Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended December 31, 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
Operating 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

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, Treasurer	Mark T. Burton - CIO & SVP, Acquisitions
S. Eric Ottesen - SVP, General Counsel	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

Page 4

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	Linda Tsai	(212) 526-9937
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
Hilliard Lyons	Carol Kemple	(502) 588-1839
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 December 31, 2013
(Dollars and share data in thousands, except per share data)
Portfoilio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		6,175,069
Percent Leased-Operating Portfolio		93.7%
Percent Occupied-Operating Portfolio		92.5%
Annualized Base Rent (2)	$	88,484
Total no. retail leases signed or renewed		38
Total sq. ft. retail leases signed or renewed		202,513
Financial Results
Net income (loss) attributable to the common stockholders	$	(366)
Net income (loss) per diltued share	$	(0.01)
Funds from operations (FFO)	$	11,255
FFO per diluted share	$	0.23
Adjusted funds from operations (AFFO)	$	11,446
AFFO per diluted share	$	0.23
EBITDA	$	19,105
Assets
Gross undepreciated real estate	$	1,147,565
Gross undepreciated assets	$	1,280,300
Total liabilities to gross undepreciated assets		46.2%
Debt to gross undepreciated assets		41.3%
Capitalization
Common shares outstanding		48,381
OP units oustanding		1,020
Total common shares and OP units		49,401
Closing price at quarter end	$	11.39
Equity capitalization	$	562,677
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)		529,394
Total capitalization	$	1,234,071
Debt/total capitalization		42.9%
Debt/EBITDA		6.9
Common Stock Data
Range of closing prices for the quarter	$	11.39-12.41
Weighted average common shares outstanding - diluted (EPS)		47,672
Weighted average common shares outstanding - diluted (FFO and AFFO)		48,913
Shares of common stock outstanding		48,381

(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

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
ASSETS:
Property:
Land	$	380,366	$	355,509	$	326,633	$	326,669	$	320,289
Buildings		642,356		620,840		585,396		585,304		564,352
Site improvements		63,242		60,459		54,165		53,503		51,875
Tenant improvements		54,025		52,254		47,080		45,537		42,903
Construction in progress		7,576		3,297		3,370		3,135		1,709
Less accumulated depreciation		(61,479)		(54,409)		(49,294)		(43,125)		(36,765)
Property, net		1,086,086		1,037,950		967,350		971,023		944,363
Cash and cash equivalents		3,245		3,483		7,199		6,658		5,596
Restricted cash		8,147		41,139		7,193		6,344		5,657
Tenant receivables, net		5,117		3,500		2,798		3,486		5,376
Lease intangibles, net		78,345		80,273		75,059		80,961		85,646
Mortgage loan receivable		-		-		-		-		-
Deferred rent receivable		9,226		8,462		7,911		6,851		5,983
Other assets (1)		20,135		18,944		18,616		18,497		17,618
Real estate held for sale, net of accumulated amortization		-		-		3,226		-		-
Investment in unconsolidated entities		8,520		8,371		8,654		9,021		9,015
Total assets	$	1,218,821	$	1,202,122	$	1,098,006	$	1,102,841	$	1,079,254
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	251,191	$	308,365	$	301,235	$	332,732	$	333,935
Notes payable		279,500		193,500		109,000		88,000		75,000
Accounts payable and other liabilities		21,700		25,893		22,016		22,061		25,319
Lease intangibles, net		28,114		27,884		24,444		25,320		26,455
Dividends/distributions payable		10,932		10,684		10,659		10,491		9,773
Total liabilities		591,437		566,326		467,354		478,604		470,482
Equity:
Stockholders’ equity
Preferred stock		136,423		136,423		136,423		136,423		136,423
Common stock		482		480		479		468		448
Additional paid-in capital		460,431		469,034		477,369		474,321		459,151
Cumulative deficit		18,110		15,732		2,249		(1,118)		(1,414)
		615,446		621,669		616,520		610,094		594,608
Accumulated other comprehensive loss		-		(107)		(267)		(415)		(572)
Total stockholders’ equity		615,446		621,562		616,253		609,679		594,036
Non-controlling interests		11,938		14,234		14,399		14,558		14,736
Total equity		627,384		635,796		630,652		624,237		608,772
Total liabilities and equity	$	1,218,821	$	1,202,122	$	1,098,006	$	1,102,841	$	1,079,254

