Underwriting Agreement
Exhibit 1.1
EXECTION VERSION
8,500,000 Shares
EXCEL TRUST, INC.
COMMON STOCK ($0.01 PAR VALUE PER SHARE)
UNDERWRITING AGREEMENT
October 25, 2012
October 25, 2012
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Morgan Stanley & Co. LLC
Raymond
James & Associates, Inc.
c/o Merrill Lynch, Pierce, Fenner & Smith
Incorporated
One Bryant Park
New York, New York 10036
c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
c/o Raymond James & Associates, Inc.
880 Carillon Parkway
Saint Petersburg, Florida 33716
Ladies and
Gentlemen:
Excel Trust, Inc., a Maryland corporation (the “Company”), and Excel Trust, L.P., a Delaware
limited partnership (the “Operating Partnership”), each confirms its agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Raymond James & Associates, Inc., as
representatives (the “Representatives”) of the several Underwriters named in Schedule I hereto (the “Underwriters”), with respect to the proposed issuance and sale of 8,500,000 shares of the Company’s common
stock, par value $0.01 per share (the “Firm Shares”). The Company also proposes to issue and sell to the several Underwriters not more than an additional 1,275,000 shares of its common stock, par value $0.01 per share (the
“Additional Shares”) if and to the extent that you, as Representatives of the Underwriters, shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of common stock granted to the
Underwriters in Section 2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the “Shares.” The shares of common stock, par value $0.01 per share, of the Company to be outstanding after
giving effect to the sales contemplated hereby are hereinafter referred to as the “Common Stock.”
The
Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (333-174020), including a prospectus relating to the securities (the “Shelf Securities”),
including the Shares, to be issued from time to time by the Company. The registration statement as amended to the date of this Agreement, including the information (if any) deemed to be part of the registration statement at the time of effectiveness
pursuant to Rule 430A or Rule 430 B under the Securities Act of 1933, as amended (the “Securities Act”), is hereinafter referred to as the “Registration Statement,” and the related
prospectus covering the Shelf Securities dated June 14, 2011 in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to
meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the “Basic Prospectus.” The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Shares
in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the
“Prospectus,” and the term “preliminary prospectus” means any preliminary form of the Prospectus. If the Company has filed an abbreviated registration statement to register additional shares of Common Stock pursuant
to Rule 462(b) under the Securities Act (the “Rule 462 Registration Statement”), then any reference herein to the term “Registration Statement” shall be deemed to include such Rule 462 Registration Statement. For
purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act, “Time of Sale Prospectus” means the preliminary prospectus together with the information set
forth in Schedule II hereto, and “broadly available road show” means a “bona fide electronic road show” as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person.
As used herein, the terms “Registration Statement,” “Basic Prospectus,” “preliminary prospectus,” “Time of Sale Prospectus” and “Prospectus” shall include the
documents, if any, incorporated by reference therein as of the date hereof. The terms “supplement,” “amendment,” and “amend” as used herein with respect to the Registration Statement, the Basic
Prospectus, the Time of Sale Prospectus, any preliminary prospectus or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), that are deemed to be incorporated by reference therein.
1. Representations and Warranties. Each of
the Company and the Operating Partnership, jointly and severally, represents and warrants to and agrees with each of the Underwriters that:
(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to
the knowledge of the Company and the Operating Partnership, threatened by the Commission. The Company satisfies all conditions and requirements for filing the Registration Statement on Form S-3 under the Securities Act and the applicable rules and
regulations of the Commission thereunder as set forth in the Commission’s Form S-3.
(b)(i) Each document, if any, filed
or to be filed pursuant to the Exchange Act and incorporated by reference in the Registration Statement, the Time of Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the
applicable rules and regulations of the Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not as of the
date of any such amendment or supplement contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement
as of the date hereof does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iv) the Registration Statement and the
Prospectus comply, and as amended or supplemented, if applicable, will comply in all material respects with the
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Securities Act and the applicable rules and regulations of the Commission thereunder, (v) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with
the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 4), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi) each broadly available road show, if any, when
considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading and (vii) as of its date, the date hereof, the Closing Date and each Option Closing Date (as defined in Section 2), as the case may be, the Prospectus does not contain and, as amended or supplemented, if applicable, will not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus based upon information relating to any Underwriter furnished to the Company in writing by such
Underwriter through you expressly for use therein.
(c) The Company is not an “ineligible issuer” in connection with
the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance
with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or
that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for
the free writing prospectuses, if any, identified in Schedule II hereto, and electronic road shows, if any, each furnished to you before first use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare,
use or refer to, any free writing prospectus.
(d) The Company has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own, operate and lease its properties and to conduct its business as described in the Registration Statement, the Time of
Sale Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and each of its subsidiaries, including the Operating
Partnership (each a “Subsidiary,” and together, the “Subsidiaries”), taken as a whole.
(e)
The subsidiaries listed in Schedule III attached hereto are the only Subsidiaries of the Company. Each Subsidiary has been duly formed, is validly existing as a corporation, limited liability company or limited partnership, as the case may be, in
good standing under the laws of the jurisdiction in which it is chartered or organized, and has the power and authority to
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own and to operate and lease its properties and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and to enter into and perform
its obligations under this Agreement, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and the Subsidiaries, taken as a whole. The subsidiaries listed in Schedule IV attached hereto are the only subsidiaries of the
Company that constitute “significant subsidiaries” within the meaning of Rule 1-02(w) of Regulation S-X (the “Significant Subsidiaries”).
(f) This Agreement has been duly authorized, executed and delivered by the Company and the Operating Partnership.
(g) The Company has, and will have on the Closing Date, an authorized capitalization as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus under
“Capitalization” and the shares of capital stock of the Company outstanding prior to the issuance of the Shares have been duly and validly authorized and issued and are fully paid and non-assessable, and the authorized capital stock of the
Company conforms in all material respects as to legal matters to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.
(h) All of the issued and outstanding units of partnership interest in the Operating Partnership (the “OP Units”) have
been duly and validly authorized and issued and are fully paid and non-assessable. None of the OP Units were issued in violation of the preemptive or other similar rights of any security holder of the Operating Partnership or any other person or
entity. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no outstanding options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any
obligations into or exchange any securities or interests for, OP Units or other ownership interests of the Operating Partnership. All offers and sales of the OP Units prior to the date hereof were at all relevant times duly registered under the
Securities Act or were exempt from the registration requirements of the Securities Act and were duly registered or the subject of an available exemption from the registration requirements of the applicable state securities or blue sky laws.
