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Excel Trust Announces Fourth Quarter And Year Ended 2011 Results, Increases Dividend

Stocks in this article: EXL

Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the year and quarter ended December 31, 2011. A supplemental financial package with additional information can be found on Excel Trust's website under the Investor Relations tab.

Highlights for Fourth Quarter and Year Ended 2011

• Reported Adjusted Funds from Operations (AFFO) for the quarter of $5.4 million, or $0.17 per diluted share and for the year of $18.3 million, or $0.74 per diluted share

• Reported Funds from Operations (FFO) for the quarter of $5.1 million or $0.16 per diluted share and for the year of $15.2 million, or $0.61 per diluted share

• Declared a first quarter 2012 dividend of $0.1625 per share, which equates to an annualized rate of $0.65 per share

• Acquired approximately $255 million in properties

• Substantially completed construction of two retail properties

• Sold approximately $40 million in properties

• Improved terms and expanded our unsecured credit facility to $200 million

• Executed 367,900 square feet of new and renewal lease transactions in 2011

“We enhanced both the size and quality of our portfolio in 2011. We raised $207 million in additional capital from the public markets throughout the year and, along with our line of credit, used it to fund $255 million in acquisitions,” commented Gary Sabin, Excel Trust’s CEO. He continued, “We remain enthusiastic about the Company’s future given the stability of our portfolio, the depth and quality of our acquisition pipeline, and the strength of our balance sheet.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the year of $18.3 million and for the fourth quarter of $5.4 million, or $0.74 and $0.17 per diluted share respectively. Excel Trust reported Funds From Operations (FFO) for the year of $15.2 million and for the fourth quarter of $5.1 million or $0.61 and $0.16 per diluted share respectively. Net loss attributable to the common stockholders’ for the year was ($2.8) million, and for the fourth quarter was ($600,000) or ($0.15) and ($0.03) per diluted share respectively.

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