10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

Commission File Number: 001-34698 (Excel Trust, Inc.)

Commission File Number: 000-54962 (Excel Trust, L.P.)

EXCEL TRUST, INC.

EXCEL TRUST, L.P.

(Exact name of registrant as specified in its charter)

Excel Trust, Inc.	Maryland	27-1493212
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
Excel Trust, L.P.	Delaware	27-1495445
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

Excel Centre

17140 Bernardo Center Drive, Suite 300

San Diego, California 92128

(Address of principal executive office, including zip code)

(858) 613-1800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Excel Trust, Inc.    Yes  x    No  ¨

Excel Trust, L.P.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Excel Trust, Inc.    Yes  x    No  ¨

Excel Trust, L.P.    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Excel Trust, Inc.:

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Excel Trust, L.P.:

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Excel Trust, Inc.    Yes  ¨    No  x

Excel Trust, L.P.    Yes  ¨    No  x

Number of shares of Excel Trust, Inc. common stock outstanding as of April 30, 2014, $0.01 par value per share: 48,455,186 shares

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2014 of Excel Trust, Inc., a Maryland corporation, and Excel Trust, L.P., a Delaware limited partnership of which Excel Trust, Inc. is the parent company and general partner. Unless stated otherwise or the context otherwise requires, all references in this report to “we,” “our,” “us” or “the Company” refer to Excel Trust, Inc., together with its controlled and consolidated subsidiaries, including Excel Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to Excel Trust, L.P., a Delaware limited partnership, and its controlled and consolidated subsidiaries.

Excel Trust, Inc. is a real estate investment trust, or REIT, and the general partner of the Operating Partnership. As of March 31, 2014, Excel Trust, Inc. owned an approximate 97.9% partnership interest in the Operating Partnership. The remaining 2.1% partnership interests are owned by non-affiliated investors and certain of our directors and executive officers. As the sole general partner of the Operating Partnership, Excel Trust, Inc. exercises exclusive and complete discretion over the Operating Partnership’s day-to-day management and control, can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings, and can cause changes in its line of business, capital structure and distribution policies.

There are a few differences between Excel Trust, Inc. and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between Excel Trust, Inc. and the Operating Partnership in the context of how Excel Trust, Inc. and the Operating Partnership operate as an interrelated, consolidated company. Excel Trust, Inc. is a REIT, whose only material asset is the partnership interests it holds in the Operating Partnership. As a result, Excel Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company either directly or through its subsidiaries, conducts the operations of the business and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from equity issuances by Excel Trust, Inc., which it is required to contribute to the Operating Partnership in exchange for operating partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of operating partnership units.

Non-controlling interests and stockholders’ equity and partners’ capital are the main areas of difference between the condensed consolidated financial statements of Excel Trust, Inc. and those of Excel Trust, L.P. The partnership interests in the Operating Partnership that are not owned by Excel Trust, Inc. are accounted for as limited partners’ capital in the Operating Partnership’s financial statements and as non-controlling interests in Excel Trust, Inc.’s financial statements. The non-controlling interests in Excel Trust, L.P.’s financial statements include the interests of its joint venture partner AB Dothan, LLC. The non-controlling interests in Excel Trust, Inc.’s financial statements include the same non-controlling interests as Excel Trust, L.P., as well as the owners of limited partnership interests in the Operating Partnership, not including Excel Trust, Inc. The differences between stockholders’ equity, partners’ capital and non-controlling interests result from the differences in the equity issued at the Excel Trust, Inc. and Operating Partnership levels.

We believe combining the quarterly reports on Form 10-Q of Excel Trust, Inc. and the Operating Partnership into this single report results in the following benefits:

• Combined reports better reflect how management and the analyst community view the business as a single operating unit;

• Combined reports enhance investors’ understanding of Excel Trust, Inc. and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;

• Combined reports are more efficient for Excel Trust, Inc. and the Operating Partnership and result in savings in time, effort and expense; and

• Combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between Excel Trust, Inc. and the Operating Partnership, this report presents the following separate sections for each of Excel Trust, Inc. and the Operating Partnership:

• condensed consolidated financial statements;

• the following notes to the condensed consolidated financial statements:

• Equity/Partners’ Capital;

• Debt; and

• Earnings per Share/Unit;

1

• Liquidity and Capital Resources in Management’s Discussion and Analysis of Financial Condition and Results of Operations; and

• Unregistered Sales of Equity Securities and Use of Proceeds.

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of Excel Trust, Inc. and Excel Trust, L.P. in order to establish that the Chief Executive Officer and the Chief Financial Officer of Excel Trust, Inc. have made the requisite certifications and Excel Trust, Inc. and Excel Trust, L.P. are compliant with Rule 13a-15 or Rule 15d-15 under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

2

EXCEL TRUST, INC.

EXCEL TRUST, L.P.

FORM 10-Q — QUARTERLY REPORT

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2014

TABLE OF CONTENTS

PART I	Financial Information	4
Item 1.	Financial Statements of Excel Trust, Inc.	4
	Condensed Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013	4
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2014 and 2013 (unaudited)	5
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2014 and 2013 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013 (unaudited)	8
	Financial Statements of Excel Trust, L.P.
	Condensed Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013	9
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2014 and 2013 (unaudited)	10
	Condensed Consolidated Statements of Capital for the three months ended March 31, 2014 and 2013 (unaudited)	11
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013 (unaudited)	12
	Notes to Condensed Consolidated Financial Statements of Excel Trust, Inc. and Excel Trust, L.P. (unaudited)	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48
PART II	Other Information	48
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
Signatures		51

3

PART 1 — FINANCIAL INFORMATION

Item 1. Financial Statements

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

	March 31,  2014 (unaudited)			December 31, 2013
ASSETS:
Property:
Land	$	380,368		$	380,366
Buildings		646,062			642,356
Site improvements		64,283			63,242
Tenant improvements		55,624			54,025
Construction in progress		8,028			7,576
Less accumulated depreciation		(68,635	)		(61,479	)
Property, net		1,085,730			1,086,086
Cash and cash equivalents		5,307			3,245
Restricted cash		8,535			8,147
Tenant receivables, net		3,746			5,117
Lease intangibles, net		73,013			78,345
Deferred rent receivable		9,819			9,226
Other assets		21,143			20,135
Investment in unconsolidated entities		8,405			8,520
Total assets(1)	$	1,215,698		$	1,218,821
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	238,543		$	251,191
Notes payable		198,000			179,500
Unsecured notes		100,000			100,000
Accounts payable and other liabilities		23,964			21,700
Lease intangibles, net		26,967			28,114
Dividends/distributions payable		10,944			10,932
Total liabilities(2)		598,418			591,437
Commitments and contingencies
Equity:
Stockholders’ equity
Preferred stock, 50,000,000 shares authorized
7.0% Series A cumulative convertible perpetual preferred stock, $50,000 liquidation preference ($25.00 per share), 2,000,000 shares issued and outstanding at March 31, 2014 and December 31, 2013		47,703			47,703
8.125% Series B cumulative redeemable preferred stock, $92,000 liquidation preference ($25.00 per share), 3,680,000 shares issued and outstanding at March 31, 2014 and December 31, 2013		88,720			88,720
Common stock, $.01 par value, 200,000,000 shares authorized; 48,455,186 and 48,381,365 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively		483			482
Additional paid-in capital		468,759			478,541
Retained Earnings		—			—
Total stockholders’ equity		605,665			615,446
Non-controlling interests		11,615			11,938
Total equity		617,280			627,384
Total liabilities and equity	$	1,215,698		$	1,218,821

⁽¹⁾  Excel Trust, Inc.’s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity (“VIE”) that can only be used to settle the liabilities of that VIE.

⁽²⁾  Excel Trust, Inc.’s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, Inc.

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

	For the Three Months Ended
	March 31, 2014			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
General and administrative		3,815			3,831
Depreciation and amortization		11,796			12,166
Total expenses		23,449			22,369
Operating income		7,149			4,478
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		2,278			219
Income from discontinued operations		—			105
Net income		2,278			324
Net income attributable to non-controlling interests		(83	)		(28	)
Net income attributable to Excel Trust, Inc.		2,195			296
Preferred stock dividends		(2,744	)		(2,744	)
Net loss attributable to the common stockholders	$	(549	)	$	(2,448	)
Loss from continuing operations per share attributable to the common stockholders - basic and diluted	$	(0.01	)	$	(0.06	)
Net loss per share attributable to the common stockholders - basic and diluted	$	(0.01	)	$	(0.06	)
Weighted-average common shares outstanding - basic and diluted		47,785			45,352
Dividends declared per common share	$	0.175		$	0.17
Net income	$	2,278		$	324
Other comprehensive income:
Change in unrealized loss on interest rate swaps		—			161
Comprehensive income		2,278			485
Comprehensive income attributable to non-controlling interests		(83	)		(32	)
Comprehensive income attributable to Excel Trust, Inc.	$	2,195		$	453

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in thousands)

(Unaudited)

	Series A Preferred Stock		Series B Preferred Stock		Common Stock						Additional Paid-in Capital			Cumulative Retained Earnings (Deficit)			Accumulated other Comprehensive Loss		Total Stockholders’ Equity			Non- controlling Interests			Total Equity
					Shares			Amount
Balance at January 1, 2014	$	47,703	$	88,720		48,381,365		$	482		$	460,431		$	18,110		$	—	$	615,446		$	11,938		$	627,384
Reclassification of dividends, see note 2		—		—		—			—			18,110			(18,110	)		—		—			—			—
Balance at January 1, 2014, as corrected		47,703		88,720		48,381,365			482			478,541			—			—		615,446			11,938			627,384
Repurchase of common stock		—		—		(105,775	)		(1	)		(1,406	)		—			—		(1,407	)		—			(1,407	)
Forfeiture of restricted common stock awards		—		—		(465,864	)		(4	)		4			—			—		—			—			—
Issuance of restricted common stock awards		—		—		645,460			6			(6	)		—			—		—			—			—
Noncash amortization of share-based compensation		—		—		—			—			574			—			—		574			—			574
Common stock dividends		—		—		—			—			(8,479	)		—			—		(8,479	)		—			(8,479	)
Distributions to non-controlling interests		—		—		—			—			—			—			—		—			(326	)		(326	)
Net income		—		—		—			—			—			2,195			—		2,195			83			2,278
Preferred stock dividends		—		—		—			—			(549	)		(2,195	)		—		(2,744	)		—			(2,744	)
Adjustment for non-controlling interests		—		—		—			—			80			—			—		80			(80	)		—
Balance at March 31, 2014	$	47,703	$	88,720		48,455,186		$	483		$	468,759		$	—		$	—	$	605,665		$	11,615		$	617,280

6

	Series A Preferred Stock		Series B Preferred Stock		Common Stock				Additional Paid-in Capital			Cumulative (Deficit)			Accumulated other Comprehensive Loss			Total Stockholders’ Equity			Non- controlling Interests			Total Equity
					Shares		Amount
Balance at January 1, 2013	$	47,703	$	88,720		44,905,683	$	448	$	459,151		$	(1,414	)	$	(572	)	$	594,036		$	14,736		$	608,772
Net proceeds from sale of common stock		—		—		2,063,828		20		25,403			—			—			25,423			—			25,423
Issuance of restricted common stock awards		—		—		41,500		—		—			—			—			—			—			—
Redemption of OP units for common stock and cash		—		—		22,074		—		279			—			—			279			(235	)		44
Noncash amortization of share-based compensation		—		—		—		—		562			—			—			562			—			562
Common stock dividends		—		—		—		—		(7,996	)		—			—			(7,996	)		—			(7,996	)
Distributions to non-controlling interests		—		—		—		—		—			—			—			—			(309	)		(309	)
Net income		—		—		—		—		—			296			—			296			28			324
Preferred stock dividends		—		—		—		—		(2,744	)		—			—			(2,744	)		—			(2,744	)
Change in unrealized loss on interest rate swaps		—		—		—		—		—			—			157			157			4			161
Adjustment for non-controlling interests		—		—		—		—		(334	)		—			—			(334	)		334			—
Balance at March 31, 2013	$	47,703	$	88,720		47,033,085	$	468	$	474,321		$	(1,118	)	$	(415	)	$	609,679		$	14,558		$	624,237

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Cash flows from operating activities:
Net income	$	2,278		$	324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,796			12,390
Changes in fair value of financial instruments and gain on OP unit redemption		—			(230	)
Income from equity in unconsolidated entities		(69	)		(39	)
Deferred rent receivable		(602	)		(877	)
Amortization of above- and below-market leases		(138	)		40
Amortization of deferred balances		333			442
Bad debt expense		206			337
Share-based compensation expense		574			562
Distributions from unconsolidated entities		154			—
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables		1,205			1,565
Other assets		(1,377	)		(1,020	)
Accounts payable and other liabilities		296			(2,885	)
Net cash provided by operating activities		14,656			10,609
Cash flows from investing activities:
Acquisitions of property		—			(30,707	)
Development of property and property improvements		(4,921	)		(4,691	)
Investments in unconsolidated entities		—			(106	)
Return of capital from unconsolidated entities		—			139
Receipt of master lease payments		36			162
Capitalized leasing costs		(269	)		(728	)
Restricted cash		(388	)		(687	)
Net cash used in investing activities		(5,542	)		(36,618	)
Cash flows from financing activities:
Issuance of common stock		—			25,610
Repurchase of common stock		(1,407	)		—
Payments on mortgages payable		(12,557	)		(1,234	)
Proceeds from mortgages payable		—			84
Payments on notes payable		—			(24,000	)
Proceeds from notes payable		18,500			37,000
Distribution to non-controlling interests		(326	)		(290	)
Preferred stock dividends		(2,744	)		(2,744	)
Common stock dividends		(8,467	)		(7,297	)
Deferred financing costs		(51	)		(58	)
Net cash (used in) provided by financing activities		(7,052	)		27,071
Net increase		2,062			1,062
Cash and cash equivalents, beginning of period		3,245			5,596
Cash and cash equivalents, end of period	$	5,307		$	6,658
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized of $195 and $0	$	3,396		$	3,891
Non-cash investing and financing activity:
Liabilities assumed in connection with property acquisitions	$	—		$	44
Common stock dividends payable	$	8,479		$	7,996
Preferred stock dividends payable	$	2,287		$	2,287
OP unit distributions payable	$	178		$	208
Accrued additions to operating and development properties	$	3,971		$	1,816
Change in unrealized loss on interest rate swaps	$	—		$	161
OP unit redemptions (common stock)	$	—		$	279
Reclassification of offering costs	$	—		$	187

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

EXCEL TRUST, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per unit amounts)

	March 31, 2014 (unaudited)			December 31, 2013
ASSETS:
Property:
Land	$	380,368		$	380,366
Buildings		646,062			642,356
Site improvements		64,283			63,242
Tenant improvements		55,624			54,025
Construction in progress		8,028			7,576
Less accumulated depreciation		(68,635	)		(61,479	)
Property, net		1,085,730			1,086,086
Cash and cash equivalents		5,307			3,245
Restricted cash		8,535			8,147
Tenant receivables, net		3,746			5,117
Lease intangibles, net		73,013			78,345
Deferred rent receivable		9,819			9,226
Other assets		21,143			20,135
Investment in unconsolidated entities		8,405			8,520
Total assets(1)	$	1,215,698		$	1,218,821
LIABILITIES AND CAPITAL:
Liabilities:
Mortgages payable, net	$	238,543		$	251,191
Notes payable		198,000			179,500
Unsecured notes		100,000			100,000
Accounts payable and other liabilities		23,964			21,700
Lease intangibles, net		26,967			28,114
Distributions payable		10,944			10,932
Total liabilities(2)		598,418			591,437
Commitments and contingencies
Capital:
Partners’ capital:
Preferred operating partnership units, 50,000,000 units authorized
7.0% Series A cumulative convertible perpetual preferred units, $50,000 liquidation preference ($25.00 per unit), 2,000,000 units issued and outstanding at March 31, 2014 and December 31, 2013, respectively		47,703			47,703
8.125% Series B cumulative redeemable preferred units, $92,000 liquidation preference ($25.00 per unit), 3,680,000 units issued and outstanding at March 31, 2014 and December 31, 2013, respectively		88,720			88,720
Limited partners’ capital, 1,019,523 and 1,019,523 common operating partnership units issued and outstanding at March 31, 2014 and December 31, 2013, respectively		1,978			2,167
General partner’s capital, 48,455,186 and 48,381,365 common operating partnership units issued and outstanding at March 31, 2014 and December 31, 2013, respectively		477,273			487,133
Total partners’ capital		615,674			625,723
Non-controlling interests		1,606			1,661
Total capital		617,280			627,384
Total liabilities and capital	$	1,215,698		$	1,218,821

⁽¹⁾  Excel Trust, L.P.’s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a VIE that can only be used to settle the liabilities of that VIE.

⁽²⁾  Excel Trust, L.P.’s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, L.P.

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

EXCEL TRUST, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per unit data)

(Unaudited)

	For the Three Months Ended
	March 31, 2014			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
General and administrative		3,815			3,831
Depreciation and amortization		11,796			12,166
Total expenses		23,449			22,369
Operating income		7,149			4,478
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		2,278			219
Income from discontinued operations		—			105
Net income		2,278			324
Net income attributable to non-controlling interests		(93	)		(87	)
Net income attributable to Excel Trust, L.P.		2,185			237
Preferred operating unit distributions		(2,744	)		(2,744	)
Net loss attributable to the unitholders	$	(559	)	$	(2,507	)
Loss from continuing operations per unit attributable to the unitholders - basic and diluted	$	(0.01	)	$	(0.06	)
Net loss per unit attributable to the unitholders - basic and diluted	$	(0.01	)	$	(0.06	)
Weighted-average common operating partnership units outstanding - basic and diluted		48,805			46,594
Distributions declared per common operating partnership unit	$	0.175		$	0.17
Net income	$	2,278		$	324
Other comprehensive income (loss):
Change in unrealized loss on interest rate swaps		—			161
Comprehensive income		2,278			485
Comprehensive income attributable to non-controlling interests		(93	)		(87	)
Comprehensive income attributable to Excel Trust, L.P.	$	2,185		$	398

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

EXCEL TRUST, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL

(Dollars in thousands)

(Unaudited)

	Preferred Operating Partnership Units						Limited Partners’ Capital						General Partner’s Capital
	Series A			Series B			Common Operating Partnership Units			Amount			Common Operating Partnership Units			Amount			Accumulated other Comprehensive Loss			Total Partners’ Capital			Non- controlling Interests			Total Capital
Balance at January 1, 2014	$	47,703		$	88,720			1,019,523		$	2,166			48,381,365		$	487,134		$	—		$	625,723		$	1,661		$	627,384
Repurchase of common operating partnership units		—			—			—			—			(105,775	)		(1,407	)		—			(1,407	)		—			(1,407	)
Forfeiture of restricted common operating partnership unit awards		—			—			—			—			(465,864	)		—			—			—			—			—
Issuance of restricted common operating partnership unit awards		—			—			—			—			645,460			—			—			—			—			—
Noncash amortization of share-based compensation		—			—			—			—			—			574			—			574			—			574
OP unit distributions		(875	)		(1,869	)		—			(178	)		—			(8,479	)		—			(11,401	)		(148	)		(11,549	)
Net income (loss)		875			1,869			—			(10	)		—			(549	)		—			2,185			93			2,278
Balance at March 31, 2014	$	47,703		$	88,720			1,019,523		$	1,978			48,455,186		$	477,273		$	—		$	615,674		$	1,606		$	617,280
	Preferred Operating Partnership Units						Limited Partners’ Capital						General Partner’s Capital
	Series A			Series B			Common Operating Partnership Units			Amount			Common Operating Partnership Units			Amount			Accumulated other Comprehensive Loss			Total Partners’ Capital			Non- controlling Interests			Total Capital
Balance at January 1, 2013	$	47,703		$	88,720			1,245,019		$	5,512			44,905,683		$	465,612		$	(620	)	$	606,927		$	1,845		$	608,772
Net proceeds from sale of common operating partnership units		—			—			—			—			2,063,828			25,423			—			25,423			—			25,423
Issuance of restricted common operating partnership unit awards		—			—			—			—			41,500			—			—			—			—			—
Redemption of common operating partnership units		—			—			(19,904	)		(235	)		22,074			279			—			44			—			44
Noncash amortization of share-based compensation		—			—			—			—			—			562			—			562			—			562
OP unit distributions		(875	)		(1,869	)		—			(208	)		—			(7,996	)		—			(10,948	)		(101	)		(11,049	)
Net income (loss)		875			1,869			—			(59	)		—			(2,448	)		—			237			87			324
Change in unrealized loss on interest rate swaps		—			—			—			—			—			—			161			161			—			161
Balance at March 31, 2013	$	47,703		$	88,720			1,225,115		$	5,010			47,033,085		$	481,432		$	(459	)	$	622,406		$	1,831		$	624,237

The accompanying notes are an integral part of these condensed consolidated financial statements.

11

EXCEL TRUST, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Cash flows from operating activities:
Net income	$	2,278		$	324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,796			12,390
Changes in fair value of financial instruments and gain on OP unit redemption		—			(230	)
Income from equity in unconsolidated entities		(69	)		(39	)
Deferred rent receivable		(602	)		(877	)
Amortization of above- and below-market leases		(138	)		40
Amortization of deferred balances		333			442
Bad debt expense		206			337
Share-based compensation expense		574			562
Distributions from unconsolidated entities		154			—
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables		1,205			1,565
Other assets		(1,377	)		(1,020	)
Accounts payable and other liabilities		296			(2,885	)
Net cash provided by operating activities		14,656			10,609
Cash flows from investing activities:
Acquisitions of property		—			(30,707	)
Development of property and property improvements		(4,921	)		(4,691	)
Investments in unconsolidated entities		—			(106	)
Return of capital from unconsolidated entities		—			139
Receipt of master lease payments		36			162
Capitalized leasing costs		(269	)		(728	)
Restricted cash		(388	)		(687	)
Net cash used in investing activities		(5,542	)		(36,618	)
Cash flows from financing activities:
Issuance of common OP units		—			22,663
Repurchase of common OP units		(1,407	)		—
Payments on mortgages payable		(12,557	)		(1,234	)
Proceeds from mortgages payable		—			84
Payments on notes payable		—			(24,000	)
Proceeds from notes payable		18,500			37,000
Distribution to non-controlling interests		(148	)		(101	)
Preferred OP unit distributions		(2,744	)		(2,744	)
Common OP unit distributions		(8,645	)		(7,486	)
Deferred financing costs		(51	)		(58	)
Net cash (used in) provided by financing activities		(7,052	)		24,124
Net (decrease) increase		2,062			(1,885	)
Cash and cash equivalents, beginning of period		3,245			5,596
Cash and cash equivalents, end of period	$	5,307		$	3,711
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized of $195 and $0	$	3,396		$	3,891
Non-cash investing and financing activity:
Liabilities assumed in connection with property acquisitions	$	—		$	44
Common OP unit distributions payable	$	8,657		$	8,204
Preferred OP unit distributions payable	$	2,287		$	2,287
Accrued additions to operating and development properties	$	3,971		$	1,816
Change in unrealized loss on interest rate swaps	$	—		$	161
OP unit redemptions	$	—		$	279
Reclassification of offering costs	$	—		$	187
Amount due from general partner (proceeds from issuance of common OP units)	$	—		$	2,947

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

EXCEL TRUST, INC. AND EXCEL TRUST, L.P.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization:

Excel Trust, Inc., a Maryland corporation (the “Parent Company”), is a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing value oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties. It conducts substantially all of its business through its subsidiary, Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership” and together with the Parent Company referred to as the “Company”). The Company seeks investment opportunities throughout the United States, but focuses on the West Coast, East Coast and Sunbelt regions. The Company generally leases anchor space to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic.

The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2014, owned a 97.9% interest in the Operating Partnership. The remaining 2.1% interest in the Operating Partnership is held by limited partners. Each partner’s percentage interest in the Operating Partnership is determined based on the number of operating partnership units (“OP units”) owned as compared to total OP units (and potentially issuable OP units, as applicable) outstanding as of each period end and is used as the basis for the allocation of net income or loss to each partner.

2. Summary of Significant Accounting Policies

Basis of Presentation:

The accompanying condensed consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. The financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements and have not been audited by independent registered public accountants.

The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

Cash and Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities.

Restricted Cash:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements.

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $3.3 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.

13

Revenue Recognition:

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include:

• whether the lease stipulates how and on what a tenant improvement allowance may be spent;

• whether the tenant or landlord retains legal title to the improvements;

• the uniqueness of the improvements;

• the expected economic life of the tenant improvements relative to the length of the lease;

• the responsible party for construction cost overruns; and

• who constructs or directs the construction of the improvements.

Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income increased by $602,000 and $877,000 in the three months ended March 31, 2014 and 2013, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $215,000 and $385,000 for the three months ended March 31, 2014 and 2013, respectively.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases.

Property:

Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction.

Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements	15 to 40 years
Tenant improvements	Shorter of the useful lives or the terms of the related leases

14

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed:

The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the three months ended March 31, 2014 or 2013.

Investments in Partnerships and Limited Liability Companies:

The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual and/or other pecuniary interests in that VIE.

If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company.

Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the condensed consolidated balance sheets and its share of net income or loss is included in the condensed consolidated statements of operations and comprehensive income.

For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements.

Share-Based Payments:

All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through March 31, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures.

15

Purchase Accounting:

The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable.

The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property.

The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying condensed consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.

Tenant receivables:

Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying condensed consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At March 31, 2014 and December 31, 2013, the Company had $458,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the three months ended March 31, 2014 and 2013, $206,000 and $337,000, respectively, of receivables were charged to bad debt expense.

Non-controlling Interests:

Non-controlling interests on the condensed consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate.

During the three months ended March 31, 2013, a total of 19,904 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Company for redemption, resulting in the issuance of 22,074 shares of the Parent Company’s common stock. The OP units were redeemed for common stock on a one-for-one basis, with additional common stock provided as a result of the accompanying additional redemption obligation that guaranteed consideration equal to $14.00 per OP unit on the date of redemption. The remaining additional redemption obligation of $246,000 associated with the 2011 Edwards Theatres acquisition expired on March 11, 2013 and was reclassified and recognized as a gain in changes in fair value of financial instruments and gain on OP unit redemption (net of a loss of $16,000 on the OP unit redemption) on the accompanying condensed consolidated financial statements. The remaining outstanding OP units related to the 2011 Edwards Theatres acquisition continue to be redeemable by the OP unitholders for cash or common stock on a one-for-one basis (the determination of redemption for cash or common stock is at the Parent Company’s option).

Non-controlling interests on the condensed consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates.

16

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit.

In the three months ended March 31, 2014 and 2013, no tenant accounted for more than 10% of revenues.

At March 31, 2014, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.8%, 17.5%, 14.8% and 13.9%, respectively, of the Company’s total assets. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7%, respectively, of the Company’s total assets. For the three months ended March 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 27.7%, 19.2%, 15.9% and 13.1%, respectively, of the Company’s total revenues. For the three months ended March 31, 2013, the Company’s revenues derived from properties located in the states of California, Arizona and Virginia represented approximately 18.4%, 17.1% and 10.7%, respectively, of the Company’s total revenues.

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments:

The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance.

Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company has used interest rate swaps to manage its interest rate risk (see Note 11). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the condensed consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary.

17

Derivative Instruments:

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company records all derivative instruments on the condensed consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads.

Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction.

The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes.

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Changes in Accumulated Other Comprehensive Loss:

The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Parent Company					Operating Partnership
	Three Months Ended					Three Months Ended
	March 31, 2014		March 31, 2013			March 31, 2014		March 31, 2013
Balance – January 1	$	—	$	(572	)	$	—	$	(620	)
Unrealized loss on interest rate swaps:
Unrealized losses		—		(1	)		—		(1	)
Amount reclassified and recognized in net income(1)		—		162			—		162
Net change in other comprehensive income		—		161			—		161
Total other comprehensive loss allocable to non-controlling interests		—		(4	)		—		—
Balance – March 31	$	—	$	(415	)	$	—	$	(459	)

⁽¹⁾  Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations.

Revision to Consolidated Financial Statements:

Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this correction with respect to the prior period consolidated financial statements and determined that the correction was not material. However, the Parent Company has revised the accompanying condensed consolidated balance sheet at December 31, 2013 to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheets is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $18.1 million at December 31, 2013. The effect of the correction on previously issued unaudited quarterly reports for the six and nine months ended June 30, 2013 and September 30, 2013 is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $2.2 million and $15.7 million, respectively. The condensed consolidated statement of equity for the three months ended March 31, 2014 included herein reflects a reclassification of $18.1 million from additional paid-in capital to retained earnings relating to the year ended December 31, 2013. This correction had no effect on previously reported revenues, net income, earnings per share, cash flows, or total stockholders’ equity.

Recent Accounting Pronouncements:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014, which did not have a material impact on the Company’s consolidated financial position or results of operations.

3. Acquisitions:

The Company completed the following property acquisition in the three months ended March 31, 2013, which was acquired for cash unless specified below (dollars in thousands):

Property	Date Acquired	Location	Debt Assumed
Tracy Pavilion	January 24, 2013	Tracy, CA	$	—

The following summary provides an allocation of purchase price for the above acquisition (dollars in thousands):

	Building		Land		Above-Market Leases		Below-Market Leases			In-Place Leases		Debt (Premium)/Discount		Other		Purchase Price
Tracy Pavilion	$	22,611	$	6,193	$	163	$	(1,136	)	$	2,907	$	—	$	—	$	30,738
Remaining useful life(1)						54		95			62

⁽¹⁾  Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

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The Company recorded revenues and a net loss for the three months ended March 31, 2013 of $549,000 and $2,000, respectively, related to the 2013 acquisition.

The following unaudited pro forma information for the three months ended March 31, 2013 has been prepared to reflect the incremental effect of the property acquired in 2013, as if such acquisition had occurred on January 1, 2012 (dollars in thousands):

	Three Months Ended
	March 31, 2013
Revenues	$	27,722
Net income(1)	$	140

⁽¹⁾  Pro forma results for the three months ended March 31, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $47,000 related to the 2013 acquisition.

