8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 29, 2015

EXCEL TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland (State or Other Jurisdiction of Incorporation) 001-34698 (Commission File No.) 27-1493212 (I.R.S. Employer Identification No.)

Excel Centre

17140 Bernardo Center Drive, Suite 300

San Diego, California 92128

(Address of Principal Executive Offices, Including Zip Code)

(858) 613-1800

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

x Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2015 Excel Trust, Inc. (the “Company”) issued a press release regarding its financial results for the period ended March 31, 2015. Copies of the press release as well as supplemental information are available on the Company’s website at www.exceltrust.com, are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information contained in this Current Report, including the exhibits referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company’s, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 8.01 Other Events.

As disclosed in Item 2.02 above, on April 29, 2015, the Company issued a press release and made available supplemental information regarding its financial results for the period ended March 31, 2015 and also commenting on the Company’s pending acquisition by Blackstone Property Partners L.P. The information set forth in Item 2.02 regarding the Company’s pending acquisition by Blackstone Property Partners L.P. is hereby incorporated into this Item 8.01. All other information set forth in Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company’s, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed herewith:

Exhibit Number	Description of Exhibit
99.1	Press release issued by Excel Trust, Inc. on April 29, 2015.
99.2	Excel Trust, Inc. Supplemental Operating and Financial Data for the period ended March 31, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 29, 2015		Excel Trust, Inc.
	By:	/s/ James Y. Nakagawa
		James Y. Nakagawa
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Excel Trust Announces Results for the Quarter Ended March 31, 2015, Declares Dividend

SAN DIEGO April 29, 2015--Excel Trust, Inc. (the “Company”) announced today financial and operating results for the quarter ended March 31, 2015. A supplemental financial package with additional information can be found on Excel Trust’s website under the Investor Relations tab.

Highlights for the First Quarter 2015

• Reported Adjusted Funds From Operations (AFFO) for the quarter of approximately $16.0 million, or $0.25 per diluted share

• Reported Funds From Operations (FFO) for the quarter of approximately $15.6 million, or $0.24 per diluted share

• Declared a second quarter 2015 dividend of $0.18 per share of common stock, which equates to an annualized dividend rate of $0.72 per share

• Disposed of Family Center in Orem, UT for $21.5 million

• Disposed of Promenade Corporate Center in Scottsdale, AZ for $65.0 million

Highlights Subsequent to Quarter Close

• Disposed of Rosewick Crossing in La Plata, MD for $25.0 million

• Announced a definitive agreement with Blackstone Property Partners L.P., under which Blackstone will acquire all outstanding shares of common stock of Excel Trust for $15.85 per share

Financial Results

Excel Trust reported Adjusted Funds From Operations (AFFO) for the first quarter of 2015 of $16.0 million, or $0.25 per diluted share, and Funds From Operations (FFO) for the first quarter of $15.6 million, or $0.24 per diluted share. Net income attributable to the common stockholders for the first quarter was $17.6 million, or $0.28 per diluted share. This compares to AFFO of $11.9 million, or $0.24 per diluted share, FFO of $11.4 million, or $0.23 per diluted share, and net loss attributable to the common stockholders of $0.5 million, or $0.01 per diluted share, in the three-month period ended March 31, 2014.

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 stockholders to AFFO and FFO and a definition of both are included at the end of this release.

Operating Results

At the end of the first quarter 2015, our retail portfolio was 94.4% leased compared to 94.3% in the fourth quarter 2014. Anchor space was 99.1% leased compared to 98.9% in the fourth quarter 2014 and inline space was 85.6% leased compared to 85.8% in the fourth quarter 2014.

During the first quarter 2015, the Company signed 44 retail leases and renewals, totaling 239,058 square feet. The average releasing spread on comparable new leases was 0.8%.

Same Property Net Operating Income increased 1.5% over the same quarter of the prior year.

Summary of Significant Activities During First Quarter 2015

On January 30, 2015, the Company completed the disposition of the Family Center at Orem property located in Orem, Utah for $21.5 million, excluding closing costs. The shopping center is comprised of 150,667 square feet and major tenants include Dick’s Sporting Goods, Jo-Ann, Babies ‘R’ Us, Dollar Tree and Toys ‘R’ Us (non-owned).

On March 11, 2015, the Company completed the disposition of Promenade Corporate Center in Scottsdale, Arizona for $65.0 million, excluding closing costs. The Promenade Corporate Center is comprised of two Class A office towers with 256,157 square feet of combined gross leasable area. The sale does not include any of the surrounding retail at Scottsdale Promenade owned by Excel Trust.

Significant Activities Subsequent to First Quarter 2015

On April 2, 2015, the Company completed the disposition of Rosewick Crossing in La Plata, Maryland for $25.0 million, excluding closing costs. The shopping center is comprised of 116,036 square feet and major tenants include Giant Food and Lowe’s (non-owned).

On April 10, 2015, the Company announced that it entered into a definitive merger agreement with Blackstone Property Partners L.P., under which Blackstone will acquire all outstanding shares of common stock of Excel Trust for $15.85 per share.

Second Quarter 2015 Dividends Declared

The Board of Directors declared a second quarter cash dividend of $0.18 per common share payable on or about July 15, 2015 to stockholders of record as of June 30, 2015. Pursuant to the terms of the merger agreement with Blackstone, the Company will not pay dividends on the common stock for any quarter thereafter.

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 or about July 15, 2015 to stockholders of record as of June 30, 2015.

About Excel Trust

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

Forward-Looking Statements

This press release 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: the failure to satisfy conditions to completion of the proposed merger with Blackstone, including receipt of stockholder approval; the failure of the proposed merger to close for any other reason; the occurrence of any change, effect, event, circumstance, occurrence or state of facts that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against the Company and others related to the proposed merger; 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.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

Excel Trust considers FFO and AFFO to be important supplemental measures of its operating performance and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

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

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

Summarized Financial Statements

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

Additional Information and Where to Find it

In connection with the proposed merger with Blackstone, the Company intends to file a proxy statement and other relevant materials with the Securities and Exchange Commission and hold a special stockholder meeting to obtain the requisite stockholder approval. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, BLACKSTONE, THE PROPOSED MERGER AND RELATED MATTERS. The proxy statement and other relevant materials (when they become available) containing information about the proposed merger, and any other documents filed by the Company with the Securities and Exchange Commission, may be obtained free of charge at the Securities and Exchange Commission’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed by the Company with the Securities and Exchange Commission by directing a written request to Excel Trust, Inc. at 17140 Bernardo Center Drive, Suite 300, San Diego, California 92128, Attention: Secretary.

