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 5, 2011

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:

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

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

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

¨ 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 5, 2011, Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the periods ended March 31, 2011, 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 5, 2011.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended March 31, 2011.

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 5, 2011	Excel Trust, Inc.
	By:	/s/ James Y. Nakagawa
		James Y. Nakagawa
		Chief Financial Officer

EXHIBITS

Exhibit	Description of Exhibit
99.1	Press release issued by Excel Trust, Inc. on May 5, 2011.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended March 31, 2011.

EX-99.1

Exhibit 99.1

Excel Trust Announces First Quarter Results, Increases Dividend

SAN DIEGO, DATE (BUSINESS WIRE) –

Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended March 31, 2011. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

“We had another solid quarter, both in terms of financial and operational results. We are pleased with the execution of our preferred offering and used some of the proceeds to acquire Gilroy Crossing in April,” commented, Gary Sabin, Excel Trust’s CEO. “For 2011, we expect to continue to grow the company’s net operating income by buying well and aggressively managing our properties.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the quarter of $3.8 million, or $0.19 per diluted share. Excel Trust reported Funds From Operations (FFO) for the quarter of $3.4 million or $0.17 per diluted share. Net loss attributable to common shareholders was ($0.6 million), or ($0.04) per diluted share.

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

For the quarter ended March 31, 2011, Excel Trust’s operating results were as follows:

• Percent occupied: 94%

• 21 new and renewal lease transactions for a total of 122,233 square feet

Summary of Significant Activities During First Quarter 2011

On January 28, 2011, Excel Trust closed a $50 million private offering of 2,000,000 shares of 7.00% Series A Cumulative Convertible Perpetual Preferred Stock with an initial conversion price of $15.00 per share.

Excel Trust acquired a 100,551 square foot property 100% leased by Edwards Theatres in San Diego (San Marcos), California for approximately $25.8 million on March 22, 2011.

Excel Trust also signed a contract to purchase The Promenade, an approximately 433,000 square foot retail shopping center located in Scottsdale, Arizona for approximately $110 million. Major tenants include Nordstrom Rack, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Trader Joe’s, Cost Plus World Market and Pier One Imports.

Events Subsequent to First Quarter 2011

Excel Trust acquired Gilroy Crossing, a 473,640-square-foot retail shopping center (of which 325,431 is owned) located in Gilroy, California for $68.5 million on April 5, 2011. The property is anchored by Target (non-owned), Kohl’s, Sports Authority, Ross Dress For Less, Bed Bath & Beyond, Michaels, and PetSmart.

Second Quarter 2011 Dividend Declared

The Board of Directors declared a second quarter cash dividend of $0.15 per common share, compared to a cash dividend of $0.14 per share for the previous quarter. The dividend, which equates to an annualized rate of $0.60 per share, is payable on July 15, 2011 to common shareholders of record as of June 30, 2011.

The Board of Directors has also approved payment of a dividend of $0.4375 per share on the Company’s Series A Cumulative Convertible Perpetual Preferred Shares, payable on July 15, 2011 to preferred shareholders of record as of June 30, 2011.

Guidance

Excel Trust’s AFFO guidance for fiscal year 2011 is $0.85-$0.95. Excel Trust believes that AFFO is a 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 Friday, May 6^th, 2011 at 1:00 p.m. Eastern Time.

PHONE: Conference call access information is as follows:

Dial in number: (866) 510-0708

International Dial in number: (617) 597-5377

Pass code: 71960036

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 6th, 2011. Replay access information is as follows:

Dial in number: (888) 286-8010

International Dial in number: (617) 801-6888

Pass code: 59048832

About Excel Trust

Excel Trust, Inc. is a retail focused REIT that 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 Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) 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 for the quarter ended March 31, 2011 with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-Q are an integral part of these consolidated and combined financial statements.

