8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 1, 2013

EXCEL TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-34698	27-1493212
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

Excel Centre

17140 Bernardo Center Drive, Suite 300

San Diego, California 92128

(Address of Principal Executive Offices, Including Zip Code)

(858) 613-1800

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 1, 2013, Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the periods ended March 31, 2013. Copies of the press release as well as supplemental information are available on the Company’s website at www.exceltrust.com, are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information contained in this Current Report, including the exhibits referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company’s, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed herewith:

Exhibit
Number	Description of Exhibit
99.1	Press release issued by Excel Trust, Inc. on May 1, 2013.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended March 31, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 1, 2013		Excel Trust, Inc.
	By:	/s/ James Y. Nakagawa
		James Y. Nakagawa
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Excel Trust Announces Results for the Quarter Ended March 31, 2013, Declares Dividend

SAN DIEGO--(BUSINESS WIRE)--May 1, 2013--Excel Trust, Inc. (NYSE:EXL) (the "Company") announced today financial and operating results for the quarter ended March 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 First Quarter 2013

● Reported Adjusted Funds from Operations (AFFO) for the quarter of $10.0 million, or $0.21 per diluted share

● Reported Funds from Operations (FFO) for the quarter of $10.3 million or $0.22 per diluted share.

● Adjusted guidance to a range of $0.82 to $0.88 for AFFO, and $0.78 to $0.84 for FFO

● Declared a second quarter 2013 dividend of $0.17 per share, which equates to an annualized dividend rate of $0.68 per share

● Acquired Tracy Pavilion Shopping Center for approximately $30.7 million

● Issued approximately $37 million of common stock through the Company’s ATM (At-The-Market) program (including sales subsequent to March 31, 2013)

“Since the beginning of the year we have moved forward on our stated objective of positioning the Company to be able to access the unsecured debt markets,” stated Gary Sabin, Chairman and CEO. “We have successfully locked in attractive debt at our West Broad property, prepaid two above market mortgages, added a quality asset to our portfolio, and issued equity through our ATM program to further strengthen our balance sheet.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the first quarter of $10.0 million, or $0.21 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended March 31, 2013 of $10.3 million or $0.22 per diluted share. Net loss attributable to the common stockholders for the three-month period ended March 31, 2013 was $2.4 million, or $0.06 per diluted share. This compares to AFFO of $6.4 million, or $0.19 per diluted share, FFO of $6.5 million or $0.19 per diluted share and net loss attributable to the common stockholders of $1.7 million, or $0.06 per diluted share in the three-month period ended March 31, 2012.

Included in FFO for the quarter ended March 31, 2013 were transaction costs of approximately $133,000 related to acquisitions. Also included in FFO was non-cash compensation expense of approximately $562,000, or $0.01 per diluted share in the quarter ended March 31, 2013 resulting from the Company’s incentive stock award plan. FFO was also impacted by a non-cash gain related to changes in the fair value of financial instruments and the redemption of certain OP units of approximately $230,000. The gain of $230,000 reflected in changes in the fair value of financial instruments was a reclassification of the remaining balance of a redemption provision related to the OP Units issued in connection with the acquisition of the Edwards Theatres property, which expired in March 2013.

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.

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.

Summary of Significant Activities During First Quarter 2013

On January 24, 2013, Excel Trust acquired Tracy Pavilion, a 374,766 square foot shopping center in Tracy, California, for approximately $30.7 million. The Company owns 162,353 square feet as Home Depot and WinCo are both tenant owned. Other major tenants include Marshalls, Ross, PetSmart, Staples and Ulta. In a five mile radius average household income is estimated to be $95,558 (Source: AGS 2013).

During the three months ended March 31, 2013 the Company issued common stock through an ATM (At-The-Market) stock issuance program resulting in net proceeds of $25.6 million. Subsequent to March 31, 2013, the Company issued additional shares resulting in net proceeds of approximately $10.7 million. The Company used the net proceeds to repay outstanding indebtedness under its unsecured revolving credit facility and for other general corporate and working capital purposes.

Events Subsequent to First Quarter 2013

On April 19, 2013, the Company refinanced the loan at West Broad Village, resulting in a new principal amount of $39.7 million, which will bear interest at a fixed rate of 3.3% and will mature in May 2020.

On April 29, 2013, the Company utilized borrowings from its unsecured credit facility to repay approximately $20.0 million in mortgage notes with 2013 maturities related to the Five Forks Place and Grant Creek Town Center properties.

Second Quarter 2013 Dividends Declared

The Board of Directors declared a second quarter cash dividend of $0.17 per common share payable on July 15, 2013 to shareholders of record as of June 28, 2013.

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 July 15, 2013 to the Series A and Series B Preferred shareholders of record as of June 28, 2013.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2013 to be between $0.82 and $0.88 and its FFO per share to be between $0.78 and $0.84, which excludes transaction costs, leasing commissions and tenant improvement allowances. The Company will further discuss assumptions surrounding guidance tomorrow on the conference call. Excel Trust believes that AFFO is the most helpful indicator of the Company's ability to pay recurring dividends since it adjusts for certain non-cash and non-recurring items.

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, May 2, 2013 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 May 2, 2013. 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 may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission 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.

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 and after adjustments for unconsolidated partnerships and joint ventures. 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-Q or 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-Q or 10-K are an integral part of these consolidated financial statements.

EXCEL TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
	March 31, 2013			December 31, 2012
ASSETS:
Property:
Land	$	326,669		$	320,289
Buildings		585,304			564,352
Site improvements		53,503			51,875
Tenant improvements		45,537			42,903
Construction in progress		3,135			1,709
Less accumulated depreciation		(43,125	)		(36,765	)
Property, net		971,023			944,363
Cash and cash equivalents		6,658			5,596
Restricted cash		6,344			5,657
Tenant receivables, net		3,486			5,376
Lease intangibles, net		80,961			85,646
Mortgage loan receivable		-			-
Deferred rent receivable		6,851			5,983
Other assets (1)		18,497			17,618
Investment in unconsolidated entities		9,021			9,015
Total assets	$	1,102,841		$	1,079,254
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	332,732		$	333,935
Notes payable		88,000			75,000
Accounts payable and other liabilities		22,061			25,319
Lease intangibles, net		25,320			26,455
Dividends/distributions payable		10,491			9,773
Total liabilities		478,604			470,482
Equity:
Stockholders’ equity
Preferred stock		136,423			136,423
Common stock		468			448
Additional paid-in capital		474,321			459,151
Cumulative deficit		(1,118	)		(1,414	)
		610,094			594,608
Accumulated other comprehensive loss		(415	)		(572	)
Total stockholders’ equity		609,679			594,036
Non-controlling interests		14,558			14,736
Total equity		624,237			608,772
Total liabilities and equity	$	1,102,841		$	1,079,254

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

(1) Other assets is primarily comprised of deposits, notes receivable, prepaid expenses and furniture, fixtures, and equipment

EXCEL TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data and dividends per share)
	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
Revenues:
Rental revenue	$	22,481		$	16,153
Tenant recoveries		4,732			3,267
Other income		316			360
Total revenues		27,529			19,780
Expenses:
Maintenance and repairs		1,715			1,322
Real estate taxes		3,026			2,065
Management fees		234			191
Other operating expenses		1,527			829
General and administrative		3,834			3,502
Depreciation and amortization		12,390			8,279
Total expenses		22,726			16,188
Net operating income		4,803			3,592
Interest expense		(4,798	)		(3,674	)
Interest income		50			53
Income (loss) from equity in unconsolidated entities		39			-
Changes in fair value of financial instruments and gain on OP unit redemption		230			462
Net income (loss)		324			433
Net (income) loss attributable to non-controlling interests		(28	)		5
Net income (loss) attributable to Excel Trust, Inc.		296			438
Preferred stock dividends		(2,744	)		(2,121	)
Net loss attributable to the common stockholders	$	(2,448	)	$	(1,683	)
Basic and diluted net loss per share	$	(0.06	)	$	(0.06	)
Weighted-average common shares outstanding - basic and diluted		45,352			31,761
Dividends declared per common share	$	0.1700		$	0.163

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
	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
Net loss attributable to the common stockholders	$	(2,448	)	$	(1,683	)
Add:
Non-controlling interests in operating partnership		(59	)		(71	)
Depreciation and amortization		12,390			8,279
Deduct:
Depreciation and amortization related to joint venture		411			(62	)
Funds from operations	$	10,294		$	6,463
Adjustments:
Transaction costs		133			194
Deferred financing costs		495			472
Stock-based and other non-cash compensation expense		562			785
Changes in fair value of financial instruments		(230	)		(462	)
Straight-line effects of lease revenue		(877	)		(750	)
Amortization of above and below market leases		40			(228	)
Non-incremental capital expenditures		(116	)		(110	)
Non-cash expenses (income) related to joint venture		(297	)		-
Adjusted funds from operations	$	10,004		$	6,364
Weighted average common shares outstanding		45,352			31,761
Add:
OP units		1,241			1,393
Restricted stock		234			370
Contingent consideration related to business combinations		-			102
LTIP restricted stock		190			-
Weighted average common shares outstanding - diluted (FFO and AFFO)		47,017			33,626
Funds from operations per share (diluted)	$	0.22		$	0.19
Adjusted funds from operations per share (diluted)	$	0.21		$	0.19
Other Information:
Leasing commissions paid	$	508		$	117
Tenant improvements paid	$	2,381		$	347

CONTACT:

Excel Trust, Inc.

Matt Romney, SVP, Capital Markets

858-613-1800

info@exceltrust.com

www.exceltrust.com

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended March 31, 2013

Table of Contents
			Page
	Company Overview		3
	Property Locations		4
	Analyst Coverage		5
	Summary Financial and Portfolio Data		6
	Financial Summary
		Consolidated Balance Sheets	7
		Consolidated Statements of Operations	8
		Reconciliation of Net Income to EBITDA	9
		Reconciliation of Net Income to FFO and AFFO	10
		Debt Summary	11
		Common and Preferred Stock Data	12
	Portfolio Summary
		Acquisitions & Developments	13
		Portfolio Summary	14
		Summary of Retail Leasing Activity	15
		Same Property Analysis	16
		Major Tenants	17
		Expiration Schedule	18
		Unconsolidated Investments	19
	Definitions		20
*Note: Financial and portfolio information reflects the consolidated operations of the company and excludes unconsolidated entities unless otherwise noted.

Company Overview

Excel Trust, Inc. ("Excel Trust") is a retail focused REIT that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust 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" .

Corporate Headquarters	Other Offices
Excel Trust, Inc.	Atlanta, GA	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Dallas, TX	Scottsdale, AZ
San Diego, CA 92128	Orlando, FL	Stockton, CA
Tel: 858-613-1800	Richmond, VA
Email: info@exceltrust.com
Website: www.exceltrust.com

Executives & Senior Management
Gary B. Sabin - Chairman & CEO	Spencer G. Plumb - President & COO
James Y. Nakagawa - CFO	Mark T. Burton - CIO & SVP, Acquisitions
S. Eric Ottesen - SVP, General Counsel	William J. Stone - SVP, Asset Management/Development
Matthew S. Romney - SVP, Capital Markets	John P. Still - SVP, Leasing

Board of Directors
Gary B. Sabin (Chairman)	Spencer G. Plumb
Mark T. Burton	Bruce G. Blakley
Burland B. East III	Robert E. Parsons, Jr.
Warren R. Staley

Transfer Agent and Registrar	Corporate Counsel
Broadridge Corporate Issuer Solutions, Inc.	Latham & Watkins
PO Box 1342	12636 High Bluff Drive, Suite 400
Brentwood, NY 11717	San Diego, CA 92130
Tel: 877-830-4936	Tel: 858-523-5400
Email: shareholder@broadridge.com
Website: www.broadridge.com

Reported results and other information herein are preliminary and not final until the filing of Excel Trust's report on Form 10-Q or Form 10-K with the Securities and Exchange Commission  and, therefore, remain subject to adjustment.

Forward-Looking Statements

This document contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Excel Trust operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Excel Trust's failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Excel Trust's inability to successfully complete real estate acquisitions or successfully operate acquired properties and Excel Trust's failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Excel Trust's future results, performance or transactions, see the reports filed by Excel Trust with the Securities and Exchange Commission, including its final prospectus relating to its initial public offering, quarterly reports on Form 10-Q and annual report on Form 10-K.  Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 3

Property Locations

Page 4

Analyst Coverage
Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	Kristina Lazarevic	(212) 526-4691
Bank of America Merrill Lynch	Craig Schmidt	(646) 855-3640
	Katharine  Hutchins	(646) 855-1681
Cantor Fitzgerald	David Toti	(212) 915-1219
	Evan Smith	(212) 915-1220
KeyBanc	Jordan Sadler	(917) 368-2280
	Todd Thomas	(917) 368-2286
Morgan Stanley	Paul Morgan	(415) 576-2627
	Jorel Guilloty	(212) 761-9170
Raymond James	Paul D. Puryear	(727) 567-2253
	R.J. Milligan	(727) 567-2660
Sandler O'Neill + Partners	Alexander Goldfarb	(212) 466-7937
	Andrew Schaffer	(212) 466-8062
Stifel, Nicolaus	Nathan Isbee	(443) 224-1346
	Jennifer Hummert	(443) 224-1288
UBS	Ross Nussbaum	(212) 713-2484
	Christy McElroy	(203) 719-7831
Wells Fargo	Jeff Donnelly	(617) 603-4262
	Tamara Fique	(443) 263-6568

Page 5

Summary Financial and Portfolio Data (Consolidated)
For the Period Ended March 31, 2013
(Dollars and share data in thousands, except per share data)
Portfoilio Summary
	Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		5,630,894
	Percent Leased-Operating Portfolio		92.5	%
	Percent Occupied-Operating Portfolio		91.4	%
	Annualized Base Rent (2)	$	79,912
	Total no. leases signed or renewed		20
	Total sq. ft. leases signed or renewed		55,207
Financial Results
	Net loss attributable to the common stockholders	$	(2,448	)
	Net loss per diltued share	$	(0.06	)
	Funds from operations (FFO)	$	10,294
	FFO per diluted share	$	0.22
	Adjusted funds from operations (AFFO)	$	10,004
	AFFO per diluted share	$	0.21
	EBITDA	$	17,484
Assets
	Gross undepreciated real estate	$	1,014,148
	Gross undepreciated assets	$	1,145,966
	Total liabilities to gross undepreciated assets		41.8	%
	Debt to gross undepreciated assets		36.7	%
Capitalization
	Common shares outstanding		47,033
	OP units oustanding		1,225
	Total common shares and OP units		48,258
	Closing price at quarter end	$	13.65
	Equity capitalization	$	658,722
	Series A convertible preferred shares (at liquidation preference of $25.00 per share)		50,000
	Series B preferred shares (at liquidation preference of $25.00 per share)		92,000
	Total debt (3)		420,160
	Total capitalization	$	1,220,882
	Debt/total capitalization		34.4	%
	Debt/EBITDA		6.0
Common Stock Data
	Range of closing prices for the quarter	$	12.34-13.82
	Weighted average common shares outstanding - diluted (EPS)		45,352
	Weighted average common shares outstanding - diluted (FFO and AFFO)		47,017
	Shares of common stock outstanding		47,033

(1	)	Includes retail and office gross leasable area, but excludes gross leasable area from developments under construction and any planned development.
(2	)	Annualized Base Rent excludes rental revenue from non-stabilized development properties.
(3	)	Excludes debt discount or premium.

Page 6

Balance Sheets
EXCEL TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
ASSETS:
Property:
Land	$	326,669		$	320,289		$	262,960		$	263,988		$	253,999
Buildings		585,304			564,352			395,338			398,441			372,622
Site improvements		53,503			51,875			43,283			41,826			39,649
Tenant improvements		45,537			42,903			35,003			33,617			32,214
Construction in progress		3,135			1,709			262			115			11
Less accumulated depreciation		(43,125	)		(36,765	)		(31,074	)		(26,804	)		(22,287	)
Property, net		971,023			944,363			705,772			711,183			676,208
Cash and cash equivalents		6,658			5,596			16,037			7,179			9,225
Restricted cash		6,344			5,657			5,265			4,925			4,165
Tenant receivables, net		3,486			5,376			4,270			2,995			3,588
Lease intangibles, net		80,961			85,646			68,946			72,666			71,088
Mortgage loan receivable		-			-			-			-			2,000
Deferred rent receivable		6,851			5,983			4,920			4,343			3,722
Other assets (1)		18,497			17,618			20,676			17,253			18,162
Investment in unconsolidated entities		9,021			9,015			1,348			-			-
Total assets	$	1,102,841		$	1,079,254		$	827,234		$	820,544		$	788,158
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	332,732		$	333,935		$	285,069		$	286,114		$	243,906
Notes payable		88,000			75,000			-			-			-
Accounts payable and other liabilities		22,061			25,319			18,798			15,847			17,784
Lease intangibles, net		25,320			26,455			16,122			16,444			16,759
Dividends/distributions payable		10,491			9,773			8,125			8,405			7,650
Total liabilities		478,604			470,482			328,114			326,810			286,099
Equity:
Stockholders’ equity
Preferred stock		136,423			136,423			136,423			136,423			136,413
Common stock		468			448			348			336			335
Additional paid-in capital		474,321			459,151			352,282			346,385			353,061
Cumulative deficit		(1,118	)		(1,414	)		(1,970	)		(2,471	)		(2,839	)
		610,094			594,608			487,083			480,673			486,970
Accumulated other comprehensive loss		(415	)		(572	)		(567	)		(608	)		(807	)
Total stockholders’ equity		609,679			594,036			486,516			480,065			486,163
Non-controlling interests		14,558			14,736			12,604			13,669			15,896
Total equity		624,237			608,772			499,120			493,734			502,059
Total liabilities and equity	$	1,102,841		$	1,079,254		$	827,234		$	820,544		$	788,158

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

(1) Other assets is primarily comprised of deposits, notes receivable, prepaid expenses and furniture, fixtures, and equipment

