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

Stocks in this article: EXL

Excel Trust, Inc. (the "Company") announced today financial and operating results for the quarter ended September 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 Third Quarter 2012

  • Reported Adjusted Funds from Operations (AFFO) for the quarter of $7.3 million, or $0.21 per diluted share
  • Reported Funds from Operations (FFO) for the quarter of $0.20 per diluted share before transaction related costs of $0.02 per diluted share. Including transaction costs, FFO was $6.2 million, or $0.18 cents per diluted share.
  • Declared a fourth quarter 2012 dividend of $0.1625 per share, which equates to an annualized dividend rate of $0.65 per share
  • Acquired Chimney Rock Shopping Center for approximately $23.8 million
  • Entered into joint venture partnership for the La Costa Town Center with GEM Realty Capital, Inc.
  • Increased unsecured credit facility to $250 million and improved terms

Subsequent Events

  • Acquired Pavilion Crossing for approximately $13.1 million
  • Acquired Florida/Virginia portfolio for approximately $262.8 million
  • Completed a public offering of 9,775,000 shares of common at $12.00 per share, resulting in net proceeds of approximately $113.1 million

“The progress we made in the third quarter will benefit the company for years to come,” noted Gary Sabin, Chairman and CEO of Excel Trust. “We successfully added another quality property in Texas to our portfolio and put the finishing touches on our $263 million portfolio acquisition, which ultimately closed in October. We have now acquired over $1.1 billion in quality assets since our 2010 IPO and have significantly strengthened our balance sheet.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the third quarter of $7.3 million, or $0.21 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended September 30, 2012 of $6.2 million, or $0.18 per diluted share, which includes a deduction for transaction related costs of $0.02 cents. Net loss attributable to the common stockholders for the three-month period ended September 30, 2012 was $2.2 million, or $0.07 per diluted share. This compares to AFFO of $5.3 million, or $0.17 per diluted share, FFO of $3.6 million or $0.11 per diluted share and net loss attributable to the common stockholders of $2.6 million, or $0.09 per diluted share in the three-month period ended September 30, 2011.

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