Participants in the Solicitation

The Company and its officers and directors may be deemed to be participants in soliciting proxies from the stockholders of the Company in favor of the proposed merger with Blackstone. Information regarding the persons who may, under the rules of the Securities and Exchange Commission, be considered to be participants in the solicitation of the Company’s stockholders in connection with the proposed merger and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Company’s proxy statement filed with the Securities and Exchange Commission. Investors and security holders may obtain more detailed information regarding the direct or indirect interests of Excel Trust and its officers and directors in the proposed merger by reading the definitive proxy statement and other relevant materials when they become available.

Excel Trust Condensed Consolidated Balance Sheets

	March 31, 2015		December 31, 2014
ASSETS:
Property:
Land	$	433,635	$	455,112
Buildings		860,390		921,604
Site improvements		83,222		87,305
Tenant improvements		65,484		70,549
Construction in progress		16,927		8,819
Less accumulated depreciation		(92,993)		(90,543)
Property, net		1,366,665		1,452,846
Cash and cash equivalents		5,525		6,603
Restricted cash		94,102		8,272
Tenant receivables, net		5,772		5,794
Lease intangibles, net		110,068		123,373
Deferred rent receivable		10,376		11,479
Other assets (1)		20,404		32,081
Real estate held for sale, net of accumulated amortization		27,295		-
Investment in unconsolidated entities		6,671		6,689
Total assets	$	1,646,878	$	1,647,137
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	192,956	$	192,748
Notes payable		199,000		238,000
Unsecured notes		398,791		398,758
Accounts payable and other liabilities		37,920		34,338
Liabilities of real estate held for sale		2,207		-
Lease intangibles, net		37,439		42,470
Dividends/distributions payable		13,580		12,857
Total liabilities		881,893		919,171
Equity:
Total stockholders’ equity		752,253		715,389
Non-controlling interests		12,732		12,577
Total equity		764,985		727,966
Total liabilities and equity	$	1,646,878	$	1,647,137

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

Excel Trust Condensed Consolidated Statements of Operations

	Three Months Ended March 31, 2015		Three Months Ended March 31, 2014
Revenues:
Rental revenue	$	31,976	$	24,908
Tenant recoveries		7,443		5,256
Other income		1,072		434
Total revenues		40,491		30,598
Expenses:
Maintenance and repairs		2,987		2,223
Real estate taxes		4,417		3,366
Management fees		643		518
Other operating expenses		2,732		1,731
Changes in fair value of contingent consideration		-		-
General and administrative		4,348		3,815
Depreciation and amortization		17,266		11,796
Total expenses		32,393		23,449
Net operating income		8,098		7,149
Interest expense		(7,551)		(4,989)
Interest income		50		49
Income (loss) from equity in unconsolidated entities		134		69
Gain on acquisition of real estate and sale of land parcel		-		-
Gain on sale of real estate assets		19,661		-
Net income (loss)		20,392		2,278
Net (income) loss attributable to non-controlling interests		(379)		(83)
Net income (loss) attributable to Excel Trust, Inc.		20,013		2,195
Preferred stock dividends		(2,385)		(2,744)
Cost of redemption of preferred stock		-		-
Net income (loss) attributable to the common stockholders	$	17,628	$	(549)
Basic net income (loss) per share	$	0.28	$	(0.01)
Diluted net income (loss) per share	$	0.28	$	(0.01)
Weighted-average common shares outstanding - basic		62,473		47,785
Weighted-average common shares outstanding - diluted		64,987		47,785

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

Reconciliation of Net Income to FFO and AFFO

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three months ended March 31, 2015 and 2014 is as follows:

	Three Months Ended   March 31, 2015		Three Months Ended   March 31, 2014
Net income (loss) attributable to the common stockholders	$	17,628	$	(549)
Add:
Non-controlling interests in operating partnership		289		(10)
Depreciation and amortization		17,266		11,796
Deduct:
Depreciation and amortization related to joint venture		68		170
Gain on sale of real estate assets		(19,661)		-
Funds from operations	$	15,590	$	11,407
Adjustments:
Gain on sale of equity securities		(308)		-
Charge for developer profit participation interests		327		-
Transaction costs		405		306
Deferred financing costs		567		424
Stock-based and other non-cash compensation expense		1,063		574
Straight-line effects of lease revenue		(742)		(592)
Amortization of above- and below-market leases		(618)		(138)
Non-incremental capital expenditures		(288)		(111)
Non-cash expenses (income) - including portion of joint ventures		3		(9)
Adjusted funds from operations	$	15,999	$	11,861
Weighted average common shares outstanding		62,473		47,785
Add:
OP units		1,020		1,020
Restricted stock		-		-
Weighted average common shares outstanding - diluted (FFO and AFFO)		63,493		48,805
Funds from operations per share (diluted)	$	0.24	$	0.23
Adjusted funds from operations per share (diluted)	$	0.25	$	0.24
Other Information:
Leasing commissions paid	$	337	$	272
Tenant improvements paid	$	1,296	$	1,257

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended March 31, 2015

Table of Contents

	Page
Company Overview	3
Property Locations	4
Analyst Coverage	5
Summary Financial and Portfolio Data	6
Financial Summary
Consolidated Balance Sheets	7
Consolidated Statements of Operations	8
Reconciliation of Net Income to EBITDA	9
Reconciliation of Net Income to FFO and AFFO	10
Debt Summary	11
Common and Preferred Stock Data	12
Portfolio Summary
Acquisitions & Developments	13
Operating Portfolio Summary	14
Summary of Retail Leasing Activity	15
Same Property Analysis	16
Major Tenants	17
Expiration Schedule	18
Unconsolidated Investments	19
Definitions	20

*Note: Financial and portfolio information reflects the consolidated operations of the

company and excludes unconsolidated entities unless otherwise noted.