Page 7

Statements of Operations

EXCEL TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data and dividends per share)
	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
Revenues:
Rental revenue	$	22,481		$	16,153
Tenant recoveries		4,732			3,267
Other income		316			360
Total revenues		27,529			19,780
Expenses:
Maintenance and repairs		1,715			1,322
Real estate taxes		3,026			2,065
Management fees		234			191
Other operating expenses		1,527			829
General and administrative		3,834			3,502
Depreciation and amortization		12,390			8,279
Total expenses		22,726			16,188
Net operating income		4,803			3,592
Interest expense		(4,798	)		(3,674	)
Interest income		50			53
Income (loss) from equity in unconsolidated entities		39			-
Changes in fair value of financial instruments and gain on OP unit redemption		230			462
Net income (loss)		324			433
Net (income) loss attributable to non-controlling interests		(28	)		5
Net income (loss) attributable to Excel Trust, Inc.		296			438
Preferred stock dividends		(2,744	)		(2,121	)
Net loss attributable to the common stockholders	$	(2,448	)	$	(1,683	)
Basic and diluted net loss per share	$	(0.06	)	$	(0.06	)
Weighted-average common shares outstanding - basic and diluted		45,352			31,761
Dividends declared per common share	$	0.1700		$	0.163

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

Page 8

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

(Dollars in thousands)

Excel Trust, Inc.'s EBITDA and a reconciliation to net income (loss) for the periods presented is as follows:

	Three Months Ended March 31, 2013		Three Months Ended December 31, 2012		Three Months Ended September 30, 2012		Three Months Ended June 30, 2012		Three Months Ended March 31, 2012
Net income attributable to Excel Trust, Inc.	$	296	$	556	$	501	$	368	$	438
Add:
Interest expense		4,798		4,727		4,169		3,986		3,674
Depreciation and amortization		12,390		10,588		8,602		8,552		8,279
EBITDA	$	17,484	$	15,871	$	13,272	$	12,906	$	12,391

Page 9

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended March 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 months ended March 31, 2013 and 2012 is as follows:

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012
Net loss attributable to the common stockholders	$	(2,448	)	$	(1,683	)
Add:
Non-controlling interests in operating partnership		(59	)		(71	)
Depreciation and amortization		12,390			8,279
Deduct:
Depreciation and amortization related to joint venture(1)		411			(62	)
Funds from operations(2)	$	10,294		$	6,463
Adjustments:
Transaction costs		133			194
Deferred financing costs		495			472
Stock-based and other non-cash compensation expense		562			785
Changes in fair value of financial instruments		(230	)		(462	)
Straight-line effects of lease revenue		(877	)		(750	)
Amortization of above and below market leases		40			(228	)
Non-incremental capital expenditures		(116	)		(110	)
Non-recurring expenses (income) related to joint venture		(297	)		-
Adjusted funds from operations(2)	$	10,004		$	6,364
Weighted average common shares outstanding		45,352			31,761
Add(3):
OP units		1,241			1,393
Restricted stock		234			370
Contingent consideration related to business combinations		-			102
LTIP restricted stock		190			-
Weighted average common shares outstanding - diluted (FFO and AFFO)		47,017			33,626
Funds from operations per share (diluted)(4)	$	0.22		$	0.19
Adjusted funds from operations per share (diluted)(4)	$	0.21		$	0.19
Other Information(5):
Leasing commissions paid	$	508		$	117
Tenant improvements paid	$	2,381		$	347

(1)	Includes a reduction for the portion of consolidated depreciation and amortization expense that would be allocable to non-controlling interests in the operating partnership and an increase for the the Company's portion of depreciation and amortization expense related to its investment in the unconsolidated La Costa Town Center and The Fountains at Bay Hill properties.
(2)	FFO and AFFO are described on the Definitions page.
(3)	The three months ended March 31, 2013 and 2012 include 1,665,000 and 1,865,000 OP units, shares of restricted stock and additional common shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share.  The three months ended March 31, 2013 and 2012 exclude 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the "if converted" method.
(4)	The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months ended March 31, 2013 and 2012 includes a reduction of $121,000 and $152,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.
(5)	Excludes development properties.

Page 10

Debt Summary (Consolidated)
For the Period Ended March 31, 2013
(Dollars in thousands)
				% Total Debt
Fixed Rate Debt(1)	$	256,276			61	%
Variable Rate Debt(2)		163,884			39	%
Total Debt(1)	$	420,160			100	%
Debt(1)/Gross Undepreciated Assets		36.7	%
				% Total Debt
Secured Debt(1)(2)	$	332,160			79	%
Unsecured Debt		88,000			21	%
Total Debt	$	420,160			100	%

Maturities by Year-Secured(3)	Amount		% Total Debt			Maturities by Year Unsecured(3)			Amount		% Total Debt
2013(4)	$	129,156		30.7	%		2013		$	-		0.0	%
2014		90,633		21.6	%		2014			-		0.0	%
2015		47,381		11.3	%		2015			-		0.0	%
2016		1,341		0.3	%		2016	(5)		88,000		20.9	%
2017		39,990		9.5	%		2017			-		0.0	%
2018		708		0.2	%		2018			-		0.0	%
2019		544		0.1	%		2019			-		0.0	%
2020		585		0.1	%		2020			-		0.0	%
2021		628		0.1	%		2021			-		0.0	%
2022		675		0.2	%		2022			-		0.0	%
Beyond 2022		20,519		4.9	%	Beyond 2022				-		0.0	%
Total	$	332,160		79.1	%	Total			$	88,000		20.9	%

Mortgage Notes	Amount		Contractual Interest Rate			Maturity
West Broad Village		50,000		2.7	%		2013
Five Forks Place		4,833		5.5	%		2013
Grant Creek Town Center		15,247		5.8	%		2013
Park West Place(6)		55,800		3.7	%		2013
Red Rock Commons		13,884		1.9	%		2014
Excel Centre		12,216		6.1	%		2014
Merchant Central		4,443		5.9	%		2014
Edwards Theatre		11,774		6.7	%		2014
Gilroy Crossing		46,439		5.0	%		2014
The Promenade		49,266		4.8	%		2015
5000 South Hulen		13,598		5.6	%		2017
Lake Pleasant Pavilion		28,092		6.1	%		2017
Rite Aid-Vestavia Hills		1,143		7.3	%		2018
Lowe’s		13,425		7.2	%		2031
Northside Plaza		12,000		0.1	%		2035
Total		332,160		4.5	%
Debt (discount) or premium		572
Mortgage notes, net	$	332,732

(1) Includes a mortgage note at our Park West Place property, which bears interest at LIBOR plus 2.25%.  However, the Company has executed two interest rate swaps equal to the principal balance, which effectively fix the interest rate at 3.66% for the duration of the term.  Amount excludes debt discount or premium.

