Exhibit 99.2

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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the retail industry or the markets in which the Company operates; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company’s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; the Company’s inability to successfully complete real estate acquisitions or successfully operate acquired properties; the Company’s failure to qualify or maintain its status as a REIT; risks associated with the Company’s dependence on key personnel whose continued service is not guaranteed; and risks associated with downturns in domestic and local economies, and volatility in the securities markets. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 3

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	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 March 31, 2014

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

Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		6,218,070
Percent Leased-Operating Portfolio		93.3	%
Percent Occupied-Operating Portfolio		92.3	%
Annualized Base Rent (2)	$	90,290
Total no. retail leases signed or renewed		49
Total sq. ft. retail leases signed or renewed		192,993
Financial Results
Net income (loss) attributable to the common stockholders	$	(549	)
Net income (loss) per diltued share	$	(0.01	)
Funds from operations (FFO)	$	11,407
FFO per diluted share	$	0.23
Adjusted funds from operations (AFFO)	$	11,861
AFFO per diluted share	$	0.24
EBITDA	$	18,980
Assets
Gross undepreciated real estate	$	1,154,365
Gross undepreciated assets	$	1,284,333
Total liabilities to gross undepreciated assets		46.6	%
Debt to gross undepreciated assets		41.7	%
Capitalization
Common shares outstanding		48,455
OP units outstanding		1,020
Total common shares and OP units		49,475
Closing price at quarter end	$	12.68
Equity capitalization	$	627,343
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)		535,336
Total capitalization	$	1,304,679
Debt/total capitalization		41.0	%
Debt/EBITDA		7.1
Common Stock Data
Range of closing prices for the quarter	$	11.01-12.80
Weighted average common shares outstanding—diluted (EPS)		47,785
Weighted average common shares outstanding—diluted (FFO and AFFO)		48,805
Shares of common stock outstanding		48,455

(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)

	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
ASSETS:
Property:
Land	$	380,368		$	380,366		$	355,509		$	326,633		$	326,669
Buildings		646,062			642,356			620,840			585,396			585,304
Site improvements		64,283			63,242			60,459			54,165			53,503
Tenant improvements		55,624			54,025			52,254			47,080			45,537
Construction in progress		8,028			7,576			3,297			3,370			3,135
Less accumulated depreciation		(68,635	)		(61,479	)		(54,409	)		(49,294	)		(43,125	)
Property, net		1,085,730			1,086,086			1,037,950			967,350			971,023
Cash and cash equivalents		5,307			3,245			3,483			7,199			6,658
Restricted cash		8,535			8,147			41,139			7,193			6,344
Tenant receivables, net		3,746			5,117			3,500			2,798			3,486
Lease intangibles, net		73,013			78,345			80,273			75,059			80,961
Deferred rent receivable		9,819			9,226			8,462			7,911			6,851
Other assets (1)		21,143			20,135			18,944			18,616			18,497
Real estate held for sale, net of accumulated amortization		—			—			—			3,226			—
Investment in unconsolidated entities		8,405			8,520			8,371			8,654			9,021
Total assets	$	1,215,698		$	1,218,821		$	1,202,122		$	1,098,006		$	1,102,841
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	238,543		$	251,191		$	308,365		$	301,235		$	332,732
Notes payable		198,000			179,500			193,500			109,000			88,000
Unsecured notes		100,000			100,000			—			—			—
Accounts payable and other liabilities		23,964			21,700			25,893			22,016			22,061
Lease intangibles, net		26,967			28,114			27,884			24,444			25,320
Dividends/distributions payable		10,944			10,932			10,684			10,659			10,491
Total liabilities		598,418			591,437			566,326			467,354			478,604
Equity:
Total stockholders’ equity		605,665			615,446			621,562			616,253			609,679
Non-controlling interests		11,615			11,938			14,234			14,399			14,558
Total equity		617,280			627,384			635,796			630,652			624,237
Total liabilities and equity	$	1,215,698		$	1,218,821		$	1,202,122		$	1,098,006		$	1,102,841