(i) All of the issued and outstanding shares of capital stock or other ownership interests of each Subsidiary other than the
Operating Partnership have been duly and validly authorized and issued and are fully paid and non-assessable, and, except as otherwise set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, all outstanding shares of
capital stock or other ownership interests of the Subsidiaries other than the Operating Partnership are owned by the Company either directly or through subsidiaries that are wholly owned by the Operating Partnership, free and clear of any perfected
security interest or any other security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions of any kind.
(j) Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no outstanding options, warrants, or other rights to purchase, agreements or other
obligations to issue, or rights to convert any obligations into or exchange
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any securities or interests for capital stock or other ownership interests of the Company or any Subsidiary other than the Operating Partnership.
(k) This Agreement constitutes a legally valid and binding obligation of each of the Company and the Operating Partnership, enforceable
against each of the Company and the Operating Partnership in accordance with its terms, except to the extent that such enforceability may be limited by (i) the effect of bankruptcy, insolvency, reorganization, fraudulent conveyance,
receivership, moratorium and other similar laws relating to or affecting the rights and remedies of creditors and (ii) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible
unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair dealing, and the discretion of the court before which a proceeding is brought.
(l) The Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 31, 2012, as
amended (the “Partnership Agreement”), has been duly and validly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable in accordance with its terms.
(m) The Shares have been duly authorized and, when issued and delivered in accordance with the terms of this Agreement, will be validly
issued, fully paid and non-assessable, and the issuance of such Shares will not be subject to any preemptive or similar rights. The Shares have been registered pursuant to Section 12 of the Exchange Act.
(n) No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends or distributions to the
Company, from making any other distribution on such Subsidiary’s capital stock or equity interests, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s
property or assets to the Company or any other Subsidiary of the Company except pursuant to the terms of any indebtedness set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus.
(o) The execution and delivery by the Company and the Operating Partnership of, and the performance by the Company and the Operating
Partnership of their respective obligations under, this Agreement will not contravene any provision of applicable law or the organizational documents of the Company or any Subsidiary or any agreement or other instrument binding upon the Company or
any Subsidiary that is material to the Company and the Subsidiaries, taken as a whole, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any Subsidiary, and no consent, approval,
authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company and the Operating Partnership of their respective obligations under this Agreement, except such as may be required by
the securities or blue sky laws of the various states in connection with the offer and sale of the Shares and except for any such consents, approvals, authorizations, orders or qualifications, the absence of which would not singly or in the
aggregate have a material adverse effect on the Company and the Operating Partnership, taken as a whole, or a material adverse effect on the power or ability of the Company and the Operating Partnership to perform their respective obligations under
this Agreement.
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(p) There has not occurred any material adverse change, or any development involving a
prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and the Subsidiaries, taken as a whole, from that set forth in the Registration Statement, the Time of Sale
Prospectus and the Prospectus.
(q) There are no legal or governmental proceedings pending or, to the knowledge of the Company
and the Operating Partnership, threatened to which the Company or any of the Subsidiaries is a party or to which any of the properties of the Company or any Subsidiary is subject (i) other than proceedings accurately described in all material
respects in the Registration Statement, the Time of Sale Prospectus and the Prospectus and proceedings that would not have a material adverse effect on the Company and the Subsidiaries, taken as a whole, or a material adverse effect on the power or
ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus or (ii) that are required to be described in the
Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the Time of Sale
Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required.
(r) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied
when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.
(s) Each of the Company and the Subsidiaries is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus will not be,
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
(t) The Company and the Subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety,
the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to
conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or
other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a material adverse effect on the Company and the Subsidiaries, taken as a whole.
(u) In the ordinary course of their business, the Company and each of the Subsidiaries conduct periodic reviews of the effect of the
Environmental Laws on their respective businesses, operations and properties, in the course of which they identify and evaluate associated costs and liabilities (including, without limitation, any capital or operating expenditures required for
clean-up, closure of properties or compliance with the Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties).
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(v) There are no costs or liabilities associated with Environmental Laws (including, without
limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to
third parties) and there are no notices of potential liability or claims pending or, to the knowledge of the Company and the Operating Partnership, threatened against the Company or any of the Subsidiaries or any of their respective properties
concerning Environmental Laws, which would, singly or in the aggregate, have a material adverse effect on the Company and the Subsidiaries, taken as a whole; neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company and
the Operating Partnership, any other person has contaminated or caused conditions that threaten to contaminate any of the properties with Hazardous Materials (as hereinafter defined); none of the properties is included on or, to the knowledge of the
Company and the Operating Partnership, is proposed for inclusion on the National Priorities List pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §. 9601 et seq., or any similar
list or inventory of contaminated properties. As used herein, “Hazardous Material” shall mean any hazardous material, hazardous waste, hazardous substance, hazardous constituent, toxic substance, pollutant, contaminant, asbestos,
petroleum, petroleum waste, radioactive material, biohazardous material, explosive or any other material, the presence of which in the environment is prohibited, regulated, or serves as the basis of liability, as defined, listed, or regulated by any
applicable federal, state, or local environmental law, ordinance, rule, or regulation.
(w) Except for (i) the
Registration Rights Agreement, dated as of May 4, 2010, by and among the Company, the Operating Partnership and the persons named therein and (ii) the Registration Rights Agreement, dated as of January 28, 2011, by and among the
Company, Stifel, Nicolaus & Company, Incorporated and Raymond James & Associates, Inc., there are no contracts, agreements or understandings between the Company or the Operating Partnership and any person granting such person the
right to require the Company or the Operating Partnership to file a registration statement under the Securities Act with respect to any securities of the Company or the Operating Partnership or to require the Company or the Operating Partnership to
include such securities with the Shares registered pursuant to the Registration Statement.
(x) None of the Company or the
Subsidiaries has sold or issued, or offered or agreed to sell or issue, any securities that would be integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the rules and regulations promulgated
thereunder or the interpretations thereof by the Commission.
