SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

NEWMAN WILLIAM

(Last)

(First)

(Middle)

C/O NEW PLAN EXCEL REALTY TRUST, INC.

1120 AVENUE OF THE AMERICAS, SUITE 1200

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
NEW PLAN EXCEL REALTY TRUST INC [ NXL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/10/2004		M		37,500	A	$21.875	1,420,902.6497	D
Common Stock	03/10/2004		M		3,750	A	$20.0625	1,424,652.6497	D
Common Stock	03/10/2004		M		4,000	A	$13.8125	1,428,652.6497	D
Common Stock	03/10/2004		M		4,250	A	$17.11	1,432,902.6497	D
Common Stock	03/10/2004		M		4,500	A	$19.66	1,437,402.6497	D
Common Stock	03/10/2004		F		41,033	D	$27.1	1,396,369.6497⁽¹⁾	D
Common Stock								17,782.2432	I	By 401(k) Plan
Common Stock								39,627	I	By Spouse
Common Stock								6,848.172⁽²⁾	I	By Granddaughter
Common Stock								4,023.862⁽²⁾	I	By Granddaughter
Common Stock								6,724.211⁽²⁾	I	By Grandson

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$21.875	03/10/2004		M			37,500	05/27/1998⁽³⁾	05/27/2004	Common Stock	37,500	$0	0	D
Stock Option (right to buy)	$20.0625	03/10/2004		M			3,750	05/25/1999	05/24/2009	Common Stock	3,750	$0	0	D
Stock Option (right to buy)	$13.8125	03/10/2004		M			4,000	06/01/2000	05/31/2010	Common Stock	4,000	$0	0	D
Stock Option (right to buy)	$17.11	03/10/2004		M			4,250	06/01/2001	05/31/2011	Common Stock	4,250	$0	0	D
Stock Option (right to buy)	$19.66	03/10/2004		M			4,500	06/01/2002	05/31/2012	Common Stock	4,500	$0	0	D

Explanation of Responses:

1. This amount includes 58,987.2847 shares held in the reporting person's IRA.

2. The reporting person holds these shares as custodian. The reporting person disclaims beneficial ownership as to these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. The option vested in five equal annual installments beginning on May 27, 1998.

	/s/ Steven F. Siegel, Attorney-in-Fact	03/12/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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