4. Lease Intangible Assets, Net

Lease intangible assets, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
In-place leases, net of accumulated amortization of $28.3 million and $26.7 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 76 and 78 months as of March 31, 2014 and December 31, 2013, respectively)	$	43,648	$	47,058
Above-market leases, net of accumulated amortization of $8.0 million and $7.5 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 61 and 62 months as of March 31, 2014 and December 31, 2013, respectively)		12,716		13,725
Leasing commissions, net of accumulated amortization of $7.6 million and $7.1 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 98 and 99 months as of March 31, 2014 and December 31, 2013, respectively)		16,649		17,562
	$	73,013	$	78,345

Estimated amortization of lease intangible assets as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	12,585
2015		12,586
2016		9,590
2017		8,353
2018		6,885
Thereafter		23,014
Total	$	73,013

Amortization expense recorded on the lease intangible assets for the three months ended March 31, 2014 and 2013 was $5.3 million and $7.3 million, respectively. Included in these amounts are $1.0 million and $1.5 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue.

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5. Lease Intangible Liabilities, Net

Lease intangible liabilities, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
Below-market leases, net of accumulated amortization of $8.7 million and $7.9 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 121 and 123 months as of March 31, 2014 and December 31, 2013, respectively)	$	26,967	$	28,114

Amortization recorded on the lease intangible liabilities for the three months ended March 31, 2014 and 2013 was $1.1 million and $1.5 million, respectively. These amounts were recorded as rental revenue in the Company’s condensed consolidated statements of operations.

Estimated amortization of lease intangible liabilities as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	2,768
2015		3,192
2016		2,803
2017		2,671
2018		2,469
Thereafter		13,064
Total	$	26,967

6. Variable Interest Entities

Consolidated Variable Interest Entities

Included within the condensed consolidated financial statements is the 50% owned joint venture with AB Dothan, LLC, that is deemed a VIE, and for which the Company is the primary beneficiary as it has the power to direct activities that most significantly impact the economic performance of the VIE. The joint venture’s activities principally consist of owning and operating a neighborhood retail center with 171,670 square feet of gross leasable area (“GLA”) located in Dothan, Alabama.

As of March 31, 2014 and December 31, 2013, total carrying amount of assets was approximately $15.3 million and $15.5 million, respectively, which includes approximately $13.3 million of real estate assets at the end of each period. As of March 31, 2014 and December 31, 2013, the total carrying amount of liabilities was approximately $12.3 million and $12.4 million, respectively.

7. Mortgage Loan and Note Receivable

In June 2012, the Company extended a note receivable in the amount of $750,000 to a third party. The note receivable bears interest at 10.0% per annum, with the principal and accrued interest due upon maturity in June 2014. The loan is recourse to the borrower. The balance is included in other assets on the accompanying condensed consolidated balance sheets.

8. Debt

Debt of the Parent Company

The Parent Company does not directly hold any indebtedness. All of the Company’s debt is held directly or indirectly by the Operating Partnership. However, the Parent Company has guaranteed the Operating Partnership’s mortgage loan secured by the Red Rock Commons property, the Operating Partnership’s unsecured revolving credit facility (including the letter of credit that secures the redevelopment revenue bonds at the Northside Mall property) and the Operating Partnership’s senior unsecured notes.

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Debt of the Operating Partnership

Mortgages Payable

Mortgages payable held by the Operating Partnership at March 31, 2014 and December 31, 2013 consist of the following (dollars in thousands):

	Carrying Amount of Mortgage Notes				Contractual Interest Rate (March 31, 2014)			Effective Interest Rate (March 31, 2014)			Monthly Payment(1)		Maturity Date
Property Pledged as Collateral	March 31, 2014		December 31, 2013
Edwards Theatres	$	—		11,520		6.74	%		5.50	%		95		February 2014
Excel Centre		11,968		12,018		6.08	%		6.08	%		85		May 2014
Merchant Central		4,344		4,370		5.94	%		6.75	%		30		July 2014
Gilroy Crossing		45,619		45,836		5.01	%		5.01	%		263		October 2014
Red Rock Commons(2)		13,970		13,970		1.69	%		1.69	%		20		March 2015
The Promenade		47,499		47,957		4.80	%		4.80	%		344		October 2015
5000 South Hulen		13,361		13,421		5.60	%		6.90	%		83		April 2017
Lake Pleasant Pavilion		27,766		27,855		6.09	%		5.00	%		143		October 2017
Rite Aid — Vestavia Hills		970		1,015		7.25	%		7.25	%		21		October 2018
Living Spaces-Promenade(3)		7,075		7,075		7.88	%		4.59	%		80		November 2019
West Broad Village(4)		39,700		39,700		3.33	%		3.33	%		110		May 2020
Lowe’s, Shippensburg		13,064		13,157		7.20	%		7.20	%		110		October 2031
Northside Mall(5)		12,000		12,000		0.07	%		1.07	%		1		November 2035
		237,336		249,894
Plus: premium(6)		1,207		1,297
Mortgage notes payable, net	$	238,543	$	251,191

⁽¹⁾  Amount represents the monthly payment of principal and interest at March 31, 2014.

⁽²⁾  The maturity date for the Red Rock Commons construction loan was extended in February 2014 for an additional one-year period and now expires in March 2015. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 to 205 basis points, depending on the Company’s leverage ratio (variable interest rate of 1.69% at March 31, 2014 and December 31, 2013).

⁽³⁾  The Company acquired an additional land parcel that it did not previously own at The Promenade retail property in August 2013 and in connection with such acquisition, the Company assumed a mortgage note with a fixed interest rate of 7.88%.

⁽⁴⁾  The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

⁽⁵⁾  The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $104,000 and $105,000 at March 31, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

⁽⁶⁾  Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.

Total interest cost capitalized for the three months ended March 31, 2014 and 2013 was $195,000 and $0, respectively.

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The Company’s mortgage debt maturities at March 31, 2014 for each of the next five years and thereafter are as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	64,603
2015		61,888
2016		2,362
2017		41,431
2018		2,196
Thereafter		64,856
	$	237,336

Notes Payable

Unsecured Revolving Credit Facility

On October 8, 2013, the Company entered into an amendment to the amended and restated credit agreement (the “2013 Amendment”), which provided for, among other things, an increase in borrowings available under the Operating Partnership’s existing credit facility from $250.0 million to $300.0 million, decreased the applicable interest rate and extended the maturity date. The Operating Partnership has the ability from time to time to increase the size of the unsecured revolving credit facility by up to an additional $200.0 million for a total borrowing capacity of $500.0 million, subject to receipt of lender commitments and other conditions precedent. The amended maturity date is April 6, 2018 and may be extended for an additional six months at the Operating Partnership’s option. The Operating Partnership, among other things, is subject to covenants requiring the maintenance of (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. At March 31, 2014, the Operating Partnership believes that it was in compliance with all financial covenants in the credit agreement.

As of March 31, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 to 170 basis points (margin on 130 basis point at March 31, 2014), depending on the Parent Company’s credit rating, as a result of the 2013 Amendment. As of March 31, 2014, the Operating Partnership was also responsible for paying a fee of 0.25% or 0.30% pursuant to the 2013 Amendment on the full capacity of the facility. Borrowings from the unsecured revolving credit facility were $198.0 million and $179.5 million with a weighted-average interest rate of 1.45% and 1.67% at March 31, 2014 and December 31, 2013, respectively. The Operating Partnership issued a $12.1 million letter of credit from the unsecured revolving credit facility, which secures an outstanding $12.0 million bond payable for the Northside Mall. This bond is included with the mortgages payable on the Company’s condensed consolidated balance sheets. At March 31, 2014, there was approximately $89.9 million available for borrowing under the unsecured revolving credit facility. On April 18, 2014, the Company subsequently issued a $4.8 million letter of credit related to its Southlake Park Village property, which reduced the availability under the unsecured revolving credit facility to $85.2 million.

Unsecured Notes

Unsecured Senior Notes due 2020 and 2023, net

On November 12, 2013, the Operating Partnership issued $100.0 million aggregate principal amount of senior unsecured notes to various entities associated with the Prudential Capital Group. Of the senior unsecured notes, $75.0 million are designated Series A Notes and will mature in November 2020, with a fixed interest rate of 4.40%, and $25.0 million are designated Series B Notes and will mature in November 2023, with a fixed interest rate of 5.19% (the Series A Notes and the Series B Notes are referred to collectively as the “Notes”). The terms of the Notes are governed by a Note Purchase Agreement, dated November 12, 2013 (the “Purchase Agreement”), among the Operating Partnership, as issuer, the Parent Company and the purchasers named therein. Interest on the Notes is payable quarterly, beginning on February 12, 2014. The Operating Partnership may prepay all or a portion of the Notes upon notice to the holders for 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement. Proceeds from the issuance of the Notes were used to repay outstanding indebtedness under our unsecured revolving credit facility and for other general corporate and working capital purposes.

The Notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. However, the Notes are effectively subordinated to the Operating Partnership’s existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Operating Partnership’s subsidiaries, including guarantees provided by the Operating Partnership’s subsidiaries under the Company’s unsecured line of credit.

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The Purchase Agreement contains various restrictive covenants, including limitations on the Operating Partnership’s ability to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. The Operating Partnership’s obligations under the Notes are fully and unconditionally guaranteed by the Parent Company and certain of its subsidiaries. Certain events would be considered events of default and could result in the acceleration of the maturity of the Notes.

9. Earnings Per Share of the Parent Company

Basic earnings (loss) per share of the Parent Company is computed by dividing income (loss) applicable to common stockholders by the weighted-average shares outstanding, as adjusted for the effect of participating securities. The Parent Company’s unvested restricted share awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted share awards on earnings (loss) per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends and the unvested restricted shares’ participation rights in undistributed earnings (losses).

The calculation of diluted earnings per share for the three months ended March 31, 2014 does not include 225,675 shares of unvested restricted common stock or 1,019,523 OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. The calculation of diluted earnings per share for the three months ended March 31, 2013 does not include 699,719 shares of unvested restricted common stock or 1,241,259 OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. In addition, 3,367,200 and 3,333,400 shares of common stock, respectively, for the three months ended March 31, 2014 and 2013, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Stock (“Series A preferred stock”), were anti-dilutive and were not included in the calculation of diluted earnings per share based on the “if converted” method.

Computations of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per share:
Income from continuing operations	$	2,278		$	219
Preferred dividends		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(83	)		(28	)
Loss from continuing operations applicable to the common stockholders	$	(681	)	$	(2,674	)
Net loss attributable to the common stockholders	$	(549	)	$	(2,448	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the common stockholders	$	(681	)	$	(2,569	)
Weighted-average common shares outstanding:
Basic and diluted		47,785,100			45,352,489
Basic and diluted earnings per share:
Loss from continuing operations per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per share attributable to the common stockholders		—			—
Net loss per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)

10. Earnings Per Unit of the Operating Partnership

Basic earnings (loss) per unit of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted-average OP units outstanding, as adjusted for the effect of participating securities. The Operating Partnership’s unvested restricted OP unit awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted OP unit awards on earnings (loss) per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted OP unit awards based on distributions and the unvested restricted OP units’ participation rights in undistributed earnings (losses).

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The calculation of diluted earnings per unit for the three months ended March 31, 2014 does not include 225,675 unvested restricted OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. The calculation of diluted earnings per unit for the three months ended March 31, 2013 does not include 699,719 unvested restricted OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. In addition, 3,367,200 and 3,333,400 OP units, respectively, for the three months ended March 31, 2014 and 2013, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Units (“Series A preferred units”), were anti-dilutive and were not included in the calculation of diluted earnings per unit based on the “if converted” method.

Computations of basic and diluted earnings per unit for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per unit:
Income from continuing operations	$	2,278		$	219
Preferred distributions		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(93	)		(87	)
Loss from continuing operations applicable to the unitholders	$	(691	)	$	(2,733	)
Net loss attributable to the unitholders	$	(559	)	$	(2,507	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the unitholders	$	(691	)	$	(2,628	)
Weighted-average common OP units outstanding:
Basic and diluted		48,804,623			46,593,748
Basic and diluted earnings per unit:
Loss from continuing operations per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per unit attributable to the unitholders		—			—
Net loss per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)

11. Derivatives and Hedging Activities

In December 2010, the Company executed two pay-fixed interest rate swaps with a notional value of $55.8 million (weighted-average interest rate of 1.41%) to hedge the variable cash flows associated with one of the Company’s mortgage payables. As a result of the interest rate swaps, the Company either (1) received the difference between a fixed interest rate (the “Strike Rate”) and one-month LIBOR if the Strike Rate was less than LIBOR or (2) paid such difference if the Strike Rate was greater than LIBOR. No initial investment was made to enter into either of the interest rate swap agreements. The two interest rate swaps were settled in December 31, 2013 in connection with the repayment of the underlying mortgage note at the Park West Place property. The Company had no derivative financial instruments outstanding at March 31, 2014 and had no derivative financial instruments outstanding prior to the execution of the two swaps.

During the three months ended March 31, 2014 and 2013, the Company did not record any amounts in earnings attributable to hedge ineffectiveness.

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Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Amount of unrealized loss recognized in OCI (effective portion):
Interest rate swaps	$	—	$	(1	)
Other derivatives		—		—
Total	$	—	$	(1	)
Amount of loss reclassified from accumulated OCI into income (effective portion):
Interest rate swaps (interest expense)	$	—	$	(162	)
Other derivatives		—		—
Total	$	—	$	(162	)
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing):
Interest rate swaps (other income/expense)	$	—	$	—
Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption)		—		230
Total	$	—	$	230

12. Equity of the Parent Company

The Parent Company has issued restricted stock awards to senior executives, directors and employees totaling 1,316,097 shares of common stock (net of forfeitures of 488,864 shares), which are included in the total shares of common stock outstanding as of March 31, 2014.

As of March 31, 2014, the Parent Company had outstanding 2,000,000 shares of Series A preferred stock, with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series A preferred stock when, as and if declared by the Parent Company’s board of directors, at a rate of 7.00% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series A preferred stock is $1.75, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series A preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. The Series A preferred stock is convertible, at the holders’ option, at any time and from time to time, into common stock of the Parent Company. The initial conversion rate of the Series A preferred stock was 1.6667 shares of common stock per share of Series A preferred stock. Effective September 26, 2013 (the ex-dividend date), the conversion rate was adjusted to 1.6836 shares of common stock per share of Series A preferred stock as a result of the aggregate dividends that the Parent Company declared and paid on its common stock, beginning with the quarter ended September 30, 2011 and through the quarter ended September 30, 2013, being in excess of the reference dividend of $0.15 per share. The conversion rate will continue to be subject to customary adjustments in certain circumstances. Beginning on April 1, 2014, the Parent Company may, at its option, convert some or all of the Series A preferred stock if the closing price of the common stock equals or exceeds 140% of the conversion price for at least 20 of the 30 consecutive trading days ending the day before the notice of exercise of conversion is sent and the Parent Company has either declared and paid, or declared and set apart for payment, any unpaid dividends that are in arrears on the Series A preferred stock.

As of March 31, 2014, the Parent Company had outstanding 3,680,000 shares of 8.125% Series B Cumulative Redeemable Preferred Stock (“Series B preferred stock”), with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series B preferred stock, when, as and if declared by the Parent Company’s board of directors, at a rate of 8.125% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series B preferred stock is $2.03125, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series B preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. At any time on and after January 31, 2017, the Parent Company may, at its option, redeem the Series B preferred stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control, the Parent Company or a successor may, at its option, redeem the Series B preferred stock, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.

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The Parent Company’s board of directors has authorized a stock repurchase program under which the Parent Company may acquire up to $50.0 million of its common stock and preferred stock in open market and negotiated purchases with no expiration date (the repurchase program was increased from $30.0 million to $50.0 million in February 2014). In the three months ended March 31, 2014, the Parent Company repurchased 105,775 shares of its common stock for an aggregate cost of approximately $1.3 million (including transaction costs) at a weighted-average purchase price of $12.52 per share. The repurchased shares of common stock were subsequently retired by the Parent Company with the funds provided from the sale of the OP units to the Operating Partnership. No stock was repurchased during the year ended December 31, 2013. As of March 31, 2014, approximately $41.9 million remained available under the stock repurchase program to acquire outstanding shares of the Parent Company’s common stock and preferred stock.

The Parent Company and the Operating Partnership have entered into equity distribution agreements (the “Equity Distribution Agreements”) with four sales agents, under which the Parent Company can issue and sell shares of its common stock from time to time through, at its discretion, any of the sales agents. The Equity Distribution Agreements were initially entered into in March 2012 with an aggregate offering price of up to $50.0 million and subsequently amended and restated in May 2013, permitting additional sales with an aggregate offering price of up to $100.0 million. The sales of common stock made under the Equity Distribution Agreements are made in “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. During the year ended December 31, 2013, the Parent Company issued 3,211,928 shares pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $40.7 million at an average stock issuance price of $13.05 per share. The net proceeds of $40.7 million were contributed to the Operating Partnership in exchange for 3,211,928 OP units. During the three months ended March 31, 2014, the Parent Company did not issue any shares pursuant to the Equity Distribution Agreements.

Consolidated net income is reported in the Company’s condensed consolidated financial statements at amounts that include the amounts attributable to both the common stockholders and the non-controlling interests. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of common stock and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

A charge/credit is recorded each period in the condensed consolidated statements of income for the non-controlling interests’ proportionate share of the Company’s net income (loss).

On March 31, 2014, the Parent Company accrued a liability for a dividend of $8.5 million payable to the common stockholders of record, a dividend of $2.7 million payable to the preferred stockholders of record and a distribution of $178,000 payable to the holders of record of OP units as of March 31, 2014, each of which was paid in April 2014.

2010 Equity Incentive Award Plan

The Company has established the 2010 Equity Incentive Award Plan of Excel Trust, Inc. and Excel Trust, L.P. (the “2010 Plan”), pursuant to which the Parent Company’s board of directors or a committee of its independent directors may make grants of stock options, restricted stock, stock appreciation rights and other stock-based awards to its non-employee directors, employees and consultants (an equivalent amount of common OP units are issued to the Parent Company for each such grant with similar terms and conditions). The maximum number of shares of the Parent Company’s common stock that may be issued pursuant to the 2010 Plan is 1,350,000 (of which 34,274 shares of common stock remain available for issuance as of March 31, 2014).

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The following shares of restricted common stock were issued during the three months ended March 31, 2014:

Grant Date	Price at Grant Date		Number		Vesting Period (yrs.)
March 7, 2014(1)	$	12.57		4,000		4
March 18, 2014(2)	$	12.80		558,331		1, 3
March 24, 2014(3)	$	12.56		83,500		3

⁽¹⁾  Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

⁽²⁾  Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company’s board of directors on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014.

⁽³⁾  Shares issued to certain of the Company’s employees. These shares vest over three years with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

Shares of the Parent Company’s restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the administrator of the 2010 Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of the Parent Company’s restricted common stock have full voting rights and rights to dividends upon grant. The Company recognized compensation expense during the three months ended March 31, 2014 and 2013 of $574,000 and $562,000, respectively, related to the restricted common stock grants ultimately expected to vest. Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated $0 in forfeitures for all periods presented. Stock compensation expense is included in general and administrative expense in the accompanying condensed consolidated statements of operations.

As of March 31, 2014 and December 31, 2013, there was approximately $9.6 million and $1.6 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of March 31, 2014 and December 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 2.3 and 1.1 years, respectively.

	Number of Unvested Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value
Balance - January 1, 2014		611,683		$	9.73
Grants		645,831		$	12.77
Forfeitures		(465,864	)	$	8.87
Vested		(36,796	)	$	12.96
Balance - March 31, 2014		754,854		$	12.71

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount of their eligible compensation as determined by the Internal Revenue Service. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to 3.0% of eligible compensation and 50% of employee deferrals for the next 2.0% of eligible compensation, is fully vested and funded as of March 31, 2014. Costs related to the matching portion of the plan for the three months ended March 31, 2014 and 2013 were approximately $39,000 and $36,000, respectively.

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13. Equity of the Operating Partnership

As of March 31, 2014, the Operating Partnership had outstanding 49,580,484 OP units. The Parent Company owned 97.9% of the partnership interests in the Operating Partnership at March 31, 2014, is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the Parent Company effectively controls the ability to issue common stock of the Parent Company upon a limited partner’s notice of redemption. In addition, the Parent Company has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit the Parent Company to settle in either cash or common stock at the option of the Parent Company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity.

In addition, as of March 31, 2014, the Operating Partnership had outstanding 2,000,000 Series A preferred units and 3,680,000 8.125% Series B Cumulative Redeemable Preferred Units (collectively referred to as the “Preferred Units”). The Preferred Units were issued to the Parent Company in exchange for the net proceeds from the issuance of preferred stock of the Parent Company and contain the same terms and conditions as the preferred stock instruments (including, among other things, distribution rates and exchange or redemption provisions).

In the three months ended March 31, 2014, the Operating Partnership repurchased 105,775 common OP units from the Parent Company (in connection with the Parent Company’s repurchase of its common stock) for an aggregate cost of approximately $1.3 million (including transaction costs) at a weighted-average purchase price of $12.52 per unit. The OP units were subsequently retired by the Operating Partnership. No OP units were repurchased from the Parent Company in connection with repurchases of its common stock during the year ended December 31, 2013.

In connection with the Equity Distribution Agreements, during the year ended December 31, 2013 the Operating Partnership issued 3,211,928 OP units to the Parent Company in exchange for net proceeds of approximately $40.7 million, which were used to repay outstanding indebtedness under its unsecured revolving credit facility and for other general corporate and working capital purposes. During the three months ended March 31, 2014, the Operating Partnership did not issue any OP units to the Parent Company in connection with the Equity Distribution Agreements.

Consolidated net income is reported in the Operating Partnership’s condensed consolidated financial statements at amounts that include the amounts attributable to both the unitholders and the non-controlling interests in a consolidated joint venture property. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of the Parent Company’s common stock (and the issuance of an equivalent number of OP units to the Parent Company) and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

The following table shows the vested partnership interests in the Operating Partnership as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	OP Units		Percentage of Total			OP Units		Percentage of Total
Excel Trust, Inc.		47,806,107		97.9	%		47,769,682		97.9	%
Non-controlling interests consisting of:
OP units held by employees and third parties		1,019,523		2.1	%		1,019,523		2.1	%
Total		48,825,630		100.0	%		48,789,205		100.0	%

14. Investment in Unconsolidated Entities

On September 7, 2012, the Company contributed the La Costa Town Center property to a limited liability company (“La Costa LLC”) with GEM Realty Capital, Inc. (“GEM”). As a result of the contribution, the Company and GEM hold 20% and 80% ownership interests, respectively, in La Costa LLC. The Company received approximately $21.2 million in exchange for the 80% ownership interest acquired by GEM. The Company’s remaining interest is reflected in the accompanying balance sheets at the Company’s historical cost basis as an investment in a profit-sharing arrangement. The contribution was not considered a sale of real estate due to terms in the La Costa LLC formation documents that could require the Company’s continuing participation in the future under certain circumstances. La Costa LLC does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property and the majority owner bears the majority of any losses incurred. The Company receives 20% of the cash flow distributions and may receive a greater portion of cash distributions in the future based upon the performance of the property and the availability of cash for distribution. In addition, the Company receives fees in its role as the day-to-day property manager and for any development services that it provides. The Company’s interest in the income or losses of the underlying venture is reflected in a manner similar to the equity method of accounting.

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On October 19, 2012, the Company acquired a 50% tenant-in-common ownership interest in a property (The Fountains at Bay Hill, or “Bay Hill”) for a purchase price of approximately $19.8 million as a part of a larger acquisition. The remaining 50% undivided interest in the Bay Hill property is held by MDC Fountains, LLC (“MDC”). The Bay Hill property does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property. The Company receives 50% of the cash flow distributions and recognizes 50% of the results of operations. In addition, the Company receives fees in its role as the day-to-day property manager. The Company’s 50% ownership interest is reflected in the accompanying balance sheets as an investment in unconsolidated entities and the Company’s interest in the income or losses of the property is recorded based on the equity method of accounting.

General information on the La Costa LLC and Bay Hill properties as of March 31, 2014 was as follows:

Unconsolidated Investment	Partner		Ownership Interest			Formation/ Acquisition Date	Property
La Costa LLC(1)		GEM		20	%	September 7, 2012	La Costa Town Center
Bay Hill(2)		MDC		50	%	October 19, 2012	The Fountains at Bay Hill

⁽¹⁾  At March 31, 2014, La Costa LLC had real estate assets of $23.9 million, total assets of $25.6 million, mortgages payable of $14.1 million and total liabilities of $14.6 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $391,000, total expenses were $652,000 (including interest expense) and net loss was $261,000 for the three months ended March 31, 2014. Total revenues were $1.9 million, total expenses were $1.4 million (including interest expense) and net income was $186,000 for the three months ended March 31, 2013. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC’s election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

⁽²⁾  At March 31, 2014, Bay Hill had real estate assets of $36.9 million, total assets of $39.6 million, mortgages payable of $23.3 million and total liabilities of $25.5 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. Total revenues were $955,000, total expenses were $951,000 (including interest expense) and net income was $4,000 for the three months ended March 31, 2013. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower’s election and upon the satisfaction of certain conditions.

15. Discontinued Operations

On July 19, 2013, the Company completed the disposition of the Walgreens property, located in North Corbin, Kentucky, for a sales price of approximately $4.5 million, excluding closing costs. On September 13, 2013, the Company completed the disposition of the Grant Creek Town Center property, located in Missoula, Montana, for a sales price of approximately $32.3 million, excluding closing costs. The Grant Creek Town Center property sale was classified as an exchange pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds were restricted as to their usage and were reflected as restricted cash on the condensed consolidated balance sheets at September 30, 2013. The Company subsequently utilized the funds to provide the purchase price for the acquisition of two properties during the three months ended December 31, 2013.

All properties sold were part of the retail properties segment – see Note 21. The following table provides information regarding the disposition of the properties:

	(in thousands)
Property	Sales Price		Gain on Sale		Date of Sale		Acquisition Date
Walgreens — North Corbin	$	4,514	$	1,129		7/19/2013		5/24/2010
Grant Creek Town Center	$	32,343	$	10,926		9/13/2013		8/27/2010

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The results of operations for the properties are reported as discontinued operations for all periods presented in the accompanying condensed consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Total revenues	$	—	$	682
Total expenses		—		577
Income before non-controlling interests and gain on sale of real estate assets		—		105
Gain on sale of real estate assets		—		—
Non-controlling interest in discontinued operations(1)		—		64
Income from discontinued operations available to the common stockholders	$	—	$	169

⁽¹⁾  Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

16. Related Party Transactions

Subsequent to the Parent Company’s initial public offering, many of the employees of Excel Realty Holdings, LLC (“ERH”) became employees of the Company. ERH reimburses the Company for estimated time the Company employees spend on ERH related matters. For the three months ended March 31, 2014 and 2013, approximately $76,000 and $83,000, respectively, was reimbursed to the Company from ERH and included in other income in the condensed consolidated statements of operations.

At March 31, 2013, the Operating Partnership had recognized an amount due from the Parent Company of approximately $2.9 million (classified within other assets in the condensed consolidated balance sheets) relating to proceeds from the issuance of the Parent Company’s common stock (with the issuance of an equivalent number of common OP units to the Parent Company), which had not yet been contributed to the Operating Partnership. The Operating Partnership collected the receivable in April 2013.

17. Income Taxes

Income Taxes of the Parent Company

The Parent Company elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 2010. To qualify as a REIT, the Parent Company must meet a number of organizational and operational requirements, including the requirement that it distribute currently at least 90% of its REIT taxable income to its stockholders (excluding any net capital gain). It is the Parent Company’s intention to comply with these requirements and maintain the Parent Company’s REIT status. As a REIT, the Parent Company generally will not be subject to corporate federal, state or local income taxes on income it distributes currently (in accordance with the Code and applicable regulations) to its stockholders. If the Parent Company fails to qualify as a REIT in any taxable year, then it will be subject to federal, state and local income taxes at regular corporate rates and may not be able to qualify as a REIT for subsequent tax years. Even if the Parent Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income, properties and operations and to federal income and excise taxes on its taxable income not distributed in the amounts and in the time frames prescribed by the Code and applicable regulations thereunder and on the taxable income of any of its taxable REIT subsidiaries.

Income Taxes of the Operating Partnership

As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is required in the accompanying condensed consolidated financial statements. The Operating Partnership may be subject to certain state or local taxes on its income and property.

The Operating Partnership has formed a taxable REIT subsidiary (the “TRS”) on behalf of the Parent Company. In general, the TRS may perform non-customary services for tenants, hold assets that the Parent Company cannot hold directly and, except for the operation or management of health care facilities or lodging facilities or the providing of any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated, may engage in any real estate or non-real estate related business. The TRS is subject to corporate federal income taxes on its taxable income at regular corporate tax rates. The TRS accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases.

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18. Commitments and Contingencies

Litigation:

The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against it which if determined unfavorably, would have a material effect on its consolidated financial position, results of operations or cash flows.

Environmental Matters:

The Company follows the policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its condensed consolidated balance sheets, results of operations or cash flows. Further, the Company is not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that it believes would require additional disclosure or the recording of a loss contingency.

Other

The Company’s other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In management’s opinion, these matters are not expected to have a material adverse effect on its condensed consolidated balance sheets, results of operations or cash flows. In addition, the Company expects to incur construction costs relating to development projects on portions of existing operating properties and at its non-operating properties (Chimney Rock Phase II and Southlake Park Village) and the redevelopment of its unconsolidated La Costa Town Center property.

19. Fair Value of Financial Instruments

The Company is required to disclose fair value information relating to financial instruments that are remeasured on a recurring basis and those that are only initially recognized at fair value (not required to be subsequently remeasured). The Company’s disclosures of estimated fair value of financial instruments were determined using available market information and appropriate valuation methods. The use of different assumptions or methods of estimation may have a material effect on the estimated fair value of financial instruments.

The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis (dollars in thousands):

	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	471	$	—	$	—	$	471
	Balance at December 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	507	$	—	$	—	$	507

⁽¹⁾  Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.

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The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2014 (dollars in thousands):

	Other Assets Related to Business Combinations (1)
Beginning balance, January 1, 2014	$	507
Total gains: included in earnings		—
Purchases, issuances or settlements		(36	)
Ending balance, March 31, 2014	$	471

⁽¹⁾  The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 is comprised of cash payments received on the master lease asset.

The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2013 (dollars in thousands):

	Other Assets Related to Business Combinations (1)			Contingent Consideration Related to Business Combinations (2)			Derivative Instruments Related to Business Combinations (3)
Beginning balance, January 1, 2013	$	992		$	(1,787	)	$	(274	)
Total gains: Included in earnings		—			—			246
Purchases, issuances or settlements		(162	)		—			28
Ending balance, March 31, 2013	$	830		$	(1,787	)	$	—

⁽¹⁾  The change of $162,000 for other assets related to business combinations during the three months ended March 31, 2013 is comprised of payments received on the master lease assets.

⁽²⁾  There was no change in the contingent consideration related to business combinations during the three months ended March 31, 2013, with the earn-out periods related to the two applicable acquisitions ending on June 30, 2013 and September 30, 2013, respectively.

⁽³⁾  The change of $274,000 for derivative instruments related to business combinations during the three months ended March 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.

There were no additional gains or losses, purchases, sales, issuances, settlements, or transfers in or out related to any of the three levels of the fair value hierarchy during the three months ended March 31, 2014 and 2013.

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The following table provides quantitative disclosure about significant unobservable inputs related to financial assets and liabilities measured on a recurring basis (Level 3 of the fair value hierarchy) as of March 31, 2014:

	Fair Value at March 31, 2014		Valuation Technique(s)		Unobservable Input		Range/value (Weighted- Average)
Other assets related to business combinations(1)	$	471		Cash flow		Tenant improvement allowance Lease commission TI construction period	$ $	30.00/sf - 35.00/sf 6.0 5 months	%

⁽¹⁾  The significant unobservable inputs used in the fair value measurement of the master lease agreement asset are any estimated tenant improvement allowances, leasing commissions and the construction periods associated with projected new leasing. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for market lease rates is accompanied by a directionally similar change in the assumption used for tenant improvement allowances and/or leasing commissions.

The Company has not elected the fair value measurement option for any of its other financial assets or liabilities. The Company has estimated the fair value of its financial assets using a discounted cash flow analysis based on an appropriate market rate for a similar type of instrument. The Company has estimated the fair value of its financial liabilities by using either (1) a discounted cash flow analysis using an appropriate market discount rate for similar types of instruments, or (2) a present value model and an interest rate that includes a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts.

The fair values of certain additional financial assets and liabilities at March 31, 2014 and December 31, 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Note receivable (Other Assets)	$	750	$	750	$	750	$	750
Financial liabilities:
Mortgage notes payable		238,543		243,965		251,191		254,473
Notes payable		198,000		196,375		179,500		179,500
Unsecured notes		100,000		100,390		100,000		100,000

20. Subsequent Events

On April 1, 2014, the Company prepaid the outstanding balance of the mortgage note at the Excel Centre property in the amount of approximately $12.0 million (including accrued, but unpaid interest, through the date of repayment).

21. Segment Disclosure

The Company’s reportable segments consist of the three types of commercial real estate properties for which management internally evaluates operating performance and financial results: Office Properties, Multi-family Properties and Retail Properties. The Company was formed for the primary purpose of owning and operating Retail Properties. As such, administrative costs are shown under the Retail Properties segment. The Retail Properties operating segment also includes undeveloped land which the Company intends to develop into retail properties.

The Company evaluates the performance of the operating segments based upon property operating income. “Property Operating Income” is defined as operating revenues (rental revenue, tenant recoveries and other income) less property operating expenses (maintenance and repairs, real estate taxes, management fees, and other operating expenses). The Company also evaluates interest expense, interest income, and depreciation and amortization by segment. Corporate general and administrative expense, interest expense related to corporate indebtedness and other non-recurring gains or losses are reflected within the Retail Properties operating segment as this constitutes the Company’s primary business objective and represents the majority of its operations. There is no intersegment activity.

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The following tables reconcile the Company’s segment activity to its consolidated results of operations and financial position for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	For the Three Months Ended
	March 31, 2014			March 31, 2013
Office Properties:
Total revenues	$	2,161		$	2,050
Property operating expenses		(853	)		(844	)
Property operating income, as defined		1,308			1,206
General and administrative costs		(5	)		(5	)
Depreciation and amortization		(892	)		(940	)
Interest expense		(187	)		(192	)
Net income	$	224		$	69
Multi-family Properties:
Total revenues	$	1,401		$	1,319
Property operating expenses		(453	)		(304	)
Property operating income, as defined		948			1,015
General and administrative costs		(14	)		(144	)
Depreciation and amortization		(463	)		(1,148	)
Net income (loss)	$	471		$	(277	)
Retail Properties:
Total revenues	$	27,036		$	23,478
Property operating expenses		(6,532	)		(5,224	)
Property operating income, as defined		20,504			18,254
General and administrative costs		(3,796	)		(3,682	)
Depreciation and amortization		(10,441	)		(10,078	)
Interest expense		(4,802	)		(4,386	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		1,583			427
Income from discontinued operations		—			105
Net income	$	1,583		$	532
Total Reportable Segments:
Total revenues	$	30,598		$	26,847
Property operating expenses		(7,838	)		(6,372	)
Property operating income, as defined		22,760			20,475
General and administrative costs		(3,815	)		(3,831	)
Depreciation and amortization		(11,796	)		(12,166	)
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		2,278			219
Income from discontinued operations		—			105
Net income	$	2,278		$	324
Reconciliation to Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(83	)		(28	)
Net income attributable to Excel Trust, Inc.	$	2,195		$	296
Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(93	)		(87	)
Net income attributable to Excel Trust, L.P.	$	2,185		$	237

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	March 31,		December 31,
	2014		2013
Assets:
Office Properties:
Total assets	$	66,676	$	67,273
Multi-family Properties:
Total assets		70,327		70,732
Retail Properties:
Total assets		1,078,695		1,080,816
Total Reportable Segments & Consolidated Assets:
Total assets	$	1,215,698	$	1,218,821

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used herein, the terms “we,” “us,” “our” or the “Company” refer to Excel Trust, Inc., a Maryland corporation, and any of our subsidiaries, including Excel Trust, L.P., a Delaware limited partnership of which Excel Trust, Inc. is the parent company and general partner, which may be referred to herein as the “Operating Partnership.”

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report. We make statements in this report that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in the retail industry or the markets in which we operate; changes in local, regional and national economic conditions; our inability to compete effectively; our inability to collect rent from tenants; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; our failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; our inability to successfully complete real estate acquisitions; our failure to successfully operate acquired properties and operations; our failure to maintain our status as a REIT; our inability to attract and retain key personnel; government approvals, actions and initiatives, including the need for compliance with environmental requirements; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; the effects of earthquakes and other natural disasters; and lack of or insufficient amounts of insurance. While forward-looking statements reflect our good faith beliefs (or those of the indicated third parties); they are not guarantees of future performance. We disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this report. In addition, we discussed a number of material risks in our Annual Report on Form 10-K for the year ended December 31, 2013. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Management’s Overview and Summary

We are a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Our strategy is to acquire high quality, well-located, dominant retail properties that generate attractive risk-adjusted returns. We target competitively protected properties in communities that have stable demographics and have historically exhibited favorable trends, such as strong population and income growth. We generally lease our properties to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic. Our tenants often carry goods that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which we believe generates more predictable property-level cash flows.

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The following table reflects our total portfolio at March 31, 2014 (a property is reclassified from development to the operating portfolio at the earlier of 85% occupancy or one year from completion and delivery of the space):

	Gross Leasable Area (GLA)		% Occupied			% Leased			Number of Properties
Operating Portfolio:
Retail properties		5,879,731		92.7	%		93.7	%		34
Multi-family properties(1)		339 units		92.9	%		97.6	%		n/a
Office properties		338,339		85.5	%		85.5	%		2
Total/weighted-average operating portfolio		6,218,070		92.3	%		93.3	%		36
Development properties(2)		311,735		31.3	%		35.2	%		n/a
Unconsolidated properties(3)		225,975		65.7	%		65.7	%		2
Total Portfolio:
Total/weighted-average total portfolio		6,755,780		88.6	%		89.7	%		38

⁽¹⁾  Includes the 339 apartment units on the upper levels of our West Broad Village retail shopping center (the number of apartment units and leased percentage are not included in the total/weighted-average).

⁽²⁾  Our non-operating properties consisted of Phase II of our Chimney Rock property and an undeveloped land parcel, Southlake Park Village, which are currently under development and are expected to contain approximately 336,000 square feet of GLA upon completion. Phase I of our Chimney Rock property is classified as an operating property).

⁽³⁾  Includes our La Costa Town Center and The Fountains at Bay Hill properties in which we hold 20% and 50% ownership interests, respectively.

Our operations are carried out primarily through the Operating Partnership. We receive income primarily from rents and reimbursement payments received from tenants under existing leases at each of our properties. Potential impacts to our income include unanticipated tenant vacancies, vacancy of space that takes longer to re-lease and, for non triple-net leases, operating costs that cannot be recovered from our tenants through contractual reimbursement formulas in our leases. Our operating results therefore depend materially on the ability of our tenants to make required payments and overall real estate market conditions.

Critical Accounting Policies

A complete discussion of our critical accounting policies can be found in our Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission, or SEC, and is accessible on the SEC’s website at www.sec.gov.

New Accounting Standards

See Note 2 to the condensed consolidated financial statements included elsewhere herein for disclosure of new accounting standards.

Results of Operations

We operate through three reportable business segments: retail properties, multi-family properties and office properties. At March 31, 2014, we owned 34 consolidated retail operating properties with a total of approximately 5.9 million square feet of GLA. The multi-family segment consists of apartment units at one retail property, West Broad Village, which is located in Richmond, Virginia. The office segment consists of two properties, Excel Centre, a portion of which is utilized as our headquarters, and the Promenade Corporate Center. These office properties total 338,339 square feet of GLA.

The following table reflects leasing activity at our consolidated retail and office operating properties for comparable leases (leases executed for spaces in which there was a tenant at some point during the previous twelve-month period) and non-comparable leases during the three months ended March 31, 2014:

	Number of Leases		GLA		Weighted- Average Lease Rate		Weighted- Average Prior Lease Rate		% Increase (Decrease)			Tenant Improvement Allowance (sf)		Leasing Commission (sf)
Comparable leases		39		166,495	$	19.19	$	18.40		4.3	%	$	0.58	$	2.17
Non-comparable leases		12		29,561	$	23.28		n/a		n/a		$	36.61	$	7.00
Total leasing activity		51		196,056

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Comparison of the Three Months Ended March 31, 2014 to the Three Months Ended March 31, 2013

The following table sets forth historical financial information related to our operating portfolio for same properties (all properties that we consolidated, owned and operated for the entirety of both periods being compared, except for properties that were entirely or primarily under redevelopment or development during either or both of the periods being compared), new properties (properties that were not owned during the entirety of the periods being compared), redevelopment/development properties (properties that were entirely or primarily under redevelopment or development during either or both of the periods being compared) and corporate entities (legal entities performing general and administrative functions) (dollars in thousands, except on a per square foot basis):

	Same Properties(1)						New Properties						Redevelopment/ Development Properties				Corporate						Total
	As of March 31,
	2014			2013			2014			2013			2014		2013		2014			2013			2014			2013
Rentable GLA		5,348,060			5,348,060			870,010			162,463			—		—		—			—			6,218,070			5,510,523
Percent leased		92.9	%		91.7	%		95.5	%		92.4	%		—		—		—			—			93.3	%		91.7	%
Number of properties		30			30			6			1			—		—		—			—			36			31
Percent of total portfolio		86.0	%		97.1	%		14.0	%		2.9	%		—		—		—			—			100.0	%		100.0	%
	Same Properties						New Properties						Redevelopment/ Development Properties				Corporate						Total
	Three months ended March 31,
	2014			2013			2014			2013			2014		2013		2014			2013			2014			2013
Rental revenue	$	21,669		$	21,506		$	3,236		$	453		$	62	$	—	$	(59	)	$	(57	)	$	24,908		$	21,902
Tenant recoveries		4,456			4,552			790			96			10		—		—			(18	)		5,256			4,630
Other income		235			160			7			—			—		—		192			155			434			315
Total revenues		26,360			26,218			4,033			549			72		—		133			80			30,598			26,847
Rental operations(2)		7,195			6,609			874			117			17		—		(248	)		(354	)		7,838			6,372
Property operating income	$	19,165		$	19,609		$	3,159		$	432		$	55	$	—	$	381		$	434		$	22,760		$	20,475

⁽¹⁾  Excludes two properties, Walgreens — North Corbin and Grant Creek Towne Center, which were sold in 2013 and have been reflected as discontinued operations for all periods presented in the condensed consolidated financial statements contained elsewhere herein. These properties had been classified as same properties in previous filings with the SEC.

⁽²⁾ Amount includes the following expenses that are directly attributable to a property: maintenance and repairs, real estate taxes, management fees and other operating expenses.

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The following table provides a reconciliation of property operating income (as defined in the table above) to net income for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014			March 31, 2013			Change			Percent Change
Property operating income	$	22,760		$	20,475		$	2,285			11.2	%
Unallocated (income) expense:
General and administrative		3,815			3,831			(16	)		0.4	%
Depreciation and amortization		11,796			12,166			(370	)		3.0	%
Operating income		7,149			4,478			2,671			59.6	%
Interest expense, net		(4,940	)		(4,528	)		(412	)		9.1	%
Income from equity in unconsolidated entities		69			39			30			76.9	%
Changes in fair value of financial instruments and gain on redemption of OP units		—			230			(230	)		n/a
Income from continuing operations		2,278			219			2,059			940.2	%
Income from discontinued operations		—			105			(105	)		n/a
Net income	$	2,278		$	324		$	1,954			603.1	%

Property operating income: Property operating income increased by $2.3 million, or 11.2%, to $22.8 million for the three months ended March 31, 2014 compared to $20.5 million for the three months ended March 31, 2013. The increase was primarily related to the acquisition of five consolidated operating properties after March 31, 2013 (including our acquisition of the additional land parcel at The Promenade retail center, which is not considered a property separate from The Promenade). Same property operating income decreased $444,000, primarily as a result of the treatment of employment costs as general and administrative expenses during the three months ended March 31, 2013 and as management fees thereafter due to the hiring of on-site management employees after March 31, 2013 at our multi-family property (previously employed by a separate management company) and a one-time increase in tenant recoveries at one property in 2013 due to an increase in property taxes from the completion of development activities.

General and administrative: General and administrative expenses decreased by $16,000, or 0.4%, to $3.8 million for the three months ended March 31, 2014 compared to $3.8 million for the three months ended March 31, 2013. An increase in transaction costs and consulting fees due to our continued growth was partially offset by a decrease in audit and professional fees. Included in general and administrative expenses was share-based compensation expense for the three months ended March 31, 2014 and 2013 of $574,000 and $562,000, respectively.

Depreciation and amortization: Depreciation and amortization expense decreased $370,000, or 3.0%, to $11.8 million for the three months ended March 31, 2014 compared to $12.2 million for the three months ended March 31, 2013. The decrease was primarily related to the full amortization of certain assets associated with certain of our older property acquisitions, partially offset by the purchase of five consolidated operating properties after March 31, 2013 (including our acquisition of the additional land parcel at The Promenade retail center, which is not considered a property separate from The Promenade).

Interest expense, net: Interest expense, net increased $412,000, or 9.1%, to $4.9 million for the three months ended March 31, 2014 compared to $4.5 million for the three months ended March 31, 2013. The increase was primarily due to the assumption of approximately $7.3 million of mortgage debt in connection with our acquisition of the additional land parcel at The Promenade retail center, the issuance of $100.0 million of unsecured notes at a weighted-average interest rate of 4.6% in November 2013 and higher levels of outstanding borrowings under our unsecured revolving credit facility during the three months ended March 31, 2014, partially offset by an increase in capitalized interest.

Income from equity in unconsolidated entities: Income of $69,000 and $39,000 for the three months ended March 31, 2014 and 2013, respectively, are comprised of our proportionate share of the net income from the operations of these properties.

Changes in fair value of financial instruments and gain on redemption of OP units: A gain on changes in fair value of financial instruments and gain on redemption of OP units of approximately $230,000 was recognized in the three months ended March 31, 2013 as a result of (1) the redemption of 19,904 OP units and (2) the expiration of the guaranteed redemption period for OP units issued in connection with the 2011 Edwards acquisition, which resulted in the recognition of a gain of approximately $246,000 representing the unutilized portion of the remaining redemption provision.

Income from discontinued operations: Income of $105,000 for the three months ended March 31, 2013, represents the operations of our Walgreens and Grant Creek Town Center properties, which were sold on July 19, 2013 and September 13, 2013, respectively. As a result of these dispositions, the operations of the properties as of March 31, 2013 are classified as discontinued operations within the condensed consolidated statements of income (see Note 15 of the condensed consolidated financial statements contained elsewhere herein for further discussion).

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Results of Operations – Segments

We evaluate the performance of our segments based upon property operating income. “Property Operating Income” is defined as operating revenues (rental revenue, tenant recoveries and other income) less property operating expenses (maintenance and repairs, real estate taxes, management fees, and other operating expenses).

You should read the following discussion in conjunction with the segment information disclosed in Note 21 to our condensed consolidated financial statements in accordance with ASC 280, Segment Reporting. Our results of operations for the three months ended March 31, 2014 and 2013 may not be indicative of our future results of operations.

The following table sets forth results of operations presented by segments for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013		Change		Percent Change
Revenues:
Office properties	$	2,161	$	2,050	$	111		5.4	%
Multi-family properties		1,401		1,319		82		6.2	%
Retail properties		27,036		23,478		3,558		15.2	%
Total revenues	$	30,598	$	26,847	$	3,751		14.0	%
Property operating expenses:
Office properties	$	853	$	844	$	9		1.1	%
Multi-family properties		453		304		149		49.0	%
Retail properties		6,532		5,224		1,308		25.0	%
Total property operating expenses	$	7,838	$	6,372	$	1,466		23.0	%

Comparison of the Three Months Ended March 31, 2014 to the Three Months Ended March 31, 2013

Revenue-office properties: Office properties revenue increased by $111,000, or 5.4%, to $2.2 million for the three months ended March 31, 2014 compared to $2.1 million for the three months ended March 31, 2013. The increase was the result of the commencement of new leases at our Promenade Corporate Center and Excel Centre properties in 2014 and 2013 for previously vacant space, resulting in an increase in the leased percentage at the properties from 82.3% at March 31, 2013 to 85.5% at March 31, 2014.

Revenue-multi-family properties: Multi-family property revenue increased by $82,000, or 6.2%, to $1.4 million for the three months ended March 31, 2014 compared to $1.3 million for the three months ended March 31, 2013. The increase was the result of an improvement in the leased percentage of apartments from 92.9% at March 31, 2013 to 97.6% at March 31, 2014.

Revenue-retail properties: Retail property revenue increased by $3.5 million, or 15.2%, to $27.0 million for the three months ended March 31, 2014 compared to $23.5 million for the three months ended March 31, 2013. The increase was primarily related to our acquisition of five consolidated retail operating properties after March 31, 2013 (including our acquisition of the additional land parcel at The Promenade retail center, which is not considered a property separate from The Promenade). In addition, we achieved an increase in contractual lease rates of approximately 4.5% for new or renewed leases executed during the twelve months ending March 31, 2014 for spaces previously occupied.

Property operating expenses-office properties: Office property operating expenses related to our office properties were $853,000 for the three months ended March 31, 2014 and $844,000 for the three months ended March 31, 2013.

Property operating expenses-multi-family properties: Multi-family property operating expenses increased by $149,000, or 49.0%, to $453,000 for the three months ended March 31, 2014 compared to $304,000 for the three months ended March 31, 2013. The increase was primarily related to the hiring of on-site management employees after March 31, 2013. The expense related to these employees are now included in property operating expenses. Prior to the hiring of on-site management employees, expenses related to personnel managing the multi-family property were included in general and administrative expenses. Also, there was an increase in operating expense as a direct result of the increase in the percentage of leased apartments.

Property operating expenses-retail properties: Property operating expenses related to our retail properties increased by $1.3 million, or 25.0%, to $6.5 million for the three months ended March 31, 2014 compared to $5.2 million for the three months ended March 31, 2013. The increase was primarily related to the acquisition of five consolidated retail operating properties after March 31, 2013 (including our acquisition of the additional land parcel at The Promenade retail center, which is not considered a property separate from The Promenade).

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Cash Flows

The following is a comparison, for the three months ended March 31, 2014 and 2013, of our cash flows.

Cash and cash equivalents were $5.3 million and $6.6 million ($3.7 million for the Operating Partnership) at March 31, 2014 and 2013, respectively.

Net cash provided by operating activities was $14.6 million for the three months ended March 31, 2014 and $10.6 million for the three months ended March 31, 2013, an increase of $4.0 million. The increase was primarily due to cash flow generated from operations of new acquisitions and cash rent starts on new leases.

Net cash used in investing activities was $5.5 million for the three months ended March 31, 2014 compared to $36.6 million for the three months ended March 31, 2013, a decrease of $31.1 million. The decrease was primarily the result of no property acquisitions in 2014 compared to property acquisitions of $30.7 million in 2013, partially offset by a decrease in capitalized leasing costs of approximately $459,000.

Net cash used in financing activities related to the Parent Company was $7.1 million for the three months ended March 31, 2014 compared to cash provided by financing activities of $27.1 million for the three months ended March 31, 2013, a decrease of $34.2 million. Net cash used in financing activities related to the Operating Partnership was $7.1 million for the three months ended March 31, 2014 compared to cash provided by financing activities of $24.1 million for the three months ended March 31, 2013, a decrease of $31.2 million (net cash provided by financing activities for the three months ended March 31, 2013 does not include approximately $2.9 million of proceeds from equity offerings of the Parent Company not yet contributed in exchange for common OP units). The decrease for both the Parent Company and the Operating Partnership was primarily due higher proceeds from the issuance of common stock in 2013 of approximately $25.6 million for the Parent Company and the issuance of common OP units of $22.7 million for the Operating Partnership and fewer borrowings on the unsecured revolving credit facility of approximately $18.5 million, partially offset by a decrease in payments on outstanding mortgage and notes payable balances of approximately $12.7 million.

Funds From Operations

We present funds from operations, or FFO, because we consider FFO an important supplemental measure of our 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. We compute 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 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. Our 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 replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

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The following table presents a reconciliation of FFO of Excel Trust, Inc. for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014			March 31, 2013
Net income (loss) attributable to the common stockholders(1)	$	(549	)	$	(2,448	)
Non-controlling interest in operating partnership(1)		(10	)		(59	)
Depreciation and amortization		11,796			12,390
Depreciation and amortization related to joint ventures(2)		170			411
Funds from operations	$	11,407		$	10,294

⁽¹⁾  Net income allocable to non-controlling interests in the Operating Partnership is included in net income (loss) attributable to unitholders of the Operating Partnership as reflected in the condensed consolidated financial statements of Excel Trust, L.P., included elsewhere herein.

⁽²⁾  Includes a reduction for 50% of the depreciation and amortization expense associated with the proportionate share of our consolidated Dothan property not owned by us and an increase for our proportionate share of depreciation and amortization expense at our unconsolidated La Costa Town Center and Bay Hill properties.

Liquidity and Capital Resources of Excel Trust, Inc.

In this “Liquidity and Capital Resources of Excel Trust, Inc.” section, the term the “Company” refers only to Excel Trust, Inc. on an unconsolidated basis, and excludes the Operating Partnership and all other subsidiaries. For further discussion of the liquidity and capital resources of the Company on a consolidated basis, see the section entitled “Liquidity and Capital Resources of Excel Trust, L.P.” below.

The Company’s business is operated primarily through the Operating Partnership. The Company issues public equity from time to time, but does not otherwise generate any capital itself or conduct any business itself, other than incurring certain expenses in operating as a public company which are fully reimbursed by the Operating Partnership. The Company itself does not hold any indebtedness, and its only material asset is its ownership of partnership interests of the Operating Partnership. The Company’s principal funding requirement is the payment of dividends on its common and preferred shares. The Company’s principal source of funding for its dividend payments is distributions it receives from the Operating Partnership.

As of March 31, 2014, the Company owned an approximate 97.9% partnership interest in the Operating Partnership. The remaining 2.1% partnership interests are owned by non-affiliated investors and certain of the Company’s directors and executive officers. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership’s day-to-day management and control, can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings, and can cause changes in its line of business, capital structure and distribution policies.

The liquidity of the Company is dependent on the Operating Partnership’s ability to make sufficient distributions to the Company. The primary cash requirement of the Company is its payment of dividends to its stockholders. The Company also guarantees some of the Operating Partnership’s debt, as discussed further in Note 8 of the condensed consolidated financial statements contained elsewhere herein. If the Operating Partnership fails to fulfill certain of its debt requirements, which trigger the Company’s guarantee obligations, then the Company will be required to fulfill its cash payment commitments under such guarantees. However, the Company’s only significant asset is its investment in the Operating Partnership.

We believe the Operating Partnership’s sources of working capital, specifically its cash flow from operations, and borrowings available under its unsecured revolving credit facility, are adequate for it to make its distribution payments to the Company and, in turn, for the Company to make its dividend payments to its stockholders for at least the next twelve months. However, there can be no assurance that the Operating Partnership’s sources of capital will continue to be available at all or in amounts sufficient to meet its needs, including its ability to make distribution payments to the Company. The unavailability of capital could adversely affect the Operating Partnership’s ability to pay distributions to the Company, which would in turn adversely affect the Company’s ability to pay cash dividends to its stockholders

The Company’s short-term liquidity requirements consist primarily of funds to pay for future dividends expected to be paid to the Company’s stockholders and operating expenses and other expenditures directly associated with our properties, including:

• interest expense and scheduled principal payments on outstanding indebtedness,

• general and administrative expenses,

• anticipated and unanticipated capital expenditures, tenant improvements and leasing commissions,

• construction of the non-operating portion of some of our properties, and

• properties under contract or acquired after March 31, 2014.

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We have entered into equity distribution agreements, or the Equity Distribution Agreements, with four sales agents, under which the Company can issue and sell shares of its common stock from time to time through, at its discretion, any of the sales agents. The Equity Distribution Agreements were initially entered into in March 2012 and were subsequently amended and restated in May 2013, permitting additional sales with an aggregate offering price of up to $100.0 million. The sales of common stock made under the Equity Distribution Agreements are made in “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. During the year ended December 31, 2013, the Company issued 3,211,928 shares of its common stock pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $40.7 million at an average stock issuance price of $13.05 per share. The net proceeds of $40.7 million were contributed to the Operating Partnership in exchange for 3,211,928 OP units. During the three months ended March 31, 2014, the Company did not issue any shares pursuant to the Equity Distribution Agreements. As of March 31, 2014, the remaining aggregate offering price for sales of the Company’s shares permitted under the Equity Distribution Agreements was $95.0 million.

Future Uses of Cash

The Company may from time to time seek to repurchase or redeem the Operating Partnership’s outstanding debt, the Company’s shares of common stock or preferred stock or other securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases or redemptions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

The Company’s board of directors has authorized a stock repurchase program under which the Company may acquire up to $50.0 million of its common stock and preferred stock in open market and negotiated purchases with no expiration date. As of March 31, 2014, approximately $41.9 million remained available under the stock repurchase program to acquire outstanding shares of the Company’s common stock and preferred stock. See Note 13 to the condensed consolidated financial statements contained elsewhere herein for further discussion).

As circumstances warrant, the Company may issue equity from time to time, dependent upon market conditions and available pricing. When the Company receives proceeds from preferred or common equity issuances, it is required by the Operating Partnership’s partnership agreement to contribute the proceeds from its equity issuances to the Operating Partnership in exchange for preferred or common partnership units of the Operating Partnership. The Operating Partnership may use the proceeds to repay debt, including borrowings under its unsecured revolving credit facility, for acquisitions and for other general corporate purposes.

We are also subject to the commitments discussed below under “Dividends and Distributions.”

Dividends and Distributions

For the Company to maintain its qualification as a REIT, it must pay dividends to its stockholders aggregating annually at least 90% of its ordinary taxable income (excluding any net capital gain). While historically the Company has satisfied this distribution requirement by making cash distributions to its stockholders, it may choose to satisfy this requirement by making distributions of cash or other property, including, in limited circumstances, the Company’s own stock. As a result of this distribution requirement, the Operating Partnership cannot rely on retained earnings to fund its ongoing operations to the same extent that other companies whose parent companies are not REITs can. The Company may need to continue to raise capital in the equity markets to fund the Operating Partnership’s working capital needs, acquisitions and developments.

Liquidity and Capital Resources of Excel Trust, L.P.

In this “Liquidity and Capital Resources of Excel Trust, L.P.” section, the terms “we,” “our” and “us” refer to the Operating Partnership together with its consolidated subsidiaries or the Operating Partnership and Excel Trust, Inc. together with their consolidated subsidiaries, as the context requires. Excel Trust, Inc. is our sole general partner and consolidates our results of operations for financial reporting purposes. Because we operate on a consolidated basis with Excel Trust, Inc., the section entitled “Liquidity and Capital Resources of Excel Trust, Inc.” should be read in conjunction with this section to understand our liquidity and capital resources on a consolidated basis.

Analysis of Liquidity and Capital Resources

At March 31, 2014, we had $5.3 million of cash and cash equivalents on hand.

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Our short-term liquidity requirements consist primarily of funds to pay for future distributions expected to be paid to our unitholders and operating expenses and other expenditures directly associated with our properties, including:

• interest expense and scheduled principal payments on outstanding indebtedness,

• general and administrative expenses,

• anticipated and unanticipated capital expenditures, tenant improvements and leasing commissions,

• construction of the non-operating portion of some of our properties, and

• properties under contract or acquired after March 31, 2014.

Our long term liquidity requirements consist primarily of funds to pay for property acquisitions, scheduled debt maturities, renovations, expansions, capital commitments, construction obligations and other non-recurring capital expenditures that need to be made periodically, and the costs associated with acquisitions and developments of new properties that we pursue.

