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                                   EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

New Plan Realty Trust, a Massachusetts business trust
New Plan Securities Corp., a New York corporation
New Plan Realty of Alabama, Inc., an Alabama corporation
Avion Service Corp., a Pennsylvania corporation
New Plan Realty of Kingsport, Inc., a Tennessee corporation
New Plan Factory Malls, Inc., a Delaware corporation
New Plan of Tara, Inc., a Delaware corporation
New Plan of Fashion Corners, Inc., a Delaware corporation
New Plan Disbursing Corp., a Delaware corporation
New Plan Realty of Louisiana, Inc., a Delaware corporation
New Plan of Tennessee, Inc., a Delaware corporation
New Plan Realty of Louisiana, L.P., a Delaware limited partnership
New Plan of Waterford Place, L.P., a Delaware limited partnership
New Plan of Tennessee, L.P., a Delaware limited partnership
New Plan of New Garden, Inc., a Delaware corporation
New Plan of New Jersey, Inc., a Delaware corporation
New Plan of Tinton Falls, Inc., a Delaware corporation
New Plan of Eastgreen, Inc., a Delaware corporation
New Plan of Northgate, Inc., a Delaware corporation
New Plan of Polo Run, Inc., a Delaware corporation
NC Properties #1, Inc., a Delaware corporation
NC Properties #2, Inc., a Delaware corporation
Excel Realty Trust - NC, a North Carolina partnership
TX Properties #1, Inc., a Delaware corporation
TX Properties #2, Inc., a Delaware corporation
Excel Realty Trust - TX, L.P., a Texas limited partnership
Excel Realty - PA, Inc., a Delaware corporation
Excel Realty - NE, Inc., a Nebraska corporation
Excel Realty - ST, Inc., a Delaware corporation
Excel Westminster Marketplace, Inc., a Delaware corporation
Excel Realty Partners, L.P., a Delaware limited partnership
E.H. Properties, L.P., a Delaware limited partnership