Pricing Supplement dated May 16, 1997 Rule 424(b)(3) (To Prospectus dated December 6, 1996 and File no. 333-15635 Prospectus Supplement dated December 6, 1996) NEW PLAN REALTY TRUST Medium-Term Note - Floating Rate - ------------------------------------------------------------------------------ Face Amount: $40,000,000 Issue Price: 100% Initial Interest Rate: 5.9125% Base Rate: 3-month LIBOR (Telerate Page 3750) Spread: + 10 bps Interest Reset Dates: Quarterly on the 15th of each August, November, February and May, commencing on August 15, 1997 Interest Determination Dates: Two New York/London Business Days prior to each Interest Reset Date Interest Payment Dates: Quarterly on the 15th of each August, November, February and May Stated Maturity Date: May 15, 2000 Denominations (if other than $1000 and integral multiples thereof). _________________ Trade Date: May 13, 1997 Original Issue Date: May 16, 1997 Net Proceeds to Issuer: $39,956,400 Agent's Discount/Commission: $43,600 Name of Agent: Lehman Brothers Agent acting in the capacity indicated below: [ ] As Agent [X] As Principal - ------------------------------------------------------------------------------ Day Count Convention: [ ] 30/360 for the period from to [X] Actual/360 for the period from May 16, 1997 to May 15, 2000 [ ] Actual/Actual for the period from to [ ] Other (see attached) to Redemption: [X] The Notes cannot be redeemed prior to the Stated Maturity Date. [ ] The Notes may be redeemed prior to Stated Maturity Date. Initial Redemption Date: Initial Redemption Percentage: % Annual Redemption Percentage Reduction: % until Redemption Percentage is 100% of the Principal Amount. Repayment: [X] The Notes cannot be repaid prior to the Stated Maturity Date. [ ] The Notes can be repaid prior to the Stated Maturity Date at the option of the holder of the Notes. Optional Repayment Date(s): Repayment Price: % Original Issue Discount: [ ] Yes [X] No Total Amount of OID: Yield to Maturity: Initial Accrued Period: Form: [X] Book-entry [ ] Certificated - ------------------------------------------------------------------------------