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): August 1, 2012

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 August 1, 2012, Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the periods ended June 30, 2012. 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 August 1, 2012.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended June 30, 2012.

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: August 1, 2012	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 August 1, 2012.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended June 30, 2012.

EX-99.1

Exhibit 99.1

Excel Trust Announces Results For the Quarter Ended June 30, 2012, Declares Dividend

SAN DIEGO—August 1, 2012— Excel Trust, Inc. (NYSE: EXL) announced today financial and operating results for the quarter ended June 30, 2012. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

Highlights for the Second Quarter 2012

• Reported Adjusted Funds from Operations (AFFO) for the quarter of $6.5 million, or $0.19 per diluted share

• Reported Funds from Operations (FFO) for the quarter of $6.0 million, or $0.17 per diluted share

• Declared a third quarter 2012 dividend of $0.1625 per share, which equates to an annualized rate of $0.65 per share

• Acquired Lake Pleasant Pavilion for approximately $41.8 million on May 16, 2012

• Increased unsecured credit facility to $250 million and improved terms

“We had a successful quarter as we added another quality property to our portfolio and improved our credit facility, which we amended in July,” commented Gary Sabin, Excel Trust’s CEO. He went on to say, “We are very optimistic about the 2^nd half of the year as we continue to execute our strategy of acquiring high quality properties in strong markets.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the second quarter of $6.5 million, or $0.19 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended June 30, 2012 of $6.0 million, or $0.17 per diluted share. Net loss attributable to the common stockholders was ($2.4 million), or ($0.08) per diluted share. This compares to AFFO of $4.4 million, or $0.24 per diluted share, FFO of $3.7 million or $0.20 per diluted share and net income of $1.1 million, or $0.06 per diluted share in the three-month period ended June 30, 2011.

Excel Trust reported AFFO for the six months ended June 30, 2012 of $12.9 million, or $0.37 per diluted share and FFO of $12.5 million, or $0.36 per diluted share. Net loss attributable to the common stockholders for the six months ended June 30, 2012 was ($4.1 million), or ($0.14) per diluted share. This compares to AFFO of $7.6 million, or $0.43 per diluted share, FFO of $6.5 million or $0.37 per diluted share and net income of $0.4 million, or $0.01 per diluted share in the six-month period ended June 30, 2011.

Included in FFO for the quarter ended June 30, 2012 was a non-cash gain related to changes in the fair value of financial instruments and the redemption of certain OP units of approximately $589,000, or $0.02 per diluted share. For the six months ended June 30, 2012, this gain was $1.1 million or approximately $0.03 per diluted share. The change in the fair value of financial instruments was a reduction of the liability recorded for the fair value of a redemption provision related to the OP Units issued in connection with the acquisition of the Edwards Theatres property in March 2011. Included in FFO was non-cash compensation expense of approximately $804,000, or $0.02 per diluted share in the quarter ended June 30, 2012 and $1.6m or $0.05 per diluted share in the six months ended June 30, 2012 resulting from the Company’s incentive stock award plan. FFO was also impacted by transaction costs relating to acquisitions of $355,000, or $0.01 per diluted share in the quarter ended June 30, 2012 and $549,000 or $0.02 per diluted share in the six months ended June 30, 2012.

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

Summary of Significant Activities During Second Quarter 2012

On May 16, 2012, Excel Trust acquired Lake Pleasant Pavilion in Phoenix (Peoria), AZ. The Company purchased this 373,000 square foot retail shopping center (of which 178,000 is owned) for approximately $41.8 million, excluding closing costs. Major tenants include SuperTarget (non-owned), Marshalls, Bed Bath and Beyond, Tilly’s and Kirkland’s. Constructed in 2007, the center is well located at a busy intersection in a growing suburb of Phoenix and is approximately 86% leased. In a three mile radius, the average household income is estimated to be $107,000 (Source: AGS 2012).

Events Subsequent to Second Quarter 2012

On July 20, 2012, Excel Trust amended its unsecured credit facility, increasing the borrowing capacity from $200 million to $250 million and lowering its interest rate. The facility now bears interest at a rate per annum equal to LIBOR plus 165 to 225 basis points (down from 220 to 300 basis points), depending on the company’s leverage ratio. If the Company is given an investment-grade credit rating by S&P or Moody’s in the future, the interest rate per annum will improve to LIBOR plus 100 basis points to 185 basis points. The facility includes an accordion feature that allows for an increase up to $450 million under specified circumstances. The maturity date of the credit facility is July 19, 2016 and can be extended for one year at the Company’s option.

Third Quarter 2012 Dividend Declared

The Board of Directors declared a third quarter 2012 cash dividend of $0.1625 per common share payable on October 15, 2012 to shareholders of record as of September 28, 2012.

