Filed by Excel Legacy Corporation
                                                 pursuant to Rule 425 under the
                                                         Securities Act of 1933
                                                   Commission File No:  0-23503
                                      Subject Company: Excel Legacy Corporation



NEWS
                              EXCEL LEGACY CORPORATION & PRICE ENTERPRISES, INC.
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
Graham R. Bullick, Ph.D., Excel Legacy Corporation/Price Enterprises, Inc.
                                                                  (858) 675-9400

              EXCEL LEGACY CORPORATION AND PRICE ENTERPRISES, INC.
                 ANNOUNCE RECORD DATE FOR THEIR ANNUAL MEETINGS


SAN DIEGO, CA. (June 5, 2001) - The Boards of Directors of Excel Legacy
Corporation (XLG) and Price Enterprises, Inc., (PREN) announced today that
they have set a record date of June 25, 2001 for their 2001 annual meetings.
Shareholders of record at these meetings will determine the outcome of the
previously announced (press release March 21, 2001) proposed merger between
Legacy and Price Enterprises to form a new company, Price Legacy Corporation.
The Legacy meeting will be held at the Rancho Bernardo Inn in San Diego, CA,
on August 9, 2001 at 9:00 am. The Price Enterprises meeting will be held at
the Rancho Bernardo Inn in San Diego, CA, on August 9, 2001 at 11:00 am. The
companies also announced a record date of June 25, 2001 has been set for
determining the holders of Legacy's outstanding debentures and notes that
will be entitled to participate in the previously announced (press release
March 21, 2001) exchange offer and consent solicitation being conducted in
connection with the proposed merger.

Excel Legacy Corporation is a real estate company which acquires, sells,
develops, manages, invests, finances and operates real property and related
businesses.

Price Enterprises, Inc., is a REIT which acquires, develops, and manages open
air retail properties in 13 states.

This communication is neither an offer to purchase nor a solicitation of an
offer to sell any securities of Legacy or Price Enterprises. The merger,
exchange offer and consent solicitation will be effected only through a joint
proxy statement/prospectus, consent solicitation statement/prospectus and
related documents. Investors are urged to read these materials when they become
available, because they will




contain important information. The joint proxy statement/prospectus, consent
solicitation statement/prospectus and related documents will be filed with the
Securities and Exchange Commission by Legacy and Price Enterprises, as
applicable. Investors may obtain a free copy of these materials (when they
become available) and other documents filed by Legacy and Price Enterprises at
the Commission's Web site at http://www.sec.gov.

Legacy, Price Enterprises, and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies in connection
with the merger and the exchange offer and consent solicitation. Such
individuals may have interests in these transactions, including as a result of
their securities holdings or holding of options. A detailed list of the names,
affiliations and interests of the participants in these transactions is
contained in the registration statements filed by Price Enterprises with the
Commission on May 25, 2001.