Company Overview

Corporate Headquarters	Other Offices
Excel Trust, Inc.	Atlanta, GA	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Dallas, TX	Scottsdale, AZ
San Diego, CA 92128	Orlando, FL	Stockton, CA
Tel: 858-613-1800	Richmond, VA
Email: info@exceltrust.com
Website: www.exceltrust.com
Executives & Senior Management
Gary B. Sabin - Chairman & CEO	Spencer G. Plumb - President & COO
James Y. Nakagawa - CFO, Treasurer	Mark T. Burton - CIO & SVP, Acquisitions
S. Eric Ottesen - SVP, General Counsel	Greg R. Davis - VP, Capital Markets
Board of Directors
Gary B. Sabin (Chairman)	Spencer G. Plumb
Mark T. Burton	Bruce G. Blakley
Burland B. East III	Robert E. Parsons, Jr.
Warren R. Staley
Transfer Agent and Registrar	Corporate Counsel
Broadridge Corporate Issuer Solutions, Inc.	Latham & Watkins
PO Box 1342	12670 High Bluff Drive,
Brentwood, NY 11717	San Diego, CA 92130
Tel: 877-830-4936	Tel: 858-523-5400
Email: shareholder@broadridge.com
Website: www.broadridge.com

Reported results and other information herein are preliminary and not final until the filing of Excel Trust’s report on Form 10-Q or Form 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Forward-Looking Statements

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

Page 3

Property Locations

Page 4

Analyst Coverage

Company	Analyst	Contact
Barclays Capital	Ross Smotrich	(212) 526-2306
	Linda Tsai	(212) 526-9937
Cantor Fitzgerald	Evan Smith	(212) 915-1220
Hilliard Lyons	Carol Kemple	(502) 588-1839
KeyBanc	Jordan Sadler	(917) 368-2280
	Todd Thomas	(917) 368-2286
Raymond James	Paul D. Puryear	(727) 567-2253
	Collin Mings	(727) 567-2585
Sandler O’Neill + Partners	Alexander Goldfarb	(212) 466-7937
	Ryan Peterson	(212) 466-7927
Stifel, Nicolaus	Nathan Isbee	(443) 224-1346
	Jennifer Hummert	(443) 224-1288
Wells Fargo	Jeff Donnelly	(617) 603-4262
	Tamara Fique	(443) 263-6568

Page 5

Summary Financial and Portfolio Data (Consolidated)

For the Period Ended March 31, 2015
(Dollars and share data in thousands, except per share data)
Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio (1)		7,145,777
Percent Leased-Operating Portfolio		94.4%
Percent Occupied-Operating Portfolio		93.1%
Annualized Base Rent (2)	$	110,296
Total no. retail leases signed or renewed		44
Total sq. ft. retail leases signed or renewed		239,058
Financial Results
Net income (loss) attributable to the common stockholders	$	17,628
Net income (loss) per diluted share	$	0.28
Funds from operations (FFO)	$	15,590
FFO per diluted share	$	0.24
Adjusted funds from operations (AFFO)	$	15,999
AFFO per diluted share	$	0.25
EBITDA	$	45,209
Assets
Gross undepreciated real estate	$	1,459,658
Gross undepreciated assets	$	1,739,871
Total liabilities to gross undepreciated assets		50.7%
Debt to gross undepreciated assets		45.4%
Capitalization
Common shares outstanding		63,403
OP units outstanding		1,020
Total common shares and OP units		64,423
Closing price at quarter end	$	14.02
Equity capitalization	$	903,210
Series A convertible preferred shares (at liquidation preference of $25.00 per share)		29,524
Series B preferred shares (at liquidation preference of $25.00 per share)		92,000
Total debt (3)		789,646
Total capitalization	$	1,814,380
Debt/total capitalization		43.5%
Debt/EBITDA		4.4
Common Stock Data
Range of closing prices for the quarter	$	13.43-14.38
Weighted average common shares outstanding - diluted (EPS)		64,987
Weighted average common shares outstanding - diluted (FFO and AFFO)		63,493
Shares of common stock outstanding		63,403

(1) Includes retail and office gross leasable area, but excludes gross leasable area from developments under construction and any planned development.

(2) Annualized Base Rent excludes rental revenue from non-stabilized development properties.

(3) Excludes debt discount or premium.

Page 6

Balance Sheets

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
ASSETS:
Property:
Land	$	433,635	$	455,112	$	409,013	$	380,363	$	380,368
Buildings		860,390		921,604		754,860		647,401		646,062
Site improvements		83,222		87,305		69,137		64,769		64,283
Tenant improvements		65,484		70,549		62,454		56,459		55,624
Construction in progress		16,927		8,819		26,697		14,980		8,028
Less accumulated depreciation		(92,993)		(90,543)		(83,008)		(75,834)		(68,635)
Property, net		1,366,665		1,452,846		1,239,153		1,088,138		1,085,730
Cash and cash equivalents		5,525		6,603		6,143		183,749		5,307
Restricted cash		94,102		8,272		7,707		6,973		8,535
Tenant receivables, net		5,772		5,794		4,404		3,205		3,746
Lease intangibles, net		110,068		123,373		81,796		68,213		73,013
Deferred rent receivable		10,376		11,479		10,824		10,342		9,819
Other assets (1)		20,404		32,081		36,022		22,572		21,143
Real estate held for sale, net of accumulated amortization		27,295		-		-		-		-
Investment in unconsolidated entities		6,671		6,689		8,378		8,303		8,405
Total assets	$	1,646,878	$	1,647,137	$	1,394,427	$	1,391,495	$	1,215,698
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	192,956	$	192,748	$	160,837	$	207,048	$	238,543
Notes payable		199,000		238,000		56,000		-		198,000
Unsecured notes		398,791		398,758		348,725		348,693		100,000
Accounts payable and other liabilities		37,920		34,338		40,821		29,110		23,964
Liabilities of real estate held for sale		2,207		-		-		-		-
Lease intangibles, net		37,439		42,470		36,260		25,845		26,967
Dividends/distributions payable		13,580		12,857		12,918		13,160		10,944
Total liabilities		881,893		919,171		655,561		623,856		598,418
Equity:
Total stockholders’ equity		752,253		715,389		727,094		755,611		605,665
Non-controlling interests		12,732		12,577		11,772		12,028		11,615
Total equity		764,985		727,966		738,866		767,639		617,280
Total liabilities and equity	$	1,646,878	$	1,647,137	$	1,394,427	$	1,391,495	$	1,215,698

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

Page 7

Statements of Operations

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended   March 31, 2015		Three Months Ended   March 31, 2014
Revenues:
Rental revenue	$	31,976	$	24,908
Tenant recoveries		7,443		5,256
Other income		1,072		434
Total revenues		40,491		30,598
Expenses:
Maintenance and repairs		2,987		2,223
Real estate taxes		4,417		3,366
Management fees		643		518
Other operating expenses		2,732		1,731
Changes in fair value of contingent consideration		-		-
General and administrative		4,348		3,815
Depreciation and amortization		17,266		11,796
Total expenses		32,393		23,449
Net operating income		8,098		7,149
Interest expense		(7,551)		(4,989)
Interest income		50		49
Income (loss) from equity in unconsolidated entities		134		69
Gain on acquisition of real estate and sale of land parcel		-		-
Gain on sale of real estate assets		19,661		-
Net income (loss)		20,392		2,278
Net (income) loss attributable to non-controlling interests		(379)		(83)
Net income (loss) attributable to Excel Trust, Inc.		20,013		2,195
Preferred stock dividends		(2,385)		(2,744)
Cost of redemption of preferred stock		-		-
Net income (loss) attributable to the common stockholders	$	17,628	$	(549)
Basic net income (loss) per share	$	0.28	$	(0.01)
Diluted net income (loss) per share	$	0.28	$	(0.01)
Weighted-average common shares outstanding - basic		62,473		47,785
Weighted-average common shares outstanding - diluted		64,987		47,785

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

Page 8

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

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

(Dollars in thousands)

	Three Months Ended   March 31, 2015		Three Months Ended   December 31, 2014		Three Months Ended   September 30, 2014		Three Months Ended   June 30, 2014		Three Months Ended   March 31, 2014
Net income attributable to Excel Trust, Inc.	$	20,392	$	3,617	$	1,218	$	1,905	$	2,195
Add:
Interest expense		7,551		6,810		6,387		5,981		4,989
Depreciation and amortization		17,266		16,242		11,212		11,411		11,796
EBITDA	$	45,209	$	26,669	$	18,817	$	19,297	$	18,980

Page 9

Reconciliation of Net Income to FFO and AFFO

For the Period Ended March 31, 2015

(In thousands, except per share data)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income(loss) for the three months ended March 31, 2015 and 2014 is as follows:

	Three Months Ended   March 31, 2015		Three Months Ended   March 31, 2014
Net income (loss) attributable to the common stockholders	$	17,628	$	(549)
Add:
Non-controlling interests in operating partnership		289		(10)
Depreciation and amortization		17,266		11,796
Deduct:
Depreciation and amortization related to joint venture (1)		68		170
Gain on sale of real estate assets		(19,661)		-
Funds from operations (2)	$	15,590	$	11,407
Adjustments:
Gain on sale of equity securities		(308)		-
Charge for developer profit participation interests		327		-
Transaction costs		405		306
Deferred financing costs		567		424
Stock-based and other non-cash compensation expense		1,063		574
Straight-line effects of lease revenue		(742)		(592)
Amortization of above- and below-market leases		(618)		(138)
Non-incremental capital expenditures		(288)		(111)
Non-cash expenses (income) - including portion of joint ventures		3		(9)
Adjusted funds from operations (2)	$	15,999	$	11,861
Weighted average common shares outstanding		62,473		47,785
Add (3):
OP units		1,020		1,020
Restricted stock		-		-
Weighted average common shares outstanding - diluted (FFO and AFFO)		63,493		48,805
Funds from operations per share (diluted) (4)	$	0.24	$	0.23
Adjusted funds from operations per share (diluted) (4)	$	0.25	$	0.24
Other Information (5):
Leasing commissions paid	$	337	$	272
Tenant improvements paid	$	1,296	$	1,257

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

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

(3) The calculation of FFO for the three months ended March 31, 2015 and 2014 include 1,020,000 OP units, which are considered antidilutive for purposes of calculating diluted earnings per share. The three months ended March 31, 2015 and 2014 exclude 225,675 and 502,476 shares of restricted stock and 2,010,735 and 3,367,200 shares of common stock, respectively, potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

(4) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months ended March 31, 2015 and 2014 includes a reduction of $131,000 and $132,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.

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

Page 10

Debt Summary (Consolidated)

For the Period Ended March 31, 2015

(Dollars in thousands)

			% Total Debt
Fixed Rate Debt(1)	$	525,601	67%
Variable Rate Debt(2)		264,045	33%
Total Debt(1)	$	789,646	100%
Debt(1)/Gross Undepreciated Assets		45.4%
			% Total Debt
Secured Debt(1)	$	190,646	24%
Unsecured Debt		599,000	76%
Total Debt	$	789,646	100%
Secured Debt to Gross Undepreciated Assets			11.0%
Maturities by Year-Secured(3)	Amount		% Total Debt		Maturities by Year-Unsecured(3)	Amount		Contractual Interest Rate	% Total Debt
2015	$	47,650	6.0%		2015(4)	$	50,000	1.3%	6.3%
2016		3,070	0.4%		2016		-
2017		42,192	5.3%		2017		-
2018		5,995	0.8%		2018		199,000	1.5%	25.2%
2019		6,390	0.8%		2019		-
2020		38,216	4.8%		2020		75,000	4.4%	9.5%
2021		1,447	0.2%		2021		-
2022		33,686	4.3%		2022		-
2023		-	0.0%		2023		25,000	5.2%	3.2%
2024		-	0.0%		2024		250,000	4.6%	31.7%
Beyond 2024		12,000	1.5%		Beyond 2024		-
Total	$	190,646	24.1%		Total		$         599,000	3.3%	75.9%
Mortgage Notes	Amount		Contractual Interest Rate	Maturity
The Promenade	$	45,645	4.8%	Nov-15
5000 South Hulen		13,110	5.6%	Apr-17
Lake Pleasant Pavilion		27,418	6.1%	Oct-17
West Broad Marketplace		3,045	2.5%	Jan-18
Rite Aid, Vestavia		785	7.3%	Oct-18
Living Spaces-Promenade		6,667	7.9%	Nov-19
West Broad Village(2)		39,700	3.3%	May-20
Downtown at the Gardens		42,276	4.6%	Jul-22
Northside Mall(2)		12,000	0.0%	Nov-35
Total		190,646	4.5%
Debt (discount) or premium		2,310
Mortgage notes, net	$	192,956

(1) Amount excludes debt discount or premium.

