8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 7, 2012

EXCEL TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

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

Excel Centre

17140 Bernardo Center Drive, Suite 300

San Diego, California 92128

(Address of Principal Executive Offices, Including Zip Code)

(858) 613-1800

(Registrant’s Telephone Number, Including Area Code)

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On November 7, 2012, Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the periods ended September 30, 2012. Copies of the press release as well as supplemental information are available on the Company’s website at www.exceltrust.com, are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed herewith:

Exhibit Number	Description of Exhibit
99.1	Press release issued by Excel Trust, Inc. on November 7, 2012.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended September 30, 2012.

SIGNATURES

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

Date: November 7, 2012	Excel Trust, Inc.
	By:	/s/ James Y. Nakagawa
		James Y. Nakagawa
		Chief Financial Officer

EXHIBITS

Exhibit	Description of Exhibit
99.1	Press release issued by Excel Trust, Inc. on November 7, 2012.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended September 30, 2012.

EX-99.1

Exhibit 99.1

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

SAN DIEGO—November 7, 2012— Excel Trust, Inc. (the “Company”) announced today financial and operating results for the quarter ended September 30, 2012. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

Highlights for the Third Quarter 2012

• Reported Adjusted Funds from Operations (AFFO) for the quarter of $7.3 million, or $0.21 per diluted share

• Reported Funds from Operations (FFO) for the quarter of $0.20 per diluted share before transaction related costs of $0.02 per diluted share. Including transaction costs, FFO was $6.2 million, or $0.18 cents per diluted share.

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

• Acquired Chimney Rock Shopping Center for approximately $23.8 million

• Entered into joint venture partnership for the La Costa Town Center with GEM Realty Capital, Inc.

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

Subsequent Events

• Acquired Pavilion Crossing for approximately $13.1 million

• Acquired Florida/Virginia portfolio for approximately $262.8 million

• Completed a public offering of 9,775,000 shares of common at $12.00 per share, resulting in net proceeds of approximately $113.1 million

“The progress we made in the third quarter will benefit the company for years to come,” noted Gary Sabin, Chairman and CEO of Excel Trust. “We successfully added another quality property in Texas to our portfolio and put the finishing touches on our $263 million portfolio acquisition, which ultimately closed in October. We have now acquired over $1.1 billion in quality assets since our 2010 IPO and have significantly strengthened our balance sheet.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the third quarter of $7.3 million, or $0.21 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended September 30, 2012 of $6.2 million, or $0.18 per diluted share, which includes a deduction for transaction related costs of $0.02 cents. Net loss attributable to the common stockholders for the three-month period ended September 30, 2012 was $2.2 million, or $0.07 per diluted share. This compares to AFFO of $5.3 million, or $0.17 per diluted share, FFO of $3.6 million or $0.11 per diluted share and net loss attributable to the common stockholders of $2.6 million, or $0.09 per diluted share in the three-month period ended September 30, 2011.

Excel Trust reported AFFO for the nine months ended September 30, 2012 of $20.1 million, or $0.58 per diluted share and FFO of $18.7 million, or $0.54 per diluted share. Net loss attributable to the common stockholders for the nine months ended September 30, 2012 was $6.3 million, or $0.21 per diluted share. This compares to AFFO of $12.9 million, or $0.57 per diluted share, FFO of $10.1 million, or $0.45 per diluted share and net loss attributable to the common stockholders of $2.2 million and $0.13 per diluted share in the nine-month period ended September 30, 2011.

Included in FFO for the quarter ended September 30, 2012 were transaction costs of $637,000 related to acquisitions, or $0.02 per diluted share, and $1.2 million or $0.03 per diluted share in the nine months ended September 30, 2012. Included in FFO was non-cash compensation expense of approximately $817,000, or $0.02 per diluted share in the quarter ended September 30, 2012 and $2.4 million or $0.07 per diluted share in the nine months ended September 30, 2012, resulting from the Company’s incentive stock award plan. FFO was also impacted by a non-cash gain related to changes in the fair value of financial instruments and the redemption of certain OP units of approximately $61,000. For the nine months ended September 30, 2012, this gain was $1.1 million, or approximately $0.03 per diluted share. The change in the fair value of financial instruments was a reduction of the liability recorded for the fair value of a redemption provision related to the OP Units issued in connection with the acquisition of the Edwards Theatres property in March 2011.

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

Summary of Significant Activities During Third Quarter 2012

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

On August 31, 2012, Excel Trust acquired Chimney Rock Shopping Center in Odessa, TX. The Company purchased this 151,339 square foot retail shopping center for approximately $23.8 million. The property is approximately 98% leased with another 205,019 square feet of retail space entitled but not constructed. Major tenants include Academy Sports, Best Buy, Marshalls, Kirkland’s and Ulta. Constructed in 2011, the center is well located at a busy intersection in Odessa, and benefits from the region’s low unemployment rate of 3.9% (Source: Bureau of Labor Statistics – September, 2012 preliminary)

On September 7, 2012, Excel Trust contributed the La Costa Town Center, a 121,429 square foot retail shopping center located in Carlsbad, California, to a newly formed joint venture with GEM Realty Capital, Inc. for proceeds of approximately $21.2 million. The Company owns a 20% ownership interest in the joint venture and acts as the day-to-day property manager for the shopping center. The Company receives fees for providing these management services and other construction and development services related to the property.

Events Subsequent to Third Quarter 2012

On October 1, 2012, Excel Trust acquired Pavilion Crossing in Brandon, Florida. The Company purchased this 68,400 square foot retail shopping center for approximately $13.1 million. Constructed in 2012, the property is approximately 97% leased and is anchored by Publix.

On October 19, 2012 Excel Trust acquired a portfolio of six shopping centers for approximately $262.8 million as outlined below.

Florida Portfolio – Orlando, FL: Five of the shopping centers are in the Orlando, Florida area (four centers are wholly owned and a 50% interest was acquired in a fifth center) which together comprise 319,264 square feet. Major tenants include Walgreens, CVS Pharmacy, Fifth Third Bank, Regions Bank, Fleming’s, Cantina Laredo, Big Fin, JoS. A. Bank and Ruth’s Chris Steak House. The shopping centers are approximately 96% leased and the weighted average household income in a three mile radius is estimated to be $127,286 (Source: AGS 2012).

West Broad Village – Richmond, Virginia: The sixth center is in Richmond, Virginia and comprises 385,897 square feet of retail and commercial space, with an additional 339 apartment units above the center. The retail portion is approximately 80% leased with another 35,000 square feet entitled but not constructed. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo, First Market Bank, Dave & Busters, Mimi’s Cafe, Kona Grill and Bonefish Grill. The apartments have experienced strong demand and are currently 98% leased. In a three mile radius the average household income is estimated to be $106,356 (Source: AGS 2012).

On October 30, 2012 Excel Trust completed the issuance of a public offering of 9,775,000 shares of its common stock, including the exercise of an overallotment option of 1,275,000 shares, at a public offering price of $12.00 per share, resulting in net proceeds of approximately $113.1 million after deducting the underwriters’ discount and estimated commissions and offering expenses. The Company intends to use the net proceeds from the offering to repay existing indebtedness under its unsecured revolving credit facility incurred in connection with the recent acquisitions, and for other general corporate and working capital purposes.

Fourth Quarter 2012 Dividends Declared

The Board of Directors declared a fourth quarter 2012 cash dividend of $0.1625 per common share payable on January 15, 2013 to shareholders of record as of December 31, 2012.

The Board of Directors has also declared a dividend of $0.4375 per share on the Company’s Series A Cumulative Convertible Perpetual Preferred Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares. The dividend on Excel Trust’s outstanding Series A and Series B Preferred Shares will be payable on January 15, 2013 to the Series A and Series B Preferred shareholders of record as of December 31, 2012.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2013 to be between $0.80 and $0.88 and its’ FFO per share to be between $0.76 and $0.84. The above excludes transaction costs, leasing commissions and tenant improvement allowances. Excel Trust believes that AFFO is the most helpful indicator of the Company’s ability to pay recurring dividends since it adjusts for certain non-cash and non-recurring items.

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

Conference Call

In conjunction with Excel Trust’s results, you are invited to listen to its conference call on Thursday, November 8, 2012 at 1:00 p.m. Eastern Time.

PHONE: Conference call access information is as follows:

Dial in number: (800) 299-8538

International Dial in number: (617) 786-2902

Pass code: 34697712

INTERNET: A live webcast of the conference call will be available through Excel Trust’s web site at www.exceltrust.com. The conference call will be recorded and available for replay for seven days beginning at 4:00 p.m. ET on November 8, 2012. Replay access information is as follows:

Dial in number: (888) 286-8010

International Dial in number: (617) 801-6888

Pass code: 30082346

About Excel Trust

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

Forward Looking Statements

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

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

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

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

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

Summarized Financial Statements

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

Balance Sheets

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	September 30, 2012			December 31, 2011
ASSETS:
Property:
Land	$	262,960		$	236,941
Buildings		395,338			287,226
Site improvements		43,283			28,257
Tenant improvements		35,003			28,517
Construction in progress		262			21,312
Less accumulated depreciation		(31,074	)		(18,294	)
Property, net		705,772			583,959
Cash and cash equivalents		16,037			5,292
Restricted cash		5,265			3,680
Tenant receivables, net		4,270			4,174
Lease intangibles, net		68,946			68,556
Mortgage loan receivable		—			2,000
Deferred rent receivable		4,920			2,997
Other assets		20,676			17,013
Investment in unconsolidated entities		1,348			—
Total assets	$	827,234		$	687,671
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	285,069		$	244,961
Notes payable		—			21,000
Accounts payable and other liabilities		18,798			21,080
Lease intangibles, net		16,122			13,843
Dividends/distributions payable		8,125			5,801
Total liabilities		328,114			306,685
Equity:
Stockholders’ equity
Preferred stock		136,423			47,703
Common stock		348			302
Additional paid-in capital		352,282			319,875
Cumulative deficit		(1,970	)		(3,277	)
		487,083			364,603
Accumulated other comprehensive loss		(567	)		(811	)
Total stockholders’ equity		486,516			363,792
Non-controlling interests		12,604			17,194
Total equity		499,120			380,986
Total liabilities and equity	$	827,234		$	687,671

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

Statements of Operations

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Revenues:
Rental revenue	$	17,382		$	12,538		$	50,550		$	31,481
Tenant recoveries		4,084			2,702			10,536			6,821
Other income		287			143			975			349
Total revenues		21,753			15,383			62,061			38,651
Expenses:
Maintenance and repairs		1,435			932			4,110			2,351
Real estate taxes		2,579			1,724			7,104			4,236
Management fees		197			155			585			405
Other operating expenses		990			732			2,772			2,294
Changes in fair value of contingent consideration		(121	)		—			(121	)		(328	)
General and administrative		3,321			3,187			10,136			8,977
Depreciation and amortization		8,602			6,375			25,432			16,937
Total expenses		17,003			13,105			50,018			34,872
Net operating income		4,750			2,278			12,043			3,779
Interest expense		(4,169	)		(3,561	)		(11,829	)		(9,629	)
Interest income		19			144			125			228
Loss from equity in unconsolidated entities		(158	)		—			—			—
Gain on acquisition of real estate and sale of land parcel		—			—			—			937
Changes in fair value of financial instruments and gain on OP unit redemption		61			(596	)		1,112			(84	)
Net income (loss) from continuing operations		503			(1,735	)		1,451			(4,769	)
Income from discontinued operations before gain on sale of real estate assets		—			—			—			1,023
Gain on sale of real estate assets		—			—			—			3,976
Income from discontinued operations		—			—			—			4,999
Net income (loss)		503			(1,735	)		1,451			230
Net (income) loss attributable to non-controlling interests		(2	)		(2	)		14			(60	)
Net income (loss) attributable to Excel Trust, Inc.		501			(1,737	)		1,465			170
Preferred stock dividends		(2,744	)		(875	)		(7,609	)		(2,353	)
Net loss attributable to the common stockholders	$	(2,243	)	$	(2,612	)	$	(6,144	)	$	(2,183	)
Basic and diluted net loss per share	$	(0.07	)	$	(0.09	)	$	(0.21	)	$	(0.13	)
Weighted-average common shares outstanding - basic and diluted		33,294			29,634			32,616			20,386
Dividends declared per common share	$	0.1625		$	0.155		$	0.488		$	0.445

