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Excel Trust Announces Results For The Quarter Ended June 30, 2012, Declares Dividend

Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended June 30, 2012. A supplemental financial package with additional information can be found on Excel Trust's website under the Investor Relations tab.

Highlights for the Second Quarter 2012

  • Reported Adjusted Funds from Operations (AFFO) for the quarter of $6.5 million, or $0.19 per diluted share
  • Reported Funds from Operations (FFO) for the quarter of $6.0 million, or $0.17 per diluted share
  • Declared a third quarter 2012 dividend of $0.1625 per share, which equates to an annualized rate of $0.65 per share
  • Acquired Lake Pleasant Pavilion for approximately $41.8 million on May 16, 2012
  • Increased unsecured credit facility to $250 million and improved terms

"We had a successful quarter as we added another quality property to our portfolio and improved our credit facility, which was amended in July,” commented Gary Sabin, Excel Trust's CEO. He went on to say, "We are very optimistic about the 2 nd half of the year as we continue to execute our strategy of acquiring high quality properties in strong markets."

Excel Trust reported Adjusted Funds From Operations (AFFO) for the second quarter of $6.5 million, or $0.19 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended June 30, 2012 of $6.0 million, or $0.17 per diluted share. Net loss attributable to the common stockholders was ($2.4 million), or ($0.08) per diluted share. This compares to AFFO of $4.4 million, or $0.24 per diluted share, FFO of $3.7 million or $0.20 per diluted share and net income of $1.1 million, or $0.06 per diluted share in the three-month period ended June 30, 2011.

Excel Trust reported AFFO for the six months ended June 30, 2012 of $12.9 million, or $0.37 per diluted share and FFO of $12.5 million, or $0.36 per diluted share. Net loss attributable to the common stockholders for the six months ended June 30, 2012 was ($4.1 million), or ($0.14) per diluted share. This compares to AFFO of $7.6 million, or $0.43 per diluted share, FFO of $6.5 million or $0.37 per diluted share and net income of $0.4 million, or $0.01 per diluted share in the six-month period ended June 30, 2011.

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