Document:

<PAGE>

                                                                   EXHIBIT 10.13
                               INTERIM AGREEMENT

     INTERIM AGREEMENT (this "Interim Agreement") dated March 2, 2000, but
effective as of February 14, 2000 (the "Effective Date"), by and among JDN
Realty Corporation (the "Borrower"), JDN Development Company, Inc. (the
"Guarantor"), the Banks parties hereto (the "Banks") and Wachovia Bank, N.A., as
Agent (the "Agent").

     WHEREAS, the parties hereto are parties to the Term Loan Credit Agreement
dated as of February 17, 2000, as amended by First Amendment to Term Loan Credit
Agreement dated as of June 11, 1999, by and among the Borrower, the Banks, PNC
Bank, National Association, as the Documentation Agent and the Agent (as so
amended, the "Credit Agreement"); and

     WHEREAS, on February 14, 2000, the Borrower furnished the Agent a copy of
its press release issued February 14, 2000 concerning the discovery of certain
real estate transactions, which included undisclosed compensation arrangements,
payments of fees and related party transactions, in favor of Jeb L. Hughes,
Senior Vice President, and C. Sheldon Whittelsey, IV, Vice President, of the
Guarantor, which transactions are more particularly described in separate
written disclosures to the Agent and the Banks on and before the date hereof
(collectively, the "Undisclosed Transactions"); and

     WHEREAS, the Undisclosed Transactions: (i) were not accurately recorded in
the Borrower's accounting records; (ii) were not accurately recorded or
disclosed in the Borrower's audited financial statements for its Fiscal Years
ended December 31, 1994 through 1998; and (iii) give rise to unreported
compensation for its Fiscal Years ended December 31, 1994 through 1998, which
could possibly be required to be expensed for each of such Fiscal Years,
resulting in a restatement of the Borrower's financial statements for such years
and a reduction of Consolidated Net Income and Funds From Operations for those
periods (such matters being, collectively, the "Undisclosed Transactions
Matters", and collectively, with the Undisclosed Transactions, the "Known
Events");

     WHEREAS, as a result of the Undisclosed Transactions and the Undisclosed
Transactions Matters, certain Defaults and Events of Default have occurred under
the Credit Agreement, as described below, and the Borrower and the Guarantor
(individually and collectively, as the context shall require, the "Obligors")
have requested that the Agent and the Banks agree not to exercise their rights,
remedies and powers under the Loan Documents and at law or in equity during the
Interim Period, and in order to permit the Borrower to furnish the Agent and the
Banks with the Borrower's and its Subsidiaries' consolidated annual financial
statements for the Fiscal Year ended December 31, 1999 and the separate annual
financial statements of the Guarantor for the Fiscal Year ended December 31,
1999 (collectively, the "1999 Statements") and for the Agent and the Banks to
review and evaluate the 1999 Statements and to conduct due diligence inquiries
into certain matters regarding the Borrower and its Subsidiaries, including,
without limitation, corporate governance, accounting policies and procedures,
internal reporting practices, shareholder lawsuits, the effect of the
Undisclosed Transactions and Undisclosed Transactions Matters on customer
relations and the Debt Rating (collectively, the "Due Diligence Inquiries"), and
to give the parties an opportunity to discuss
<PAGE>

and agree upon appropriate amendments to the Credit Agreement, if any as a
result thereof, and provided that the Obligors comply with the provisions of
this agreement, the Agent and the Banks are willing to agree to the Obligor's
request, subject to the terms and conditions of this Interim Agreement.

1.  Defined Terms.  In addition to terms expressly defined herein, capitalized
    -------------
terms used but not defined herein have the meanings given them in the Credit
Agreement; provided, however, that for purposes of this Interim Agreement, the
           --------  -------
term "Event of Default" includes any breach or default by either of the Obligors
under this Interim Agreement and the term "Loan Documents" includes, without
limitation, this Interim Agreement.

2.  Existing Events of Default; Certain Acknowledgments by the Obligors.
    -------------------------------------------------------------------
(a)  Each of the Obligors hereby acknowledges, without admitting or denying that
     other Events of Default may exist or arise as a result of any of the Known
     Events (any such other Event of Default not arising out of a Known Event
     being an "Other Possible Event of Default"), that Events of Default are in
     existence under the following Sections of the Credit Agreement as a result
     of the Undisclosed Transactions and Undisclosed Transaction Matters
     (collectively, the "Existing Events of Default", which term for purposes of
     this Interim Agreement shall not include any Other Possible Event of
     Default which is determined to be an Event of Default): (i) the covenant
     contained in Section 5.02(i) was breached; and (ii) the covenant contained
     in Section 5.07 was breached as to the payment of taxes.
(b)  Each of the Obligors acknowledges and agrees that: (i) the Existing Events
     of Default constitute continuing Events of Default under the Credit
     Agreement and the Obligors hereby are and will be deemed to have received
     adequate and sufficient notice thereof; (ii) such Existing Events of
     Default and any other Default or Event of Default, whether known or unknown
     (including, without limitation, any Other Possible Events of Default which
     are determined to be an Event of Default), have not been, are not hereby
     and shall not be deemed, waived by the Agent or the Banks, expressly or
     impliedly, by this Interim Agreement, through course of conduct or
     otherwise; (iii) as a result of the Existing Events of  Default, the Agent
     and the Banks (x) have no obligation to forebear against pursuing any
     rights or remedies under the Loan Documents, and (y) have the right to
     pursue their rights, powers and remedies under the Loan Documents,
     including, without limitation, the right to accelerate the obligations of
     the Borrower under the Credit Agreement and the Term Notes (the
     "Obligations") and exercise other rights and remedies, all pursuant and
     subject to the terms, requirements and limitations of the Credit Agreement,
     the Guaranty, the other Loan Documents and applicable law; and (iv) as a
     result of the Existing Events of  Default, pursuant to Section 2.02(e) of
     the Credit Agreement, no Euro-Dollar Borrowing may be made for Refunding
     Loans, and all Refunding Loans shall be made as Base Rate Loans.
     Notwithstanding the  Existing Events of Default, each of the Obligors
     hereby represents and warrants to, and assures, the Agent and the Banks
     that no further Event of Default (other than the Existing Events of
     Default) is reasonably anticipated by such Obligor, and each of the
     Obligors hereby acknowledges that the Agent and the Banks are relying upon
     such representation, warranty and assurance.

                                       2
<PAGE>

3.  Interim Period.  Notwithstanding the acknowledgments contained in Section 2
    --------------
hereof, or any provision of the Loan Documents to the contrary, so long as no
New Event of Default occurs under the Credit Agreement, and subject to the terms
and conditions hereof, the Agent and the Banks have determined not to exercise
any rights, powers or remedies under the Loan Documents during the period (the
"Interim Period") from February 14, 2000 (the "Effective Date") until whichever
is the earlier of (x) April 14, 2000 and (y) the occurrence of a New Event of
Default.  Such agreement not to exercise rights, powers or remedies is made
without waiving any Existing Event of Default and without prejudice to any
right, power or remedy which the Agent and the Banks have or may have under the
Loan Documents or at law or in equity, as a result of such Existing Events of
Default, except during the Interim Period, and all such rights, powers or
remedies hereby are reserved and retained in full, including, without
limitation, to accelerate the Obligations, notwithstanding any forbearance by
the Agent and the Banks with respect thereto pursuant to this Interim Agreement,
except during the Interim Period.

For purposes hereof, the term "New Event of Default" means:

        (i)  the occurrence of any breach or default by either of the Obligors
     hereunder or any representation or warranty of either of the Obligors
     contained or incorporated herein proves to be incorrect or misleading in a
     material respect; the occurrence of any Event of Default, other than the
     Existing Events of Default or those based on any of the Known Events; and

        (ii) the occurrence of any event, act, occurrence, or condition which
     the Required Banks determine either does or has a reasonable probability of
     causing a Material Adverse Effect (whether or not arising as a result of
     any of the Known Events).

4.  Certain Covenants of the Borrower.
    ---------------------------------
(a)  The Borrower hereby agrees that, simultaneously with the delivery of any
     report to or by the Borrower's special committee of the board of directors,
     or to shareholders, holders of the Borrower's senior debt securities issued
     pursuant to the Indenture dated as of July 15, 1997, as amended or
     supplemented to date, with First Union National Bank, as Trustee, or to the
     Securities and Exchange Commission, regarding the Undisclosed Transactions,
     the Undisclosed Transaction Matters or any related matter, or with the
     issue of any press release pertaining to any of the foregoing, the Borrower
     shall furnish to the Agent and the Banks a copy thereof; provided, however,
                                                              --------  -------
     as to any such reports to or by the Borrower's special committee of the
     board of directors, if the Borrower reasonably believes, based on advice of
     counsel, that the delivery of such report in unredacted form would
     constitute a waiver of any attorney-client or other privilege which
     otherwise would be available to it, it may instead furnish a redacted
     report, or a summary of such report, which is limited to the relevant
     facts.

(b)  Each of the Obligors hereby agrees that from and after the Effective Date,
     it shall not, and shall not permit any Subsidiary to, enter into or become
     a party to any contractual restriction on the ability of either of the
     Obligors or any such Subsidiary to grant a Lien to secure the Obligations
     on any asset now owned or hereafter acquired by it (any such restriction
     being a "Negative Pledge Clause"); provided, however, that if either
                                        --------  -------

                                       3
<PAGE>

     of the Obligors or any Subsidiary obtains any purchase money financing for
     the acquisition and/or construction of a project (without creating a New
     Event of Default under the Credit Agreement), nothing in the foregoing
     shall restrict its right to include, as part of such purchase money
     financing, a Negative Pledge Clause as to the project being financed (but
     not as to any other assets).

(c)  Each of the Obligors hereby agrees that from and after the Effective Date,
     it shall not, and shall not permit any Subsidiary to, remove from the
     Borrowing Base any Eligible Property which is in the Borrowing Base on the
     Effective Date (collectively, the "Existing Borrowing Base Properties") or
     convey, assign or otherwise transfer, or create, assume or (except for any
     servitude or easement which is not a Mortgage and which was in existence on
     the Effective Date) suffer to exist any Lien on, any of the Existing
     Borrowing Base Properties (other than Liens incidental to the conduct of
     its business or the ownership of its assets which (i) do not secure Debt
     and (ii) do not in the aggregate materially detract from the value of any
     of the Existing Borrowing Base Properties or materially impair the use
     thereof in the operation of its business), without the consent of the
     Agent, acting at the direction of the Required Banks.

5.  Termination of Interim Period; Reservation of Rights.  The Agent and the
    ----------------------------------------------------
Banks shall have no obligation to refrain from exercising or enforcing any of
their rights or remedies after the termination of the Interim Period.
Immediately upon the occurrence of any New Event of Default, the agreements of
the Agent and the Banks set forth in this Interim Agreement shall immediately
and automatically terminate and be of no further force or effect without further
notice to or consent of either of  the Obligors, and the Agent and the Banks
shall have the right to exercise and enforce any and all rights, powers and
remedies available to them under any and all Loan Documents and under applicable
laws to the same extent as though this Interim Agreement had never been
executed, without regard to any notice or cure period contained in any of the
Loan Documents or (to the fullest extent permitted by law) otherwise available
under applicable laws. In the event of a New Event of Default, the Banks reserve
the right at any time for the Required Banks to direct the Agent to terminate
the Commitments and/or declare the Term Notes and all other amounts payable
under the Credit Agreement and the other Loan Documents to be immediately due
and payable pursuant to Section 6.01 of the Credit Agreement as a result of such
New Event of Default. From and after the termination of the Interim Period, all
rights, powers and remedies available to the Agent and the Banks under any and
all of the Loan Documents, and under applicable laws, may be asserted, enforced
and exercised concurrently, cumulatively or successively from time to time and
at any time until such time as all of the Obligations have been indefeasibly
paid in full.

