1 PRICING SUPPLEMENT DATED JULY 15, 1999 RULE 424(b)(3) (TO PROSPECTUS DATED FEBRUARY 3, 1999 AND FILE NO. 333-67511-01 PROSPECTUS SUPPLEMENT DATED FEBRUARY 3, 1999) NEW PLAN EXCEL REALTY TRUST, INC. MEDIUM-TERM NOTES -- FIXED RATE CUSIP NO. 64805E AA0 - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT: INTEREST RATE: $150,000,000 7.40% AGENTS' DISCOUNT OR COMMISSION: ORIGINAL ISSUE DATE: $735,000 JULY 20, 1999 NET PROCEEDS TO ISSUER: STATED MATURITY DATE: $148,810,500 SEPTEMBER 15, 2009 Interest Payment Dates: September 15 and March 15 (beginning September 15, 1999) - -------------------------------------------------------------------------------- Day Count Convention: [X] 30/360 [ ] Actual/360 [ ] Actual/Actual Redemption: [X] The Notes cannot be redeemed prior to the Stated Maturity Date. [ ] The Notes may be redeemed prior to the 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: % Currency: U.S. Dollars Specified Currency (if other than U.S. Dollars): Denominations (if other than $1,000 and integral multiples thereof): (Applicable only if Specified Currency is other than U.S. dollars) Original Issue Discount: [ ] Yes {X} No Total Amount of OID: Yield to Maturity: Initial Accrual Period: Form: [X] Book-Entry [ ] Certificated Names of Agents: Salomon Smith Barney Inc. -- $56,500,000 Morgan Stanley Dean Witter -- $36,000,000 Merrill Lynch & Co. -- $33,000,000 Lehman Brothers Inc. -- $22,000,000 Banc One Capital Markets, Inc. -- $2,500,000 Agents acting as: [ ] agent [X] principal (except for Lehman Brothers Inc., which is acting as agent) If as principal: [ ] The Notes are being offered at varying prices related to prevailing market prices at the time of resale. [X] The Notes are being offered at a fixed initial public offering price of 99.697% of principal amount. If as agent: (with respect to Lehman Brothers Inc.) The Notes are being offered at a fixed initial public offering price of 99.697% of principal amount. Other Provisions: