Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended March 31, 2012. 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 2012
- Reported Adjusted Funds from Operations (AFFO) for the quarter of $6.4 million, or $0.19 per diluted share
- Reported Funds from Operations (FFO) for the quarter of $6.5 million, or $0.19 per diluted share
- Declared a second quarter 2012 dividend of $0.1625 per share, which equates to an annualized rate of $0.65 per share
- Issued $92 million of Series B Cumulative Redeemable Preferred Stock
- Acquired 3 properties totaling approximately $100 million in value
"We are pleased with the progress we made this quarter on executing our plan for growth. We successfully issued $92 million of perpetual preferred shares and closed on three high quality properties worth approximately $100 million. In addition we bolstered our pipeline with several attractive properties," commented Gary Sabin, Excel Trust's CEO. He continued, "We remain enthusiastic about the Company's future in light of our robust acquisition pipeline, seasoned management team and strength of our balance sheet."
Excel Trust reported Adjusted Funds From Operations (AFFO) for the first quarter of $6.4 million, or $0.19 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended March 31, 2012 of $6.5 million, or $0.19 per diluted share. Net loss attributable to the common stockholders was ($1.7 million), or ($0.06) per diluted share. This compares to AFFO of $3.8 million or $0.19 per diluted share, FFO of $3.4 million or $0.17 per diluted share and net loss of ($632,000) or ($0.04) per diluted share in the three months ended March 31, 2011.