6.  Representations and Warranties. By entering into this Interim Agreement, the
    ------------------------------
Borrower shall be deemed to have made all representations and warranties as set
forth in the Credit Agreement (except with respect to matters pertaining to the
Existing Events of Default).

7.  Amounts Outstanding.  As of the close of business on February 29, 2000, the
    -------------------
outstanding principal balance of  the Loans was an aggregate of $100,000,000.
The outstanding principal balance of the Loans is due and owing, without
defense, counterclaim, recoupment or offset.  To the extent that such defense,
counterclaim, recoupment or right of offset exists, the same are hereby waived
and forever released.

                                       4
<PAGE>

8.  Conduct of the Agent and the Banks; Absence and Waiver of Defenses.  Through
    ------------------------------------------------------------------
the date of execution of this Agreement by the Obligors as set forth under its
signatures below (the "Obligors' Execution Date"), the Agent and each of the
Banks has acted in good faith and has conducted themselves in a commercially
reasonable manner in their relationships with each of the Obligors in connection
with this Interim Agreement and in connection with the Obligations and the Loan
Documents, each of the Obligors hereby waives and releases any claims to the
contrary.  To the best of its knowledge, as of the Obligors' Execution Date,
neither of the Obligors has any defenses, affirmative or otherwise, rights of
setoff, rights of recoupment, claims, counterclaims, actions or causes of action
of any kind or nature whatsoever against the Agent or any of the Banks or any
past or present agent, attorney, legal representative, predecessor in interest,
affiliate, successor, assign, employee, director or officer of the Agent or any
of the Banks (collectively, the "Bank Group"), directly or indirectly, arising
out of, based upon, or in any manner connected with, any transaction, event,
circumstance, action, failure to act, or occurrence of any sort or type, which
occurred, existed, was taken or permitted prior to the execution of this Interim
Agreement and occurred, existed, was taken or permitted in accordance with,
pursuant to, or by virtue of the Obligations or any of the terms or conditions
of the Loan Documents, or which directly or indirectly relate to or arise out of
or in any manner are connected with the Obligations or any of the Loan
Documents; to the extent any such defenses, affirmative or otherwise, rights of
setoff, rights of recoupment, claims, counterclaims, actions or causes of action
are claimed to exist or to have existed, such defenses, rights, claims,
counterclaims, actions and causes of action are hereby forever waived,
discharged and released.  Each of the Obligors hereby acknowledges and agrees
that the execution of this Interim Agreement by the Agent and the Banks shall
not constitute an acknowledgment of or admission by the Agent or any Bank or any
member of the Bank Group of the existence of any claims or of liability for any
matter or precedent upon which any claim or liability may be asserted.  Each of
the Obligors further acknowledges and agrees that, to the extent any such claims
may presently exist, they are of a speculative nature so as to be incapable of
objective valuation and that, in any event, the value to the Borrower of the
covenants and obligations of the Agent and the Banks contained in this Interim
Agreement and the other documents executed and delivered in connection with this
Interim Agreement substantially and materially exceeds any and all value of any
kind or nature whatsoever of any such claims.  Each of the Obligors further
acknowledges and agrees that Agent and the Banks are not in any way responsible
or liable for the previous or current condition or any deterioration of the
business operations and/or financial condition of the Borrower and that, to the
best knowledge of each of the Obligors, neither the Agent nor any of the Banks
has breached any agreement or commitment to loan money or otherwise make
financial accommodations available to the Borrower or refused to fund any
operations of the Borrower at any time. Each of the Obligors hereby acknowledges
that it has freely and voluntarily entered into this Interim Agreement after an
adequate opportunity and sufficient period of time to review, analyze and
discuss (i) all terms and conditions of this Interim Agreement, (ii) any and all
other documents executed and delivered in connection with the transactions
contemplated by this Interim Agreement, and (iii) all factual and legal matters
relevant to this Interim Agreement and/or any and all such other Loan Documents,
with counsel freely and independently selected by the Obligors.  Each of the
Obligors further acknowledges and agrees that it has actively and with full
understanding participated in the negotiation of this Interim Agreement and all
other documents executed and delivered in connection with this Interim Agreement
after consultation and review with their counsel, that all of the terms and

                                       5
<PAGE>

conditions of this Interim Agreement and the other documents executed and
delivered in connection with this Interim Agreement have been negotiated at
arm's-length, and that this Interim Agreement and all such other documents have
been negotiated, prepared and executed without fraud, duress, undue influence,
or coercion of any kind or nature whatsoever having been exerted by or imposed
upon any party to this Interim Agreement upon any other party.  No provision of
this Interim Agreement or such other documents shall be construed against or
interpreted to the disadvantage of any party to this Interim Agreement by any
court or other governmental or judicial authority by reason of such party having
or being deemed to have structured, dictated or drafted such provision.

9.  No Novation or Amendment; Governing Law.  Except as expressly provided
    ---------------------------------------
herein, this Interim Agreement is not intended to be, nor shall be deemed or
construed to be, a novation, release, modification, amendment or waiver of the
Obligations or any of the Loan Documents, or any other documents or instruments
executed in connection therewith.  This Interim Agreement shall be governed by
and construed in accordance with the laws of the State of Georgia.

10.  Additional Acknowledgments.  The parties hereto acknowledge and agree that
     --------------------------
(i) neither the Agent and the Banks nor the Obligors have any obligation
whatsoever to agree to any restructuring of the Credit Agreement or any of the
other Obligations, or any modification, amendment, restructuring, or
reinstatement of any of the Obligations or to the exercise of any rights, powers
or remedies under any of the Loan Documents, and (ii) that if there are any
future discussions among the Agent, the Banks and either of the Obligors
concerning such restructuring, then no restructuring or understanding with
respect to any of the Obligations, or any aspect thereof, shall constitute a
legally binding agreement or contract or have any force or effect whatsoever
unless and until reduced to writing and signed by authorized representatives of
the parties hereto and that none of the parties hereto shall assert or claim in
any legal proceedings or otherwise that any such agreement exists except in
accordance with the terms of this Section.