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March  31,2011 (unaudited)			December 31, 2010
ASSETS:
Property:
Land	$	164,712		$	153,601
Buildings		191,931			178,374
Site improvements		19,231			18,832
Tenant improvements		19,720			18,242
Construction in progress		10,801			4,423
Less accumulated depreciation		(10,529	)		(8,360	)
Property, net		395,866			365,112
Cash and cash equivalents		3,955			6,525
Restricted cash		4,393			5,870
Tenant receivables, net		1,860			1,945
Lease intangibles, net		53,791			53,024
Mortgage loan receivable		2,000			2,000
Deferred rent receivable		1,498			1,148
Other assets		6,726			5,464
Total assets	$	470,089		$	441,088
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	150,957		$	137,043
Notes payable		37,835			85,384
Accounts payable and other liabilities		20,190			12,944
Lease intangibles, net		7,222			7,150
Dividends/distributions payable		3,037			1,957
Total liabilities		219,241			244,478
Equity: Stockholders’ equity
Preferred stock, 50,000,000 shares authorized; 7.0% Series A cumulative convertible perpetual preferred stock, $50,000,000 liquidation preference ($25.00 per share), 2,000,000 and 0 shares issued and outstanding, at March 31, 2011 and December 31, 2010, respectively		47,628			—
Common stock, $.01 par value, 200,000,000 shares authorized; 16,576,831 and 15,663,331 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively		165			156
Additional paid-in capital		188,972			191,453
Cumulative distributions in excess of net income		(3,754	)		(3,725	)
		233,011			187,884
Accumulated other comprehensive loss		(162	)		(373	)
Total stockholders’ equity		232,849			187,511
Non-controlling interests		17,999			9,099
Total equity		250,848			196,610
Total liabilities and equity	$	470,089		$	441,088

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	The Company			The Predecessor
	Three Months Ended March 31, 2011			Three Months Ended March  31, 2010
Revenues:
Rental revenue	$	9,210		$	1,138
Tenant recoveries		1,899			82
Other income		104			—
Total revenues		11,213			1,220
Expenses:
Maintenance and repairs		639			77
Real estate taxes		1,135			103
Management fees		124			32
Other operating expenses		768			75
General and administrative		2,650			6
Depreciation and amortization		4,369			460
Total expenses		9,685			753
Net operating income		1,528			467
Interest expense		(2,565	)		(361	)
Interest income		40			—
Gain on acquisition of real estate		937			—
Net (loss) income		(60	)		106
Non-controlling interest		(31	)		94
Net (loss) income attributable to Excel Trust Inc. and Excel Trust, Inc. Predecessor	$	(29	)	$	12
Preferred stock dividends	$	(603	)	$	—
Net (loss) income available to the common stockholders and controlling interest of the Predecessor	$	(632	)	$	12
Basic and diluted loss per share	$	(0.04	)
Weighted-average common shares outstanding – basic and diluted		15,513
Dividends declared per common share	$	0.14

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income for the three months ended March 31, 2011 and 2010 is as follows:

	The Company			The Predecessor
	Three Months Ended March 31, 2011			Three Months Ended March 31, 2010
Net (loss) income available to the common stockholders and controlling interest of the Predecessor	$	(632	)	$	12
Add:
Non-controlling interests in operating partnership		1			—
Preferred stock dividends		603			—
Depreciation and amortization		4,369			460
Deduct:
Gain on acquisition of real estate		(937	)		—
Funds from operations	$	3,404		$	472
Adjustments:
Transaction costs		106			—
Deferred financing costs		234			17
Stock-based and other non-cash compensation expense		451			—
Straight-line effects of lease revenue		(371	)		(63	)
Amortization of above and below market leases		43			(22	)
Non-incremental capital expenditures		(42	)		—
Adjusted funds from operations	$	3,825		$	404
Weighted average common shares outstanding - diluted (net loss)		15,513
Add:
OP units		819
Restricted common stock		232
Contingent consideration related to business combinations		143
Common stock issuable upon conversion of preferred stock		3,333
Weighted average common shares outstanding - diluted (FFO and AFFO)		20,040
Funds from operations per share (diluted)	$	0.17
Adjusted funds from operations per share (diluted)	$	0.19

SOURCE: Excel Trust, Inc.

Excel Trust, Inc.

