Document:

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                                                                   EXHIBIT 10.4

                                AMENDMENT TO THE
                             1993 STOCK OPTION PLAN
                                       OF
                        NEW PLAN EXCEL REALTY TRUST, INC.
                       (AMENDED AND RESTATED MAY 28, 1998)
         (SUBSEQUENTLY AMENDED SEPTEMBER 28, 1998 AND FEBRUARY 8, 1999)

            WHEREAS, New Plan Excel Realty Trust, Inc. ("Company") previously
adopted the 1993 Stock Option Plan of Excel Realty Trust, Inc. ("Plan"); and

            WHEREAS, pursuant to the Plan, the Stock Option Committee of the
Board of Directors has reserved the right to amend the Plan; and

            WHEREAS, the Executive Compensation and Stock Option Committee of
the Board of Directors of the Company serves as the Stock Option Committee of
the Plan ("Committee"); and

            WHEREAS, the Committee amended the Plan September 28, 1998 and
February 8, 1999; and

            WHEREAS, the Committee desires to amend the Plan.

            NOW, THEREFORE, the Plan is hereby amended effective April 21, 1999
as follows:

            1.          The text of subsection (c) of Section 4.3 - Commencement
 of Exercisability is deleted in its entirety, and the following is substituted
therefor:

                        "Except as the Committee may otherwise provide, no
            portion of an Option which is unexercisable at Termination of
            Employment shall thereafter become exercisable."

            2.          The text of Section 4.4 - Expiration of Options is
deleted in its entirety, and the following is substituted therefor:

                        "(a) Except as the Committee may otherwise provide, no
            Option may be exercised to any extent by anyone after the first to
            occur of the following events:

                                    (1)         The expiration of ten years
                        from the date the Option was granted; or
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                                    (2) With respect to an Incentive Stock
                        Option in the case of an Optionee owning (within the
                        meaning of Section 424(d) of the Code), at the time the
                        Incentive Stock Option was granted, more than 10% of the
                        total combined voting power of all classes of stock of
                        the Company, any Subsidiary or any parent corporation,
                        the expiration of five years from the date the Incentive
                        Stock Option was granted; or

                                    (3) Except in the case of any Optionee who
                        is disabled (within the meaning of Section 22(e)(3) of
                        the Code), the expiration of three months from the date
                        of the Optionee's Termination of Employment for any
                        reason other than such Optionee's death unless the
                        Optionee dies within said three-month period; or

                                    (4) In the case of an Optionee who is
                        disabled (within the meaning of Section 22(e)(3) of the
                        Code), the expiration of one year from the date of the
                        Optionee's Termination of Employment for any reason
                        other than such Optionee's death unless the Optionee
                        dies within said one-year period; or

                                    (5) The expiration of one year from the date
                        of the Optionee's death.

            (b) The Committee shall provide, in the terms of each individual
Option, when such Option expires and becomes unexercisable; and (without
limiting the generality of the foregoing) the Committee may provide in the terms
of individual Options that said Options expire immediately upon a Termination of
Employment for any reason."

            3.          In all other respects the Plan, as amended, shall
continue in full force and effect.

                                       2<PAGE>   1
                                                                    EXHIBIT 10.5

                                AMENDMENT TO THE
                             1993 STOCK OPTION PLAN
                                       OF
                        NEW PLAN EXCEL REALTY TRUST, INC.
                       (AMENDED AND RESTATED MAY 28, 1998)
                    (SUBSEQUENTLY AMENDED SEPTEMBER 28, 1998,
                       FEBRUARY 8, 1999 AND APRIL 21,1999)

         WHEREAS, New Plan Excel Realty Trust, Inc. ("Company") previously
adopted the 1993 Stock Option Plan of Excel Realty Trust, Inc. ("Plan"); and

         WHEREAS, pursuant to the Plan, the Stock Option Committee of the Board
of Directors has reserved the right to amend the Plan; and

         WHEREAS, the Executive Compensation and Stock Option Committee of the
Board of Directors of the Company serves as the Stock Option Committee of the
Plan ('Committee"); and

         WHEREAS, the Committee amended the Plan September 28, 1998, February 8,
1999 and April 21, 1999; and

         WHEREAS, the Committee desires to amend the Plan.

