Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended December 31, 2012

Table of Contents

	Page
Company Overview		3
Property Locations		4
Analyst Coverage		5
Summary Financial and Portfolio Data		6
Financial Summary
Consolidated Balance Sheets		7
Consolidated Statements of Operations		8
Reconciliation of Net Income to EBITDA		9
Reconciliation of Net Income to FFO and AFFO		10
Debt Summary		11
Common and Preferred Stock Data		12
Portfolio Summary
Acquisitions & Developments		13
Portfolio Summary		14
Summary of Retail Leasing Activity		15
Same Property Analysis		16
Major Tenants		17
Expiration Schedule		18
Unconsolidated Investments		19
Definitions		20

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

Company Overview

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

Corporate Headquarters	Other Offices
Excel Trust, Inc.	Atlanta, GA	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Dallas, TX	Scottsdale, AZ
San Diego, CA 92128	Orlando, FL	Stockton, CA
Tel: 858-613-1800	Richmond, VA
Email: info@exceltrust.com
Website: www.exceltrust.com
Executives & Senior Management
Gary B. Sabin - Chairman & CEO	Spencer G. Plumb - President & COO
James Y. Nakagawa - CFO	Mark T. Burton - CIO & SVP, Acquisitions
S. Eric Ottesen - SVP, General Counsel	William J. Stone - SVP, Asset Management/Development
Matthew S. Romney - SVP, Capital Markets	John P. Still - SVP, Leasing
Board of Directors
Gary B. Sabin (Chairman)	Spencer G. Plumb
Mark T. Burton	Bruce G. Blakley
Burland B. East III	Robert E. Parsons, Jr.
Warren R. Staley
Transfer Agent and Registrar	Corporate Counsel
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

Property Locations

4

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
Bank of America Merrill Lynch	Craig Schmidt	(646) 855-3640
	Katharine Hutchins	(646) 855-1681
Cantor Fitzgerald	David Toti	(212) 915-1219
	Evan Smith	(212) 915-1220
KeyBanc	Jordan Sadler	(917) 368-2280
	Todd Thomas	(917) 368-2286
Morgan Stanley	Paul Morgan	(415) 576-2627
	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 5

Summary Financial and Portfolio Data (Consolidated)

For the Period Ended December 31, 2012

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

Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		5,466,199
Percent Leased-Operating Portfolio		92.8	%
Percent Occupied-Operating Portfolio		91.4	%
Annualized Base Rent (2)	$	77,051
Total no. leases signed or renewed		23
Total sq. ft. leases signed or renewed		53,501
Financial Results
Net loss attributable to the common stockholders	$	(2,188	)
Net loss per diluted share	$	(0.06	)
Funds from operations (FFO)	$	8,570
FFO per diluted share	$	0.20
Adjusted funds from operations (AFFO)	$	8,503
AFFO per diluted share	$	0.20
EBITDA	$	15,871
Assets
Gross undepreciated real estate	$	981,128
Gross undepreciated assets	$	1,116,019
Total liabilities to gross undepreciated assets		42.2	%
Debt to gross undepreciated assets		36.6	%
Capitalization
Common shares outstanding		44,906
OP units outstanding		1,245
Total common shares and OP units		46,151
Closing price at quarter end	$	12.67
Equity capitalization	$	584,733
Series A convertible preferred shares (at liquidation preference of $25.00 per share)		50,000
Series B preferred shares (at liquidation preference of $25.00 per share)		92,000
Total debt (3)		408,310
Total capitalization	$	1,135,043
Debt/total capitalization		36.0	%
Debt/EBITDA		6.4
Common Stock Data
Range of closing prices for the quarter	$	11.38-12.91
Weighted average common shares outstanding - diluted (EPS)		40,830
Weighted average common shares outstanding - diluted (FFO and AFFO)		42,376
Shares of common stock outstanding		44,906

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

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

(3) Excludes debt discount or premium.

Page 6

Balance Sheets

EXCEL TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
ASSETS:
Property:
Land	$	320,289		$	262,960		$	263,988		$	253,999		$	236,941
Buildings		564,352			395,338			398,441			372,622			287,226
Site improvements		51,875			43,283			41,826			39,649			28,257
Tenant improvements		42,903			35,003			33,617			32,214			28,517
Construction in progress		1,709			262			115			11			21,312
Less accumulated depreciation		(36,765	)		(31,074	)		(26,804	)		(22,287	)		(18,294	)
Property, net		944,363			705,772			711,183			676,208			583,959
Cash and cash equivalents		5,596			16,037			7,179			9,225			5,292
Restricted cash		5,657			5,265			4,925			4,165			3,680
Tenant receivables, net		5,376			4,270			2,995			3,588			4,174
Lease intangibles, net		85,646			68,946			72,666			71,088			68,556
Mortgage loan receivable		—			—			—			2,000			2,000
Deferred rent receivable		5,983			4,920			4,343			3,722			2,997
Other assets		17,618			20,676			17,253			18,162			17,013
Investment in unconsolidated entities		9,015			1,348			—			—			—
Total assets	$	1,079,254		$	827,234		$	820,544		$	788,158		$	687,671
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	333,935		$	285,069		$	286,114		$	243,906		$	244,961
Notes payable		75,000			—			—			—			21,000
Accounts payable and other liabilities		25,319			18,798			15,847			17,784			21,080
Lease intangibles, net		26,455			16,122			16,444			16,759			13,843
Dividends/distributions payable		9,773			8,125			8,405			7,650			5,801
Total liabilities		470,482			328,114			326,810			286,099			306,685
Equity:
Stockholders’ equity
Preferred stock		136,423			136,423			136,423			136,413			47,703
Common stock		448			348			336			335			302
Additional paid-in capital		459,151			352,282			346,385			353,061			319,875
Cumulative deficit		(1,414	)		(1,970	)		(2,471	)		(2,839	)		(3,277	)
		594,608			487,083			480,673			486,970			364,603
Accumulated other comprehensive loss		(572	)		(567	)		(608	)		(807	)		(811	)
Total stockholders’ equity		594,036			486,516			480,065			486,163			363,792
Non-controlling interests		14,736			12,604			13,669			15,896			17,194
Total equity		608,772			499,120			493,734			502,059			380,986
Total liabilities and equity	$	1,079,254		$	827,234		$	820,544		$	788,158		$	687,671

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

Page 7

Statements of Operations

EXCEL TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended December 31, 2012			Three Months Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
Revenues:
Rental revenue	$	20,971		$	12,783		$	71,522		$	44,265
Tenant recoveries		3,654			3,480			14,190			10,300
Other income		457			313			1,432			662
Total revenues		25,082			16,576			87,144			55,227
Expenses:
Maintenance and repairs		1,578			1,441			5,688			3,792
Real estate taxes		2,817			2,136			9,921			6,373
Management fees		329			172			914			576
Other operating expenses		1,313			762			4,085			3,106
Changes in fair value of contingent consideration		(160	)		(106	)		(281	)		(434	)
General and administrative		3,642			3,846			13,778			12,773
Depreciation and amortization		10,588			6,354			36,021			23,290
Total expenses		20,107			14,605			70,126			49,476
Net operating income		4,975			1,971			17,018			5,751
Interest expense		(4,727	)		(3,552	)		(16,556	)		(13,181	)
Interest income		48			70			173			297
Loss from equity in unconsolidated entities		(162	)		—			(320	)		—
Gain on acquisition of real estate and sale of land parcel		—			542			—			1,479
Changes in fair value of financial instruments and gain on OP unit redemption		418			1,238			1,530			1,154
Net income (loss) from continuing operations		552			269			1,845			(4,500	)
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)		552			269			1,845			499
Net (income) loss attributable to non-controlling interests		4			9			18			(51	)
Net income (loss) attributable to Excel Trust, Inc.		556			278			1,863			448
Preferred stock dividends		(2,744	)		(875	)		(10,353	)		(3,228	)
Net loss attributable to the common stockholders	$	(2,188	)	$	(597	)	$	(8,490	)	$	(2,780	)
Basic and diluted net loss per share	$	(0.06	)	$	(0.03	)	$	(0.26	)	$	(0.15	)
Weighted-average common shares outstanding - basic and diluted		40,830			29,272			34,681			22,465
Dividends declared per common share	$	0.1625		$	0.16		$	0.650		$	0.605

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

Page 8

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

(Dollars in thousands)

