Exhibit 12.1

EXCEL TRUST, L.P. AND

EXCEL TRUST, L.P. PREDECESSOR

Statement of Computation of Ratios

	The Operating Partnership												The Predecessor
	Three Months Ended March 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			April 28, 2010 to December 31, 2010			January 1, 2010 to April 27, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Calculation of Earnings:
Add:
Income (loss) from continuing operations	$	324		$	1,845		$	(4,500	)	$	(4,955	)	$	156		$	318		$	(326	)
Fixed charges (see below)		4,798			16,799			13,592			3,692			589			1,641			1,947
Amortization of capitalized interest		—			—			—			—			—			—			—
Subtract:
Interest capitalized		—			(243	)		(411	)		—			(106	)		(282	)		(354	)
Total earnings (deficit) before fixed charges		5,122			18,401			8,681			(1,263	)		639			1,677			1,267
Fixed charges:
Interest expense		4,798			16,556			13,181			3,692			483			1,359			1,593
Interest capitalized		—			243			411			—			106			282			354
Total fixed charges		4,798			16,799			13,592			3,692			589			1,641			1,947
Ratio of earnings (loss) to fixed charges		1.07			1.10			0.64			(0.34	)		1.08			1.02			0.65
Deficiency of earnings to fixed charges	$	—		$	—		$	(4,911	)	$	(4,955	)	$	—		$	—		$	(680	)
Preferred unit distributions	$	2,744		$	10,353		$	3,228		$	—		$	—		$	—		$	—
Ratio of earnings (loss) to fixed charges and preferred unit distributions		0.68			0.68			0.52			(0.34	)		1.08			1.02			0.65
Deficiency of earnings to fixed charges and preferred distributions	$	(2,420	)	$	(8,751	)	$	(8,139	)	$	(4,955	)	$	—		$	—		$	(680	)