Pricing Supplement dated January 8, 1998 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 - Fixed Rate - ----------------------------------------------------------------------------- Face Amount: $25,000,000 Issue Price: 100% Interest Rate: 6.90% Interest Payment Dates: February 15 and August 15 Regular Record Dates: January 31 and July 31 Stated Maturity Date: February 15, 2028 Denominations (if other than $1000 and integral multiples thereof). _________________ Trade Date: January 6, 1998 Original Issue Date: January 9, 1998 Net Proceeds to Issuer: $24,777,500 Agent's Commission: $222,500 Name of Agent: BT Alex. Brown Incorporated Agent acting in the capacity indicated below: [ ] As Agent [X] As Principal - ----------------------------------------------------------------------------- Day Count Convention: [X] 30/360 for the period from January 9, 1998 to February 15, 2028 [ ] Actual/360 for the period from to [ ] 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 - -----------------------------------------------------------------------------