We intend to satisfy our short-term liquidity requirements primarily through our existing working capital and cash provided by our operations. We believe our rental revenue net of operating expenses will generally provide sufficient cash inflows to meet our debt service obligations (excluding debt maturities), pay general and administrative expenses and fund regular distributions. We anticipate being able to refinance our debt service obligations or borrow from our unsecured revolving credit facility to pay for upcoming debt maturities. We expect to incur approximately $42.3 million in construction costs relating to redevelopment or development projects on portions of existing operating properties and at our non-operating properties (Chimney Rock Phase II and Southlake Park Village) and the redevelopment of our unconsolidated La Costa Town Center property. Funds for these costs are expected to come from new mortgage financing, borrowings from our unsecured revolving credit facility and existing cash. We intend to satisfy our other long-term liquidity requirements through our existing working capital, cash provided by indebtedness, long-term secured and unsecured indebtedness and the use of net proceeds from the disposition of non-strategic assets. In addition, we may, from time to time, offer and sell additional equity and debt securities, warrants, rights and other securities to the extent necessary or advisable to meet our liquidity needs.

As of March 31, 2014, our mortgage indebtedness consisted of the following:

Property Pledged as Collateral	Principal Balance		Contractual Interest Rate			Monthly Payment(1)		Maturity Date
Excel Centre	$	11,968		6.08	%		85		May 2014
Merchant Central		4,344		5.94	%		30		July 2014
Gilroy Crossing		45,619		5.01	%		263		October 2014
Red Rock Commons(2)		13,970		1.69	%		20		March 2015
The Promenade		47,499		4.80	%		344		October 2015
5000 South Hulen		13,361		5.60	%		83		April 2017
Lake Pleasant Pavilion		27,766		6.09	%		143		October 2017
Rite Aid — Vestavia Hills		970		7.25	%		21		October 2018
Living Spaces-Promenade(3)		7,075		7.88	%		80		November 2019
West Broad Village(4)		39,700		3.33	%		110		May 2020
Lowe’s, Shippensburg		13,064		7.20	%		110		October 2031
Northside Plaza(5)		12,000		0.07	%		1		November 2035
	$	237,336
Plus: premium(6)		1,207
Mortgage notes payable, net	$	238,543

⁽¹⁾ Amount represents the monthly payment of principal and interest at March 31, 2014.

⁽²⁾ The maturity date for the Red Rock Commons construction loan was extended in February 2014 for an additional one-year period and now expires in March 2015. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 to 205 basis points, depending on our leverage ratio (variable interest rate of 1.69% at March 31, 2014).

⁽³⁾ We acquired an additional land parcel that we did not previously own at The Promenade retail property in August 2013, and in connection with such acquisition, we assumed a mortgage note with a fixed interest rate of 7.88%.

⁽⁴⁾ The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

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⁽⁵⁾ The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by us from our unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $104,000 at March 31, 2014 will be amortized as additional interest expense through November 2035.

⁽⁶⁾ Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.

On October 8, 2013, we entered into an amendment to our amended and restated credit agreement, or the 2013 Amendment, which provided for, among other things, an increase in borrowings available under our existing credit facility from $250.0 million to $300.0 million, decreased the applicable interest rate and extended the maturity date. We have the ability from time to time to increase the size of the credit facility by up to an additional $200.0 million for a total borrowing capacity of $500.0 million, subject to receipt of lender commitments and other conditions precedent. The amended maturity date is April 6, 2018 and may be extended for an additional six months at our option.

As of March 31, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 to 170 basis points, depending on Excel Trust, Inc.’s credit rating. As of March 31, 2014, we were also responsible for paying a fee of 0.25% to 0.30% on the full capacity of the facility. Borrowings under the unsecured revolving credit facility were $198.0 million at March 31, 2014 at a weighted-average interest rate of 1.45%. In addition, we issued a $12.1 million letter of credit from the unsecured revolving credit facility, which secures an outstanding $12.0 million bond payable for the Northside Mall. This bond is included with the mortgages payable on our condensed consolidated balance sheets. At March 31, 2014, there was approximately $89.9 million available for borrowing under the unsecured revolving credit facility. On April 18, 2014, we subsequently issued a $4.8 million letter of credit related to our Southlake Park Village property, which reduced the availability under our unsecured revolving credit facility to $85.2 million.

Our ability to borrow funds under the credit agreement, and the amount of funds available under the credit agreement at any particular time, are subject to our meeting borrowing base requirements. The amount of funds we can borrow is determined by the net operating income of our unencumbered assets that comprise the borrowing base (as defined in the credit agreement, as amended). We are also subject to financial covenants relating to maximum leverage ratios on unsecured, secured and overall debt, minimum fixed coverage ratios, minimum amount of net worth, dividend payment restrictions and certain investment limitations.

The following is a summary of key financial covenants and their covenant levels as of March 31, 2014:

	Required			Actual
Key financial covenant:
Ratio of total liabilities to total asset value (maximum)		60.0	%		45.8	%
Ratio of adjusted EBITDA to fixed charges (minimum)		1.50	x		2.13	x
Ratio of secured indebtedness to total asset value (maximum)		40.0	%		21.0	%

⁽¹⁾  For a complete listing of all debt covenants related to our consolidated indebtedness as well as definitions of the above terms, please refer to our applicable filings with the SEC.

As of March 31, 2014, we believe that we were in compliance with all of the covenants under our credit agreement.

Future Uses of Cash

We may from time to time seek to repurchase or redeem our outstanding debt, OP units or preferred units (subject to the repurchase or redemption of an equivalent number of shares of common stock or preferred stock by Excel Trust, Inc.) or other securities, and Excel Trust, Inc. may seek to repurchase or redeem its outstanding shares of common stock or preferred stock or other securities, in each case in open market purchases, privately negotiated transactions or otherwise. Such repurchases or redemptions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

As of March 31, 2014, our ratio of debt-to-gross undepreciated asset value was approximately 41.7%. Our organizational documents do not limit the amount or percentage of debt that we may incur, nor do they limit the types of properties we may acquire or develop, and Excel Trust, Inc.’s board of directors may modify our debt policy from time to time. The amount of leverage we will deploy for particular investments in our target assets will depend upon our management team’s assessment of a variety of factors, which may include the anticipated liquidity and price volatility of the target assets in our investment portfolio, the potential for losses, the availability and cost of financing the assets, our opinion of the creditworthiness of our financing counterparties, the health of the U.S. economy and commercial mortgage markets, our outlook for the level, slope and volatility of interest rates, the credit quality of our target assets and the collateral underlying our target assets. Accordingly, the ratio of debt-to-gross undepreciated asset value may increase or decrease beyond the current amount.

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Commitments, Contingencies and Contractual Obligations

The following table outlines our contractual obligations (dollars in thousands) at March 31, 2014 related to our mortgage and note indebtedness and other commitments:

	Payments by Period
	2014 (nine months)		2015-2016		2017-2018		Thereafter		Total
Principal payments — fixed rate debt	$	64,603	$	50,280	$	43,627	$	152,856	$	311,366
Principal payments — variable rate debt(1)		—		13,970		198,000		12,000		223,970
Interest payments — fixed rate debt		10,809		21,321		15,795		20,991		68,916
Interest payments — variable rate debt(1)		2,337		5,798		3,635		127		11,897
Construction costs(2)		28,012		14,292		—		—		42,304
	$	105,761	$	105,661	$	261,057	$	185,974	$	658,453

⁽¹⁾  Includes redevelopment revenue bonds at our Northside Mall property, a construction loan at our Red Rock Commons property and outstanding borrowings on our unsecured revolving credit facility (our unsecured revolving credit facility had a balance of $198.0 million at March 31, 2014). Interest on the redevelopment bonds is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014). The construction loan bears interest at the rate of LIBOR plus a margin of 145 basis points to 205 basis points, depending on our leverage ratio (interest rate of 1.69% at March 31, 2014). The unsecured revolving credit facility bears interest at the rate of LIBOR plus a margin of 90 basis points to 170 basis points (weighted-average interest rate of 1.45% at March 31, 2014), depending on our credit rating. Interest payments are based on the interest rates in effect and debt balances outstanding on March 31, 2014.

⁽²⁾  Amount represents our estimate of costs expected to be incurred to complete the redevelopment of our unconsolidated La Costa Town Center property (representing our proportionate share of the estimated costs) and to complete the undeveloped portion of our Chimney Rock property and our Southlake Park Village development property.

Off-Balance Sheet Arrangements

We hold a 20% ownership interest in an unconsolidated limited liability company, La Costa LLC. In connection with the formation of La Costa LLC in September 2012, we contributed the La Costa Town Center property to the entity in exchange for proceeds of approximately $21.2 million (see Note 14 to the condensed consolidated financial statements contained elsewhere herein for further discussion). La Costa LLC does not qualify as a variable interest entity, or VIE, and consolidation is not required as we do not control the operations of the property. The majority owner bears the majority of any losses incurred. We receive 20% of the cash flow distributions and may receive a greater portion of cash distributions in the future based upon the performance of the property and the availability of cash for distribution. In addition, we receive fees in our role as the day-to-day property manager and for any development services that we provide. We account for our interest in La Costa LLC as a profit-sharing arrangement, which is reflected in a manner that is similar to the equity method of accounting. The assets and liabilities of La Costa LLC were $25.6 million and $14.6 million, respectively, at March 31, 2014.

We hold a 50% tenant-in-common ownership interest in a company, Bay Hill Fountains, LLC, or Bay Hill LLC. In connection with our acquisition of a portfolio of properties in October 2012, we acquired a 50% undivided interest in the property held by Bay Hill LLC, or the Bay Hill property. The Bay Hill property does not qualify as a VIE and consolidation is not required as we do not control the operations of the property. We receive 50% of the cash flow distributions and recognize 50% of the results of operations. In addition, we receive fees in our role as the day-to-day property manager. We account for our interest in the Bay Hill property under the equity method of accounting. The assets and liabilities of the Bay Hill property were $39.6 million and $25.5 million, respectively, at March 31, 2014.

Our proportionate share of outstanding indebtedness at the unconsolidated entities is as follows (dollars in thousands):

Name	Ownership Interest			Principal  Amount(1)		Interest Rate			Maturity Date
La Costa LLC		20	%	$	2,820		5.9	%		October 1, 2014
Bay Hill LLC		50	%	$	11,656		3.4	%		April 2, 2015

⁽¹⁾  Amount represents our proportionate share of a secured mortgage note, which bears interest at the rate of LIBOR plus a margin of 575 basis points (La Costa LLC) and at the rate of LIBOR plus a margin of 325 basis points (Bay Hill).

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We do not have any other relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purposes entities, which typically are established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Further, we have not guaranteed any obligations of unconsolidated entities nor do we have any commitments or intent to provide funding to any such entities. Accordingly, we are not materially exposed to any other financing, liquidity, market or credit risk that could arise if we had engaged in these relationships, other than as described above.

Distribution Policy

Excel Trust, Inc. has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. To continue to qualify as a REIT, Excel Trust, Inc. must meet a number of organizational and operational requirements, including the requirement that Excel Trust, Inc. distribute currently at least 90% of its REIT taxable income (excluding any net capital gain) to its stockholders. It is our intention to comply with these requirements and maintain Excel Trust, Inc.’s REIT status. As a REIT, Excel Trust, Inc. generally will not be subject to corporate United States federal, state or local income taxes on income it distributes currently (in accordance with the Code and applicable regulations) to its stockholders. If Excel Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to United States federal, state and local income taxes at regular corporate rates and may not be able to qualify as a REIT for subsequent tax years. Even if Excel Trust, Inc. qualifies for United States federal taxation as a REIT, we may be subject to certain state and local taxes on our income properties and operations and to United States federal income and excise taxes on our taxable income not distributed in the amounts and in the time frames prescribed by the Code and applicable regulations thereunder.

Inflation

Some of our leases contain provisions designed to mitigate the adverse impact of inflation. These provisions generally increase rental rates during the terms of the leases either at fixed rates or indexed escalations (based on the Consumer Price Index or other measures). We may be adversely impacted by inflation on our leases that do not contain indexed escalation provisions. In addition, most of our leases require the tenant to pay its share of operating expenses, including common area maintenance costs, real estate taxes and insurance. This may reduce our exposure to increases in costs and operating expenses resulting from inflation, assuming our properties remain leased and tenants fulfill their obligations to reimburse us for such expenses.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our future income, cash flows and fair values relevant to financial instruments depend upon prevailing market interest rates. Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, commodity prices and equity prices. The primary market risk to which we believe we are exposed is interest rate risk. Many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors that are beyond our control contribute to interest rate risk.

The fair value of mortgages payable at March 31, 2014, including our construction loan, was approximately $244.0 million compared to the carrying amount of $238.5 million. A 100 basis point increase in market interest rates would result in a decrease in the fair value of our fixed-rate debt by approximately $5.8 million at March 31, 2014. A 100 basis point decrease in market interest rates would result in an increase in the fair market value of our fixed-rate debt by approximately $6.1 million at March 31, 2014.

We have a $300.0 million unsecured revolving credit facility. As of March 31, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 basis points to 170 basis points, depending on our credit rating. As of March 31, 2014, we had $210.1 million of debt and commitments outstanding under our unsecured revolving credit facility, which includes a $12.1 million letter of credit issued under the facility. At March 31, 2014, the outstanding balance on our unsecured revolving credit facility was $198.0 million at a weighted-average interest rate of 1.45%. The fair value of the unsecured revolving credit facility at March 31, 2014 was approximately $196.4 million. Based on outstanding borrowings of $198.0 million at March 31, 2014, an increase of 100 basis points in LIBOR would result in an increase in the interest we incur in the amount of approximately $2.0 million.

We have issued $100.0 million aggregate principal amount of senior unsecured notes with a weighted-average fixed interest rate of 4.60%. The fair value of the senior unsecured notes at March 31, 2014 was approximately $100.4 million. A 100 basis point increase in market interest rates would result in a decrease in the fair value of our fixed-rate debt by approximately $6.2 million at March 31, 2014. A 100 basis point decrease in market interest rates would result in an increase in the fair market value of our fixed-rate debt by approximately $6.7 million at March 31, 2014.

We have an $18.0 million construction loan agreement in connection with construction activities at one of our development properties. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 basis points to 205 basis points, depending on our leverage ratio. At March 31, 2014, the outstanding balance on our construction loan was $14.0 million at an interest rate of 1.69%. Based on outstanding borrowings of $14.0 million at March 31, 2014, an increase of 100 basis points in LIBOR would result in an increase in the interest we incur in the amount of approximately $140,000.

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In order to modify and manage the interest rate characteristics of our outstanding debt and to limit the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps, caps, floors and other interest rate exchange contracts. The use of these types of instruments to hedge our exposure to changes in interest rates carries additional risks, including counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. To limit counterparty credit risk we will seek to enter into such agreements with major financial institutions with high credit ratings. There can be no assurance that we will be able to adequately protect against the foregoing risks and that we will ultimately realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities. We do not enter into such contracts for speculative or trading purposes.

Item 4. Controls and Procedures

Controls and Procedures (Excel Trust, Inc.)

Excel Trust, Inc. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is processed, recorded, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, Excel Trust, Inc. carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of Excel Trust, Inc. concluded, as of that time, that Excel Trust, Inc.’s disclosure controls and procedures were effective at the reasonable assurance level.

There has been no change in Excel Trust, Inc.’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, Excel Trust, Inc.’s internal control over financial reporting.

Controls and Procedures (Excel Trust, L.P.)

Excel Trust, L.P. maintains disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer of its general partner, Excel Trust, Inc., as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by SEC 13a-15(b) under the Exchange Act, Excel Trust, L.P. carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of its general partner, of the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of its general partner concluded, as of that time, that the Excel Trust, L.P.’s disclosure controls and procedures were effective at the reasonable assurance level.

There has been no change in Excel Trust, L.P.’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, Excel Trust, L.P.’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties that we believe would have a material adverse effect on our financial position, results of operations or liquidity. We are involved in routine litigation arising in the ordinary course of business, none of which we believe to be material.

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Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the section entitled “Risk Factors” beginning on page 11 in our Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC and is accessible on the SEC’s website at www.sec.gov. There have been no material changes to the risk factors disclosed in the Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities and Use of Proceeds (Excel Trust, Inc.)

The following table presents information regarding repurchases of our common stock during the quarter ended March 31, 2014 under the stock repurchase program approved by our board of directors under which we may acquire up to $50.0 million of our common stock and preferred stock in open market and negotiated purchases with no expiration date. The program was originally approved by our board of directors in August 2011 to repurchase up to $30.0 million of our stock, and was increased by our board of directors from $30.0 million to $50.0 million in February 2014.

	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
January 1 - January 31, 2014		—	$	—		—	$	43,257,874
February 1 - February 28, 2014		—		—		—		43,257,874
March 1 - March 31, 2014		105,775		12.52		780,641		41,949,288
Total		105,775	$	12.52		780,641	$	41,949,288

Unregistered Sales of Equity Securities and Use of Proceeds (Excel Trust, L.P.)

An equivalent number of OP units were repurchased by the Operating Partnership from Excel Trust, Inc. corresponding to the repurchases of Excel Trust, Inc.’s common stock described above, with the funds provided from the reacquisition of the OP units utilized by Excel Trust, Inc. for the repurchase of its common stock.

During the quarter ended March 31, 2014, Excel Trust, Inc. issued, net of forfeitures, an aggregate of 179,596 shares of its common stock in connection with restricted stock awards under its incentive award plan for no cash consideration. For each share of common stock issued by Excel Trust, Inc. in connection with such an award, we issued a restricted common operating partnership unit to Excel Trust, Inc. During the quarter ended March 31, 2014, we issued, net of forfeitures, an aggregate of 179,596 restricted common operating partnership units to Excel Trust, Inc., as required by our partnership agreement. These issuances were made in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

49

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

EXCEL TRUST, INC.		EXCEL TRUST, L.P. By: Excel Trust, Inc. Its general partner
By:	/S/    GARY B. SABIN	By:	/S/    GARY B. SABIN
	Gary B. Sabin Chairman and Chief Executive Officer (Principal Executive Officer)		Gary B. Sabin Chairman and Chief Executive Officer (Principal Executive Officer)
By:	/S/    JAMES Y. NAKAGAWA	By:	/S/    JAMES Y. NAKAGAWA
	James Y. Nakagawa Chief Financial Officer (Principal Financial Officer)		James Y. Nakagawa Chief Financial Officer (Principal Financial Officer)
Dated: May 1, 2014		Dated: May 1, 2014

51

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

52

EX-31.1

Exhibit 31.1

EXCEL TRUST, INC.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gary B. Sabin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Excel Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2014	/s/ GARY B. SABIN
	Gary B. Sabin
	Chairman and Chief Executive Officer

EXCEL TRUST, L.P.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gary B. Sabin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Excel Trust, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2014	/s/ GARY B. SABIN
	Gary B. Sabin
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

EXCEL TRUST, INC.

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James Y. Nakagawa, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Excel Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2014	/s/ JAMES Y. NAKAGAWA
	James Y. Nakagawa
	Chief Financial Officer

EXCEL TRUST, L.P.

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James Y. Nakagawa, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Excel Trust, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2014	/s/ JAMES Y. NAKAGAWA
	James Y. Nakagawa
	Chief Financial Officer

EX-32.1

Exhibit 32.1

EXCEL TRUST, INC.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Excel Trust, Inc. (the “Company”) hereby certifies, to his knowledge, that:

(i) the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 of the Company (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ GARY B. SABIN

Gary B. Sabin

Chairman and Chief Executive Officer

Date: May 1, 2014

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Excel Trust, Inc. (the “Company”) hereby certifies, to his knowledge, that:

(i) the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 of the Company (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ JAMES Y. NAKAGAWA

James Y. Nakagawa

Chief Financial Officer

Date: May 1, 2014

EXCEL TRUST, L.P.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Excel Trust, L.P. (the “Operating Partnership”) hereby certifies, to his knowledge, that:

(i) the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 of the Operating Partnership (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ GARY B. SABIN

Gary B. Sabin

Chairman and Chief Executive Officer

Date: May 1, 2014

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Excel Trust, L.P. (the “Operating Partnership”) hereby certifies, to his knowledge, that:

(i) the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 of the Operating Partnership (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ JAMES Y. NAKAGAWA

James Y. Nakagawa

Chief Financial Officer

Date: May 1, 2014

XML

Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Unconsolidated Investment

General information on the La Costa LLC and Bay Hill properties as of March 31, 2014 was as follows:

Unconsolidated Investment	Partner		Ownership Interest			Formation/ Acquisition Date	Property
La Costa LLC(1)		GEM		20	%	September 7, 2012	La Costa Town Center
Bay Hill(2)		MDC		50	%	October 19, 2012	The Fountains at Bay Hill

⁽¹⁾  At March 31, 2014, La Costa LLC had real estate assets of $23.9 million, total assets of $25.6 million, mortgages payable of $14.1 million and total liabilities of $14.6 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $391,000, total expenses were $652,000 (including interest expense) and net loss was $261,000 for the three months ended March 31, 2014. Total revenues were $1.9 million, total expenses were $1.4 million (including interest expense) and net income was $186,000 for the three months ended March 31, 2013. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC’s election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

⁽²⁾  At March 31, 2014, Bay Hill had real estate assets of $36.9 million, total assets of $39.6 million, mortgages payable of $23.3 million and total liabilities of $25.5 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. Total revenues were $955,000, total expenses were $951,000 (including interest expense) and net income was $4,000 for the three months ended March 31, 2013. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower’s election and upon the satisfaction of certain conditions.

XML

Estimated Amortization of Lease Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Expected Amortization Expense [Line Items]
2014 (remaining nine months)	$ 12,585
2015	12,586
2016	9,590
2017	8,353
2018	6,885
Thereafter	23,014
Total	$ 73,013	$ 78,345

XML

Allocation of Purchase Price (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
In-Place Leases
Business Acquisition [Line Items]
Remaining useful life	76 months		78 months
Tracy Pavilion
Business Acquisition [Line Items]
Building	$ 22,611
Land	6,193
Above-Market Leases	163
Below-Market Leases	(1,136)
In-Place Leases	2,907
Debt (Premium)/ Discount
Other
Purchase Price	$ 30,738
Purchase Price At Acquisitions
Business Acquisition [Line Items]
Below market lease, useful life	95 months	[1]
Purchase Price At Acquisitions | Above Market Leases
Business Acquisition [Line Items]
Remaining useful life	54 months	[1]
Purchase Price At Acquisitions | In-Place Leases
Business Acquisition [Line Items]
Remaining useful life	62 months	[1]

[1] Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

XML

Derivatives and Hedging Activities - Additional Information (Detail) (Interest Rate Swaps, USD $) In Millions, unless otherwise specified	Dec. 31, 2010 Derivative
Interest Rate Swaps
Derivative [Line Items]
Notional value of two pay-fixed interest rate swaps	$ 55.8
Weighted average interest rate	1.41%
Number of derivative instruments	2

XML

Lease Intangible Assets Net - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	$ (138)	$ 40
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	5,300	7,300
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	$ 1,000	$ 1,500

XML

Investment in Unconsolidated Entities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended							1 Months Ended	3 Months Ended
	Dec. 31, 2013	Mar. 31, 2014 La Costa LLC		Sep. 07, 2012 La Costa LLC	Dec. 31, 2013 Other Affiliates	Mar. 31, 2014 Bay Hill Property		Oct. 31, 2012 Bay Hill Property Retail Space	Mar. 31, 2014 Bay Hill Property Retail Space	Oct. 19, 2012 Bay Hill Property Retail Space
Investments in and Advances to Affiliates [Line Items]
Ownership interests percentage holding by company		20.00%	[1]	20.00%		50.00%	[2]			50.00%
Ownership interests percentage holding by GEM Reality Capital Inc				80.00%
Proceeds of investment in one limited liability company	$ 21.2
Ownership interests in GEM Reality Capital Inc					80.00%
Investment in unconsolidated entity, percentage of cash flow distribution entitled to receive	20.00%								50.00%
Date of acquisition									Oct. 19, 2012
Purchase price of acquisition								$ 19.8
Investment in unconsolidated entity, percentage of results of operations entitled to recognize									50.00%
Remaining interest owned by third party									50.00%

[1] At March 31, 2014, La Costa LLC had real estate assets of $23.9 million, total assets of $25.6 million, mortgages payable of $14.1 million and total liabilities of $14.6 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $391,000, total expenses were $652,000 (including interest expense) and net loss was $261,000 for the three months ended March 31, 2014. Total revenues were $1.9 million, total expenses were $1.4 million (including interest expense) and net income was $186,000 for the three months ended March 31, 2013. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC's election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

[2] At March 31, 2014, Bay Hill had real estate assets of $36.9 million, total assets of $39.6 million, mortgages payable of $23.3 million and total liabilities of $25.5 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. Total revenues were $955,000, total expenses were $951,000 (including interest expense) and net income was $4,000 for the three months ended March 31, 2013. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower's election and upon the satisfaction of certain conditions.

XML

Amount Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized losses	$ 161
Excel Trust, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(572)
Net change in other comprehensive income	161
Total other comprehensive loss allocable to non-controlling interests	(4)
Ending Balance	(415)
Excel Trust, Inc. | Interest Rate Swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized losses	(1)
Amount reclassified and recognized in net income	162	[1]
Excel Trust, L.P.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(620)
Unrealized losses	161
Net change in other comprehensive income	161
Ending Balance	(459)
Excel Trust, L.P. | Interest Rate Swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized losses	(1)
Amount reclassified and recognized in net income	$ 162	[1]

[1] Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations.

XML

Lease Intangible Liabilities, Net (Tables)

3 Months Ended

Mar. 31, 2014

Lease Intangible Liabilities Net

Lease intangible liabilities, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
Below-market leases, net of accumulated amortization of $8.7 million and $7.9 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 121 and 123 months as of March 31, 2014 and December 31, 2013, respectively)	$	26,967	$	28,114

Schedule of Estimated Amortization of Lease Intangible Liabilities

Estimated amortization of lease intangible liabilities as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	2,768
2015		3,192
2016		2,803
2017		2,671
2018		2,469
Thereafter		13,064
Total	$	26,967

XML

General Information on La Costa LLC (Detail)	3 Months Ended
	Mar. 31, 2014		Sep. 07, 2012
La Costa LLC
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20.00%	[1]	20.00%
Formation/ Acquisition Date	Sep. 07, 2012	[1]
Property	La Costa Town Center	[1]
Bay Hill Property
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	[2]
Formation/ Acquisition Date	Oct. 19, 2012	[2]
Property	The Fountains at Bay Hill	[2]

[1] At March 31, 2014, La Costa LLC had real estate assets of $23.9 million, total assets of $25.6 million, mortgages payable of $14.1 million and total liabilities of $14.6 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $391,000, total expenses were $652,000 (including interest expense) and net loss was $261,000 for the three months ended March 31, 2014. Total revenues were $1.9 million, total expenses were $1.4 million (including interest expense) and net income was $186,000 for the three months ended March 31, 2013. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC's election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

[2] At March 31, 2014, Bay Hill had real estate assets of $36.9 million, total assets of $39.6 million, mortgages payable of $23.3 million and total liabilities of $25.5 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. Total revenues were $955,000, total expenses were $951,000 (including interest expense) and net income was $4,000 for the three months ended March 31, 2013. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower's election and upon the satisfaction of certain conditions.

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Shares of Restricted Common Stock (Detail) (USD $)	1 Months Ended									3 Months Ended
	Mar. 24, 2014 Members of Board of Directors		Mar. 18, 2014 Members of Board of Directors		Mar. 18, 2014 Other Employees		Mar. 24, 2014 Restricted Stock	Mar. 07, 2014 Restricted Stock		Mar. 31, 2014 Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price at Grant Date	$ 12.56	[1]	$ 12.80	[2]				$ 12.57	[3]	$ 12.77
Number	83,500	[1]	558,331	[2]				4,000	[3]	645,831
Vesting Period (yrs.)	3 years	[1]	1 year	[2]	3 years	[2]	3 years	4 years	[3]

[1] Shares issued to certain of the Company's employees. These shares vest over three years with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

[2] Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company's board of directors on December 31, 2014 based on the achievement of the Company's objectives during the year ended December 31, 2014.

[3] Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

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Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Cash flow, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Significant Unobservable Inputs (Level 3)
Fair Value Measurements [Line Items]
Other assets related to business combinations	$ 471	[1]
Other Assets Related to Business Combinations
Fair Value Measurements [Line Items]
Unobservable Input, Lease commission	6.00%	[1]
Unobservable Input, Tenant improvement allowance	5 months	[1]
Other Assets Related to Business Combinations | Minimum
Fair Value Measurements [Line Items]
Unobservable Input, Tenant improvement allowance	30	[1]
Other Assets Related to Business Combinations | Maximum
Fair Value Measurements [Line Items]
Unobservable Input, Tenant improvement allowance	35	[1]

[1] The significant unobservable inputs used in the fair value measurement of the master lease agreement asset are any estimated tenant improvement allowances, leasing commissions and the construction periods associated with projected new leasing. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for market lease rates is accompanied by a directionally similar change in the assumption used for tenant improvement allowances and/or leasing commissions.