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

Page 7

Statements of Operations

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended   December 31, 2013		Three Months Ended   December 31, 2012		Twelve Months Ended   December 31, 2013		Twelve Months Ended   December 31, 2012
Revenues:
Rental revenue	$	24,609	$	20,354	$	92,294	$	69,155
Tenant recoveries		4,777		3,538		18,875		13,835
Other income		419		459		1,373		1,431
Total revenues		29,805		24,351		112,542		84,421
Expenses:
Maintenance and repairs		2,089		1,537		7,328		5,557
Real estate taxes		3,444		2,764		12,756		9,693
Management fees		440		313		1,772		851
Other operating expenses		1,487		1,293		6,194		4,028
Changes in fair value of contingent consideration		-		(160)		(1,568)		(281)
General and administrative		3,335		3,641		13,871		13,796
Depreciation and amortization		11,534		10,311		46,146		34,800
Total expenses		22,329		19,699		86,499		68,444
Net operating income		7,476		4,652		26,043		15,977
Interest expense		(5,193)		(4,501)		(18,944)		(15,650)
Interest income		58		48		204		173
Income (loss) from equity in unconsolidated entities		53		-		40		-
Changes in fair value of financial instruments and gain on OP unit redemption		-		418		230		1,530
Net income (loss) from continuing operations		2,394		617		7,573		2,030
Income from discontinued operations before gain on sale of real estate assets		(18)		97		464		135
Gain on sale of real estate assets		81		-		12,055		-
Income from discontinued operations		63		97		12,519		135
Net income (loss)		2,457		714		20,092		2,165
Net (income) loss attributable to non-controlling interests		(79)		4		(568)		18
Net income (loss) attributable to Excel Trust, Inc.		2,378		718		19,524		2,183
Preferred stock dividends		(2,744)		(2,744)		(10,976)		(10,353)
Net income (loss) attributable to the common stockholders	$	(366)	$	(2,026)	$	8,548	$	(8,170)
Basic and diluted net income (loss) per share	$	(0.01)	$	-	$	0.17	$	-
Weighted-average common shares outstanding - basic and diluted		47,672		-		46,926		-

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)

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

	Three Months Ended   December 31, 2013		Three Months Ended   September 30, 2013		Three Months Ended   June 30, 2013		Three Months Ended   March 31, 2013		Three Months Ended   December 31, 2012
Net income attributable to Excel Trust, Inc.	$	2,378	$	13,483	$	3,367	$	296	$	556
Add:
Interest expense		5,193		4,728		4,517		4,798		4,727
Depreciation and amortization(1)		11,534		11,766		11,149		12,390		10,588
EBITDA	$	19,105	$	29,977	$	19,033	$	17,484	$	15,871

(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 December 31, 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 three and twelve months ended December 31, 2013 and 2012 is as follows:

	Three Months Ended   December 31, 2013		Three Months Ended   December 31, 2012		Twelve Months Ended   December 31, 2013		Twelve Months Ended   December 31, 2012
Net income (loss) attributable to the common stockholders	$	(366)	$	(2,188)	$	8,548	$	(8,490)
Add:
Non-controlling interests in operating partnership		(7)		(67)		233		(297)
Depreciation and amortization (1)		11,534		10,588		46,839		36,021
Deduct:
Depreciation and amortization related to joint venture (2)		175		237		1,054		72
Gain on sale of real estate assets		(81)		-		(12,055)		-
Funds from operations (3)	$	11,255	$	8,570	$	44,619	$	27,306
Adjustments:
Transaction costs		112		387		1,159		1,572
Deferred financing costs		448		457		1,748		1,867
Stock-based and other non-cash compensation expense		583		817		2,291		3,223
Changes in fair value of contingent consideration		-		(160)		(1,568)		(281)
Changes in fair value of financial instruments		-		(418)		(230)		(1,530)
Straight-line effects of lease revenue		(764)		(1,130)		(3,352)		(3,139)
Amortization of above- and below-market leases		213		77		417		65
Non-incremental capital expenditures		(396)		(97)		(973)		(469)
Non-cash expenses (income) related to joint venture		(5)		-		(280)		-
Adjusted funds from operations (3)	$	11,446	$	8,503	$	43,831	$	28,614
Weighted average common shares outstanding		47,672		40,830		46,926		34,681
Add (4):
OP units		1,100		1,272		1,198		1,231
Restricted stock		141		254		190		306
Contingent consideration related to business combinations		-		20				73
LTIP restricted stock		-		-		-		-
Common stock issuable upon conversion of preferred stock		-		-		-		-
Weighted average common shares outstanding - diluted (FFO and AFFO)		48,913		42,376		48,314		36,291
Funds from operations per share (diluted) (5)	$	0.23	$	0.20	$	0.92	$	0.74
Adjusted funds from operations per share (diluted) (5)	$	0.23	$	0.20	$	0.90	$	0.78
Other Information (6):
Leasing commissions paid	$	382	$	333	$	1,748	$	755
Tenant improvements paid	$	1,065	$	1,830	$	7,548	$	3,270

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three and twelve months ended December 31, 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 December 31, 2013 and 2012 include 1,241,000 and 1,546,000 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 December 31, 2013 and 2012 also exclude 3,367,200 and 3,333,400 shares of common stock, respectively, potentially issuable pursuant to the conversion feature of the preferred stock based on the "if converted" method. The year ended December 31, 2013 and 2012 include 1,388,000 and 1,610,000 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 year ended December 31, 2013 and 2012 also exclude 3,347,661 and 3,333,400, respectively, 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 December 31, 2013 and 2012 includes a reduction of $107,000 and $114,000, 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 year ended December 31, 2013 and 2012 includes a reduction of $419,000 and $456,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.

(6) Excludes development properties and shell construction costs for value-add opportunities at operating properties.

Page 10

Debt Summary (Consolidated)

For the Period Ended December 31, 2013

(Dollars in thousands)

			% Total Debt
Fixed Rate Debt(1)	$	323,924	61%
Variable Rate Debt(2)		205,470	39%
Total Debt(1)	$	529,394	100%
Debt(1)/Gross Undepreciated Assets		41.3%
			% Total Debt
Secured Debt(1)(2)	$	249,894	47%
Unsecured Debt		279,500	53%
Total Debt	$	529,394	100%
Secured Debt to Gross Undepreciated Assets			19.5%
Maturities by Year-Secured(3)	Amount		% Total Debt		Maturities by Year-Unsecured(3)	Amount		% Total Debt
2014(5)	$	91,130	17.2%		2014	$	-	0.0%
2015		47,918	9.1%		2015		-	0.0%
2016		2,362	0.4%		2016		-	0.0%
2017		41,431	7.8%		2017		-	0.0%
2018		2,196	0.4%		2018(4)		179,500	33.9%
2019		5,615	1.1%		2019		-	0.0%
2020		37,419	7.1%		2020		75,000	14.2%
2021		628	0.1%		2021		-	0.0%
2022		675	0.1%		2022		-	0.0%
2023		726	0.1%		2023		25,000	4.7%
Beyond 2023		19,794	3.7%		Beyond 2023		-	0.0%
Total	$	249,894	47.2%		Total	$	279,500	52.8%
Mortgage Notes	Amount		Contractual Interest Rate	Maturity
Edwards Theatres, San Marcos	$	11,520	6.7%	Feb-14
Red Rock Commons(5)		13,970	1.7%	Mar-14
Excel Centre		12,018	6.1%	May-14
Merchant Central		4,370	5.9%	Jul-14
Gilroy Crossing		45,836	5.0%	Oct-14
The Promenade		47,957	4.8%	Oct-15
5000 South Hulen		13,421	5.6%	Apr-17
Lake Pleasant Pavilion		27,855	6.1%	Oct-17
Rite Aid, Vestavia		1,015	7.3%	Oct-18
Living Spaces-Promenade		7,075	7.9%	Nov-19
West Broad Village(6)		39,700	3.3%	May-20
Lowe's, Shippensburg		13,157	7.2%	Oct-31
Northside Mall		12,000	0.1%	Nov-35
Total		249,894	4.8%
Debt (discount) or premium		1,297
Mortgage notes, net	$	251,191