Matt Romney, SVP, Capital Markets

858-613-1800

info@exceltrust.com

www.exceltrust.com

EX-99.2

Exhibit 99.2

Table of Contents

	Page
Company Overview		3
Analyst Coverage		4
Summary Financial and Portfolio Data		5
Financial Summary
Condensed Consolidated Balance Sheets		6
Condensed Consolidated Statements of Operations		7
Reconciliation of Certain Non-GAAP Financial Measures		8
Debt Summary		9
Portfolio Summary
Acquisitions & Developments		10
Portfolio Summary		11
Major Tenants		12
Lease Expiration Schedule		13
Definitions		14

Company Overview

Excel Trust, Inc. is a retail focused REIT that 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.	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Atlanta, GA
San Diego, CA 92128	Stockton, CA
Tel: 858-613-1800
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
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
Continental Stock Transfer & Trust Company	Latham & Watkins
17 Battery Place, 8th Floor	12636 High Bluff Drive, Suite 400
New York, New York 10004	San Diego, CA 92130
Tel: 212-509-4000	Tel: 858-523-5400
Email: cstmail@continentalstock.com
Website: www.continentalstock.com

Reported results and other information herein are preliminary and not final until the filing of Excel Trust’s annual report on Form 10-K for the year ended 2010 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 and quarterly reports on Form 10-Q. 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

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309
KeyBanc	Jordan Sadler	(917) 368-2280
	Todd Thomas	(917) 368-2286
Morgan Stanley	Paul Morgan	(415) 576-2627
	Samir Khanal	(415) 576-2696
Raymond James & Assoc.	Paul D. Puryear	(727) 567-2253
	R.J. Milligan	(727) 567-2660
Stifel, Nicolaus & Co., Inc.	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
	Robert LaQuaglia	(617) 603-4263

Page 4

Summary Financial and Portfolio Data

For the Quarter Ended March 31, 2011

(In thousands, except per share and leasing data)

Portfolio Summary
Gross Leaseable Square Feet (GLA)		2,701,375
Percent Leased		94.2	%
Annualized Base Rent (1)	$	36,857
Number of leases signed or renewed		21
Leases signed or renewed (in square feet)		122,233
Financial Results (Quarter ended March 31, 2011)
Net loss available to the common stockholders and controlling interest of the Predecessor	$	(632	)
Net loss per diluted share	$	(0.04	)
Funds from operations (FFO)	$	3,404
FFO per diluted share	$	0.17
Adjusted funds from operations (AFFO)	$	3,825
AFFO per diluted share	$	0.19
Assets
Gross undepreciated real estate	$	406,395
Gross undepreciated assets	$	480,618
Total liabilities to gross undepreciated assets		45.6	%
Debt to gross undepreciated assets		39.4	%
Capitalization
Common shares outstanding		16,577
OP units outstanding		1,405
Total common shares and OP units		17,982
Closing price at quarter end	$	11.79
Equity capitalization at March 31, 2011	$	212,011
Preferred stock (at liquidation preference of $25.00 per share)		50,000
Total debt(2)	$	189,551
Total capitalization	$	451,562
Debt/total capitalization		42.0	%
Common Stock Data
Range of closing prices for the quarter	$	11.35-13.21
Weighted average common shares outstanding - diluted (net loss)		15,513
Weighted average common shares outstanding - diluted (FFO and AFFO)		20,040
Shares of common stock outstanding on March 31, 2011		16,577

(1) Annualized Base Rent excludes rental revenue from non-stabilized development properties

(2) Excludes debt discount

Page 5

EXCEL TRUST, INC.