(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 March 31, 2014			Three Months Ended March 31, 2013
Revenues:
Rental revenue	$	24,908		$	21,902
Tenant recoveries		5,256			4,630
Other income		434			315
Total revenues		30,598			26,847
Expenses:
Maintenance and repairs		2,223			1,681
Real estate taxes		3,366			2,965
Management fees		518			218
Other operating expenses		1,731			1,508
Changes in fair value of contingent consideration		—			—
General and administrative		3,815			3,831
Depreciation and amortization		11,796			12,166
Total expenses		23,449			22,369
Net operating income		7,149			4,478
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income (loss) from equity in unconsolidated entities		69			—
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Net income (loss) from continuing operations		2,278			180
Income from discontinued operations before gain on sale of real estate assets		—			105
Gain on sale of real estate assets		—			—
Income from discontinued operations		—			105
Net income (loss)		2,278			285
Net (income) loss attributable to non-controlling interests		(83	)		(28	)
Net income (loss) attributable to Excel Trust, Inc.		2,195			257
Preferred stock dividends		(2,744	)		(2,744	)
Net income (loss) attributable to the common stockholders	$	(549	)	$	(2,487	)
Basic and diluted net income (loss) per share	$	(0.01	)	$	(0.06	)
Weighted-average common shares outstanding—basic and diluted		47,785			45,352

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 March 31, 2014		Three Months Ended December 31, 2013		Three Months Ended September 30, 2013		Three Months Ended June 30, 2013		Three Months Ended March 31, 2013
Net income attributable to Excel Trust, Inc.	$	2,195	$	2,378	$	13,483	$	3,367	$	296
Add:
Interest expense		4,989		5,193		4,728		4,517		4,798
Depreciation and amortization(1)		11,796		11,534		11,766		11,149		12,390
EBITDA	$	18,980	$	19,105	$	29,977	$	19,033	$	17,484

(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 March 31, 2014

(In thousands, except per share data)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three months ended March 31, 2014 and 2013 is as follows:

	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Net income (loss) attributable to the common stockholders	$	(549	)	$	(2,448	)
Add:
Non-controlling interests in operating partnership		(10	)		(59	)
Depreciation and amortization (1)		11,796			12,390
Deduct:
Depreciation and amortization related to joint venture (2)		170			411
Gain on sale of real estate assets		—			—
Funds from operations (3)	$	11,407		$	10,294
Adjustments:
Transaction costs		306			133
Deferred financing costs		424			495
Stock-based and other non-cash compensation expense		574			562
Changes in fair value of financial instruments		—			(230	)
Straight-line effects of lease revenue		(592	)		(877	)
Amortization of above- and below-market leases		(138	)		40
Non-incremental capital expenditures		(111	)		(116	)
Non-cash expenses (income) related to joint venture		(9	)		(297	)
Adjusted funds from operations (3)	$	11,861		$	10,004
Weighted average common shares outstanding		47,785			45,352
Add (4):
OP units		1,020			1,241
Restricted stock		—			234
Contingent consideration related to business combinations		—			190
Weighted average common shares outstanding—diluted (FFO and AFFO)		48,805			47,017
Funds from operations per share (diluted) (5)	$	0.23		$	0.22
Adjusted funds from operations per share (diluted) (5)	$	0.24		$	0.21
Other Information (6):
Leasing commissions paid	$	272		$	508
Tenant improvements paid	$	1,257		$	2,381

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three months ended March 31, 2014 and 2013).

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

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

(4) The three months ended March 31, 2014 and 2013 include 1,020,000 and 1,665,000 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 March 31, 2014 and 2013 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.

