|By Marketwired .||
|June 25, 2014 04:05 PM EDT||
SAN DIEGO, CA -- (Marketwired) -- 06/25/14 -- Excel Trust, Inc. (NYSE: EXL) today announced the completion of its previously announced public offering of 11 million shares of its common stock at a public offering price of $13.25 per share. The Company also completed the sale of 1.65 million additional shares of its common stock pursuant to the full exercise by the underwriters of an option to purchase additional shares. After the underwriting discount and estimated offering expenses payable by the Company, the Company received net proceeds of approximately $160.6 million.
The Company intends to use the net proceeds from the offering to partially fund certain property acquisitions which the Company has recently placed under contract and for other general corporate and working capital purposes. These acquisitions are subject to the completion of due diligence and the satisfaction of other closing conditions.
Barclays Capital Inc. and Raymond James & Associates, Inc. are joint book-running managers for the offering.
The common stock was issued pursuant to an effective registration statement on Form S−3 that was previously filed with the Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
A copy of the final prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and can be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, by calling toll-free at 1-888-603-5847 or by emailing [email protected]; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or by emailing [email protected].
About Excel Trust
Excel Trust, Inc. is a retail focused real estate investment trust ("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".
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. For a list and description of risks and uncertainties that could cause actual results to differ materially from expectations, see the reports filed by the Company with the SEC, 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.
Excel Trust, Inc.
SVP, Capital Markets
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