11.  Counterparts.  This Agreement may be signed in any number of counterparts,
     ------------
each of which may be delivered by facsimile and which (including counterparts
delivered by facsimile) shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

12.  Conditions Precedent.  This Interim Agreement shall be effective only upon
     --------------------
(i) execution and delivery of this Interim Agreement by each of the Obligors,
the Agent and the Required Banks, each such delivery being made by facsimile of
a counterpart signature page hereof to counsel for the Agent, Christopher L.
Carson, Jones, Day, Reavis & Pogue, at facsimile no. 404-581-8868 and (ii)
payment to the Agent, for the ratable account of the Banks, of a fee in
connection herewith in an aggregate amount equal to 0.125% of the outstanding
principal amount of the Loans set forth in Section 7 hereof.

13.  Credit Agreement Amendment.  During the Interim Period, but subject to the
     --------------------------
completion of and satisfaction with the information obtained as a result of the
Due Diligence Inquiries by the Agent and the Banks, and the receipt (by such
date as will enable the Agent and the Banks to have adequate time for review and
analysis) of the foregoing information and the 1999 Statements in draft form,
the parties hereby agree to enter into good faith negotiations with

                                       6
<PAGE>

a view toward executing and delivering an amendment to the Credit Agreement or
other appropriate agreement by March 28, 2000 that, in part, will confirm that
the Credit Agreement continues to be in effect through the Termination Date,
subject to its terms, provisions and conditions as so amended, including such
amendments as the parties shall agree upon.

                                       7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Interim Agreement
to be duly executed, under seal, by their respective authorized officers as of
the Effective Date.

JDN REALTY CORPORATION
JDN DEVELOPMENT COMPANY,
as Borrower and Guarantor, respectively

By: /s/ William J. Kerley               ATTEST: /s/ John D. Harris, Jr.(SEAL)
   --------------------------                  -----------------------
   Name: William J. Kerley                Name: John D. Harris, Jr.
   Title: SVP and CFO                     Title: Assistant Secretary

Executed on March 2, 2000, which is the Obligors' Execution Date, but effective
as of the Effective Date.

WACHOVIA BANK, N.A.,               PNC BANK, NATIONAL ASSOCIATION,
as Agent and as a Bank             as a Bank

By: /s/ Elizabeth D. McClure(SEAL) By: /s/ Wayne Robertson     (SEAL)
   -------------------------          -------------------------
   Name: Elizabeth D. McClure        Name: Wayne Robertson
   Title: Commercial Officer         Title: Vice President

BANKERS TRUST COMPANY, N.A.        FIRST TENNESSEE BANK NATIONAL ASSOCIATION
as a Bank                          as a Bank

By: /s/ Steven P. Lapham (SEAL)    By: /s/ Tim Collins         (SEAL)
   ----------------------             -------------------------
   Name: Steven P. Lapham             Name: Tim Collins
   Title: Director                    Title: Vice President

                                   COMMERZBANK, AG, NEW YORK
                                   BRANCH as a Bank
                                   By: /s/ E. Marcus Perry     (SEAL)
                                      -------------------------
                                      Name: E. Marcus Perry
                                      Title: Assistant Vice President

                                   By: /s/ David Buettner      (SEAL)
                                      -------------------------
                                      Name: David Buettner
                                      Title: Assistant Treasurer

                                       8
<PAGE>

BANK OF NOVA SCOTIA                SOUTHTRUST BANK, NATIONAL
as a Bank                          ASSOCIATION, as a Bank

By: /s/ Melvin Mandelbaum  (SEAL)  By: /s/ Curtis J. Perry     (SEAL)
    ------------------------           ------------------------
    Name: Melvin Mandelbaum            Name: Curtis J. Perry
    Title: Managing Director           Title: Senior Vice President

                                       9<PAGE>

                                                                   EXHIBIT 10.20

                             JDN REALTY CORPORATION
                        1995 EMPLOYEE STOCK PURCHASE PLAN

                 As amended and restated effective March 1, 1999

                                    RECITALS:

         WHEREAS, JDN Realty Corporation, a Maryland corporation, adopted the
JDN Realty Corporation 1995 Employee Stock Purchase Plan (the "Plan") for the
benefit of its eligible employees and eligible employees of its subsidiaries,
effective March 1, 1996, in order to provide an opportunity for eligible
employees to share in the growth and prosperity of the Sponsoring Employer (as
defined in Section 1.18) and its subsidiaries by acquiring a proprietary
interest in the Sponsoring Employer through acquisition of shares of the
Sponsoring Employer's common stock;

         WHEREAS, the Plan is intended to qualify as an "employee stock purchase
plan" within the meaning of Section 423(b) of the Internal Revenue Code of 1986,
as amended (the "Code"); and

         WHEREAS, the Sponsoring Employer desires to amend the Plan to conform
the Plan with changes to Rule 16b-3 promulgated under the Securities Exchange
Act of 1934 and to modify the method by which employees of subsidiaries of the
Sponsoring Employer become eligible to participate in the Plan;

         NOW, THEREFORE, the Plan is amended and restated, effective March 1,
1999, as follows:

                                   ARTICLE I
                                  DEFINITIONS

         As used herein, the following words and phrases shall have the meanings
specified below, unless a different meaning is plainly required by the context:

         1.1. "Anniversary Date" shall mean March 1 of each year.

         1.2. "Board of Directors" shall mean the Board of Directors of JDN
Realty Corporation.

         1.3. The "Committee" shall mean the Compensation Committee of the
Sponsoring Employer's Board of Directors.

         1.4. "Continuous Service" shall mean the number of full years and
completed months of continuous employment with an Employer calculated from an
Employee's last hire date to the Employee's date of severance of employment for
any reason. Continuous Service shall not be broken and shall be credited for
absences due to vacation, temporary sickness or injury, other paid leaves of
absence authorized by an Employer, and leaves of absence which would not cause
an individual to cease to be an Employee.

