San Diego – Locally based Excel Legacy Corp. and Price Enterprises Inc. entered into a merger agreement to form Price Legacy Corp., which will operate as a REIT. The new company also will operate a wholly owned Taxable REIT Subsidiary (TRS), which will be named Excel Legacy Corp.

The merger is structured to qualify as a tax-free reorganization and is therefore subject to the approval of the stockholders of both companies and to other closing conditions. The merger is expected to close by mid 2001.