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

	Three Months Ended December 31, 2012		Three Months Ended September 30, 2012		Three Months Ended June 30, 2012		Three Months Ended March 31, 2012		Three Months Ended December 31, 2011
Net income (loss) attributable to Excel Trust, Inc. (1)	$	556	$	501	$	368	$	438	$	278
Add:
Interest expense		4,727		4,169		3,986		3,674		3,552
Depreciation and amortization (2)		10,588		8,602		8,552		8,279		6,354
EBITDA	$	15,871	$	13,272	$	12,906	$	12,391	$	10,184

(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 9

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended December 31, 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 months and year-ended December 31, 2012 is as follows:

	Three Months Ended December 31, 2012			Three Months Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
Net loss attributable to the common stockholders	$	(2,188	)	$	(597	)	$	(8,490	)	$	(2,780	)
Add:
Non-controlling interests in operating partnership		(67	)		(28	)		(297	)		(53	)
Preferred stock dividends		—			—
Depreciation and amortization (1)		10,588			6,354			36,021			23,705
Deduct:
Depreciation and amortization related to joint venture(2)		237			(64	)		72			(199	)
Gain on acquisition of real estate and sale of land parcel		—			(542	)		—			(1,479	)
Gain on sale of real estate assets		—			—			—			(3,976	)
Funds from operations (3)	$	8,570		$	5,123		$	27,306		$	15,218
Adjustments:
Transaction costs		387			231			1,572			753
Deferred financing costs		457			412			1,867			1,367
Stock-based and other non-cash compensation expense		817			1,371			3,223			4,497
Changes in fair value of contingent consideration		(160	)		(106	)		(281	)		(434	)
Changes in fair value of financial instruments		(418	)		(1,238	)		(1,530	)		(1,154	)
Straight-line effects of lease revenue		(1,130	)		(392	)		(3,139	)		(1,968	)
Amortization of above and below market leases		77			79			65			153
Non-incremental capital expenditures		(97	)		(58	)		(469	)		(123	)
Adjusted funds from operations (3)	$	8,503		$	5,422		$	28,614		$	18,309
Weighted average common shares outstanding		40,830			29,272			34,681			22,465
Add (4):
OP units		1,272			1,405			1,231			1,261
Restricted stock		254			402			306			369
Contingent consideration related to business combinations		20			127			73			206
LTIP restricted stock		—			—			—			—
Common stock issuable upon conversion of preferred stock		—			—			—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		42,376			31,206			36,291			24,301
Funds from operations per share (diluted)(5)	$	0.20		$	0.16		$	0.74		$	0.61
Adjusted funds from operations per share (diluted)(5)	$	0.20		$	0.17		$	0.78		$	0.74
Other Information (6):
Leasing commissions paid	$	550		$	333		$	1,018		$	755
Tenant improvements paid	$	820		$	1,830		$	2,625		$	3,270

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the year ended December 31, 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 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 December 31, 2012 and 2011 include 1,546,000 and 1,610,000 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 year ended December 31, 2012 and 2011 include 1,934,000 and 1,836,000 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 months and years ended December 31, 2012 and 2011 excludes 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

(5) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months and year ended December 31, 2012 includes a reduction of $114,000 and $456,000, 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 and year ended December 31, 2011 includes a reduction of $163,000 and $628,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.

(6) Excludes development properties.

Page 10

Debt Summary (Consolidated)

For the Period Ended December 31, 2012

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)	$	257,510			63	%
Variable Rate Debt(2)		150,800			37	%
Total Debt(1)	$	408,310			100	%
Debt(1)/Gross Undepreciated Assets		36.6	%
				% Total Debt
Secured Debt(1)(2)	$	333,310			82	%
Unsecured Debt		75,000			18	%
Total Debt	$	408,310			100	%

Maturities by Year-Secured(3)	Amount		% Total Debt			Maturities by Year-Unsecured(3)	Amount		% Total Debt
2013(4)	$	144,190		35.3	%	2013	$	—		0.0	%
2014		76,749		18.8	%	2014		—		0.0	%
2015		47,381		11.6	%	2015		—		0.0	%
2016		1,341		0.3	%	2016(5)		75,000		18.4	%
2017		39,990		9.8	%	2017		—		0.0	%
2018		708		0.2	%	2018		—		0.0	%
2019		544		0.1	%	2019		—		0.0	%
2020		585		0.1	%	2020		—		0.0	%
2021		628		0.2	%	2021		—		0.0	%
2022		675		0.2	%	2022		—		0.0	%
Beyond 2022		20,519		5.0	%	Beyond 2022		—		0.0	%
Total	$	333,310		81.6	%	Total	$	75,000		18.4	%

Mortgage Notes	Amount		Contractual Interest Rate			Maturity
Red Rock Commons (2)	$	13,800		2.5	%		2013
West Broad Village		50,000		2.8	%		2013
Five Forks Place		4,882		5.5	%		2013
Grant Creek Town Center		15,342		5.8	%		2013
Park West Place(6)		55,800		3.7	%		2013
Excel Centre		12,284		6.1	%		2014
Merchant Central		4,468		5.9	%		2014
Edwards Theatre		11,859		6.7	%		2014
Gilroy Crossing		46,646		5.0	%		2014
The Promenade		49,703		4.8	%		2015
5000 South Hulen		13,655		5.6	%		2017
Lake Pleasant Pavilion		28,176		6.1	%		2017
Rite Aid-Vestavia Hills		1,184		7.3	%		2018
Lowe’s		13,511		7.2	%		2031
Northside Plaza(2)		12,000		0.1	%		2035
Total		333,310		4.5	%
Debt (discount) or premium		625
Mortgage notes, net	$	333,935

(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 December 31, 2012 was 0.14%). 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 December 31, 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 $13.8 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) Reflects the amount outstanding on the unsecured credit facility at quarter end.

(6) 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 11

Common and Preferred Stock Data

For the Period Ended December 31, 2012

(In thousands, except per share data)

	Three Months Ended December 31, 2012			Three Months Ended September 30, 2012			Three Months Ended June 30, 2012			Three Months Ended March 31, 2012
Earning per share - share data
Weighted average common shares outstanding - diluted		40,830			33,294			32,785			31,761
Diluted common shares - EPS		40,830			33,294			32,785			31,761
Funds from operations - share data
Weighted average common shares outstanding		40,830			33,294			32,785			31,761
Weighted average OP units outstanding		1,272			1,057			1,205			1,393
Weighted average restricted stock outstanding		254			286			314			370
Dilutive effect of contingent consideration related to business combinations		20			90			79			102
Total potential dilutive common shares		42,376			34,727			34,383			33,626
Total common shares (including restricted stock) outstanding		44,906			34,891			33,732			33,642
Total OP units outstanding		1,245			1,040			1,105			1,284
Total Series A convertible preferred shares outstanding		2,000			2,000			2,000			2,000
Total Series B preferred shares outstanding		3,680			3,680			3,680			3,680
Common share data
High closing share price	$	12.91		$	12.58		$	12.37		$	13.12
Low closing share price	$	11.38		$	11.39		$	10.94		$	11.58
Average closing share price	$	12.15		$	11.88		$	11.63		$	12.31
Closing price at end of period	$	12.67		$	11.42		$	11.96		$	12.08
Dividends per share - annualized	$	0.65		$	0.65		$	0.65		$	0.65
Dividend yield (based on closing share price at end of period)		5.1	%		5.7	%		5.4	%		5.4	%
Dividends per share
Common stock (EXL)	$	0.1625		$	0.1625		$	0.1625		$	0.1625
Series A Convertible Perpetual Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.5078		$	0.5078		$	0.5078		$	0.4232

Page 12

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, Regus, Meridian Bank
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 (Safeway)
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		157		23,800	Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Pavilion Crossing	Brandon	FL	2012		68,400	10/1/2012		192		13,100	Publix
West Broad Village(9)	Richmond	VA	2009		386,047	10/19/2012		265		170,200	Whole Foods, REI, HomeGoods, Dave & Buster’s, South University
Dellagio	Orlando	FL	2009		123,198	10/19/2012		325		40,100	Flemings, Fifth Third Bank
Meadow Ridge Plaza	Orlando	FL	2007		45,199	10/19/2012		215		9,700	Fifth Third Bank
Shoppes of Belmere	Orlando	FL	2008		26,502	10/19/2012		366		9,700	CVS
Lake Burden Shoppes	Orlando	FL	2008		20,598	10/19/2012		413		8,500	Walgreens
The Fountains at Bay Hill(5)	Orlando	FL	2001		103,767	10/19/2012		191		19,800	CVS, Ruth’s Chris
Total					1,662,462		$	263	$	437,900

Developments Under Construction	City	State	Estimated Opening Date(6)	GLA to be Constructed		Land		Improvements		Total  Carrying Amount(7)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(8)			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517	$	2,030	$	379	$	2,409	$	13,121		16	%	Jo-Ann
Total					149,517	$	2,030	$	379	$	2,409	$	13,121

Future Developments / Land	City	State	Estimated GLA to be Constructed / Land	Estimated Start Date	Estimated Project Cost		Projected Use
Plaza at Rockwall - Phase III	Rockwall	TX	22,700	Q4 2013	$	2,248	Additional shop space
Red Rock Commons - Phase II	St. George	UT	15,541	Q3 2013	$	1,858	Additional shop space
Park West Place	Stockton	CA	15,200	TBD		NA	Additional shop space
Shops at Foxwood	Ocala	FL	1.0 acres	TBD		NA	Additional land to be sold or developed
Chimney Rock	Odessa	TX	4.2 acres	TBD		NA	Additional land to be sold or developed
West Broad Village	Richmond	VA	1.4 acres	TBD		NA	Additional land to be sold or developed

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

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

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

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

(5) The Fountains at Bay Hill property was purchased on October 19, 2012 as a part of the larger portfolio acquisition in which the Company purchased a 50% tenant-in-common interest in the property. As the Company does not control the operations of the property, the property is reflected as an investment in unconsolidated entities in the consolidated balance sheets and the Company’s interest in the property’s operations is recorded under the equity method of accounting.

(6) 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.

(7) 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.

(8) 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 February 2013.

(9) The West Broad Village property is a mixed use shopping center that includes retail, office and 339 apartment units on the upper levels of the shopping center. However, the property’s total GLA listed herein excludes square footage of the apartments. As such, the approximate initial cost basis of the apartments of $68 million has been deducted from the price per square foot calculation.

Page 13

Portfolio Summary (Consolidated)

For the Period Ended December 31, 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 12/31/2012			Percent Leased 9/30/2012			Major Tenants
Operating Portfolio
West Broad Village (6)	Richmond	VA	2009		386,047		10/19/2012	$	265	$	170,200		75.7	%		n/a		Whole Foods, REI, HomeGoods, Dave & Buster’s, South University
The Promenade	Scottsdale	AZ	1999		433,538		7/11/2011	$	254	$	110,000		100.0	%		100.0	%	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Lowe’s (non-owned)
Park West Place	Stockton	CA	2005		598,152		12/14/2010	$	155	$	92,500		100.0	%		100.0	%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
Gilroy Crossing	Gilroy	CA	2004		325,431		4/5/2011	$	210	$	68,400		98.4	%		98.4	%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004		256,176		1/23/2012	$	207	$	53,000		82.4	%		88.1	%	Fitch, Healthcare Trust of America, Regus, Meridian Bank
Plaza at Rockwall	Rockwall	TX	2007/2012		430,277		6/29/2010	$	118	$	50,800		96.8	%		96.5	%	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	%		97.6	%	Safeway, Marshalls, Jo-Ann, Target (non-owned), Costco (non-owned)
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007		178,376		5/16/2012	$	234	$	41,800		86.4	%		97.6	%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Dellagio	Orlando	FL	2009		123,198		10/19/2012	$	325	$	40,100		95.9	%		n/a		Flemings, Fifth Third Bank
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		390,659		8/30/2010	$	89	$	34,900		80.7	%		82.0	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008		219,842		12/19/2011	$	141	$	31,000		96.9	%		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		94.1	%		93.3	%	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	%		82.8	%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL	2008		181,431		2/17/2012	$	136	$	24,700		98.9	%		98.9	%	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Chimney Rock	Odessa	TX	2012		151,339		8/30/2012	$	157	$	23,800		97.8	%		97.8	%	Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Excel Centre	San Diego	CA	1999		82,157		**	$	288	$	23,700		83.6	%		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
Grant Creek Town Center	Missoula	MT	1998		163,291		8/27/2010	$	130	$	21,300		93.1	%		94.9	%	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
Pavilion Crossing	Brandon	FL	2012		68,400		10/1/2012	$	192	$	13,100		96.5	%		n/a		Publix
Shops at Foxwood	Ocala	FL	2010		78,660		10/19/2010	$	160	$	12,600		90.8	%		89.3	%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL	2010		171,670		11/15/2010	$	70	$	12,400		94.8	%		94.8	%	Publix, Hobby Lobby, Books A Million
Meadow Ridge Plaza	Orlando	FL	2007		45,199		10/19/2012	$	215	$	9,700		88.9	%		n/a		Fifth Third Bank
Shoppes of Belmere	Orlando	FL	2008		26,502		10/19/2012	$	366	$	9,700		100.0	%		n/a		CVS
Lake Burden Shoppes	Orlando	FL	2008		20,598		10/19/2012	$	413	$	8,500		100.0	%		n/a		Walgreens
Five Forks Place	Simpsonville	SC	2002		61,191		**	$	127	$	7,800		98.0	%		98.0	%	Publix
Mariner’s Point	St. Marys	GA	2001		45,215		7/20/2010	$	146	$	6,600		95.6	%		95.6	%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006		60,100		**	$	108	$	6,500		91.3	%		91.3	%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Merchant Central	Milledgeville	GA	2004		45,013		6/30/2010	$	136	$	6,100		83.9	%		87.6	%	Dollar Tree, Super Wal-Mart (non-owned)
Walgreens	Corbin (North)	KY	2009		13,650		5/24/2010	$	256	$	3,500		100.0	%		100.0	%	Walgreens
Total Operating Portfolio	Total				5,466,193			$	182	$	1,064,000		92.8	%		94.8	%
Developments Under Construction	City	State	Estimated Opening Date(3)	GLA to be Constructed		Land Value		Improvements		Total Carrying Amount  (4)		% GLA Leased / Committed (5)			% GLA Leased / Committed			Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517		2,030		379		2,409		16	%		11	%	Jo-Ann
	Total				149,517		2,030		379	$	2,409
	Total Portfolio (7)				5,615,710					$	1,066,409

** 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 February 2013.

(6) The West Broad Village property is a mixed use shopping center that includes retail, office and 339 apartment units on the upper levels of the shopping center. However, the property’s total GLA listed herein excludes square footage of the apartments. As such, the approximate initial cost basis of the apartments of $68 million has been deducted from the price per square foot calculation.

Page 14

Summary of Retail Leasing Activity (Consolidated)

For the Period Ended December 31, 2012

	Number  of Leases(1)		GLA		Weighted Average- New Lease Rate(2)		Weighted Average- Prior Lease Rate(2)		Percentage Increase or (Decrease)			Tenant Improvement Allowance per Sq. Ft.
Comparable Leases
New leases(3)		2		4,149	$	27.62	$	24.28		13.8	%	$	19.89
Renewals/Options		16		43,059		19.79		19.88		-0.5	%		—
Total: Comparable Leases		18		47,208	$	20.48	$	20.27		1.0	%	$	1.75
Non-Comparable Leases
Operating portfolio		5		6,293	$	18.74		n/a		n/a		$	16.55
Development		—		—		—		n/a		n/a			—
Total: Non-Comparable Leases		5		6,293	$	18.74		n/a		n/a		$	16.55
Total Leasing Activity		23		53,501	$	20.27		n/a		n/a		$	3.49

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

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

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

Page 15

Same Property Analysis

For the Period Ended December 31, 2012

(In thousands, except per share amounts)

	Three Months Ended December 31, 2012			Three Months Ended December 31, 2011			Percentage Change
Same Property Portfolio (1)
Number of properties		19			19
Rentable square feet		3,571,813			3,571,813
Percent leased		95.0	%		93.4	%		1.7	%
Percentage of total operating portfolio		65.3	%		93.8	%
Total revenues	$	15,652		$	16,184			-3.3	%
Total expenses		3,947			4,782			-17.5	%
Same property - net operating income (GAAP basis)	$	11,705		$	11,402			2.7	%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(406	)		(299	)		35.8	%
Same property - net operating income (cash basis)	$	11,299		$	11,103			1.8	%

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

16

Major Tenants By GLA (Consolidated)

For the Period Ended December 31, 2012

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)					5,466,199
Tenants		# Stores		Square Feet		% of Total GLA
1	Lowe’s		2		325,863		6.0	%
2	Publix		5		244,151		4.5	%
3	Kohl’s		2		176,656		3.2	%
4	Dick’s Sporting Goods		3		140,018		2.6	%
5	TJX Companies		5		137,907		2.5	%
6	Bed Bath & Beyond		5		131,864		2.4	%
7	Ross Dress For Less		4		115,259		2.1	%
8	Jo-Ann		4		105,955		1.9	%
9	JC Penny		1		103,639		1.9	%
10	Edwards Theatres (Regal Cinemas)		1		100,551		1.8	%
	Total Top 10 GLA		32		1,581,863		28.9	%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio (2)								$	77,051
Tenants		# Stores		Square Feet		Rent Per Sq. Ft.		ABR		% ABR
1	Publix		5		244,151	$	11.07	$	2,702		3.5	%
2	Lowe’s		2		325,863		6.74		2,195		2.8	%
3	Edwards Theatres (Regal Cinemas)		1		100,551		21.72		2,184		2.8	%
4	Dick’s Sporting Goods		3		140,018		12.33		1,726		2.2	%
5	Kaiser Permanente		1		38,432		41.58		1,598		2.1	%
6	Bed Bath & Beyond		5		131,864		10.93		1,441		1.9	%
7	PetSmart		5		91,246		15.16		1,383		1.8	%
8	Kohl’s		2		176,656		7.63		1,347		1.7	%
9	Ross Dress For Less		4		115,259		11.41		1,316		1.7	%
10	TJX Companies		5		137,907		9.08		1,252		1.6	%
	Total Top 10 Annualized Rent		33		1,501,947	$	11.41	$	17,144		22.3	%

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

(2) Annualized Base Rent does not include rental revenue from multi-family properties and is further described on the Definitions page.

Page 17

Expiration Schedule (Consolidated)

For the Period Ended December 31, 2012

(Dollars in thousands, except rent per square foot)

	12/31/2012			9/30/2012(1)
Total GLA - Operating Portfolio		5,466,199			4,797,124
Total GLA Occupied - Operating Portfolio		4,993,581			4,509,773
% Occupied		91.4	%		94.0	%
Total GLA - Operating Portfolio		5,466,199			4,797,124
Total GLA Leased - Operating Portfolio		5,070,662			4,548,859
% Leased		92.8	%		94.8	%
Retail GLA - Operating Portfolio(2)		5,127,860			4,458,791
Retail GLA Occupied - Operating Portfolio		4,736,205			4,232,765
% Occupied		92.4	%		94.9	%
Retail GLA - Operating Portfolio(2)		5,127,860			4,458,791
Retail GLA Leased - Operating Portfolio		4,790,822			4,255,533
% Leased		93.4	%		95.4	%
Total Retail Anchor GLA % Leased - Operating Portfolio		97.8	%		99.3	%
Total Retail Inline GLA % Leased - Operating Portfolio		84.8	%		87.0	%
Same Property GLA % Leased (Sequential) - Operating Portfolio(3)		94.0	%		95.0	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(4)	3,330,956		70.3	%	$	38,097		54.3	%
Occupied Retail Inline GLA(4)	1,405,248		29.7	%		32,066		45.7	%
Total Occupied Retail GLA	4,736,204		100.0	%	$	70,163		100.0	%

Year	Anchor GLA Expiring		% of Total Retail GLA			Anchor Rent Per Sq. Ft.		Inline GLA Expiring		% of Total Retail GLA			Inline Rent Per Sq. Ft.		Total Occupied Retail GLA Expiring		% of Total Retail GLA			Total Occupied Retail ABR Expiring		% of Total Retail ABR			Average Rent Per  Sq. Ft.
2013(5)		70,624		1.5	%	$	11.18		157,976		3.3	%	$	19.65		228,600		4.8	%	$	3,894		5.5	%	$	17.03
2014		125,398		2.6	%		14.27		219,826		4.6	%		21.86		345,224		7.3	%		6,594		9.4	%		19.10
2015		388,714		8.2	%		13.99		205,026		4.3	%		22.46		593,740		12.5	%		10,042		14.3	%		16.91
2016		179,807		3.8	%		9.31		187,620		4.0	%		23.66		367,427		7.8	%		6,113		8.7	%		16.64
2017		91,759		1.9	%		13.87		143,701		3.0	%		21.69		235,460		5.0	%		4,390		6.3	%		18.64
2018		279,227		5.9	%		14.30		106,095		2.2	%		21.89		385,322		8.1	%		6,315		9.0	%		16.39
2019		364,623		7.7	%		14.84		76,636		1.6	%		26.63		441,259		9.3	%		7,452		10.6	%		16.89
2020		138,618		2.9	%		17.71		57,951		1.2	%		28.57		196,569		4.2	%		4,111		5.9	%		20.91
2021		75,356		1.6	%		5.97		70,459		1.5	%		17.01		145,815		3.1	%		1,649		2.4	%		11.31
2022		268,603		5.7	%		10.58		55,046		1.2	%		15.59		323,649		6.8	%		3,699		5.3	%		11.43
Beyond 2022		1,348,227		28.5	%		8.89		124,912		2.6	%		31.39		1,473,139		31.1	%		15,904		22.7	%		10.80
Total		3,330,956		70.3	%	$	11.44		1,405,248		29.7	%	$	22.82		4,736,204		100.0	%	$	70,163		100.0	%	$	14.81

(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.

Page 18

Unconsolidated Investments

For the Period Ended December 31, 2012

(Dollars in thousands)

							Financial Information							Leasing Information
Investment Partner	Formation/Acquisition Date	Property	City	State	Total GLA(1)		Total Assets		Total Debt		Ownership Interest			Percent Leased			ABR
GEM	September 7, 2012	La Costa Town Center	Carlsbad	CA		121,429	$	26,347	$	14,100		20	%		40.6	%	$	1,265
MDC	October 19, 2012	The Fountains at Bay Hill	Orlando	FL		103,767	$	41,789	$	23,862		50	%		94.6	%	$	2,929

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

Summary Financial Information:
Balance Sheet	December 31, 2012			Company Pro Rata			September 30, 2012			Company Pro Rata
Assets:
Investments in Real Estate	$	61,156		$	23,553		$	23,575		$	4,715
Cash & cash equivalents		224			111			1,052			210
Other assets		6,756			2,500			435			87
Total assets	$	68,136		$	26,164		$	25,062		$	5,012
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	37,962		$	14,751		$	14,100		$	2,820
Other liabilities		12,300			5,566			252			50
Members’ equity		17,874			5,847			10,710			2,142
Total liabilities and equity	$	68,136		$	26,164		$	25,062		$	5,012
Company’s investment in unconsolidated entities				$	9,015					$	1,348
Income Statement(2)	Three months ended December 31, 2012			Company Pro Rata			Year ended December 31, 2012			Company Pro Rata
Total revenues	$	1,341		$	473		$	1,506		$	506
Expenses:
Property operating expenses		351			117			399			126
General and administrative		216			60			933			203
Depreciation and amortization		922			299			1,030			321
Total expenses		1,489			476			2,362			650
Interest expense		(484	)		(159	)		(567	)		(176	)
Net loss	$	(632	)	$	(162	)	$	(1,423	)	$	(320	)
Company’s loss from equity in unconsolidated entities				$	(162	)				$	(320	)
(2)    Represents results since the formation of the La Costa joint-venture partnership on September 7, 2012 and the purchase of the Fountains at Bay Hill property on October 19, 2012.
Unconsolidated Debt:
La Costa Town Center	December 31, 2012
Proportionate share of debt:	$	2,820
Maturity date:		October 1, 2014
Current interest rate:		6.0	%
Fountains at Bay Hill:	December 31, 2012
Proportionate share of debt:	$	11,931
Maturity date:		April 2, 2015
Current interest rate:		3.5	%

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Definitions

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

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

Annualized Base Rent: Annualized Base Rent is obtained by annualizing the cash rental rate (excluding reimbursements and percentage rent) for the final month of a reporting period. Annualized Base Rent does not include rental revenue from multi-family properties.

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

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

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

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

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

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

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