CONDENSED AND CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31, 2011			December 31, 2010
	(Unaudited)
ASSETS:
Property:
Land	$	164,712		$	153,601
Buildings		191,931			178,374
Site improvements		19,231			18,832
Tenant improvements		19,720			18,242
Construction in progress		10,801			4,423
Less accumulated depreciation		(10,529	)		(8,360	)
Property, net		395,866			365,112
Cash and cash equivalents		3,955			6,525
Restricted cash		4,393			5,870
Tenant receivables, net		1,860			1,945
Lease intangibles, net		53,791			53,024
Mortgage loan receivable		2,000			2,000
Deferred rent receivable		1,498			1,148
Other assets		6,726			5,464
Total assets	$	470,089		$	441,088
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	150,957		$	137,043
Notes payable		37,835			85,384
Accounts payable and other liabilities		20,190			12,944
Lease intangibles, net		7,222			7,150
Dividends/distributions payable		3,037			1,957
Total liabilities		219,241			244,478
Commitments and contingencies
Equity:
Stockholders’ equity
Preferred stock, 50,000,000 shares authorized; 7.0% Series A cumulative perpetual preferred stock, $50,000,000 liquidation preference ($25.00 per share), 2,000,000 and 0 shares issued and outstanding		47,628			—
Common stock, $.01 par value, 200,000,000 shares authorized; 16,576,831 and 15,663,331 shares issued and outstanding		165			156
Additional paid-in capital		188,972			191,453
Cumulative distributions in excess of net income		(3,754	)		(3,725	)
		233,011			187,884
Accumulated other comprehensive loss		(162	)		(373	)
Total stockholders’ equity		232,849			187,511
Non-controlling interests		17,999			9,099
Total equity		250,848			196,610
Total liabilities and equity	$	470,089		$	441,088

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

Page 6

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	The Company			The Predecessor
	Three Months Ended March 31, 2011			Three Months Ended March 31, 2010
Revenues:
Rental revenue	$	9,210		$	1,138
Tenant recoveries		1,899			82
Other income		104			—
Property, net		11,213			1,220
Expenses:
Maintenance and repairs		639			77
Real estate taxes		1,135			103
Management fees		124			32
Other operating expenses		768			75
General and administrative		2,650			6
Depreciation and amortization		4,369			460
Total expenses		9,685			753
Net operating income		1,528			467
Interest expense		(2,565	)		(361	)
Interest income		40			—
Gain on acquisition of real estate		937			—
Net (loss) income		(60	)		106
Non-controlling interest		(31	)		94
Net (loss) income attributable to Excel Trust, Inc. and Excel Trust, Inc.
Predecessor		(29	)		12
Preferred stock dividends		(603	)		—
Net (loss) income available to the common stockholders and controlling interest of the Predecessor	$	(632	)	$	12
Basic and diluted loss per share		(0.04	)
Weighted-average common shares outstanding - basic and diluted		15,513
Dividends declared per common share		0.14

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

Page 7

Reconciliation of Certain Non-GAAP Financial Measures

For the Quarter Ended March 31, 2011

(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 for the three months ended March 31, 2011 and 2010 is as follows:

	The Company			The Predecessor
	Three Months Ended March 31, 2011			Three Months Ended March 31, 2010
Net (loss) income available to the common stockholders and controlling interest of the Predecessor	$	(632	)	$	12
Add:
Non-controlling interests in operating partnership		1			—
Preferred stock dividends(2)		603			—
Depreciation and amortization		4,369			460
Deduct:
Gain on acquisition of real estate		(937	)		—
Funds from operations	$	3,404		$	472
Adjustments:
Transaction costs		106			—
Deferred financing costs		234			17
Stock-based and other non-cash compensation expense		451			—
Straight-line effects of lease revenue		(371	)		(63	)
Amortization of above and below market leases		43			(22	)
Non-incremental capital expenditures		(42	)		—
Adjusted funds from operations	$	3,825		$	404
Weighted average common shares outstanding - diluted (net loss)		15,513
Add(3):
OP units		819
Restricted common stock		232
Contingent consideration related to business combinations		143
Common stock issuable upon conversion of preferred stock		3,333
Weighted average common shares outstanding - diluted (FFO and AFFO)		20,040
Funds from operations per share (diluted)	$	0.17
Adjusted funds from operations per share (diluted)	$	0.19

(1) FFO and AFFO are described on the Definitions page.

(2) Includes the add back of dividends paid on the Series A Preferred Stock due to an assumed conversion based on the “if converted” method.