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Lease Intangible Liabilities Net (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Lease Intangible Liabilities, Net [Line Items]
Accumulated amortization of lease intangible liabilities	$ 8.7	$ 7.9
Weighted average remaining life of lease intangible liabilities (in months)	121 months	123 months

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Equity of the Operating Partnership - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended		12 Months Ended	3 Months Ended						3 Months Ended			12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013 Edwards Theatres	Mar. 31, 2014 Excel Trust, L.P.	Mar. 31, 2013 Excel Trust, L.P.	Mar. 31, 2014 Excel Trust, L.P. 7.00% Series A cumulative convertible perpetual preferred units	Dec. 31, 2013 Excel Trust, L.P. 7.00% Series A cumulative convertible perpetual preferred units	Mar. 31, 2014 Excel Trust, L.P. 8.125% Series B cumulative redeemable preferred units	Dec. 31, 2013 Excel Trust, L.P. 8.125% Series B cumulative redeemable preferred units	Mar. 31, 2014 Excel Trust, L.P. Excel Trust, Inc.	Mar. 31, 2014 Excel Trust, L.P. General Partner's Capital	Mar. 31, 2013 Excel Trust, L.P. General Partner's Capital	Dec. 31, 2013 Excel Trust, L.P. General Partner's Capital
Equity [Line Items]
Operating Partnership, outstanding units					49,580,484
Percentage of ownership interest											97.90%
Preferred units, units outstanding							2,000,000	2,000,000	3,680,000	3,680,000
Preferred units dividend rate percentage							7.00%	7.00%	8.125%	8.125%
Number of common OP units repurchased	105,775	0										105,775
Number of common OP units repurchased, aggregate cost	$ 1,300,000				$ 1,407,000							$ 1,407,000
Number of common OP units repurchased, weighted average purchase price	$ 12.52
Operating partnership, units issued												0	2,063,828	3,211,928
Operating partnership, net proceeds from units issued						22,663,000								40,700,000
Number of OP units issued in connection with acquisition				591,474
Issuance of additional shares of common stock			531,768
Cash payments for number of OP Units issued			$ 1,900,000

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Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets related to business combinations	$ 471	[1]	$ 507	[1]
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets related to business combinations	$ 471	[1]	$ 507	[1]

[1] Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.

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Discontinued Operations - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified		1 Months Ended
	Dec. 31, 2013 Property	Jul. 19, 2013 Walgreens North Corbin	Sep. 13, 2013 Grant Creek Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price		$ 4,500	$ 32,300
Number of properties	2

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Reconciliation of Financial Instruments Remeasured on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Contingent Consideration Related to Business Combinations
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Beginning balance			$ (1,787)	[1]
Total gains included in earnings				[1]
Purchases, issuances, or settlements				[1]
Ending balance			(1,787)	[1]
Derivative Instruments Related to Business Combinations
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Beginning balance			(274)	[2]
Total gains included in earnings			246	[2]
Purchases, issuances, or settlements			28	[2]
Other Assets Related to Business Combinations
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Beginning balance	507	[3]	992	[4]
Total gains included in earnings		[3]		[4]
Purchases, issuances or settlements	(36)	[3]	(162)	[4]
Ending balance	$ 471	[3]	$ 830	[4]

[1] There was no change in the contingent consideration related to business combinations during the three months ended March 31, 2013, with the earn-out periods related to the two applicable acquisitions ending on June 30, 2013 and September 30, 2013, respectively.

[2] The change of $274,000 for derivative instruments related to business combinations during the three months ended March 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.

[3] The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 is comprised of cash payments received on the master lease asset.

[4] The change of $162,000 for other assets related to business combinations during the three months ended March 31, 2013 is comprised of payments received on the master lease assets.

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Vested Ownership Interests in Operating Partnership (Detail)	Mar. 31, 2014	Dec. 31, 2013
Equity [Line Items]
OP Units	48,825,630	48,789,205
Percentage of Total	100.00%	100.00%
Noncontrolling Interests
Equity [Line Items]
OP Units	1,019,523	1,019,523
Percentage of Total	2.10%	2.10%
Excel Trust, Inc.
Equity [Line Items]
OP Units	47,806,107	47,769,682
Percentage of Total	97.90%	97.90%

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Company's Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Derivative [Line Items]
Amount of unrealized loss recognized in OCI (effective portion)	$ (1)
Amount of loss reclassified from accumulated OCI into income (effective portion)	(162)
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	230
Interest Rate Swaps
Derivative [Line Items]
Amount of unrealized loss recognized in OCI (effective portion)	(1)
Interest Rate Swaps | Interest Expense
Derivative [Line Items]
Amount of loss reclassified from accumulated OCI into income (effective portion)	(162)
Other derivatives instrument | changes in fair value of financial instruments and gain on OP unit redemption
Derivative [Line Items]
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	$ 230

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies

18. Commitments and Contingencies

Litigation:

The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against it which if determined unfavorably, would have a material effect on its consolidated financial position, results of operations or cash flows.

Environmental Matters:

The Company follows the policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its condensed consolidated balance sheets, results of operations or cash flows. Further, the Company is not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that it believes would require additional disclosure or the recording of a loss contingency.

Other

The Company’s other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In management’s opinion, these matters are not expected to have a material adverse effect on its condensed consolidated balance sheets, results of operations or cash flows. In addition, the Company expects to incur construction costs relating to development projects on portions of existing operating properties and at its non-operating properties (Chimney Rock Phase II and Southlake Park Village) and the redevelopment of its unconsolidated La Costa Town Center property.

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Pro Forma Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Business Acquisition [Line Items]
Revenues	$ 27,722
Net income	$ 140	[1]

[1] Pro forma results for the three months ended March 31, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $47,000 related to the 2013 acquisition.

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Segment Disclosure (Tables)

3 Months Ended

Mar. 31, 2014

Reconciliation of Company's Segment Operations Activity

The following tables reconcile the Company’s segment activity to its consolidated results of operations and financial position for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	For the Three Months Ended
	March 31, 2014			March 31, 2013
Office Properties:
Total revenues	$	2,161		$	2,050
Property operating expenses		(853	)		(844	)
Property operating income, as defined		1,308			1,206
General and administrative costs		(5	)		(5	)
Depreciation and amortization		(892	)		(940	)
Interest expense		(187	)		(192	)
Net income	$	224		$	69
Multi-family Properties:
Total revenues	$	1,401		$	1,319
Property operating expenses		(453	)		(304	)
Property operating income, as defined		948			1,015
General and administrative costs		(14	)		(144	)
Depreciation and amortization		(463	)		(1,148	)
Net income (loss)	$	471		$	(277	)
Retail Properties:
Total revenues	$	27,036		$	23,478
Property operating expenses		(6,532	)		(5,224	)
Property operating income, as defined		20,504			18,254
General and administrative costs		(3,796	)		(3,682	)
Depreciation and amortization		(10,441	)		(10,078	)
Interest expense		(4,802	)		(4,386	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		1,583			427
Income from discontinued operations		—			105
Net income	$	1,583		$	532
Total Reportable Segments:
Total revenues	$	30,598		$	26,847
Property operating expenses		(7,838	)		(6,372	)
Property operating income, as defined		22,760			20,475
General and administrative costs		(3,815	)		(3,831	)
Depreciation and amortization		(11,796	)		(12,166	)
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		2,278			219
Income from discontinued operations		—			105
Net income	$	2,278		$	324
Reconciliation to Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(83	)		(28	)
Net income attributable to Excel Trust, Inc.	$	2,195		$	296
Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(93	)		(87	)
Net income attributable to Excel Trust, L.P.	$	2,185		$	237

Reconciliation of Company's Segment Financial Position Activity

	March 31,		December 31,
	2014		2013
Assets:
Office Properties:
Total assets	$	66,676	$	67,273
Multi-family Properties:
Total assets		70,327		70,732
Retail Properties:
Total assets		1,078,695		1,080,816
Total Reportable Segments & Consolidated Assets:
Total assets	$	1,215,698	$	1,218,821

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Non-Vested Shares of Companys Restricted Common Stock (Detail) (Restricted Stock, USD $)	1 Months Ended		3 Months Ended
	Mar. 07, 2014		Mar. 31, 2014
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Shares of Restricted Common Stock, Beginning Balance			611,683
Number of Unvested Shares of Restricted Common Stock, Grants	4,000	[1]	645,831
Number of Unvested Shares of Restricted Common Stock, Forfeitures			(465,864)
Number of Unvested Shares of Restricted Common Stock, Vested			(36,796)
Number of Unvested Shares of Restricted Common Stock, Ending Balance			754,854
Weighted Average Grant Date Fair Value, Beginning Balance			$ 9.73
Weighted Average Grant Date Fair Value, Grants	$ 12.57	[1]	$ 12.77
Weighted Average Grant Date Fair Value, Forfeitures			$ 8.87
Weighted Average Grant Date Fair Value, Vested			$ 12.96
Weighted Average Grant Date Fair Value, Ending Balance			$ 12.71

[1] Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

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Equity of the Parent Company (Tables)

3 Months Ended

Mar. 31, 2014

Shares of Restricted Common Stock

The following shares of restricted common stock were issued during the three months ended March 31, 2014:

Grant Date	Price at Grant Date		Number		Vesting Period (yrs.)
March 7, 2014(1)	$	12.57		4,000		4
March 18, 2014(2)	$	12.80		558,331		1, 3
March 24, 2014(3)	$	12.56		83,500		3

⁽¹⁾  Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

⁽²⁾  Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company’s board of directors on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014.

⁽³⁾  Shares issued to certain of the Company’s employees. These shares vest over three years with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

Non-Vested Shares of Company's Restricted Common Stock

As of March 31, 2014 and December 31, 2013, there was approximately $9.6 million and $1.6 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of March 31, 2014 and December 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 2.3 and 1.1 years, respectively.

	Number of Unvested Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value
Balance - January 1, 2014		611,683		$	9.73
Grants		645,831		$	12.77
Forfeitures		(465,864	)	$	8.87
Vested		(36,796	)	$	12.96
Balance - March 31, 2014		754,854		$	12.71

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Lease Intangible Assets Net (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 73,013	$ 78,345
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	43,648	47,058
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	12,716	13,725
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 16,649	$ 17,562

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Computation of Basic and Diluted Earnings Per Share (Parent Company) (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Basic earnings per Share:
Income from continuing operations	$ 2,278	$ 219
Preferred dividends	(2,744)	(2,744)
Allocation to participating securities	(132)	(121)
Income from continuing operations attributable to non-controlling interests	(83)	(28)
Loss from continuing operations applicable to the common stockholders	(681)	(2,674)
Net loss attributable to the common stockholders	(549)	(2,448)
Allocation to participating securities	(132)	(121)
Net loss applicable to the common stockholders	$ (681)	$ (2,569)
Weighted-average common shares outstanding:
Basic and diluted	47,785,100	45,352,489
Basic and diluted earnings per share:
Loss from continuing operations per share attributable to the common stockholders	$ (0.01)	$ (0.06)
Income from discontinued operations per share attributable to the common stockholders
Net loss per share attributable to the common stockholders	$ (0.01)	$ (0.06)

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Mortgage Loan and Note Receivable - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
	Jun. 30, 2012	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of note receivable to an affiliate	$ 750,000
Interest rate for the note receivable	10.00%
Maturity date		June 2014

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Acquisitions (Detail) (Tracy Pavilion, USD $)	3 Months Ended
	Mar. 31, 2014
Tracy Pavilion
Business Acquisition [Line Items]
Property	Tracy Pavilion
Date Acquired	Jan. 24, 2013
Location	Tracy, CA
Debt Assumed

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Organization

3 Months Ended

Mar. 31, 2014

Organization

1. Organization:

Excel Trust, Inc., a Maryland corporation (the “Parent Company”), is a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing value oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties. It conducts substantially all of its business through its subsidiary, Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership” and together with the Parent Company referred to as the “Company”). The Company seeks investment opportunities throughout the United States, but focuses on the West Coast, East Coast and Sunbelt regions. The Company generally leases anchor space to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic.

The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2014, owned a 97.9% interest in the Operating Partnership. The remaining 2.1% interest in the Operating Partnership is held by limited partners. Each partner’s percentage interest in the Operating Partnership is determined based on the number of operating partnership units (“OP units”) owned as compared to total OP units (and potentially issuable OP units, as applicable) outstanding as of each period end and is used as the basis for the allocation of net income or loss to each partner.

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Mortgages Payable Net (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 238,543		$ 251,191
Excel Trust, L.P.
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	237,336		249,894
Plus: (discount)/premium	1,207	[1]	1,297	[1]
Mortgage notes payable, net	238,543		251,191
Excel Trust, L.P. | Living Spaces-Promenade
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	7,075	[2]	7,075	[2]
Contractual Interest Rate	7.88%	[2]
Effective Interest Rate	4.59%	[2]
Monthly Payment	80	[2],[3]
Maturity Date	2019-11	[2]
Excel Trust, L.P. | Edwards Theatres
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes			11,520
Contractual Interest Rate	6.74%
Effective Interest Rate	5.50%
Monthly Payment	95	[3]
Maturity Date	2014-02
Excel Trust, L.P. | Excel Centre
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	11,968		12,018
Contractual Interest Rate	6.08%
Effective Interest Rate	6.08%
Monthly Payment	85	[3]
Maturity Date	2014-05
Excel Trust, L.P. | Merchant Central
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	4,344		4,370
Contractual Interest Rate	5.94%
Effective Interest Rate	6.75%
Monthly Payment	30	[3]
Maturity Date	2014-07
Excel Trust, L.P. | Gilroy Crossing
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	45,619		45,836
Contractual Interest Rate	5.01%
Effective Interest Rate	5.01%
Monthly Payment	263	[3]
Maturity Date	2014-10
Excel Trust, L.P. | Red Rock Commons
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	13,970	[4]	13,970	[4]
Contractual Interest Rate	1.69%	[4]
Effective Interest Rate	1.69%	[4]
Monthly Payment	20	[3],[4]
Maturity Date	2015-03	[4]
Excel Trust, L.P. | Promenade Corporate Center
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	47,499		47,957
Contractual Interest Rate	4.80%
Effective Interest Rate	4.80%
Monthly Payment	344	[3]
Maturity Date	2015-10
Excel Trust, L.P. | 5000 South Hulen
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	13,361		13,421
Contractual Interest Rate	5.60%
Effective Interest Rate	6.90%
Monthly Payment	83	[3]
Maturity Date	2017-04
Excel Trust, L.P. | Lake Pleasant Pavilion
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	27,766		27,855
Contractual Interest Rate	6.09%
Effective Interest Rate	5.00%
Monthly Payment	143	[3]
Maturity Date	2017-10
Excel Trust, L.P. | Rite Aid - Vestavia Hills
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	970		1,015
Contractual Interest Rate	7.25%
Effective Interest Rate	7.25%
Monthly Payment	21	[3]
Maturity Date	2018-10
Excel Trust, L.P. | West Broad Village
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	39,700	[5]	39,700	[5]
Contractual Interest Rate	3.33%	[5]
Effective Interest Rate	3.33%	[5]
Monthly Payment	110	[3],[5]
Maturity Date	2020-05	[5]
Excel Trust, L.P. | Lowe's, Shippensburg
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	13,064		13,157
Contractual Interest Rate	7.20%
Effective Interest Rate	7.20%
Monthly Payment	110	[3]
Maturity Date	2031-10
Excel Trust, L.P. | Northside Mall
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	12,000	[6]	12,000	[6]
Contractual Interest Rate	0.07%	[6]
Effective Interest Rate	1.07%	[6]
Monthly Payment	$ 1	[3],[6]
Maturity Date	2035-11	[6]

[1] Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter's discount for the issuance of redevelopment bonds.

[2] The Company acquired an additional land parcel that it did not previously own at The Promenade retail property in August 2013 and in connection with such acquisition, the Company assumed a mortgage note with a fixed interest rate of 7.88%.

[3] Amount represents the monthly payment of principal and interest at March 31, 2014.

[4] The maturity date for the Red Rock Commons construction loan was extended in February 2014 for an additional one-year period and now expires in March 2015. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 to 205 basis points, depending on the Company's leverage ratio (variable interest rate of 1.69% at March 31, 2014 and December 31, 2013).

[5] The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

[6] The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company's unsecured revolving credit facility. An underwriter's discount related to the original issuance of the bonds with a remaining balance of $104,000 and $105,000 at March 31, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

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Organization - Additional Information (Detail) (Excel Trust, L.P.)	3 Months Ended
	Mar. 31, 2014
Excel Trust, Inc.
Percentage of ownership interest	97.90%
Limited Partners
Percentage of ownership interest	2.10%

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Basis of Presentation

Basis of Presentation:

The accompanying condensed consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. The financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements and have not been audited by independent registered public accountants.

The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

Cash and Cash Equivalents

Cash and Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities.

Restricted Cash

Restricted Cash:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements.

Accounts Payable and Other Liabilities

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $3.3 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.

Revenue Recognition

Revenue Recognition:

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include:

• whether the lease stipulates how and on what a tenant improvement allowance may be spent;

• whether the tenant or landlord retains legal title to the improvements;

• the uniqueness of the improvements;

• the expected economic life of the tenant improvements relative to the length of the lease;

• the responsible party for construction cost overruns; and

• who constructs or directs the construction of the improvements.

Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income increased by $602,000 and $877,000 in the three months ended March 31, 2014 and 2013, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $215,000 and $385,000 for the three months ended March 31, 2014 and 2013, respectively.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases.

Property

Property:

Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction.

Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements	15 to 40 years
Tenant improvements	Shorter of the useful lives or the terms of the related leases

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed:

The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the three months ended March 31, 2014 or 2013.

Investments in Partnerships and Limited Liability Companies

Investments in Partnerships and Limited Liability Companies:

The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual and/or other pecuniary interests in that VIE.

If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company.

Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the condensed consolidated balance sheets and its share of net income or loss is included in the condensed consolidated statements of operations and comprehensive income.

For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements.

Share-Based Payments

Share-Based Payments:

All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through March 31, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures.

Purchase Accounting

Purchase Accounting:

The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable.

The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property.

The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying condensed consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.

Tenant receivables

Tenant receivables:

Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying condensed consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At March 31, 2014 and December 31, 2013, the Company had $458,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the three months ended March 31, 2014 and 2013, $206,000 and $337,000, respectively, of receivables were charged to bad debt expense.

Non-controlling Interests

Non-controlling Interests:

Non-controlling interests on the condensed consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate.

During the three months ended March 31, 2013, a total of 19,904 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Company for redemption, resulting in the issuance of 22,074 shares of the Parent Company’s common stock. The OP units were redeemed for common stock on a one-for-one basis, with additional common stock provided as a result of the accompanying additional redemption obligation that guaranteed consideration equal to $14.00 per OP unit on the date of redemption. The remaining additional redemption obligation of $246,000 associated with the 2011 Edwards Theatres acquisition expired on March 11, 2013 and was reclassified and recognized as a gain in changes in fair value of financial instruments and gain on OP unit redemption (net of a loss of $16,000 on the OP unit redemption) on the accompanying condensed consolidated financial statements. The remaining outstanding OP units related to the 2011 Edwards Theatres acquisition continue to be redeemable by the OP unitholders for cash or common stock on a one-for-one basis (the determination of redemption for cash or common stock is at the Parent Company’s option).

Non-controlling interests on the condensed consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates.

Concentration of Risk

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit.

In the three months ended March 31, 2014 and 2013, no tenant accounted for more than 10% of revenues.

At March 31, 2014, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.8%, 17.5%, 14.8% and 13.9%, respectively, of the Company’s total assets. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7%, respectively, of the Company’s total assets. For the three months ended March 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 27.7%, 19.2%, 15.9% and 13.1%, respectively, of the Company’s total revenues. For the three months ended March 31, 2013, the Company’s revenues derived from properties located in the states of California, Arizona and Virginia represented approximately 18.4%, 17.1% and 10.7%, respectively, of the Company’s total revenues.

Management Estimates

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance.

Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company has used interest rate swaps to manage its interest rate risk (see Note 11). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the condensed consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary.

Derivative Instruments

Derivative Instruments:

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company records all derivative instruments on the condensed consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads.

Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction.

The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes.

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss:

The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Parent Company					Operating Partnership
	Three Months Ended					Three Months Ended
	March 31, 2014		March 31, 2013			March 31, 2014		March 31, 2013
Balance – January 1	$	—	$	(572	)	$	—	$	(620	)
Unrealized loss on interest rate swaps:
Unrealized losses		—		(1	)		—		(1	)
Amount reclassified and recognized in net income(1)		—		162			—		162
Net change in other comprehensive income		—		161			—		161
Total other comprehensive loss allocable to non-controlling interests		—		(4	)		—		—
Balance – March 31	$	—	$	(415	)	$	—	$	(459	)

⁽¹⁾  Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations.

Revision to Consolidated Financial Statements

Revision to Consolidated Financial Statements:

Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this correction with respect to the prior period consolidated financial statements and determined that the correction was not material. However, the Parent Company has revised the accompanying condensed consolidated balance sheet at December 31, 2013 to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheets is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $18.1 million at December 31, 2013. The effect of the correction on previously issued unaudited quarterly reports for the six and nine months ended June 30, 2013 and September 30, 2013 is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $2.2 million and $15.7 million, respectively. The condensed consolidated statement of equity for the three months ended March 31, 2014 included herein reflects a reclassification of $18.1 million from additional paid-in capital to retained earnings relating to the year ended December 31, 2013. This correction had no effect on previously reported revenues, net income, earnings per share, cash flows, or total stockholders’ equity.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014, which did not have a material impact on the Company’s consolidated financial position or results of operations.

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Segment Disclosure

3 Months Ended

Mar. 31, 2014

Segment Disclosure

21. Segment Disclosure

The Company’s reportable segments consist of the three types of commercial real estate properties for which management internally evaluates operating performance and financial results: Office Properties, Multi-family Properties and Retail Properties. The Company was formed for the primary purpose of owning and operating Retail Properties. As such, administrative costs are shown under the Retail Properties segment. The Retail Properties operating segment also includes undeveloped land which the Company intends to develop into retail properties.

The Company evaluates the performance of the operating segments based upon property operating income. “Property Operating Income” is defined as operating revenues (rental revenue, tenant recoveries and other income) less property operating expenses (maintenance and repairs, real estate taxes, management fees, and other operating expenses). The Company also evaluates interest expense, interest income, and depreciation and amortization by segment. Corporate general and administrative expense, interest expense related to corporate indebtedness and other non-recurring gains or losses are reflected within the Retail Properties operating segment as this constitutes the Company’s primary business objective and represents the majority of its operations. There is no intersegment activity.

The following tables reconcile the Company’s segment activity to its consolidated results of operations and financial position for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	For the Three Months Ended
	March 31, 2014			March 31, 2013
Office Properties:
Total revenues	$	2,161		$	2,050
Property operating expenses		(853	)		(844	)
Property operating income, as defined		1,308			1,206
General and administrative costs		(5	)		(5	)
Depreciation and amortization		(892	)		(940	)
Interest expense		(187	)		(192	)
Net income	$	224		$	69
Multi-family Properties:
Total revenues	$	1,401		$	1,319
Property operating expenses		(453	)		(304	)
Property operating income, as defined		948			1,015
General and administrative costs		(14	)		(144	)
Depreciation and amortization		(463	)		(1,148	)
Net income (loss)	$	471		$	(277	)
Retail Properties:
Total revenues	$	27,036		$	23,478
Property operating expenses		(6,532	)		(5,224	)
Property operating income, as defined		20,504			18,254
General and administrative costs		(3,796	)		(3,682	)
Depreciation and amortization		(10,441	)		(10,078	)
Interest expense		(4,802	)		(4,386	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		1,583			427
Income from discontinued operations		—			105
Net income	$	1,583		$	532
Total Reportable Segments:
Total revenues	$	30,598		$	26,847
Property operating expenses		(7,838	)		(6,372	)
Property operating income, as defined		22,760			20,475
General and administrative costs		(3,815	)		(3,831	)
Depreciation and amortization		(11,796	)		(12,166	)
Interest expense		(4,989	)		(4,578	)
Interest income		49			50
Income from equity in unconsolidated entities		69			39
Changes in fair value of financial instruments and gain on OP unit redemption		—			230
Income from continuing operations		2,278			219
Income from discontinued operations		—			105
Net income	$	2,278		$	324
Reconciliation to Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(83	)		(28	)
Net income attributable to Excel Trust, Inc.	$	2,195		$	296
Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
Total net income for reportable segments	$	2,278		$	324
Net income attributable to non-controlling interests		(93	)		(87	)
Net income attributable to Excel Trust, L.P.	$	2,185		$	237

	March 31,		December 31,
	2014		2013
Assets:
Office Properties:
Total assets	$	66,676	$	67,273
Multi-family Properties:
Total assets		70,327		70,732
Retail Properties:
Total assets		1,078,695		1,080,816
Total Reportable Segments & Consolidated Assets:
Total assets	$	1,215,698	$	1,218,821

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Lease Intangible Liabilities Net (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Lease Intangible Liabilities, Net [Line Items]
Below-market leases, net of accumulated amortization of $8.7 million and $7.9 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 121 and 123 months as of March 31, 2014 and December 31, 2013, respectively)	$ 26,967	$ 28,114

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended					3 Months Ended				12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2014 Customer	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013 Customer	Dec. 31, 2013	Mar. 31, 2014 Revenue	Mar. 31, 2013 Revenue	Mar. 31, 2014 Real Estate California Geographic Concentration Risk	Mar. 31, 2013 Real Estate California Geographic Concentration Risk	Dec. 31, 2013 Real Estate California Geographic Concentration Risk	Mar. 31, 2014 Real Estate Arizona Geographic Concentration Risk	Mar. 31, 2013 Real Estate Arizona Geographic Concentration Risk	Dec. 31, 2013 Real Estate Arizona Geographic Concentration Risk	Mar. 31, 2014 Real Estate Richmond, Virginia Geographic Concentration Risk	Mar. 31, 2013 Real Estate Richmond, Virginia Geographic Concentration Risk	Dec. 31, 2013 Real Estate Richmond, Virginia Geographic Concentration Risk	Mar. 31, 2014 Real Estate Texas Geographic Concentration Risk	Dec. 31, 2013 Real Estate Texas Geographic Concentration Risk	Mar. 31, 2013 Edwards Theatres property	Mar. 31, 2014 Maximum
Summary Of Significant Accounting Policies [Line Items]
Highly liquid investments, maturity period																				3 months
Deferred rents	$ 3,300,000				$ 3,500,000
Increase in Rental income	602,000			877,000
Straight-line rent adjustment	215,000			385,000
Long-lived assets, impairment recorded	0			0
Long-lived assets to be disposed, impairment recorded	0			0
Allowances for uncollectible accounts	458,000				895,000
Bad debt expense	206,000			337,000
OP units tendered for redemption																			19,904
Common stock issued in connection with redemption shares																			22,074
Consideration Per OP unit				14.00
Additional gains due to changes in fair value of financial instruments and gain on OP unit redemption				246,000
Loss on OP unit redemption				16,000
Guarantee by Federal deposit insurance corporation																				250,000
Concentration risk percentage						10.00%	10.00%	23.80%		23.90%	17.50%		17.60%	14.80%		14.70%	13.90%	13.70%
Number of tenant with more than 10% of revenue	0			0
Concentration risk percentage of revenue								27.70%	18.40%		19.20%	17.10%		13.10%	10.70%		15.90%
Prior period adjustment	$ 18,110,000	$ 15,700,000	$ 2,200,000

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Depreciation of Estimated Lives of Assets

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements	15 to 40 years
Tenant improvements	Shorter of the useful lives or the terms of the related leases

Reclassified from Accumulated Other Comprehensive Loss

The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Parent Company					Operating Partnership
	Three Months Ended					Three Months Ended
	March 31, 2014		March 31, 2013			March 31, 2014		March 31, 2013
Balance – January 1	$	—	$	(572	)	$	—	$	(620	)
Unrealized loss on interest rate swaps:
Unrealized losses		—		(1	)		—		(1	)
Amount reclassified and recognized in net income(1)		—		162			—		162
Net change in other comprehensive income		—		161			—		161
Total other comprehensive loss allocable to non-controlling interests		—		(4	)		—		—
Balance – March 31	$	—	$	(415	)	$	—	$	(459	)

⁽¹⁾  Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations.

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2014

Pro forma Information

The following unaudited pro forma information for the three months ended March 31, 2013 has been prepared to reflect the incremental effect of the property acquired in 2013, as if such acquisition had occurred on January 1, 2012 (dollars in thousands):

	Three Months Ended
	March 31, 2013
Revenues	$	27,722
Net income(1)	$	140

⁽¹⁾  Pro forma results for the three months ended March 31, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $47,000 related to the 2013 acquisition.

