REIT to Refocus on Its Retail Franchise

NEW YORK CITY-New Plan Excel Realty Trust, a self-administered, self-managed REIT, based here, that specializes in community and neighborhood shopping centers and garden apartment communities, has announced its third quarter results along with plans to refocus its efforts. CEO and president Glenn J. Rufrano noted that after reviewing the physical characteristics and market dynamics of its portfolio and the firm’s competitive position, the company decided to refocus its efforts in the community and neighborhood shopping center market.

To that end, it will dispose of its non-core retail assets, commercial properties, joint venture projects and garden apartment holdings. It now owns 53 apartment communities with 12,558 units and seven commercial properties. Its portfolio includes 347 properties located in 31 states that are worth approximately $3 billion.