798288--2/26/2007--NEW_PLAN_EXCEL_REALTY_TRUST

related topics

{investment, property, distribution}

{debt, indebtedness, cash}

{loan, real, estate}

{provision, law, control}

{acquisition, growth, future}

{tax, income, asset}

{loss, insurance, financial}

{capital, credit, financial}

{stock, price, share}

{condition, economic, financial}

{cost, regulation, environmental}

The economic performance and value of our properties are subject to risks associated with real estate assets and with the real estate industry. Downturns in the retailing industry likely will have a direct impact on our performance. Failure by any anchor tenant with leases in multiple locations to make rental payments to us, because of a deterioration of its financial condition or otherwise, could seriously harm our performance. We may be unable to collect balances due from any tenants in bankruptcy. We face considerable competition in the leasing market and may be unable to renew leases or re-let space as leases expire. Future acquisitions of properties may not yield the returns we expect, may result in disruptions to our business and may strain management resources. We face significant competition for acquisitions of real properties, which may reduce the number of acquisition opportunities available to us and increase the costs of these acquisitions. Current and future development and redevelopment of real estate properties may not yield expected returns and may strain management resources. Our current and future joint venture investments could be adversely affected by a lack of sole decision-making authority and our reliance on joint venture partners financial condition. Real estate property investments are illiquid, and therefore we may not be able to dispose of properties when appropriate or on favorable terms. Some potential losses are not covered by insurance, so we could lose a significant portion of our investment in a property. There can be no assurance as to future costs and the scope of coverage that may be available under insurance policies. We have substantial scheduled debt payments, which will result in significant debt service obligations, and we may not be able to refinance debt at maturity. Our degree of leverage could limit our ability to obtain additional financing and adversely affect our business and financial condition. We currently have variable rate debt obligations, which could be substantial in the future and may impede our operating performance and put us at a competitive disadvantage. Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt. Our financial covenants may restrict our operating and acquisition activities. A downgrade in our credit rating could negatively impact us. Environmental problems that exist at some of our properties could result in significant unexpected costs. Changes in market conditions could adversely affect the market price of our publicly traded securities. Provisions of the company s charter and bylaws could inhibit changes in control of the company, and could prevent stockholders from obtaining a premium price for our common stock. Our Board of Directors could adopt the limitations available under Maryland law on changes in control that could prevent transactions in the best interests of stockholders. Our share ownership limit may discourage a takeover of the company and depress our stock price. We are dependent on external sources of capital, which may not be available. Failure of the company to qualify as a REIT would have serious adverse consequences to stockholders. The company could be disqualified as a REIT or have to pay taxes if its predecessor companies did not qualify as REITs.

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798288--2/26/2007--NEW_PLAN_EXCEL_REALTY_TRUST_INC