The Board of Directors has also declared a dividend of $0.4375 per share on the Company’s Series A Cumulative Convertible Perpetual Preferred Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares. The dividend on Excel Trust’s outstanding Series A and Series B Preferred Shares will be payable on October 15, 2012 to the Series A and Series B Preferred shareholders of record as of September 28, 2012.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2012 to be between $0.78 and $0.86 and its’ FFO per share for fiscal year 2012 to be between $0.70 and $0.78. Excel Trust believes that AFFO is the most helpful indicator of the Company’s ability to pay recurring dividends since it adjusts for certain non-cash and non-recurring items.

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

Conference Call

In conjunction with Excel Trust’s results, you are invited to listen to its conference call on Thursday, August 2, 2012 at 1:00 p.m. Eastern Time.

PHONE: Conference call access information is as follows:

Dial in number: (800) 299-8538

International Dial in number: (617) 786-2902

Pass code: 34697712

INTERNET: A live webcast of the conference call will be available through Excel Trust’s web site at www.exceltrust.com. The conference call will be recorded and available for replay for seven days beginning at 4:00 p.m. ET on August 2, 2012. Replay access information is as follows:

Dial in number: (888) 286-8010

International Dial in number: (617) 801-6888

Pass code: 30082346

About Excel Trust

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

Forward Looking Statements

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.

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

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

Excel Trust computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed

in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of assets and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust computes AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting or adding straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Excel Trust’s computation of FFO and AFFO may differ from the methodology for calculating FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and AFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.

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

Summarized Financial Statements

Reported results are preliminary and not final until the filing of Excel Trust’s Form 10-Q or 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-Q or 10-K are an integral part of these consolidated financial statements.

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30, 2012			December 31, 2011
ASSETS:
Property:
Land	$	263,988		$	236,941
Buildings		398,441			287,226
Site improvements		41,826			28,257
Tenant improvements		33,617			28,517
Construction in progress		115			21,312
Less accumulated depreciation		(26,804	)		(18,294	)
Property, net		711,183			583,959
Cash and cash equivalents		7,179			5,292
Restricted cash		4,925			3,680
Tenant receivables, net		2,995			4,174
Lease intangibles, net		72,666			68,556
Mortgage loan receivable		—			2,000
Deferred rent receivable		4,343			2,997
Other assets		17,253			17,013
Total assets	$	820,544		$	687,671
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	272,485		$	244,961
Notes payable		13,629			21,000
Accounts payable and other liabilities		15,847			21,080
Lease intangibles, net		16,444			13,843
Dividends/distributions payable		8,405			5,801
Total liabilities		326,810			306,685
Equity:
Stockholders’ equity
Preferred stock		136,423			47,703
Common stock		336			302
Additional paid-in capital		346,385			319,875
Cumulative deficit		(2,471	)		(3,277	)
		480,673			364,603
Accumulated other comprehensive loss		(608	)		(811	)
Total stockholders’ equity		480,065			363,792
Non-controlling interests		13,669			17,194
Total equity		493,734			380,986
Total liabilities and equity	$	820,544		$	687,671

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data and dividends per share)

	Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Revenues:
Rental revenue	$	17,015		$	10,467		$	33,168		$	18,943
Tenant recoveries		3,185			2,220			6,452			4,118
Other income		328			102			688			207
Total revenues		20,528			12,789			40,308			23,268
Expenses:
Maintenance and repairs		1,352			780			2,674			1,419
Real estate taxes		2,460			1,377			4,525			2,513
Management fees		198			133			388			250
Other operating expenses		953			797			1,782			1,562
Changes in fair value of earn-outs		—			(328	)		—			(328	)
General and administrative		3,312			3,140			6,815			5,790
Depreciation and amortization		8,552			6,400			16,831			10,561
Total expenses		16,827			12,299			33,015			21,767
Net operating income		3,701			490			7,293			1,501
Interest expense		(3,986	)		(3,503	)		(7,660	)		(6,068	)
Interest income		53			43			106			84
Gain on acquisition of real estate and sale of land parcel		—			—			—			937
Changes in fair value of financial instruments and gain on OP unit redemption		589			512			1,051			512
Net income (loss) from continuing operations		357			(2,458	)		790			(3,034	)
Income from discontinued operations before gain on sale of real estate assets		—			507			—			1,023
Gain on sale of real estate assets		—			3,976			—			3,976
Income from discontinued operations		—			4,483			—			4,999
Net income		357			2,025			790			1,965
Net loss (income) attributable to non-controlling interests		11			(89	)		16			(58	)
Net income available to Excel Trust, Inc.		368			1,936			806			1,907
Preferred stock dividends		(2,744	)		(875	)		(4,865	)		(1,478	)
Net (loss) income attributable to the common stockholders	$	(2,376	)	$	1,061		$	(4,059	)	$	429
Basic and diluted net (loss) income per share	$	(0.08	)	$	0.06		$	(0.14	)	$	0.01
Weighted-average common shares outstanding - basic and diluted		32,785			15,856			32,273			15,686
Dividends declared per common share	$	0.1625		$	0.150		$	0.325		$	0.290

Reconciliation of Net Income to FFO and AFFO

For the Period Ended June 30, 2012

(In thousands, except per share data)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three and six months ended June 30, 2012 is as follows:

	Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Net (loss) income attributable to the common stockholders	$	(2,376	)	$	1,061		$	(4,059	)	$	429
Add:
Non-controlling interests in operating partnership		(86	)		94			(157	)		95
Preferred stock dividends		—			—
Depreciation and amortization		8,552			6,607			16,831			10,976
Deduct:
Depreciation and amortization related to joint venture		(85	)		(45	)		(124	)		(45	)
Gain on acquisition of real estate and sale of land parcel		—			—			—			(937	)
Gain on sale of real estate assets		—			(3,976	)		—			(3,976	)
Funds from operations	$	6,005		$	3,741		$	12,491		$	6,542
Adjustments:
Transaction costs		355			256			549			362
Deferred financing costs		486			335			958			569
Stock-based and other non-cash compensation expense		804			1,326			1,589			1,777
Changes in fair value of earn-outs		—			(328	)		—			(328	)
Changes in fair value of financial instruments		(589	)		(512	)		(1,051	)		(512	)
Straight-line effects of lease revenue		(613	)		(427	)		(1,336	)		(798	)
Amortization of above and below market leases		58			(18	)		(170	)		25
Non-incremental capital expenditures		(29	)		(12	)		(139	)		(54	)
Adjusted funds from operations	$	6,477		$	4,361		$	12,891		$	7,583
Weighted average common shares outstanding		32,785			15,856			32,273			15,686
Add:
OP units		1,205			1,405			1,299			1,114
Restricted stock		314			1,046			342			726
Contingent consideration related to business combinations		79			206			91			175
LTIP restricted stock		—			—			—			—
Common stock issuable upon conversion of preferred stock		—			—			—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,383			18,513			34,005			17,701
Funds from operations per share (diluted)	$	0.17		$	0.20		$	0.36		$	0.37
Adjusted funds from operations per share (diluted)	$	0.19		$	0.24		$	0.37		$	0.43
Other Information:
Leasing commissions paid	$	151		$	95		$	268		$	252
Tenant improvements paid	$	511		$	626		$	858		$	981

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended June 30, 2012

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 Net Income to EBITDA		8
Reconciliation of Net Income to FFO and AFFO		9
Debt Summary		10
Common and Preferred Stock Data		11
Portfolio Summary
Acquisitions & Developments		12
Portfolio Summary		13
Summary of Retail Leasing Activity		14
Major Tenants		15
Expiration Schedule		16
Definitions		17

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.	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Atlanta, GA
San Diego, CA 92128	Stockton, CA
Tel: 858-613-1800	Scottsdale, AZ
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 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

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
	Stephen Bakke	(415) 576-2696
Raymond James & Assoc.	Paul D. Puryear	(727) 567-2253
	R.J. Milligan	(727) 567-2660
Sandler O’Neill + Partners, L.P.	Alexander Goldfarb	(212) 466-7937
	Andrew Schaffer	(212) 466-8062
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
	Tamara Fique	(443) 263-6568

Page 4

Summary Financial and Portfolio Data

For the Period Ended June 30, 2012

(Dollars and share data in thousands, except per share data)

Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		4,546,795
Percent Leased-Operating Portfolio		93.5	%
Percent Occupied-Operating Portfolio		92.4	%
Annualized Base Rent (2)	$	63,849
No. leases signed or renewed		20
Sq. Ft. leases signed or renewed		41,297
Financial Results
Net loss attributable to the common stockholders	$	(2,376	)
Net loss per diluted share	$	(0.08	)
Funds from operations (FFO)	$	6,005
FFO per diluted share	$	0.17
Adjusted funds from operations (AFFO)	$	6,477
AFFO per diluted share	$	0.19
EBITDA	$	12,906
Assets
Gross undepreciated real estate	$	737,987
Gross undepreciated assets	$	847,348
Total liabilities to gross undepreciated assets		38.6	%
Real estate debt to gross undepreciated assets		33.7	%
Capitalization
Common shares outstanding		33,732
OP units outstanding		1,105
Total common shares and OP units		34,837
Closing price at quarter end	$	11.96
Equity capitalization	$	416,651
Preferred stock (at liquidation preference of $25.00 per share)		142,000
Total debt (3)		285,382
Total capitalization	$	844,033
Debt/total capitalization		33.8	%
Debt/EBITDA		5.5
Common Stock Data
Range of closing prices for the quarter	$	10.94-12.37
Weighted average common shares outstanding - diluted (EPS)		32,785
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,383
Shares of common stock outstanding		33,732

