Excel Trust, Inc. (the “Company”) (NYSE: EXL) today announced the pricing of an underwritten public offering of 3,200,000 shares of its 8.125% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $25.00 per share. Dividends for the Series B Cumulative Redeemable Preferred Stock will be cumulative and payable quarterly in arrears on or about the 15th day of January, April, July and October of each year, commencing on or about April 15 th 2012 at the rate of 8.125% per annum of its liquidation preference, which is equivalent to $2.03125 per annum per share. The offering is expected to close on January 31, 2012, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 480,000 shares of the Series B Cumulative Redeemable Preferred Stock to cover overallotments, if any. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and other estimated offering expenses, will be approximately $77.2 million exclusive of any net proceeds received if the underwriters exercise the over-allotment option in full. Net proceeds of the offering will be contributed to the Company’s operating partnership. The operating partnership intends to subsequently use the net proceeds of this offering to repay the outstanding indebtedness under our unsecured revolving credit facility, for future acquisitions and for other general corporate and working capital purposes. Wells Fargo Securities, LLC, Raymond James & Associates, Inc. and UBS Securities LLC are acting as joint book-running managers for the offering. This press release shall 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 such state or other jurisdiction. This offering is being made solely by means of a prospectus supplement and accompanying prospectus.