(y) Neither the Company nor any of the Subsidiaries, nor any
director, officer, employee, or affiliate, nor, to the Company’s knowledge, any agent or representative acting on behalf of the Company or any of the Subsidiaries, has taken any action in furtherance of an offer, payment, promise to pay, or
authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or
controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official
action or secure an improper advantage that would constitute a violation of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
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“FCPA”); and the Company and the Subsidiaries have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to
promote and achieve compliance with the FCPA and the representation and warranty contained herein.
(z) The operations of the
Company and the Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and the Subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company and the
Operating Partnership, threatened.
(aa)(1) Each of the Company and the Operating Partnership represents that none of the
Company, the Operating Partnership or any Subsidiary, nor, to the knowledge of the Company and the Operating Partnership, any director, officer, employee, agent, affiliate or representative acting on behalf of the Company and the Operating
Partnership, is an individual or entity (“Person”) that is, or is owned or controlled by a Person that is:
(A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authority (collectively, “Sanctions”); or
(B) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria).
(2) Each of the Company and the Operating Partnership represents and covenants that it will not, directly or indirectly, and will not
permit any other Subsidiary to, use the proceeds of the offering of the Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:
(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such
funding or facilitation, is the subject of Sanctions; or
(B) in any other manner that will result in a violation of Sanctions
by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).
(3) Each of the Company and the Operating Partnership represents and covenants that for the past five years it has not knowingly engaged
in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.
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(bb) Subsequent to the respective dates as of which information is given in each of the
Registration Statement, the Time of Sale Prospectus and the Prospectus and prior to the Closing Date, (i) the Company and the Subsidiaries have not incurred or agreed to incur any material liability or obligation, direct or contingent, nor
entered into any material transaction, (ii) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary
dividends, and (iii) there has not been any material change in the capital stock, short-term debt or long-term debt of the Company and the Subsidiaries, except in each case as described in each of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, respectively.
(cc) The Company and the Subsidiaries have good and marketable title in fee
simple to all of the properties and good and marketable title to all personal property owned by them which are material to the business of the Company and the Subsidiaries, in each case free and clear of all liens, encumbrances and defects, except
such as are described in the Registration Statement, the Time of Sale Prospectus and the Prospectus or such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such
property by the Company and the Subsidiaries; and any real property and buildings held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not materially interfere with the use made and proposed to be made of such property and buildings by the Company and the Subsidiaries, in each case except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus.
(dd) Neither the Company nor any Subsidiary knows of any violation of any municipal, state or federal law, rule or regulation
concerning any real property owned in fee simple by or under contract to be acquired by the Company or the Subsidiaries as of the date of this Agreement or any part thereof that would have a material adverse effect on the Company and the
Subsidiaries, taken as a whole; the Company has disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus with an adequate amount of detail all options and rights of first refusal to purchase all or part of any property
or any interest therein; each of the properties complies with all applicable zoning laws, ordinances, regulations and deed restrictions or other covenants in all material respects and, if and to the extent there is a failure to comply, such failure
does not materially impair the value of any of the properties and will not result in a forfeiture or reversion of title; neither the Company nor any Subsidiary has received from any governmental authority any written notice of any condemnation of or
zoning change affecting the properties or any part thereof, and neither the Company nor any Subsidiary knows of any such condemnation or zoning change which is threatened, and, in each case, which if consummated would have a material adverse effect
on the Company and each of the Subsidiaries, taken as a whole; all liens, charges, encumbrances, claims, or restrictions on or affecting the properties and assets of the Company and any of the Subsidiaries that are required to be described in the
Registration Statement, the Time of Sale Prospectus or the Prospectus are disclosed therein.
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(ee) Except as (i) disclosed in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, or (ii) would not have a material adverse effect on the Company and the Subsidiaries, taken as a whole, to the Company’s knowledge, no lessee of any portion of any of the properties of the Company and the Subsidiaries
is in default under any of the leases governing such properties and there is no event which, but for the passage of time or the giving of notice or both, would constitute a default under any of such leases.
(ff) Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the mortgages encumbering the
properties of the Company and the Subsidiaries are not and will not be: (i) convertible (in the absence of foreclosure) into an equity interest in the entity owning such property or in the Company or any Subsidiary,
(ii) cross-defaulted to any indebtedness other than indebtedness of the Company or any of the Subsidiaries, or (iii) cross-collateralized to any property or assets not owned directly or indirectly by the Company or any of the Subsidiaries.
(gg) To the knowledge of the Company, water, stormwater, sanitary sewer, electricity and telephone service are all available
at the property lines of each property over duly dedicated streets or perpetual easements of record benefiting the applicable property.
(hh) There are no contracts, letters of intent, term sheets, agreements, arrangements or understandings with respect to the direct or indirect acquisition or disposition by the Company or the Operating
Partnership of interests in assets or real property that is required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that is not already so described.
(ii) Neither the Company nor any Subsidiary has sent, received or otherwise become aware of any communication regarding termination of,
or intent not to renew, any of the contracts or agreements with any “major tenant” identified in Schedule V hereto, including any such contract or agreement filed as an exhibit to the Registration Statement or in the filings made by the
Company under the Exchange Act that would be incorporated by reference in the Registration Statement, the Time of Sale Prospectus or the Prospectus, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to
the knowledge of the Company, any other party to any such contract or agreement.
(jj) The Company and the Subsidiaries own or
possess, or can acquire on reasonable terms, all material patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks and trade names currently employed by them in connection with the business now operated by them, and neither the Company nor any Subsidiary has received any notice of infringement of or conflict with asserted
rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company and the Subsidiaries, taken as a whole.
(kk) No material labor dispute with the employees of the Company and the Subsidiaries exists, except as described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus, or, to the knowledge of the Company and the Subsidiaries, is imminent.
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(ll) The Company and the Subsidiaries, taken as a whole, are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; the Company and the Subsidiaries, taken as a whole, have not been refused any insurance
coverage sought or applied for; and the Company and the Subsidiaries, taken as a whole, have no reason to believe that they will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue their businesses at a cost that would not have a material adverse effect on the Company and the Subsidiaries, taken as a whole, except as described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus.
(mm) The Company and the Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as would not have a
material adverse effect on the Company and the Subsidiaries, taken as a whole, and neither the Company nor any of the Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company and the Subsidiaries, taken as a whole, except as described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus.