(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 5

Balance Sheets

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
ASSETS:
Property:
Land	$	263,988		$	253,999		$	236,941		$	226,097		$	175,072
Buildings		398,441			372,622			287,226			260,085			215,712
Site improvements		41,826			39,649			28,257			24,423			21,732
Tenant improvements		33,617			32,214			28,517			23,139			19,353
Construction in progress		115			11			21,312			18,797			13,871
Less accumulated depreciation		(26,804	)		(22,287	)		(18,294	)		(15,630	)		(12,586	)
Property, net		711,183			676,208			583,959			536,911			433,154
Cash and cash equivalents		7,179			9,225			5,292			45,885			88,710
Restricted cash		4,925			4,165			3,680			3,879			42,331
Tenant receivables, net		2,995			3,588			4,174			2,582			1,829
Lease intangibles, net		72,666			71,088			68,556			66,520			54,727
Mortgage loan receivable		—			2,000			2,000			2,000			2,000
Deferred rent receivable		4,343			3,722			2,997			2,656			1,897
Other assets		17,253			18,162			17,013			13,941			8,061
Total assets	$	820,544		$	788,158		$	687,671		$	674,374		$	632,709
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	272,485		$	243,906		$	244,961		$	245,983		$	198,331
Notes payable		13,629			—			21,000			—			535
Accounts payable and other liabilities		15,847			17,784			21,080			24,511			20,762
Lease intangibles, net		16,444			16,759			13,843			13,129			9,826
Dividends/distributions payable		8,405			7,650			5,801			5,642			5,374
Total liabilities		326,810			286,099			306,685			289,265			234,828
Equity:
Stockholders’ equity
Preferred stock		136,423			136,413			47,703			47,703			47,721
Common stock		336			335			302			302			309
Additional paid-in capital		346,385			353,061			319,875			324,277			334,953
Cumulative deficit		(2,471	)		(2,839	)		(3,277	)		(3,555	)		(1,818	)
		480,673			486,970			364,603			368,727			381,165
Accumulated other comprehensive loss		(608	)		(807	)		(811	)		(1,089	)		(748	)
Total stockholders’ equity		480,065			486,163			363,792			367,638			380,417
Non-controlling interests		13,669			15,896			17,194			17,471			17,464
Total equity		493,734			502,059			380,986			385,109			397,881
Total liabilities and equity	$	820,544		$	788,158		$	687,671		$	674,374		$	632,709

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

Page 6

Statements of Operations

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data and dividends per share)

	Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Revenues:
Rental revenue	$	17,015		$	10,467		$	33,168		$	18,943
Tenant recoveries		3,185			2,220			6,452			4,118
Other income		328			102			688			207
Total revenues		20,528			12,789			40,308			23,268
Expenses:
Maintenance and repairs		1,352			780			2,674			1,419
Real estate taxes		2,460			1,377			4,525			2,513
Management fees		198			133			388			250
Other operating expenses		953			797			1,782			1,562
Changes in fair value of earn-outs		—			(328	)		—			(328	)
General and administrative		3,312			3,140			6,815			5,790
Depreciation and amortization		8,552			6,400			16,831			10,561
Total expenses		16,827			12,299			33,015			21,767
Net operating income		3,701			490			7,293			1,501
Interest expense		(3,986	)		(3,503	)		(7,660	)		(6,068	)
Interest income		53			43			106			84
Gain on acquisition of real estate and sale of land parcel		—			—			—			937
Changes in fair value of financial instruments and gain on OP unit redemption		589			512			1,051			512
Net income (loss) from continuing operations		357			(2,458	)		790			(3,034	)
Income from discontinued operations before gain on sale of real estate assets		—			507			—			1,023
Gain on sale of real estate assets		—			3,976			—			3,976
Income from discontinued operations		—			4,483			—			4,999
Net income		357			2,025			790			1,965
Net loss (income) attributable to non-controlling interests		11			(89	)		16			(58	)
Net income available to Excel Trust, Inc.		368			1,936			806			1,907
Preferred stock dividends		(2,744	)		(875	)		(4,865	)		(1,478	)
Net (loss) income attributable to the common stockholders	$	(2,376	)	$	1,061		$	(4,059	)	$	429
Basic and diluted net (loss) income per share	$	(0.08	)	$	0.06		$	(0.14	)	$	0.01
Weighted-average common shares outstanding - basic and diluted		32,785			15,856			32,273			15,686
Dividends declared per common share	$	0.1625		$	0.150		$	0.325		$	0.290

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

Page 7

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 for the periods presented is as follows:

	Three Months Ended June 30, 2012		Three Months Ended March 31, 2012		Three Months Ended December 31, 2011		Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
Net income (loss) attributable to Excel Trust, Inc. (1)	$	368	$	438	$	278	$	(1,737	)	$	1,936
Add:
Interest expense		3,986		3,674		3,552		3,561			3,503
Depreciation and amortization (2)		8,552		8,279		6,354		6,375			6,607
EBITDA	$	12,906	$	12,391	$	10,184	$	8,199		$	12,046

(1) The Company recently adjusted its calculation of EBITDA to exclude the impact of preferred dividends and has adjusted prior quarters accordingly.

(2) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations.