(2) Includes the Northside Plaza redevelopment revenue bonds to be used for the redevelopment of this property and also includes a construction loan at our Red Rock Commons property. The revenue bonds are priced off the SIFMA index and reset weekly (the rate as of March 31, 2013 was 0.13%). The revenue bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility.  The interest rate on the construction loan bears interest at LIBOR plus 1.65% to 2.25%. The rate as of March 31, 2013 was 1.86%.

(3) Includes monthly payments on outstanding principal as well as principal due at maturity.

(4) The Park West Place mortgage note matures on December 15, 2013, but may be extended for an additional year at the Company’s election, through December 15, 2014, after satisfying certain conditions and payment of an extension fee.  In addition, $39.7 million of the West Broad Village mortgage was refinanced in April 2013 at a fixed rate of 3.3%, extending the maturity date through 2020 (approximately $10.3 million of the outstanding balance at March 31, 2013 was prepaid in connection with the refinancing).

(5) Reflects the amount outstanding on the unsecured credit facility at quarter end.

(6) Includes effect of interest rate swaps.

Page 11

Common and Preferred Stock Data
For the Period Ended March 31, 2013
(In thousands, except per share data)
	Three Months Ended March 31, 2013			Three Months Ended December 31, 2012			Three Months Ended September 30, 2012			Three Months Ended June 30, 2012
Earning per share - share data
Weighted average common shares outstanding - diluted		45,352			40,830			33,294			32,785
Diluted common shares - EPS		45,352			40,830			33,294			32,785
Funds from operations - share data
Weighted average common shares outstanding		45,352			40,830			33,294			32,785
Weighted average OP units outstanding		1,241			1,272			1,057			1,205
Weighted average restricted stock outstanding		234			254			286			314
Dilutive effect of contingent consideration related to business combinations		-			20			90			79
Dilutive effect of LTIP restricted stock outstanding		190			-			-			-
Total potential dilutive common shares		47,017			42,376			34,727			34,383
Total common shares (including restricted stock) outstanding		47,033			44,906			34,891			33,732
Total OP units outstanding		1,225			1,245			1,040			1,105
Total Series A convertible preferred shares oustanding		2,000			2,000			2,000			2,000
Total Series B preferred shares outstanding		3,680			3,680			3,680			3,680
Common share data
High closing share price	$	13.82		$	12.91		$	12.58		$	12.37
Low closing share price	$	12.34		$	11.38		$	11.39		$	10.94
Average closing share price	$	12.89		$	12.15		$	11.88		$	11.63
Closing price at end of period	$	13.65		$	12.67		$	11.42		$	11.96
Dividends per share - annualized	$	0.68		$	0.65		$	0.65		$	0.65
Dividend yield (based on closing share price at end of period)		5.0	%		5.1	%		5.7	%		5.4	%
Dividends per share
Common stock (EXL)	$	0.1700		$	0.1625		$	0.1625		$	0.1625
Series A Convertible Perpetual Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.5078		$	0.5078		$	0.5078		$	0.5078

Page 12

Acquisitions & Developments
For Fiscal Year 2013
(Dollars in thousands, except price per square foot)
Acquisition Property Name	City	State	Year Built (1)	Total GLA (2)		Acquisition Date	Price Sq. Ft.		Initial Cost Basis (3)		Major Tenants
Tracy Pavilion	Tracy	CA	2006		162,353	1/24/2013	$	189	$	30,738	Marshalls, Ross, PetSmart, Staples, Ulta
Total					162,353		$	189	$	30,738

Developments Under Construction	City	State	Estimated Opening Date(4)	GLA to be Constructed		Land		Improvements		Total Carrying Amount(5)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(6)			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517	$	2,030	$	1,100	$	3,130	$	13,400		29	%	Jo-Ann
Total					149,517	$	2,030	$	1,100	$	3,130	$	13,400

Future Developments / Land	City	State	Estimated GLA to be Constructed / Land	Estimated Start Date	Estimated Project Cost		Projected Use
Plaza at Rockwall -  Phase III	Rockwall	TX	22,700	Q4 2013	$	2,248	Additional shop space
Red Rock Commons - Phase II	St. George	UT	15,541	Q3 2013	$	1,858	Additional shop space
Park West Place	Stockton	CA	15,200	TBD	NA		Additional shop space
Shops at Foxwood	Ocala	FL	1.0 acres	TBD	NA		Additional land to be sold or developed
Chimney Rock	Odessa	TX	4.2 acres	TBD	NA		Additional land to be sold or developed
West Broad Village	Richmond	VA	1.4 acres	TBD	NA		Additional land to be sold or developed

(1) Year built represents the year in which construction was completed.

(2) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

(3) The initial cost basis is subject to change based on the final property valuation and may differ from amounts reported in prior periods.

(4) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business.  A property is reclassified from development to the operating portfolio at the earlier of (i) 85.0% occupancy or (ii) one year from completion and delivery of the space.

(5) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company's SEC filings excludes land values.

(6) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of April 2013.