         1.5. "Contribution Account" shall mean the account recorded on the
records of the Sponsoring Employer established on behalf of a Member to which
the amount of the Member's contributions made pursuant to Article IV shall be
credited.
<PAGE>

         1.6.  "Effective Date" shall mean March 1, 1996.

         1.7. "Employee" shall mean each current or future employee of an
Employer as defined in Treasury Regulation Section 1.423-2(b), Section
1.421-7(h) and any other Regulations later finalized.

         1.8. "Employer" shall mean the Sponsoring Employer, and its successors.
Employer shall also include any present or future parent (as defined in Section
424(e) of the Code) and any present or future subsidiary (as defined in Section
424(f) of the Code) of the Sponsoring Employer that is from time to time
designated by the Committee as a participating Employer. Such designation may be
by a resolution of the Committee or any other writing that is duly adopted by
the Committee for such purpose.

         1.9. "Exercise Date" shall mean the last trading date during each Plan
Year of the exchange on which the Sponsoring Employer Stock is traded.

         1.10. "Grant Date" shall mean the first trading date during the Plan
Year of the exchange on which the Sponsoring Employer Stock is traded.

         1.11. "Issue Price" shall mean the purchase price of the Sponsoring
Employer Stock to be charged to participating Members on the Exercise Date. The
Issue Price shall be subject to a Minimum Issue Price as outlined in Section 5.2
herein.

         1.12. "Market Price" shall mean the closing sales price for the day
upon which the Market Price is to be determined or, if there are no sales on
such date, the sales price for the most recent day preceding such date, in
either case as reported on the New York Stock Exchange or any other exchange on
which the Sponsoring Employer Stock is traded or automated interdealer quotation
system sponsored by a registered national securities association on which the
Sponsoring Employer Stock is quoted. Notwithstanding the foregoing, if there
shall be any material alteration in the present system of reporting sales prices
of the Sponsoring Employer Stock, or if the Sponsoring Employer Stock shall no
longer be listed on a national securities exchange or quoted on an automated
interdealer quotation system sponsored by a registered national securities
association, the Market Price of the Sponsoring Employer Stock as of a
particular date shall be determined using such method as shall be determined by
the Committee provided such method is appropriate to qualify the Plan as an
employee stock purchase plan under Section 423 of the Code.

         1.13. "Member" shall mean any Employee of an Employer who has met the
conditions and provisions for becoming a Member as provided in Article III.

         1.14. "Member's Contribution Rate" shall be an exact number of dollars
or percentage of pay elected by the Member to be contributed by regular payroll
deductions to his Contribution Account as outlined in Section 4.1.

         1.15. "Normal Monthly Pay" for purposes of determining the amount of a
Member's contributions for any Plan Year shall be (i) for hourly paid Employees,
an amount computed by adding (a) the Member's hourly base pay multiplied by the
Member's regular scheduled hours of work for the calendar year immediately
preceding the first day of the Plan Year divided by 12 and (b) the amount
obtained from dividing the amount of all commissions paid to the Member in the
calendar year immediately preceding the first day of the Plan Year by 12, and
(ii) for salaried employees, an amount computed by adding (a) the Member's
monthly base pay for the calendar month immediately preceding the first day of
the Plan Year and (b) the amount obtained from

                                       2
<PAGE>

dividing the amount of all commissions paid to the Member in the calendar year
immediately preceding the first day of the Plan Year by 12; provided, however,
that with respect to any Member who on the Effective Date has been employed for
less than the applicable time periods set forth above, the Sponsoring Employer
may calculate "Normal Monthly Pay" by any reasonable method consistently applied
to all such Members.

         1.16. "Plan" shall mean the JDN Realty Corporation 1995 Employee Stock
Purchase Plan as set forth herein and all subsequent amendments hereto.

         1.17. "Plan Year" shall mean a 12 month period beginning on the first
day of March and ending on the last day of February of each year; provided,
however, in the first Plan Year following the Effective Date of the Plan, the
first day of the Plan Year shall be May 1.

         1.18. "Sponsoring Employer" shall mean JDN Realty Corporation, a
Maryland corporation, or its successors, the Plan sponsor for all purposes.

         1.19. "Sponsoring Employer Stock" shall mean, subject to adjustment as
provided in Article X, those shares of the Sponsoring Employer's Common Stock,
$.01 par value, which pursuant to Article II are reserved for issuance upon the
exercise of the options granted under this Plan.

                                  ARTICLE II
                               ISSUANCE OF STOCK

         The Sponsoring Employer hereby reserves 150,000 shares of Sponsoring
Employer Stock for issuance upon the exercise of the options granted hereunder;
provided, that the class and aggregate number of shares which may be issued upon
exercise of options granted hereunder shall be subject to adjustment in
accordance with the provisions of Article X of the Plan. These shares may be
authorized and unissued shares, issued shares held in or acquired for the
treasury of the Sponsoring Employer, or shares of stock reacquired by the
Sponsoring Employer upon purchase in the open market or otherwise.

                                  ARTICLE III
                                  ELIGIBILITY

         3.1. Every Employee whose customary employment is at least 20 hours per
week and more than five months in a calendar year shall be eligible to
participate in the Plan on the first day of the Plan Year coincident with or
following the commencement of such eligible employment. An Employee shall not be
eligible to participate, however, if immediately after the options are granted
such Employee would own stock possessing 5% or more of the total combined voting
power or value of all classes of the Sponsoring Employer or a subsidiary
corporation or parent corporation (as those terms are defined in Section 424(e)
and (f) of the Code). For purposes of this paragraph, the ownership attribution
rules of Section 424(d) of the Code shall apply in determining the stock
ownership of an Employee and stock which the Employee may purchase under
outstanding options (under this or any other agreement) shall be treated as
stock owned by the Employee.