Page 8

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended June 30, 2012

(In thousands, except per share data)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three and six months ended June 30, 2012 is as follows:

	Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Net (loss) income attributable to the common stockholders	$	(2,376	)	$	1,061		$	(4,059	)	$	429
Add:
Non-controlling interests in operating partnership		(86	)		94			(157	)		95
Preferred stock dividends		—			—
Depreciation and amortization (1)		8,552			6,607			16,831			10,976
Deduct:
Depreciation and amortization related to joint venture(2)		(85	)		(45	)		(124	)		(45	)
Gain on acquisition of real estate and sale of land parcel		—			—			—			(937	)
Gain on sale of real estate assets		—			(3,976	)		—			(3,976	)
Funds from operations (3)	$	6,005		$	3,741		$	12,491		$	6,542
Adjustments:
Transaction costs		355			256			549			362
Deferred financing costs		486			335			958			569
Stock-based and other non-cash compensation expense		804			1,326			1,589			1,777
Changes in fair value of earn-outs		—			(328	)		—			(328	)
Changes in fair value of financial instruments		(589	)		(512	)		(1,051	)		(512	)
Straight-line effects of lease revenue		(613	)		(427	)		(1,336	)		(798	)
Amortization of above and below market leases		58			(18	)		(170	)		25
Non-incremental capital expenditures		(29	)		(12	)		(139	)		(54	)
Adjusted funds from operations (3)	$	6,477		$	4,361		$	12,891		$	7,583
Weighted average common shares outstanding		32,785			15,856			32,273			15,686
Add (4):
OP units		1,205			1,405			1,299			1,114
Restricted stock		314			1,046			342			726
Contingent consideration related to business combinations		79			206			91			175
LTIP restricted stock		—			—			—			—
Common stock issuable upon conversion of preferred stock		—			—			—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,383			18,513			34,005			17,701
Funds from operations per share (diluted)(5)	$	0.17		$	0.20		$	0.36		$	0.37
Adjusted funds from operations per share (diluted)(5)	$	0.19		$	0.24		$	0.37		$	0.43
Other Information (6):
Leasing commissions paid	$	151		$	95		$	268		$	252
Tenant improvements paid	$	511		$	626		$	858		$	981

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three and six months ended June 30, 2011).

(2) Includes the portion of consolidated depreciation and amortization expense that would be allocable to non-controlling interests in the operating partnership and depreciation related to corporate furniture, fixtures and equipment.

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

(4) The three months ended June 30, 2012 and 2011 include 1,598,000 and 1,732,000 additional shares of common stock, respectively, related to OP units, shares of restricted stock, shares contingently issuable related to business combinations, or common stock issuable upon conversion of the Series A preferred stock, which are considered antidilutive for purposes of calculating diluted earnings per share. The six months ended June 30, 2012 and 2011 include 2,654,000 and 2,015,000 additional shares of common stock, respectively, related to OP units, shares of restricted stock, shares contingently issuable related to business combinations, or common stock issuable upon conversion of the Series A preferred stock, which are considered antidilutive for purposes of calculating diluted earnings per share. The three and six months ended March 31, 2012 and 2011 excludes 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

(5) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three and six months ended June 30, 2012 includes a reduction of $99,000 and $193,000, respectively, for dividends attributable to shares of LTIP restricted common stock.

(6) Excludes development properties.

Page 9

Debt Summary

For the Period Ended June 30, 2012

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)	$	259,753			91	%
Variable Rate Debt(2)		25,629			9	%
Total Debt(1)	$	285,382			100	%
Debt(1)/Gross Undepreciated Assets		33.7	%
				% Total Debt
Secured Debt(1)(2)	$	285,382			100	%
Unsecured Debt		—			0	%
Total Debt	$	285,382			100	%

Maturities by Year-Secured(3)	Amount		% Total Debt			Maturities by Year-Unsecured(3)	Amount		% Total Debt
2012	$	2,053		0.7	%	2012	$	—		0.0	%
2013(4)		94,049		33.0	%	2013		—		0.0	%
2014		76,834		26.9	%	2014		—		0.0	%
2015		47,375		16.6	%	2015		—		0.0	%
2016		1,335		0.5	%	2016		—		0.0	%
2017		40,036		14.0	%	2017		—		0.0	%
2018		705		0.2	%	2018		—		0.0	%
2019		541		0.2	%	2019		—		0.0	%
2020		581		0.2	%	2020		—		0.0	%
2021		625		0.2	%	2021		—		0.0	%
Beyond 2021		21,248		7.4	%	Beyond 2021		—		0.0	%
Total	$	285,382		100.0	%	Total	$	—		0.0	%

Mortgage Notes	Amount		Contractual Interest Rate			Maturity
Five Forks Place	$	4,975		5.5	%		2013
Grant Creek Town Center		15,520		5.8	%		2013
Park West Place(5)		55,800		3.9	%		2013
Excel Centre		12,408		6.1	%		2014
Merchant Central		4,514		5.9	%		2014
Edwards Theatre		12,017		6.7	%		2014
Gilroy Crossing		47,026		5.0	%		2014
The Promenade		50,534		4.8	%		2015
5000 South Hulen		13,767		5.6	%		2017
Lake Pleasant Pavilion		28,250		6.1	%		2017
Rite Aid-Vestavia Hills		1,264		7.3	%		2018
Lowe’s		13,678		7.2	%		2031
Northside Plaza(2)		12,000		0.2	%		2035
Total		271,753		5.0	%
Debt (discount) or premium		732
Mortgage notes, net	$	272,485

(1) Includes a mortgage note at our Park West Place property, which bears interest at LIBOR plus 2.50%. However, the Company has executed two interest rate swaps equal to the principal balance, which effectively fix the interest rate at 3.91% 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. The bonds are priced off the SIFMA index and reset weekly. The rate as of June 30, 2012 was 0.19%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility.

