Excel Legacy Announces Transition of Senior Management Team to Legacy Full-Time.

SAN DIEGO--(BUSINESS WIRE)--April 22, 1999--

Excel Legacy Corp. (Legacy)(AMEX:XLG) reported its senior management team transitioned to Legacy from New Plan Excel Realty Trust Inc., (New Plan Excel) on a full time basis.

Gary B. Sabin will continue to serve as the chairman of the board, chief executive officer and president of Legacy.

Sabin stated, "I am excited about the opportunities that are present with Legacy's projects. We plan to increase revenues through aggressive project development and continuing to seek unique real estate projects."

In addition to Sabin, the other full-time senior management of Legacy are as follows: Richard B. Muir, executive vice president; Kelly D. Burt, executive vice president - development; Emmett Albergotti, senior vice president - retail development; Mark T. Burton, senior vice president acquisitions & dispositions; Graham R. Bullick, senior vice president - capital markets/institutional services; S. Eric Ottesen, general counsel; and Ronald B. Sabin, senior vice president - asset management.

Richard B. Muir stated, "I am very excited about the opportunity to focus my full-time efforts on Excel Legacy. It is a tremendous company with great potential. I am confident that with the leadership, energy, and track record for expansion of the existing management team, Legacy can move forward to a period of rapid growth and development. We are fortunate that this management team is making the commitment to lead Legacy into a new era of growth and development."

Excel Legacy is a public real estate company organized to create value through the acquisition, development and management of real property and real estate-related operating companies. The company currently has a development pipeline in excess of $1.5 billion. Many of the projects are singularly unique with respect to the project, the inherent barriers to entry by competition and the substantial public assistance available to the projects.

The company is actively pursuing a variety of real estate opportunities including developing long-term, mixed-use, retail/entertainment projects, engaging in short-term real estate trading opportunities, investing in properties requiring significant restructuring or redevelopment in order to create substantial value, such as changing the use, tenant mix or focus of the property and acquiring single-tenant properties that can be leveraged with long-term fully-amortizing debt.

Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates; financing risks; property management risks; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Certain Cautionary Statements" in the company's Annual Report on Form 10-K for the fiscal year ended July 31, 1998, which discuss these and other factors that could adversely affect the company's results.