(1) 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 December 31, 2013 was 0.10%). 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 1.45% to 2.05% (rate as of December 31, 2013 was 1.69%).

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

(4) Reflects the amount outstanding on the unsecured revolving credit facility at quarter end. The credit facility was amended on October 8, 2013, increasing the borrowing capacity to $300.0 million, reducing the interest rate and extending the maturity date to April 6, 2018.

(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) 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 December 31, 2013

(In thousands, except per share data)

	Three Months Ended December 31, 2013			Three Months Ended September 30, 2013			Three Months Ended June 30, 2013			Three Months Ended March 31, 2013
Earning per share - share data
Weighted average common shares outstanding - diluted		47,672			47,669			47,150			45,352
Diluted common shares - EPS		47,672			47,669			47,150			45,352
Funds from operations - share data
Weighted average common shares outstanding		47,672			47,497			47,150			45,352
Weighted average OP units outstanding		1,100			1,225			1,225			1,241
Weighted average restricted stock outstanding		141			172			213			234
Dilutive effect of contingent consideration related to business combinations		-			-			-			-
Dilutive effect of LTIP restricted stock outstanding		-			-			-			190
Total potential dilutive common shares		48,913			48,894			48,588			47,017
Total common shares (including restricted stock) outstanding		48,381			48,173			48,026			47,033
Total OP units outstanding		1,020			1,225			1,225			1,225
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	$	12.41		$	13.92		$	15.23		$	13.82
Low closing share price	$	11.39		$	11.51		$	12.12		$	12.34
Average closing share price	$	11.82		$	12.61		$	14.08		$	12.89
Closing price at end of period	$	11.39		$	12.00		$	12.81		$	13.65
Dividends per share - annualized	$	0.70		$	0.68		$	0.68		$	0.68
Dividend yield (based on closing share price at end of period)		6.1	%		5.7	%		5.3	%		5.0	%
Dividends per share
Common stock (EXL)	$	0.1750		$	0.1700		$	0.1700		$	0.1700
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 the Period Ended December 31, 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	162,463		1/24/2013	$	189	$	30,738		Marshalls, Ross, PetSmart, Staples, Ulta
Stadium Center	Manteca	CA	2006	160,726		7/1/2013	$	256	$	41,150		Ross, Jo-Ann, Office Max, Old Navy, Costco (non-owned) and Kohl’s (non-owned)
League City Town Center	League City (Houston)	TX	2008	194,736		8/1/2013	$	203	$	39,500		Ross, TJ Maxx, Michael’s, PetSmart, Staples, SuperTarget (non-owned) and Home Depot (non-owned)
The Promenade - Living Spaces	Scottsdale	CA	1999	133,120		8/27/2013	$	120	$	16,000		Living Spaces
LA Fitness	San Diego	CA	2006	38,000		10/4/2013	$	376	$	14,300		LA Fitness
Cedar Square	Duncanville (Dallas)	TX	1978	75,550		11/4/2013	$	57	$	4,300		Beall’s, Walgreens
Southlake Park Village	Southlake (Dallas)	TX	TBD	186,043		11/18/2013	$	87	$	16,254		Fresh Market, REI
Centennial Crossroads	Las Vegas	NV	2003	105,415		11/22/2013	$	156	$	16,400		Vons, Chase Bank
Total				1,056,053			$	169	$	178,642
Value-add Opportunities	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
Red Rock Commons(8)	St. George	UT	Q2 2014	15,606	$	-	$	1,464	$	1,464	$	1,949	66%	Café Rio, Charming Charlies
West Broad Village - Expansion A	Richmond	VA	Q4 2014	10,000	$	-	$	-	$	-	$	2,347	100%	Children of America
Park West Place - Expansion A(9)	Stockon	CA	Completed	5,500	$	-	$	724	$	724	$	-	100%	Sally Beauty
Total				31,106	$	-	$	2,188	$	2,188	$	4,296
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	$	2,685	$	4,715	$	10,210	47%	Jo-Ann, Aeropostale
Southlake Park Village	Southlake (Dallas)	TX	TBD	186,043	$	16,064	$	2,638	$	18,701	$	26,275	50%	Fresh Market, REI
Total				335,560	$	18,094	$	5,323	$	23,416	$	36,485
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
Park West Place - Expansion B	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 - Phase III	Odessa	TX	4.2 acres	TBD		NA		Additional land to be sold or developed
West Broad Village - Expansion B	Richmond	VA	1.2 acres	TBD		NA		Additional land to be sold or developed
Stadium Center - Expansion	Manteca	CA	2.0 acres	TBD		NA		Additional land to be sold or developed
League City Town Center	League City	TX	0.9 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 February 2014.