         NOW, THEREFORE, the Plan is hereby amended effective February 17, 2000
as follows:

         1.       The text of subsection (b) of Section 4.2 - Option Price is
deleted in its entirety, and the following is substituted therefor:

                  "For purposes of the Plan, unless the Committee determines
         otherwise, the fair market value of a share of the Company's Common
         Stock as of a given date shall be: (i) the closing price of a share of
         the Company's Common Stock on the principal exchange on which shares of
         the Company's Common Stock are then trading, if any, on the trading day
         previous to such date, or, if shares were not traded on the day
         previous to such date, then on the next preceding trading day during
         which a sale occurred; or (ii) if such Common Stock is not traded on an
         exchange but is quoted on NASDAQ or a successor quotation system, (1)
         the last sales price (if the Company's Common Stock is then listed as a
         National Market Issue under the NASD National Market System) or (2) the
         mean between the closing representative bid and asked prices (in all
         other cases) for the Company's Common Stock on the trading day previous
         to such date as reported by NASDAQ or such successor quotation system;
         or (iii) if such Common Stock is not publicly traded on an

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         exchange and not quoted on NASDAQ or a successor quotation system, the
         mean between the closing bid and asked prices for the Company's Common
         Stock, on the trading day previous to such date, as determined in good
         faith by the Committee; or (iv) if the Company's Common Stock is not
         publicly traded, the fair market value established by the Committee
         acting in good faith."

         2.       The first sentence of Section 4.5 - Consideration is deleted
in its entirety, and the following is substituted therefor:

                  "Unless otherwise determined by the Committee, the Optionee,
         in consideration of the granting of an Option, shall agree, in the
         written Stock Option Agreement, to remain in the employ of the Company
         or a Subsidiary for a period of at least one year after the Option is
         granted."

         3.       The text of subsection (b)(3) of Section 5.3 - Manner of
Exercise is deleted in its entirety, and the following is substituted therefor:

                  "With the consent of the Committee, a recourse, nonrecourse
         or limited recourse promissory note, as determined by the Committee,
         bearing interest (at no less than such rate as shall then preclude the
         imputation of interest under the Code or any successor provision) and
         payable upon such terms as may be prescribed by the Committee. The
         Committee may also prescribe the form of such note and the security to
         be given for such note. No Option may, however, be exercised by
         delivery of a promissory note or by a loan from the Company when or
         where such loan or other extension of credit is prohibited by law; or

         4.       In all other respects the Plan, as amended, shall continue in
full force and effect.

                                       2<PAGE>   1
                                                                    EXHIBIT 10.8

                                AMENDMENT TO THE
                        NEW PLAN EXCEL REALTY TRUST, INC.
                       DIRECTORS', 1994 STOCK OPTION PLAN
                       (AMENDED AND RESTATED MAY 10, 1996)

         WHEREAS, New Plan Excel Realty Trust, Inc. ("Company") previously
adopted the New Plan Excel Realty Trust, Inc. Directors' 1994 Stock Option Plan
("Plan"); and

         WHEREAS, pursuant to the Plan, the Board of Directors has reserved the
right to amend the Plan; and

         WHEREAS, the Board of Directors of the Company desires to amend the
Plan.

         NOW, THEREFORE, the Plan is hereby amended effective February 17, 2000
as follows:

         1. The text of subsection (e) of Section 6 OPTION PROVISIONS is deleted
in its entirety, and the following is substituted therefor:

                  "Any option holder who ceases to be a director, whether
         because of death, resignation, removal, expiration of his or her term
         of office or any other reason, shall have the right to exercise the
         option for thirty (30) days after such event (but not after the
         expiration date of the option), at which time the option shall
         terminate and may no longer be exercised, except (i) in the event of
         the death of an option holder (x) who is at the time of his or her
         death a director of the Company and who has served as a director since
         the date of grant of the option, the option may be exercised at any
         time within one year following the date of death (but not after the
         expiration date of the option), by the option holder's estate or by a
         person who acquired the right to exercise the option by bequest or
         inheritance, or (y) within thirty (30) days after the termination of
         the option holder's status as a director of the Company, the option may
         be exercised at any time within six (6) months after the date of death
         (but in no event after the expiration date of the option) by the option
         holder's estate or by a person who acquired the right to exercise the
         option by bequest or inheritance, (ii) upon the option holder's ceasing
         to be a director by reason of disability he or she (or his or her
         guardian) shall have the right to exercise the option within one year
         after the date the option holder ceased to be a director (but not after
         the expiration date of the option); and (iii) as otherwise provided by
         the Committee."

         2. In all other respects the Plan, as amended, shall continue in full
force and effect.

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