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Excel Trust Announces Fourth Quarter and Year Ended 2013 Results

SAN DIEGO, CA -- (Marketwired) -- 02/12/14 -- Excel Trust, Inc. (NYSE: EXL) announced today financial and operating results for the quarter and year ended December 31, 2013. A supplemental financial package with additional information can be found on Excel Trust's website under the Investor Relations tab.

Highlights for the Year Ended 2013

  • Reported Adjusted Funds from Operations (AFFO) for the quarter of $11.4 million, or $0.23 per diluted share and for the year of $43.8 million, or $0.90 per diluted share (15% annual increase over 2013)
  • Reported Funds from Operations (FFO) for the quarter of $11.3 million or $0.23 per diluted share and for the year of $44.6 million, or $0.92 per diluted share (24% annual increase over 2013)
  • Acquired approximately $178.6 million in properties
  • Improved terms and increased unsecured credit facility to $300 million, expandable to $500 million
  • Subsequent to year-end, published Moody's investment grade credit rating of (P)Baa3
  • Subsequent to year-end, increased share buy-back program to $50 million

"We set some clear objectives at the beginning of the year outlining a path for growth and for strengthening the underlying fundamentals of our company," commented Gary Sabin, Chairman and CEO of Excel Trust. "Looking back at the year, we are gratified at the progress we have made. We achieved an investment grade credit rating and successfully issued long-term, unsecured debt. We grew our annual same store NOI 3.3% and our releasing spread on comparable leases averaged 3.7%. We increased our annual same-store portfolio leased rate by 40 basis points to 95% at year-end. In addition to our operational success, we harvested gains from our existing portfolio and acquired several attractive properties. We expect another successful year in 2014 as we continue to execute our strategy of growing and enhancing our portfolio."

Financial Results

Excel Trust reported Adjusted Funds From Operations (AFFO) for the fourth quarter of $11.4 million, or $0.23 per diluted share, and $43.8 million, or $0.90 per diluted share for the year. Excel Trust reported Funds From Operations (FFO) for the fourth quarter of $11.3 million or $0.23 per diluted share, and $44.6 million, or $0.92 per diluted share for the year. Net loss attributable to the common stockholders for the fourth quarter was $0.4 million or $0.01 per diluted share, with net income attributable to the common stockholders of $8.6 million, or $0.17 per diluted share for the year.

Included in FFO for the quarter ended December 31, 2013 were transaction costs of $0.1 million related to acquisitions and $1.2 million, or $0.02 per diluted share in the year ended December 31, 2013. Also, included in FFO was non-cash compensation expense of approximately $0.6 million, or $0.01 per diluted share in the quarter ended December 31, 2013 and $2.3 million or $0.05 per diluted share in the year ended December 31, 2013, resulting from the Company's incentive stock award plan. Further included in FFO for the year ended December 31, 2013 was a non-cash gain due to a change in the fair value of contingent consideration relating to the West Broad Village acquisition of $1.6 million, or $0.03 per diluted share.

Excel Trust considers AFFO and FFO important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of real estate investment trusts (REITs), many of which present AFFO and FFO when reporting their results. A complete reconciliation containing adjustments from GAAP net income available to common shareholders to AFFO and FFO and a definition of both are included at the end of this release.

Operating Results

At the end of the fourth quarter 2013, the retail portfolio was 94.1% leased compared to 94.0% in the third quarter 2013. Anchor space was 99.1% leased compared to 99.1% in the third quarter 2013 and inline space was 84.9% leased compared to 84.3% during the third quarter 2013.

During the fourth quarter 2013, the Company signed 38 leases and renewals, totaling 202,513 square feet. The average releasing spread on comparable new leases was 5.0%.

Same Store Net Operating Income ("SSNOI") for the fourth quarter 2013 increased 6.2%. Year-to-date, SSNOI increased 3.3%.

Summary of Significant Activities During Fourth Quarter 2013

On October 4, 2013, the Company acquired a 38,000 square foot building leased to LA Fitness in San Diego, California for approximately $14.3 million. The property is situated in a fast growing, master planned community less than three miles from Excel Trust's headquarters. The area features average household income of $116,140 and $122,033 and population of 62,458 and 159,929 in a three and five mile radius respectively (source: AGS 2013).