Acquisitions in 2013

Schedule of Acquisitions

The Company completed the following property acquisition in the three months ended March 31, 2013, which was acquired for cash unless specified below (dollars in thousands):

Property	Date Acquired	Location	Debt Assumed
Tracy Pavilion	January 24, 2013	Tracy, CA	$	—

Allocation of Purchase Price

The following summary provides an allocation of purchase price for the above acquisition (dollars in thousands):

	Building		Land		Above-Market Leases		Below-Market Leases			In-Place Leases		Debt (Premium)/Discount		Other		Purchase Price
Tracy Pavilion	$	22,611	$	6,193	$	163	$	(1,136	)	$	2,907	$	—	$	—	$	30,738
Remaining useful life(1)						54		95			62

⁽¹⁾  Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

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Condensed Consolidated Statements of Capital (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Repurchase of common operating partnership units	$ (1,300)
Repurchase of common operating partnership units (in units)	(105,775)		0
Net income (loss)	2,278	324
Change in unrealized loss on interest rate swaps		161
Excel Trust, L.P.
Beginning balance	627,384	608,772	608,772
Net proceeds from sale of common operating partnership units		25,423
Repurchase of common operating partnership units	(1,407)
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
Redemption of common operating partnership units		44
Noncash amortization of share-based compensation	574	562
OP unit distributions	(11,549)	(11,049)
Net income (loss)	2,278	324
Change in unrealized loss on interest rate swaps		161
Ending balance	617,280	624,237
Excel Trust, L.P. | Preferred Operating Partnership Units | 7.00% Series A cumulative convertible perpetual preferred units
Beginning balance	47,703	47,703	47,703
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
OP unit distributions	(875)	(875)
Net income (loss)	875	875
Ending balance	47,703	47,703
Excel Trust, L.P. | Preferred Operating Partnership Units | 8.125% Series B cumulative redeemable preferred units
Beginning balance	88,720	88,720	88,720
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
OP unit distributions	(1,869)	(1,869)
Net income (loss)	1,869	1,869
Ending balance	88,720	88,720
Excel Trust, L.P. | Limited Partners
Beginning balance	2,166	5,512	5,512
Beginning balance (in units)	1,019,523	1,245,019	1,245,019
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
Redemption of common operating partnership units		(235)
Redemption of common operating partnership units ( in units)		(19,904)
OP unit distributions	(178)	(208)
Net income (loss)	(10)	(59)
Ending balance	1,978	5,010
Ending balance (in units)	1,019,523	1,225,115
Excel Trust, L.P. | General Partner's Capital
Beginning balance	487,134	465,612	465,612
Beginning balance (in units)	48,381,365	44,905,683	44,905,683
Net proceeds from sale of common operating partnership units		25,423
Repurchase of common operating partnership units	(1,407)
Net proceeds from sale of common operating partnership units (in shares)	0	2,063,828	3,211,928
Repurchase of common operating partnership units (in units)	(105,775)
Forfeiture of restricted common operating partnership unit awards
Forfeiture of restricted common operating partnership unit awards (in units)	(465,864)
Issuance of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards ( in units)	645,460	41,500
Redemption of common operating partnership units		279
Redemption of common operating partnership units ( in units)		22,074
Noncash amortization of share-based compensation	574	562
OP unit distributions	(8,479)	(7,996)
Net income (loss)	(549)	(2,448)
Ending balance	477,273	481,432	487,134
Ending balance (in units)	48,455,186	47,033,085	48,381,365
Excel Trust, L.P. | Accumulated Other Comprehensive Loss
Beginning balance		(620)	(620)
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
Change in unrealized loss on interest rate swaps		161
Ending balance		(459)
Excel Trust, L.P. | Total Partners' Capital
Beginning balance	625,723	606,927	606,927
Net proceeds from sale of common operating partnership units		25,423
Repurchase of common operating partnership units	(1,407)
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
Redemption of common operating partnership units		44
Noncash amortization of share-based compensation	574	562
OP unit distributions	(11,401)	(10,948)
Net income (loss)	2,185	237
Change in unrealized loss on interest rate swaps		161
Ending balance	615,674	622,406
Excel Trust, L.P. | Noncontrolling Interests
Beginning balance	1,661	1,845	1,845
Forfeiture of restricted common operating partnership unit awards
Issuance of restricted common operating partnership unit awards
OP unit distributions	(148)	(101)
Net income (loss)	93	87
Ending balance	$ 1,606	$ 1,831

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Lease Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Lease Intangible Assets

Lease intangible assets, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
In-place leases, net of accumulated amortization of $28.3 million and $26.7 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 76 and 78 months as of March 31, 2014 and December 31, 2013, respectively)	$	43,648	$	47,058
Above-market leases, net of accumulated amortization of $8.0 million and $7.5 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 61 and 62 months as of March 31, 2014 and December 31, 2013, respectively)		12,716		13,725
Leasing commissions, net of accumulated amortization of $7.6 million and $7.1 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 98 and 99 months as of March 31, 2014 and December 31, 2013, respectively)		16,649		17,562
	$	73,013	$	78,345

Schedule of Estimated Amortization of Lease Intangible Assets

Estimated amortization of lease intangible assets as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	12,585
2015		12,586
2016		9,590
2017		8,353
2018		6,885
Thereafter		23,014
Total	$	73,013

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Revenue and Expense from Discontinued Operations (Detail) (Retail Property, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Retail Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		$ 682
Total expenses		577
Income before non-controlling interests and gain on sale of real estate assets		105
Gain on sale of real estate assets
Non-controlling interest in discontinued operations		64	[1]
Income from discontinued operations available to the common stockholders		$ 169

[1] Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2014

Discontinued Operations

The following table provides information regarding the disposition of the properties:

	(in thousands)
Property	Sales Price		Gain on Sale		Date of Sale		Acquisition Date
Walgreens — North Corbin	$	4,514	$	1,129		7/19/2013		5/24/2010
Grant Creek Town Center	$	32,343	$	10,926		9/13/2013		8/27/2010

The results of operations for the properties are reported as discontinued operations for all periods presented in the accompanying condensed consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Total revenues	$	—	$	682
Total expenses		—		577
Income before non-controlling interests and gain on sale of real estate assets		—		105
Gain on sale of real estate assets		—		—
Non-controlling interest in discontinued operations(1)		—		64
Income from discontinued operations available to the common stockholders	$	—	$	169

⁽¹⁾  Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

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Lease Intangible Assets Net (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	$ 28.3	$ 26.7
Weighted average remaining life of lease intangible assets (in months)	76 months	78 months
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	8.0	7.5
Weighted average remaining life of lease intangible assets (in months)	61 months	62 months
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	$ 7.6	$ 7.1
Weighted average remaining life of lease intangible assets (in months)	98 months	99 months

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Equity of the Parent Company - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended	3 Months Ended			3 Months Ended		1 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013 Person	Mar. 31, 2014 7.00% Series A cumulative convertible perpetual preferred stock	Mar. 31, 2013 7.00% Series A cumulative convertible perpetual preferred stock	Dec. 31, 2013 7.00% Series A cumulative convertible perpetual preferred stock	Mar. 31, 2014 8.125% Series B cumulative redeemable preferred stock	Dec. 31, 2013 8.125% Series B cumulative redeemable preferred stock	Feb. 28, 2014 Maximum	Mar. 31, 2012 Amended And Restated Maximum	Dec. 31, 2013 Amended And Restated Maximum	Mar. 31, 2014 Common Stock	Mar. 31, 2013 Common Stock	Dec. 31, 2013 Common Stock	Mar. 31, 2014 Hundred Percentage Employee Deferrals	Mar. 31, 2014 Fifty Percentage Employee Deferrals	Mar. 31, 2013 Operating Partnership Units	Mar. 31, 2014 Operating Partnership Units	Mar. 31, 2014 Preferred Stock	Mar. 31, 2014 Cumulative for Prior Year Common Stock	Mar. 31, 2014 Contingently Issuable Shares	Mar. 31, 2013 Edwards Theatres
Equity [Line Items]
Issuance of restricted common stock awards, shares	1,316,097											645,460	41,500
Forfeitures of restricted common stock awards, shares												465,864								488,864
Preferred stock dividend rate percentage				7.00%	7.00%		8.125%
Preferred stock, liquidation preference per share				$ 25.00		$ 25.00	$ 25.00	$ 25.00
Annual dividend on preferred stock				$ 1.75			$ 2.03125
Outstanding shares				2,000,000		2,000,000	3,680,000	3,680,000
Preferred stock conversion rate	1.6667
Preferred stock conversion price per share, initial	$ 0.15
Closing price of common stock as minimum percentage of conversion price for conversion of preferred stock	140.00%
Minimum trading days for calculating closing price of common stock	20 days
Number of consecutive trading days	30 days
Series B preferred stock redeemable price on and after January 31, 2017							$ 25.00
Number of days to redeem the Series B preferred stock, in whole or in part							120 days
Stock repurchase program, authorized amount			$ 30,000,000						$ 50,000,000
Stock repurchase program, common stock reacquired	105,775		0
Stock repurchase program, remaining amount	41,900,000
Stock repurchase program, common stock reacquired Cost	1,300,000
Stock repurchase program, common stock reacquired Weighted Average Price	$ 12.52
Common stock offering price										50,000,000	100,000,000
Initial public offering shares	0												2,063,828	3,211,928
Net proceeds of Equity Distribution Agreements			40,700,000
Average stock issuance of Equity Distribution Agreements			$ 13.05
Number of sales agents			4
Operating partnership, units exchanged			3,211,928
Amount contributed to operating Partnership in exchange for OP units			40,700,000
Number of OP units issued in connection with acquisition																						591,474
Issuance of additional shares of common stock																	531,768
Cash payments for number of OP Units issued																	1,900,000
Accrued dividend payable												8,500,000						178,000	2,700,000
Maximum number of shares issued under equity incentive award plan	1,350,000
Common stock available for issuance																					34,274
Compensation expense recognized related to restricted common stock grants	574,000	562,000
Estimated forfeitures	0
Unrecognized compensation expense	9,600,000		1,600,000
Unrecognized compensation expense, weighted-average	2 years 3 months 18 days		1 year 1 month 6 days
Company matching contributions Percentage															100.00%	50.00%
Eligible Compensation Percentage															3.00%	2.00%
Costs related to the matching portion	$ 39,000	$ 36,000

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Property:
Land	$ 380,368		$ 380,366
Buildings	646,062		642,356
Site improvements	64,283		63,242
Tenant improvements	55,624		54,025
Construction in progress	8,028		7,576
Less accumulated depreciation	(68,635)		(61,479)
Property, net	1,085,730		1,086,086
Cash and cash equivalents	5,307		3,245
Restricted cash	8,535		8,147
Tenant receivables, net	3,746		5,117
Lease intangibles, net	73,013		78,345
Deferred rent receivable	9,819		9,226
Other assets	21,143		20,135
Investment in unconsolidated entities	8,405		8,520
Total assets	1,215,698	[1]	1,218,821	[1]
Liabilities:
Mortgages payable, net	238,543		251,191
Notes payable	198,000		179,500
Unsecured notes	100,000		100,000
Accounts payable and other liabilities	23,964		21,700
Lease intangibles, net	26,967		28,114
Dividends/distributions payable	10,944		10,932
Total liabilities	598,418	[2]	591,437	[2]
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value, 200,000,000 shares authorized; 48,455,186 and 48,381,365 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	483		482
Additional paid-in capital	468,759		478,541
Retained Earnings
Total stockholders' equity	605,665		615,446
Non-controlling interests	11,615		11,938
Total equity	617,280		627,384
Partners' capital:
Total liabilities and capital	1,215,698		1,218,821
Excel Trust, L.P.
Property:
Land	380,368		380,366
Buildings	646,062		642,356
Site improvements	64,283		63,242
Tenant improvements	55,624		54,025
Construction in progress	8,028		7,576
Less accumulated depreciation	(68,635)		(61,479)
Property, net	1,085,730		1,086,086
Cash and cash equivalents	5,307		3,245
Restricted cash	8,535		8,147
Tenant receivables, net	3,746		5,117
Lease intangibles, net	73,013		78,345
Deferred rent receivable	9,819		9,226
Other assets	21,143		20,135
Investment in unconsolidated entities	8,405		8,520
Total assets	1,215,698	[3]	1,218,821	[3]
Liabilities:
Mortgages payable, net	238,543		251,191
Notes payable	198,000		179,500
Unsecured notes	100,000		100,000
Accounts payable and other liabilities	23,964		21,700
Lease intangibles, net	26,967		28,114
Dividends/distributions payable	10,944		10,932
Total liabilities	598,418	[4]	591,437	[4]
Commitments and contingencies
Partners' capital:
Limited partners' capital	1,978		2,167
General partner's capital	477,273		487,133
Total partners' capital	615,674		625,723
Non-controlling interests	1,606		1,661
Total capital	617,280		627,384
Total liabilities and capital	1,215,698		1,218,821
7.00% Series A cumulative convertible perpetual preferred units | Excel Trust, L.P.
Partners' capital:
Preferred units	47,703		47,703
8.125% Series B cumulative redeemable preferred units | Excel Trust, L.P.
Partners' capital:
Preferred units	88,720		88,720
7.00% Series A cumulative convertible perpetual preferred stock
Stockholders' equity
Preferred Stock	47,703		47,703
8.125% Series B cumulative redeemable preferred stock
Stockholders' equity
Preferred Stock	$ 88,720		$ 88,720

[1] Excel Trust, Inc.'s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.

[2] Excel Trust, Inc.'s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, Inc.

[3] Excel Trust, L.P.'s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a VIE that can only be used to settle the liabilities of that VIE.

[4] Excel Trust, L.P.'s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, L.P.

XML

Schedule of Estimated Lives of Assets (Detail)	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Tenant improvements	Shorter of the useful lives or the terms of the related leases
Maximum
Property, Plant and Equipment [Line Items]
Building and improvements	40 years
Minimum
Property, Plant and Equipment [Line Items]
Building and improvements	15 years

XML

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net income	$ 2,278	$ 324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,796	12,390
Changes in fair value of financial instruments and gain on OP unit redemption		(230)
Income from equity in unconsolidated entities	(69)	(39)
Deferred rent receivable	(602)	(877)
Amortization of above- and below-market leases	(138)	40
Amortization of deferred balances	333	442
Bad debt expense	206	337
Share-based compensation expense	574	562
Distributions from unconsolidated entities	154
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables	1,205	1,565
Other assets	(1,377)	(1,020)
Accounts payable and other liabilities	296	(2,885)
Net cash provided by operating activities	14,656	10,609
Cash flows from investing activities:
Acquisitions of property		(30,707)
Development of property and property improvements	(4,921)	(4,691)
Investments in unconsolidated entities		(106)
Return of capital from unconsolidated entities		139
Receipt of master lease payments	36	162
Capitalized leasing costs	(269)	(728)
Restricted cash	(388)	(687)
Net cash used in investing activities	(5,542)	(36,618)
Cash flows from financing activities:
Issuance of common stock		25,610
Repurchase of common stock	(1,407)
Payments on mortgages payable	(12,557)	(1,234)
Proceeds from mortgages payable		84
Payments on notes payable		(24,000)
Proceeds from notes payable	18,500	37,000
Distribution to non-controlling interests	(326)	(290)
Preferred stock dividends	(2,744)	(2,744)
Common stock dividends	(8,467)	(7,297)
Deferred financing costs	(51)	(58)
Net cash (used in) provided by financing activities	(7,052)	27,071
Net (decrease) increase	2,062	1,062
Cash and cash equivalents, beginning of period	3,245	5,596
Cash and cash equivalents, end of period	5,307	6,658
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized of $195 and $0	3,396	3,891
Non-cash investing and financing activity:
Liabilities assumed in connection with property acquisitions		44
Common stock dividends payable	8,479	7,996
Preferred stock dividends payable	2,287	2,287
OP unit distributions payable	178	208
Accrued additions to operating and development properties	3,971	1,816
Change in unrealized loss on interest rate swaps		161
OP unit redemptions (common stock)		279
Reclassification of offering costs		187
Excel Trust, L.P.
Cash flows from operating activities:
Net income	2,278	324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,796	12,390
Changes in fair value of financial instruments and gain on OP unit redemption		(230)
Income from equity in unconsolidated entities	(69)	(39)
Deferred rent receivable	(602)	(877)
Amortization of above- and below-market leases	(138)	40
Amortization of deferred balances	333	442
Bad debt expense	206	337
Share-based compensation expense	574	562
Distributions from unconsolidated entities	154
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables	1,205	1,565
Other assets	(1,377)	(1,020)
Accounts payable and other liabilities	296	(2,885)
Net cash provided by operating activities	14,656	10,609
Cash flows from investing activities:
Acquisitions of property		(30,707)
Development of property and property improvements	(4,921)	(4,691)
Investments in unconsolidated entities		(106)
Return of capital from unconsolidated entities		139
Receipt of master lease payments	36	162
Capitalized leasing costs	(269)	(728)
Restricted cash	(388)	(687)
Net cash used in investing activities	(5,542)	(36,618)
Cash flows from financing activities:
Issuance of common OP units		22,663
Repurchase of common OP units	(1,407)
Payments on mortgages payable	(12,557)	(1,234)
Proceeds from mortgages payable		84
Payments on notes payable		(24,000)
Proceeds from notes payable	18,500	37,000
Distribution to non-controlling interests	(148)	(101)
Deferred financing costs	(51)	(58)
Net cash (used in) provided by financing activities	(7,052)	24,124
Net (decrease) increase	2,062	(1,885)
Cash and cash equivalents, beginning of period	3,245	5,596
Cash and cash equivalents, end of period	5,307	3,711
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized of $195 and $0	3,396	3,891
Non-cash investing and financing activity:
Liabilities assumed in connection with property acquisitions		44
Accrued additions to operating and development properties	3,971	1,816
Change in unrealized loss on interest rate swaps		161
OP unit redemptions		279
Reclassification of offering costs		187
Amount due from general partner (proceeds from issuance of common OP units)		2,947
Preferred Stock | Excel Trust, L.P.
Cash flows from financing activities:
OP unit distributions	(2,744)	(2,744)
Non-cash investing and financing activity:
OP unit distributions payable	2,287	2,287
Common Stock | Excel Trust, L.P.
Cash flows from financing activities:
OP unit distributions	(8,645)	(7,486)
Non-cash investing and financing activity:
OP unit distributions payable	$ 8,657	$ 8,204

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Reconciliation of Company's Segment Financial Operations Activity (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,215,698	[1]	$ 1,218,821	[1]
Office Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	66,676		67,273
Multi-family Property
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	70,327		70,732
Retail Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,078,695		1,080,816
Total Reportable Segments & Consolidated Assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,215,698		$ 1,218,821

[1] Excel Trust, Inc.'s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.

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Estimated Amortization of Lease Intangible Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Schedule of Estimated Amortization Expense for Intangible Assets and Unfavorable Lease Liability [Line Items]
2014 (remaining nine months)	$ 2,768
2015	3,192
2016	2,803
2017	2,671
2018	2,469
Thereafter	13,064
Total	$ 26,967	$ 28,114

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Earnings Per Share/Unit (Tables)

3 Months Ended

Apr. 30, 2014

Computations of Basic and Diluted Earnings Per Share/Unit

Computations of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per share:
Income from continuing operations	$	2,278		$	219
Preferred dividends		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(83	)		(28	)
Loss from continuing operations applicable to the common stockholders	$	(681	)	$	(2,674	)
Net loss attributable to the common stockholders	$	(549	)	$	(2,448	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the common stockholders	$	(681	)	$	(2,569	)
Weighted-average common shares outstanding:
Basic and diluted		47,785,100			45,352,489
Basic and diluted earnings per share:
Loss from continuing operations per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per share attributable to the common stockholders		—			—
Net loss per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)

Excel Trust, L.P.

Computations of Basic and Diluted Earnings Per Share/Unit

Computations of basic and diluted earnings per unit for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per unit:
Income from continuing operations	$	2,278		$	219
Preferred distributions		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(93	)		(87	)
Loss from continuing operations applicable to the unitholders	$	(691	)	$	(2,733	)
Net loss attributable to the unitholders	$	(559	)	$	(2,507	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the unitholders	$	(691	)	$	(2,628	)
Weighted-average common OP units outstanding:
Basic and diluted		48,804,623			46,593,748
Basic and diluted earnings per unit:
Loss from continuing operations per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per unit attributable to the unitholders		—			—
Net loss per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)

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Mortgage Debt Maturities (Detail) (Excel Trust, L.P., USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Excel Trust, L.P.
Debt Instrument [Line Items]
2014 (remaining nine months)	$ 64,603
2015	61,888
2016	2,362
2017	41,431
2018	2,196
Thereafter	64,856
Long-term Debt, Gross	$ 237,336	$ 249,894

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Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations

15. Discontinued Operations

On July 19, 2013, the Company completed the disposition of the Walgreens property, located in North Corbin, Kentucky, for a sales price of approximately $4.5 million, excluding closing costs. On September 13, 2013, the Company completed the disposition of the Grant Creek Town Center property, located in Missoula, Montana, for a sales price of approximately $32.3 million, excluding closing costs. The Grant Creek Town Center property sale was classified as an exchange pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds were restricted as to their usage and were reflected as restricted cash on the condensed consolidated balance sheets at September 30, 2013. The Company subsequently utilized the funds to provide the purchase price for the acquisition of two properties during the three months ended December 31, 2013.

All properties sold were part of the retail properties segment – see Note 21. The following table provides information regarding the disposition of the properties:

	(in thousands)
Property	Sales Price		Gain on Sale		Date of Sale		Acquisition Date
Walgreens — North Corbin	$	4,514	$	1,129		7/19/2013		5/24/2010
Grant Creek Town Center	$	32,343	$	10,926		9/13/2013		8/27/2010

The results of operations for the properties are reported as discontinued operations for all periods presented in the accompanying condensed consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Total revenues	$	—	$	682
Total expenses		—		577
Income before non-controlling interests and gain on sale of real estate assets		—		105
Gain on sale of real estate assets		—		—
Non-controlling interest in discontinued operations(1)		—		64
Income from discontinued operations available to the common stockholders	$	—	$	169

⁽¹⁾  Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2014

Effect of Company's Derivative Financial Instruments on Condesed Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Amount of unrealized loss recognized in OCI (effective portion):
Interest rate swaps	$	—	$	(1	)
Other derivatives		—		—
Total	$	—	$	(1	)
Amount of loss reclassified from accumulated OCI into income (effective portion):
Interest rate swaps (interest expense)	$	—	$	(162	)
Other derivatives		—		—
Total	$	—	$	(162	)
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing):
Interest rate swaps (other income/expense)	$	—	$	—
Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption)		—		230
Total	$	—	$	230

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Income Taxes

3 Months Ended

Mar. 31, 2014

Income Taxes

17. Income Taxes

Income Taxes of the Parent Company

The Parent Company elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 2010. To qualify as a REIT, the Parent Company must meet a number of organizational and operational requirements, including the requirement that it distribute currently at least 90% of its REIT taxable income to its stockholders (excluding any net capital gain). It is the Parent Company’s intention to comply with these requirements and maintain the Parent Company’s REIT status. As a REIT, the Parent Company generally will not be subject to corporate federal, state or local income taxes on income it distributes currently (in accordance with the Code and applicable regulations) to its stockholders. If the Parent Company fails to qualify as a REIT in any taxable year, then it will be subject to federal, state and local income taxes at regular corporate rates and may not be able to qualify as a REIT for subsequent tax years. Even if the Parent Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income, properties and operations and to federal income and excise taxes on its taxable income not distributed in the amounts and in the time frames prescribed by the Code and applicable regulations thereunder and on the taxable income of any of its taxable REIT subsidiaries.

Income Taxes of the Operating Partnership

As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is required in the accompanying condensed consolidated financial statements. The Operating Partnership may be subject to certain state or local taxes on its income and property.

The Operating Partnership has formed a taxable REIT subsidiary (the “TRS”) on behalf of the Parent Company. In general, the TRS may perform non-customary services for tenants, hold assets that the Parent Company cannot hold directly and, except for the operation or management of health care facilities or lodging facilities or the providing of any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated, may engage in any real estate or non-real estate related business. The TRS is subject to corporate federal income taxes on its taxable income at regular corporate tax rates. The TRS accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases.

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Earnings Per Unit of the Operating Partnership - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Unvested Restricted Shares
Computation Of Earnings Per Share Line Items
Antidilutive securities excluded from computation of earnings per share	225,675	699,719
Excel Trust, L.P.
Computation Of Earnings Per Share Line Items
Dividend rate on preferred Series A stock	7.00%	7.00%
Excel Trust, L.P. | Unvested Restricted Shares
Computation Of Earnings Per Share Line Items
Antidilutive securities excluded from computation of earnings per share	225,675	699,719
Excel Trust, L.P. | 7.00% Series A cumulative convertible perpetual preferred units
Computation Of Earnings Per Share Line Items
Antidilutive securities excluded from computation of earnings per share	3,367,200	3,333,400

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Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Payments For Interest Amounts Capitalized	$ 195	$ 0
Excel Trust, L.P.
Cash Payments For Interest Amounts Capitalized	$ 195	$ 0

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Preferred stock, shares authorized	50,000,000		50,000,000
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	200,000,000		200,000,000
Common stock, shares issued	48,455,186		48,381,365
Common stock, shares outstanding	48,455,186		48,381,365
Total Asset	$ 1,215,698	[1]	$ 1,218,821	[1]
Total Liabilities	598,418	[2]	591,437	[2]
7.00% Series A cumulative convertible perpetual preferred stock
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	50,000		50,000
Liquidation preference, per share	$ 25.00		$ 25.00
Preferred stock, shares issued	2,000,000		2,000,000
Preferred stock, shares outstanding	2,000,000		2,000,000
8.125% Series B cumulative redeemable preferred stock
Preferred stock dividend rate percentage	8.125%		8.125%
Liquidation preference	92,000		92,000
Liquidation preference, per share	$ 25.00		$ 25.00
Preferred stock, shares issued	3,680,000		3,680,000
Preferred stock, shares outstanding	3,680,000		3,680,000
Variable Interest Entities
Total Asset	15,325		15,470
Variable Interest Entities | Accounts Payable And Other Liabilities
Total Liabilities	205		220
Excel Trust, L.P.
Total Asset	1,215,698	[3]	1,218,821	[3]
Total Liabilities	598,418	[4]	591,437	[4]
Preferred units, units authorized	50,000,000		50,000,000
Limited partners' capital, units issued	1,019,523		1,019,523
Limited partners' capital, units outstanding	1,019,523		1,019,523
General partner's capital, units issued	48,455,186		48,381,365
General partner's capital, units outstanding	48,455,186		48,381,365
Excel Trust, L.P. | 7.00% Series A cumulative convertible perpetual preferred units
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	50,000		50,000
Liquidation preference, per unit	25.00		25.00
Preferred units, units issued	2,000,000		2,000,000
Preferred units, units outstanding	2,000,000		2,000,000
Excel Trust, L.P. | 8.125% Series B cumulative redeemable preferred units
Preferred stock dividend rate percentage	8.125%		8.125%
Liquidation preference	92,000		92,000
Liquidation preference, per unit	25.00		25.00
Preferred units, units issued	3,680,000		3,680,000
Preferred units, units outstanding	3,680,000		3,680,000
Excel Trust, L.P. | Variable Interest Entities
Total Asset	15,325		15,470
Excel Trust, L.P. | Variable Interest Entities | Accounts Payable And Other Liabilities
Total Liabilities	$ 205		$ 220

[1] Excel Trust, Inc.'s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.

[2] Excel Trust, Inc.'s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, Inc.

[3] Excel Trust, L.P.'s consolidated total assets at March 31, 2014 and December 31, 2013 include $15,325 and $15,470, respectively, of assets (primarily real estate assets) of a VIE that can only be used to settle the liabilities of that VIE.

[4] Excel Trust, L.P.'s consolidated total liabilities at March 31, 2014 and December 31, 2013 include $205 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, L.P.

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Earnings Per Share/Unit

3 Months Ended

Apr. 30, 2014

Earnings Per Share/Unit

9. Earnings Per Share of the Parent Company

Basic earnings (loss) per share of the Parent Company is computed by dividing income (loss) applicable to common stockholders by the weighted-average shares outstanding, as adjusted for the effect of participating securities. The Parent Company’s unvested restricted share awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted share awards on earnings (loss) per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends and the unvested restricted shares’ participation rights in undistributed earnings (losses).

The calculation of diluted earnings per share for the three months ended March 31, 2014 does not include 225,675 shares of unvested restricted common stock or 1,019,523 OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. The calculation of diluted earnings per share for the three months ended March 31, 2013 does not include 699,719 shares of unvested restricted common stock or 1,241,259 OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. In addition, 3,367,200 and 3,333,400 shares of common stock, respectively, for the three months ended March 31, 2014 and 2013, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Stock (“Series A preferred stock”), were anti-dilutive and were not included in the calculation of diluted earnings per share based on the “if converted” method.

Computations of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per share:
Income from continuing operations	$	2,278		$	219
Preferred dividends		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(83	)		(28	)
Loss from continuing operations applicable to the common stockholders	$	(681	)	$	(2,674	)
Net loss attributable to the common stockholders	$	(549	)	$	(2,448	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the common stockholders	$	(681	)	$	(2,569	)
Weighted-average common shares outstanding:
Basic and diluted		47,785,100			45,352,489
Basic and diluted earnings per share:
Loss from continuing operations per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per share attributable to the common stockholders		—			—
Net loss per share attributable to the common stockholders	$	(0.01	)	$	(0.06	)

Excel Trust, L.P.

Earnings Per Share/Unit

10. Earnings Per Unit of the Operating Partnership

Basic earnings (loss) per unit of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted-average OP units outstanding, as adjusted for the effect of participating securities. The Operating Partnership’s unvested restricted OP unit awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted OP unit awards on earnings (loss) per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted OP unit awards based on distributions and the unvested restricted OP units’ participation rights in undistributed earnings (losses).

The calculation of diluted earnings per unit for the three months ended March 31, 2014 does not include 225,675 unvested restricted OP units, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. The calculation of diluted earnings per unit for the three months ended March 31, 2013 does not include 699,719 unvested restricted OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. In addition, 3,367,200 and 3,333,400 OP units, respectively, for the three months ended March 31, 2014 and 2013, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Units (“Series A preferred units”), were anti-dilutive and were not included in the calculation of diluted earnings per unit based on the “if converted” method.