(nn) The combined financial statements included in,
or incorporated by reference into, the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes, present fairly the financial position of the Company and the Subsidiaries, or any
predecessor entity thereto, as applicable, at the dates indicated, and the combined results of operations, owners’ equity and cash flows of the Company and the Subsidiaries, or any predecessor entity thereto, as applicable, for the periods
specified; said financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as applied in the United States and on a consistent basis throughout the periods involved, except as may be
expressly stated in the related notes thereto; said financial statements have been prepared on a consistent basis with the books and records of the Company and the Subsidiaries, or any predecessor entity thereto, as applicable. The supporting
schedules included in, or incorporated by reference into, the Registration Statement, the Time of Sale Prospectus and the Prospectus present fairly in accordance with GAAP the information required to be stated therein. The summary financial data set
forth under the caption “Capitalization” in the Registration Statement, the Time of Sale Prospectus and the Prospectus fairly present, on the basis stated in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the
information included therein. The unaudited pro forma condensed combined financial statements and the related notes thereto included in, or incorporated by reference into, the Registration Statement, the Time of Sale Prospectus and the Prospectus
have been prepared in accordance in all material respects with the applicable requirements of Regulation S-X under the Securities Act, and, in the opinion of the Company, the assumptions used in the preparation thereof are reasonable and provide a
reasonable basis for presenting the significant effects
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directly attributable to the transactions or events described therein, and the related adjustments used therein give appropriate effect to the transactions and circumstances referred to therein
and the pro forma columns therein reflect the proper application of these adjustments to the corresponding historical financial statement amounts. Other than the historical and pro forma financial statements (and schedules) included in, or
incorporated by reference into, the Registration Statement, the Time of Sale Prospectus and the Prospectus, no other historical or pro forma financial statements (or schedules) are required by the Securities Act to be included therein.
(oo) The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences, and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement is accurate in all material
respects. Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (i) no material weakness in the Company’s
internal control over financial reporting (whether or not remediated), and (ii) no change in the Company’s internal control over financial reporting that has materially adversely affected, or is reasonably likely to materially adversely
affect, the Company’s internal control over financial reporting.
(pp) The Company has made a timely election to be
subject to tax as a real estate investment trust (a “REIT”) pursuant to Section 856 through 860 of the Code commencing with its taxable year ended December 31, 2010, and commencing with such taxable year, the Company
has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and the Company’s present and proposed method of operation as set for in each of the Registration Statement, the Time
of Sale Prospectus and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code. All statements regarding the Company’s qualification and taxation as a REIT and descriptions of
the Company’s organization and proposed method of operation set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus are true, complete and correct in all materials respects.
(qq) The Company and each of the Subsidiaries have filed on a timely basis all material federal, state, local and foreign tax returns
required to be filed through the date hereof or have properly requested extensions thereof, and all such tax returns are true, correct and complete in all material respects, and have paid all material taxes required to be paid, including any tax
assessment, fine or penalty levied against the Company or any of the Subsidiaries, and, except as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no tax deficiency has been asserted against any such
entity, nor does any such entity know of any tax deficiency which is likely to be asserted against any such entity, which, singly or in the aggregate, if determined adversely to any such entity, could reasonably be expected to have a material
adverse effect on the Company and the Subsidiaries, taken as a whole; all material tax liabilities are adequately provided for on the respective books of such entities.
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(rr) Except as described in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, the Company has not sold, issued or distributed any securities during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than securities
issued pursuant to employee benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding options, rights, warrants or OP Units.
(ss) Since April 28, 2010, the Company has timely filed all documents required to be filed by it under the Exchange Act.
(tt) Deloitte & Touche, LLP, who have certified certain financial statements of the Company and the Subsidiaries, or any predecessor entity thereto, and certain properties acquired by the
Company, are an independent registered public accounting firm with respect to the Company as required by the Securities Act.
(uu) The Company and its directors and officers, in their respective capacities as such, are in compliance with all presently applicable
provisions of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the rules and regulations promulgated thereunder.
(vv) The interactive data in eXtensbile Business Reporting Language that have been filed with the Commission in connection with the documents incorporated by reference in the Registration Statement, the
Time of Sale Prospectus and the Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the Commission’s rules and guidelines applicable thereto.
2. Agreements to Sell and Purchase. The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the
representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective numbers of Firm Shares set forth in Schedule I hereto opposite its
name at $11.52 per share (the “Purchase Price”); provided, however, that any Shares purchased in the offering by a non-U.S. unaffiliated third party identified by the Company (the “Third Party Shares”)
shall be purchased by the Underwriters from the Company at a price of $12.00 per share. With respect to the Third Party Shares, each Underwriter agrees, severally and not jointly, to purchase that proportion of the Third Party Shares that the number
of Firm Shares set forth in Schedule I opposite the name of such Underwriter bears to the total number of Firm Shares (subject to such adjustments to eliminate fractional shares as you may determine).
On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Company
agrees to sell to the Underwriters the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to 1,275,000 Additional Shares at the Purchase Price, provided, however, that the amount paid by the
Underwriters for any Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. You may exercise this right on behalf of the
Underwriters in whole or from
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time to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the
Underwriters and the date on which such shares are to be purchased. The purchase date specified in any exercise notice may not be earlier than the Closing Date for the Firm Shares and later than ten business days after the date of such notice.
Unless otherwise agreed to by the Company, for exercise notices provided after the Closing Date for the Firm Shares, each purchase date must be at least two business days after the written notice is given. Additional Shares may be purchased as
provided in Section 4 hereof. On each day, if any, that Additional Shares are to be purchased (an “Option Closing Date”), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject
to such adjustments to eliminate fractional shares as you may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule I
hereto opposite the name of such Underwriter bears to the total number of Firm Shares.
3. Terms of Public Offering. The Company is
advised by you that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in your judgment is advisable. The Company is
further advised by you that the Shares are to be offered to the public initially at $12.00 per share (the “Public Offering Price”) and to certain dealers selected by you at a price that represents a concession not in excess of $0.28
per share under the Public Offering Price.
4. Payment and Delivery. Payment for the Firm Shares shall be made to the Company in
Federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, four business days after pricing, if pricing occurs after
4:30 p.m., New York City time, or at such other time on the same or such other date, not later than five business days after pricing, as shall be designated in writing by you. The time and date of such payment are hereinafter referred to as the
“Closing Date.”
