31, 1999.
</TABLE>


                                      F-57
<PAGE>   96

<TABLE>
        <S>     <C>
        *10.6   Directors' Amended and Restated 1994 Stock Option Plan of the
                Company, dated May 10, 1996, filed as Exhibit 10.8 to the
                Company's Annual Report on Form 10-K/A for the year ended
                December 31, 1998.

        *10.7   Amendment to the Amended and Restated 1994 Directors' Stock
                Option Plan of the Company, dated September 28, 1998, filed as
                Exhibit 10.9 to the Company's Annual Report on Form 10-K/A for
                the year ended December 31, 1998.

        *10.8   Amendment to the Amended and Restated 1994 Directors' Stock
                Option Plan of the Company, dated February 17, 2000, filed as
                Exhibit 10.8 to the Company's Annual Report on Form 10-K for the
                year ended December 31, 1999.

        *10.9   Amendment to the Amended and Restated 1994 Directors' Stock
                Option Plan of the Company, effective as of May 24, 2000, filed
                as Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q
                for the quarter ended June 30, 2000.


        *10.10  New Plan Realty Trust 1997 Stock Option Plan filed as Exhibit
                4.1 to the Company's Registration Statement on Form S-8, File
                No. 333-65221.

        *10.11  New Plan Realty Trust 1991 Stock Option Plan, as amended, filed
                as Exhibit 4.2 to the Company's Registration Statement on Form
                S-8, File No. 333-65221.

        *10.12  Amended and Restated New Plan Realty Trust 1985 Incentive Stock
                Option Plan filed as Exhibit 4.3 to the Company's Registration
                Statement on Form S-8, File No. 333-65221.

        *10.13  New Plan Realty Trust March 1991 Stock Option Plan and
                Non-Qualified Stock Option Plan filed as Exhibit 4.4 to the
                Company's Registration Statement on Form S-8, File No.
                333-65221.

        *10.14  Credit Agreement, dated as of November 17, 1999, by and among
                New Plan Excel Realty Trust, Inc., the lenders party thereto,
                The Bank of New York, as administrative agent, and Bank One, NA
                and BankBoston, N.A., each as co-documentation agent, filed as
                Exhibit 10.13 to the Company's Annual Report on Form 10-K for
                the year ended December 31, 1999.

        *10.15  Amendment No. 1 to Credit Agreement, dated as of June 27, 2000,
                by and among the Company, the lenders party thereto, The Bank of
                New York, as administrative agent, and Bank One, NA and
                BankBoston, N.A., each as co-documentation agent, filed as
                Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for
                the quarter ended June 30, 2000.

        10.16   Amendment No. 2 to Credit Agreement, dated as of October 16,
                2000, by and among the Company, the lenders party thereto, The
                Bank of New York, as administrative agent, and Bank One, NA and
                Fleet National Bank, f/k/a BankBoston, N.A., each as
                co-documentation agent.

        10.17   Amendment No. 3 to Credit Agreement, dated as of November 3,
                2000, by and among the Company, the lenders party thereto, The
                Bank of New York, as administrative agent, and Bank One, NA and
                Fleet National Bank, f/k/a BankBoston, N.A., each as
                co-documentation agent.

        *10.18  Guaranty, dated as of November 17, 1999, by and among New Plan
                Realty Trust, Excel Realty Trust - ST, Inc. and The Bank of New
                York, as administrative agent, filed as Exhibit 10.14 to the
                Company's Annual Report on Form 10-K for the year ended December
                31, 1999.

        *10.19  Credit Agreement, dated as of November 17, 1999, by and among
                New Plan Excel Realty Trust, Inc., the lenders party thereto,
                The Bank of New York, as administrative agent, and Bank One, NA
</TABLE>


                                      F-60
<PAGE>   97

<TABLE>
        <S>     <C>
                and BankBoston, N.A., each as co-documentation agent, filed as
                Exhibit 10.15 to the Company's Annual Report on Form 10-K for
                the year ended December 31, 1999.

        *10.20  Amendment No. 1 to Credit Agreement, dated as of June 27, 2000,
                by and among the Company, the lenders party thereto, The Bank of
                New York, as administrative agent, and Bank One, NA and
                BankBoston, N.A., each as co-documentation agent, filed as
                Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for
                the quarter ended June 30, 2000.

        10.21   Amendment No. 2 to Credit Agreement, dated as of November 3,
                2000, by and among the Company, the lenders party thereto, The
                Bank of New York, as administrative agent, and Bank One, NA and
                Fleet National Bank, f/k/a BankBoston, N.A., each as
                co-documentation agent

        *10.22  Guaranty, dated as of November 17, 1999, by and among New Plan
                Realty Trust, Excel Realty Trust - ST, Inc. and The Bank of New
                York, as administrative agent, filed as Exhibit 10.16 to the
                Company's Annual Report on Form 10-K for the year ended December
                31, 1999.

