Filed by Price Enterprises, Inc.
                                                  pursuant to Rule 425 under the
                                                          Securities Act of 1933
                                                     Commission File No: 0-20449
                                       Subject Company: Excel Legacy Corporation


NEWS


                             EXCEL LEGACY CORPORATION & PRICE ENTERPRISES, INC.


FOR IMMEDIATE RELEASE
Graham R. Bullick, Ph.D., Excel Legacy Corporation/Price Enterprises, Inc.
(858) 675-9400


              EXCEL LEGACY CORPORATION AND PRICE ENTERPRISES, INC.
            ANNOUNCE NEW RECORD DATES FOR THEIR 2001 ANNUAL MEETINGS


SAN DIEGO, CA. (July 25, 2001) - The respective Boards of Directors of Excel
Legacy Corporation (XLG) and Price Enterprises, Inc. (PREN) announced today that
they have changed the record date for their 2001 annual meetings from June 25,
2001 to August 3, 2001. Shareholders of record on August 3, 2001 will be
eligible to vote to determine the outcome of the previously announced (press
release March 21, 2001) proposed merger between Legacy and Price Enterprises to
form a new company, Price Legacy Corporation. The companies have cancelled their
previously announced 2001 annual meeting date of August 9, 2001. New annual
meeting dates for each company will be set as soon as practicable following
completion of the Securities and Exchange Commission's review of the documents
filed in connection with this transaction. The companies also announced that
they have changed the record date from June 25, 2001 to August 3, 2001 for
determining the holders of Legacy's outstanding debentures and notes that will
be entitled to participate in the previously announced (press release March 21,
2001) exchange offer and consent solicitation being conducted in connection with
the proposed merger.

Excel Legacy Corporation is a real estate company which acquires, sells,
develops, manages, invests, finances and operates real property and related
businesses.

Price Enterprises, Inc., is a REIT which acquires, develops, and manages open
air retail properties in 13 states.





This communication is neither an offer to purchase nor a solicitation of an
offer to sell any securities of Legacy or Price Enterprises. The merger,
exchange offer and consent solicitation will be effected only through a joint
proxy statement/prospectus, consent solicitation statement/prospectus and
related documents. Investors are urged to read these materials when they become
available, because they will contain important information. The joint proxy
statement/prospectus, consent solicitation statement/prospectus and related
documents will be filed with the Securities and Exchange Commission by Legacy
and Price Enterprises, as applicable. Investors may obtain a free copy of these
materials (when they become available) and other documents filed by Legacy and
Price Enterprises at the Commission's Web site at http://www.sec.gov.


Legacy, Price Enterprises, and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies in connection
with the merger and the exchange offer and consent solicitation. Such
individuals may have interests in these transactions, including as a result of
their securities holdings or holding of options. A detailed list of the names,
affiliations and interests of the participants in these transactions is
contained in the registration statements filed by Price Enterprises with the
Commission on July 6, 2001.