Page 13

Portfolio Summary (Consolidated)
For the Period Ended March 31, 2013
(Dollars in thousands, except price per square foot)
Property Name	City	State	Year Built(1)	Total GLA(2)		Acquisition Date	Price Sq. Ft.		Initial Cost Basis		Percent Leased 3/31/2013			Percent Leased 12/31/2012			Major Tenants
Operating Portfolio
West Broad Village (6)	Richmond	VA	2009		386,047	10/19/2012	$	265	$	170,200		75.7	%		75.7	%	Whole Foods, REI, HomeGoods, Dave & Buster's, South University
The Promenade	Scottsdale	AZ	1999		433,538	7/11/2011	$	254	$	110,000		97.3	%		100.0	%	Nordstrom Rack, Trader Joe's, OfficeMax, PetSmart, Old Navy, Michael's, Stein Mart, Cost Plus, Lowe's (non-owned)
Park West Place	Stockton	CA	2005		598,152	12/14/2010	$	155	$	92,500		100.0	%		100.0	%	Lowe's, Kohl's, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
Gilroy Crossing	Gilroy	CA	2004		325,431	4/5/2011	$	210	$	68,400		98.4	%		98.4	%	Kohl's, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004		256,176	1/23/2012	$	207	$	53,000		81.9	%		82.4	%	Fitch, Healthcare Trust of America, Regus, Meridian Bank
Plaza at Rockwall	Rockwall	TX	2007/2012		431,338	6/29/2010	$	118	$	50,800		98.4	%		96.8	%	Best Buy, Dick's, Staples, Ulta, JC Penney, Belk, HomeGoods, Jo-Ann
Brandywine Crossing	Washington Metro (Brandywine)	MD	2009		198,384	10/1/2010	$	224	$	44,500		97.1	%		97.6	%	Safeway, Marshalls, Jo-Ann, Target (non-owned), Costco (non-owned)
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007		178,376	5/16/2012	$	234	$	41,800		83.3	%		86.4	%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly's, Kirkland's, The Dress Barn
Dellagio	Orlando	FL	2009		123,198	10/19/2012	$	325	$	40,100		94.8	%		95.9	%	Flemings, Fifth Third Bank
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		391,899	8/30/2010	$	89	$	34,900		82.2	%		80.7	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008		219,842	12/19/2011	$	141	$	31,000		96.9	%		96.9	%	SuperTarget (non-owned), Kohl's (non-owned), PetSmart, Ross, Bed Bath & Beyond
Tracy Pavilion	Tracy	CA	2006		162,353	1/24/2013	$	189	$	30,738		92.4	%		n/a		Marshalls, Ross, PetSmart, Staples, Ulta
Red Rock Commons	St. George	UT	2012		118,550	**	$	242	$	28,700		95.8	%		94.1	%	Dick's, PetSmart, Old Navy, Gap Outlet, Ulta
Edwards Theatres	San Diego (San Marcos)	CA	1999		100,551	3/11/2011	$	261	$	26,200		100.0	%		100.0	%	Edwards Theatres (a subsidiary of Regal Cinemas)
Rosewick Crossing	Washington Metro (La Plata)	MD	2008		115,972	10/1/2010	$	215	$	24,900		84.2	%		82.8	%	Giant Food, Lowe's (non-owned)
EastChase Market Center	Montgomery	AL	2008		181,431	2/17/2012	$	136	$	24,700		98.9	%		98.9	%	Dick's, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Chimney Rock	Odessa	TX	2012		151,339	8/30/2012	$	157	$	23,800		97.8	%		97.8	%	Academy Sports, Best Buy, Marshalls, Kirkland's, Ulta
Excel Centre	San Diego	CA	1999		82,157	**	$	288	$	23,700		83.6	%		83.6	%	Kaiser Permanente, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005		86,833	5/12/2010	$	252	$	21,900		94.9	%		94.9	%	Barnes & Noble, Old Navy
Grant Creek Town Center	Missoula	MT	1998		163,291	8/27/2010	$	130	$	21,300		89.1	%		93.1	%	Ross, TJ Maxx, REI
Lowe's	Shippensburg	PA	2008		171,069	6/22/2010	$	103	$	17,600		100.0	%		100.0	%	Lowe's
Anthem Highlands	Las Vegas (Henderson)	NV	2006		118,763	12/1/2011	$	147	$	17,500		84.4	%		82.2	%	Albertsons, CVS, Wells Fargo, Bank of America
Pavilion Crossing	Brandon	FL	2012		68,400	10/1/2012	$	192	$	13,100		92.7	%		96.5	%	Publix
Shops at Foxwood	Ocala	FL	2010		78,660	10/19/2010	$	160	$	12,600		90.8	%		90.8	%	Publix, McDonald's (non-owned)
Northside Plaza	Dothan	AL	2010		171,670	11/15/2010	$	70	$	12,400		94.8	%		94.8	%	Publix, Hobby Lobby, Books A Million
Meadow Ridge Plaza	Orlando	FL	2007		45,199	10/19/2012	$	215	$	9,700		88.9	%		88.9	%	Fifth Third Bank
Shoppes of Belmere	Orlando	FL	2008		26,502	10/19/2012	$	366	$	9,700		100.0	%		100.0	%	CVS
Lake Burden Shoppes	Orlando	FL	2008		20,598	10/19/2012	$	413	$	8,500		100.0	%		100.0	%	Walgreens
Five Forks Place	Simpsonville	SC	2002		61,191	**	$	127	$	7,800		98.0	%		98.0	%	Publix
Mariner's Point	St. Marys	GA	2001		45,215	7/20/2010	$	146	$	6,600		95.6	%		95.6	%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006		60,100	**	$	108	$	6,500		91.3	%		91.3	%	Stage Stores (DBA Goody's), Dollar Tree, Super Wal-Mart (non-owned)
Merchant Central	Milledgeville	GA	2004		45,013	6/30/2010	$	136	$	6,100		83.9	%		83.9	%	Dollar Tree,  Super Wal-Mart (non-owned)
Walgreens	Corbin (North)	KY	2009		13,650	5/24/2010	$	256	$	3,500		100.0	%		100.0	%	Walgreens
Total Operating Portfolio	Total				5,630,888		$	182	$	1,094,738		92.5	%		92.8	%

Developments Under Construction	City	State	Estimated Opening Date(3)	GLA to be Constructed		Land Value		Improvements		Total Carrying Amount (4)		% GLA Leased / Committed (5)			% GLA Leased / Committed			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517		2,030		1,100		3,130		29	%		16	%	Jo-Ann
	Total				149,517		2,030		1,100	$	3,130
	Total Portfolio (7)				5,780,405					$	1,097,868

** Acquired from Predecessor as part of the Company’s formation transactions.

(1) Year built represents the year in which construction was completed.