Payment for any Additional Shares shall be made to the Company in Federal or other funds
immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in
Section 2 or at such other time on the same or on such other date, in any event not later than ten business days after the expiration of the 30-day period during which the Underwriters may exercise their right to purchase the Additional Shares
pursuant to Section 2 hereof, as shall be designated in writing by you.
The Firm Shares and the Additional Shares shall
be registered in such names and in such denominations as you shall request in writing not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and the Additional Shares
shall be delivered to you on the Closing Date or the applicable Option Closing Date, as the case may be, for the respective accounts of the several Underwriters, with any transfer taxes payable in connection with the transfer of the Shares to the
Underwriters duly paid, against payment of the Purchase Price therefor.
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5. Conditions to the Underwriters’ Obligations. The several obligation of the Underwriters
hereunder to purchase the Firm Shares on the Closing Date or the Additional Shares on an Option Closing Date, as the case may be, as provided herein is subject to the accuracy of the representations and warranties of the Company and the Operating
Partnership herein contained, to the performance by the Company of its obligations hereunder, and to the following further conditions:
(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:
(i) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction
of the possible change, in the rating accorded any of the securities of the Company or any of the Subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange
Act; and
(ii) there shall not have occurred any change, or any development involving a prospective change, in
the condition, financial or otherwise, or in the earnings, business or operations of the Company and the Subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus as of the date of this Agreement that, in your judgment, is
material and adverse and that makes it, in your judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.
(b) The Underwriters shall have received on the Closing Date or each Option Closing Date, as the case may be, a certificate dated the respective dates of delivery thereof, and signed by an executive
officer of the Company and the Operating Partnership, to the effect set forth in Sections 5(a)(i) and 5(a)(ii) above and to the effect that the representations and warranties of the Company and the Operating Partnership contained in this
Agreement are true and correct as of the Closing Date or such Option Closing Date, as the case may be, and that the Company and the Operating Partnership have complied with all of the agreements and satisfied all of the conditions on their
respective part to be performed or satisfied hereunder on or before the Closing Date or such Option Closing Date, as the case may be.
The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.
(c) The Underwriters shall have received on the Closing Date or each Option Closing Date, as the case may be, the opinions of Latham & Watkins LLP, outside counsel for the Company and the
Operating Partnership, dated the Closing Date or such Option Closing Date, as the case may be, with respect to the matters identified in Exhibits A-1 and A-2 hereto. The opinions of Latham & Watkins LLP described in Exhibits A-1 and A-2
shall be rendered to the Underwriters at the request of the Company and shall so state therein. The opinions of Latham & Watkins LLP described in Exhibits A-1 and A-2 may also state that, insofar as such opinions involve factual matters,
Latham & Watkins LLP has relied, to the extent they deem proper, upon certificates of officers of the Company.
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(d) The Underwriters shall have received on the Closing Date or each Option Closing Date, as
the case may be, an opinion of Ballard Spahr LLP, special Maryland counsel to the Company, dated the Closing Date or such Option Closing Date, as the case may be, with respect to the matters identified in Exhibit B hereto. The opinions of Ballard
Spahr LLP described in Exhibit B shall be rendered to the Underwriters at the request of the Company and shall so state therein.
(e) The Underwriters shall have received on the Closing Date or each Option Closing Date, as the case may be, an opinion of Clifford Chance US LLP, counsel for the Underwriters, dated the Closing Date or
such Option Closing Date, as the case may be, in the form and substance reasonably satisfactory to the Underwriters. In giving such opinion such counsel may rely, as to all matters governed by Maryland law, upon the opinion of Ballard Spahr LLP
referred to in Section 5(e) above. Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper, upon certificates of officers of the Company and certificates of public
officials.
(f) The Underwriters shall have received on the Closing Date or each Option Closing Date, as the case may be, an
opinion of the General Counsel of the Company, dated the Closing Date or such Option Closing Date, as the case may be, with respect to the matters identified in Exhibit C hereto. The opinions of General Counsel of the Company described in Exhibit C
shall be rendered to the Underwriters at the request of the Company and shall so state therein.
(g) The Underwriters shall
have received, on each of the date hereof, the Closing Date and each Option Closing Date, as the case may be, a letter dated the respective dates of delivery thereof, in form and substance satisfactory to the Underwriters, from Deloitte &
Touche LLP, an independent registered public accounting firm, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; provided that the letter delivered on the Closing Date shall use a “cut-off date” not earlier than two days prior to the
date hereof and the Closing Date, as applicable.
(h) At the Closing Date and each Option Closing Date, the Shares shall have
been approved for listing on the New York Stock Exchange (the “NYSE”), subject only to official notice of issuance.
(i) The “lock-up” agreements, each substantially in the form of Exhibit D-1 hereto, between you and certain stockholders, officers and directors identified in Exhibit D-2 hereto relating to
sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on the Closing Date.
The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to you on the applicable
Option Closing Date of such documents as you may reasonably request with respect to the good standing of the Company and the Subsidiaries, the due authorization and issuance of the Additional Shares to be sold on such Option Closing Date and other
matters related to the issuance of such Additional Shares.
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6. Covenants of the Company. The Company covenants with each Underwriter as follows:
(a) To furnish to you, without charge, three signed copies of the Registration Statement (including exhibits thereto and documents
incorporated by reference therein) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto or documents incorporated by reference therein) and to furnish to you in New York City, without
charge, prior to 10:00 a.m., New York City time, on the business day next succeeding the date of this Agreement and during the period mentioned in Section 6(e) or 6(f) below, as many copies of the Time of Sale Prospectus, the Prospectus, any
documents incorporated by reference therein and any supplements and amendments thereto or to the Registration Statement as you may reasonably request.
(b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to you a copy of each such proposed amendment or supplement and not to file any
such proposed amendment or supplement to which you reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.
(c) To furnish to you a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred
to by the Company and not to use or refer to any proposed free writing prospectus to which you reasonably object.
(d) Not to
take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter
otherwise would not have been required to file thereunder.
(e) If the Time of Sale Prospectus is being used to solicit offers
to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the
statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on
file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the
Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the
Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as
amended or supplemented, will comply with applicable law.
(f) If, during such period after the first date of the public
offering of the Shares as in the opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or
dealer, any event shall occur or condition exist as a result of which it
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is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in
Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file
with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Shares may have been sold by you on behalf of the Underwriters and to any other dealers
upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in
Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.