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

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended September 30, 2012

(In thousands, except per share data)

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

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Net loss attributable to the common stockholders	$	(2,243	)	$	(2,612	)	$	(6,302	)	$	(2,183	)
Add:
Non-controlling interests in operating partnership		(73	)		(118	)		(230	)		(25	)
Preferred stock dividends		—			—
Depreciation and amortization		8,602			6,375			25,432			17,352
Deduct:
Depreciation and amortization related to joint venture		(41	)		(59	)		(165	)		(134	)
Gain on acquisition of real estate and sale of land parcel		—			—			—			(937	)
Gain on sale of real estate assets		—			—			—			(3,976	)
Funds from operations	$	6,245		$	3,586		$	18,735		$	10,097
Adjustments:
Transaction costs		637			160			1,186			522
Deferred financing costs		451			387			1,410			956
Stock-based and other non-cash compensation expense		817			1,349			2,406			3,126
Changes in fair value of contingent consideration		(121	)		—			(121	)		(328	)
Changes in fair value of financial instruments		(61	)		596			(1,112	)		84
Straight-line effects of lease revenue		(632	)		(777	)		(2,009	)		(1,575	)
Amortization of above and below market leases		158			49			(12	)		74
Non-incremental capital expenditures		(233	)		(11	)		(372	)		(65	)
Adjusted funds from operations	$	7,261		$	5,339		$	20,111		$	12,891
Weighted average common shares outstanding		33,294			29,634			32,616			20,386
Add:
OP units		1,057			1,405			1,218			1,212
Restricted stock		286			—			323			830
Contingent consideration related to business combinations		90			348			91			232
LTIP restricted stock		—			—			—			—
Common stock issuable upon conversion of preferred stock		—			—			—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,727			31,387			34,248			22,660
Funds from operations per share (diluted)	$	0.18		$	0.11		$	0.54		$	0.45
Adjusted funds from operations per share (diluted)	$	0.21		$	0.17		$	0.58		$	0.57
Other Information:
Leasing commissions paid	$	200		$	231		$	468		$	422
Tenant improvements paid	$	947		$	775		$	1,805		$	1,440

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended September 30, 2012

Table of Contents

	Page
Company Overview		3
Analyst Coverage		4
Summary Financial and Portfolio Data		5
Financial Summary
Condensed Consolidated Balance Sheets		6
Condensed Consolidated Statements of Operations		7
Reconciliation of Net Income to EBITDA		8
Reconciliation of Net Income to FFO and AFFO		9
Debt Summary		10
Common and Preferred Stock Data		11
Portfolio Summary
Acquisitions & Developments		12
Portfolio Summary		13
Summary of Retail Leasing Activity		14
Same Property Analysis		15
Major Tenants		16
Expiration Schedule		17
Unconsolidated Investments		18
Definitions		19

* Note: Financial and portfolio information reflects the consolidated operations of the company and excludes unconsolidated entities unless otherwise noted.

Company Overview

Excel Trust, Inc. (“Excel Trust”) is a retail focused REIT that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol “EXL”.

Corporate Headquarters	Other Offices
Excel Trust, Inc.	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Atlanta, GA
San Diego, CA 92128	Stockton, CA
Tel: 858-613-1800	Scottsdale, AZ
Email: info@exceltrust.com	Richmond, VA
Website: www.exceltrust.com	Orlando, FL
Executives & Senior Management
Gary B. Sabin - Chairman & CEO	Spencer G. Plumb - President & COO
James Y. Nakagawa - CFO	Mark T. Burton - CIO & SVP, Acquisitions
S. Eric Ottesen - SVP, General Counsel	William J. Stone - SVP, Asset Management/Development
Matthew S. Romney - SVP, Capital Markets
Board of Directors
Gary B. Sabin (Chairman)	Spencer G. Plumb
Mark T. Burton	Bruce G. Blakley
Burland B. East III	Robert E. Parsons, Jr.
Warren R. Staley
Transfer Agent and Registrar	Corporate Counsel
Continental Stock Transfer & Trust Company	Latham & Watkins
17 Battery Place, 8th Floor	12636 High Bluff Drive, Suite 400
New York, New York 10004	San Diego, CA 92130
Tel: 212-509-4000	Tel: 858-523-5400
Email: cstmail@continentalstock.com
Website: www.continentalstock.com

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

Forward-Looking Statements

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

Page 3

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309
Cantor Fitzgerald	Evan Smith	(212) 915-1220
	David Toti	(212) 915-1219
KeyBanc	Jordan Sadler	(917) 368-2280
	Todd Thomas	(917) 368-2286
Morgan Stanley	Paul Morgan	(415) 576-2627
	Stephen Bakke	(415) 576-2696
Raymond James	Paul D. Puryear	(727) 567-2253
	R.J. Milligan	(727) 567-2660
Sandler O’Neill + Partners	Alexander Goldfarb	(212) 466-7937
	Andrew Schaffer	(212) 466-8062
Stifel, Nicolaus	Nathan Isbee	(443) 224-1346
	Jennifer Hummert	(443) 224-1288
UBS	Ross Nussbaum	(212) 713-2484
	Christy McElroy	(203) 719-7831
Wells Fargo	Jeff Donnelly	(617) 603-4262
	Tamara Fique	(443) 263-6568