(2) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

(3) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business.  A property is reclassified from development to the operating portfolio at the earlier of (i) 85.0% occupancy or (ii) one year from completion and delivery of the space.

(4) Total  Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company's SEC filings excludes land values.

(5) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of April 2013.

(6) The West Broad Village property is a mixed use shopping center that includes retail, office and 339 apartment units on the upper levels of the shopping center.  However, the property's total GLA listed herein excludes square footage of the apartments. As such, the approximate initial cost basis of the apartments of $68 million has been deducted from the price per square foot calculation.

Page 14

Summary of Retail Leasing Activity (Consolidated)
For the Period Ended March 31, 2013
	Number of Leases(1)		GLA		Weighted Average- New Lease Rate(2)		Weighted Average- Prior Lease Rate(2)		Percentage Increase or (Decrease)			Tenant Improvement Allowance per Sq. Ft.
Comparable Leases
New leases(3)		2		4,965	$	23.86	$	23.45		1.8	%	$	20.52
Renewals/Options		9		21,290		22.67		24.53		-7.6	%		-
Total: Comparable Leases		11		26,255	$	22.90	$	24.33		-5.9	%	$	3.88
Non-Comparable Leases
Operating portfolio		9		28,952	$	19.21		n/a		n/a		$	30.67
Development		-		-		-		n/a		n/a			-
Total: Non-Comparable Leases		9		28,952	$	19.21		n/a		n/a		$	30.67
Total Leasing Activity		20		55,207	$	20.96		n/a		n/a		$	17.93

(1) Excludes month-to-month leases and leases involving office GLA.

(2) Lease rate represents final cash rent from the previous lease and the intial cash rent from the new lease and excludes the impact of changes in lease rates during the term.

(3) Represents leases signed on spaces for which there was a tenant within the last 12 months. Excludes leases signed at development properties.

Page 15

Same Property Analysis
For the Period Ended March 31, 2013
(In thousands, except per share amounts)
	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012			Percentage Change
Same Property Portfolio (1)
Number of properties		21			21
Rentable square feet		3,912,719			3,912,719
Percent leased		94.6	%		94.7	%		-0.1	%
Percentage of total operating portfolio		69.5	%		89.6	%
Total revenues	$	17,801		$	17,657			0.8	%
Total expenses		4,099			4,219			-2.8	%
Same property - net operating income (GAAP basis)	$	13,702		$	13,438			2.0	%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(221	)		(738	)		-70.1	%
Same property - net operating income (cash basis)	$	13,481		$	12,700			6.1	%

(1) Includes all properties purchased prior to December 31, 2011, including the Plaza at Rockwall property (a portion of which was under development through Q2 2012).

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Major Tenants By GLA (Consolidated)

For the Period Ended March 31, 2013

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)					5,630,894
	Tenants	# Stores		Square Feet		% of Total GLA
1	Lowe's		2		325,863		5.8	%
2	Publix		5		244,151		4.3	%
3	Kohl's		2		176,656		3.1	%
4	TJX Companies		6		168,207		3.0	%
5	Ross Dress For Less		5		143,519		2.5	%
6	Dick's Sporting Goods		3		140,018		2.5	%
7	Bed Bath & Beyond		5		131,864		2.3	%
8	PetSmart		6		113,347		2.0	%
9	Jo-Ann		4		105,955		1.9	%
10	JC Penny		1		103,639		1.8	%
	Total Top 10 GLA		39		1,653,219		29.4	%

Major Tenants By ABR (Consolidated)
Annualized Base Rent-Operating Portfolio (2)								$	79,912
	Tenants	# Stores		Square Feet		Rent Per Sq. Ft.		ABR		% ABR
1	Publix		5		244,151	$	11.07	$	2,702		3.4	%
2	Lowe's		2		325,863		6.74		2,195		2.7	%
3	Edwards Theatres (Regal Cinemas)		1		100,551		21.72		2,184		2.7	%
4	Dick's Sporting Goods		3		140,018		12.69		1,776		2.2	%
5	PetSmart		6		113,347		14.89		1,688		2.1	%
6	Kaiser Permanente		1		38,432		42.99		1,652		2.1	%
7	Ross Dress For Less		5		143,519		11.29		1,621		2.0	%
8	TJX Companies		6		168,207		9.25		1,555		1.9	%
9	Bed Bath & Beyond		5		131,864		10.93		1,441		1.8	%
10	Kohl's		2		176,656		7.63		1,347		1.7	%
	Total Top 10 Annualized Rent		36		1,582,608	$	11.48	$	18,161		22.7	%

(1) Includes gross leasable area associated with buildings on ground lease.

(2) Annualized Base Rent does not include rental revenue from multi-family properties and is further described on the Definitions page.

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Expiration Schedule (Consolidated)
For the Period Ended March 31, 2013
(Dollars in thousands, except rent per square foot)	3/31/2013			12/31/2012
Total GLA - Operating Portfolio		5,630,894			5,466,199
Total GLA Occupied - Operating Portfolio		5,148,611			4,993,581
% Occupied		91.4	%		91.4	%
Total GLA - Operating Portfolio		5,630,894			5,466,199
Total GLA Leased - Operating Portfolio		5,211,351			5,070,662
% Leased		92.5	%		92.8	%
Retail GLA - Operating Portfolio(1)		5,292,555			5,127,860
Retail GLA Occupied - Operating Portfolio		4,875,921			4,736,205
% Occupied		92.1	%		92.4	%
Retail GLA - Operating Portfolio(1)		5,292,555			5,127,860
Retail GLA Leased - Operating Portfolio		4,932,846			4,790,822
% Leased		93.2	%		93.4	%
Total Retail Anchor GLA % Leased - Operating Portfolio		97.9	%		97.8	%
Total Retail Inline GLA % Leased - Operating Portfolio		84.0	%		84.8	%
Same Property GLA % Leased (Sequential) - Operating Portfolio(2)		92.6	%		92.7	%

	Occupied Retail GLA		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(3)		3,439,639		70.5	%	$	39,684		54.4	%
Occupied Retail Inline GLA(3)		1,436,282		29.5	%		33,234		45.6	%
Total Occupied Retail GLA		4,875,921		100.0	%	$	72,918		100.0	%