On October 8, 2013, the Company amended its credit facility. The facility now bears interest at a rate per annum equal to LIBOR plus 1.45% to 2.05% (down from 1.65% to 2.25%), depending on the Company's leverage ratio. The facility has been increased to $300.0 million and includes an accordion feature that allows for an increase up to $500.0 million under specified circumstances. The maturity date of the credit facility is April 2018 and can be extended for six months at the Company's option.

On November 4, 2013, the Company acquired Cedar Square, a retail shopping center located in Dallas - Ft. Worth, Texas for approximately $4.3 million. The center is currently being redeveloped to include a Walgreens (signed lease) resulting in a total of 75,550 square feet.

On November 12, 2013, the Company issued $100.0 million in senior unsecured notes to Prudential Capital Group. Of the $100.0 million in notes, $75.0 million will mature in 2020 and $25.0 million will mature in 2023, for a weighted average maturity of 7.8 years, and a weighted average fixed interest rate of 4.6%.

On November 18, 2013 the Company acquired Southlake Park Village, a development project comprised of 22.4 acres of land in Dallas - Ft. Worth (Southlake), Texas, for $16.3 million. The project is approximately 50% leased (signed leases with Fresh Market, REI and other national tenants) and will encompass approximately 186,000 square feet. The project is well-located in the retail corridor of an affluent community, with average household income in a three mile radius of $164,506 (source: AGS 2014).

On November 22, 2013, the Company acquired Centennial Crossroads, a retail shopping center with 259,415 square feet of GLA located in Las Vegas, Nevada for approximately $16.4 million. The Company acquired 105,415 square feet as Target (154,000 square feet), which anchors the property, is tenant owned. Other major tenants include Safeway (Vons) and Chase Bank. In a three mile radius, the population is estimated to be 104,666 and the average household income is estimated to be $88,052 (source: AGS 2014).

Events Subsequent to Fourth Quarter 2013

On January 6, 2014, the Company published an investment grade credit rating from Moody's. The agency assigned a (P)Baa3 rating citing Excel Trust's high quality property portfolio, sound liquidity, and moderate leverage. Additionally, Moody's stated that Excel Trust's management team has a long, successful operating history, in both the private and public markets. The Company obtained an investment grade rating to facilitate access to the investment grade unsecured debt market as part of its overall strategy to maximize its financial flexibility and manage its overall cost of capital.

First Quarter 2014 Dividend Declared

The Board of Directors declared a first quarter 2014 cash dividend of $0.175 per common share payable on April 15, 2014 to shareholders of record as of March 31, 2014.

The Board of Directors has also declared a dividend of $0.4375 per share on the Company's Series A Cumulative Convertible Perpetual Preferred Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares. The dividend on Excel Trust's outstanding Series A and Series B Preferred Shares will be payable on April 15, 2014 to the Series A and Series B Preferred shareholders of record as of March 31, 2014

Guidance for 2014

Excel Trust expects its AFFO per share for fiscal year 2014 to be between $0.91 and $0.98 and its FFO per share to be between $0.90 and $0.97. The Company will further discuss assumptions surrounding guidance tomorrow on the conference call.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, and the amount and timing of acquisitions and development activities. Excel Trust's actual results may differ materially from these estimates.

Conference Call

In conjunction with Excel Trust's results, you are invited to listen to its conference call on
Thursday, February 13, 2014 at 1:00 p.m. Eastern Time.
Phone: Conference call access information is as follows:
Dial in number: (800) 299-8538
International Dial in number: (617) 786-2902
Pass code: 34697712

Internet: A live webcast of the conference call will be available through Excel Trust's web site at www.exceltrust.com. The conference call will be recorded and available for replay for seven days beginning at 4:00 p.m. ET on February 13, 2014. Replay access information is as follows:
Dial in number: (888) 286-8010
International Dial in number: (617) 801-6888
Pass code: 30082346

About Excel Trust

Excel Trust, Inc. is a retail focused REIT that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL". For more information on Excel Trust, Inc., please visit www.exceltrust.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the retail industry or the markets in which the Company operates; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company's failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; the Company's inability to successfully complete real estate acquisitions or successfully operate acquired properties; the Company's failure to qualify or maintain its status as a REIT; risks associated with the Company's dependence on key personnel whose continued service is not guaranteed; and risks associated with downturns in domestic and local economies, and volatility in the securities markets. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

Excel Trust considers FFO and AFFO to be important supplemental measures of its operating performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

Excel Trust computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of assets.

Excel Trust computes AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting or adding straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Excel Trust's computation of FFO and AFFO may differ from the methodology for calculating FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and AFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.

