EX-99.1

Excel Trust Announces Results For the Quarter Ended September 30, 2014, Declares Dividend

SAN DIEGO October 29, 2014--Excel Trust, Inc. (the “Company”) announced today financial and operating results for the quarter ended September 30, 2014. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

“We continue to make progress on the objectives we outlined at the beginning of the year,” stated Gary Sabin, Chairman and CEO. “We upgraded our portfolio by acquiring well located, dominant shopping centers in Utah and Florida. We improved our balance sheet and our future earnings potential by retiring a portion of our convertible preferred shares. We exited our joint-venture project in San Diego for a profit and moved forward in marketing our dispositions. We believe these activities further enhance our company as we strive to create long-term value for our shareholders.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the third quarter of 2014 of $12.1 million, or $0.19 per diluted share and Funds From Operations (FFO) for the third quarter of $8.5 million or $0.14 per diluted share. Net loss attributable to the common stockholders for the third quarter was $2.8 million, or $0.05 per diluted share. This compares to AFFO of $11.7 million, or $0.24 per diluted share, FFO of $11.0 million or $0.22 per diluted share and net income attributable to the common stockholders of $10.7 million, or $0.22 per diluted share in the three-month period ended September 30, 2013.

Excel Trust reported AFFO for the nine months ended September 30, 2014 of $35.9 million or $0.67 per diluted share and FFO of $30.6 million or $0.57 per diluted share. Net loss attributable to the common stockholders for the nine months ended September 30, 2014 was $4.2 million or $0.09 per diluted share. This compares to AFFO of $32.4 million, or $0.67 per diluted share, FFO of $33.4 million or $0.69 per diluted share and a net gain attributable to the common stockholders of $8.9 million or $0.18 per diluted share in the nine month period ended September 30, 2013.

Deducted from FFO for the quarter ended September 30, 2014 was a one-time charge of approximately $1.5 million related to the Company’s retirement of convertible preferred shares. Also deducted from FFO were transaction costs related to acquisitions which totaled approximately $820,000 for the quarter. For the nine months ended September 30, 2014 transaction costs totaled approximately $1,297,000.

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

At the end of the third quarter 2014, the retail portfolio was 93.8% leased compared to 94.0% in the second quarter 2014. Anchor space was 98.8% leased compared to 99.1% in the second quarter 2014 and inline space was 83.9% leased compared to 84.5% in the second quarter 2014.

During the third quarter 2014, the Company signed 36 retail leases and renewals, totaling 178,752 square feet. The average releasing spread on comparable new leases was 5.9%.

Same Property Net Operating Income increased 3.0% over the same quarter of the prior year.

On September 26, 2014, the Company acquired three shopping centers in the Salt Lake City area for approximately $223 million. Properties included in the transaction were, The Family Center at Fort Union, The Family Center at Orem and The Family Center at Taylorsville. As a part of the transaction, Excel Trust assigned purchase rights for The Family Center at Taylorsville to a third party for approximately $75 million, leaving the Company with approximately $148 million in net acquisitions, and 839,216 square feet of GLA. Major tenants include, Walmart, Smith’s Food (Kroger), Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, Gordmans, Ulta, DSW, Office Max, Dollar Tree, etc.

During the quarter, the Company repurchased 669,025 shares of Series A preferred stock. The repurchased shares of Series A preferred stock were subsequently retired resulting in a one-time charge of approximately $1.5 million.

On October 1, 2014, the Company acquired Downtown at the Gardens, a 339,669 square foot shopping center in Palm Beach Gardens, FL. Major tenants include Whole Foods, Cheesecake Factory, Cobb Theaters, Urban Outfitters, and Golfsmith. Average household income in a 3 mile radius is estimated to be $107,654 (source: AGS 2014).

On October 9, 2014, the Company completed the disposition of the La Costa Towne Center (joint-venture asset) for approximately $31.6 million, excluding closing costs.

On October 16, 2014, the Company repurchased 150,000 shares of Series A preferred stock.

On October 23, 2014, the Company completed the disposition of its freestanding Lowe’s property located in Shippensburg, PA for approximately $24.4 million, excluding closing costs.

The Board of Directors declared a fourth quarter cash dividend of $0.175 per common share payable on January 15, 2015 to shareholders of record as of December 31, 2014.

The Board of Directors has also declared a dividend of $0.4375 per share on the Company’s Series A Cumulative Convertible Perpetual Preferred Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares. The dividend on Excel Trust’s outstanding Series A and Series B Preferred Shares will be payable on January 15, 2015 to shareholders of record as of December 31, 2014.

Excel Trust is revising its previously announced guidance primarily to account for charges related to the retirement of Series A convertible preferred stock and transaction fees related to the Florida acquisition. The Company expects its AFFO per share for fiscal year 2014 to be between $0.90 and $0.95 and its FFO per share to be between $0.76 and $0.81. The Company will further discuss assumptions surrounding guidance tomorrow on the conference call.

In conjunction with Excel Trust’s results, you are invited to listen to its conference call on Thursday, October 30, 2014 at 1:00 p.m. Eastern Time.

INTERNET: A live webcast of the conference call will be available through Excel Trust’s web site at www.exceltrust.com.

REPLAY: A replay of the conference call will be made available through Excel Trust’s web site at www.exceltrust.com. A replay will also be available by phone for three days beginning at 4:00 p.m. ET on October 30, 2014. Replay access information is as follows:

Excel Trust, Inc. is a retail focused REIT that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol “EXL”. For more information on Excel Trust, Inc., please visit www.exceltrust.com.

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

Excel Trust considers FFO and AFFO to be important supplemental measures of its operating performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate

assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

Excel Trust computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of assets and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust computes AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting or adding straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Excel Trust’s computation of FFO and AFFO may differ from the methodology for calculating FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO and AFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties.

FFO and AFFO should not be considered alternatives to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor are they indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Reported results are preliminary and not final until the filing of Excel Trust’s Form 10-Q or 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment. The accompanying notes to follow in the Form 10-Q or 10-K are an integral part of these consolidated financial statements.


	September 30, 2014		December 31, 2013
ASSETS:

Property:
Land	$	409,013	$	380,366
Buildings		754,860		642,356
Site improvements		69,137		63,242
Tenant improvements		62,454		54,025
Construction in progress		26,697		7,576
Less accumulated depreciation		(83,008)		(61,479)

Property, net		1,239,153		1,086,086
Cash and cash equivalents		6,143		3,245
Restricted cash		7,707		8,147
Tenant receivables, net		4,404		5,117
Lease intangibles, net		81,796		78,345
Deferred rent receivable		10,824		9,226
Other assets ⁽¹⁾		36,022		20,135
Real estate held for sale, net of accumulated amortization		-		-
Investment in unconsolidated entities		8,378		8,520

Total assets	$	1,394,427	$	1,218,821


LIABILITIES AND EQUITY:

Liabilities:
Mortgages payable, net	$	160,837	$	251,191
Notes payable		56,000		179,500
Unsecured notes		348,725		100,000
Accounts payable and other liabilities		40,821		21,700
Lease intangibles, net		36,260		28,114
Dividends/distributions payable		12,918		10,932

Total liabilities		655,561		591,437

Equity:
Total stockholders’ equity		727,094		615,446
Non-controlling interests		11,772		11,938

Total equity		738,866		627,384

Total liabilities and equity	$	1,394,427	$	1,218,821

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


	Three Months Ended September 30, 2014		Three Months Ended September 30, 2013		Nine Months Ended September 30, 2014		Nine Months Ended September 30, 2013
Revenues:
Rental revenue	$	24,750	$	23,556	$	74,836	$	67,685
Tenant recoveries		5,057		5,022		15,168		14,099
Other income		427		353		1,457		954

Total revenues		30,234		28,931		91,461		82,738

Expenses:
Maintenance and repairs		2,030		1,821		6,439		5,239
Real estate taxes		3,148		3,354		9,443		9,312
Management fees		496		698		1,533		1,331
Other operating expenses		1,632		1,845		4,978		4,707
Changes in fair value of contingent consideration		-		(10)		-		(1,568)
General and administrative		4,289		3,399		12,263		10,536
Depreciation and amortization		11,212		11,637		34,419		34,613