(8) Does not include 5,040 square feet of GLA at Red Rock Commons that was completed and turned over to the tenants in December 2013.

(9) Construction of the 5,500 square feet of GLA at Park West Place was completed and turned over to the tenants in January 2014.

Page 13

Operating Portfolio Summary (Consolidated)

For the Period Ended December 31, 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 12/31/2013	Percent Leased 9/30/2013	Major Tenants
Operating Portfolio
West Broad Village(3)	Richmond	VA	2009	396,923	10/19/2012	$257	$170,200	78.8%	78.8%	Whole Foods, REI, HomeGoods, Dave & Buster’s, South University
The Promenade(4)	Scottsdale	AZ	1999	566,663	7/11/2011	$222	$126,000	95.3%	94.0%	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Living Spaces, Lowe’s (non-owned)
Park West Place	Stockton	CA	2005	603,564	12/14/2010	$153	$92,500	99.1%	99.6%	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	99.0%	98.7%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ	2004	256,182	1/23/2012	$207	$53,000	84.0%	78.9%	Fitch, Healthcare Trust of America, Regus, Meridian Bank
Plaza at Rockwall	Rockwall	TX	2007/2012	428,461	6/29/2010	$119	$50,800	100.0%	98.4%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk, HomeGoods, Jo-Ann
Brandywine Crossing	Brandywine	MD	2009	198,384	10/1/2010	$224	$44,500	96.9%	96.1%	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	90.3%	88.4%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Stadium Center	Manteca	CA	2006	160,726	7/1/2013	$256	$41,150	96.3%	96.3%	Ross, Jo-Ann, Office Max, Old Navy, Costco (non-owned) and Kohl’s (non-owned)
Dellagio	Orlando	FL	2009	123,198	10/19/2012	$325	$40,100	90.3%	93.3%	Flemings, Fifth Third Bank
League City Town Center	League City (Houston)	TX	2008	194,736	8/1/2013	$203	$39,500	100.0%	100.0%	Ross, TJ Maxx, Michael’s, PetSmart, Staples, SuperTarget (non-owned) and Home Depot (non-owned)
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002	391,899	8/30/2010	$89	$34,900	83.6%	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	98.0%	98.0%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Tracy Pavilion	Tracy	CA	2006	162,463	1/24/2013	$189	$30,738	91.4%	91.4%	Marshalls, Ross, PetSmart, Staples, Ulta
Red Rock Commons	St. George	UT	2012	118,593	4//23/2010	$242	$28,700	100.0%	100.0%	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	La Plata	MD	2008	115,972	10/1/2010	$215	$24,900	80.5%	85.2%	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	4//23/2010	$288	$23,700	90.4%	86.8%	Kaiser Permanente, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005	86,833	5/12/2010	$252	$21,900	94.8%	94.9%	Barnes & Noble, Old Navy
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	89.2%	89.2%	Albertsons, CVS, Wells Fargo, Bank of America
Centennial Crossroads	Las Vegas	NV	2003	105,415	11/22/2013	$156	$16,400	88.8%	n/a	Vons, Chase Bank
LA Fitness	San Diego	CA	2006	38,000	10/4/2013	$376	$14,300	100.0%	n/a	LA Fitness
Pavilion Crossing	Brandon	FL	2012	68,400	10/1/2012	$192	$13,100	96.2%	96.2%	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	4//23/2010	$127	$7,800	98.0%	98.0%	Publix
Mariner’s Point	St. Marys	GA	2001	45,215	7/20/2010	$146	$6,600	91.2%	91.2%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006	60,100	4//23/2010	$108	$6,500	94.5%	98.0%	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	89.2%	89.2%	Dollar Tree, Super Wal-Mart (non-owned)
Cedar Square	Duncanville (Dallas)	TX	1978	75,550	11/4/2013	$57	$4,300	94.7%	n/a	Beall’s, Walgreens
Total Operating Portfolio	Total			6,175,069		$184	$1,201,588	93.7%	93.1%

(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) Includes an additional land parcel acquired in August 2013 with an initial cost basis of approximately $16.0 million.

Page 14

Summary of Retail Leasing Activity (Consolidated)

For the Period Ended December 31, 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.		Weighted-Average Lease Term (Yrs.)
Comparable Leases
New leases(3)		4		10,753	$	24.09	$	19.05	26.5%	$	1.99		8.6
Renewals/Options		27		174,547		16.82		16.26	3.4%		0.06		4.6
Total: Comparable Leases		31		185,300	$	17.24	$	16.42	5.0%	$	0.17		4.9
Non-Comparable Leases
Operating portfolio		7		17,213	$	20.25		n/a	n/a	$	14.65		4.7
Development		-		-		-		n/a	n/a		-		-
Total: Non-Comparable Leases		7		17,213	$	20.25		n/a	n/a	$	14.65		4.7
Total Leasing Activity		38		202,513	$	17.49		n/a	n/a	$	1.40		4.8

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

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

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

Page 15

Same Property Analysis

For the Periods Ended December 31, 2013

(In thousands, except per share amounts)

	Three Months Ended  December 31, 2013		Three Months Ended  December 31, 2012		Percentage   Change		Twelve Months Ended  December 31, 2013		Twelve Months Ended  December 31, 2012		Percentage   Change
Same Property Portfolio (1)
Number of properties		24		24				19		19
Rentable square feet		4,624,239		4,624,239				3,551,192		3,551,192
Percent leased		94.6%		93.9%		0.7%		95.0%		94.6%		0.4%
Percentage of total operating portfolio		74.9%		84.6%				57.5%		65.0%
Total revenues	$	20,773	$	20,120		3.2%	$	67,806	$	66,631		1.8%
Total expenses		5,487		5,333		2.9%		16,947		16,376		3.5%
Same property - net operating income (GAAP basis)	$	15,286	$	14,787		3.4%	$	50,859	$	50,255		1.2%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(285)		(660)		-56.8%		(778)		(1,753)		-55.6%
Same property - net operating income (cash basis)	$	15,001	$	14,127		6.2%	$	50,081	$	48,502		3.3%

(1) Includes all properties purchased prior to October 1, 2012, including the Plaza at Rockwall property (a portion of which was under development through Q2 2012) for the three months ended December 31, 2013. Includes all properties purchased prior to January 1, 2012, for the year ended December 31, 2013. Excludes adjustments relating to prior year reimbursements. Also excludes our La Costa Town Center property, which was contributed to a joint venture in September 2012.

