This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Excel Trust Sails Past $1 Billion Assets

NEW YORK ( TheStreet) -- Excel Trust (EXL - Get Report), a retail-focused shopping center REIT, announced last week it has acquired six shopping centers for approximately $263 million. This is a significant milestone for the San Diego-based company as the small-cap REIT has now surpassed $1 billion dollars in assets under management.

Excel had around $820 million in assets of its latest reporting period (second quarter of 2012) and with the latest announced closing the company will have around $1.1 billion in assets.

Excel Trust was organized in late 2009 and completed its initial common stock offering on April 28, 2010. With initial proceeds of $194.6 million, Excel chartered (the company) with no legacy assets and its mid-market platform focused on necessity brand tenants with a value-oriented sales model.

In addition, the company's growth model -- of locating in hubs that form a lower circle around the U.S. -- have proven to be highly successful. By connecting dots in San Diego, SF Bay, Phoenix, Dallas, Atlanta and Washington, D.C., the "smile states" model forms a demographic footprint representing a broad base of retail tenants with above average sales per square foot.

Excel's recent acquisition includes West Broad Village, a mixed use center in Richmond, Va. that is comprised of approximately 385,897 square feet of retail and commercial space, with an additional 339 apartment units above the center. The retail portion is approximately 80% leased with another 35,000 square feet entitled but not constructed. Major tenants include Whole Foods (WFM) , HomeGoods, REI, Wells Fargo (WFC), First Market Bank, Dave & Busters, Mimi's Cafe, Kona Grill and Bonefish Grill. The apartments have experienced strong demand and are currently 98% leased.

Excel also acquired a portfolio of five retail shopping centers (four centers that are wholly owned and a 50% interest in a fifth center) which together comprise approximately 319,264 square feet. Major tenants include Walgreens (WAG), CVS Pharmacy (CVS), Fifth Third Bank (FITB), Regions Bank (RF), Fleming's, Cantina Laredo, Big Fin, Jos. A. Bank (JOSB) and Ruth's Chris Steak House (RUTH). The shopping centers are approximately 96% leased.

In an announcement, Gary Sabin, Excel's Chairman and CEO stated, "We are excited about the quality and earnings potential of these assets. The demographics and tenant mix are exceptional and will further strengthen and diversify our portfolio. Since our IPO in 2010, we have acquired approximately $1.1 billion of high quality assets and we continue to see attractive opportunities in our pipeline."
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
EXL $15.84 0.00%
AAPL $113.55 -0.95%
FB $94.94 0.94%
GOOG $629.25 0.00%
TSLA $266.60 0.12%

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs