X0202 4 2005-09-27 0 0000798288 NEW PLAN EXCEL REALTY TRUST INC NXL 0001167958 RUFRANO GLENN J C/O NEW PLAN EXCEL REALTY TRUST, INC. 420 LEXINGTON AVENUE NEW YORK NY 10170 1 1 0 0 Chief Executive Officer Stock Option (right to buy) 11.35 2005-09-27 4 J 0 72674 0 A 2001-02-23 2010-02-22 Common Stock 72674 633650 D Stock Option (right to buy) 17.70 2005-09-27 4 J 0 12955 0 A 2003-04-02 2012-04-01 Common Stock 12955 112955 D Stock Option (right to buy) 16.97 2005-09-27 4 J 0 9716 0 A 2004-03-10 2013-03-09 Common Stock 9716 84716 D Stock Option (right to buy) 23.11 2005-09-27 4 J 0 14898 0 A 2005-03-02 2014-03-02 Common Stock 14898 129898 D Stock Option (right to buy) 22.75 2005-09-27 4 J 0 16193 0 A 2006-02-23 2015-02-23 Common Stock 16193 141193 D Stock Option (right to buy) 12.23 2005-09-27 4 J 0 388 0 A 2000-06-01 2010-06-01 Common Stock 388 3388 D Stock Option (right to buy) 15.15 2005-09-27 4 J 0 421 0 A 2001-06-01 2011-06-01 Common Stock 421 3671 D Stock Option (right to buy) 17.41 2005-09-27 4 J 0 453 0 A 2002-06-01 2012-06-01 Common Stock 453 3953 D On September 27, 2005, the Company paid a $3.00 special dividend to its stockholders, which resulted in an anti-dilution adjustment that increased the number of options held by the reporting person and decreased the option exercise price. The initial option for 700,000 shares vested with respect to 500,000 shares in five equal annual installments beginning on February 23, 2001. The option vested with respect to the remaining 200,000 shares on February 23, 2008, subject to accelerated vesting upon the satisfaction of certain performance criteria. All of the shares are currently vested. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 100,000 shares vests with respect to 72,000 shares in five equal annual installments beginning on April 2, 2003. The option vests with respect to the remaining 28,000 shares on April 2, 2010, subject to accelerated vesting upon the satisfaction of certain performance criteria. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 75,000 shares vests with respect to 54,000 shares in five equal annual installments beginning on March 10, 2004. The option vests with respect to the remaining 21,000 shares on March 10, 2011, subject to accelerated vesting upon the satisfaction of certain performance criteria. The anti-dilution adjustment has no impact on this vesting schedule. The option for 115,000 shares vests with respect to 57,500 shares in five equal annual installments beginning on March 2, 2005. The option vests with respect to the remaining 57,500 shares on March 2, 2012, subject to accelerated vesting upon the satisfaction of certain performance criteria. The anti-dilution adjustment has no impact on this vesting schedule. The option for 125,000 shares vests with respect to 62,500 shares in five equal annual installments beginning on February 23, 2006. The option vests with respect to the remaining 62,500 shares in five equal annual installments beginning on February 23, 2006, subject to satisfaction of certain annual performance criteria, and 1/5 of these 62,500 shares are currently vested. The anti-dilution adjustment has no impact on this vesting schedule. All of the options vested on the date of grant. The anti-dilution adjustment has no impact on this vesting schedule. /s/ Steven F. Siegel, Attorney-in-Fact 2005-09-27