(5) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months ended March 31, 2014 and 2013 includes a reduction of $132,000 and $121,000, 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 March 31, 2014

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)	$	311,366			58	%
Variable Rate Debt(2)		223,970			42	%
Total Debt(1)	$	535,336			100	%
Debt(1)/Gross Undepreciated Assets		41.7	%
				% Total Debt
Secured Debt(1)	$	237,336			44	%
Unsecured Debt		298,000			56	%
Total Debt	$	535,336			100	%
Secured Debt to Gross Undepreciated Assets					18.5	%

Maturities by Year-Secured(3)	Amount		% Total Debt
2014(5)	$	64,603		12.1	%
2015		61,888		11.6	%
2016		2,362		0.4	%
2017		41,431		7.7	%
2018		2,196		0.4	%
2019		5,615		1.0	%
2020		37,419		7.0	%
2021		628		0.1	%
2022		675		0.1	%
2023		725		0.1	%
Beyond 2023		19,794		3.7	%
Total	$	237,336		44.3	%

Maturities by Year-Unsecured(3)	Amount		% Total Debt
2014	$	—		0.0	%
2015		—		0.0	%
2016		—		0.0	%
2017		—		0.0	%
2018(4)		198,000		37.0	%
2019		—		0.0	%
2020		75,000		14.0	%
2021		—		0.0	%
2022		—		0.0	%
2023		25,000		4.7	%
Beyond 2023		—		0.0	%
Total	$	298,000		55.7	%

Mortgage Notes	Amount		Contractual Interest Rate			Maturity
Excel Centre	$	11,968		6.1	%		May-14
Merchant Central		4,344		5.9	%		Jul-14
Gilroy Crossing		45,619		5.0	%		Oct-14
Red Rock Commons(5)		13,970		1.7	%		Mar-15
The Promenade		47,499		4.8	%		Oct-15
5000 South Hulen		13,361		5.6	%		Apr-17
Lake Pleasant Pavilion		27,766		6.1	%		Oct-17
Rite Aid, Vestavia		970		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		13,064		7.2	%		Oct-31
Northside Mall		12,000		0.1	%		Nov-35
Total		237,336		4.7	%
Debt (discount) or premium		1,207
Mortgage notes, net	$	238,543

(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 and our unsecured revolving credit facility. The revenue bonds are priced off the SIFMA index and reset weekly (the rate as of March 31, 2014 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 construction loan bears interest at LIBOR plus 1.45% to 2.05% (rate as of March 31, 2014 was 1.69%). The unsecured revolving credit facility also bears interest at LIBOR plus 0.90% to 1.70% (rate as of March 31, 2014 was 1.45%).

(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 maturity date of the Red Rock construction loan was extended for an additional year in February 2014 and now matures in March 2015.

Page 11

Common and Preferred Stock Data

For the Period Ended March 31, 2014

(In thousands, except per share data)

	Three Months Ended March 31, 2014			Three Months Ended December 31, 2013			Three Months Ended September 30, 2013			Three Months Ended June 30, 2013
Earning per share - share data
Weighted average common shares outstanding - diluted		47,785			47,672			47,669			47,150
Diluted common shares - EPS		47,785			47,672			47,669			47,150
Funds from operations - share data
Weighted average common shares outstanding		47,785			47,672			47,497			47,150
Weighted average OP units outstanding		1,020			1,100			1,225			1,225
Weighted average restricted stock outstanding		—			141			172			213
Dilutive effect of contingent consideration related to business combinations		—			—			—			—
Dilutive effect of LTIP restricted stock outstanding		—			—			—			—
Total potential dilutive common shares		48,805			48,913			48,894			48,588
Total common shares (including restricted stock) outstanding		48,455			48,381			48,173			48,026
Total OP units outstanding		1,020			1,020			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	$	12.80		$	12.41		$	13.92		$	15.23
Low closing share price	$	11.01		$	11.39		$	11.51		$	12.12
Average closing share price	$	11.95		$	11.82		$	12.61		$	14.08
Closing price at end of period	$	12.68		$	11.39		$	12.00		$	12.81
Dividends per share - annualized	$	0.70		$	0.70		$	0.68		$	0.68
Dividend yield (based on closing share price at end of period)		5.5	%		6.1	%		5.7	%		5.3	%
Dividends per share
Common stock (EXL)	$	0.1750		$	0.1750		$	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 March 31, 2014

(Dollars in thousands, except price per square foot)

Value -add Opportunities	City	State		Estimated Opening Date(1)	GLA to be Constructed		Land(2)		Improvements		Total Carrying Amount(3)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(4)			Major Tenants
Red Rock Commons	St. George		UT	Q3 2014		15,606	$	—	$	1,577	$	1,577	$	1,385		66	%	Café Rio, Charming Charlies
West Broad Village - Expansion A	Richmond		VA	Q4 2014		10,000	$	—	$	445	$	445	$	1,902		100	%	Children of America
Total						25,606	$	—	$	2,022	$	2,022	$	3,287
Developments Under Construction	City	State		Estimated Opening Date(1)	GLA to be Constructed		Land(2)		Improvements		Total Carrying Amount(3)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(4)			Major Tenants
Chimney Rock-Phase II	Odessa		TX	TBD		110,086	$	2,030	$	2,822	$	4,852	$	10,210		28	%	Dickey’s BBQ
Southlake Park Village	Southlake (Dallas)		TX	TBD		186,043	$	16,064	$	5,640	$	21,704	$	24,505		55	%	Fresh Market, REI
Total						296,129	$	18,094	$	8,462	$	26,556	$	34,715

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	TBD	$ 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) 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.

(2) 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.

(3) 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.

(4) 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.

Page 13

Operating Portfolio Summary (Consolidated)

For the Period Ended March 31, 2014

(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 3/31/14	Percent Leased 12/31/2013	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	94.3%	95.3%	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	603,464	12/14/2010	$153	$92,500	98.5%	99.1%	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	99.6%	99.0%	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%	84.0%	Fitch, Healthcare Trust of America, Regus, Meridian Bank
Plaza at Rockwall	Rockwall	TX	2007/2012	432,131	6/29/2010	$118	$50,800	99.2%	100.0%	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%	96.9%	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	90.9%	90.3%	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	85.9%	90.3%	Flemings, Fifth Third Bank
League City Town Center	League City (Houston)	TX	2008	194,736	8/1/2013	$203	$39,500	96.4%	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%	83.6%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008	219,842	12/19/2011	$141	$31,000	95.5%	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	93.4%	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	81.8%	80.5%	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	190,770	8/30/2012	$125	$23,800	97.3%	94.3%	Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Excel Centre	San Diego	CA	1999	82,157	4//23/2010	$288	$23,700	90.4%	90.4%	Kaiser Permanente, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005	86,833	5/12/2010	$252	$21,900	96.7%	94.8%	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%	88.8%	Vons, Chase Bank
LA Fitness	San Diego	CA	2006	38,000	10/4/2013	$376	$14,300	100.0%	100.0%	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	81.6%	86.1%	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	95.1%	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%	94.5%	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%	94.7%	Beall’s, Walgreens
Total Operating Portfolio	Total			6,218,070		$182	$1,201,588	93.3%	93.5%

(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 March 31, 2014

	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)		2		4,339	$	18.88	$	15.19		24.3	%	$	10.37		7.6
Renewals/Options		35		159,094		19.00		18.28		3.9	%		0.32		5.5
Total: Comparable Leases		37		163,433	$	18.99	$	18.20		4.4	%	$	0.59		5.6
Non-Comparable Leases
Operating portfolio		9		18,360	$	22.37		n/a		n/a		$	27.49		7.4
Development		3		11,200		24.77		n/a		n/a			51.58		8.7
Total: Non-Comparable Leases		12		29,560	$	23.28		n/a		n/a		$	36.61		7.9
Total Leasing Activity		49		192,993	$	19.65		n/a		n/a		$	6.11		5.9

(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 March 31, 2014

(In thousands, except per share amounts)

	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013			Percentage Change
Same Property Portfolio (1)
Number of properties		30			30
Rentable square feet		5,348,060			5,348,060
Percent leased		92.9	%		91.7	%		1.2	%
Percentage of total operating portfolio		86.0	%		97.1	%
Total revenues	$	26,395		$	25,745			2.5	%
Total expenses		7,195			6,609			8.9	%
Same property - net operating income (GAAP basis)	$	19,200		$	19,136			0.3	%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(487	)		(799	)		-39.0	%
Same property - net operating income (cash basis)	$	18,713		$	18,337			2.1	%

(1) Includes all properties purchased prior to January 1, 2013. Excludes adjustments relating to prior year reimbursements.

