New Plan is working out.

Last year's repositioning continues to pay off for shopping center REIT, New Plan Excel.

The company reported total rental revenues for the first quarter of 2006 were $114.3 million as compared with $126.2 million in the first quarter of 2005.

Net income available to common stockholders was $33.2 million, or $0.31 per diluted share, in the first quarter of 2006 compared with $33.5 million, or $0.32 per diluted share, in the first quarter of 2005. Funds from operations (FFO) for the first quarter of 2006 was $53.9 million, or $0.50 on a diluted per share basis, compared with $56.0 million, or $0.53 on a diluted per share basis, in the first quarter of 2005.

"The strategic repositioning we executed in 2005 continues to provide favorable operating metrics. Redevelopment is a larger percentage of our net operating income, leasing productivity has improved over last year and our balance sheet remains strong and flexible," commented Glenn J. Rufrano, chief executive officer.

At the end of the first quarter, the gross leasable area for the company's stabilized community and neighborhood shopping centers was approximately 92.9% leased.

During the first quarter, 156 new leases, aggregating approximately 699,000 s/f were signed at an average annual base rent of $11.25 per square foot and 302 renewal leases, aggregating approximately 1.5 million square feet, were signed at an average ABR of $10.72 per square foot.

During the first quarter, the company completed eight redevelopment projects and added six projects to its redevelopment pipeline. At March 31, 2006, the redevelopment pipeline was comprised of 44 redevelopment projects, the aggregate cost of which is expected to be approximately $301.8 million.

On February 2, 2006, the New Plan formed a second strategic joint venture with a fund advised by JPMorgan Investment Management Inc. to acquire high-quality institutional grade community and neighborhood shopping centers on a nationwide basis. The joint venture, which is called NP/I&G Institutional Retail Company II, LLC, has an equity commitment of $150 million.

During the first quarter of 2006, the Company acquired, including through co-investments with its joint venture partners, four shopping centers; three buildings adjacent to shopping centers owned by the company; and one land parcel. The acquisitions totaled approximately 1.0 million square feet of GLA and approximately 18 acres and were acquired for an aggregate purchase price of approximately $78.5 million.