Page 16

Major Tenants By GLA (Consolidated)

For the Period Ended December 31, 2013

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)			6,175,069
	Tenants	# Stores	Square Feet	% of Total GLA
1	Lowe’s	2	325,863	5.3%
2	Publix	5	245,351	4.0%
3	Ross Dress For Less	7	201,168	3.3%
4	TJX Companies	7	194,207	3.1%
5	Kohl’s	2	176,656	2.9%
6	Dick’s Sporting Goods	3	140,018	2.3%
7	Jo-Ann	6	139,922	2.3%
8	Living Spaces(2)	1	133,120	2.2%
9	Bed Bath & Beyond	5	131,864	2.1%
10	PetSmart	7	131,691	2.1%
	Total Top 10 GLA	45	1,819,860	29.5%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio (3)						$            88,484
	Tenants	# Stores	Square Feet	Rent Per Sq. Ft.		ABR		% ABR
1	Publix	5	245,351	$	11.15	$	2,734	3.1%
2	Ross Dress For Less	7	201,168	$	11.35	$	2,283	2.6%
3	Lowe’s	2	325,863	$	6.74	$	2,195	2.5%
4	Edwards Theatres (Regal Cinemas)	1	100,551	$	21.72	$	2,184	2.5%
5	TJX Companies	7	194,207	$	10.28	$	1,997	2.3%
6	PetSmart	7	131,691	$	14.66	$	1,931	2.2%
7	Dick’s Sporting Goods	3	140,018	$	12.69	$	1,776	2.0%
8	Kaiser Permanente	1	38,432	$	42.99	$	1,652	1.9%
9	Jo-Ann	6	139,922	$	11.37	$	1,591	1.8%
10	Ulta	7	72,236	$	20.11	$	1,453	1.6%
	Total Top 10 Annualized Rent	46	1,589,439	$	12.45	$	19,796	22.4%

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

(2) Living Spaces is sub-leasing the building from Sears.

(3) 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, 2013

(Dollars in thousands, except rent per square foot)	12/31/2013		9/30/2013
Total GLA - Operating Portfolio		6,175,069		5,956,824
Total GLA Occupied - Operating Portfolio		5,711,999		5,492,013
% Occupied		92.5%		92.2%
Total GLA - Operating Portfolio		6,175,069		5,956,824
Total GLA Leased - Operating Portfolio		5,783,205		5,554,498
% Leased		93.7%		93.2%
Retail GLA - Operating Portfolio(1)		5,836,730		5,618,485
Retail GLA Occupied - Operating Portfolio		5,435,638		5,218,600
% Occupied		93.1%		92.9%
Retail GLA - Operating Portfolio(1)		5,836,730		5,618,485
Retail GLA Leased - Operating Portfolio		5,493,844		5,281,085
% Leased		94.1%		94.0%
Total Retail Anchor GLA % Leased - Operating Portfolio(5)		99.1%		99.1%
Total Retail Inline GLA % Leased - Operating Portfolio		84.9%		84.3%
Same Property GLA % Leased (Sequential) - Operating Portfolio(2)		93.7%		93.2%

	Occupied Retail GLA		% of Occupied Retail GLA	Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(3)		3,722,149	68.5%	$	43,035	52.3%
Occupied Retail Inline GLA(3)		1,713,489	31.5%		39,185	47.7%
Total Occupied Retail GLA		5,435,638	100.0%	$	82,220	100.0%

