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Excel Trust Announces Public Follow−on Offering Of 8.5 Million Shares Of Common Stock

Stocks in this article: EXL

Excel Trust, Inc. (NYSE:EXL), a retail focused real estate investment trust (REIT), announced today that it is commencing an underwritten public offering of 8.5 million shares of common stock. The Company has granted to the underwriters an option to purchase up to an additional 1.275 million shares within thirty days after the offering. All shares are being offered by the Company.

The Company intends to use the net proceeds from the offering to repay existing indebtedness under its unsecured revolving credit facility incurred in connection with the recent acquisition of five retail shopping centers and a 50% interest in a sixth retail property for approximately $262.8 million, and for other general corporate and working capital purposes.

BofA Merrill Lynch, Morgan Stanley, and Raymond James are joint book-running managers for the offering.

The common stock will be issued pursuant to an effective registration statement on Form S−3 that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

A copy of the prospectus supplement and accompanying prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com; Morgan Stanley Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Dept. or by email at prospectus@morganstanley.com; or Raymond James, 880 Carillon Parkway, St. Petersburg, FL 33716 or by email at prospectus@raymondjames.com.

About Excel Trust

Excel Trust, Inc. is a retail focused real estate investment trust (REIT) that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL".

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