(2) Total revenues for the three months ended March 31, 2013 includes a reduction of approximately $203,000 in recorded revenues for percentage rents received at one property (pertaining to 2012) that were recognized on a cash basis due to the lack of significant previous operating history. Beginning in 2013, the Company now records an accrual for percentage rent revenues in the fourth quarter of each fiscal year.

Page 16

Major Tenants By GLA (Consolidated)

For the Period Ended March 31, 2014

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio⁽¹⁾ 6,218,070

	Tenants	# Stores		Square Feet		% of Total GLA
1	Lowe’s		2		325,863		5.2	%
2	Publix		5		245,351		3.9	%
3	Kohl’s		2		176,656		2.8	%
4	Ross Dress For Less		6		171,194		2.8	%
5	TJX Companies		7		166,207		2.7	%
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		2.1	%
9	Bed Bath & Beyond		5		131,864		2.1	%
10	PetSmart		7		131,691		2.1	%
	Total Top 10 GLA		44		1,761,886		28.3	%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio ⁽³⁾ $  90,290

	Tenants	# Stores		Square Feet		Rent Per Sq. Ft.		ABR		% ABR
1	Publix		5		245,351	$	11.15	$	2,734		3.0	%
2	Lowe’s		2		325,863	$	6.74	$	2,195		2.4	%
3	Edwards Theatres (Regal Cinemas)		1		100,551	$	21.72	$	2,184		2.4	%
4	Ross Dress For Less		6		171,194	$	11.87	$	2,031		2.2	%
5	PetSmart		7		131,691	$	14.83	$	1,953		2.2	%
6	Dick’s Sporting Goods		3		140,018	$	12.85	$	1,799		2.0	%
7	Kaiser Permanente		1		38,432	$	44.46	$	1,709		1.9	%
8	TJX Companies		7		194,207	$	8.76	$	1,701		1.9	%
9	Jo-Ann		6		139,922	$	11.37	$	1,591		1.8	%
10	Bed Bath & Beyond		5		131,864	$	10.93	$	1,441		1.6	%
	Total Top 10 Annualized Rent		43		1,619,093	$	11.94	$	19,338		21.4	%

(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 March 31, 2014
(Dollars in thousands, except rent per square foot)	3/31/2014			12/31/2013 (5)
Total GLA—Operating Portfolio		6,218,070			6,218,070
Total GLA Occupied—Operating Portfolio		5,736,987			5,732,660
% Occupied		92.3	%		92.2	%
Total GLA—Operating Portfolio		6,218,070			6,218,070
Total GLA Leased—Operating Portfolio		5,799,671			5,815,166
% Leased		93.3	%		93.5	%
Retail GLA—Operating Portfolio(1)		5,879,731			5,879,731
Retail GLA Occupied—Operating Portfolio		5,447,626			5,456,299
% Occupied		92.7	%		92.8	%
Retail GLA—Operating Portfolio(1)		5,879,731			5,879,731
Retail GLA Leased—Operating Portfolio		5,510,310			5,525,805
% Leased		93.7	%		94.0	%
Total Retail Anchor GLA % Leased—Operating Portfolio		99.1	%		99.1	%
Total Retail Inline GLA % Leased—Operating Portfolio		83.9	%		84.6	%
Same Property GLA % Leased (Sequential)—Operating Portfolio(2)		93.3	%		93.5	%

