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Excel Trust Announces Results For The Quarter Ended June 30, 2013, Declares Dividend

Stocks in this article: EXL

Excel Trust, Inc. (NYSE:EXL) announced today financial and operating results for the quarter ended June 30, 2013. 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 2013

  • Reported Adjusted Funds from Operations (AFFO) for the quarter of $10.6 million, or $0.22 per diluted share
  • Reported Funds from Operations (FFO) for the quarter of $12.0 million, or $0.25 per diluted share
  • Declared a third quarter 2013 common stock dividend of $0.17 per share, which equates to an annualized rate of $0.68 per share
  • Financed The Flats at West Broad Village for approximately $39.7 million, which will mature in May 2020 and bears interest at 3.3%
  • Subsequent to quarter on July 1, 2013, acquired Stadium Center in Manteca, CA for approximately $41.2 million

“As we have previously stated, our 2013 objectives are to aggressively focus on our operations while selectively adding high quality properties that complement our portfolio,” stated Gary Sabin, Chairman and CEO. “We believe our results this quarter and year-to-date reflect that focus.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the second quarter of $10.6 million, or $0.22 per diluted share. Excel Trust reported Funds From Operations (FFO) for the three-month period ended June 30, 2013 of $12.0 million, or $0.25 per diluted share. Net income attributable to the common stockholders was $0.6 million, or $0.01 per diluted share. This compares to AFFO of $6.5 million, or $0.19 per diluted share, FFO of $6.0 million or $0.17 per diluted share and net loss of $2.4 million, or $0.08 per diluted share in the three-month period ended June 30, 2012.

Excel Trust reported AFFO for the six months ended June 30, 2013 of $20.7 million, or $0.44 per diluted share and FFO of $22.3 million, or $0.47 per diluted share. Net loss attributable to the common stockholders for the six months ended June 30, 2013 was $1.8 million, or $0.04 per diluted share. This compares to AFFO of $12.9 million, or $0.37 per diluted share, FFO of $12.5 million or $0.36 per diluted share and net loss of $4.1 million, or $0.14 per diluted share in the six-month period ended June 30, 2012.

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