        *10.23  Indenture, dated as of May 8, 1995, between the Company and
                State Street Bank and Trust Company of California, N.A. (as
                successor to the First National Bank of Boston) filed as Exhibit
                4.01 to the Company's Registration Statement on Form S-3, File
                No. 33-59195, as amended, on May 9, 1995.

        *10.24  First Supplemental Indenture, dated as of April 4, 1997, between
                the Company and State Street Bank and Trust Company of
                California, N.A. filed as Exhibit 4.02 to the Company's
                Registration Statement on Form S-3, File No. 333-24615, as
                amended, on April 4, 1997.

        *10.25  Second Supplemental Indenture, dated as of July 3, 1997, between
                the Company and State Street Bank and Trust Company of
                California, N.A. filed as Exhibit 4.01 to the Company's Current
                Report on Form 8-K dated July 3, 1997.

        *10.26  Senior Securities Indenture, dated as of March 29, 1995, between
                New Plan Realty Trust and The First National Bank of Boston, as
                Trustee filed as Exhibit 4.2 to New Plan Realty Trust's
                Registration Statement on Form S-3, File No. 33-60045.

        *10.27  First Supplemental Indenture, dated as of August 5, 1999, by and
                among New Plan Realty Trust, New Plan Excel Realty Trust, Inc.
                and State Street Bank and Trust Company filed as Exhibit 10.2 to
                the Company's Quarterly Report on Form 10-Q for the quarter
                ended September 30, 1999.

        *10.28  Senior Securities Indenture, dated as of February 3, 1999, among
                the Company, New Plan Realty Trust, as guarantor, and State
                Street Bank and Trust Company, as Trustee, filed as Exhibit 4.1
                to the Company's Current Report on Form 8-K dated February 3,
                1999.

        *10.29  Amended and Restated Agreement of Limited Partnership of Excel
                Realty Partners, L.P., dated as of June 25, 1997, filed as
                Exhibit 10.20 to the Company's Annual Report on Form 10-K for
                the fiscal year ended December 31, 1997.

        *10.30  First Amendment to Amended and Restated Agreement of Limited
                Partnership of Excel Realty Partners, L.P., dated as of August
                20, 1999, by and among New Plan DRP Trust, New Plan Excel Realty
                Trust, Inc. and the current and future partners in the
                partnership filed as Exhibit 10.3 to the Company's Quarterly
                Report on Form 10-Q for the quarter ended September 30, 1999.

        *10.31  Agreement and Plan of Merger, dated May 14, 1998, as amended as
                of August 7, 1998, among the Company, ERT Merger Sub, Inc. and
                New Plan Realty Trust filed, as Exhibit 2.1 to the Company's
                Registration Statement on Form S-4, File No. 333-61131.

        *10.32  Rights Agreement, dated as of May 15, 1998, between the Company
                and BankBoston, N.A., filed as Exhibit 4 to the Company's Report
                on Form 8-A dated May 19, 1998.
</TABLE>


                                      F-59
<PAGE>   98

<TABLE>
        <S>     <C>
        *10.33  First Amendment to Rights Agreement, dated as of February 8,
                1999, between the Company and BankBoston, N.A. filed as Exhibit
                4.1 to the Company's Report on Form 8-A/A (Amendment No. 1)
                dated May 5, 1999.

        *10.34  Dividend Reinvestment and Share Purchase Plan, included in the
                prospectus of the Company filed pursuant to Rule 424(b)(3), File
                No. 333-65211, on April 20, 2000.

        *10.35  Employment Agreement, dated as of September 17, 1998, by and
                between the Company and William Newman, filed as Exhibit 10.39
                to the Company's Annual Report on Form 10-K/A for the year ended
                December 31, 1998.

        *10.36  Employment Agreement, dated as of February 23, 2000, by and
                between the Company and Glenn J. Rufrano, filed as Exhibit 10.1
                to the Company's Current Report on Form 8-K, dated March 9,
                2000.

        *10.37  Employment Agreement, dated as of April 14, 2000, by and between
                the Company and John Roche, filed as Exhibit 10.15 to the
                Company's Quarterly Report on Form 10-Q for the quarter ended
                March 31, 2000.

        *10.38  Employment Agreement, dated as of September 14, 2000, by and
                between the Company and Leonard Brumberg, filed as Exhibit 10.1
                to the Company's Quarterly Report on Form 10-Q for the quarter
                ended September 30, 2000.

        10.39   Employment Agreement, dated as of September 25, 1998, by and
                between the Company and Dean Bernstein.