FFO and AFFO should not be considered alternatives to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust's financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust's liquidity, nor are they indicative of funds available to fund Excel Trust's cash needs, including Excel Trust's ability to pay dividends or make distributions.

Summarized Financial Statements

Reported results are preliminary and not final until the filing of Excel Trust's Form 10-K for the period ended December 31, 2013 with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-K are an integral part of these consolidated and combined financial statements.

Balance Sheets

               CONSOLIDATED BALANCE SHEETS
                 (Dollars in thousands)

                                       December 31, 2013  December 31, 2012
                                       -----------------  -----------------
ASSETS:

Property:
  Land                                 $         380,366  $         320,289
  Buildings                                      642,356            564,352
  Site improvements                               63,242             51,875
  Tenant improvements                             54,025             42,903
  Construction in progress                         7,576              1,709
  Less accumulated depreciation                  (61,479)           (36,765)
                                       -----------------  -----------------
    Property, net                              1,086,086            944,363
Cash and cash equivalents                          3,245              5,596
Restricted cash                                    8,147              5,657
Tenant receivables, net                            5,117              5,376
Lease intangibles, net                            78,345             85,646
Mortgage loan receivable                               -                  -
Deferred rent receivable                           9,226              5,983
Other assets                                      20,135             17,618
Real estate held for sale, net of
 accumulated amortization                              -                  -
Investment in unconsolidated entities              8,520              9,015
                                       -----------------  -----------------
  Total assets                         $       1,218,821  $       1,079,254
                                       =================  =================

LIABILITIES AND EQUITY:

Liabilities:
  Mortgages payable, net               $         251,191  $         333,935
  Notes payable                                  279,500             75,000
  Accounts payable and other
   liabilities                                    21,700             25,319
  Lease intangibles, net                          28,114             26,455
  Dividends/distributions payable                 10,932              9,773
                                       -----------------  -----------------
  Total liabilities                              591,437            470,482

Equity:
  Stockholders' equity
    Preferred stock                              136,423            136,423
    Common stock                                     482                448
    Additional paid-in capital                   460,431            459,151
    Cumulative deficit                            18,110             (1,414)
                                       -----------------  -----------------
                                                 615,446            594,608
    Accumulated other comprehensive
     loss                                              -               (572)
                                       -----------------  -----------------
  Total stockholders' equity                     615,446            594,036
  Non-controlling interests                       11,938             14,736
                                       -----------------  -----------------
  Total equity                                   627,384            608,772
                                       -----------------  -----------------
    Total liabilities and equity       $       1,218,821  $       1,079,254
                                       =================  =================


Statements of Operations

                   CONSOLIDATED STATEMENTS OF OPERATIONS
       (In thousands, except per share data and dividends per share)


                     Three Months  Three Months     Twelve        Twelve
                         Ended         Ended     Months Ended  Months Ended
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Revenues:
  Rental revenue     $     24,609  $     20,354  $     92,294  $     69,155
  Tenant recoveries         4,777         3,538        18,875        13,835
  Other income                419           459         1,373         1,431
                     ------------  ------------  ------------  ------------
    Total revenues         29,805        24,351       112,542        84,421

Expenses:
  Maintenance and
   repairs                  2,089         1,537         7,328         5,557
  Real estate taxes         3,444         2,764        12,756         9,693
  Management fees             440           313         1,772           851
  Other operating
   expenses                 1,487         1,293         6,194         4,028
  Changes in fair
   value of
   contingent
   consideration                -          (160)       (1,568)         (281)
  General and
   administrative           3,335         3,641        13,871        13,796
  Depreciation and
   amortization            11,534        10,311        46,146        34,800
                     ------------  ------------  ------------  ------------
    Total expenses         22,329        19,699        86,499        68,444
                     ------------  ------------  ------------  ------------

Net operating income        7,476         4,652        26,043        15,977

  Interest expense         (5,193)       (4,501)      (18,944)      (15,650)
  Interest income              58            48           204           173
  Income (loss) from
   equity in
   unconsolidated
   entities                    53             -            40             -
  Changes in fair
   value of
   financial
   instruments and
   gain on OP unit
   redemption                   -           418           230         1,530

                     ------------  ------------  ------------  ------------
Net income (loss)
 from continuing
 operations                 2,394           617         7,573         2,030

Income from
 discontinued
 operations before
 gain on sale of
 real estate assets           (18)           97           464           135
  Gain on sale of
   real estate
   assets                      81             -        12,055             -

