Excel Trust Announces Pricing Of Series B Cumulative Redeemable Preferred Stock

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.

A copy of the final prospectus supplement and accompanying prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, by contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support or by calling toll-free 1- 800-326-5897 or e-mailing cmclientsupport@wellsfargo.com; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, by calling toll-free 1-800- 248-8863, or emailing prospectus@raymondjames.com; or UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Specialist, by calling toll-free1-877-827-6444, ext. 561 3884.

About Excel Trust

Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust trades publicly on the NYSE under the symbol "EXL."

Forward-Looking Statements

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's completion and timing of the offering and the intended use of proceeds from the offering. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. For a list and description of risks and uncertainties that could cause actual results to differ materially from expectations, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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