(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. Also includes a construction loan of $13.6 million, secured by Red Rock Commons, which matures on March 1, 2013. The construction loan may be extended for an additional two one-year periods at the Company’s election after satisfying certain conditions and payment of an extension fee.

(5) Includes effect of interest rate swaps.

* On July 20, 2012, Excel Trust amended its unsecured credit facility, increasing the borrowing capacity from $200 million to $250 million and lowering its interest rate. The facility now bears interest at a rate per annum equal to LIBOR plus 165 to 225 basis points (down from 220 to 300 basis points), depending on the company’s leverage ratio. If the Company is given an investment-grade credit rating by S&P or Moody’s in the future, the interest rate per annum will improve to LIBOR plus 100 basis points to 185 basis points. The facility includes an accordion feature that allows for an increase up to $450 million under specified circumstances. The maturity date of the credit facility is July 19, 2016 and can be extended for one year at the Company’s election.

Page 10

Common and Preferred Stock Data

For the Period Ended June 30, 2012

(In thousands, except per share data)

	Three Months Ended June 30, 2012			Three Months Ended March 31, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011
Earning per share - share data
Weighted average common shares outstanding - diluted		32,785			31,761			29,272			29,634
Diluted common shares - EPS		32,785			31,761			29,272			29,634
Funds from operations - share data
Weighted average common shares outstanding		32,785			31,761			29,272			29,634
Weighted average OP units outstanding		1,205			1,393			1,405			1,405
Weighted average restricted stock outstanding		314			370			402			—
Dilutive effect of contingent consideration related to business combinations		79			102			127			348
Dilutive effect of LTIP restricted stock outstanding		—			—			—			—
Dilutive effect of convertible preferred shares		—			—			—			—
Total potential dilutive common shares		34,383			33,626			31,206			31,387
Total common shares (including restricted stock) outstanding		33,732			33,642			30,290			30,290
Total OP units outstanding		1,105			1,284			1,405			1,405
Total Series A preferred shares outstanding		2,000			2,000			2,000			2,000
Total Series B preferred shares outstanding		3,680			3,680			—			—
Common share data
High closing share price	$	12.37		$	13.12		$	12.29		$	11.69
Low closing share price	$	10.94		$	11.58		$	8.96		$	9.32
Average closing share price	$	11.63		$	12.31		$	10.84		$	10.53
Closing price at end of period	$	11.96		$	12.08		$	12.00		$	9.62
Dividends per share - annualized	$	0.65		$	0.65		$	0.64		$	0.62
Dividend yield (based on closing share price at end of period)		5.4	%		5.4	%		5.3	%		6.4	%
Dividends per share
Common stock (EXL)	$	0.1625		$	0.1625		$	0.1600		$	0.1550
Series A Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.5078		$	0.4232		$	—		$	—

Page 11

Acquisitions & Developments

For Fiscal Year 2012

(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
Promenade Corporate Center	Scottsdale	AZ	2004		256,176		1/23/2012	$	204	$	52,300	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
EastChase Market Center	Montgomery	AL	2008		181,431		2/17/2012		136		24,700	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
La Costa Town Center	Carlsbad	CA	1980		121,429		2/29/2012		194		23,500	Vons
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007		178,376		5/16/2012		234		41,800	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Total					737,412			$	193	$	142,300

Developments Under Construction	City	State	Estimated Opening Date (4)	GLA to be Constructed		Land (5)		Improvements		Total Carrying Amount (6)		Remaining Estimated Cost to Complete		% GLA Leased / Committed (7)			Major Tenants
Plaza at Rockwall - Phase II	Rockwall	TX	Open		101,328	$	4,747	$	10,584	$	15,331	$	3,556		85	%	HomeGoods, Jo-Ann, Olive Garden (non-owned)
Red Rock Commons - Phase I	St. George	UT	Open		118,230		10,823		17,883		28,706		1,928		100	%	Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
Total					219,558	$	15,570	$	28,467	$	44,037	$	5,484

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	Q2 2013	$	2,223	Additional shop space
Red Rock Commons - Phase II	St. George	UT	16,824	Q4 2012	$	1,466	Additional shop space
Park West Place	Stockton	CA	15,200	TBD		NA	Additional outparcels to be sold, leased or developed
Shops at Foxwood	Ocala	FL	1.0 acre	TBD		NA	Additional land to be sold, leased 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) Plaza at Rockwall - Phase II amount represents the Company’s estimated land value at acquisition date.

(6) 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.

(7) 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 July 2012.