         3.2. Upon becoming a Member, the Employee shall be bound by the terms
of this Plan, including any amendments hereto. An Employee's election to
participate for any Plan Year must be in writing in the form and manner
specified by the Committee. The completed request for

                                       3
<PAGE>

participation shall indicate the amount of the Member's Contribution Rate
authorized by the Member in accordance with Section 4.1. If any Employee does
not elect to participate in any given Plan Year he or she may elect to
participate as of any future Anniversary Date if he or she continues to meet the
eligibility requirements therefor.

                                  ARTICLE IV
                                 CONTRIBUTIONS

         4.1. In order to participate in this Plan and be granted an option
hereunder, a Member must file with the Employer an election to participate in
accordance with Section 3.2 and must authorize his Employer to deduct through a
payroll deduction an exact number of dollars per month, but not less than $10.00
per month, being the Member's "Contribution Rate". The maximum deduction which a
Member may authorize shall be 10% of the Member's Normal Monthly Pay. Such
authorization shall be in writing and on such forms as provided by the
Committee. Payroll deductions shall begin as of the first pay period on or after
the first day of the Plan Year. For all purposes of this Plan, a Member's
contributions shall be allocated to and deemed a part of the Member's
Contribution Account. Member contributions will not be permitted to begin at any
time other than the beginning of a Plan Year. The Employers shall transfer all
withheld amounts to the Sponsoring Employer which may use such amounts for any
valid corporate purposes. No interest shall accrue or be paid on any amounts
withheld under this Plan.

         4.2. The Member's Contribution Rate, once established, shall remain in
effect for all Plan Years unless changed by the Member in writing and filed with
the Employer in the form and in the manner specified by the Committee.

         4.3. At any time during the Plan Year, a Member may notify the Employer
that he wishes to discontinue his contributions. This notice shall be in writing
and on such forms as provided by the Committee and shall become effective as of
a date not more than 30 days following its receipt by the Employer.

         4.4. Members may elect to withdraw any or all of their contributions at
any time during the Plan Year except on the Exercise Date. Any such withdrawal
will be made by request in writing on such forms as provided by the Committee.
If contributions are withdrawn during the Plan Year, however, no further
contributions will be permitted during that Plan Year.

                                   ARTICLE V
                               GRANT OF OPTIONS

         5.1. Every participating Member shall be granted in each Plan Year
options to purchase that number of whole shares of Sponsoring Employer Stock for
the Plan Year that have a value on the Grant Date of $25,000. Options granted
under this Plan shall be subject to such amendments or modifications as the
Sponsoring Employer shall deem necessary to comply with any applicable law or
regulation, and shall contain such other provisions as the Sponsoring Employer
shall from time to time approve and deem necessary. Options not exercised
pursuant to Section 6.1 shall terminate at 11:59 p.m. (Eastern Time) on the
Exercise Date. In the event an outstanding option shall for any reason expire,
the shares of Sponsoring Employer Stock allocable to the unexercised portion of
such option may again be subject to option under the Plan.

                                       4
<PAGE>

         5.2. The Issue Price of the Sponsoring Employer Stock under this Plan
shall be equal to the lesser of: (i) 85% of the Market Price on the Exercise
Date of each Plan Year; or (ii) 85% of the Market Price on the Grant Date of
each Plan Year. The issue price is subject, however, to a "Minimum Issue Price"
for each Plan Year. The "Minimum Issue Price" for any Plan Year shall be the
book value of the Sponsoring Employer Stock as of December 31 for the calendar
year preceding the calendar year during which the Grant Date for the Plan Year
occurs. Notwithstanding any provision to the contrary, if the Issue Price for
any Plan Year is less than the Minimum Issue Price, the options granted for that
Plan Year shall be considered null and void and the payroll deductions credited
to the Member's Contribution Account shall be returned to the Member.

         5.3. Notwithstanding any provision of this Plan, no Employee shall
receive options to purchase Sponsoring Employer Stock which permit the rights of
an Employee to purchase stock under all "employee stock purchase plans" of the
Sponsoring Employer and its parent corporation and subsidiary corporation (as
the terms "parent corporation" and "subsidiary corporation" are defined in
Section 424(e) and (f) of the Code) to accrue at a rate which exceeds $25,000 of
fair market value of such stock (determined at the time the option is granted)
for each calendar year in which the option is outstanding at any time. For
purposes of this Section 5.3 (i) the right to purchase stock under an option
accrues when the option (or any portion thereof) first becomes exercisable
during the calendar year, (ii) the right to purchase stock under an option
accrues at the rate provided in the option but in no case may such rate exceed
$25,000 of fair market value of such stock (determined at the time such option
is granted) for any one calendar year, and (iii) a right to purchase stock which
has accrued under one option granted pursuant to the Plan may not be carried
over to any other option.

                                  ARTICLE VI
                              EXERCISE OF OPTIONS

         6.1. On each Exercise Date, the Member's Contribution Account shall be
used to purchase the maximum number of whole shares of Sponsoring Employer Stock
determined by dividing the Issue Price into the balance of the Member's
Contribution Account (subject to the limitations set forth in Section 5.3). Any
money remaining in a Member's Contribution Account after the Exercise Date which
was not needed to exercise the Member's option to the fullest extent as
calculated pursuant to Section 5.1 shall be returned to the Member. Any money
remaining in a Member's Contribution Account solely as a result of an amount
representing a fractional share, however, shall remain in the Member's
Contribution Account unless the return of such amount is requested by the Member
in writing on a form supplied by the Committee. If such return is not requested,
the balance will remain in the Member's Contribution Account to be used in the
next Plan Year along with new contributions made in that Plan Year.

         If the total number of shares to be purchased under option by all
Members exceeds the number of shares authorized under Article II of this Plan, a
pro-rata allocation of the available shares will be made among all Members
authorizing such payroll deductions based on the amount of their respective
payroll deductions through the Exercise Date.

         6.2. The certificates for Sponsoring Employer Stock purchased through
the exercise of the option granted hereunder shall be issued as soon as
practicable after the Exercise Date.