Page 4

Summary Financial and Portfolio Data

For the Period Ended September 30, 2012

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

Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		4,797,124
Percent Leased-Operating Portfolio		94.8	%
Percent Occupied-Operating Portfolio		94.0	%
Annualized Base Rent (2)	$	65,796
No. leases signed or renewed		27
Sq. Ft. leases signed or renewed		82,091
Financial Results
Net loss attributable to the common stockholders	$	(2,243	)
Net loss per diluted share	$	(0.07	)
Funds from operations (FFO)	$	6,245
FFO per diluted share	$	0.18
Adjusted funds from operations (AFFO)	$	7,261
AFFO per diluted share	$	0.21
EBITDA	$	13,272
Assets
Gross undepreciated real estate	$	736,846
Gross undepreciated assets	$	858,308
Total liabilities to gross undepreciated assets		38.2	%
Real estate debt to gross undepreciated assets		33.1	%
Capitalization
Common shares outstanding		34,891
OP units outstanding		1,040
Total common shares and OP units		35,931
Closing price at quarter end	$	11.42
Equity capitalization	$	410,332
Preferred stock (at liquidation preference of $25.00 per share)		142,000
Total debt (3)		284,390
Total capitalization	$	836,722
Debt/total capitalization		34.0	%
Debt/EBITDA		5.4
Common Stock Data
Range of closing prices for the quarter	$	11.39-12.58
Weighted average common shares outstanding - diluted (EPS)		33,294
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,727
Shares of common stock outstanding		34,891

(1) Includes retail and office gross leasable area, but excludes gross leasable area from developments under construction and any planned development.

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

(3) Excludes debt discount or premium.

Page 5

Balance Sheets

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011
ASSETS:
Property:
Land	$	262,960		$	263,988		$	253,999		$	236,941		$	226,097
Buildings		395,338			398,441			372,622			287,226			260,085
Site improvements		43,283			41,826			39,649			28,257			24,423
Tenant improvements		35,003			33,617			32,214			28,517			23,139
Construction in progress		262			115			11			21,312			18,797
Less accumulated depreciation		(31,074	)		(26,804	)		(22,287	)		(18,294	)		(15,630	)
Property, net		705,772			711,183			676,208			583,959			536,911
Cash and cash equivalents		16,037			7,179			9,225			5,292			45,885
Restricted cash		5,265			4,925			4,165			3,680			3,879
Tenant receivables, net		4,270			2,995			3,588			4,174			2,582
Lease intangibles, net		68,946			72,666			71,088			68,556			66,520
Mortgage loan receivable		—			—			2,000			2,000			2,000
Deferred rent receivable		4,920			4,343			3,722			2,997			2,656
Other assets		20,676			17,253			18,162			17,013			13,941
Investment in unconsolidated entities		1,348			—			—			—			—
Total assets	$	827,234		$	820,544		$	788,158		$	687,671		$	674,374
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	285,069		$	286,114		$	243,906		$	244,961		$	245,983
Notes payable		—			—			—			21,000			—
Accounts payable and other liabilities		18,798			15,847			17,784			21,080			24,511
Lease intangibles, net		16,122			16,444			16,759			13,843			13,129
Dividends/distributions payable		8,125			8,405			7,650			5,801			5,642
Total liabilities		328,114			326,810			286,099			306,685			289,265
Equity:
Stockholders’ equity
Preferred stock		136,423			136,423			136,413			47,703			47,703
Common stock		348			336			335			302			302
Additional paid-in capital		352,282			346,385			353,061			319,875			324,277
Cumulative deficit		(1,970	)		(2,471	)		(2,839	)		(3,277	)		(3,555	)
		487,083			480,673			486,970			364,603			368,727
Accumulated other comprehensive loss		(567	)		(608	)		(807	)		(811	)		(1,089	)
Total stockholders’ equity		486,516			480,065			486,163			363,792			367,638
Non-controlling interests		12,604			13,669			15,896			17,194			17,471
Total equity		499,120			493,734			502,059			380,986			385,109
Total liabilities and equity	$	827,234		$	820,544		$	788,158		$	687,671		$	674,374

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

Page 6

Statements of Operations

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Revenues:
Rental revenue	$	17,382		$	12,538		$	50,550		$	31,481
Tenant recoveries		4,084			2,702			10,536			6,821
Other income		287			143			975			349
Total revenues		21,753			15,383			62,061			38,651
Expenses:
Maintenance and repairs		1,435			932			4,110			2,351
Real estate taxes		2,579			1,724			7,104			4,236
Management fees		197			155			585			405
Other operating expenses		990			732			2,772			2,294
Changes in fair value of contingent consideration		(121	)		—			(121	)		(328	)
General and administrative		3,321			3,187			10,136			8,977
Depreciation and amortization		8,602			6,375			25,432			16,937
Total expenses		17,003			13,105			50,018			34,872
Net operating income		4,750			2,278			12,043			3,779
Interest expense		(4,169	)		(3,561	)		(11,829	)		(9,629	)
Interest income		19			144			125			228
Loss from equity in unconsolidated entities		(158	)		—			—			—
Gain on acquisition of real estate and sale of land parcel		—			—			—			937
Changes in fair value of financial instruments and gain on OP unit redemption		61			(596	)		1,112			(84	)
Net income (loss) from continuing operations		503			(1,735	)		1,451			(4,769	)
Income from discontinued operations before gain on sale of real estate assets		—			—			—			1,023
Gain on sale of real estate assets		—			—			—			3,976
Income from discontinued operations		—			—			—			4,999
Net income (loss)		503			(1,735	)		1,451			230
Net (income) loss attributable to non-controlling interests		(2	)		(2	)		14			(60	)
Net income (loss) attributable to Excel Trust, Inc.		501			(1,737	)		1,465			170
Preferred stock dividends		(2,744	)		(875	)		(7,609	)		(2,353	)
Net loss attributable to the common stockholders	$	(2,243	)	$	(2,612	)	$	(6,144	)	$	(2,183	)
Basic and diluted net loss per share	$	(0.07	)	$	(0.09	)	$	(0.21	)	$	(0.13	)
Weighted-average common shares outstanding - basic and diluted		33,294			29,634			32,616			20,386
Dividends declared per common share	$	0.1625		$	0.155		$	0.488		$	0.445