Page 12

Portfolio Summary

For the Period Ended June 30, 2012

(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 6/30/2012			Major Tenants
Operating Portfolio
The Promenade	Scottsdale	AZ	1999		433,538		7/11/2011	$	254	$	110,000		99.7	%	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		598,287		12/14/2010	$	155	$	92,500		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		98.0	%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004		256,176		1/23/2012	$	204	$	52,300		84.8	%	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
Brandywine Crossing	Washington Metro (Brandywine)	MD	2009		198,384		10/1/2010	$	224	$	44,500		98.4	%	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		86.4	%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Plaza at Rockwall - Phase I	Rockwall	TX	2007		328,725		6/29/2010	$	108	$	35,500		100.0	%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		390,103		8/30/2010	$	89	$	34,900		80.6	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008		219,841		12/19/2011	$	141	$	31,000		97.7	%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Edwards Theatres	San Diego (San Marcos)	CA	1999		100,551		3/11/2011	$	261	$	26,200		100.0	%	Edwards Theatres (a subsidiary of Regal Cinemas)
Rosewick Crossing	Washington Metro (La Plata)	MD	2008		116,036		10/1/2010	$	215	$	24,900		80.3	%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL	2008		181,431		2/17/2012	$	136	$	24,700		98.9	%	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Excel Centre	San Diego	CA	1999		82,157		**	$	288	$	23,700		82.5	%	Kaiser Permanente, Excel Trust, UBS
La Costa Town Center	Carlsbad	CA	1980		121,429		2/29/2012	$	194	$	23,500		75.7	%	Vons
5000 South Hulen	Fort Worth	TX	2005		86,833		5/12/2010	$	252	$	21,900		94.9	%	Barnes & Noble, Old Navy
Grant Creek Town Center	Missoula	MT	1998		164,166		8/27/2010	$	130	$	21,300		93.8	%	Ross, TJ Maxx, REI
Lowe’s	Shippensburg	PA	2008		171,069		6/22/2010	$	103	$	17,600		100.0	%	Lowe’s
Anthem Highlands	Las Vegas (Henderson)	NV	2006		118,763		12/1/2011	$	147	$	17,500		82.2	%	Albertsons, CVS, Wells Fargo, Bank of America
Shops at Foxwood	Ocala	FL	2010		78,660		10/19/2010	$	160	$	12,600		87.8	%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL	2010		171,670		11/15/2010	$	70	$	12,400		93.0	%	Publix, Hobby Lobby, Books A Million
Five Forks Place	Simpsonville	SC	2002		61,191		**	$	127	$	7,800		96.6	%	Publix
Mariner’s Point	St. Marys	GA	2001		45,215		7/20/2010	$	146	$	6,600		96.5	%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006		60,100		**	$	108	$	6,500		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		84.0	%	Dollar Tree, Super Wal-Mart (non-owned)
Walgreens	Corbin (North)	KY	2009		13,650		5/24/2010	$	256	$	3,500		100.0	%	Walgreens
Total Operating Portfolio	Total				4,546,795			$	169	$	767,700		93.5	%
Developments Under Construction	City	State	Estimated Opening Date(3)	GLA to be Constructed		Land Value  (4)		Improvements		Total Carrying Amount  (5)		% GLA Leased / Committed (6)			Major Tenants
Plaza at Rockwall - Phase II	Rockwall	TX	Open		101,328		4,747		10,584		15,331		85	%	HomeGoods, Jo-Ann, Olive Garden (non-owned)
Red Rock Commons - Phase I	St. George	UT	Open		118,230		10,823		17,883		28,706		100	%	Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
	Total				219,558		15,570		28,467	$	44,037
	Total Portfolio (7)				4,766,353					$	811,737

** 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) Plaza at Rockwall - Phase II amount represents the Company’s estimated land value at acquisition date.

(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 July 2012.

(7) Figure excludes Future Developments / Land (see Acquisitions & Developments page for details).

Page 13

Summary of Retail Leasing Activity

For the Period Ended June 30, 2012

	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		4,260	$	16.79	$	11.97		40.3	%	$	10.00
Renewals/Options		8		15,088		24.25		25.96		-6.6	%		—
Total: Comparable Leases		10		19,348	$	22.61	$	22.88		-1.2	%	$	2.82
Non-Comparable Leases
Operating portfolio		5		11,747	$	26.74		n/a		n/a		$	17.48
Development		5		10,202		26.69		n/a		n/a			26.63
Total: Non-Comparable Leases		10		21,949	$	26.72		n/a		n/a		$	21.73
Total Leasing Activity		20		41,297	$	24.79		n/a		n/a		$	12.87

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

(2) Lease rate represents final cash rent from the previous lease and the initial 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 14