Year		Anchor GLA Expiring	% of Total Retail GLA			Anchor Rent Per Sq. Ft.		Inline GLA Expiring		% of Total Retail GLA			Inline Rent Per Sq. Ft.		Total Occupied Retail GLA Expiring		% of Total Retail GLA			Total Occupied Retail ABR Expiring		% of Total Retail ABR			Average Rent Per Sq. Ft.
2013	(4)	68,610		1.4	%	$	11.11		145,470		3.0	%	$	19.99		214,080		4.4	%	$	3,670		5.0	%	$	17.14
2014		144,555		3.0	%		14.69		225,950		4.6	%		21.74		370,505		7.6	%		7,037		9.7	%		18.99
2015		401,871		8.2	%		13.58		204,159		4.2	%		22.17		606,030		12.4	%		9,984		13.7	%		16.47
2016		179,807		3.7	%		9.34		180,885		3.7	%		23.73		360,692		7.4	%		5,971		8.2	%		16.55
2017		91,759		1.9	%		13.90		155,615		3.2	%		21.56		247,374		5.1	%		4,631		6.4	%		18.72
2018		301,328		6.2	%		14.72		131,421		2.7	%		23.35		432,749		8.9	%		7,504		10.3	%		17.34
2019		364,623		7.5	%		14.84		85,408		1.8	%		26.01		450,031		9.2	%		7,633		10.5	%		16.96
2020		151,456		3.1	%		18.43		57,951		1.2	%		27.01		209,407		4.3	%		4,357		6.0	%		20.81
2021		75,356		1.5	%		5.97		64,309		1.3	%		17.47		139,665		2.9	%		1,574		2.2	%		11.27
2022		312,047		6.4	%		10.61		53,183		1.1	%		17.63		365,230		7.5	%		4,250		5.8	%		11.64
Beyond 2022		1,348,227		27.7	%		8.89		131,931		2.7	%		32.78		1,480,158		30.4	%		16,307		22.4	%		11.02
Total		3,439,639		70.5	%	$	11.54		1,436,282		29.5	%	$	23.14		4,875,921		100.0	%	$	72,918		100.0	%	$	14.95

(1)Retail figures exclude the Excel Centre and Promenade Corporate Center office properties.

(2) Same property GLA % leased (sequential) excludes any properties that were reclassified to the operating portfolio, acquired or disposed of during the current quarter.

(3) Anchor Tenants and Inline Tenants are described on the Definitions page.

(4)Includes month-to-month leases and ground leases, but excludes percentage rent.

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Unconsolidated Investments

For the Period Ended March 31, 2013

(Dollars in thousands)

							Financial Information							Leasing Information
Investment Partner	Formation/Acquisition Date	Property	City	State	Total GLA(1)		Total Assets		Total Debt		Ownership Interest			Percent Leased			ABR
GEM	September 7, 2012	La Costa Town Center	Carlsbad	CA		121,303	$	25,806	$	14,100		20	%		40.6	%	$	1,271
MDC	October 19, 2012	The Fountains at Bay Hill	Orlando	FL		103,767	$	41,472	$	23,754		50	%		94.6	%	$	2,943

(1) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

Summary Financial Information:
Balance Sheet	March 31, 2013		Company Pro Rata		December 31, 2012		Company Pro Rata
Assets:
Investments in Real Estate	$	61,040	$	23,472	$	61,156	$	23,553
Cash & cash equivalents		432		215		224		111
Other assets		5,806		2,210		6,756		2,500
Total assets	$	67,278	$	25,897	$	68,136	$	26,164
Liabilities and members' equity:
Mortgage notes payable and secured loan	$	37,854	$	14,697	$	37,962	$	14,751
Other liabilities		10,876		5,199		12,300		5,566
Members' equity		18,548		6,001		17,874		5,847
Total liabilities and equity	$	67,278	$	25,897	$	68,136	$	26,164
Company's investment in unconsolidated entities			$	9,021			$	9,015

Income Statement(2)	Three months ended March 31, 2013			Company Pro Rata			Year ended March 31, 2013			Company Pro Rata
Total revenues	$	2,816		$	850		$	2,816		$	850
Expenses:
Property operating expenses		373			122			373			122
General and administrative		275			58			275			58
Depreciation and amortization		1,494			471			1,494			471
Total expenses		2,142			651			2,142			651
Interest expense		(484	)		(160	)		(484	)		(160	)
Net income (loss)	$	190		$	39		$	190		$	39
Company's loss from equity in unconsolidated entities				$	39					$	39

(2) Represents results since the formation of the La Costa joint-venture partnership on September 7, 2012 and the purchase of the Fountains at Bay Hill property on October 19, 2012.

Unconsolidated Debt:
La Costa Town Center	March 31, 2013
Proportionate share of debt:	$	2,820
Maturity date:	October 1, 2014
Current interest rate:		6.0	%
Fountains at Bay Hill:	December 31, 2012
Proportionate share of debt:	$	11,877
Maturity date:	April 2, 2015
Current interest rate:		3.5	%

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Definitions

Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute 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 straight-line rents, amortization of above and below market leases and non-incremental capital expenditures.  Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative 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 is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Anchor Tenant: A tenant who occupies 10,000 square feet or more.

Annualized Base Rent: Annualized Base Rent is obtained by annualizing the cash rental rate (excluding reimbursements and percentage rent) for the final month of a reporting period. Annualized Base Rent does not include rental revenue from multi-family properties.

EBITDA: Earnings (excluding preferred stock dividends) before interest, taxes, depreciation and amortization.

Funds From Operations (FFO): Excel Trust considers FFO an important supplemental measure of its operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is 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 excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides 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 real estate assets and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) replacement or expansion, debt (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 is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Inline Tenant: Any tenant who does not qualify as an anchor tenant.

Leased: A space is considered leased when both Excel Trust and the tenant have executed the lease agreement.

Occupied: A space is considered occupied when the tenant has access to the space and revenue recognition has commenced (includes month-to-month tenants).  If a tenant has vacated a space and Excel Trust has agreed to terminate the lease, the space is considered unoccupied as of the date of execution of the amended lease agreement.

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