(3) The three months ended March 31, 2011 includes 819,000 OP units, 232,000 shares of restricted common stock and 143,000 shares of common stock contingently issuable pursuant to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. In addition, includes 3,333,000 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

Page 8

Debt Summary

For the Quarter Ended March 31, 2011

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)(2)	$	141,251			75	%
Variable Rate Debt		48,300			25	%
Total Debt(1)	$	189,551			100	%
Debt(1)/Gross Undepreciated Assets		39.4	%
				% Total Debt
Secured Debt(1)	$	151,716			80	%
Unsecured Debt		37,835			20	%
Total Debt	$	189,551			100	%
Maturities by Year-Secured	Amount			% Total Debt					Maturities by Year-Unsecured		Amount		% Total Debt
2011	$	4,812			2.5	%				2011	$	—
2012		1,898			1.0	%				2012		1,536		0.8	%
2013		77,444			40.9	%				2013		36,300		19.2	%
2014		28,726			15.2	%				2014		—
2015		852			0.4	%				2015		—
Thereafter		37,984			20.0	%				Thereafter		—
Total	$	151,716			80.0	%				Total	$	37,836		20.0	%
Property-Secured	Amount			Interest Rate			Maturity
Mariner’s Point	$	3,465			7.10	%		2011
Park West Place		55,800			3.91	%		2013
Five Forks Place		5,198			5.50	%		2013
Grant Creek Town Center		15,944			5.75	%		2013
Edwards Theatres		12,418			6.74	%		2014
Merchant Central		4,625			5.94	%		2014
Excel Centre		12,708			6.08	%		2014
5000 South Hulen		14,034			5.60	%		2017
Rite Aid-Vestavia Hills		1,452			7.25	%		2018
Lowe’s		14,072			7.20	%		2031
Northside Plaza(3)		12,000			0.36	%		2035
Total		151,716			4.9	%
Less: debt discount		(759	)
Mortgage payable, net	$	150,957

(1) Excludes debt discount of $759 on mortgages payable.

(2) As of March 31, 2011, the Company had a note payable from a consolidated joint venture to the Company’s partner in the amount of $1,536. The note bears interest at 6% and is due the earlier of May 1, 2012 or when Publix and Hobby Lobby, two new tenants in the property owned by the joint venture, commence their lease and are opened for business.

(3) On July 8, 2010, Excel Trust entered into an unsecured revolving credit facility (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility of up to $125,000. Excel Trust has the ability to increase the size of the revolving credit facility by up to an additional $275,000 to a total of $400M, subject to receipt of lender commitments and other conditions precedent. The maturity date is July 7, 2013 and can be extended for one year at the Excel Trust’s option. The revolving credit facility bears interest at the rate of LIBOR plus a margin of 275 basis points to 375 basis points, depending on the Excel Trust’s leverage ratio, provided that in no event shall LIBOR be deemed to be less than 1.50%. Excel Trust will also pay a 0.45% fee for any unused portion of the revolving credit facility. Borrowings from the credit facility were $36,300 on March 31, 2011. The interest rate on March 31, 2011 was 4.25%.

(3) The Northside Plaza debt represents redevelopment revenue bonds to be used for the redevelopment of this property. The bonds are priced off the SIFMA index and reset weekly. The rate as of March 31, 2011 was 0.36%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility.

Page 9

Acquisitions & Developments

For the Quarter Ended March 31, 2011

(Dollars in thousands)

Acquisition Property Name	City	State	Date		Initial Cost Basis ($ in 000’s)		Total GLA  (1)		Leased			Major Tenants
Edwards Theatres	San Diego (San Marcos)	CA		1999	$	25,781		100,551		100	%	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Rite Aid- Vestavia Hills (1)	Birmingham (Vestavia Hills)	AL		2002	$	1,467		11,180		100	%	Rite Aid
Total					$	27,248		111,731		100	%
Development Property Name	City	State	Land Value		Improvements		Total Carrying Amount  (2)					Major Tenants
Red Rock Commons	St. George	UT	$	10,823	$	2,650	$	13,473				Dick’s, PetSmart
Plaza at Rockwall - Phase II	Rockwall	TX	$	5,300	$	4,188	$	9,488				HomeGoods, Jo-Ann
Northside Plaza	Dothan	AL	$	6,477	$	4,377	$	10,854				Publix, Hoby Lobby, Books-A-Million
Total			$	22,600	$	11,215	$	33,815

(1) Rite Aid is an outparcel to Vestavia Hills City Center. The purchase of Rite Aid was completed this quarter.