(g) To endeavor to qualify the Shares for offer and sale under the securities or blue sky laws of such jurisdictions as you shall reasonably request; provided, in no event shall the Company or any
Subsidiary be obligated as a result of such request to (i) qualify to do business as a foreign corporation in any jurisdiction where it is not already so qualified, (ii) file any general consent to service of process or (iii) subject
itself to taxation in any jurisdiction where it is not already subject to taxation.
(h) To make generally available to the
Company’s security holders and to you as soon as practicable an earning statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy
the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.
(i) To
use its best efforts to meet the requirements to qualify as a REIT under the Code, unless the Company’s board of directors determines it is no longer in the stockholders’ best interests to do so.
(j) The Company and the Operating Partnership will apply the net proceeds from the sale of the Shares as set forth under “Use of
Proceeds” in the Registration Statement, the Time of Sale Prospectus and the Prospectus.
(k) The Company will comply
with all effective applicable provisions of the Sarbanes-Oxley Act.
(l) Whether or not the transactions contemplated in this
Agreement are consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company’s
counsel and the Company’s accountants in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including the filing fees
payable to the Commission relating to the Shares (within the time required by Rule 456(b)(1), if applicable), all printing costs associated therewith,
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and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of
the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii) the reasonable cost of printing or producing any blue sky or legal investment memorandum in connection with the offer and sale of the Shares under
state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section 6(g) hereof, including filing fees and the reasonable fees and disbursements of
counsel for the Underwriters in connection with such qualification and in connection with the blue sky or legal investment memorandum, (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in
connection with the review and qualification of the offering of the Shares by the Financial Industry Regulatory Authority, (v) all costs and expenses incident to listing the Shares on the NYSE, (vi) the cost of printing certificates
representing the Shares, if any, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in
connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants,
and the cost of any aircraft chartered in connection with the road show, (ix) the costs and expenses relating to obtaining any third party consents and approvals in connection with the preparation of the Registration Statement, the Time of Sale
Prospectus and the Prospectus and with the transactions contemplated thereby and (x) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section.
It is understood, however, that except as provided in this Section, Section 8 entitled “Indemnity and Contribution” and the last paragraph of Section 10 below, the Underwriters will pay all of their costs and expenses, including
fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make.
(m) If the third anniversary of the initial effective date of the Registration Statement occurs before all the Shares have been sold by
the Underwriters, prior to the third anniversary to file a new shelf registration statement and to take any other action necessary to permit the public offering of the Shares to continue without interruption; references herein to the Registration
Statement shall include the new registration statement declared effective by the Commission.
(n) If requested by the
Representatives, to prepare a final term sheet relating to the offering of the Shares, containing only information that describes the final terms of the offering in a form consented to by the Representatives, and to file such final term sheet within
the period required by Rule 433(d)(5)(ii) under the Securities Act following the date the final terms have been established for the offering of the Shares.
The Company also covenants with each of the Underwriters that, without the prior written consent of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and
Raymond James & Associates, Inc., on behalf of the Underwriters, it will not, during the period ending 60 days after the date of the Prospectus, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option,
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right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i)
or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, or (iii) file any registration statement with the Commission relating to the offering of any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock (other than a universal shelf registration statement on Form S-3 under Rule 415 under the Securities Act (it being agreed, however, that no shelf take-downs related to the
offering of any such securities are permitted during the period ending 60 days after the date of the Prospectus)). The foregoing sentence shall not apply to (i) the Shares to be sold hereunder, (ii) the issuance by the Company of shares of
Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof of which the Underwriters have been advised in writing, (iii) the establishment of a trading plan pursuant to Rule 10b5-1
under the Exchange Act for the transfer of shares of Common Stock, provided that such plan does not provide for the transfer of Common Stock during the 60-day restricted period and no public announcement or filing under the Exchange Act
regarding the establishment of such plan shall be required of or voluntarily made by or on behalf of the undersigned or the Company, (iv) the filing of a registration statement with the Commission on Form S-8 relating to the offering of
securities in accordance with the terms of an equity incentive plan, (v) the grant of restricted stock, options, long-term incentive units or other securities pursuant to an equity incentive plan or (vi) the issuance by the Company of up
to the number of shares representing 10% of the total number of outstanding shares of the Common Stock (or options, warrants, OP Units or other securities convertible into or exchangeable for shares of Common Stock) in connection with bona fide
mergers or acquisitions, joint ventures, commercial relationships or other strategic transactions, provided that the acquirer of any such shares of Common Stock (or options, warrants, OP Units or other securities convertible into or exchangeable for
shares of Common Stock) so issued enters into an agreement in the form of Exhibit D-1 hereto with respect to such shares of Common Stock (or options, warrants, OP Units or other securities convertible into or exchangeable for shares of Common Stock)
for the remainder of the 60-day restricted period and possible extension of such period described below in this paragraph. Notwithstanding the foregoing, if (1) during the last 17 days of the 60-day restricted period the Company issues an
earnings release or material news or a material event relating to the Company occurs; or (2) prior to the expiration of the 60-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning
on the last day of the 60-day period, the restrictions imposed by this agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material
event. The Company shall promptly notify the Representatives of any earnings release, news or event that may give rise to an extension of the initial 60-day restricted period.
7. Covenants of the Underwriters. Each Underwriter severally covenants with the Company not to take any action that would result in the Company being required to file with the Commission under Rule
433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.
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8. Indemnity and Contribution. (a) Each of the Company and the Operating Partnership,
jointly and severally, agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each
affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, the Time of Sale Prospectus or any
amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, or
the Prospectus or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through you
expressly for use therein.
(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the
Company, its directors, its officers who sign the Registration Statement, the Operating Partnership and each person, if any, who controls the Company and the Operating Partnership within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the foregoing indemnity contained in Section 8(a) from the Company and the Operating Partnership to such Underwriter, but only with reference to information relating to such Underwriter
furnished to the Company in writing by such Underwriter through you expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus or the Prospectus or any amendment or
supplement thereto.
(c) In case any proceeding (including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b), such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying
party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the
indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in
addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be
-21-
designated in writing by the Representatives, in the case of parties indemnified pursuant to Section 8(a), and by the Company or the Operating Partnership, in the case of parties indemnified
pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with
such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such
proceeding.
