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 AB8 ================================================================================ Principal Amount: $25,000,000 Interest Rate: 7.50% Agents' Discount or Commission: $250,000 Original Issue Date: July 30, 1999 Net Proceeds to Issuer: $23,850,000 Stated Maturity Date: July 30, 2029 Interest Payment Dates: January 30 and July 30 (beginning January 30, 2000) ================================================================================ 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 Name of Agent: Lehman Brothers Inc. Agent acting as: [X] agent [ ] principal If as principal: [ ] The Notes are being offered at varying prices related to prevailing market prices at the time of resale. [ ] The Notes are being offered at a fixed initial public offering price of ___% of principal amount. If as agent: The Notes are being offered at a fixed initial public offering price of 96.4% of principal amount. Other Provisions: