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): July 31, 2013

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 July 31, 2013, Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the period ended June 30, 2013. 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 July 31, 2013.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended June 30, 2013

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: July 31, 2013		Excel Trust, Inc.
	By:	/s/ James Y. Nakagawa
		James Y. Nakagawa
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Excel Trust Announces Results For the Quarter Ended June 30, 2013, Declares Dividend

SAN DIEGO--July 31, 2013-- Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended June 30, 2013. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

Highlights for the Second Quarter 2013

• Reported Adjusted Funds from Operations (AFFO) for the quarter of $10.6 million, or $0.22 per diluted share

• Reported Funds from Operations (FFO) for the quarter of $12.0 million, or $0.25 per diluted share

• Declared a third quarter 2013 common stock dividend of $0.17 per share, which equates to an annualized rate of $0.68 per share

• Financed The Flats at West Broad Village for approximately $39.7 million, which will mature in May 2020 and bears interest at 3.3%

• Subsequent to quarter on July 1, 2013, acquired Stadium Center in Manteca, CA for approximately $41.2 million

“As we have previously stated, our 2013 objectives are to aggressively focus on our operations while selectively adding high quality properties that complement our portfolio,” stated Gary Sabin, Chairman and CEO. “We believe our results this quarter and year-to-date reflect that focus.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the second quarter of $10.6 million, or $0.22 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended June 30, 2013 of $12.0 million, or $0.25 per diluted share. Net income attributable to the common stockholders was $0.6 million, or $0.01 per diluted share. This compares to AFFO of $6.5 million, or $0.19 per diluted share, FFO of $6.0 million or $0.17 per diluted share and net loss of $2.4 million, or $0.08 per diluted share in the three-month period ended June 30, 2012.

Excel Trust reported AFFO for the six months ended June 30, 2013 of $20.7 million, or $0.44 per diluted share and FFO of $22.3 million, or $0.47 per diluted share. Net loss attributable to the common stockholders for the six months ended June 30, 2013 was $1.8 million, or $0.04 per diluted share. This compares to AFFO of $12.9 million, or $0.37 per diluted share, FFO of $12.5 million or $0.36 per diluted share and net loss of $4.1 million, or $0.14 per diluted share in the six-month period ended June 30, 2012.

Included in FFO for the quarter ended June 30, 2013 was a non-cash gain related to a change in the fair value of certain contingent consideration related to the 2012 acquisition of West Broad Village in Richmond, Virginia of $1.6 million. This increased FFO per diluted share by approximately $0.03. Straight-line effects of lease revenue in the second quarter of 2013 increased to $1.1 million from $0.6 million in the same quarter last year, primarily due to new leases signed. Also included in FFO was non-cash compensation expense of approximately $568,000 in the quarter ended June 30, 2013 resulting from the Company’s incentive stock award plan. This expense was $804,000 in the second quarter of 2012.

Excel Trust considers AFFO and FFO important supplemental measures of its operating

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

Events Subsequent to Second Quarter 2013

On July 1, 2013, the Company completed the acquisition of Stadium Center, a retail shopping center with 160,726 square feet of GLA located in Manteca, California for a contractual purchase price, excluding closing costs, of approximately $41.2 million. The purchase was funded by additional borrowings on the Company’s unsecured revolving credit facility. Tenants of Stadium Center include Ross Dress for Less, Jo-Ann, Office Max, Old Navy, Costco (non-owned) and Kohl’s (non-owned).

On July 2, 2013, the Company entered into a purchase agreement to acquire a land parcel at our Promenade property for a contractual purchase price, excluding closing costs, of approximately $16.0 million and includes the assumption of a mortgage note in the amount of approximately $7.3 million. The acquisition of the property is subject to due diligence and other customary closing conditions. A 135,000 square foot retail building is constructed on the parcel and is ground leased by Sears (currently occupied by Living Spaces).

On July 19, 2013, the Company completed the sale of the Walgreens property located in North Corbin, KY for a sales price of $4.5 million. The Company recognized a gain of approximately $1.3 million on the sale.

Third Quarter 2013 Dividend Declared

The Board of Directors declared a third quarter 2013 cash dividend of $0.17 per common share payable on October 15, 2013 to shareholders of record as of September 30, 2013.

The Board of Directors has also declared a dividend of $0.4375 per share on the Company’s Series A Cumulative Convertible Perpetual Preferred Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares. The dividend on Excel Trust’s outstanding Series A and Series B Preferred Shares will be payable on October 15, 2013 to the Series A and Series B Preferred shareholders of record as of September 30, 2013.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2013 to be between $0.82 and $0.88 and its FFO per share to be between $0.78 and $0.84. Guidance includes anticipated acquisitions of $150-200 million for 2013 and excludes transaction costs, leasing commissions, tenant improvement allowances and other non-recurring non-cash items. The Company will further discuss assumptions surrounding guidance tomorrow on the conference call. Excel Trust believes that AFFO is the most helpful indicator of the Company’s ability to pay recurring dividends since

it adjusts for certain non-cash and non-recurring items.

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

Conference Call

In conjunction with Excel Trust’s results, you are invited to listen to its conference call on Thursday, August 1, 2013 at 1:00 p.m. Eastern Time.

PHONE: Conference call access information is as follows:

Dial in number: (800) 299-8538

International Dial in number: (617) 786-2902

Pass code: 34697712

INTERNET: A live webcast of the conference call will be available through Excel Trust’s web site at www.exceltrust.com. The conference call will be recorded and available for replay for seven days beginning at 4:00 p.m. ET on August 1, 2013. 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.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30, 2013		December 31, 2012
ASSETS:
Property:
Land	$	326,633	$	320,289
Buildings		585,396		564,352
Site improvements		54,165		51,875
Tenant improvements		47,080		42,903
Construction in progress		3,370		1,709
Less accumulated depreciation		(49,294)		(36,765)
Property, net		967,350		944,363
Cash and cash equivalents		7,199		5,596
Restricted cash		7,193		5,657
Tenant receivables, net		2,798		5,376
Lease intangibles, net		75,059		85,646
Mortgage loan receivable		-		-
Deferred rent receivable		7,911		5,983
Other assets (1)		18,616		17,618
Real estate held for sale, net of accumulated amortization		3,226		-
Investment in unconsolidated entities		8,654		9,015
Total assets	$	1,098,006	$	1,079,254
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	301,235	$	333,935
Notes payable		109,000		75,000
Accounts payable and other liabilities		22,016		25,319
Lease intangibles, net		24,444		26,455
Dividends/distributions payable		10,659		9,773
Total liabilities		467,354		470,482
Equity:
Stockholders’ equity
Preferred stock		136,423		136,423
Common stock		479		448
Additional paid-in capital		477,369		459,151
Cumulative deficit		2,249		(1,414)
		616,520		594,608
Accumulated other comprehensive loss		(267)		(572)
Total stockholders’ equity		616,253		594,036
Non-controlling interests		14,399		14,736
Total equity		630,652		608,772
Total liabilities and equity	$	1,098,006	$	1,079,254

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

(1) Other assets is primarily comprised of deposits, notes receivable, prepaid expenses and furniture, fixtures, and equipment

Statements of Operations

EXCEL TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended  June 30, 2013		Three Months Ended  June 30, 2012		Six Months Ended    June 30, 2013		Six Months Ended    June 30, 2012
Revenues:
Rental revenue	$	22,631	$	16,945	$	45,041	$	33,027
Tenant recoveries		4,547		3,185		9,279		6,452
Other income		285		328		602		688
Total revenues		27,463		20,458		54,922		40,167
Expenses:
Maintenance and repairs		1,772		1,352		3,487		2,674
Real estate taxes		3,053		2,460		6,079		4,525
Management fees		430		197		663		386
Other operating expenses		1,371		953		2,898		1,782
Changes in fair value of contingent consideration		(1,558)		-		(1,558)		-
General and administrative		3,309		3,312		7,142		6,815
Depreciation and amortization		11,125		8,528		23,492		16,783
Total expenses		19,502		16,802		42,203		32,965
Net operating income		7,961		3,656		12,719		7,202
Interest expense		(4,517)		(3,986)		(9,315)		(7,660)
Interest income		48		53		97		106
Income (loss) from equity in unconsolidated entities		(65)		-		(25)		-
Changes in fair value of financial instruments and gain on OP unit redemption		-		589		230		1,051
Net income (loss) from continuing operations		3,427		312		3,706		699
Income from discontinued operations before gain on sale of real estate assets		45		45		90		91
Gain on sale of real estate assets		-		-		-		-
Income from discontinued operations		45		45		90		91
Net income (loss)		3,472		357		3,796		790
Net (income) loss attributable to non-controlling interests		(105)		11		(133)		16
Net income (loss) attributable to Excel Trust, Inc.		3,367		368		3,663		806
Preferred stock dividends		(2,744)		(2,744)		(5,488)		(4,865)
Net loss attributable to the common stockholders	$	623	$	(2,376)	$	(1,825)	$	(4,059)
Basic and diluted net loss per share	$	0.01	$	(0.08)	$	(0.04)	$	(0.14)
Weighted-average common shares outstanding - basic and diluted		47,150		32,785		46,256		32,273
Dividends declared per common share	$	0.1700	$	0.163	$	0.340	$	0.325

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 June 30, 2013

(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 six months ended June 30, 2013 and 2012 is as follows:

	Three Months Ended   June 30, 2013		Three Months Ended   June 30, 2012		Six Months Ended     June 30, 2013		Six Months Ended     June 30, 2012
Net loss attributable to the common stockholders	$	623	$	(2,376)	$	(1,825)	$	(4,059)
Add:
Non-controlling interests in operating partnership		20		(86)		(39)		(157)
Depreciation and amortization(1)		11,149		8,552		23,540		16,831
Deduct:
Depreciation and amortization related to joint venture(2)		255		(85)		666		(124)
Funds from operations (3)	$	12,047	$	6,005	$	22,342	$	12,491
Adjustments:
Transaction costs		313		355		447		549
Deferred financing costs		419		486		913		958
Stock-based and other non-cash compensation expense		568		804		1,130		1,589
Changes in fair value of contingent consideration		(1,558)		-		(1,558)		-
Changes in fair value of financial instruments		-		(589)		(230)		(1,051)
Straight-line effects of lease revenue		(1,100)		(613)		(1,977)		(1,336)
Amortization of above- and below-market leases		179		58		219		(170)
Non-incremental capital expenditures		(234)		(29)		(350)		(139)
Non-cash expenses (income) related to joint venture		16		-		(281)		-
Adjusted funds from operations (3)	$	10,650	$	6,477	$	20,655	$	12,891
Weighted average common shares outstanding		47,150		32,785		46,256		32,273
Add (4):
OP units		1,225		1,205		1,233		1,299
Restricted stock		213		314		223		342
Contingent consideration related to business combinations		-		79
LTIP restricted stock		94		-		94		-
Weighted average common shares outstanding - diluted (FFO and AFFO)		48,682		34,383		47,806		33,914
Funds from operations per share (diluted)(5)	$	0.25	$	0.17	$	0.47	$	0.36
Adjusted funds from operations per share (diluted)(5)	$	0.22	$	0.19	$	0.44	$	0.37
Other Information (6):
Leasing commissions paid	$	462	$	151	$	970	$	268
Tenant improvements paid	$	711	$	511	$	3,092	$	858

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three and six months ended June 30, 2013 and 2012).

(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 and The Fountains at Bay Hill properties.

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

(4) The three months ended June 30, 2013 and 2012 include 1,532,000 and 1,598,000 OP units, shares of restricted stock and additional common shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The three months ended June 30, 2013 and 2012 also exclude 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method. The six months ended June 30, 2013 and 2012 include 1,550,000 and 1,732,000 OP units, shares of restricted stock and additional common shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The six months ended June 30, 2013 and 2012 also exclude 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 ended June 30, 2013 and 2012 includes a reduction of $114,000 and $149,000, 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 six months ended June 30, 2013 and 2012 includes a reduction of $228,000 and $299,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.

(6) Excludes development properties.

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended June 30, 2013

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, 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
Broadridge Corporate Issuer Solutions, Inc.	Latham & Watkins
PO Box 1342	12636 High Bluff Drive, Suite 400
Brentwood, NY 11717	San Diego, CA 92130
Tel: 877-830-4936	Tel: 858-523-5400
Email: shareholder@broadridge.com
Website: www.broadridge.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
	Kristina Lazarevic	(212) 526-4691
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
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
Wells Fargo	Jeff Donnelly	(617) 603-4262
	Tamara Fique	(443) 263-6568

Page 5

Summary Financial and Portfolio Data (Consolidated)

For the Period Ended June 30, 2013
(Dollars and share data in thousands, except per share data)
Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		5,640,937
Percent Leased-Operating Portfolio		93.1%
Percent Occupied-Operating Portfolio		91.7%
Annualized Base Rent (2)	$	81,310
Total no. retail leases signed or renewed		34
Total sq. ft. retail leases signed or renewed		150,127
Financial Results
Net income attributable to the common stockholders	$	623
Net income per diluted share	$	0.01
Funds from operations (FFO)	$	12,047
FFO per diluted share	$	0.25
Adjusted funds from operations (AFFO)	$	10,650
AFFO per diluted share	$	0.22
EBITDA	$	19,033
Assets
Gross undepreciated real estate	$	1,016,644
Gross undepreciated assets	$	1,147,300
Total liabilities to gross undepreciated assets		40.7%
Debt to gross undepreciated assets		35.7%
Capitalization
Common shares outstanding		48,026
OP units outstanding		1,225
Total common shares and OP units		49,251
Closing price at quarter end	$	12.81
Equity capitalization	$	630,905
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)		409,717
Total capitalization	$	1,182,622
Debt/total capitalization		34.6%
Debt/EBITDA		5.4
Common Stock Data
Range of closing prices for the quarter	$	12.12-15.23
Weighted average common shares outstanding - diluted (EPS)		47,150
Weighted average common shares outstanding - diluted (FFO and AFFO)		48,682
Shares of common stock outstanding		48,026

(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)

	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012
ASSETS:
Property:
Land	$	326,633	$	326,669	$	320,289	$	262,960	$	263,988
Buildings		585,396		585,304		564,352		395,338		398,441
Site improvements		54,165		53,503		51,875		43,283		41,826
Tenant improvements		47,080		45,537		42,903		35,003		33,617
Construction in progress		3,370		3,135		1,709		262		115
Less accumulated depreciation		(49,294)		(43,125)		(36,765)		(31,074)		(26,804)
Property, net		967,350		971,023		944,363		705,772		711,183
Cash and cash equivalents		7,199		6,658		5,596		16,037		7,179
Restricted cash		7,193		6,344		5,657		5,265		4,925
Tenant receivables, net		2,798		3,486		5,376		4,270		2,995
Lease intangibles, net		75,059		80,961		85,646		68,946		72,666
Mortgage loan receivable		-		-		-		-		-
Deferred rent receivable		7,911		6,851		5,983		4,920		4,343
Other assets (1)		18,616		18,497		17,618		20,676		17,253
Real estate held for sale, net of accumulated amortization		3,226		-		-		-		-
Investment in unconsolidated entities		8,654		9,021		9,015		1,348		-
Total assets	$	1,098,006	$	1,102,841	$	1,079,254	$	827,234	$	820,544
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	301,235	$	332,732	$	333,935	$	285,069	$	286,114
Notes payable		109,000		88,000		75,000		-		-
Accounts payable and other liabilities		22,016		22,061		25,319		18,798		15,847
Lease intangibles, net		24,444		25,320		26,455		16,122		16,444
Dividends/distributions payable		10,659		10,491		9,773		8,125		8,405
Total liabilities		467,354		478,604		470,482		328,114		326,810
Equity:
Stockholders’ equity
Preferred stock		136,423		136,423		136,423		136,423		136,423
Common stock		479		468		448		348		336
Additional paid-in capital		477,369		474,321		459,151		352,282		346,385
Cumulative deficit		2,249		(1,118)		(1,414)		(1,970)		(2,471)
		616,520		610,094		594,608		487,083		480,673
Accumulated other comprehensive loss		(267)		(415)		(572)		(567)		(608)
Total stockholders’ equity		616,253		609,679		594,036		486,516		480,065
Non-controlling interests		14,399		14,558		14,736		12,604		13,669
Total equity		630,652		624,237		608,772		499,120		493,734
Total liabilities and equity	$	1,098,006	$	1,102,841	$	1,079,254	$	827,234	$	820,544

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

(1) Other assets is primarily comprised of deposits, notes receivable, prepaid expenses and furniture, fixtures, and equipment

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   June 30, 2013		Three Months Ended   June 30, 2012		Six Months Ended  June 30, 2013		Six Months Ended  June 30, 2012
Revenues:
Rental revenue	$	22,631	$	16,945	$	45,041	$	33,027
Tenant recoveries		4,547		3,185		9,279		6,452
Other income		285		328		602		688
Total revenues		27,463		20,458		54,922		40,167
Expenses:
Maintenance and repairs		1,772		1,352		3,487		2,674
Real estate taxes		3,053		2,460		6,079		4,525
Management fees		430		197		663		386
Other operating expenses		1,371		953		2,898		1,782
Changes in fair value of contingent consideration		(1,558)		-		(1,558)		-
General and administrative		3,309		3,312		7,142		6,815
Depreciation and amortization		11,125		8,528		23,492		16,783
Total expenses		19,502		16,802		42,203		32,965
Net operating income		7,961		3,656		12,719		7,202
Interest expense		(4,517)		(3,986)		(9,315)		(7,660)
Interest income		48		53		97		106
Income (loss) from equity in unconsolidated entities		(65)		-		(25)		-
Changes in fair value of financial instruments and gain on OP unit redemption		-		589		230		1,051
Net income (loss) from continuing operations		3,427		312		3,706		699
Income from discontinued operations before gain on sale of real estate assets		45		45		90		91
Gain on sale of real estate assets		-		-		-		-
Income from discontinued operations		45		45		90		91
Net income (loss)		3,472		357		3,796		790
Net (income) loss attributable to non-controlling interests		(105)		11		(133)		16
Net income (loss) attributable to Excel Trust, Inc.		3,367		368		3,663		806
Preferred stock dividends		(2,744)		(2,744)		(5,488)		(4,865)
Net loss attributable to the common stockholders	$	623	$	(2,376)	$	(1,825)	$	(4,059)
Basic and diluted net loss per share	$	0.01	$	(0.08)	$	(0.04)	$	(0.14)
Weighted-average common shares outstanding - basic and diluted		47,150		32,785		46,256		32,273
Dividends declared per common share	$	0.1700	$	0.163	$	0.340	$	0.325

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   June 30, 2013		Three Months Ended   March 31, 2013		Three Months Ended   December 31, 2012		Three Months Ended   September  30, 2012		Three Months Ended   June 30, 2012
Net income attributable to Excel Trust, Inc.	$	3,367	$	296	$	556	$	501	$	368
Add:
Interest expense		4,517		4,798		4,727		4,169		3,986
Depreciation and amortization(1)		11,149		12,390		10,588		8,602		8,552
EBITDA	$	19,033	$	17,484	$	15,871	$	13,272	$	12,906

(1) 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 June 30, 2013

(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 six months ended June 30, 2013 and 2012 is as follows:

	Three Months Ended   June 30, 2013		Three Months Ended   June 30, 2012		Six Months Ended   June 30, 2013		Six Months Ended   June 30, 2012
Net loss attributable to the common stockholders	$	623	$	(2,376)	$	(1,825)	$	(4,059)
Add:
Non-controlling interests in operating partnership		20		(86)		(39)		(157)
Depreciation and amortization(1)		11,149		8,552		23,540		16,831
Deduct:
Depreciation and amortization related to joint venture(2)		255		(85)		666		(124)
Funds from operations (3)	$	12,047	$	6,005	$	22,342	$	12,491
Adjustments:
Transaction costs		313		355		447		549
Deferred financing costs		419		486		913		958
Stock-based and other non-cash compensation expense		568		804		1,130		1,589
Changes in fair value of contingent consideration		(1,558)		-		(1,558)		-
Changes in fair value of financial instruments		-		(589)		(230)		(1,051)
Straight-line effects of lease revenue		(1,100)		(613)		(1,977)		(1,336)
Amortization of above- and below-market leases		179		58		219		(170)
Non-incremental capital expenditures		(234)		(29)		(350)		(139)
Non-cash expenses (income) related to joint venture		16		-		(281)		-
Adjusted funds from operations (3)	$	10,650	$	6,477	$	20,655	$	12,891
Weighted average common shares outstanding		47,150		32,785		46,256		32,273
Add (4):
OP units		1,225		1,205		1,233		1,299
Restricted stock		213		314		223		342
Contingent consideration related to business combinations		-		79				91
LTIP restricted stock		94		-		94		-
Common stock issuable upon conversion of preferred stock		-		-		-		-
Weighted average common shares outstanding - diluted (FFO and AFFO)		48,682		34,383		47,806		34,005
Funds from operations per share (diluted)(5)	$	0.25	$	0.17	$	0.47	$	0.36
Adjusted funds from operations per share (diluted)(5)	$	0.22	$	0.19	$	0.44	$	0.37
Other Information (6):
Leasing commissions paid	$	462	$	151	$	970	$	268
Tenant improvements paid	$	711	$	511	$	3,092	$	858

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three and six months ended June 30, 2013 and 2012).

(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 and The Fountains at Bay Hill properties.

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

(4) The three months ended June 30, 2013 and 2012 include 1,532,000 and 1,598,000 OP units, shares of restricted stock and additional common shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The three months ended June 30, 2013 and 2012 also exclude 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method. The six months ended June 30, 2013 and 2012 include 1,550,000 and 1,732,000 OP units, shares of restricted stock and additional common shares contingently issuable related to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. The six months ended June 30, 2013 and 2012 also exclude 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 ended June 30, 2013 and 2012 includes a reduction of $114,000 and $149,000, 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 six months ended June 30, 2013 and 2012 includes a reduction of $228,000 and $299,000, 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 June 30, 2013

(Dollars in thousands)

			% Total Debt
Fixed Rate Debt(1)	$	219,014	53%
Variable Rate Debt(2)		190,703	47%
Total Debt(1)	$	409,717	100%
Debt(1)/Gross Undepreciated Assets		35.7%
			% Total Debt
Secured Debt(1)(2)	$	300,717	73%
Unsecured Debt		109,000	27%
Total Debt	$	409,717	100%
Maturities by Year- Secured(3)	Amount		% Total Debt		Maturities by Year-Unsecured(3)	Amount		% Total Debt
2013(4)	$	57,988	14.2%		2013	$	-	0.0%
2014(5)		90,654	22.1%		2014		-	0.0%
2015		47,381	11.6%		2015		-	0.0%
2016		1,781	0.4%		2016(6)		109,000	26.6%
2017		40,776	10.0%		2017		-	0.0%
2018		1,516	0.4%		2018		-	0.0%
2019		1,380	0.3%		2019		-	0.0%
2020		37,419	9.1%		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	$	300,717	73.4%		Total	$	109,000	26.6%
Mortgage Notes	Amount		Contractual Interest Rate	Maturity
Park West Place(4)	$	55,800	3.7%	Dec-13
Edwards Theatres, San Marcos		11,689	6.7%	Feb-14
Red Rock Commons(5)		13,903	1.9%	Mar-14
Excel Centre		12,150	6.1%	May-14
Merchant Central		4,419	5.9%	Jul-14
Gilroy Crossing		46,236	5.0%	Oct-14
The Promenade		48,831	4.8%	Oct-15
5000 South Hulen		13,540	5.6%	Apr-17
Lake Pleasant Pavilion		28,011	6.1%	Oct-17
Rite Aid, Vestavia		1,101	7.3%	Oct-18
West Broad Village(7)		39,700	3.3%	May-20
Lowe’s, Shippensburg		13,337	7.2%	Oct-31
Northside Mall		12,000	0.1%	Nov-35
Total		300,717	4.5%
Debt (discount) or premium		518
Mortgage notes, net	$	301,235

(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, a construction loan at our Red Rock Commons property, the mortgage note at our Park West Place Property and our unsecured revolving credit facility. The revenue bonds are priced off the SIFMA index and reset weekly (the rate as of June 30, 2013 was 0.07%). 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 1.65% to 2.25% (rate as of June 30, 2013 was 1.85%).

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

(4) The Park West Place mortgage note matures in December 2013, but may be extended for an additional year at the Company’s election, through December 2014, after satisfying certain conditions and payment of an extension fee. Contractual Interest Rate includes the effect of interest rate swaps.

(5) The Red Rock construction loan matures in March 2014, but may be extended for an additional year at the Company’s election, through March 2015, after satisfying certain conditions and payment of an extension fee.

(6) Reflects the amount outstanding on the unsecured revolving credit facility at quarter end.

(7) The West Broad Village mortgage was refinanced in April 2013 at a fixed rate of 3.3%, which also extended the maturity date through May 2020 (approximately $10.3 million of the outstanding balance at March 31, 2013 was prepaid in connection with the refinancing).

Page 11

Common and Preferred Stock Data

For the Period Ended June 30, 2013

(In thousands, except per share data)

	Three Months Ended    June 30, 2013		Three Months Ended    March 31, 2013		Three Months Ended    December 31, 2012		Three Months Ended    September 30, 2012
Earning per share - share data
Weighted average common shares outstanding - diluted		47,150		45,352		40,830		33,294
Diluted common shares - EPS		47,150		45,352		40,830		33,294
Funds from operations - share data
Weighted average common shares outstanding		47,150		45,352		40,830		33,294
Weighted average OP units outstanding		1,225		1,241		1,272		1,057
Weighted average restricted stock outstanding		213		234		254		286
Dilutive effect of contingent consideration related to business combinations		-		-		20		90
Dilutive effect of LTIP restricted stock outstanding		94		190		-		-
Total potential dilutive common shares		48,682		47,017		42,376		34,727
Total common shares (including restricted stock) outstanding		48,026		47,033		44,906		34,891
Total OP units outstanding		1,225		1,225		1,245		1,040
Total Series A convertible preferred shares oustanding		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	$	15.23	$	13.82	$	12.91	$	12.58
Low closing share price	$	12.12	$	12.34	$	11.38	$	11.39
Average closing share price	$	14.08	$	12.89	$	12.15	$	11.88
Closing price at end of period	$	12.81	$	13.65	$	12.67	$	11.42
Dividends per share - annualized	$	0.68	$	0.68	$	0.65	$	0.65
Dividend yield (based on closing share price at end of period)		5.3%		5.0%		5.1%		5.7%
Dividends per share
Common stock (EXL)	$	0.1700	$	0.1700	$	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	$	0.5078

Page 12

Acquisitions & Developments

For Fiscal Year 2013

(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

Tracy Pavilion

Tracy

CA

2006

162,353

1/24/2013

$

189

$

30,738

Marshalls, Ross, PetSmart, Staples, Ulta

Total

162,353

$

189

$

30,738

Developments Under Construction

City

State

Estimated Opening Date(4)

GLA to be Constructed

Land(5)

Improvements

Total Carrying Amount(6)

Remaining Estimated Cost to Complete

% GLA Leased  / Committed(7)

Major Tenants

Chimney Rock - Phase II

Odessa

TX

TBD

149,517

$

2,030

$

2,584

$

4,614

$

11,916

33%

Jo-Ann

Red Rock Commons

St. George

UT

Q1 2014

5,040

$

-

$

189

$

189

$

357

100%

n/a

Park West Place

Stockon

CA

Q2 2014

5,500

$

-

$

73

$

73

$

467

45%

n/a

Total

160,057

$

2,030

$

2,846

$

4,876

$

12,740

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

10,501

Q3 2013

$

1,385

Additional shop space

Park West Place

Stockton

CA

9,700

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

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

(5) The Company has not allocated a separate value to land parcels at certain properties for developments that represent only a small portion of the overall property.

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

(7) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of July 2013.

Page 13

Portfolio Summary (Consolidated)

For the Period Ended June 30, 2013

(Dollars in thousands, except price per square foot)

Property Name	City	State	Year Built(1)	Total GLA(2)		Acquisition Date	Price Sq. Ft.	Initial Cost Basis	Percent Leased 6/30/2013	Percent Leased 3/31/2013	Major Tenants
Operating Portfolio
West Broad Village(3)	Richmond	VA	2009		396,047	10/19/2012	$258	$170,200	76.3%	75.7%	Whole Foods, REI, HomeGoods, Dave & Buster’s, South University
The Promenade	Scottsdale	AZ	1999		433,538	7/11/2011	$254	$110,000	97.2%	97.3%	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	99.6%	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	98.1%	98.4%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004		256,182	1/23/2012	$207	$53,000	83.6%	81.9%	Fitch, Healthcare Trust of America, Regus, Meridian Bank
Plaza at Rockwall	Rockwall	TX	2007/2012		431,338	6/29/2010	$118	$50,800	98.4%	98.4%	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	97.1%	97.1%	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	94.5%	83.3%	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	90.6%	94.8%	Flemings, Fifth Third Bank
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		391,899	8/30/2010	$89	$34,900	82.2%	82.2%	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%	96.9%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Tracy Pavilion	Tracy	CA	2006		162,353	1/24/2013	$189	$30,738	92.4%	92.4%	Marshalls, Ross, PetSmart, Staples, Ulta
Red Rock Commons	St. George	UT	2012		118,593	**	$242	$28,700	100.0%	95.8%	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	85.2%	84.2%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL	2008		181,431	2/17/2012	$136	$24,700	97.4%	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	85.3%	83.6%	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	94.6%	89.1%	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	86.9%	84.4%	Albertsons, CVS, Wells Fargo, Bank of America
Pavilion Crossing	Brandon	FL	2012		68,400	10/1/2012	$192	$13,100	94.4%	92.7%	Publix
Shops at Foxwood	Ocala	FL	2010		78,660	10/19/2010	$160	$12,600	90.8%	90.8%	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	86.1%	88.9%	Fifth Third Bank
Shoppes of Belmere	Orlando	FL	2008		26,502	10/19/2012	$366	$9,700	100.0%	100.0%	CVS
Lake Burden Shoppes	Orlando	FL	2008		20,598	10/19/2012	$413	$8,500	100.0%	100.0%	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%	83.9%	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				5,640,937		$182	$1,094,738	93.1%	92.5%
Developments Under Construction	City	State	Estimated Opening Date(4)	GLA to be Constructed		Land Value(5)	Improvements	Total Carrying Amount  (6)	% GLA Leased / Committed (7)	% GLA Leased / Committed(7)	Major Tenants
Chimney Rock - Phase II	Odessa	TX	TBD		149,517	2,030	2,584	$4,614	33%	29%	Jo-Ann
Red Rock Commons	St. George	UT	Q1 2014		5,040	0	189	$189	100%	n/a
Park West Place	Stockon	CA	Q2 2014		5,500	0	73	$73	45%	n/a
	Total				160,057	2,030	2,846	$4,876
	Total Portfolio (7)				5,800,994			$1,099,614

** 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) 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.

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

(5) The Company has not allocated a separate value to land parcels at certain properties for developments that represent only a small portion of the overall property.

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

(7) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of July 2013.

Page 14

Summary of Retail Leasing Activity (Consolidated)

For the Period Ended June 30, 2013

	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		11,611	$	19.72	$	18.98	3.9%	$	59.02
Renewals/Options		20		83,769		16.14		15.80	2.1%		0.30
Total: Comparable Leases		23		95,380	$	16.58	$	16.19	2.4%	$	7.45
Non-Comparable Leases
Operating portfolio		11		54,747	$	18.27		n/a	n/a	$	20.97
Development		-		-		-		n/a	n/a		-
Total: Non-Comparable Leases		11		54,747	$	18.27		n/a	n/a	$	20.97
Total Leasing Activity		34		150,127	$	17.19		n/a	n/a	$	12.38

(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 June 30, 2013

(In thousands, except per share amounts)

	Three Months Ended    June 30, 2013		Three Months Ended    June 30, 2012		Percentage     Change
Same Property Portfolio (1)
Number of properties		23		23
Rentable square feet		4,350,332		4,350,332
Percent leased		94.3%		94.0%		0.3%
Percentage of total operating portfolio		77.1%		95.7%
Total revenues	$	19,478	$	18,850		3.3%
Total expenses		4,851		4,894		-0.9%
Same property - net operating income (GAAP basis)	$	14,627	$	13,956		4.8%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(527)		(426)		23.7%
Same property - net operating income (cash basis)	$	14,100	$	13,530		4.2%

(1) Includes all properties purchased prior to March 31, 2012, including the Plaza at Rockwall property (a portion of which was under development through Q2 2012). Excludes our La Costa Town Center property, which was contributed to a joint venture in September 2012.

16

Major Tenants By GLA (Consolidated)

For the Period Ended June 30, 2013

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)			5,640,937
	Tenants	# Stores	Square Feet	% of Total GLA
1	Lowe’s	2	325,863	5.8%
2	Publix	5	245,351	4.3%
3	Kohl’s	2	176,656	3.1%
4	Ross Dress For Less	6	173,479	3.1%
5	TJX Companies	6	168,207	3.0%
6	Dick’s Sporting Goods	3	140,018	2.5%
7	Jo-Ann	6	139,887	2.5%
8	Bed Bath & Beyond	5	131,864	2.3%
9	PetSmart	6	113,347	2.0%
10	JC Penny	1	103,639	1.8%
	Total Top 10 GLA	42	1,718,311	30.5%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio (2)						$            81,310
	Tenants	# Stores	Square Feet	Rent Per Sq. Ft.		ABR		% ABR
1	Publix	5	245,351	$	11.14	$	2,734	3.4%
2	Lowe’s	2	325,863		6.74		2,195	2.7%
3	Edwards Theatres (Regal Cinemas)	1	100,551		21.72		2,184	2.7%
4	Ross Dress For Less	6	173,479		11.56		2,006	2.5%
5	Dick’s Sporting Goods	3	140,018		12.69		1,776	2.2%
6	PetSmart	6	113,347		14.89		1,688	2.1%
7	Kaiser Permanente	1	38,432		42.99		1,652	2.0%
8	Jo-Ann	6	139,887		11.37		1,591	2.0%
9	TJX Companies	6	168,207		9.25		1,555	1.9%
10	Bed Bath & Beyond	5	131,864		10.93		1,441	1.8%
	Total Top 10 Annualized Rent	41	1,576,999	$	11.94	$	18,822	23.1%

(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 June 30, 2013

(Dollars in thousands, except rent per square foot)	6/30/2013		3/31/2013
Total GLA - Operating Portfolio		5,640,937		5,630,894
Total GLA Occupied - Operating Portfolio		5,172,080		5,148,611
% Occupied		91.7%		91.4%
Total GLA - Operating Portfolio		5,640,937		5,630,894
Total GLA Leased - Operating Portfolio		5,253,165		5,211,351
% Leased		93.1%		92.5%
Retail GLA - Operating Portfolio(1)		5,302,598		5,292,555
Retail GLA Occupied - Operating Portfolio		4,897,222		4,875,921
% Occupied		92.4%		92.1%
Retail GLA - Operating Portfolio(1)		5,302,598		5,292,555
Retail GLA Leased - Operating Portfolio		4,968,808		4,932,846
% Leased		93.7%		93.2%
Total Retail Anchor GLA % Leased - Operating Portfolio		99.6%		99.0%
Total Retail Inline GLA % Leased - Operating Portfolio		82.7%		82.1%
Same Property GLA % Leased (Sequential) - Operating Portfolio(2)		93.1%		92.6%

	Occupied Retail GLA		% of Occupied Retail GLA	Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(3)		3,414,093	69.7%	$	39,877	53.6%
Occupied Retail Inline GLA(3)		1,483,129	30.3%		34,480	46.4%
Total Occupied Retail GLA		4,897,222	100.0%	$	74,357	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	(4)		24,014	0.5%	$	16.88	96,557	2.0%	$	21.26	120,571	2.5%	$	2,458	3.3%	$	20.39
2014			120,590	2.5%		13.38	245,765	5.0%		21.90	366,355	7.5%		6,996	9.4%		19.10
2015			400,407	8.2%		13.07	210,588	4.3%		22.41	610,995	12.5%		9,954	13.4%		16.29
2016			173,923	3.6%		9.23	186,775	3.8%		23.84	360,698	7.4%		6,058	8.1%		16.80
2017			89,839	1.8%		13.67	159,135	3.2%		21.62	248,974	5.1%		4,668	6.3%		18.75
2018			322,488	6.6%		13.89	168,952	3.4%		22.28	491,440	10.0%		8,243	11.1%		16.77
2019			364,623	7.4%		14.84	83,942	1.7%		25.32	448,565	9.2%		7,536	10.1%		16.80
2020			155,972	3.2%		21.83	57,951	1.2%		27.18	213,923	4.4%		4,981	6.7%		23.28
2021			96,163	2.0%		4.68	67,644	1.4%		17.69	163,807	3.3%		1,647	2.2%		10.05
2022			312,047	6.4%		11.93	53,183	1.1%		19.85	365,230	7.5%		4,779	6.4%		13.08
Beyond 2022			1,354,027	27.6%		9.10	152,637	3.1%		30.88	1,506,664	30.8%		17,038	22.9%		11.31
Total			3,414,093	69.7%	$	11.68	1,483,129	30.3%	$	23.25	4,897,222	100.0%	$	74,358	100.0%	$	15.18

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

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

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

(4) Includes month-to-month leases and ground leases, but excludes percentage rent.

Page 18

Unconsolidated Investments

For the Period Ended June 30, 2013

(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	121,303	$25,389	$14,100	20%	68.4%	$1,531
MDC	October 19, 2012	The Fountains at Bay Hill	Orlando	FL	103,767	$40,841	$23,645	50%	93.2%	$3,067

(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	June 30, 2013		Company Pro Rata		December 31, 2012		Company Pro Rata
Assets:
Investments in Real Estate	$	60,812	$	23,373	$	61,156	$	23,553
Cash & cash equivalents		223		110		224		111
Other assets		5,195		2,016		6,756		2,500
Total assets	$	66,230	$	25,499	$	68,136	$	26,164
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	37,745	$	14,643	$	37,962	$	14,751
Other liabilities		10,884		5,190		12,300		5,566
Members’ equity		17,601		5,666		17,874		5,847
Total liabilities and equity	$	66,230	$	25,499	$	68,136	$	26,164
Company’s investment in unconsolidated entities			$	8,654			$	9,021
Income Statement(2)	Three Months Ended June 30, 2013		Company Pro Rata		Six Months Ended June 30, 2013		Company Pro Rata
Total revenues	$	1,288	$	526	$	4,105	$	1,376
Expenses:
Property operating expenses		291		98		664		220
General and administrative		101		21		376		78
Depreciation and amortization		809		312		2,303		783
Total expenses		1,201		431		3,343		1,081
Interest expense		(485)		(160)		(970)		(320)
Net income (loss)	$	(398)	$	(65)	$	(208)	$	(25)
Company’s loss from equity in unconsolidated entities			$	(65)			$	(25)

(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	June 30, 2013
Proportionate share of debt:	$	2,820
Maturity date:		October 1, 2014
Current interest rate:		6.0%
Fountains at Bay Hill:	June 30, 2013
Proportionate share of debt:	$	11,823
Maturity date:		April 2, 2015
Current interest rate:		3.4%

19

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.

Page 20