Computations of basic and diluted earnings per unit for the three months ended March 31, 2014 and 2013 (in thousands, except share data) were as follows:

	Three Months Ended
	March 31, 2014			March 31, 2013
Basic earnings per unit:
Income from continuing operations	$	2,278		$	219
Preferred distributions		(2,744	)		(2,744	)
Allocation to participating securities		(132	)		(121	)
Income from continuing operations attributable to non-controlling interests		(93	)		(87	)
Loss from continuing operations applicable to the unitholders	$	(691	)	$	(2,733	)
Net loss attributable to the unitholders	$	(559	)	$	(2,507	)
Allocation to participating securities		(132	)		(121	)
Net loss applicable to the unitholders	$	(691	)	$	(2,628	)
Weighted-average common OP units outstanding:
Basic and diluted		48,804,623			46,593,748
Basic and diluted earnings per unit:
Loss from continuing operations per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)
Income from discontinued operations per unit attributable to the unitholders		—			—
Net loss per unit attributable to the unitholders	$	(0.01	)	$	(0.06	)

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Reconciliation of Company's Segment Operations Activity (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 30,598	$ 26,847
Property operating expenses	(23,449)	(22,369)
Property operating income, as defined	7,149	4,478
General and administrative costs	(3,815)	(3,831)
Depreciation and amortization	(11,796)	(12,166)
Interest expense	(4,989)	(4,578)
Interest income	49	50
Income from equity in unconsolidated entities	69	39
Changes in fair value of financial instruments and gain on OP unit redemption		230
Income from continuing operations	2,278	219
Income from discontinued operations		105
Net income (loss)	2,278	324
Net income attributable to non-controlling interests	(83)	(28)
Net income attributable to Excel Trust, Inc.	2,195	296
Office Properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	2,161	2,050
Property operating expenses	(853)	(844)
Property operating income, as defined	1,308	1,206
General and administrative costs	(5)	(5)
Depreciation and amortization	(892)	(940)
Interest expense	(187)	(192)
Net income (loss)	224	69
Multi Family
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,401	1,319
Property operating expenses	(453)	(304)
Property operating income, as defined	948	1,015
General and administrative costs	(14)	(144)
Depreciation and amortization	(463)	(1,148)
Net income (loss)	471	(277)
Retail Properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	27,036	23,478
Property operating expenses	(6,532)	(5,224)
Property operating income, as defined	20,504	18,254
General and administrative costs	(3,796)	(3,682)
Depreciation and amortization	(10,441)	(10,078)
Interest expense	(4,802)	(4,386)
Interest income	49	50
Income from equity in unconsolidated entities	69	39
Changes in fair value of financial instruments and gain on OP unit redemption		230
Income from continuing operations	1,583	427
Income from discontinued operations		105
Net income (loss)	1,583	532
Total Reportable Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	30,598	26,847
Property operating expenses	(7,838)	(6,372)
Property operating income, as defined	22,760	20,475
General and administrative costs	(3,815)	(3,831)
Depreciation and amortization	(11,796)	(12,166)
Interest expense	(4,989)	(4,578)
Interest income	49	50
Income from equity in unconsolidated entities	69	39
Changes in fair value of financial instruments and gain on OP unit redemption		230
Income from continuing operations	2,278	219
Income from discontinued operations		105
Net income (loss)	2,278	324
Excel Trust, Inc.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net income (loss)	2,278	324
Net income attributable to non-controlling interests	(83)	(28)
Net income attributable to Excel Trust, Inc.	2,195	296
Excel Trust, L.P.
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	30,598	26,847
Property operating expenses	(23,449)	(22,369)
Property operating income, as defined	7,149	4,478
General and administrative costs	(3,815)	(3,831)
Depreciation and amortization	(11,796)	(12,166)
Interest expense	(4,989)	(4,578)
Interest income	49	50
Income from equity in unconsolidated entities	69	39
Changes in fair value of financial instruments and gain on OP unit redemption		230
Income from continuing operations	2,278	219
Income from discontinued operations		105
Net income (loss)	2,278	324
Net income attributable to non-controlling interests	(93)	(87)
Net income attributable to Excel Trust, Inc.	$ 2,185	$ 237

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Subsequent Events - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Apr. 01, 2014 Subsequent Event
Subsequent Event [Line Items]
Mortgage payable paid	$ 12,557	$ 1,234	$ 12,000

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Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Trading Symbol	EXL
Entity Registrant Name	EXCEL TRUST, INC.
Entity Central Index Key	0001478950
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		48,455,186
Excel Trust, L.P.
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Registrant Name	EXCEL TRUST, L.P.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding

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Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2014

Derivatives and Hedging Activities

11. Derivatives and Hedging Activities

In December 2010, the Company executed two pay-fixed interest rate swaps with a notional value of $55.8 million (weighted-average interest rate of 1.41%) to hedge the variable cash flows associated with one of the Company’s mortgage payables. As a result of the interest rate swaps, the Company either (1) received the difference between a fixed interest rate (the “Strike Rate”) and one-month LIBOR if the Strike Rate was less than LIBOR or (2) paid such difference if the Strike Rate was greater than LIBOR. No initial investment was made to enter into either of the interest rate swap agreements. The two interest rate swaps were settled in December 31, 2013 in connection with the repayment of the underlying mortgage note at the Park West Place property. The Company had no derivative financial instruments outstanding at March 31, 2014 and had no derivative financial instruments outstanding prior to the execution of the two swaps.

During the three months ended March 31, 2014 and 2013, the Company did not record any amounts in earnings attributable to hedge ineffectiveness.

Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31, 2014		March 31, 2013
Amount of unrealized loss recognized in OCI (effective portion):
Interest rate swaps	$	—	$	(1	)
Other derivatives		—		—
Total	$	—	$	(1	)
Amount of loss reclassified from accumulated OCI into income (effective portion):
Interest rate swaps (interest expense)	$	—	$	(162	)
Other derivatives		—		—
Total	$	—	$	(162	)
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing):
Interest rate swaps (other income/expense)	$	—	$	—
Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption)		—		230
Total	$	—	$	230

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General Information on La Costa LLC (Parenthetical) (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
La Costa LLC
Investments in and Advances to Affiliates [Line Items]
Real estate assets	$ 23,900,000		$ 23,400,000
Total assets	25,600,000		25,700,000
Mortgages payable	14,100,000		14,100,000
Total liabilities	14,600,000		14,500,000
Total revenues	391,000	1,900,000
Total expenses	652,000	1,400,000
Net income (loss)	(261,000)	186,000
The mortgage note bears interest at the rate of LIBOR	5.90%		5.90%
The mortgage note bears interest at the rate of LIBOR plus a margin of stated basis points	5.75%		5.75%
Mortgage note expires	Oct. 01, 2014
Mortgage note, number of maturity date extension options	3
Mortgage note, potential maturity date extension period	1 year
Interest rate cap related to mortgage note maximum	3.00%
Bay Hill Property
Investments in and Advances to Affiliates [Line Items]
Real estate assets	36,900,000		37,000,000
Total assets	39,600,000		39,900,000
Mortgages payable	23,300,000		23,400,000
Total liabilities	25,500,000		25,600,000
Total revenues	964,000	955,000
Total expenses	721,000	951,000
Net income (loss)	$ 244,000	$ 4,000
The mortgage note bears interest at the rate of LIBOR	3.40%		3.40%
The mortgage note bears interest at the rate of LIBOR plus a margin of stated basis points	3.25%		3.25%
Mortgage note expires	Apr. 02, 2015
Mortgage note, number of maturity date extension options	2
Mortgage note, potential maturity date extension period	1 year

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Fair Value of Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Financial assets:
Note receivable (Other Assets), Carrying Amount	$ 750	$ 750
Note receivable (Other Assets), Fair Value	750	750
Financial liabilities:
Mortgages notes payable, Carrying Amount	238,543	251,191
Notes payable, Carrying Amount	198,000	179,500
Notes payable, Fair Value	196,375	179,500
Unsecured notes, Carrying Amount	100,000	100,000
Mortgage Notes Payable
Financial liabilities:
Debt, Fair Value	243,965	254,473
Unsecured Notes
Financial liabilities:
Unsecured notes, Carrying Amount	100,000	100,000
Debt, Fair Value	$ 100,390	$ 100,000

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Condensed Consolidated Statements of Operations and Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues:
Rental revenue	$ 24,908,000	$ 21,902,000
Tenant recoveries	5,256,000	4,630,000
Other income	434,000	315,000
Total revenues	30,598,000	26,847,000
Expenses:
Maintenance and repairs	2,223,000	1,681,000
Real estate taxes	3,366,000	2,965,000
Management fees	518,000	218,000
Other operating expenses	1,731,000	1,508,000
General and administrative	3,815,000	3,831,000
Depreciation and amortization	11,796,000	12,166,000
Total expenses	23,449,000	22,369,000
Operating income	7,149,000	4,478,000
Interest expense	(4,989,000)	(4,578,000)
Interest income	49,000	50,000
Income from equity in unconsolidated entities	69,000	39,000
Changes in fair value of financial instruments and gain on OP unit redemption		230,000
Income from continuing operations	2,278,000	219,000
Income from discontinued operations		105,000
Net income	2,278,000	324,000
Net income attributable to non-controlling interests	(83,000)	(28,000)
Net income attributable to Parent	2,195,000	296,000
Preferred stock dividends	(2,744,000)	(2,744,000)
Net loss attributable to the common stockholders	(549,000)	(2,448,000)
Loss from continuing operations per share attributable to the common stockholders - basic and diluted	$ (0.01)	$ (0.06)
Net loss per share attributable to the common stockholders - basic and diluted	$ (0.01)	$ (0.06)
Weighted-average common shares outstanding - basic and diluted	47,785,100	45,352,489
Dividends declared per common share	$ 0.175	$ 0.170
Net income	2,278,000	324,000
Other comprehensive income (loss):
Change in unrealized loss on interest rate swaps		161,000
Comprehensive income	2,278,000	485,000
Comprehensive income attributable to non-controlling interests	(83,000)	(32,000)
Comprehensive income attributable to Excel Trust, Inc.	2,195,000	453,000
Excel Trust, L.P.
Revenues:
Rental revenue	24,908,000	21,902,000
Tenant recoveries	5,256,000	4,630,000
Other income	434,000	315,000
Total revenues	30,598,000	26,847,000
Expenses:
Maintenance and repairs	2,223,000	1,681,000
Real estate taxes	3,366,000	2,965,000
Management fees	518,000	218,000
Other operating expenses	1,731,000	1,508,000
General and administrative	3,815,000	3,831,000
Depreciation and amortization	11,796,000	12,166,000
Total expenses	23,449,000	22,369,000
Operating income	7,149,000	4,478,000
Interest expense	(4,989,000)	(4,578,000)
Interest income	49,000	50,000
Income from equity in unconsolidated entities	69,000	39,000
Changes in fair value of financial instruments and gain on OP unit redemption		230,000
Income from continuing operations	2,278,000	219,000
Income from discontinued operations		105,000
Net income	2,278,000	324,000
Net income attributable to non-controlling interests	(93,000)	(87,000)
Net income attributable to Parent	2,185,000	237,000
Preferred operating unit distributions	(2,744,000)	(2,744,000)
Net loss attributable to the unitholders	(559,000)	(2,507,000)
Loss from continuing operations per share attributable to the unitholders - basic and diluted	$ (0.01)	$ (0.06)
Net loss per share attributable to the unitholders - basic and diluted	$ (0.01)	$ (0.06)
Weighted-average common operating partnership units outstanding - basic and diluted	48,804,623	46,593,748
Distributions declared per common operating partnership unit	0.175	0.170
Net income	2,278,000	324,000
Other comprehensive income (loss):
Change in unrealized loss on interest rate swaps		161,000
Comprehensive income	2,278,000	485,000
Comprehensive income attributable to non-controlling interests	(93,000)	(87,000)
Comprehensive income attributable to Excel Trust, Inc.	$ 2,185,000	$ 398,000

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Lease Intangible Assets, Net

3 Months Ended

Mar. 31, 2014

Lease Intangible Assets, Net

4. Lease Intangible Assets, Net

Lease intangible assets, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
In-place leases, net of accumulated amortization of $28.3 million and $26.7 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 76 and 78 months as of March 31, 2014 and December 31, 2013, respectively)	$	43,648	$	47,058
Above-market leases, net of accumulated amortization of $8.0 million and $7.5 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 61 and 62 months as of March 31, 2014 and December 31, 2013, respectively)		12,716		13,725
Leasing commissions, net of accumulated amortization of $7.6 million and $7.1 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 98 and 99 months as of March 31, 2014 and December 31, 2013, respectively)		16,649		17,562
	$	73,013	$	78,345

Estimated amortization of lease intangible assets as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	12,585
2015		12,586
2016		9,590
2017		8,353
2018		6,885
Thereafter		23,014
Total	$	73,013

Amortization expense recorded on the lease intangible assets for the three months ended March 31, 2014 and 2013 was $5.3 million and $7.3 million, respectively. Included in these amounts are $1.0 million and $1.5 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue.

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Acquisitions

3 Months Ended

Mar. 31, 2014

Acquisitions

3. Acquisitions:

The Company completed the following property acquisition in the three months ended March 31, 2013, which was acquired for cash unless specified below (dollars in thousands):

Property	Date Acquired	Location	Debt Assumed
Tracy Pavilion	January 24, 2013	Tracy, CA	$	—

The following summary provides an allocation of purchase price for the above acquisition (dollars in thousands):

	Building		Land		Above-Market Leases		Below-Market Leases			In-Place Leases		Debt (Premium)/Discount		Other		Purchase Price
Tracy Pavilion	$	22,611	$	6,193	$	163	$	(1,136	)	$	2,907	$	—	$	—	$	30,738
Remaining useful life(1)						54		95			62

⁽¹⁾  Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

The Company recorded revenues and a net loss for the three months ended March 31, 2013 of $549,000 and $2,000, respectively, related to the 2013 acquisition.

The following unaudited pro forma information for the three months ended March 31, 2013 has been prepared to reflect the incremental effect of the property acquired in 2013, as if such acquisition had occurred on January 1, 2012 (dollars in thousands):

	Three Months Ended
	March 31, 2013
Revenues	$	27,722
Net income(1)	$	140

⁽¹⁾  Pro forma results for the three months ended March 31, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $47,000 related to the 2013 acquisition.

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Related Party Transactions

3 Months Ended

Mar. 31, 2014

Related Party Transactions

16. Related Party Transactions

Subsequent to the Parent Company’s initial public offering, many of the employees of Excel Realty Holdings, LLC (“ERH”) became employees of the Company. ERH reimburses the Company for estimated time the Company employees spend on ERH related matters. For the three months ended March 31, 2014 and 2013, approximately $76,000 and $83,000, respectively, was reimbursed to the Company from ERH and included in other income in the condensed consolidated statements of operations.

At March 31, 2013, the Operating Partnership had recognized an amount due from the Parent Company of approximately $2.9 million (classified within other assets in the condensed consolidated balance sheets) relating to proceeds from the issuance of the Parent Company’s common stock (with the issuance of an equivalent number of common OP units to the Parent Company), which had not yet been contributed to the Operating Partnership. The Operating Partnership collected the receivable in April 2013.

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Equity of the Parent Company

3 Months Ended

Mar. 31, 2014

Equity of the Parent Company

12. Equity of the Parent Company

The Parent Company has issued restricted stock awards to senior executives, directors and employees totaling 1,316,097 shares of common stock (net of forfeitures of 488,864 shares), which are included in the total shares of common stock outstanding as of March 31, 2014.

As of March 31, 2014, the Parent Company had outstanding 2,000,000 shares of Series A preferred stock, with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series A preferred stock when, as and if declared by the Parent Company’s board of directors, at a rate of 7.00% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series A preferred stock is $1.75, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series A preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. The Series A preferred stock is convertible, at the holders’ option, at any time and from time to time, into common stock of the Parent Company. The initial conversion rate of the Series A preferred stock was 1.6667 shares of common stock per share of Series A preferred stock. Effective September 26, 2013 (the ex-dividend date), the conversion rate was adjusted to 1.6836 shares of common stock per share of Series A preferred stock as a result of the aggregate dividends that the Parent Company declared and paid on its common stock, beginning with the quarter ended September 30, 2011 and through the quarter ended September 30, 2013, being in excess of the reference dividend of $0.15 per share. The conversion rate will continue to be subject to customary adjustments in certain circumstances. Beginning on April 1, 2014, the Parent Company may, at its option, convert some or all of the Series A preferred stock if the closing price of the common stock equals or exceeds 140% of the conversion price for at least 20 of the 30 consecutive trading days ending the day before the notice of exercise of conversion is sent and the Parent Company has either declared and paid, or declared and set apart for payment, any unpaid dividends that are in arrears on the Series A preferred stock.

As of March 31, 2014, the Parent Company had outstanding 3,680,000 shares of 8.125% Series B Cumulative Redeemable Preferred Stock (“Series B preferred stock”), with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series B preferred stock, when, as and if declared by the Parent Company’s board of directors, at a rate of 8.125% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series B preferred stock is $2.03125, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series B preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. At any time on and after January 31, 2017, the Parent Company may, at its option, redeem the Series B preferred stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control, the Parent Company or a successor may, at its option, redeem the Series B preferred stock, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.

The Parent Company’s board of directors has authorized a stock repurchase program under which the Parent Company may acquire up to $50.0 million of its common stock and preferred stock in open market and negotiated purchases with no expiration date (the repurchase program was increased from $30.0 million to $50.0 million in February 2014). In the three months ended March 31, 2014, the Parent Company repurchased 105,775 shares of its common stock for an aggregate cost of approximately $1.3 million (including transaction costs) at a weighted-average purchase price of $12.52 per share. The repurchased shares of common stock were subsequently retired by the Parent Company with the funds provided from the sale of the OP units to the Operating Partnership. No stock was repurchased during the year ended December 31, 2013. As of March 31, 2014, approximately $41.9 million remained available under the stock repurchase program to acquire outstanding shares of the Parent Company’s common stock and preferred stock.

The Parent Company and the Operating Partnership have entered into equity distribution agreements (the “Equity Distribution Agreements”) with four sales agents, under which the Parent Company can issue and sell shares of its common stock from time to time through, at its discretion, any of the sales agents. The Equity Distribution Agreements were initially entered into in March 2012 with an aggregate offering price of up to $50.0 million and subsequently amended and restated in May 2013, permitting additional sales with an aggregate offering price of up to $100.0 million. The sales of common stock made under the Equity Distribution Agreements are made in “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. During the year ended December 31, 2013, the Parent Company issued 3,211,928 shares pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $40.7 million at an average stock issuance price of $13.05 per share. The net proceeds of $40.7 million were contributed to the Operating Partnership in exchange for 3,211,928 OP units. During the three months ended March 31, 2014, the Parent Company did not issue any shares pursuant to the Equity Distribution Agreements.

Consolidated net income is reported in the Company’s condensed consolidated financial statements at amounts that include the amounts attributable to both the common stockholders and the non-controlling interests. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of common stock and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

A charge/credit is recorded each period in the condensed consolidated statements of income for the non-controlling interests’ proportionate share of the Company’s net income (loss).

On March 31, 2014, the Parent Company accrued a liability for a dividend of $8.5 million payable to the common stockholders of record, a dividend of $2.7 million payable to the preferred stockholders of record and a distribution of $178,000 payable to the holders of record of OP units as of March 31, 2014, each of which was paid in April 2014.

2010 Equity Incentive Award Plan

The Company has established the 2010 Equity Incentive Award Plan of Excel Trust, Inc. and Excel Trust, L.P. (the “2010 Plan”), pursuant to which the Parent Company’s board of directors or a committee of its independent directors may make grants of stock options, restricted stock, stock appreciation rights and other stock-based awards to its non-employee directors, employees and consultants (an equivalent amount of common OP units are issued to the Parent Company for each such grant with similar terms and conditions). The maximum number of shares of the Parent Company’s common stock that may be issued pursuant to the 2010 Plan is 1,350,000 (of which 34,274 shares of common stock remain available for issuance as of March 31, 2014).

The following shares of restricted common stock were issued during the three months ended March 31, 2014:

Grant Date	Price at Grant Date		Number		Vesting Period (yrs.)
March 7, 2014(1)	$	12.57		4,000		4
March 18, 2014(2)	$	12.80		558,331		1, 3
March 24, 2014(3)	$	12.56		83,500		3

⁽¹⁾  Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

⁽²⁾  Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company’s board of directors on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014.

⁽³⁾  Shares issued to certain of the Company’s employees. These shares vest over three years with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

Shares of the Parent Company’s restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the administrator of the 2010 Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of the Parent Company’s restricted common stock have full voting rights and rights to dividends upon grant. The Company recognized compensation expense during the three months ended March 31, 2014 and 2013 of $574,000 and $562,000, respectively, related to the restricted common stock grants ultimately expected to vest. Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated $0 in forfeitures for all periods presented. Stock compensation expense is included in general and administrative expense in the accompanying condensed consolidated statements of operations.

As of March 31, 2014 and December 31, 2013, there was approximately $9.6 million and $1.6 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of March 31, 2014 and December 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 2.3 and 1.1 years, respectively.

	Number of Unvested Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value
Balance - January 1, 2014		611,683		$	9.73
Grants		645,831		$	12.77
Forfeitures		(465,864	)	$	8.87
Vested		(36,796	)	$	12.96
Balance - March 31, 2014		754,854		$	12.71

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount of their eligible compensation as determined by the Internal Revenue Service. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to 3.0% of eligible compensation and 50% of employee deferrals for the next 2.0% of eligible compensation, is fully vested and funded as of March 31, 2014. Costs related to the matching portion of the plan for the three months ended March 31, 2014 and 2013 were approximately $39,000 and $36,000, respectively.

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Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]
Reimbursement to the related party	$ 76,000	$ 83,000
Excel Trust, L.P.
Related Party Transaction [Line Items]
Amount due from parent company		$ 2,947,000

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Mortgage Loan and Note Receivable

3 Months Ended

Mar. 31, 2014

Mortgage Loan and Note Receivable

7. Mortgage Loan and Note Receivable

In June 2012, the Company extended a note receivable in the amount of $750,000 to a third party. The note receivable bears interest at 10.0% per annum, with the principal and accrued interest due upon maturity in June 2014. The loan is recourse to the borrower. The balance is included in other assets on the accompanying condensed consolidated balance sheets.

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Variable Interest Entities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014 sqft	Dec. 31, 2013
Variable Interest Entity [Line Items]
Joint venture ownership percentage	50.00%
Gross leaseable area	171,670
Total carrying amount of assets	$ 15.3	$ 15.5
Real estate assets	13.3	13.3
Total carrying amount of liabilities	$ 12.3	$ 12.4

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Lease Intangible Liabilities, Net

3 Months Ended

Mar. 31, 2014

Lease Intangible Liabilities, Net

5. Lease Intangible Liabilities, Net

Lease intangible liabilities, net consisted of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
	(in thousands)
Below-market leases, net of accumulated amortization of $8.7 million and $7.9 million as of March 31, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 121 and 123 months as of March 31, 2014 and December 31, 2013, respectively)	$	26,967	$	28,114

Amortization recorded on the lease intangible liabilities for the three months ended March 31, 2014 and 2013 was $1.1 million and $1.5 million, respectively. These amounts were recorded as rental revenue in the Company’s condensed consolidated statements of operations.

Estimated amortization of lease intangible liabilities as of March 31, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	2,768
2015		3,192
2016		2,803
2017		2,671
2018		2,469
Thereafter		13,064
Total	$	26,967

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Variable Interest Entities

3 Months Ended

Mar. 31, 2014

Variable Interest Entities

6. Variable Interest Entities

Consolidated Variable Interest Entities

Included within the condensed consolidated financial statements is the 50% owned joint venture with AB Dothan, LLC, that is deemed a VIE, and for which the Company is the primary beneficiary as it has the power to direct activities that most significantly impact the economic performance of the VIE. The joint venture’s activities principally consist of owning and operating a neighborhood retail center with 171,670 square feet of gross leasable area (“GLA”) located in Dothan, Alabama.

As of March 31, 2014 and December 31, 2013, total carrying amount of assets was approximately $15.3 million and $15.5 million, respectively, which includes approximately $13.3 million of real estate assets at the end of each period. As of March 31, 2014 and December 31, 2013, the total carrying amount of liabilities was approximately $12.3 million and $12.4 million, respectively.

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Debt of the Operating Partnership (Excel Trust, L.P.)

3 Months Ended

Mar. 31, 2014

Excel Trust, L.P.

Debt of the Operating Partnership

8. Debt

Debt of the Parent Company

The Parent Company does not directly hold any indebtedness. All of the Company’s debt is held directly or indirectly by the Operating Partnership. However, the Parent Company has guaranteed the Operating Partnership’s mortgage loan secured by the Red Rock Commons property, the Operating Partnership’s unsecured revolving credit facility (including the letter of credit that secures the redevelopment revenue bonds at the Northside Mall property) and the Operating Partnership’s senior unsecured notes.

Debt of the Operating Partnership

Mortgages Payable

Mortgages payable held by the Operating Partnership at March 31, 2014 and December 31, 2013 consist of the following (dollars in thousands):

	Carrying Amount of Mortgage Notes				Contractual Interest Rate (March 31, 2014)			Effective Interest Rate (March 31, 2014)			Monthly Payment(1)		Maturity Date
Property Pledged as Collateral	March 31, 2014		December 31, 2013
Edwards Theatres	$	—		11,520		6.74	%		5.50	%		95		February 2014
Excel Centre		11,968		12,018		6.08	%		6.08	%		85		May 2014
Merchant Central		4,344		4,370		5.94	%		6.75	%		30		July 2014
Gilroy Crossing		45,619		45,836		5.01	%		5.01	%		263		October 2014
Red Rock Commons(2)		13,970		13,970		1.69	%		1.69	%		20		March 2015
The Promenade		47,499		47,957		4.80	%		4.80	%		344		October 2015
5000 South Hulen		13,361		13,421		5.60	%		6.90	%		83		April 2017
Lake Pleasant Pavilion		27,766		27,855		6.09	%		5.00	%		143		October 2017
Rite Aid — Vestavia Hills		970		1,015		7.25	%		7.25	%		21		October 2018
Living Spaces-Promenade(3)		7,075		7,075		7.88	%		4.59	%		80		November 2019
West Broad Village(4)		39,700		39,700		3.33	%		3.33	%		110		May 2020
Lowe’s, Shippensburg		13,064		13,157		7.20	%		7.20	%		110		October 2031
Northside Mall(5)		12,000		12,000		0.07	%		1.07	%		1		November 2035
		237,336		249,894
Plus: premium(6)		1,207		1,297
Mortgage notes payable, net	$	238,543	$	251,191

⁽¹⁾  Amount represents the monthly payment of principal and interest at March 31, 2014.

⁽²⁾  The maturity date for the Red Rock Commons construction loan was extended in February 2014 for an additional one-year period and now expires in March 2015. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 to 205 basis points, depending on the Company’s leverage ratio (variable interest rate of 1.69% at March 31, 2014 and December 31, 2013).

⁽³⁾  The Company acquired an additional land parcel that it did not previously own at The Promenade retail property in August 2013 and in connection with such acquisition, the Company assumed a mortgage note with a fixed interest rate of 7.88%.

⁽⁴⁾  The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

⁽⁵⁾  The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $104,000 and $105,000 at March 31, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

⁽⁶⁾  Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.

Total interest cost capitalized for the three months ended March 31, 2014 and 2013 was $195,000 and $0, respectively.

The Company’s mortgage debt maturities at March 31, 2014 for each of the next five years and thereafter are as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	64,603
2015		61,888
2016		2,362
2017		41,431
2018		2,196
Thereafter		64,856
	$	237,336

Notes Payable

Unsecured Revolving Credit Facility

On October 8, 2013, the Company entered into an amendment to the amended and restated credit agreement (the “2013 Amendment”), which provided for, among other things, an increase in borrowings available under the Operating Partnership’s existing credit facility from $250.0 million to $300.0 million, decreased the applicable interest rate and extended the maturity date. The Operating Partnership has the ability from time to time to increase the size of the unsecured revolving credit facility by up to an additional $200.0 million for a total borrowing capacity of $500.0 million, subject to receipt of lender commitments and other conditions precedent. The amended maturity date is April 6, 2018 and may be extended for an additional six months at the Operating Partnership’s option. The Operating Partnership, among other things, is subject to covenants requiring the maintenance of (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. At March 31, 2014, the Operating Partnership believes that it was in compliance with all financial covenants in the credit agreement.

As of March 31, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 to 170 basis points (margin on 130 basis point at March 31, 2014), depending on the Parent Company’s credit rating, as a result of the 2013 Amendment. As of March 31, 2014, the Operating Partnership was also responsible for paying a fee of 0.25% or 0.30% pursuant to the 2013 Amendment on the full capacity of the facility. Borrowings from the unsecured revolving credit facility were $198.0 million and $179.5 million with a weighted-average interest rate of 1.45% and 1.67% at March 31, 2014 and December 31, 2013, respectively. The Operating Partnership issued a $12.1 million letter of credit from the unsecured revolving credit facility, which secures an outstanding $12.0 million bond payable for the Northside Mall. This bond is included with the mortgages payable on the Company’s condensed consolidated balance sheets. At March 31, 2014, there was approximately $89.9 million available for borrowing under the unsecured revolving credit facility. On April 18, 2014, the Company subsequently issued a $4.8 million letter of credit related to its Southlake Park Village property, which reduced the availability under the unsecured revolving credit facility to $85.2 million.

Unsecured Notes

Unsecured Senior Notes due 2020 and 2023, net

On November 12, 2013, the Operating Partnership issued $100.0 million aggregate principal amount of senior unsecured notes to various entities associated with the Prudential Capital Group. Of the senior unsecured notes, $75.0 million are designated Series A Notes and will mature in November 2020, with a fixed interest rate of 4.40%, and $25.0 million are designated Series B Notes and will mature in November 2023, with a fixed interest rate of 5.19% (the Series A Notes and the Series B Notes are referred to collectively as the “Notes”). The terms of the Notes are governed by a Note Purchase Agreement, dated November 12, 2013 (the “Purchase Agreement”), among the Operating Partnership, as issuer, the Parent Company and the purchasers named therein. Interest on the Notes is payable quarterly, beginning on February 12, 2014. The Operating Partnership may prepay all or a portion of the Notes upon notice to the holders for 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement. Proceeds from the issuance of the Notes were used to repay outstanding indebtedness under our unsecured revolving credit facility and for other general corporate and working capital purposes.

The Notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. However, the Notes are effectively subordinated to the Operating Partnership’s existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Operating Partnership’s subsidiaries, including guarantees provided by the Operating Partnership’s subsidiaries under the Company’s unsecured line of credit.

The Purchase Agreement contains various restrictive covenants, including limitations on the Operating Partnership’s ability to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. The Operating Partnership’s obligations under the Notes are fully and unconditionally guaranteed by the Parent Company and certain of its subsidiaries. Certain events would be considered events of default and could result in the acceleration of the maturity of the Notes.

