EX-99.2 3 a50622443ex99_2.htm EXHIBIT 99.2 a50622443ex99_2.htm
Exhibit 99.2
 
Graphic
 
Graphic
 
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
 
Graphic
 
Graphic
 
 
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).
 
 
Page 16
 
 
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.
 
 
Page 17
 
 
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 %
 
Graphic
   
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 %
 
 
Page 19
 
 
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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