[ON NEW PLAN REALTY TRUST LETTERHEAD]



NEW PLAN REALTY TRUST BOARD ADOPTS                 FOR IMMEDIATE RELEASE
SHAREHOLDER RIGHTS PLAN                             Contact: Ron Frankel
                                                            212-869-3000


            New York, NY, April 16, 1998 -- New Plan Realty Trust (NYSE-NPR)
(the "Company") announced today that its Board of Trustees has adopted a
Shareholder Rights Plan (the "Rights Plan") designed to protect shareholders and
assure that they receive fair and equal treatment in the event of any proposed
takeover of the Company.

            Terms of the Rights Plan provide for a distribution to holders of
record at the close of business on April 24, 1998 of one right for each
outstanding share of beneficial interest of New Plan Realty Trust. The rights
will become exercisable only in the event that a person or group of affiliated
or associated persons acquires beneficial ownership or voting control of 15% or
more of the Company's outstanding voting shares or announces an offer, the
consummation of which would result in a person or group of affiliated or
associated persons acquiring beneficial ownership or voting control of 15% or
more of the Company's outstanding voting shares. Unless earlier redeemed, the
rights will expire on April 11, 2008. Each right will entitle the holder thereof
to buy one share of beneficial




NYFS05...:\40\65240\0003\2093\REL4028U.53D

interest of the Company at a price of $90.00 (the "Exercise Price").

            Unless the rights are earlier redeemed or exchanged, if a person or
group of affiliated or associated persons acquires beneficial ownership or
voting control of 15% or more of the Company's outstanding voting shares, each
holder of a right, other than such person or group acquiring such 15% of the
Company's shares (whose rights will upon such acquisition become null and void),
will have the right to receive, upon payment of the Exercise Price, that number
of shares of beneficial interest of the Company having a market value equal to
two times the Exercise Price.

            In addition, unless the rights are earlier redeemed or exchanged,
if, after the time a person or group of affiliated or associated persons
acquires beneficial ownership or voting control of 15% or more of the Company's
outstanding voting shares, the Company is acquired in a merger or other business
combination transaction, each right, other than the rights held by such person
or group acquiring such 15% of the Company's shares (whose rights will upon such
acquisition become null and void) will entitle its holder to purchase, for the
Exercise Price, that number of shares of the acquiring company's common stock



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that has a market value equal to two times the Exercise Price.

            The Company will be entitled to redeem the rights at 1/2 cent per
right (payable, at the option of the Company, in cash or in shares) at any time
until the tenth day following the public announcement of the acquisition by a
person or group of affiliated or associated persons of beneficial ownership or
voting control of 15% of the Company's outstanding voting shares.

            The Rights Plan further provides that the Company may, at its
option, after a person or group of affiliated or associated persons has acquired
15% or more (but less than 50%) of the beneficial ownership or voting control of
the Company's outstanding voting shares, exchange all or part of the rights
(other than the rights held by such person or group acquiring such 15% of the
Company's shares, whose rights will upon such acquisition become null and void)
for shares of beneficial interest of the Company at an exchange ratio of one
share per right.

            The terms of the Rights Plan will not allow the exercise by any
shareholder of any right that would result in a violation of the provisions of
the Company's Amended and Restated Declaration of Trust.



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            Commenting on the Rights Plan, William Newman, Chairman and Chief
Executive Officer, said "The Board believes that the Rights Plan represents a
sound and reasonable means of safeguarding the interests of shareholders. The
Rights Plan seeks to ensure that shareholders realize the long-term value of
their investment. The Rights Plan should encourage anyone seeking to acquire the
Company to treat all shareholders equally and to negotiate with the Board prior
to any takeover attempt."

            Details of the Rights Plan will be outlined in materials to be
mailed to shareholders following the April 24, 1998 record date. The terms of
the Rights Agreement between the Company and BankBoston, N.A., the rights agent
for the Company, will control all aspects of the Rights Plan.

            New Plan Realty Trust, now in its 72nd year, went public in 1962 and
became a real estate investment trust, REIT, in 1972. The trust owns 196 retail
and residential properties in 23 states. New Plan shares trade on the New York
Stock Exchange. 

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April 16, 1998



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