April 1, 2005 Mail Stop 0409 VIA U.S. MAIL AND FAX (858) 487-9890 Mr. James Y. Nakagawa Chief Financial Officer Excel Properties, Ltd. 17140 Bernardo Center Drive, Suite 310 San Diego, CA 92128 Re:	Excel Properties, Ltd. Form 10-K for the year ended December 31, 2004 File No. 033-02320 Dear Mr. Nakagawa: We have completed our review of your Form 10-K and related filings and do not, at this time, have any further comments. 							Sincerely, Linda van Doorn Senior Assistant Chief Accountant ?? ?? ?? ?? Hewitt Associates, Inc. December 28, 2004 Page 1