                     ------------  ------------  ------------  ------------
Income from
 discontinued
 operations                    63            97        12,519           135
                                                 ------------  ------------

                     ------------  ------------
Net income (loss)           2,457           714        20,092         2,165
  Net (income) loss
   attributable to
   non-controlling
   interests                  (79)            4          (568)           18

                     ------------  ------------  ------------  ------------
Net income (loss)
 attributable to
 Excel Trust, Inc.          2,378           718        19,524         2,183
  Preferred stock
   dividends               (2,744)       (2,744)      (10,976)      (10,353)
                     ------------  ------------  ------------  ------------

Net income (loss)
 attributable to the
 common stockholders $       (366) $     (2,026) $      8,548  $     (8,170)
                     ============  ============  ============  ============

Basic and diluted
 net income (loss)
 per share           $      (0.01) $          -  $       0.17  $          -
                     ============  ============  ============  ============
Weighted-average
 common shares
 outstanding - basic
 and diluted               47,672             -        46,926             -
                     ============  ============  ============  ============

        The notes in the Form 10-Q or 10-K are an integral part of these
        condensed consolidated financial statements.



Reconciliation of Net Income to FFO and AFFO

For the Periods Ended December 31, 2013
(In thousands, except per share data)

Excel Trust, Inc.'s FFO and AFFO available to
 common stockholders and operating partnership
 unitholders and a reconciliation to net
 income(loss) for the three and twelve months
 ended December 31, 2013 and 2012 is as
 follows:

                     Three Months  Three Months     Twelve        Twelve
                         Ended         Ended     Months Ended  Months Ended
                     December 31,  December 31,  December 31,  December 31,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Net income (loss)
 attributable to the
 common stockholders $       (366) $     (2,188) $      8,548  $     (8,490)

Add:
  Non-controlling
   interests in
   operating
   partnership                 (7)          (67)          233          (297)
  Depreciation and
   amortization            11,534        10,588        46,839        36,021
Deduct:
  Depreciation and
   amortization
   related to joint
   venture                    175           237         1,054            72
  Gain on sale of
   real estate
   assets                     (81)            -       (12,055)            -
                     ------------  ------------  ------------  ------------
Funds from
 operations          $     11,255  $      8,570  $     44,619  $     27,306

Adjustments:
  Transaction costs           112           387         1,159         1,572
  Deferred financing
   costs                      448           457         1,748         1,867
  Stock-based and
   other non-cash
   compensation
   expense                    583           817         2,291         3,223
  Changes in fair
   value of
   contingent
   consideration                -          (160)       (1,568)         (281)
  Changes in fair
   value of
   financial
   instruments                  -          (418)         (230)       (1,530)
  Straight-line
   effects of lease
   revenue                   (764)       (1,130)       (3,352)       (3,139)
  Amortization of
   above- and below-
   market leases              213            77           417            65
  Non-incremental
   capital
   expenditures              (396)          (97)         (973)         (469)
  Non-cash expenses
   (income) related
   to joint venture            (5)            -          (280)            -

                     ------------  ------------  ------------  ------------
Adjusted funds from
 operations          $     11,446  $      8,503  $     43,831  $     28,614
                     ============  ============  ============  ============

Weighted average
 common shares
 outstanding               47,672        40,830        46,926        34,681
Add:
  OP units                  1,100         1,272         1,198         1,231
  Restricted stock            141           254           190           306
  Contingent
   consideration
   related to
   business
   combinations                 -            20                          73
  LTIP restricted
   stock                        -             -             -             -
  Common stock
   issuable upon
   conversion of
   preferred stock              -             -             -             -
                     ------------  ------------  ------------  ------------
    Weighted average
     common shares
     outstanding -
     diluted (FFO
     and AFFO)             48,913        42,376        48,314        36,291
                     ============  ============  ============  ============

Funds from
 operations per
 share (diluted)     $       0.23  $       0.20  $       0.92  $       0.74
Adjusted funds from
 operations per
 share (diluted)     $       0.23  $       0.20  $       0.90  $       0.78

                     ------------  ------------  ------------  ------------

Other Information:
    Leasing
     commissions
     paid            $        382  $        333  $      1,748  $        755
    Tenant
     improvements
     paid            $      1,065  $      1,830  $      7,548  $      3,270

Excel Trust, Inc.
Matt Romney
SVP, Capital Markets
858-613-1800
Email Contact
www.exceltrust.com

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