NEW YORK CITY-New Plan Excel Realty Trust, a self-administered, self-managed REIT, based here, that specializes in community and neighborhood shopping centers and garden apartment communities, has announced its third quarter results along with plans to refocus its efforts. CEO and president Glenn J. Rufrano noted that after reviewing the physical characteristics and market dynamics of its portfolio and the firm’s competitive position, the company decided to refocus its efforts in the community and neighborhood shopping center market.

To that end, it will dispose of its non-core retail assets, commercial properties, joint venture projects and garden apartment holdings. It now owns 53 apartment communities with 12,558 units and seven commercial properties. Its portfolio includes 347 properties located in 31 states that are worth approximately $3 billion.

For the third quarter, the trust reported diluted FFO of $44.3 million (48 cents per share), compared to $46.9 million (51 cents per share) in Q3 1999. Diluted net income available to common stockholders amounted to $26.9 million (30 cents per share) this year; in 1999 it amounted to $29.2 million (32 cents per share). Third quarter revenues amounted to $102.9 million vs. $108.2 million a year ago.

During the quarter, New Plan Realty sold two shopping centers, a single-tenant Kroger and a single-tenant Kindercare for an aggregate of about $12 million. During the first nine months of 2000 it disposed of nine properties for an aggregate of approximately $51 million. They include five shopping centers and three single-tenant properties.

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