	Occupied Retail GLA		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(3)		3,735,309		68.6	%	$	43,273		52.1	%
Occupied Retail Inline GLA(3)		1,712,317		31.4	%		39,817		47.9	%
Total Occupied Retail GLA		5,447,626		100.0	%	$	83,090		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)		47,965		0.9	%	$	16.24		140,911		2.6	%	$	20.07		188,876		3.5	%	$	3,608		4.3	%	$	19.10
2015		330,457		6.1	%	$	13.07		238,968		4.4	%	$	22.75		569,425		10.5	%	$	9,758		11.7	%		17.14
2016		184,021		3.4	%	$	10.00		220,921		4.1	%	$	24.21		404,942		7.4	%	$	7,190		8.7	%		17.76
2017		51,839		1.0	%	$	14.21		245,060		4.5	%	$	21.99		296,899		5.5	%	$	6,127		7.4	%		20.64
2018		318,514		5.8	%	$	14.11		227,639		4.2	%	$	21.70		546,153		10.0	%	$	9,435		11.4	%		17.28
2019		549,029		10.1	%	$	13.89		203,678		3.7	%	$	22.69		752,707		13.8	%	$	12,248		14.7	%		16.27
2020		246,575		4.5	%	$	17.19		83,451		1.5	%	$	24.74		330,026		6.1	%	$	6,304		7.6	%		19.10
2021		134,163		2.5	%	$	10.60		74,295		1.4	%	$	20.06		208,458		3.8	%	$	2,912		3.5	%		13.97
2022		312,047		5.7	%	$	12.52		53,556		1.0	%	$	20.13		365,603		6.7	%	$	4,986		6.0	%		13.64
2023		65,018		1.2	%	$	11.94		62,752		1.2	%	$	26.88		127,770		2.3	%	$	2,463		3.0	%		19.28
Beyond 2023		1,495,681		27.5	%	$	8.78		161,086		3.0	%	$	30.60		1,656,767		30.4	%	$	18,059		21.7	%		10.90
Total		3,735,309		68.6	%	$	11.58		1,712,317		31.4	%	$	23.25		5,447,626		100.0	%	$	83,090		100.0	%	$	15.25

(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) Amounts for December 31, 2013 have been revised to reflect the addition of approximately 39,000 of additional GLA at the Chimney Rock property, which was previously classified as development but is now included as part of the operating portion of the property.

Page 18

Unconsolidated Investments

For the Period Ended March 31, 2014

(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		122,208	$	25,600	$	14,100		20	%		36.7	%	$	1,153
MDC		October 19, 2012	The Fountains at Bay Hill		Orlando		FL		103,767	$	39,639	$	23,311		50	%		100.0	%	$	3,024

(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	March 31, 2014		Company Pro Rata		December 31, 2013		Company Pro Rata
Assets:
Investments in Real Estate	$	60,724	$	23,203	$	60,391	$	23,187
Cash & cash equivalents		362		163		277		136
Other assets		4,153		1,574		4,944		1,772
Total assets	$	65,239	$	24,940	$	65,612	$	25,095
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	37,411	$	14,476	$	37,523	$	14,532
Other liabilities		10,617		5,152		10,236		5,008
Members’ equity		17,211		5,312		17,853		5,555
Total liabilities and equity	$	65,239	$	24,940	$	65,612	$	25,095
Company’s investment in unconsolidated entities			$	8,405			$	8,520

Income Statement(2)	Three Months Ended March 31, 2014			Company Pro Rata			Three Months Ended March 31, 2013			Company Pro Rata
Total revenues	$	1,355		$	560		$	2,816		$	850
Expenses:
Property operating expenses		307			107			373			122
General and administrative		—			—			275			58
Depreciation and amortization		593			230			1,494			471
Total expenses		900			337			2,142			651
Interest expense		(476	)		(154	)		(484	)		(160	)
Net income (loss)	$	(21	)	$	69		$	190		$	39
Company’s loss from equity in unconsolidated entities				$	69					$	39

(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	March 31, 2014
Proportionate share of debt:	$	2,820
Maturity date:		October 1, 2014
Current interest rate:		5.9	%
Fountains at Bay Hill:	March 31, 2014
Proportionate share of debt:	$	11,656
Maturity date:		April 2, 2015
Current interest rate:		3.4	%

Page 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