(2) Includes the Northside Plaza redevelopment revenue bonds to be used for the redevelopment of this property and our unsecured revolving credit facility. The revenue bonds are priced off the SIFMA index and reset weekly (the rate as of March 31, 2015 was 0.03%). The revenue bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility. The construction loan on the West Broad Marketplace property bears interest at LIBOR plus 2.30% (the rate as of March 31, 2015 was 2.49%). The $50.0 million unsecured term loan bears interest at LIBOR plus 1.15% (the rate as of March 31, 2015 was 1.33%). The unsecured revolving credit facility bears interest at LIBOR plus 0.90% to 1.70% (the rate as of March 31, 2015 was 1.48%).

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

(4) The Company entered into a $50.0 million term loan in December 2014, which bears interest at the rate of LIBOR plus a margin of 115 basis points with a maturity date of June 30, 2015. The term loan may be extended for an additional five months at the Company’s option and upon the payment of an extension fee.

Page 11

Common and Preferred Stock Data

For the Period Ended March 31, 2015

(In thousands, except per share data)

	Three Months Ended March 31, 2015			Three Months Ended December 31, 2014			Three Months Ended September 30, 2014			Three Months Ended June 30, 2014
Earning per share - share data
Weighted average common shares outstanding - diluted		64,987			60,416			60,389			48,567
Diluted common shares - EPS		64,987			60,416			60,389			48,567
Funds from operations - share data
Weighted average common shares outstanding		62,473			60,416			60,389			48,567
Weighted average OP units outstanding		1,020			1,020			1,020			1,020
Weighted average restricted stock outstanding		-			699			-			747
Total potential dilutive common shares		63,493			62,135			61,409			50,334
Total common shares (including restricted stock) outstanding		63,403			61,113			61,116			61,117
Total OP units outstanding		1,020			1,020			1,020			1,020
Total Series A convertible preferred shares outstanding		1,181			1,181			1,331			2,000
Total Series B preferred shares outstanding		3,680			3,680			3,680			3,680
Common share data
High closing share price	$	14.38		$	13.50		$	13.41		$	13.92
Low closing share price	$	13.43		$	11.93		$	11.77		$	12.32
Average closing share price	$	13.89		$	12.80		$	12.82		$	12.95
Closing price at end of period	$	14.02		$	13.39		$	11.77		$	13.33
Dividends per share - annualized	$	0.72		$	0.70		$	0.70		$	0.70
Dividend yield (based on closing share price at end of period)		5.1	%		5.2	%		5.9	%		5.3	%
Dividends per share
Common stock (EXL)	$	0.1800		$	0.1750		$	0.1750		$	0.1750
Series A Convertible Perpetual Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.5078		$	0.5078		$	0.5078		$	0.5078

Page 12

Acquisitions & Developments

For the Period Ended March 31, 2015

(Dollars in thousands, except price per square foot)

Value-add Opportunities	City	State	Estimated Opening Date(1)	GLA to be Constructed	Land(2)		Improvements		Total Carrying Amount(3)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(4)	Major Tenants
Plaza at Rockwall - Phase III	Rockwall	TX	Q4 2015	10,560	$	-	$	221	$	221	$	2,119	80%	Chico’s, Soma, James Avery
Stadium Center - Expansion	Manteca	CA	Q4 2015	12,808	$	-	$	103	$	103	$	2,697	100%	Ulta
Chimney Rock - Phase III	Odessa	TX	Q4 2015	13,500	$	-	$	124	$	124	$	2,743	100%	Petco
Total				36,868	$	-	$	448	$	448	$	7,559
Developments Under Construction	City	State	Estimated Opening Date(1)	GLA to be Constructed	Land(2)		Improvements		Total Carrying Amount(3)		Remaining Estimated Cost to Complete		% GLA Leased / Committed(4)	Major Tenants
Chimney Rock - Phase II	Odessa	TX	Q4 2015	79,626	$	2,030	$	7,627	$	9,657	$	4,009	61%	Dickey’s BBQ, Mattress Firm, Northern Tool
Southlake Park Village	Southlake (Dallas)	TX	Q2 2015	186,045	$	16,060	$	31,841	$	47,901	$	11,599	72%	Fresh Market, REI, Michael’s
West Broad Marketplace	Richmond	VA	TBD	400,000	$	20,904	$	4,180	$	25,084	$	54,416	61%	Cabela’s, Wegmans
Total				665,671	$	38,994	$	43,648	$	82,642	$	70,024
Future Developments / Land	City	State	Estimated GLA to be Constructed / Land	Estimated Start Date	Estimated Project Cost		Projected Use
Plaza at Rockwall - Phase IV	Rockwall	TX	10,500	TBD		n/a		Additional shop space
Park West Place - Expansion B	Stockton	CA	9,700	TBD		n/a		Additional shop space
Stadium Center - Expansion	Manteca	CA	8,500	TBD		n/a		Additional shop space
Chimney Rock - Phase IV	Odessa	TX	5.2 acres	TBD		n/a		Additional land to be sold or developed
Shops at Foxwood	Ocala	FL	1.0 acres	TBD		n/a		Additional land to be sold or developed
West Broad Village - Expansion B	Richmond	VA	1.2 acres	TBD		n/a		Additional land to be sold or developed
League City Town Center	League City	TX	0.9 acres	TBD		n/a		Additional land to be sold or developed
Brandywine Crossing - Phase II	Brandywine	MD	1.0 acres	TBD		n/a		Additional land to be sold or developed

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

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

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

(4) Includes square footage of buildings leased to tenants (including square footage of buildings on outparcels owned by the Company and ground leased to tenants) as well as signed non-binding letters of intent as of April 2015.