Year		Anchor GLA Expiring		% of Total Occupied Retail GLA	Anchor Rent Per Sq. Ft.		Inline GLA Expiring	% of Total Occupied Retail GLA	Inline Rent Per Sq. Ft.		Total Occupied Retail GLA Expiring	% of Total Occupied Retail GLA	Total Occupied Retail ABR Expiring		% of Total Retail ABR	Average Rent Per Sq. Ft.
2014	(4)		59,903	1.1%	$	15.89	236,496	4.4%	$	20.30	296,399	5.5%	$	5,754	7.0%	$	19.41
2015			399,986	7.4%	$	13.56	235,073	4.3%	$	22.69	635,059	11.7%	$	10,759	13.1%		16.94
2016			184,021	3.4%	$	10.00	222,476	4.1%	$	23.78	406,497	7.5%	$	7,132	8.7%		17.55
2017			51,839	1.0%	$	14.21	225,584	4.2%	$	22.90	277,423	5.1%	$	5,903	7.2%		21.28
2018			318,514	5.9%	$	14.01	228,651	4.2%	$	20.20	547,165	10.1%	$	9,080	11.0%		16.59
2019			526,091	9.7%	$	13.64	153,449	2.8%	$	21.32	679,540	12.5%	$	10,450	12.7%		15.38
2020			223,075	4.1%	$	17.24	80,021	1.5%	$	25.23	303,096	5.6%	$	5,866	7.1%		19.35
2021			134,163	2.5%	$	10.60	74,295	1.4%	$	20.01	208,458	3.8%	$	2,908	3.5%		13.95
2022			312,047	5.7%	$	12.49	53,556	1.0%	$	20.13	365,603	6.7%	$	4,976	6.1%		13.61
Beyond 2022			1,512,510	27.8%	$	8.78	203,888	3.8%	$	30.01	1,716,398	31.6%	$	19,392	23.6%		11.30
Total			3,722,149	68.5%	$	11.56	1,713,489	31.5%	$	22.87	5,435,638	100.0%	$	82,220	100.0%	$	15.13

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

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

(5) 10,000 square feet which was previously considered inline space was reclassified as anchor space for the third quarter of 2013.

Page 18

Unconsolidated Investments

For the Period Ended December 31, 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	121,165	$25,706	$14,100	20%	43.2%	$1,193
MDC	October 19, 2012	The Fountains at Bay Hill	Orlando	FL	103,767	$39,906	$23,423	50%	100.0%	$3,007

(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, 2013		Company Pro Rata		December 31, 2012		Company Pro Rata
Assets:
Investments in Real Estate	$	60,391	$	23,187	$	61,156	$	23,553
Cash & cash equivalents		277		136		224		111
Other assets		4,944		1,773		6,756		2,500
Total assets	$	65,612	$	25,096	$	68,136	$	26,164
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	37,523	$	14,532	$	37,962	$	14,751
Other liabilities		10,236		5,008		12,300		5,566
Members’ equity		17,853		5,556		17,874		5,847
Total liabilities and equity	$	65,612	$	25,096	$	68,136	$	26,164
Company’s investment in unconsolidated entities			$	8,520			$	8,371
Income Statement(2)	Three Months Ended December 31, 2013		Company Pro Rata		Twelve Months Ended December 31, 2013		Company Pro Rata
Total revenues	$	1,323	$	562	$	6,837	$	2,514
Expenses:
Property operating expenses		344		118		1,311		445
General and administrative		10		2		505		105
Depreciation and amortization		610		233		3,608		1,287
Total expenses		964		353		5,424		1,837
Interest expense		(483)		(156)		(1,937)		(637)
Net income (loss)	$	(124)	$	53	$	(524)	$	40
Company’s loss from equity in unconsolidated entities			$	53			$	40

(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, 2013
Proportionate share of debt:	$	2,820
Maturity date:		October 1, 2014
Current interest rate:		5.9%
Fountains at Bay Hill:	December 31, 2013
Proportionate share of debt:	$	11,712
Maturity date:		April 2, 2015
Current interest rate:		3.4%

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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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