                                       5
<PAGE>

                                  ARTICLE VII
                           TERMINATION OF EMPLOYMENT

         7.1. Any Employee whose employment with all Employers is terminated for
any reason, except death or retirement, during the Plan Year shall cease being a
Member immediately. The balance of the Member's Contribution Account shall be
paid to such Member, or to such Member's legal representative, as soon as
practicable after such Member's termination. Any right to purchase Sponsoring
Employer Stock under the option granted to such Member by participation in this
Plan shall be deemed null and void.

         7.2. If a Member dies during a Plan Year no further contributions on
behalf of the deceased Member shall be accepted under the Plan. The personal
representative of the estate of the deceased Member may elect to withdraw the
balance in the Member's Contribution Account by notifying the Committee in
writing prior to the Exercise Date. In the event no election to withdraw has
been made before the Exercise Date, the balance accumulated in the deceased
Member's Contribution Account shall be used to purchase Sponsoring Employer
Stock in accordance with Article VI.

         7.3. If a Member retires for reasons of age or disability under the
then established rules of the Employer during a Plan Year, no further
contributions on behalf of the retired Member shall be accepted under the Plan.
The Member may elect to withdraw the balance in his Contribution Account by
notifying the Committee in writing prior to the Exercise Date. In the event no
election to withdraw has been made before the Exercise Date, the balance
accumulated in the retired Member's Contribution Account shall be used to
purchase Sponsoring Employer's Stock in accordance with Article VI.

                                 ARTICLE VIII
                             DISPOSITION OF STOCK

         If a Member or former Member disposes of any shares of Sponsoring
Employer Stock obtained under this Plan (i) prior to two years after the Grant
Date of such share, or (ii) prior to one year after the Exercise Date of such
share, that Member or former Member must notify the Committee immediately of
such disposition in writing. All dispositions of Sponsoring Employer Stock shall
be made in compliance with applicable federal and state securities laws.

                                       6
<PAGE>

                                  ARTICLE IX
                                ADMINISTRATION

         The Plan shall be administered by the Committee. No member of the
Committee shall be eligible to participate in the Plan while a member of the
Committee. Meetings shall be held at such times and places as shall be
determined by the Committee. A majority of the members of the Committee shall
constitute a quorum for the transaction of business, and the vote of a majority
of those members present at any meeting shall decide any question brought under
the Plan. No member of the Committee shall be liable for any act or omission of
any other member of the Committee or for any act or omission on his own part
related to the Plan, including but not limited to the exercise of any power or
discretion given to him under the Plan, except those resulting from his own
gross negligence or willful misconduct. All questions of interpretation and
application of the Plan, or of options granted hereunder, shall be subject to
the determination, which shall be final and binding, of a majority of the whole
Committee. The Plan shall be administered in order to qualify the options
granted hereunder as options granted pursuant to an "employee stock purchase
plan" described in Section 423 of the Code.

                                   ARTICLE X
                    CHANGES IN COMPANY'S CAPITAL STRUCTURE

         10.1. The existence of this Plan shall not affect in any way the right
or power of the Sponsoring Employer or its stockholders to make or authorize any
or all adjustments, recapitalizations, reorganizations or other changes in the
Sponsoring Employer's capital structure or its business, or any merger or
consolidation of the Sponsoring Employer, or any issue of bonds, debentures,
preferred or prior preference stock ahead of or affecting the Sponsoring
Employer Stock or rights thereof, or the dissolution or liquidation of the
Sponsoring Employer, or any sale or transfer of all or part of its assets or
business, or any other corporate act or proceeding, whether of similar character
or otherwise.

         10.2. In the event of a subdivision or consolidation of shares or other
capital readjustment, the payment of a stock dividend or other increase or
decrease of the number of shares of the Sponsoring Employer's Stock outstanding
without receiving compensation in money, services, or property, then the class
of shares of the Sponsoring Employer's Stock set forth in Section 1.19 of the
Plan, the number of shares of stock reserved pursuant to Article II, and the
number of options granted a Member shall be appropriately adjusted as determined
by the Committee. The Committee's determination shall be final, binding, and
conclusive, provided that each option granted pursuant to this Plan shall not be
adjusted in a manner that causes the option to fail to continue to qualify as an
option issued pursuant to an "employee stock purchase plan" within the meaning
of Section 423 of the Code.

         10.3. Subject to any required action by the stockholders, if the
Sponsoring Employer is the surviving corporation in any merger or consolidation,
each outstanding option shall pertain to and apply to the securities to which a
holder of the number of shares of Sponsoring Employer Stock subject to the
option would have been entitled. Unless adopted by the surviving corporation, a
dissolution or liquidation of the Sponsoring Employer or a merger or
consolidation in which the Sponsoring Employer is not the surviving corporation,
shall cause each outstanding option to terminate; provided that the Committee in
its sole discretion, immediately prior to such dissolution or liquidation, or
merger or consolidation in which the Corporation is not the surviving
corporation, may direct that the Plan Year end on a date immediately prior to
the effective date of such event.

                                       7
<PAGE>

                                  ARTICLE XI
                                 MISCELLANEOUS

         11.1. Each Member, former Member, or any other person who shall claim a
right or benefit under this Plan, shall be entitled only to look to such
Member's Employer for such benefit.

         11.2. The Board of Directors may at any time or from time to time amend
the Plan in any respect, except that, without approval of the stockholders of
the Sponsoring Employer within 12 months prior to or after the date the
amendment is adopted by the Board of Directors, no amendment may (i) increase
the number of shares reserved under the Plan other than as provided in Article
X, (ii) modify the class of employees eligible to participate in the Plan, or
(iii) reduce the Issue Price per share as defined herein. The Sponsoring
Employer may terminate the Plan at any time. If the Plan is terminated, the date
of termination shall be treated as the Exercise Date and all funds in a Member's
Contribution Account not expended to purchase Sponsoring Employer Stock shall be
refunded to the Member.