(d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified
party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership on the one hand and the
Underwriters on the other hand from the offering of the Shares or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause 8(d)(i) above but also the relative fault of the Company and the Operating Partnership on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Operating Partnership on the one hand and the Underwriters on the other hand in connection with the
offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting expenses) received by the Company and the Operating Partnership and the total underwriting
discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares. The relative fault of the Company and the Operating Partnership
on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company and the Operating Partnership or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters’
respective obligations to contribute pursuant to this Section 8 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint.
-22-
(e) The Company, the Operating Partnership and the Underwriters agree that it would not be
just or equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of
the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter
shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.
(f) The indemnity and contribution provisions contained in this Section 8 and the
representations, warranties and other statements of the Company and the Operating Partnership contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and
(iii) acceptance of and payment for any of the Shares.
9. Termination. The Underwriters may terminate this Agreement by notice
given by you to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the NYSE or the NASDAQ
Global Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United
States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in
financial markets or any calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified in this clause v, makes it, in your judgment, impracticable or inadvisable to proceed with
the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Registration Statement, the Time of Sale Prospectus or the Prospectus.
10. Effectiveness; Defaulting Underwriters. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.
If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to
purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth
-23-
of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their
respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Shares which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this
Section 10 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate
number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Firm Shares are
not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company or the Operating Partnership. In any such case either you or the Company shall have the right
to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be
effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the
aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option
Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any
defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
If this Agreement
shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to
perform its obligations under this Agreement (which, for the purposes of this Section 10, shall not include termination by the Underwriters under items (i), (iii), (iv) or (v) of Section 9), the Company will reimburse the
Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in
connection with this Agreement or the offering contemplated hereunder. If this Agreement is terminated pursuant to this Section by reason of the default of one or more Underwriters, the Company shall not be obligated to reimburse any defaulting
Underwriter for its out-of-pocket expenses (including the fees and disbursements of its counsel).
11. Research Analyst
Independence. The Company acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and
internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of
their respective investment banking divisions. The
-24-
Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own
account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.
12. Entire Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the
extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company, the Operating Partnership and the Underwriters with respect to the preparation of the Registration Statement,
the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.
(b) The
Company and the Operating Partnership acknowledge that in connection with the offering of the Shares: (i) the Underwriters have acted at arms length, are not agents of, and owe no fiduciary duties to, the Company, the Operating Partnership or
any other person, (ii) the Underwriters owe the Company and the Operating Partnership only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and
(iii) the Underwriters may have interests that differ from those of the Company and Operating Partnership. The Company and the Operating Partnership waive to the full extent permitted by applicable law any claims it may have against the
Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.
13. Counterparts. This
Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
14. Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. The Company and the Operating Partnership hereby submit to the
non-exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
15. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part
of this Agreement.
16. Notices. All communications hereunder shall be in writing and effective only upon receipt and if to the
Underwriters shall be delivered, mailed or sent to Merrill Lynch, Pierce, Fenner & Smith Incorporated, One Bryant Park, New York, New York 10036, Attention: Syndicate Department (Facsimile No.: 646-855-3073), with a copy to ECM Legal
(Facsimile No.: 212-230-8730); Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal Department; and Raymond James & Associates, Inc., 880 Carillon Parkway,
Saint Petersburg, Florida 33716, Attention: General Counsel; and if to the Company or the Operating Partnership shall be delivered, mailed or sent to Excel Trust, Inc., 17140 Bernardo Center Drive, Suite 300, San Diego, California 92128, Attention:
General Counsel, with a copy to Latham & Watkins LLP, 12636 High Bluff Drive, Suite 400, San Diego, California 92130, Attention: Craig M. Garner, Esq.
-25-
|
|
|
| Very truly yours,
Excel Trust, Inc. |
|
|
| By: |
|
/s/ Spencer G. Plumb |
|
|
Name: Spencer G. Plumb
Title: President and Chief Operating Officer |
|
|
|
| Excel Trust, L.P. |
|
|
|
|
By: Excel Trust, Inc., its general partner |
|
|
| By: |
|
/s/ Spencer G. Plumb |
|
|
Name: Spencer G. Plumb
Title: President and Chief Operating Officer |
SIGNATURE
PAGE TO UNDERWRITING AGREEMENT
Accepted as of the date hereof
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Morgan Stanley & Co. LLC
Raymond
James & Associates, Inc.
Acting severally on behalf of themselves
and the several Underwriters named in
Schedule I hereto.
By: Merrill Lynch, Pierce, Fenner & Smith
Incorporated
|
|
|
|
|
| By: |
|
/s/ Jeffrey Horowitz |
|
|
Name: Jeffrey Horowitz
Title: Managing Director; Global Head of
Real Estate, Gaming & Lodging Corporate & Investment Banking |
By: Morgan Stanley & Co. LLC
|
|
|
|
|
| By: |
|
/s/ John Tyree |
|
|
Name: John Tyree Title:
Managing Director |
By: Raymond James & Associates, Inc.