Page 13

Operating Portfolio Summary (Consolidated)

For the Period Ended March 31, 2015

(Dollars in thousands, except price per square foot)

Property Name	City	State	Year Built(1)	Total GLA(2)	Acquisition Date	Price Sq. Ft.	Initial Cost Basis	Percent Leased 3/31/15	Percent Leased 12/31/14	Major Tenants
Operating Portfolio
West Broad Village(3)	Richmond	VA	2009	397,656	10/19/2012	$257	$170,200	76.8%	77.0%	Whole Foods, REI, HomeGoods, Dave & Buster’s, South University
Downtown at the Gardens	Palm Beach Gardens	FL	2005	339,559	10/1/2014	$413	$140,200	97.3%	99.2%	Whole Foods, Golfsmith, Urban Outfitters, Yard House, Cobb Theatres
The Shops at Fort Union	Salt Lake City	UT	1974/2007	688,549	9/26/2014	$191	$131,500	96.9%	96.9%	Walmart, Smiths (Kroger), Gordmans, Dick’s, Bed, Bath & Beyond, Babies’ R’ Us, Ross, OfficeMax, Michaels, DSW, Petco, Ulta
The Promenade(4)	Scottsdale	AZ	1999	566,663	7/11/2011	$222	$126,000	94.3%	94.2%	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Living Spaces, Lowe’s (non-owned)
Park West Place	Stockton	CA	2005	603,464	12/14/2010	$153	$92,500	99.8%	99.4%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
Gilroy Crossing	Gilroy	CA	2004	325,431	4/5/2011	$210	$68,400	100.0%	100.0%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Brandywine Crossing(5)	Brandywine	MD	2009/2014	231,036	10/1/2010	$242	$56,000	95.3%	96.9%	Safeway, Marshalls, Jo-Ann, Target (non-owned), Costco (non-owned)
Highland Reserve	Roseville	CA	2004	191,415	12/29/2014	$274	$52,500	100.0%	98.5%	Kohl’s, Sport Chalet, PetSmart, BevMo!, and Target (non-owned)
Plaza at Rockwall	Rockwall	TX	2007/2012	432,096	6/29/2010	$118	$50,800	99.2%	99.2%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk, HomeGoods, Jo-Ann
Riverpoint Marketplace	Sacramento	CA	2009	133,928	12/19/2014	$327	$43,800	97.0%	97.0%	Ross, Petco, Ikea (non-owned), Walmart (non-owned), and Home Depot (non-owned)
Lake Pleasant Pavilion	Phoenix (Peoria)	AZ	2007	178,376	5/16/2012	$234	$41,800	91.8%	89.0%	Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly’s, Kirkland’s, The Dress Barn
Stadium Center	Manteca	CA	2006	160,726	7/1/2013	$256	$41,150	95.5%	95.5%	Ross, Jo-Ann, Office Max, Old Navy, Costco (non-owned) and Kohl’s (non-owned)
Dellagio	Orlando	FL	2009	123,318	10/19/2012	$325	$40,100	80.1%	80.6%	Flemings, Fifth Third Bank
League City Town Center	League City (Houston)	TX	2008	194,736	8/1/2013	$203	$39,500	96.4%	96.4%	Ross, TJ Maxx, Michael’s, PetSmart, Staples, SuperTarget (non-owned) and Home Depot (non-owned)
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002	391,899	8/30/2010	$89	$34,900	89.1%	88.5%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN	2008	219,880	12/19/2011	$141	$31,000	95.5%	94.8%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Tracy Pavilion	Tracy	CA	2006	162,463	1/24/2013	$189	$30,700	95.7%	95.7%	Marshalls, Ross, PetSmart, Staples, Ulta
Red Rock Commons	St. George	UT	2012	134,152	4/23/2010	$214	$28,700	100.0%	99.1%	Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
Edwards Theatres	San Diego (San Marcos)	CA	1999	100,551	3/11/2011	$261	$26,200	100.0%	100.0%	Edwards Theatres (a subsidiary of Regal Cinemas)
Rosewick Crossing	La Plata	MD	2008	115,972	10/1/2010	$215	$24,900	81.8%	81.8%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL	2008	181,431	2/17/2012	$136	$24,700	98.9%	98.9%	Dick’s, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Chimney Rock	Odessa	TX	2012	204,270	8/30/2012	$117	$23,800	97.5%	97.5%	Academy Sports, Best Buy, Marshalls, Kirkland’s, Ulta
Excel Centre	San Diego	CA	1999	82,157	4/23/2010	$288	$23,700	90.4%	90.4%	Kaiser Permanente, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005	86,833	5/12/2010	$252	$21,900	95.4%	98.6%	Barnes & Noble, Old Navy
Anthem Highlands	Las Vegas (Henderson)	NV	2006	118,763	12/1/2011	$147	$17,500	91.3%	91.3%	Albertsons, CVS, Wells Fargo, Bank of America
Centennial Crossroads	Las Vegas	NV	2003	105,415	11/22/2013	$156	$16,400	87.3%	87.3%	Vons, Chase Bank
LA Fitness	San Diego	CA	2006	38,000	10/4/2013	$376	$14,300	100.0%	100.0%	LA Fitness
Pavilion Crossing	Brandon	FL	2012	68,400	10/1/2012	$192	$13,100	98.2%	100.0%	Publix
Shops at Foxwood	Ocala	FL	2010	78,660	10/19/2010	$160	$12,600	90.8%	90.8%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL	2010	171,670	11/15/2010	$70	$12,400	94.8%	94.8%	Publix, Hobby Lobby, Books A Million
Meadow Ridge Plaza	Orlando	FL	2007	45,199	10/19/2012	$215	$9,700	85.8%	85.8%	Fifth Third Bank
Shoppes of Belmere	Orlando	FL	2008	26,502	10/19/2012	$366	$9,700	100.0%	100.0%	CVS
Lake Burden Shoppes	Orlando	FL	2008	20,598	10/19/2012	$413	$8,500	87.6%	87.6%	Walgreens
Five Forks Place	Simpsonville	SC	2002	61,191	4/23/2010	$127	$7,800	98.5%	100.0%	Publix
Mariner’s Point	St. Marys	GA	2001	45,215	7/20/2010	$146	$6,600	84.1%	91.2%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006	60,100	4/23/2010	$108	$6,500	88.3%	82.6%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Merchant Central	Milledgeville	GA	2004	45,013	6/30/2010	$136	$6,100	83.9%	89.2%	Dollar Tree, Super Wal-Mart (non-owned)
Cedar Square	Duncanville (Dallas)	TX	2014	14,490	11/4/2013	$77	$1,116	100.0%	100.0%	Walgreens
Total Operating Portfolio	Total			7,145,777		$201	$1,507,266	94.4%	93.9%

(1) Year built represents the year in which construction was completed or the date of the last major renovation.

(2) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

(3) The West Broad Village property is a mixed use shopping center that includes retail, office and 339 apartment units on the upper levels of the shopping center. However, the property’s total GLA listed herein excludes square footage of the apartments. As such, the approximate initial cost basis of the apartments of $68 million has been deducted from the price per square foot calculation.

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

(5) Includes additional land parcels acquired in November 2014 with an initial cost basis of approximately $11.5 million.

Page 14

Summary of Retail Leasing Activity (Consolidated)

For the Period Ended March 31, 2015

	Number of   Leases(1)		GLA		Weighted Average- New Lease Rate(2)		Weighted Average- Prior Lease Rate(2)		Percentage Increase or     (Decrease)	Tenant Improvement Allowance per Sq. Ft.		Weighted-Average Lease Term (Yrs.)
Comparable Leases
New leases(3)		6		15,169	$	28.34	$	31.20	-9.2%	$	2.04		4.8
Renewals/Options		28		173,919		13.03		12.65	3.0%		-		4.7
Total: Comparable Leases		34		189,088	$	14.26	$	14.14	0.8%	$	0.16		4.7
Non-Comparable Leases
Operating portfolio		9		47,228	$	16.43		n/a	n/a	$	2.92		9.9
Development		1		2,742		40.00		n/a	n/a		60.00		7.0
Total: Non-Comparable Leases		10		49,970	$	17.73		n/a	n/a	$	6.05		9.7
Total Leasing Activity		44		239,058	$	14.98		n/a	n/a	$	1.40		5.7

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

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

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

Page 15

Same Property Analysis

For the Period Ended March 31, 2015

(In thousands, except per share amounts)

	Three Months Ended   March 31, 2015		Three Months Ended   March 31, 2014		Percentage   Change
Same Property Portfolio (1)
Number of properties		33		33
Rentable square feet		5,751,681		5,751,681
Percent leased		93.6%		92.9%		0.8%
Percentage of total operating portfolio		80.5%		100.0%
Total revenues	$	28,630	$	28,551		0.3%
Total expenses		7,313		7,367		-0.7%
Same property - net operating income (GAAP basis)	$	21,317	$	21,184		0.6%
Less: straight line rents, fair-value lease revenue, lease incentive revenue		(392)		(574)		-31.7%
Same property - net operating income (cash basis)	$	20,925	$	20,610		1.5%

(1) Includes all properties purchased prior to January 1, 2014 (three month analysis). Excludes adjustments relating to prior year reimbursements. Also excludes our Lowe’s properties, which was sold in October 2014 and our Cedar Square property, in which the inline retail portion of the property was sold in November 2014.

Page 16

Major Tenants By GLA (Consolidated)

For the Period Ended March 31, 2015

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)			7,145,777
	Tenants	# Stores	Square Feet	% of Total GLA
1	Kohl’s	3	264,904	3.7%
2	Publix	5	245,351	3.4%
3	Ross Dress For Less	8	229,126	3.2%
4	TJX Companies	7	191,207	2.7%
5	Dick’s Sporting Goods	4	189,336	2.6%
6	Bed Bath & Beyond	6	170,099	2.4%
7	Lowe’s	1	154,794	2.2%
8	PetSmart	8	150,798	2.1%
9	Jo-Ann	6	139,922	2.0%
10	Living Spaces(2)	1	133,120	1.9%
	Total Top 10 GLA	49	1,868,657	26.2%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio (3)						$            110,296
	Tenants	# Stores	Square Feet	Rent Per Sq. Ft.		ABR		% ABR
1	Ross Dress For Less	8	229,126	$	12.73	$	2,916	2.6%
2	Publix	5	245,351		11.15	$	2,735	2.5%
3	Kohl’s	3	264,904		9.41	$	2,493	2.3%
4	PetSmart	8	150,798		15.96	$	2,407	2.2%
5	Dick’s Sporting Goods	4	189,336		12.65	$	2,395	2.2%
6	Edwards Theatres (Regal Cinemas)	1	100,551		23.35	$	2,348	2.1%
7	Whole Foods	2	102,742		21.42	$	2,201	2.0%
8	TJX Companies	7	191,207		10.66	$	2,037	1.8%
9	Michaels	6	134,772		13.51	$	1,821	1.7%
10	Kaiser Permanente	1	38,432		45.97	$	1,767	1.6%
	Total Top 10 Annualized Rent	45	1,647,219	$	14.04	$	23,120	21.0%

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

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

(3) Annualized Base Rent does not include rental revenue from multi-family properties and is further described on the Definitions page.

Page 17

Expiration Schedule (Consolidated)

For the Period Ended March 31, 2015

(Dollars in thousands, except rent per square foot)	3/31/2015		12/31/2014
Total GLA - Operating Portfolio		7,145,777		7,551,956
Total GLA Occupied - Operating Portfolio		6,654,458		6,989,765
% Occupied		93.1%		92.6%
Total GLA - Operating Portfolio		7,145,777		7,551,956
Total GLA Leased - Operating Portfolio		6,745,141		7,088,293
% Leased		94.4%		93.9%
Retail GLA - Operating Portfolio(1)		7,063,620		7,213,617
Retail GLA Occupied - Operating Portfolio		6,580,174		6,702,105
% Occupied		93.2%		92.9%
Retail GLA - Operating Portfolio(1)		7,063,620		7,213,617
Retail GLA Leased - Operating Portfolio		6,670,857		6,800,633
% Leased		94.4%		94.3%
Total Retail Anchor GLA % Leased - Operating Portfolio		99.1%		98.9%
Total Retail Inline GLA % Leased - Operating Portfolio		85.6%		85.8%
Same Property GLA % Leased (Sequential) - Operating Portfolio(2)		94.4%		94.4%