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

Page 7

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

(Dollars in thousands)

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

	Three Months Ended September 30, 2012		Three Months Ended June 30, 2012		Three Months Ended March 31, 2012		Three Months Ended December 31, 2011		Three Months Ended September 30, 2011
Net income (loss) attributable to Excel Trust, Inc. (1)	$	501	$	368	$	438	$	278	$	(1,737	)
Add:
Interest expense		4,169		3,986		3,674		3,552		3,561
Depreciation and amortization (2)		8,602		8,552		8,279		6,354		6,375
EBITDA	$	13,272	$	12,906	$	12,391	$	10,184	$	8,199

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

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

Page 8

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended September 30, 2012

(In thousands, except per share data)

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

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Net loss attributable to the common stockholders	$	(2,243	)	$	(2,612	)	$	(6,302	)	$	(2,183	)
Add:
Non-controlling interests in operating partnership		(73	)		(118	)		(230	)		(25	)
Preferred stock dividends		—			—
Depreciation and amortization (1)		8,602			6,375			25,432			17,352
Deduct:
Depreciation and amortization related to joint venture(2)		(41	)		(59	)		(165	)		(134	)
Gain on acquisition of real estate and sale of land parcel		—			—			—			(937	)
Gain on sale of real estate assets		—			—			—			(3,976	)
Funds from operations (3)	$	6,245		$	3,586		$	18,735		$	10,097
Adjustments:
Transaction costs		637			160			1,186			522
Deferred financing costs		451			387			1,410			956
Stock-based and other non-cash compensation expense		817			1,349			2,406			3,126
Changes in fair value of contingent consideration		(121	)		—			(121	)		(328	)
Changes in fair value of financial instruments		(61	)		596			(1,112	)		84
Straight-line effects of lease revenue		(632	)		(777	)		(2,009	)		(1,575	)
Amortization of above and below market leases		158			49			(12	)		74
Non-incremental capital expenditures		(233	)		(11	)		(372	)		(65	)
Adjusted funds from operations (3)	$	7,261		$	5,339		$	20,111		$	12,891
Weighted average common shares outstanding		33,294			29,634			32,616			20,386
Add (4):
OP units		1,057			1,405			1,218			1,212
Restricted stock		286			—			323			830
Contingent consideration related to business combinations		90			348			91			232
LTIP restricted stock		—			—			—			—
Common stock issuable upon conversion of preferred stock		—			—			—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		34,727			31,387			34,248			22,660
Funds from operations per share (diluted)(5)	$	0.18		$	0.11		$	0.54		$	0.45
Adjusted funds from operations per share (diluted)(5)	$	0.21		$	0.17		$	0.58		$	0.57
Other Information (6):
Leasing commissions paid	$	200		$	231		$	468		$	422
Tenant improvements paid	$	947		$	775		$	1,805		$	1,440

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

(2) Includes a reduction for the portion of consolidated depreciation and amortization expense that would be allocable to non-controlling interests in the operating partnership and an increase for the Company’s portion of depreciation and amortization expense related to its investment in the unconsolidated La Costa Town Center property.

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

(4) The three months ended September 30, 2012 and 2011 include 1,433,000 and 1,632,000 additional shares of common stock, respectively, related to OP units, shares of restricted stock and shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The nine months ended September 30, 2012 and 2011 include 1,753,000 and 2,274,000 additional shares of common stock, respectively, related to OP units, shares of restricted stock and shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The three and nine months ended September 30, 2012 and 2011 excludes 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

(5) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three and nine months ended September 30, 2012 includes a reduction of $144,000 and $432,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings. The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months ended September 30, 2011 includes a reduction of $160,000 for dividends paid to shares of restricted common stock in excess of earnings.

(6) Excludes development properties.

Page 9

Debt Summary

For the Period Ended September 30, 2012

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)	$	258,677			91	%
Variable Rate Debt(2)		25,713			9	%
Total Debt(1)	$	284,390			100	%
Debt(1)/Gross Undepreciated Assets		33.1	%
				% Total Debt
Secured Debt(1)(2)	$	284,390			100	%
Unsecured Debt		—			0	%
Total Debt	$	284,390			100	%

Maturities by Year-Secured(3)	Amount		% Total Debt			Maturities by Year-Unsecured(3)	Amount		% Total Debt
2012	$	970		0.3	%	2012	$	—		0.0	%
2013(4)		94,138		33.1	%	2013		—		0.0	%
2014		76,836		27.0	%	2014		—		0.0	%
2015		47,375		16.7	%	2015		—		0.0	%
2016		1,335		0.5	%	2016		—		0.0	%
2017		40,036		14.1	%	2017		—		0.0	%
2018		705		0.2	%	2018		—		0.0	%
2019		541		0.2	%	2019		—		0.0	%
2020		581		0.2	%	2020		—		0.0	%
2021		625		0.2	%	2021		—		0.0	%
Beyond 2021		21,248		7.5	%	Beyond 2021		—		0.0	%
Total	$	284,390		100.0	%	Total	$	—		0.0	%

Mortgage Notes	Amount		Contractual Interest Rate			Maturity
Red Rock Commons (2)	$	13,713		2.5	%		2013
Five Forks Place		4,929		5.5	%		2013
Grant Creek Town Center		15,433		5.8	%		2013
Park West Place(5)		55,800		3.7	%		2013
Excel Centre		12,346		6.1	%		2014
Merchant Central		4,492		5.9	%		2014
Edwards Theatre		11,938		6.7	%		2014
Gilroy Crossing		46,837		5.0	%		2014
The Promenade		50,121		4.8	%		2015
5000 South Hulen		13,712		5.6	%		2017
Lake Pleasant Pavilion		28,250		6.1	%		2017
Rite Aid-Vestavia Hills		1,224		7.3	%		2018
Lowe’s		13,595		7.2	%		2031
Northside Plaza(2)		12,000		0.2	%		2035
Total		284,390		4.9	%
Debt (discount) or premium		679
Mortgage notes, net	$	285,069

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

(2) Includes the Northside Plaza redevelopment revenue bonds to be used for the redevelopment of this property and a construction loan at our Red Rock Commons property. The revenue bonds are priced off the SIFMA index and reset weekly (the rate as of September 30, 2012 was 0.19%). The revenue bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility. The interest rate on the construction loan bears interest at LIBOR plus 2.25%. The rate as of September 30, 2012 was 2.45%.

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

(4) The Park West Place mortgage note matures on December 15, 2013, but may be extended for an additional year at the Company’s election, through December 15, 2014, after satisfying certain conditions and payment of an extension fee. Also includes a construction loan of $13.6 million, secured by Red Rock Commons, which matures on March 1, 2013. The construction loan may be extended for an additional two one-year periods at the Company’s election after satisfying certain conditions and payment of an extension fee.

(5) Includes effect of interest rate swaps.

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

Page 10

Common and Preferred Stock Data

For the Period Ended September 30, 2012

(In thousands, except per share data)

	Three Months Ended September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended March 31, 2012			Three Months Ended December 31, 2011
Earning per share - share data
Weighted average common shares outstanding - diluted		33,294			32,785			31,761			29,272
Diluted common shares - EPS		33,294			32,785			31,761			29,272
Funds from operations - share data
Weighted average common shares outstanding		33,294			32,785			31,761			29,272
Weighted average OP units outstanding		1,057			1,205			1,393			1,405
Weighted average restricted stock outstanding		286			314			370			402
Dilutive effect of contingent consideration related to business combinations		90			79			102			127
Dilutive effect of LTIP restricted stock outstanding		—			—			—			—
Dilutive effect of convertible preferred shares		—			—			—			—
Total potential dilutive common shares		34,727			34,383			33,626			31,206
Total common shares (including restricted stock) outstanding		34,891			33,732			33,642			30,290
Total OP units outstanding		1,040			1,105			1,284			1,405
Total Series A preferred shares oustanding		2,000			2,000			2,000			2,000
Total Series B preferred shares outstanding		3,680			3,680			3,680			—
Common share data
High closing share price	$	12.58		$	12.37		$	13.12		$	12.29
Low closing share price	$	11.39		$	10.94		$	11.58		$	8.96
Average closing share price	$	11.88		$	11.63		$	12.31		$	10.84
Closing price at end of period	$	11.42		$	11.96		$	12.08		$	12.00
Dividends per share - annualized	$	0.65		$	0.65		$	0.65		$	0.64
Dividend yield (based on closing share price at end of period)		5.7	%		5.4	%		5.4	%		5.3	%
Dividends per share
Common stock (EXL)	$	0.1625		$	0.1625		$	0.1625		$	0.1600
Series A Convertible Perpetual Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.5078		$	0.5078		$	0.4232		$	—

Page 11

Acquisitions & Developments

For Fiscal Year 2012

(Dollars in thousands, except price per square foot)

Acquisition Property Name	City	State	Year Built (1)	Total GLA (2)		Acquisition Date	Price Sq. Ft.		Initial Cost Basis (3)		Major Tenants
Promenade Corporate Center	Scottsdale	AZ	2004		256,176	1/23/2012	$	207	$	53,000	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
EastChase Market Center	Montgomery	AL	2008		181,431	2/17/2012		136		24,700	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
La Costa Town Center(4)	Carlsbad	CA	1980		121,429	2/29/2012		194		23,500	Vons
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007		178,376	5/16/2012		234		41,800	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Chimney Rock	Odessa	TX	2012		151,339	8/30/2012		144		21,800	Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Total					888,751		$	185	$	164,800

Developments Under Construction	City	State	Estimated Opening Date (5)	GLA to be Constructed		Land		Improvements		Total Carrying Amount (6)		Remaining Estimated Cost to Complete		% GLA Leased / Committed (7)			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517	$	2,030	$	—	$	2,030	$	13,500		11	%	Jo-Ann
Total					149,517	$	2,030	$	—	$	2,030	$	13,500

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

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

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

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

(4) Property was contributed to a joint-venture partnership on September 7, 2012.

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

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

(7) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of November 2012.

Page 12

Portfolio Summary

For the Period Ended September 30, 2012

(Dollars in thousands, except price per square foot)

Property Name	City	State	Year Built(1)	Total GLA(2)		Acquisition Date		Price Sq. Ft.		Initial Cost Basis		Percent Leased 9/30/2012			Percent Leased 6/30/2012			Major Tenants
Operating Portfolio
The Promenade	Scottsdale	AZ	1999		433,538		7/11/2011	$	254	$	110,000		100.0	%		99.7	%	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Lowe’s (non-owned)
Park West Place	Stockton	CA	2005		598,152		12/14/2010	$	155	$	92,500		100.0	%		100.0	%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
Gilroy Crossing	Gilroy	CA	2004		325,431		4/5/2011	$	210	$	68,400		98.4	%		98.0	%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004		256,176		1/23/2012	$	207	$	53,000		88.1	%		84.8	%	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
Plaza at Rockwall	Rockwall	TX	2007/2012		430,277		6/29/2010	$	118	$	50,800		96.5	%		100.0	%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk, HomeGoods, Jo-Ann
Brandywine Crossing	Washington Metro (Brandywine)	MD	2009		198,384		10/1/2010	$	224	$	44,500		97.6	%		98.4	%	Safeway, Marshalls, Jo-Ann, Target (non-owned), Costco (non-owned)
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007		178,376		5/16/2012	$	234	$	41,800		97.6	%		86.4	%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		390,659		8/30/2010	$	89	$	34,900		82.0	%		80.6	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008		219,842		12/19/2011	$	141	$	31,000		97.7	%		97.7	%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Red Rock Commons	St. George	UT	2012		118,509		**	$	242	$	28,700		93.3	%		n/a		Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
Edwards Theatres	San Diego (San Marcos)	CA	1999		100,551		3/11/2011	$	261	$	26,200		100.0	%		100.0	%	Edwards Theatres (a subsidiary of Regal Cinemas)
Rosewick Crossing	Washington Metro (La Plata)	MD	2008		115,972		10/1/2010	$	215	$	24,900		82.8	%		80.3	%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL	2008		181,431		2/17/2012	$	136	$	24,700		98.9	%		98.9	%	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Excel Centre	San Diego	CA	1999		82,157		**	$	288	$	23,700		82.5	%		82.5	%	Kaiser Permanente, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005		86,833		5/12/2010	$	252	$	21,900		94.9	%		94.9	%	Barnes & Noble, Old Navy
Chimney Rock	Odessa	TX	2012		151,339		8/30/2012	$	144	$	21,800		97.8	%		n/a		Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Grant Creek Town Center	Missoula	MT	1998		164,166		8/27/2010	$	130	$	21,300		94.9	%		93.8	%	Ross, TJ Maxx, REI
Lowe’s	Shippensburg	PA	2008		171,069		6/22/2010	$	103	$	17,600		100.0	%		100.0	%	Lowe’s
Anthem Highlands	Las Vegas (Henderson)	NV	2006		118,763		12/1/2011	$	147	$	17,500		82.2	%		82.2	%	Albertsons, CVS, Wells Fargo, Bank of America
Shops at Foxwood	Ocala	FL	2010		78,660		10/19/2010	$	160	$	12,600		89.3	%		87.8	%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL	2010		171,670		11/15/2010	$	70	$	12,400		94.8	%		93.0	%	Publix, Hobby Lobby, Books A Million
Five Forks Place	Simpsonville	SC	2002		61,191		**	$	127	$	7,800		98.0	%		96.6	%	Publix
Mariner’s Point	St. Marys	GA	2001		45,215		7/20/2010	$	146	$	6,600		95.6	%		96.5	%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006		60,100		**	$	108	$	6,500		91.3	%		91.3	%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Merchant Central	Milledgeville	GA	2004		45,013		6/30/2010	$	136	$	6,100		87.6	%		84.0	%	Dollar Tree, Super Wal-Mart (non-owned)
Walgreens	Corbin (North)	KY	2009		13,650		5/24/2010	$	256	$	3,500		100.0	%		100.0	%	Walgreens
Total Operating Portfolio	Total				4,797,124			$	169	$	810,700		94.8	%		93.5	%
Developments Under Construction	City	State	Estimated Opening Date(3)	GLA to be Constructed		Land Value		Improvements		Total Carrying Amount (4)		% GLA Leased / Committed (5)			% GLA Leased / Committed			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517		2,030		—		2,030		11	%		n/a		Jo-Ann
	Total				149,517		2,030		—	$	2,030
	Total Portfolio  (7)				4,946,641					$	812,730

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

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

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

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

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

(5) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of November 2012.

Page 13

Summary of Retail Leasing Activity

For the Period Ended September 30, 2012

	Number of Leases(1)		GLA		Weighted Average- New Lease Rate(2)		Weighted Average- Prior Lease Rate(2)		Percentage Increase or (Decrease)			Tenant Improvement Allowance per Sq. Ft.
Comparable Leases
New leases(3)		3		4,216	$	27.91	$	36.64		-23.8	%	$	10.51
Renewals/Options		14		48,105		19.56		19.48		0.4	%		1.81
Total: Comparable Leases		17		52,321	$	20.23	$	20.86		-3.0	%	$	2.51
Non-Comparable Leases
Operating portfolio		9		24,712	$	16.17		n/a		n/a		$	17.76
Development		1		5,058		35.10		n/a		n/a			5.00
Total: Non-Comparable Leases		10		29,770	$	19.39		n/a		n/a		$	15.59
Total Leasing Activity		27		82,091	$	19.92		n/a		n/a		$	7.26

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

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

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

Page 14

Same Property Analysis

For the Period Ended September 30, 2012

(In thousands, except per share amounts)

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Percentage Change
Same Property Portfolio (1)
Number of properties		18			18
Rentable square feet		3,139,150			3,139,150
Percent leased		94.5	%		92.8	%		1.8	%
Percentage of total operating portfolio		65.4	%		86.4	%
Total revenues	$	13,266		$	12,859			3.2	%
Total expenses		3,054			2,898			5.4	%
Same property - net operating income (GAAP basis)	$	10,212		$	9,961			2.5	%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(365	)		(728	)		-49.9	%
Same property - net operating income (cash basis)	$	9,847		$	9,233			6.7	%

(1) Includes all properties purchased prior to June 30, 2011, including the Plaza at Rockwall property (a portion of which was under development through Q2 2012).

Page 15

Major Tenants By GLA

For the Period Ended September 30, 2012

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)					4,797,124
Tenants		# Stores		Square Feet		% of Total GLA
1	Lowe’s		2		325,863		6.8	%
2	Publix		4		198,551		4.1	%
3	Kohl’s		2		176,656		3.7	%
4	Dick’s Sporting Goods		3		140,018		2.9	%
5	TJX Companies		5		137,907		2.9	%
6	Bed Bath & Beyond		5		131,864		2.7	%
7	Ross Dress For Less		4		115,259		2.4	%
8	Jo-Ann		4		105,955		2.2	%
9	JC Penny		1		103,639		2.2	%
10	Edwards Theatres		1		100,551		2.1	%
	Total Top 10 GLA		31		1,536,263		32.0	%

Major Tenants By ABR

Annualized Base Rent-Operating Portfolio (2)								$	65,796
Tenants		# Stores		Square Feet		Rent Per Sq. Ft.		ABR		% ABR
1	Lowe’s		2		325,863	$	6.74	$	2,195		3.3	%
2	Edwards Theatres		1		100,551		21.72		2,184		3.3	%
3	Publix		4		240,691		8.80		2,118		3.2	%
4	Dick’s Sporting Goods		3		140,018		12.33		1,726		2.6	%
5	Kaiser Permanente		1		38,432		41.58		1,598		2.4	%
6	Bed Bath & Beyond		5		131,864		10.93		1,441		2.2	%
7	PetSmart		5		91,246		15.17		1,384		2.1	%
8	Kohl’s		2		176,656		7.62		1,347		2.0	%
9	Ross Dress For Less		4		115,259		11.42		1,316		2.0	%
10	TJX Companies		5		137,907		9.08		1,252		1.9	%
	Total Top 10 Annualized Rent		32		1,498,487	$	11.05	$	16,561		25.2	%

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

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

Page 16

Expiration Schedule

For the Period Ended September 30, 2012

(Dollars in thousands, except rent per square foot)

	September 30, 2012			6/30/2012(1)
Total GLA - Operating Portfolio		4,797,124			4,546,795
Total GLA Occupied - Operating Portfolio		4,509,773			4,199,878
% Occupied		94.0	%		92.4	%
Total GLA - Operating Portfolio		4,797,124			4,546,795
Total GLA Leased - Operating Portfolio		4,548,859			4,249,692
% Leased		94.8	%		93.5	%
Retail GLA - Operating Portfolio(2)		4,458,791			4,208,462
Retail GLA Occupied - Operating Portfolio		4,232,765			3,924,955
% Occupied		94.9	%		93.3	%
Retail GLA - Operating Portfolio(2)		4,458,791			4,208,462
Retail GLA Leased - Operating Portfolio		4,255,533			3,964,617
% Leased		95.4	%		94.2	%
Total Retail Anchor GLA % Leased - Operating Portfolio		99.3	%		98.5	%
Total Retail Inline GLA % Leased - Operating Portfolio		87.0	%		84.8	%
Same Property GLA % Leased (Sequential) - Operating Portfolio(3)		95.0	%		93.9	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(4)	3,047,661		72.0	%	$	32,421		55.3	%
Occupied Retail Inline GLA(4)	1,185,103		28.0	%		26,157		44.7	%
Total Occupied Retail GLA	4,232,764		100.0	%	$	58,578		100.0	%

Year	Anchor GLA Expiring		% of Total Retail GLA			Anchor Rent Per Sq. Ft.		Inline GLA Expiring		% of Total Retail GLA			Inline Rent Per Sq. Ft.		Total Retail  GLA Expiring		% of Total Retail GLA			Total Retail ABR Expiring		% of Total Retail ABR			Average Rent Per Sq. Ft.
2012(5)		20,000		0.5	%	$	5.00		40,606		1.0	%	$	11.62		60,606		1.4	%	$	472		0.8	%	$	7.79
2013		45,174		1.1	%		9.22		137,698		3.3	%		22.19		182,872		4.3	%		3,472		5.9	%		18.99
2014		106,275		2.5	%		16.02		192,055		4.5	%		20.77		298,330		7.0	%		5,692		9.7	%		19.08
2015		387,051		9.1	%		13.96		182,795		4.3	%		22.49		569,846		13.5	%		9,516		16.2	%		16.70
2016		160,273		3.8	%		9.27		168,971		4.0	%		23.23		329,244		7.8	%		5,412		9.2	%		16.44
2017		83,003		2.0	%		12.95		107,402		2.5	%		21.50		190,405		4.5	%		3,384		5.8	%		17.77
2018		279,227		6.6	%		14.30		81,793		1.9	%		23.57		361,020		8.5	%		5,921		10.1	%		16.40
2019		323,623		7.6	%		14.73		37,725		0.9	%		23.29		361,348		8.5	%		5,644		9.6	%		15.62
2020		86,309		2.0	%		13.69		45,529		1.1	%		27.93		131,838		3.1	%		2,453		4.2	%		18.61
Beyond 2020		1,556,726		36.8	%		7.96		190,529		4.5	%		22.13		1,747,255		41.3	%		16,612		28.4	%		9.51
Total		3,047,661		72.0	%	$	10.64		1,185,103		28.0	%	$	22.07		4,232,764		100.0	%	$	58,578		100.0	%	$	13.84

(1) Includes the La Costa Town Center which was contributed to a joint-venture partnership on September 7, 2012

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

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

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

(5) Includes month-to-month leases and ground leases, but excludes percentage rent. Anchor tenant expiring in 2012 is a short-term holiday lease at our Lake Pleasant Pavilion property.

Page 17

Unconsolidated Investments

For the Period Ended September 30, 2012

(Dollars in thousands)

							Financial Information									Leasing Information
Investment Partner	Formation Date	Property	City	State	Total GLA(1)		Total Assets		Total Debt		Ownership Interest			EXL Portion  of Debt		Percent Leased			ABR
GEM	September 7, 2012	La Costa Town Center	Carlsbad	CA		121,429	$	25,062	$	14,100		20	%	$	2,820		73.8	%	$	1,692

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

Summary Financial Information:							Unconsolidated Debt:
Balance Sheet	September 30, 2012			Company Pro Rata				September 30, 2012
Assets:							Proportionate share of debt:	$	2,820
Investments in Real Estate	$	23,575		$	4,715		Maturity date:		October 1, 2014
Cash & cash equivalents		1,052			210		Current interest rate:		6.0	%
Other assets		435			87
Total assets	$	25,062		$	5,012
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	14,100		$	2,820
Other liabilities		252			50
Members’ equity		10,710			2,142
Total liabilities and equity	$	25,062		$	5,012
Company’s investment in unconsolidated entities				$	1,348
Income Statement(2)	Three months ended September 30, 2012			Company Pro Rata
Total revenues	$	165		$	33
Expenses:
Property operating expenses		48			10
General and administrative		717			143
Depreciation and amortization		108			22
Total expenses		873			175
Interest expense		(82	)		(16	)
Net loss	$	(790	)	$	(158	)
Company’s loss from equity in unconsolidated entities				$	(158	)

(2) Represents results since the formation of the joint-venture partnership on September 7, 2012.

Page 18

Definitions

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

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

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

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

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

Excel Trust computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of real estate assets and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) replacement or expansion, debt (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

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

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

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

Page 19