|
|
|
|
|
| By: |
|
/s/ Kent Nelson |
|
|
Name: Kent Nelson Title:
Senior Managing Director |
SIGNATURE
PAGE TO UNDERWRITING AGREEMENT
SCHEDULE I
|
|
|
| Underwriters |
|
Number of Firm Shares To Be
Purchased |
| Merrill Lynch, Pierce, Fenner & Smith
Incorporated |
|
2,337,500 |
|
|
| Morgan Stanley & Co. LLC |
|
1,912,500 |
|
|
| Raymond James & Associates, Inc. |
|
1,912,500 |
|
|
| Barclays Capital Inc. |
|
408,000 |
|
|
| KeyBanc Capital Markets Inc. |
|
408,000 |
|
|
| Sandler O’Neill & Partners, L.P. |
|
408,000 |
|
|
| Stifel, Nicolaus & Company, Incorporated |
|
408,000 |
|
|
| UBS Securities LLC |
|
408,000 |
|
|
| Mitsubishi UFJ Securities (USA), Inc. |
|
148,750 |
|
|
| PNC Capital Markets LLC |
|
148,750 |
|
|
|
| Total: |
|
8,500,000 |
|
|
|
Schedule I-1
SCHEDULE II
PRICING INFORMATION PROVIDED ORALLY BY UNDERWRITERS
Number of Firm Shares to be sold by
the Company: 8,500,000
Number of Additional Shares to be sold by the Company: 1,275,000
Price per share to the public: $12.00
Price per
share (other than Third Party Shares) to the Underwriters: $11.52
Price per share for Third Party Shares to the Underwriters: $12.00
Schedule II-1
SCHEDULE III
List of Subsidiaries
Excel Anthem, LLC, a Delaware limited liability company
Excel Bay Hill LLC, a Delaware limited liability company
Excel Beckley LLC, a Delaware limited liability company
Excel Brandywine LLC, a Delaware limited
liability company
Excel Centre Partners, LLC, a California limited liability company
Excel Decatur LLC, a Delaware limited liability company
Excel Dellagio LLC, a Delaware limited
liability company
Excel Dothan LLC, a Delaware limited liability company
Excel East Chase LLC, a Delaware limited liability company
Excel Foxwood LLC, a Delaware limited
liability company
Excel Gilroy LLC, a Delaware limited liability company
Excel GIV La Costa Owner LLC, a Delaware limited liability company
Excel Hulen LLC, a Delaware
limited liability company
Excel La Costa LLC, a Delaware limited liability company
Excel Lake Burden LLC, a Delaware limited liability company
Excel Lake Pleasant LLC, a Delaware
limited liability company
Excel Maguire I LLC, a Delaware limited liability company
Excel Maguire II LLC, a Delaware limited liability company
Excel Milledgeville LLC, a Delaware
limited liability company
Excel Missoula LLC, a Delaware limited liability company
Excel Newport LLC, a Delaware limited liability company
Excel North Corbin LLC, a Delaware
limited liability company
Excel Odessa LLC, a Delaware limited liability company
Excel Pavilion Crossings LLC, a Delaware limited liability company
Schedule III-1
Excel Princeton LLC, a Delaware limited liability company
Excel Promenade LLC, a Delaware limited liability company
Excel Promenade Office LLC, a Delaware limited liability company
Excel Red Boulder LLC, a
Delaware limited liability company
Excel Rockwall LLC, a Delaware limited liability company
Excel Rosewick LLC, a Delaware limited liability company
Excel San Marcos LLC, a Delaware limited liability company
Excel Shippensburg LLC, a Delaware
limited liability company
Excel South Corbin LLC, a Delaware limited liability company
Excel Spring Hill LLC, a Delaware limited liability company
Excel St. Marys LLC, a Delaware limited liability company
Excel Stockton LLC, a Delaware limited
liability company
Excel Trust, L.P., a Delaware limited partnership
Excel TRS Inc., a Delaware corporation
Excel Twin Oaks LLC, a Delaware limited liability company
Excel Vestavia, LLC, a Delaware limited liability company
Excel WBV III LLC, a Delaware limited liability company
Excel WBV V LLC, a Delaware limited
liability company
Five Forks GS, LLC, a Delaware limited liability company
Vestavia Outparcel Holdings, LLC, an Alabama limited liability company
Schedule III-2
SCHEDULE IV
List of Significant Subsidiaries
Excel Anthem LLC, a Delaware limited liability company
Excel Brandywine LLC, a Delaware limited liability company
Excel East Chase LLC, a Delaware limited liability company
Excel Promenade LLC, a Delaware
limited liability company
Excel Rockwall LLC, a Delaware limited liability company
Excel Rosewick LLC, a Delaware limited liability company
Excel Spring Hill LLC, a Delaware
limited liability company
Excel Stockton LLC, a Delaware limited liability company
Excel Trust, L.P., a Delaware limited partnership
Excel Vestavia, LLC, a Delaware limited
liability company
Excel WBV III LLC, a Delaware limited liability company
Excel WBV V LLC, a Delaware limited liability company
Schedule IV-1
SCHEDULE V
LIST OF MAJOR TENANTS
|
|
|
|
Property:
|
|
Major Tenants:
|
| |
|
| Anthem
Highlands |
|
Albertsons,
CVS |
| |
|
|
The Crossings at Spring Hill |
|
Ross, Bed Bath &
Beyond, PetSmart, Books-A-Million |
| |
|
| The
Promenade |
|
Nordstrom Rack, Trader
Joe’s, OfficeMax, PetSmart, Old Navy, Michaels, Stein Mart, Cost Plus World Market
|
| |
|
| Park West
Place |
|
Lowe’s,
Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot |
| |
|
| Gilroy
Crossing |
|
Kohl’s, Ross,
Michaels, Bed Bath & Beyond |
| |
|
| Brandywine
Crossing |
|
Safeway, Marshalls,
Jo-Ann |
| |
|
| Plaza and
Rockwall |
|
Best Buy, Dick’s,
Staples, Ulta, JCPenney, Belk, HomeGoods, Jo-Ann |
| |
|
|
Vestavia Hills City Center |
|
Publix, Dollar Tree,
Stein Mart, Rave Motion Pictures |
| |
|
| Edwards
Theatres |
|
Edwards Theatres,
subsidiary Regal Cinemas |
| |
|
| Rosewick
Crossing |
|
Giant
Food |
| |
|
| Excel
Centre |
|
Kaiser Permanente, Excel
Trust, UBS |
| |
|
| 5000 South
Hulen |
|
Barnes & Noble, Old
Navy |
| |
|
| Grant Creek Town
Center |
|
Ross, T.J.Maxx,
REI |
Schedule V-1
|
|
|
| |
|
|
Lowe’s |
|
Lowe’s
|
| |
|
| Shops at
Foxwood |
|
Publix
|
| |
|
| Northside
Plaza |
|
Publix, Hobby Lobby,
Books-A-Million |
| |
|
| Five Forks
Place |
|
Publix
|
| |
|
| Mariner’s
Point |
|
Shoe Show
|
| |
|
|
Newport Towne Center
|
|
Stage Stores (DBA
Goody’s), Dollar Tree |
| |
|
| Merchant
Central |
|
Dollar
Tree |
| |
|
|
Walgreens |
|
Walgreens
|
| |
|
| West Broad
Village |
|
Whole Foods, HomeGoods,
REI |
| |
|
| Dellagio Town
Center |
|
Fleming’s
|
| |
|
| Fountains at Bay
Hill |
|
CVS
|
| |
|
| Maguire
Shops |
|
CVS
|
| |
|
| Lake Burden
Shops |
|
Walgreens
|
Schedule V-2