	Occupied Retail GLA		% of Occupied Retail GLA	Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(3)		4,567,575	69.4%	$	56,887	52.8%
Occupied Retail Inline GLA(3)		2,012,599	30.6%		50,907	47.2%
Total Occupied Retail GLA		6,580,174	100.0%	$	107,794	100.0%

Year		Anchor GLA Expiring		% of Total Occupied Retail GLA	Anchor Rent Per Sq. Ft.		Inline GLA Expiring	% of Total Occupied Retail GLA	Inline Rent Per Sq. Ft.		Total Occupied Retail GLA Expiring	% of Total Occupied Retail GLA	Total Occupied Retail ABR Expiring		% of Total Retail ABR	Average Rent Per Sq. Ft.
2015	(4)		112,405	1.7%	$	13.43	227,141	3.5%	$	22.44	339,546	5.2%	$	6,605	6.1%	$	19.45
2016			197,167	3.0%	$	11.68	245,385	3.7%	$	25.76	442,552	6.7%	$	8,624	8.0%	$	19.49
2017			100,652	1.5%	$	14.06	294,911	4.5%	$	23.60	395,563	6.0%	$	8,375	7.8%	$	21.17
2018			307,656	4.7%	$	14.04	269,819	4.1%	$	24.31	577,475	8.8%	$	10,878	10.1%	$	18.84
2019			685,232	10.4%	$	14.72	326,973	5.0%	$	23.98	1,012,205	15.4%	$	17,926	16.6%	$	17.71
2020			691,664	10.5%	$	14.73	173,981	2.6%	$	24.42	865,645	13.2%	$	14,437	13.4%	$	16.68
2021			222,282	3.4%	$	13.07	103,134	1.6%	$	23.50	325,416	4.9%	$	5,328	4.9%	$	16.37
2022			324,317	4.9%	$	12.78	65,133	1.0%	$	21.62	389,450	5.9%	$	5,552	5.2%	$	14.26
2023			124,354	1.9%	$	12.85	82,017	1.2%	$	29.66	206,371	3.1%	$	4,030	3.7%	$	19.53
2024			284,865	4.3%	$	10.29	129,623	2.0%	$	25.70	414,488	6.3%	$	6,262	5.8%	$	15.11
Beyond 2024			1,516,981	23.1%	$	10.21	94,482	1.4%	$	45.34	1,611,463	24.5%	$	19,777	18.3%	$	12.27
Total			4,567,575	69.4%	$	12.45	2,012,599	30.6%	$	25.29	6,580,174	100.0%	$	107,794	100.0%	$	16.38

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

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

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

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

Page 18

Unconsolidated Investments

For the Period Ended March 31, 2015

(Dollars in thousands)

Financial Information

Leasing Information

Investment Partner

Formation/Acquisition Date

Property

City

State

Total   GLA(1)

Total Assets

Total Debt

Ownership Interest

Percent Leased

ABR

MDC

October 19, 2012

The Fountains at Bay Hill

Orlando

FL

103,767

$39,205

$23,805

50%

92.4%

$

3,016

(1) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

Summary Financial Information:

Balance Sheet(2)	March 31, 2015		Company Pro Rata		December 31, 2014		Company Pro Rata
Assets:
Investments in Real Estate	$	36,238	$	18,119	$	36,387	$	18,194
Cash & cash equivalents		922		461		868		434
Other assets		2,045		1,023		2,102		1,051
Total assets	$	39,205	$	19,603	$	39,357	$	19,679
Liabilities and members’ equity:
Mortgage notes payable and secured loan	$	23,805	$	11,903	$	23,952	$	11,976
Other liabilities		1,886		943		1,857		929
Members’ equity		13,514		6,757		13,548		6,774
Total liabilities and equity	$	39,205	$	19,603	$	39,357	$	19,679
Company’s investment in unconsolidated entities			$	6,671			$	6,689
Income Statement	Three Months Ended March 31, 2015		Company Pro Rata		Three Months Ended March 31, 2014		Company Pro Rata
Total revenues	$	904	$	452	$	1,355	$	560
Expenses:
Property operating expenses		150		75		307		107
General and administrative		-		-		-		-
Depreciation and amortization		252		126		593		230
Total expenses		402		201		900		337
Interest expense		(235)		(117)		(476)		(154)
Net income (loss)	$	267	$	134	$	(21)	$	69
Company’s income (loss) from equity in unconsolidated entities(2)			$	134			$	69

(2) The Company’s income from equity in unconsolidated entities for the three months ended March 31, 2014 includes the Company’s proportionate shares of operating losses from its investment in La Costa Town Center prior to its sale on October 9, 2014. The investment is no longer included in the Company’s financial statements as of March 31, 2015.

Unconsolidated Debt(3):
Fountains at Bay Hill:	March 31, 2015
Proportionate share of debt:	$	11,903
Maturity date:		December 1, 2021
Fixed interest rate:		3.75%

(3) The outstanding mortgage note was refinanced in October 2014, which increased the notional amount, extended the maturity date and fixed the interest rate at 3.75%.

Page 19

Definitions

Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Anchor Tenant: A tenant who occupies 10,000 square feet or more.

Annualized Base Rent: Annualized Base Rent is obtained by annualizing the cash rental rate (excluding reimbursements and percentage rent) for the final month of a reporting period. Annualized Base Rent does not include rental revenue from multi-family properties.

EBITDA: Earnings (excluding preferred stock dividends) before interest, taxes, depreciation and amortization.

Funds From Operations (FFO): Excel Trust considers FFO an important supplemental measure of its operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

Excel Trust computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of real estate assets and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) replacement or expansion, debt (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Inline Tenant: Any tenant who does not qualify as an anchor tenant.

Leased: A space is considered leased when both Excel Trust and the tenant have executed the lease agreement.

Occupied: A space is considered occupied when the tenant has access to the space and revenue recognition has commenced (includes month-to-month tenants). If a tenant has vacated a space and Excel Trust has agreed to terminate the lease, the space is considered unoccupied as of the date of execution of the amended lease agreement.

Page 20