         11.3. The Employers will pay all expenses that may arise in connection
with the administration of this Plan.

         11.4. Any headings or subheadings in this Plan are inserted for
convenience of reference only and are to be disregarded in the construction of
any provisions hereof. All references in this Plan to Articles and Sections are
to Articles and Sections of this Plan unless specified otherwise.

         11.5. This Plan shall be construed in accordance with the laws of the
state of incorporation of the Sponsoring Employer to the extent federal law does
not supersede and preempt such law.

         11.6. A misstatement in the age, length of Continuous Service, date of
employment or any other such matter shall be corrected when it becomes known
that any such misstatement of fact has occurred.

         11.7. The option to purchase Sponsoring Employer Stock arising by
participation in this Plan is not transferable by a Member other than by will or
the laws of descent and distribution and is exercisable during his lifetime only
by him.

         11.8. This Plan will not be deemed to constitute a contract between an
Employer and any Member or to be in consideration of or an inducement for the
employment of any Member or Employee. Nothing contained in this Plan shall be
deemed to give any Member or Employee the right to be retained in the service of
an Employer or to interfere with the right of an Employer to discharge any
Member or Employee at any time regardless of the effect which such discharge
shall have upon him as a Member of the Plan.

         11.9. No liability whatsoever shall attach to or be incurred by any
past, present or future stockholders, officers, or directors, as such, of an
Employer, under or by reason of any of the terms, conditions, or agreements
contained in this Plan or implied therefrom, and any and all liabilities of, and
any and all rights and claims against an Employer, or any stockholder, officer,
or director, as such, whether arising at common law or in equity or created by
statute or constitution or otherwise, pertaining to this Plan, are hereby
expressly waived and released by every Member, as a part of the consideration
for any benefits provided by the Employers under this Plan.

                                       8
<PAGE>

         11.10. With respect to administration of the Plan, the Sponsoring
Employer shall indemnify each present and future member of the Committee and the
Board of Directors against, and each member of the Committee and the Board of
Directors shall be entitled without further act on his or her part to indemnity
from the Sponsoring Employer, for all expenses (including the amount of
judgments and the amount of approved settlements made with a view to the
curtailment of costs of litigation, other than amounts paid to the Sponsoring
Employer itself) reasonably incurred by him or her in connection with or arising
out of any action, suit or proceeding in which he or she may be involved by
reason of his or her being or having been a member of the Committee and the
Board of Directors, whether or not he or she continues to be such a member of
the Committee and the Board of Directors at the time of incurring such expenses;
provided, however, that such indemnity shall not include any expenses incurred
by any such member of the Committee and the Board of Directors (a) in respect of
matters as to which he shall be finally adjudged in any such action, suit, or
proceeding to have been guilty of gross negligence or willful misconduct in the
performance of his or her duty as such a member of the Committee and the Board
of Directors, or (b) in respect of any matter in which any settlement is
effected, to an amount in excess of the amount approved by the Sponsoring
Employer on the advice of its legal counsel; and provided further, that no right
of indemnification under the provisions set forth herein shall be available to
or enforceable by any such member of the Committee and the Board of Directors
unless, within 60 days after institution of any such action, suit, or
proceeding, he or she shall have offered the Sponsoring Employer, in writing,
the opportunity to handle and defend same at its own expense. The foregoing
right of indemnification shall inure to the benefit of the heirs, executors, or
administrators of each such member of the Committee and the Board of Directors
and shall be in addition to all other rights to which such member of the
Committee and the Board of Directors may be entitled as a matter of law,
contract, or otherwise.

         11.11. The Sponsoring Employer's obligation to sell and deliver stock
under the Plan is at all times subject to all approvals of any governmental
authorities required in connection with the authorization, issuance, offer,
sale, or delivery of such stock and compliance with applicable state and federal
securities laws.

         11.12. Whenever any notice is required or permitted hereunder, such
notice must be in writing and personally delivered or sent by mail. Any notice
required or permitted to be delivered hereunder shall be deemed to be delivered
on the date which it is personally delivered, or, whether actually received or
not, on the third business day after it is deposited in the United States mail,
certified or registered, postage prepaid, addressed to the person who is to
receive it at the address which such person has theretofore specified by written
notice delivered in accordance herewith. Notwithstanding any of the foregoing,
any notice required or permitted to be given by or on behalf of a Member under
Section 7.2 or Article IV hereof, shall only be effective as of the date of its
actual receipt. Any party may change, at any time and from time to time, by
written notice to the other, the address which it or he had theretofore
specified for receiving notices. Until changed in accordance herewith, the
Sponsoring Employer shall be entitled to use the address of a Member in the
Employer's records. Any person entitled to notice hereunder may waive such
notice.

         11.13. This Plan is intended to qualify as an "employee stock purchase
plan" within the meaning of Section 423(b) of the Code. In the event the
Sponsoring Employer should receive notice that this Plan fails to qualify as an
"employee stock purchase plan" under Section 423 of the Code, the Sponsoring
Employer shall have the option of returning all then existing Members'
Contribution Accounts to the Members and terminating the Plan.

         11.14. Any words herein used in the masculine shall be read and
construed in the feminine where they would so apply. Words in the singular shall
be read and construed as though in the

                                       9
<PAGE>

plural in all cases where they would so apply.

         11.15. This Plan is intended to be a "stock purchase plan" as defined
in Rule 16b-3, promulgated under the Securities Exchange Act of 1934, and all
grants and awards made hereunder are intended to be exempt under Rule 16b-3, and
the terms hereof shall be interpreted in a manner that is consistent with such
Rule 16b-3.

         IN WITNESS WHEREOF, pursuant to action taken by the Board of Directors,
the undersigned authority has executed this instrument on this the 1st day of
March, 1999, to be effective as of March 1, 1999.

                                     JDN REALTY CORPORATION

                                     By: /s/ William J. Kerley
                                         ---------------------------------
                                     Its: Chief Financial Officer

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]