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Debt of the Operating Partnership - Additional Information (Detail) (Excel Trust, L.P., USD $)	3 Months Ended					3 Months Ended			1 Months Ended		3 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Nov. 12, 2013	Apr. 18, 2014 Subsequent Event	Mar. 31, 2014 London Interbank Offered Rate (LIBOR)	Mar. 31, 2014 Minimum London Interbank Offered Rate (LIBOR)	Mar. 31, 2014 Maximum London Interbank Offered Rate (LIBOR)	Nov. 12, 2013 Series A Senior Notes	Nov. 12, 2013 Series B Senior Notes	Mar. 31, 2014 Credit Agreement	Dec. 31, 2013 Credit Agreement	Oct. 08, 2013 Credit Agreement	Mar. 31, 2014 Credit Agreement Scenario, Adjustment	Mar. 31, 2014 2013 Amendment Minimum	Mar. 31, 2014 2013 Amendment Maximum
Line of Credit Facility [Line Items]
Total interest cost capitalized	$ 195,000	$ 0
Increase in borrowings under the credit facility											250,000,000		300,000,000	500,000,000
Increase in additional borrowings under revolving credit facility														200,000,000
Maturity date	Apr. 06, 2018
Revolving credit facility, covenants requiring the maintenance											(1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios.
Revolving credit facility bears interest (in basis points)						130	90	170
Percentage of unused fee															0.25%	0.30%
Borrowings from revolving credit facility											198,000,000	179,500,000
Revolving credit facility, weighted-average interest rate											1.45%	1.67%
Letter of credit from the unsecured revolving credit facility	12,100,000				4,800,000						12,100,000
Carrying Amount of Debt Instrument	237,336,000		249,894,000								12,000,000
Available for borrowing under the unsecured revolving credit facility					85,200,000						89,900,000
Aggregate principal amount of senior unsecured notes				$ 100,000,000					$ 75,000,000	$ 25,000,000
Debt maturity date									2020-11	2023-11
Debt fixed interest rate									4.40%	5.19%

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Income Taxes - Additional Information (Detail) (Minimum)	3 Months Ended
	Mar. 31, 2014
Minimum
Income Tax Disclosure [Line Items]
Percentage of REIT taxable income distributed to stockholders	90.00%

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Earnings Per Share of the Parent Company - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
7.00% Series A cumulative convertible perpetual preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,367,200	3,333,400
Preferred stock dividend rate percentage	7.00%	7.00%
Unvested Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	225,675	699,719
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,019,523	1,241,259

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Mortgages Payable Net (Parenthetical) (Detail) (Excel Trust, L.P., USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Maturity date	Apr. 06, 2018
Loan bears interest rate of LIBOR plus	1.69%	1.69%
Market value of bonds interest rate	0.07%	0.10%
Letter of credit issued under revolving credit facility	$ 12,100,000
Underwriter's discount related to original issuance of the bonds	$ 104,000	$ 105,000
Minimum
Debt Instrument [Line Items]
Loan bears interest rate of LIBOR plus	1.45%
Maximum
Debt Instrument [Line Items]
Loan bears interest rate of LIBOR plus	2.05%
Red Rock Commons
Debt Instrument [Line Items]
Maturity date	Mar. 31, 2015
Promenade Corporate Center
Debt Instrument [Line Items]
Fixed interest rate of loan	7.88%
West Broad Village
Debt Instrument [Line Items]
Maturity date	May 01, 2020
Fixed interest rate of loan	3.33%
Redevelopment revenue bonds
Debt Instrument [Line Items]
Maturity date	Nov. 30, 2035

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Segment Disclosure - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 Segment
Segment Reporting Information [Line Items]
Number of real estate property held by segment	3

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Debt of the Operating Partnership (Tables) (Excel Trust, L.P.)

3 Months Ended

Mar. 31, 2014

Excel Trust, L.P.

Schedule of Mortgages Payable

Mortgages payable held by the Operating Partnership at March 31, 2014 and December 31, 2013 consist of the following (dollars in thousands):

	Carrying Amount of Mortgage Notes				Contractual Interest Rate (March 31, 2014)			Effective Interest Rate (March 31, 2014)			Monthly Payment(1)		Maturity Date
Property Pledged as Collateral	March 31, 2014		December 31, 2013
Edwards Theatres	$	—		11,520		6.74	%		5.50	%		95		February 2014
Excel Centre		11,968		12,018		6.08	%		6.08	%		85		May 2014
Merchant Central		4,344		4,370		5.94	%		6.75	%		30		July 2014
Gilroy Crossing		45,619		45,836		5.01	%		5.01	%		263		October 2014
Red Rock Commons(2)		13,970		13,970		1.69	%		1.69	%		20		March 2015
The Promenade		47,499		47,957		4.80	%		4.80	%		344		October 2015
5000 South Hulen		13,361		13,421		5.60	%		6.90	%		83		April 2017
Lake Pleasant Pavilion		27,766		27,855		6.09	%		5.00	%		143		October 2017
Rite Aid — Vestavia Hills		970		1,015		7.25	%		7.25	%		21		October 2018
Living Spaces-Promenade(3)		7,075		7,075		7.88	%		4.59	%		80		November 2019
West Broad Village(4)		39,700		39,700		3.33	%		3.33	%		110		May 2020
Lowe’s, Shippensburg		13,064		13,157		7.20	%		7.20	%		110		October 2031
Northside Mall(5)		12,000		12,000		0.07	%		1.07	%		1		November 2035
		237,336		249,894
Plus: premium(6)		1,207		1,297
Mortgage notes payable, net	$	238,543	$	251,191

⁽¹⁾  Amount represents the monthly payment of principal and interest at March 31, 2014.

⁽²⁾  The maturity date for the Red Rock Commons construction loan was extended in February 2014 for an additional one-year period and now expires in March 2015. As of March 31, 2014, the construction loan bore interest at the rate of LIBOR plus a margin of 145 to 205 basis points, depending on the Company’s leverage ratio (variable interest rate of 1.69% at March 31, 2014 and December 31, 2013).

⁽³⁾  The Company acquired an additional land parcel that it did not previously own at The Promenade retail property in August 2013 and in connection with such acquisition, the Company assumed a mortgage note with a fixed interest rate of 7.88%.

⁽⁴⁾  The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

⁽⁵⁾  The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.07% at March 31, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $104,000 and $105,000 at March 31, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

⁽⁶⁾  Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.

Mortgage Debt Maturities

The Company’s mortgage debt maturities at March 31, 2014 for each of the next five years and thereafter are as follows (dollars in thousands):

Year Ending December 31,	Amount
2014 (remaining nine months)	$	64,603
2015		61,888
2016		2,362
2017		41,431
2018		2,196
Thereafter		64,856
	$	237,336

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Pro Forma Information (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013
Business Acquisition [Line Items]
Nonrecurring Acquisition Cost	$ 47,000

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Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2014

Investment in Unconsolidated Entities

14. Investment in Unconsolidated Entities

On September 7, 2012, the Company contributed the La Costa Town Center property to a limited liability company (“La Costa LLC”) with GEM Realty Capital, Inc. (“GEM”). As a result of the contribution, the Company and GEM hold 20% and 80% ownership interests, respectively, in La Costa LLC. The Company received approximately $21.2 million in exchange for the 80% ownership interest acquired by GEM. The Company’s remaining interest is reflected in the accompanying balance sheets at the Company’s historical cost basis as an investment in a profit-sharing arrangement. The contribution was not considered a sale of real estate due to terms in the La Costa LLC formation documents that could require the Company’s continuing participation in the future under certain circumstances. La Costa LLC does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property and the majority owner bears the majority of any losses incurred. The Company receives 20% of the cash flow distributions and may receive a greater portion of cash distributions in the future based upon the performance of the property and the availability of cash for distribution. In addition, the Company receives fees in its role as the day-to-day property manager and for any development services that it provides. The Company’s interest in the income or losses of the underlying venture is reflected in a manner similar to the equity method of accounting.

On October 19, 2012, the Company acquired a 50% tenant-in-common ownership interest in a property (The Fountains at Bay Hill, or “Bay Hill”) for a purchase price of approximately $19.8 million as a part of a larger acquisition. The remaining 50% undivided interest in the Bay Hill property is held by MDC Fountains, LLC (“MDC”). The Bay Hill property does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property. The Company receives 50% of the cash flow distributions and recognizes 50% of the results of operations. In addition, the Company receives fees in its role as the day-to-day property manager. The Company’s 50% ownership interest is reflected in the accompanying balance sheets as an investment in unconsolidated entities and the Company’s interest in the income or losses of the property is recorded based on the equity method of accounting.

General information on the La Costa LLC and Bay Hill properties as of March 31, 2014 was as follows:

Unconsolidated Investment	Partner		Ownership Interest			Formation/ Acquisition Date	Property
La Costa LLC(1)		GEM		20	%	September 7, 2012	La Costa Town Center
Bay Hill(2)		MDC		50	%	October 19, 2012	The Fountains at Bay Hill

⁽¹⁾  At March 31, 2014, La Costa LLC had real estate assets of $23.9 million, total assets of $25.6 million, mortgages payable of $14.1 million and total liabilities of $14.6 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $391,000, total expenses were $652,000 (including interest expense) and net loss was $261,000 for the three months ended March 31, 2014. Total revenues were $1.9 million, total expenses were $1.4 million (including interest expense) and net income was $186,000 for the three months ended March 31, 2013. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC’s election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

⁽²⁾  At March 31, 2014, Bay Hill had real estate assets of $36.9 million, total assets of $39.6 million, mortgages payable of $23.3 million and total liabilities of $25.5 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. Total revenues were $955,000, total expenses were $951,000 (including interest expense) and net income was $4,000 for the three months ended March 31, 2013. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of March 31, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower’s election and upon the satisfaction of certain conditions.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2014

Fair Value of Financial Instruments

19. Fair Value of Financial Instruments

The Company is required to disclose fair value information relating to financial instruments that are remeasured on a recurring basis and those that are only initially recognized at fair value (not required to be subsequently remeasured). The Company’s disclosures of estimated fair value of financial instruments were determined using available market information and appropriate valuation methods. The use of different assumptions or methods of estimation may have a material effect on the estimated fair value of financial instruments.

The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis (dollars in thousands):

	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	471	$	—	$	—	$	471
	Balance at December 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	507	$	—	$	—	$	507

⁽¹⁾  Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.

The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2014 (dollars in thousands):

	Other Assets Related to Business Combinations (1)
Beginning balance, January 1, 2014	$	507
Total gains: included in earnings		—
Purchases, issuances or settlements		(36	)
Ending balance, March 31, 2014	$	471

⁽¹⁾  The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 is comprised of cash payments received on the master lease asset.

The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2013 (dollars in thousands):

	Other Assets Related to Business Combinations (1)			Contingent Consideration Related to Business Combinations (2)			Derivative Instruments Related to Business Combinations (3)
Beginning balance, January 1, 2013	$	992		$	(1,787	)	$	(274	)
Total gains: Included in earnings		—			—			246
Purchases, issuances or settlements		(162	)		—			28
Ending balance, March 31, 2013	$	830		$	(1,787	)	$	—

⁽¹⁾  The change of $162,000 for other assets related to business combinations during the three months ended March 31, 2013 is comprised of payments received on the master lease assets.

⁽²⁾  There was no change in the contingent consideration related to business combinations during the three months ended March 31, 2013, with the earn-out periods related to the two applicable acquisitions ending on June 30, 2013 and September 30, 2013, respectively.

⁽³⁾  The change of $274,000 for derivative instruments related to business combinations during the three months ended March 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.

There were no additional gains or losses, purchases, sales, issuances, settlements, or transfers in or out related to any of the three levels of the fair value hierarchy during the three months ended March 31, 2014 and 2013.

The following table provides quantitative disclosure about significant unobservable inputs related to financial assets and liabilities measured on a recurring basis (Level 3 of the fair value hierarchy) as of March 31, 2014:

	Fair Value at March 31, 2014		Valuation Technique(s)		Unobservable Input		Range/value (Weighted- Average)
Other assets related to business combinations(1)	$	471		Cash flow		Tenant improvement allowance Lease commission TI construction period	$ $	30.00/sf - 35.00/sf 6.0 5 months	%

⁽¹⁾  The significant unobservable inputs used in the fair value measurement of the master lease agreement asset are any estimated tenant improvement allowances, leasing commissions and the construction periods associated with projected new leasing. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for market lease rates is accompanied by a directionally similar change in the assumption used for tenant improvement allowances and/or leasing commissions.

The Company has not elected the fair value measurement option for any of its other financial assets or liabilities. The Company has estimated the fair value of its financial assets using a discounted cash flow analysis based on an appropriate market rate for a similar type of instrument. The Company has estimated the fair value of its financial liabilities by using either (1) a discounted cash flow analysis using an appropriate market discount rate for similar types of instruments, or (2) a present value model and an interest rate that includes a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts.

The fair values of certain additional financial assets and liabilities at March 31, 2014 and December 31, 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Note receivable (Other Assets)	$	750	$	750	$	750	$	750
Financial liabilities:
Mortgage notes payable		238,543		243,965		251,191		254,473
Notes payable		198,000		196,375		179,500		179,500
Unsecured notes		100,000		100,390		100,000		100,000

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Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013
Business Acquisition [Line Items]
Revenues	$ 549,000
Net (loss)/income	$ (2,000)

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis (dollars in thousands):

	Balance at March 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	471	$	—	$	—	$	471
	Balance at December 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair value measurements on a recurring basis:
Assets:
Other assets related to business combinations(1)	$	507	$	—	$	—	$	507

⁽¹⁾  Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.

Statement of Reconciliation of Financial Instruments Remeasured on Recurring Basis

The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2014 (dollars in thousands):

	Other Assets Related to Business Combinations (1)
Beginning balance, January 1, 2014	$	507
Total gains: included in earnings		—
Purchases, issuances or settlements		(36	)
Ending balance, March 31, 2014	$	471

⁽¹⁾  The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 is comprised of cash payments received on the master lease asset.

The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2013 (dollars in thousands):

	Other Assets Related to Business Combinations (1)			Contingent Consideration Related to Business Combinations (2)			Derivative Instruments Related to Business Combinations (3)
Beginning balance, January 1, 2013	$	992		$	(1,787	)	$	(274	)
Total gains: Included in earnings		—			—			246
Purchases, issuances or settlements		(162	)		—			28
Ending balance, March 31, 2013	$	830		$	(1,787	)	$	—

⁽¹⁾  The change of $162,000 for other assets related to business combinations during the three months ended March 31, 2013 is comprised of payments received on the master lease assets.

⁽²⁾  There was no change in the contingent consideration related to business combinations during the three months ended March 31, 2013, with the earn-out periods related to the two applicable acquisitions ending on June 30, 2013 and September 30, 2013, respectively.

⁽³⁾  The change of $274,000 for derivative instruments related to business combinations during the three months ended March 31, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.

Quantitative Disclosure of Significant Unobservable Inputs Relating to Financial Assets and Liabilities Measured on Recurring Basis

The following table provides quantitative disclosure about significant unobservable inputs related to financial assets and liabilities measured on a recurring basis (Level 3 of the fair value hierarchy) as of March 31, 2014:

	Fair Value at March 31, 2014		Valuation Technique(s)		Unobservable Input		Range/value (Weighted- Average)
Other assets related to business combinations(1)	$	471		Cash flow		Tenant improvement allowance Lease commission TI construction period	$ $	30.00/sf - 35.00/sf 6.0 5 months	%

⁽¹⁾  The significant unobservable inputs used in the fair value measurement of the master lease agreement asset are any estimated tenant improvement allowances, leasing commissions and the construction periods associated with projected new leasing. Significant increases (decreases) in any of these inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for market lease rates is accompanied by a directionally similar change in the assumption used for tenant improvement allowances and/or leasing commissions.

Fair Values of Certain Additional Financial Assets and Liabilities

The fair values of certain additional financial assets and liabilities at March 31, 2014 and December 31, 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Note receivable (Other Assets)	$	750	$	750	$	750	$	750
Financial liabilities:
Mortgage notes payable		238,543		243,965		251,191		254,473
Notes payable		198,000		196,375		179,500		179,500
Unsecured notes		100,000		100,390		100,000		100,000

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Condensed Consolidated Statements of Equity (USD $) In Thousands, except Share data	Total USD ($)	Scenario, Actual USD ($)	Common Stock Subject to Mandatory Redemption USD ($)	Preferred Stock 7.00% Series A cumulative convertible perpetual preferred stock USD ($)	Preferred Stock 7.00% Series A cumulative convertible perpetual preferred stock Scenario, Actual USD ($)	Preferred Stock 8.125% Series B cumulative redeemable preferred stock USD ($)	Preferred Stock 8.125% Series B cumulative redeemable preferred stock Scenario, Actual USD ($)	Common Stock USD ($)	Common Stock Scenario, Actual USD ($)	Common Stock Common Stock Subject to Mandatory Redemption	Additional Paid-in Capital USD ($)	Additional Paid-in Capital Scenario, Actual USD ($)	Additional Paid-in Capital Common Stock Subject to Mandatory Redemption USD ($)	Retained Earnings USD ($)	Accumulated Other Comprehensive Loss USD ($)	Stockholders' Equity, Total USD ($)	Stockholders' Equity, Total Scenario, Actual USD ($)	Stockholders' Equity, Total Common Stock Subject to Mandatory Redemption USD ($)	Noncontrolling Interests USD ($)	Noncontrolling Interests Scenario, Actual USD ($)	Noncontrolling Interests Common Stock Subject to Mandatory Redemption USD ($)
Balance at Dec. 31, 2012	$ 608,772			$ 47,703		$ 88,720		$ 448			$ 459,151			$ (1,414)	$ (572)	$ 594,036			$ 14,736
Balance (in shares) at Dec. 31, 2012								44,905,683
Net proceeds from sale of common stock (in shares)								2,063,828
Net proceeds from sale of common stock	25,423							20			25,403					25,423
Issuance of restricted common stock awards (in shares)								41,500
Redemption of OP units for common stock and cash (in shares)										22,074
Redemption of OP units for common stock and cash			44										279					279			(235)
Noncash amortization of share-based compensation	562										562					562
Common stock dividends	(7,996)										(7,996)					(7,996)
Distributions to non-controlling interests	(309)																		(309)
Net income	324													296		296			28
Preferred stock dividends	(2,744)										(2,744)					(2,744)
Change in unrealized loss on interest rate swaps	161														157	157			4
Adjustment for non-controlling interests											(334)					(334)			334
Balance at Mar. 31, 2013	624,237			47,703		88,720		468			474,321			(1,118)	(415)	609,679			14,558
Balance (in shares) at Mar. 31, 2013								47,033,085
Balance at Dec. 31, 2012				47,703		88,720		448
Balance (in shares) at Dec. 31, 2012								44,905,683
Net proceeds from sale of common stock (in shares)								3,211,928
Balance at Dec. 31, 2013	627,384	627,384		47,703	47,703	88,720	88,720	482	482		460,431	478,541		18,110		615,446	615,446		11,938	11,938
Balance (in shares) at Dec. 31, 2013								48,381,365	48,381,365
Reclassification of dividends, see note 2	18,110										18,110			(18,110)
Net proceeds from sale of common stock (in shares)	0
Repurchase of common stock (in share)								(105,775)
Repurchase of common stock	(1,407)							(1)			(1,406)					(1,407)
Forfeitures of restricted common stock awards (in share)								(465,864)
Forfeiture of restricted common stock awards								(4)			4
Issuance of restricted common stock awards (in shares)	1,316,097							645,460
Issuance of restricted common stock awards								6			(6)
Noncash amortization of share-based compensation	574										574					574
Common stock dividends	(8,479)										(8,479)					(8,479)
Distributions to non-controlling interests	(326)																		(326)
Net income	2,278													2,195		2,195			83
Preferred stock dividends	(2,744)										(549)			(2,195)		(2,744)
Adjustment for non-controlling interests											80					80			(80)
Balance at Mar. 31, 2014	$ 617,280			$ 47,703		$ 88,720		$ 483			$ 468,759					$ 605,665			$ 11,615
Balance (in shares) at Mar. 31, 2014								48,455,186

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Reconciliation of Financial Instruments Remeasured on Recurring Basis (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Change in other asset related to business combinations	$ 36,000	$ 162,000
Change in contingent consideration		0
Changes on derivative instruments related to business combination		274,000
Amount of gain included in earnings related to changes in fair value of derivative liability		246,000
Decrease due to redemption of OP units		$ 28,000

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation:

The accompanying condensed consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. The financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements and have not been audited by independent registered public accountants.

The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

Cash and Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities.

Restricted Cash:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements.

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $3.3 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.

Revenue Recognition:

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include:

• whether the lease stipulates how and on what a tenant improvement allowance may be spent;

• whether the tenant or landlord retains legal title to the improvements;

• the uniqueness of the improvements;

• the expected economic life of the tenant improvements relative to the length of the lease;

• the responsible party for construction cost overruns; and

• who constructs or directs the construction of the improvements.

Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income increased by $602,000 and $877,000 in the three months ended March 31, 2014 and 2013, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $215,000 and $385,000 for the three months ended March 31, 2014 and 2013, respectively.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases.

Property:

Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction.

Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements	15 to 40 years
Tenant improvements	Shorter of the useful lives or the terms of the related leases

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed:

The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the three months ended March 31, 2014 or 2013.

Investments in Partnerships and Limited Liability Companies:

The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual and/or other pecuniary interests in that VIE.

If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company.

Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the condensed consolidated balance sheets and its share of net income or loss is included in the condensed consolidated statements of operations and comprehensive income.

For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements.

Share-Based Payments:

All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through March 31, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures.

Purchase Accounting:

The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable.

The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property.

The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying condensed consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.

Tenant receivables:

Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying condensed consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At March 31, 2014 and December 31, 2013, the Company had $458,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the three months ended March 31, 2014 and 2013, $206,000 and $337,000, respectively, of receivables were charged to bad debt expense.

Non-controlling Interests:

Non-controlling interests on the condensed consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate.

During the three months ended March 31, 2013, a total of 19,904 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Company for redemption, resulting in the issuance of 22,074 shares of the Parent Company’s common stock. The OP units were redeemed for common stock on a one-for-one basis, with additional common stock provided as a result of the accompanying additional redemption obligation that guaranteed consideration equal to $14.00 per OP unit on the date of redemption. The remaining additional redemption obligation of $246,000 associated with the 2011 Edwards Theatres acquisition expired on March 11, 2013 and was reclassified and recognized as a gain in changes in fair value of financial instruments and gain on OP unit redemption (net of a loss of $16,000 on the OP unit redemption) on the accompanying condensed consolidated financial statements. The remaining outstanding OP units related to the 2011 Edwards Theatres acquisition continue to be redeemable by the OP unitholders for cash or common stock on a one-for-one basis (the determination of redemption for cash or common stock is at the Parent Company’s option).

Non-controlling interests on the condensed consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates.

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit.

In the three months ended March 31, 2014 and 2013, no tenant accounted for more than 10% of revenues.

At March 31, 2014, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.8%, 17.5%, 14.8% and 13.9%, respectively, of the Company’s total assets. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7%, respectively, of the Company’s total assets. For the three months ended March 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 27.7%, 19.2%, 15.9% and 13.1%, respectively, of the Company’s total revenues. For the three months ended March 31, 2013, the Company’s revenues derived from properties located in the states of California, Arizona and Virginia represented approximately 18.4%, 17.1% and 10.7%, respectively, of the Company’s total revenues.

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments:

The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance.

Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company has used interest rate swaps to manage its interest rate risk (see Note 11). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the condensed consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary.

Derivative Instruments:

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company records all derivative instruments on the condensed consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads.

Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction.

The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes.

Changes in Accumulated Other Comprehensive Loss:

The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Parent Company					Operating Partnership
	Three Months Ended					Three Months Ended
	March 31, 2014		March 31, 2013			March 31, 2014		March 31, 2013
Balance – January 1	$	—	$	(572	)	$	—	$	(620	)
Unrealized loss on interest rate swaps:
Unrealized losses		—		(1	)		—		(1	)
Amount reclassified and recognized in net income(1)		—		162			—		162
Net change in other comprehensive income		—		161			—		161
Total other comprehensive loss allocable to non-controlling interests		—		(4	)		—		—
Balance – March 31	$	—	$	(415	)	$	—	$	(459	)

⁽¹⁾  Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations.

Revision to Consolidated Financial Statements:

Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this correction with respect to the prior period consolidated financial statements and determined that the correction was not material. However, the Parent Company has revised the accompanying condensed consolidated balance sheet at December 31, 2013 to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheets is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $18.1 million at December 31, 2013. The effect of the correction on previously issued unaudited quarterly reports for the six and nine months ended June 30, 2013 and September 30, 2013 is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $2.2 million and $15.7 million, respectively. The condensed consolidated statement of equity for the three months ended March 31, 2014 included herein reflects a reclassification of $18.1 million from additional paid-in capital to retained earnings relating to the year ended December 31, 2013. This correction had no effect on previously reported revenues, net income, earnings per share, cash flows, or total stockholders’ equity.

Recent Accounting Pronouncements:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014, which did not have a material impact on the Company’s consolidated financial position or results of operations.

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Lease Intangible Liabilities Net - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Lease Intangible Assets, Net [Line Items]
Amortization of Lease Intangible Liabilities	$ 1.1	$ 1.5

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Properties Sold as Portfolio (Detail) (USD $) In Thousands, unless otherwise specified	1 Months Ended		12 Months Ended
	Jul. 19, 2013 Walgreens North Corbin	Sep. 13, 2013 Grant Creek Town Center	Dec. 31, 2013 Retail Properties Walgreens North Corbin	Dec. 31, 2013 Retail Properties Grant Creek Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 4,500	$ 32,300	$ 4,514	$ 32,343
Gain on Sale			$ 1,129	$ 10,926
Date of Sale			Jul. 19, 2013	Sep. 13, 2013
Acquisition Date			May 24, 2010	Aug. 27, 2010

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Computation of Basic and Diluted Earnings Per Share (Operating Partnership) (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Basic earnings per unit:
Income from continuing operations	$ 2,278	$ 219
Allocation to participating securities	(132)	(121)
Income from continuing operations attributable to non-controlling interests	(83)	(28)
Loss from continuing operations applicable to the common stockholders	(681)	(2,674)
Allocation to participating securities	(132)	(121)
Excel Trust, L.P.
Basic earnings per unit:
Income from continuing operations	2,278	219
Preferred distributions	(2,744)	(2,744)
Allocation to participating securities	(132)	(121)
Income from continuing operations attributable to non-controlling interests	(93)	(87)
Loss from continuing operations applicable to the common stockholders	(691)	(2,733)
Net loss attributable to the unitholders	(559)	(2,507)
Allocation to participating securities	(132)	(121)
Net loss applicable to the unitholders	$ (691)	$ (2,628)
Weighted-average common OP units outstanding:
Basic and diluted	48,804,623	46,593,748
Basic and diluted earnings per unit:
Loss from continuing operations per unit attributable to the unitholders	$ (0.01)	$ (0.06)
Income from discontinued operations per unit attributable to the unitholders
Net loss per unit attributable to the unitholders	$ (0.01)	$ (0.06)

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Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events

20. Subsequent Events

On April 1, 2014, the Company prepaid the outstanding balance of the mortgage note at the Excel Centre property in the amount of approximately $12.0 million (including accrued, but unpaid interest, through the date of repayment).

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Shares of Restricted Common Stock (Parenthetical) (Detail)	1 Months Ended			3 Months Ended	1 Months Ended
	Mar. 24, 2014 Restricted Stock	Mar. 07, 2014 Restricted Stock		Mar. 31, 2014 Restricted Stock	Mar. 24, 2014 Members of Board of Directors		Mar. 18, 2014 Members of Board of Directors		Mar. 18, 2014 Members of Board of Directors Performance or Service Conditions Based Awards	Mar. 18, 2014 Members of Board of Directors Stock Options That Contain Performance And Market Based Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan shares vesting period	3 years	4 years	[1]		3 years	[2]	1 year	[3]	3 years
Vesting percentage	33.00%	25.00%
Equity Incentive Award Plan, number of stock grants		4,000	[1]	645,831	83,500	[2]	558,331	[3]	452,500	105,831
Equity Incentive Award Plan, vesting date										Dec. 31, 2014

[1] Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

[2] Shares issued to certain of the Company's employees. These shares vest over three years with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

[3] Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company's board of directors on December 31, 2014 based on the achievement of the Company's objectives during the year ended December 31, 2014.

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Equity of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2014

Vested Ownership Interests in Operating Partnership

The following table shows the vested partnership interests in the Operating Partnership as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	OP Units		Percentage of Total			OP Units		Percentage of Total
Excel Trust, Inc.		47,806,107		97.9	%		47,769,682		97.9	%
Non-controlling interests consisting of:
OP units held by employees and third parties		1,019,523		2.1	%		1,019,523		2.1	%
Total		48,825,630		100.0	%		48,789,205		100.0	%

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Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2014

Equity of the Operating Partnership

13. Equity of the Operating Partnership

As of March 31, 2014, the Operating Partnership had outstanding 49,580,484 OP units. The Parent Company owned 97.9% of the partnership interests in the Operating Partnership at March 31, 2014, is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the Parent Company effectively controls the ability to issue common stock of the Parent Company upon a limited partner’s notice of redemption. In addition, the Parent Company has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit the Parent Company to settle in either cash or common stock at the option of the Parent Company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity.

In addition, as of March 31, 2014, the Operating Partnership had outstanding 2,000,000 Series A preferred units and 3,680,000 8.125% Series B Cumulative Redeemable Preferred Units (collectively referred to as the “Preferred Units”). The Preferred Units were issued to the Parent Company in exchange for the net proceeds from the issuance of preferred stock of the Parent Company and contain the same terms and conditions as the preferred stock instruments (including, among other things, distribution rates and exchange or redemption provisions).

In the three months ended March 31, 2014, the Operating Partnership repurchased 105,775 common OP units from the Parent Company (in connection with the Parent Company’s repurchase of its common stock) for an aggregate cost of approximately $1.3 million (including transaction costs) at a weighted-average purchase price of $12.52 per unit. The OP units were subsequently retired by the Operating Partnership. No OP units were repurchased from the Parent Company in connection with repurchases of its common stock during the year ended December 31, 2013.

In connection with the Equity Distribution Agreements, during the year ended December 31, 2013 the Operating Partnership issued 3,211,928 OP units to the Parent Company in exchange for net proceeds of approximately $40.7 million, which were used to repay outstanding indebtedness under its unsecured revolving credit facility and for other general corporate and working capital purposes. During the three months ended March 31, 2014, the Operating Partnership did not issue any OP units to the Parent Company in connection with the Equity Distribution Agreements.

Consolidated net income is reported in the Operating Partnership’s condensed consolidated financial statements at amounts that include the amounts attributable to both the unitholders and the non-controlling interests in a consolidated joint venture property. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of the Parent Company’s common stock (and the issuance of an equivalent number of OP units to the Parent Company) and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

The following table shows the vested partnership interests in the Operating Partnership as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
	OP Units		Percentage of Total			OP Units		Percentage of Total
Excel Trust, Inc.		47,806,107		97.9	%		47,769,682		97.9	%
Non-controlling interests consisting of:
OP units held by employees and third parties		1,019,523		2.1	%		1,019,523		2.1	%
Total		48,825,630		100.0	%		48,789,205		100.0	%