SECURITIES ACT OF 1993 FILE NO: (IF APPLICATION OF DETERMINE ELIGIBILITY OF TRUSTEE FOR DELAYED OFFERING PURSUANT TO SECTION 305(b)(2) ================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM T-1 STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)______ ____________________________ THE FIRST NATIONAL BANK OF BOSTON (Exact name of trustee as specified in its charter) 04-2472499 (I.R.S. employer Identification No.) 100 Federal Street, Boston, Massachusetts 02110 (Address of principal executive offices) (Zip Code) Gary A. Speiss, Cashier and General Counsel 100 Federal Street, 24th Floor, Boston, Massachusetts 02110 (617) 434-2870 (Name, address and telephone number of agent for service) _______________________________ NEW PLAN REALTY TRUST (Exact name of obligor as specified in its charter) MASSACHUSETTS 13-1995781 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1120 AVENUE OF THE AMERICAS 10036 NEW YORK, NEW YORK (Zip Code) (Address of principal executive offices) Senior Debt Securities (Title of indenture securities) 1. General Information Furnish the following information as to the trustee: (a) Name and address of each examining or supervising authority to which it is subject. Comptroller of the Currency of the United States, Washington, D.C. Board of Governors of the Federal Reserve System, Washington, D.C. Federal Deposit Insurance Corporation, Washington, D.C. (b) Whether it is authorized to exercise corporate trust powers. Trustee is authorized to exercise corporate trust powers. 2. Affiliations with Obligor and Underwriters. If the obligor or any underwriter for the obligor is an affiliate of the trustee, describe each such affiliation. None with respect to the Trustee. (See Notes on page 2) None with respect to Bank of Boston Corporation. 3. through 11. Not applicable. 12. Indebtedness of the Obligor of the Trustee COL. A COL. B COL. C NATURE OF AMOUNT INDEBTEDNESS OUTSTANDING DATE DUE ____________ ___________ ________ N/A -0- N/A 13. through 15. Not applicable. 16. List of Exhibits. List below all exhibits filed as part of this statement of eligibility and qualification. 1. A copy of the articles of association of the trustee as now in effect. A certified copy of the Articles of Association of the trustee is filed as Exhibit No. 1 to statement of eligibility and qualification No. 22-9514 and is incorporated herein by reference thereto. 2. A copy of the certificate of authority of the trustee to commence business, if not contained in the articles of association. A copy of the certificate of T. McLean Griffin, Cashier of the trustee, dated February 3, 1978, as to corporate succession containing copies of the Certificate of the Comptroller of the Currency that The Massachusetts Bank, National Association, into which The First National Bank of Boston was merged effective January 4, 1971, is authorized to commence the business of banking as a national banking association, as well as a certificate as to such merger is filed as Exhibit No. 2 to statement of eligibility and qualification No. 22-9514 and is incorporated herein by reference thereto. 3. A copy of the authorization of the trustee to exercise corporate trust powers, if such authorization is not contained in the documents specified in paragraph (1) or (2) above. A copy of a certificate of the Office of the Currency dated February 6, 1978 is filed as Exhibit No. 3 to statement of eligibility and qualification No. 22-9514 and is incorporated herein by reference thereto. 4. A copy of the existing by-laws of the trustee, or instruments corresponding thereto. A certified copy of the existing By-Laws of the trustee dated December 23, 1993 is filed as Exhibit No. 4 to statement of eligibility and qualification No. 22-25754 and is incorporated herein by reference thereto. 5. The consent of the trustee required by Section 321(b) of the Act. The consent of the trustee required by Section 321(b) of the Act is annexed hereto and made a part hereof. 6. A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority is annexed hereto as Exhibit 7 and made a part hereof. NOTES In answering any item in this Statement of Eligibility and Qualification which relates to matters peculiarly within the knowledge of the obligor or any underwriter for the obligor, the trustee has relied upon information furnished to it by the obligor and the underwriters, and the trustee disclaims responsibility for the accuracy or completeness of such information. The answer furnished to Item 2 of this statement will be amended, if necessary, to reflect any facts which differ from those stated and which would have been required to be stated if known at the date hereof. SIGNATURE Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, The First National Bank of Boston, a national banking association organized and existing under the laws of The