(2) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report do not.

Page 10

Portfolio Summary

For the Quarter Ended March 31, 2011

(Dollars in thousands)

Property Name	City	State	Year Built(1)	Total GLA(2)	Acquisition Date	Initial Cost Basis ($ in 000’s)	Price Sq. Ft.	% Leased	Major Tenants
Excel Centre	San Diego	CA	1999	82,157	**	$23,700	$288	96%	Kaiser Permanente, Swinerton, Excel Trust, UBS
Newport Towne Center	Newport	TN	2006	60,100	**	$6,500	$108	95%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Five Forks Place	Simpsonville	SC	2002	61,191	**	$7,800	$127	97%	Publix
5000 South Hulen	Fort Worth	TX	2005	86,838	5/12/2010	$21,900	$252	92%	Barnes and Noble, Old Navy
Jewel-Osco	Morris	IL	1999	51,762	5/14/2010	$8,200	$158	100%	Jewel-Osco (subsidiary of SuperValu)
Walgreens	Corbin (North)	KY	2009	13,650	5/24/2010	$3,500	$256	100%	Walgreens
Walgreens	Corbin (South)	KY	2009	13,650	5/24/2010	$4,200	$308	100%	Walgreens
Walgreens	Barbourville	KY	2008	13,650	5/24/2010	$4,200	$308	100%	Walgreens
Shop ‘n Save (SuperValu)	Ballwin	MO	2007	53,411	5/28/2010	$8,500	$159	100%	Shop ‘n Save (subsidiary of SuperValu)
Walgreens	Beckley	WV	2008	14,820	6/17/2010	$7,200	$486	100%	Walgreens
Lowe’s	Shippensburg	PA	2008	171,069	6/22/2010	$17,600	$103	100%	Lowe’s
Plaza at Rockwall - Phase I(3)	Rockwall	TX	2007	328,725	6/29/2010	$35,500	$108	100%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk
Merchant Central	Milledgeville	GA	2004	45,013	6/30/2010	$6,100	$136	96%	Dollar Tree, Super Wal-Mart (non-owned)
Mariner’s Point	St. Marys	GA	2001	45,215	7/20/2010	$6,600	$146	96%	Shoe Show, Super Wal-Mart (non-owned)
Grant Creek Town Center	Missoula	MT	1998	164,166	8/27/2010	$21,300	$130	93%	Ross, TJ Maxx and REI
Vestavia Hills City Center(4)	Birmingham (Vestavia Hills)	AL	2002	389,985	8/30/2010	$34,867	$89	76%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
Brandywine Crossing	Brandywine (Washington Metro)	MD	2009	198,330	10/1/2010	$44,500	$224	97%	Safeway, Marshalls, Jo-Ann, Target (non-owned) Costco (non-owned)
Rosewick Crossing	La Plata (Washington Metro)	MD	2008	116,095	10/1/2010	$24,900	$214	85%	Giant Food, Lowe’s (non-owned)
Shops at Foxwood	Ocala	FL	2010	78,660	10/19/2010	$12,600	$160	94%	Publix, McDonalds (non-owned)
Walgreens	Princeton	WV	2008	14,550	10/28/2010	$4,100	$282	100%	Walgreens
Park West Place	Stockton	CA	2005	597,787	12/14/2010	$92,500	$155	99%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
Edwards Theatres	San Diego (San Marcos)	CA	1999	100,551	3/11/2011	$25,781	$256	100%	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Total				2,701,375		$422,048	$156	94%
Properties for Development	City	State			Acquisition Date	Total Carrying Amount (5)			Signed Leases - Major Tenants
Red Rock Commons	St. George	UT			**	$13,473			Dick’s, PetSmart
Plaza at Rockwall - Phase II	Rockwall	TX			6/29/2010	$9,488			HomeGoods, Jo-Ann
Northside Plaza	Dothan	AL			11/15/2010	$10,854			Publix, Hobby Lobby, Books-A-Million
	Total					$33,815
	Total Portfolio					$455,863

** 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 us at the property.

(3) New leasable square footage is 328,725 (previously 332,989) resulting from a tenant improvement.