Total expenses		22,807		22,744		69,075		64,170


Net operating income		7,427		6,187		22,386		18,568
Interest expense		(6,387)		(4,728)		(17,357)		(13,751)
Interest income		103		49		206		146
Income (loss) from equity in unconsolidated entities		75		12		240		(13)
Gain on acquisition of real estate and sale of land parcel		-		-		-		-
Changes in fair value of financial instruments and gain on OP unit redemption		-		-		-		230

Net income (loss) from continuing operations		1,218		1,520		5,475		5,180
Income from discontinued operations before gain on sale of real estate assets		-		345		-		481
Gain on sale of real estate assets		-		11,974		-		11,974

Income from discontinued operations		-		12,319		-		12,455

Net income (loss)		1,218		13,839		5,475		17,635
Net (income) loss attributable to non-controlling interests		(70)		(356)		(227)		(489)

Net income (loss) attributable to Excel Trust, Inc.		1,148		13,483		5,248		17,146
Preferred stock dividends		(2,501)		(2,744)		(7,989)		(8,232)
Cost of redemption of preferred stock		(1,477)		-		(1,477)		-


Net income (loss) attributable to the common stockholders	$	(2,830)	$	10,739	$	(4,218)	$	8,914


Basic and diluted net income (loss) per share	$	(0.05)	$	0.22	$	(0.09)	$	0.18

Weighted-average common shares outstanding - basic and diluted		60,389		47,497		52,293		46,674

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

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three and nine months ended September 30, 2014 and 2013 is as follows:


	Three Months Ended September 30, 2014		Three Months Ended September 30, 2013		Nine Months Ended September 30, 2014		Nine Months Ended September 30, 2013

Net income (loss) attributable to the common stockholders	$	(2,830)	$	10,739	$	(4,218)	$	8,914

Add:
Non-controlling interests in operating partnership		(21)		279		(47)		240
Depreciation and amortization ⁽¹⁾		11,212		11,766		34,419		35,306
Deduct:
Depreciation and amortization related to joint venture ⁽²⁾		137		214		463		879

Funds from operations ⁽³⁾	$	8,498	$	11,024	$	30,617	$	33,365

Adjustments:
Transaction costs		820		600		1,297		1,046
Deferred financing costs		457		387		1,380		1,300
Stock-based and other non-cash compensation expense		1,153		583		3,117		1,713
Changes in fair value of contingent consideration		-		(10)		-		(1,568)
Changes in fair value of financial instruments		-		-		-		(230)
Straight-line effects of lease revenue		(482)		(664)		(1,599)		(2,588)
Amortization of above- and below-market leases		225		(14)		(136)		204
Cost of redemption of preferred stock		1,477		-		1,477		-
Non-incremental capital expenditures		(51)		(227)		(230)		(577)
Non-cash expenses (income) related to joint venture		1		6		(16)		(275)

Adjusted funds from operations ⁽³⁾	$	12,098	$	11,685	$	35,907	$	32,390


Weighted average common shares outstanding		60,389		47,497		52,293		46,674
Add ⁽⁴⁾:
OP units		1,020		1,225		1,020		1,230
Restricted stock		-		172		-		206
Contingent consideration related to business combinations		-		-				-
LTIP restricted stock		-		-		-		-

Weighted average common shares outstanding - diluted (FFO and AFFO)		61,409		48,894		53,313		48,110


Funds from operations per share (diluted) ⁽⁵⁾	$	0.14	$	0.22	$	0.57	$	0.69
Adjusted funds from operations per share (diluted) ⁽⁵⁾	$	0.19	$	0.24	$	0.67	$	0.67



Other Information ⁽⁶⁾:
Leasing commissions paid	$	231	$	396	$	719	$	1,366
Tenant improvements paid	$	457	$	3,391	$	2,485	$	6,483