X0202 4 2005-09-27 0 0000798288 NEW PLAN EXCEL REALTY TRUST INC NXL 0001318504 Carroll Michael A 420 LEXINGTON AVENUE NEW YORK NY 10170 0 1 0 0 Exec VP, Real Estate Op Stock Option (right to buy) 17.82 2005-09-27 4 J 0 971 0 A 1999-10-08 2008-10-07 Common Stock 971 8471 D Stock Option (right to buy) 17.60 2005-09-27 4 J 0 485 0 A 2000-05-19 2009-05-17 Common Stock 485 4235 D Stock Option (right to buy) 11.35 2005-09-27 4 J 0 490 0 A 2001-02-23 2010-02-22 Common Stock 490 4280 D Stock Option (right to buy) 13.71 2005-09-27 4 J 0 3508 0 A 2002-03-19 2011-03-18 Common Stock 3508 30588 D Stock Option (right to buy) 17.70 2005-09-27 4 J 0 4808 0 A 2003-04-02 2012-04-01 Common Stock 4808 41928 D Stock Option (right to buy) 16.97 2005-09-27 4 J 0 2497 0 A 2004-03-10 2013-03-09 Common Stock 2497 21777 D Stock Option (right to buy) 23.11 2005-09-27 4 J 0 3109 0 A 2005-03-02 2014-03-02 Common Stock 3109 27109 D Stock Option (right to buy) 22.75 2005-09-27 4 J 0 4417 0 A 2006-02-23 2015-02-23 Common Stock 4417 38517 D On September 27, 2005, the Company paid a $3.00 special dividend to its sockholders, 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 10,000 shares vested in five equal annual installments beginning on October 8, 1999. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 5,000 shares vested in five equal annual installments beginning on May 19, 2000. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 17,500 shares vested with respect to 12,600 shares in five equal annual installments beginning on February 23, 2001. The option vested with respect to the remaining 4,900 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 40,000 shares vests with respect to 28,800 shares in five equal annual installments beginning on March 19, 2002. The option vests with respect to the remaining 11,200 shares on March 19, 2009, subject to accelerated vesting based on the satisfaction of certain performance criteria, and 1/2 of these 11,200 shares are currently vested. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 40,000 shares vests with respect to 28,800 shares in five equal annual installments beginning on April 2, 2003. The option vests with respect to the remaining 11,200 shares on April 2, 2010, subject to accelerated vesting upon the satisfaction of certan performance criteria. The anti-dilution adjustment has no impact on this vesting schedule. The initial option for 20,000 shares vests with respect to 14,400 shares in five equal annual installments beginning on March 10, 2004. The option vests with respect to the remaining 5,600 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 24,000 shares vests with respect to 12,000 shares in five equal annual installments beginning on March 2, 2005. The option vests with respect to the remaining 12,000 shares on March 2, 2012, subject to accelerated vesting upon the satisfaction of certain performance criteria, and 1/5 of these 12,000 shares are currently vested. The anti-dilution adjustment has no impact on this vesting schedule. The option for 34,100 shares vests with respect to 17,050 shares in five equal annual installments beginning on February 23, 2006. The option vests with respect to the remaining 17,050 shares in five equal annual installments beginning on February 23, 2006, subject to satisfaction of certain annual performance criteria. The anti-dilution adjustment has no impact on this vesting schedule. /s/ Steven F. Siegel, Attorney-in-Fact 2005-09-27