        *10.40  Employment Agreement, dated as of September 25, 1998, by and
                between the Company and Steven F. Siegel, filed as Exhibit 10.45
                to the Company's Annual Report on Form 10-K/A for the year ended
                December 31, 1998.

        *10.41  Support Agreement, dated as of May 14, 1998, by William Newman
                to the Company, filed as Exhibit 10.7 to the Company's
                Registration Statement on Form S-4, File No. 333-61131, dated
                August 11, 1998.

        *10.42  Agreement, dated as of February 23, 2000, by and between the
                Company and Arnold Laubich, filed as Exhibit 10.9 to the
                Company's Current Report on Form 8-K, dated March 9, 2000.

        *10.43  Agreement, dated as of May 5, 2000, by and between the Company
                and James M. Steuterman, filed as Exhibit 10.16 to the Company's
                Quarterly Report on Form 10-Q for the quarter ended March 31,
                2000.

        10.44   Agreement, dated as of December 19, 2000, by and between the
                Company and James DeCicco.

        *10.45  Amended and Restated Guaranty of Payment, dated as of April 28,
                2000, by the Company (Pointe Orlando), filed as Exhibit 10.7 to
                the Company's Quarterly Report on Form 10-Q for the quarter
                ended June 30, 2000.

        *10.46  Amended and Restated Unconditional Guaranty of Payment and
                Performance, dated as of April 5, 2000, by the Company (Briar
                Preston Ridge), filed as Exhibit 10.8 to the Company's Quarterly
                Report on Form 10-Q for the quarter ended June 30, 2000.

        *10.47  Guaranty, dated as of April 5, 2000, by the Company for the
                benefit of Bank One, Texas, National Association (Briar Preston
                Ridge), filed as Exhibit 10.2 to the Company's Quarterly Report
                on Form 10-Q for the quarter ended September 30, 2000.
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        <S>     <C>
        *10.48  Term Loan Agreement, dated as of March 7, 2000, between the
                Company and Fleet National Bank, filed as Exhibit 10.41 to the
                Company's Annual Report on Form 10-K for the year ended December
                31, 1999.

        *10.49  Amendment No. 1 to Term Loan Agreement, dated as of June 27,
                2000, between the Company and Fleet National Bank, filed as
                Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for
                the quarter ended June 30, 2000.

        10.50   Amendment No. 2 to Term Loan Agreement, dated as of November 3,
                2000, between the Company and Fleet National Bank

        10.51   Amendment No. 3 to Term Loan Agreement, dated as of March 2,
                2001, between the Company and Fleet National Bank

        *10.52  Guaranty, dated as of March 7, 2000, by the Trust and Excel
                Realty Trust - ST, Inc., filed as Exhibit 10.42 to the Company's
                Annual Report on Form 10-K for the year ended December 31, 1999.

        *10.53  Stock Option Agreement, dated as of February 23, 2000, by and
                between the Company and Glenn J. Rufrano (relating to 460,976
                options), filed as Exhibit 10.2 to the Company's Current Report
                on Form 8-K, dated March 9, 2000.

        *10.54  Stock Option Agreement, dated as of February 23, 2000, by and
                between the Company and Glenn J. Rufrano (relating to 39,024
                options), filed as Exhibit 10.3 to the Company's Current Report
                on Form 8-K, dated March 9, 2000.

        *10.55  Stock Option Agreement, dated as of February 23, 2000, by and
                between the Company and Glenn J. Rufrano (relating to 200,000
                options), filed as Exhibit 10.4 to the Company's Current Report
                on Form 8-K, dated March 9, 2000.

        *10.56  Stock Option Agreement, dated as of February 23, 2000, by and
                between the Company and Glenn J. Rufrano (relating to 515,121
                options), filed as Exhibit 10.5 to the Company's Current Report
                on Form 8-K, dated March 9, 2000.

        *10.57  Recourse Promissory Note, dated February 23, 2000, made by Glenn
                J. Rufrano in favor of the Company, filed as Exhibit 10.6 to the
                Company's Current Report on Form 8-K, dated March 9, 2000.

        *10.58  Limited Recourse Promissory Note, dated February 23, 2000, made
                by Glenn J. Rufrano in favor of the Company, filed as Exhibit
                10.7 to the Company's Current Report on Form 8-K, dated March 9,
                2000.

        *10.59  Stock Pledge Agreement, dated February 23, 2000 between the
                Company and Glenn J. Rufrano, filed as Exhibit 10.8 to the
                Company's Current Report on Form 8-K, dated March 9, 2000.

        12      Ratio of Earnings to Fixed Charges and Preferred Stock
                Dividends.
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                                      F-61
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        21      Subsidiaries of the Registrant.

        23      Consent of PricewaterhouseCoopers LLP.
</TABLE>

------------------------------
*Incorporated herein by reference as above indicated.



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