Major Tenants By GLA

For the Period Ended June 30, 2012

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)			4,546,795
	Tenants	# Stores	Square Feet		% of Total GLA
1	Lowe’s	2		325,863		7.2	%
2	Publix	4		199,751		4.4	%
3	Kohl’s	2		176,656		3.9	%
4	Bed Bath & Beyond	5		131,864		2.9	%
5	Ross Dress For Less	4		115,259		2.5	%
6	JC Penny	1		103,256		2.3	%
7	Edwards Theatres	1		100,551		2.2	%
8	Dick’s Sporting Goods	2		95,000		2.1	%
9	Jo-Ann	3		90,955		2.0	%
10	TJX Companies	3		87,907		1.9	%
	Total Top 10 GLA	27		1,427,062		31.4	%

Major Tenants By Rent

Annualized Base Rent-Operating Portfolio (2)								$ 63,849
	Tenants	# Stores		Square Feet		Rent Per Sq. Ft.		ABR		% ABR
1	Lowe’s		2		325,863	$	6.74	$	2,195		3.4	%
2	Edwards Theatres		1		100,551		21.72		2,184		3.4	%
3	Publix		4		199,751		10.76		2,149		3.4	%
4	Kaiser Permanente		1		38,432		41.58		1,598		2.5	%
5	Bed Bath & Beyond		5		131,864		10.93		1,441		2.3	%
6	Kohl’s		2		176,656		7.62		1,347		2.1	%
7	Ross Dress For Less		4		115,259		11.42		1,316		2.1	%
8	Dick’s Sporting Goods		2		95,000		13.32		1,265		2.0	%
9	PetSmart		4		79,101		15.33		1,213		1.9	%
10	Jo-Ann		3		90,955		11.49		1,045		1.6	%
	Total Top 10 Annualized Rent		28		1,353,432	$	11.64	$	15,753		24.7	%

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

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

Page 15

Expiration Schedule

For the Period Ended June 30, 2012

(Dollars in thousands, except rent per square foot)

	June 30, 2012			March 31, 2012
Total GLA - Operating Portfolio		4,546,795			4,368,419
Total GLA Occupied - Operating Portfolio		4,199,878			4,074,159
% Occupied		92.4	%		93.3	%
Total GLA - Operating Portfolio		4,546,795			4,368,419
Total GLA Leased - Operating Portfolio		4,249,692			4,093,333
% Leased		93.5	%		93.7	%
Retail GLA - Operating Portfolio(1)		4,208,462			4,030,086
Retail GLA Occupied - Operating Portfolio		3,924,955			3,784,830
% Occupied		93.3	%		93.9	%
Retail GLA - Operating Portfolio(1)		4,208,462			4,030,086
Retail GLA Leased - Operating Portfolio		3,964,617			3,804,004
% Leased		94.2	%		94.4	%
Total Retail Anchor GLA % Leased - Operating Portfolio		98.5	%		99.2	%
Total Retail Inline GLA % Leased - Operating Portfolio		84.8	%		84.1	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(2)	2,825,048		72.0	%	$	31,190		55.3	%
Occupied Retail Inline GLA(2)(3)	1,099,907		28.0	%		25,260		44.7	%
Total Occupied Retail GLA	3,924,955		100.0	%	$	56,450		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 Retail GLA Expiring		% of Total Retail GLA			Total Retail ABR Expiring		% of Total Retail ABR			Average Rent Per Sq. Ft.
2012(3)		10,136		0.3	%	$	27.00		74,505		1.9	%	$	13.26		84,641		2.2	%	$	1,262		2.2	%	$	14.91
2013		60,678		1.5	%		9.67		155,745		4.0	%		24.52		216,423		5.5	%		4,405		7.8	%		20.35
2014		106,275		2.7	%		16.02		209,363		5.3	%		21.12		315,638		8.0	%		6,124		10.8	%		19.40
2015		387,186		9.9	%		13.96		185,357		4.7	%		22.88		572,543		14.6	%		9,646		17.1	%		16.85
2016		191,073		4.9	%		8.74		160,866		4.1	%		22.91		351,939		9.0	%		5,354		9.5	%		15.21
2017		68,000		1.7	%		12.72		54,108		1.4	%		23.09		122,108		3.1	%		2,114		3.7	%		17.31
2018		263,723		6.7	%		14.49		76,385		1.9	%		23.31		340,108		8.7	%		5,603		9.9	%		16.47
2019		323,623		8.2	%		14.73		36,207		0.9	%		22.54		359,830		9.2	%		5,582		9.9	%		15.51
2020		86,309		2.2	%		13.69		45,529		1.2	%		27.93		131,838		3.4	%		2,453		4.3	%		18.61
Beyond 2020		1,328,045		33.8	%		8.22		101,842		2.6	%		29.34		1,429,887		36.4	%		13,907		24.6	%		9.73
Total		2,825,048		72.0	%	$	11.04		1,099,907		28.0	%	$	22.97		3,924,955		100.0	%	$	56,450		100.0	%	$	14.38

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

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

(3) Includes month-to-month leases and ground leases, but excludes percentage rent. Anchor tenant expiring in 2012 is an office tenant at the La Costa Towne Center property.

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Definitions

Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

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

Annualized Base Rent: Annualized Base Rent is obtained by annualizing the cash rental rate (excluding reimbursements and percentage rent) for the final month of a reporting period.

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.

Page 17