United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the Town of Canton and Commonwealth of Massachusetts, on the 24th day of March, 1995 THE FIRST NATIONAL BANK OF BOSTON, Trustee By: KECIA R. BANKS _____________________________ KECIA R. BANKS SENIOR ACCOUNT ADMINISTRATOR EXHIBIT 6 CONSENT OF TRUSTEE Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of 1939 in connection with the proposed issue by New Plan Realty Trust, Senior Debt Securities, we hereby consent that reports of examinations by Federal, State, Territorial, or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefor. THE FIRST NATIONAL BANK OF BOSTON, Trustee By: KECIA R. BANKS _____________________________ KECIA R. BANKS SENIOR ACCOUNT ADMINISTRATOR EXHIBIT 7 CONSOLIDATED REPORT OF CONDITION, INCLUDING DOMESTIC AND FOREIGN SUBSIDIARIES, OF THE FIRST NATIONAL BANK OF BOSTON In the Commonwealth of Massachusetts, at the close of business on December 31, 1994. Published in response to call made by Comptroller of the Currency, under Title 12, United States Code, Section 161. Charter number 200. Comptroller of the Currency Northeastern District. ASSETS Dollar Amounts in Thousands __________ Cash and balances due from depository institutions: Noninterest-bearing balances and currency and coin.............................. $1,862,093 Interest-bearing balances..................... 1,551,280 Securities....................................... 3,935,691 Federal funds sold and securities purchased under agreements to resell in domestic offices of the bank and of its Edge and Agreement subsidiaries, and in IBF's: Federal funds sold............................ 758,937 Securities purchased under agreements to resell........................ 0 Loans and lease financing receivables: Loans and leases, net of unearned income............................ $25,796,462 LESS: Allowance for loan and lease losses..................................... $ 534,630 LESS: Allocated transfer risk reserve.................................... $ 0 Loans and leases, net of unearned income, allowance and reserve....................... 25,261,832 Assets held in trading accounts................... 840,348 Premises and fixed assets (including capitalized leases)............................ 398,475 Other real estate owned........................... 48,504 Investments in unconsolidated subsidiaries and associated companies....................... 103,670 Customers' liability to this bank on acceptances outstanding.................................... 304,031 Intangible assets................................. 651,394 Other assets...................................... 1,170,251 ___________ Total Assets................................... $36,886,506 =========== LIABILITIES Deposits: In domestic offices............................ $14,924,310 Noninterest-bearing.............$ 4,035,673 Interest-bearing................ 10,888,637 In foreign offices, Edge and Agreement subsidiaries, and IBF's........................ 9,998,764 Noninterest-bearing.................570,582 Interest-bearing..................9,428,182 Federal funds purchased and securities sold under agreements to repurchase in domestic offices of the bank and of its Edge and Agreement subsidiaries, and in IBF's: Federal funds purchased........................ 2,464,904 Securities sold under agreements to repurchase................................ 277,077 Demand notes issued to the U.S. Treasury.......... 364,045 Trading Liabilities............................... 227,865 Other borrowed money.............................. 3,875,462 Mortgage indebtedness and obligations under capitalized leases........................ 14,007 Bank's liability on acceptances executed and outstanding........................ 305,512 Subordinated notes and debentures................. 979,167 Other liabilities.................................. 1,022,105 Total Liabilities.............................. 34,453,218 ========== Limited-life preferred stock and equity capital 0 EQUITY CAPITAL Perpetual preferred stock and related surplus..... $ 0 Common stock...................................... 82,264 Surplus........................................... 987,524 Undivided profits and capital reserves............ 1,408,062 LESS: Net unrealized loss on marketable equity securities............................... (39,027) Cumulative foreign currency translation adjustments..................................... (5,535) Total equity capital.............................. 2,433,288 _________ Total Liabilities, Limited-life preferred stock, and equity..........................$36,866,506 ___________ ___________ I, Robert T. Jefferson, Comptroller of the above-named bank, do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief. Robert T. Jefferson February 13, 1995 We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct. Charles K. Gifford Ira Stepanian J. Donald Monan Directors February 13, 1995