(4) New leasable square footage is 389,985 (previously 378,805) due to the addition of Rite Aid this quarter.

(5) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report do not.

Page 11

Major Tenants By GLA

For the Quarter Ended March 31, 2011

Total GLA			2,701,375
	Tenants	# Stores	Square Feet	% of Total GLA
1	Lowe’s	2	325,863	12.1%
2	Publix	3	154,151	5.7%
3	SuperValu	2	105,173	3.9%
4	JC Penney	1	103,256	3.8%
5	Edwards Theatres	1	100,551	3.7%
6	Kohl’s	1	88,248	3.3%
7	Belk	1	75,524	2.8%
8	Walgreens	5	70,320	2.6%
9	Giant Food	1	61,932	2.3%
10	Jo-Ann	2	60,619	2.2%
	Total Top 10 GLA	19	1,145,637	42.4%

Major Tenants By Rent

Annualized Base Rent (1)					$ 36,856,686
	Tenants	# Stores	Square Feet	Rent Per Sq Ft	ABR	% ABR
1	Lowe’s	2	325,863	$6.74	$2,195,000	6.0%
2	Edwards Theatres	1	100,551	$21.72	$2,184,131	5.9%
3	Walgreens	5	70,320	$26.34	$1,852,100	5.0%
4	Publix	3	154,151	$10.98	$1,692,036	4.6%
5	SuperValu	2	105,173	$13.13	$1,381,170	3.7%
6	Kaiser Permanente	1	30,052	$41.92	$1,259,634	3.4%
7	Jo-Ann	2	60,619	$13.52	$819,685	2.2%
8	Dick’s Sporting Goods	1	50,000	$16.30	$815,186	2.2%
9	Rave Motion Pictures	1	42,287	$18.11	$765,835	2.1%
10	Giant Food	1	61,932	$12.28	$760,752	2.1%
	Total Top 10 Annualized Rent	19	1,000,948	$13.01	$13,020,970	37.2%

(1) Annualized Base Rent is described on the Definitions page.

Page 12

Lease Expiration Schedule

For the Quarter Ended March 31, 2011

Total GLA	2,701,375
Total GLA Leased	2,543,937
% Leased	94.2%
Retail GLA(1)	2,619,218
Retail GLA Leased	2,464,767
% Leased	94.1%

		% of Leased Retail GLA
Retail Anchor GLA(2)	1,798,283	73%
Retail Inline GLA(2)	666,484	27%
Retail GLA Leased	2,464,767	100%

Year	Anchor GLA Expiring	% of Leased GLA	Anchor Rent Per SF	Inline GLA Expiring	% of Leased GLA	Inline Rent Per Sq Ft	Total Retail GLA Expiring	% of Leased GLA	Average Rent Per SF
2011	46,500	1.9%	$7.33	90,699	3.7%	$14.23	137,199	5.6%	$11.90
2012	38,000	1.5%	$12.37	54,062	2.2%	$18.54	92,062	3.7%	$15.99
2013	40,072	1.6%	$12.63	87,428	3.5%	$19.75	127,500	5.2%	$17.51
2014	10,011	0.4%	$11.00	106,824	4.3%	$19.12	116,835	4.7%	$18.42
2015	154,678	6.3%	$12.91	122,460	5.0%	$21.46	277,138	11.2%	$16.69
Beyond 2015	1,509,022	61.2%	$10.91	205,011	8.3%	$26.91	1,714,033	69.5%	$12.82
Total	1,798,283	73.0%	$11.06	666,484	27.0%	$21.32	2,464,767	100.0%	$13.83

⁽¹⁾ Retail figures exclude the Excel Centre because it is an office building and currently serves as headquarters for Excel Trust.

⁽²⁾ Anchor Tenants and Inline Tenants are described on the Definitions page.

Page 13

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 or adding 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 and belongs to a national or regional chain of stores.

Annualized Base Rent: Annualized Base Rent is obtained by annualizing the contractual rental rate (excluding reimbursements and

percentage rent) during the final month of a reporting period.

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 Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) 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 replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO 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.

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

Page 14