Excel-lent ResultsExcel Trust reported that its 2012 adjusted funds from operations for the quarter was $8.5 million, or 20 cents per diluted share and for the year of $28.6 million, or 78 cents per diluted share (5% increase year over year). During 2012 the company acquired $440 million in properties and surpassed the year with $1 billion in total assets owned. In a recent press release Excel Chairman and CEO Gary Sabin commented:
"2012 was transformational for Excel Trust in several respects. By acquiring $440 million in quality properties, our asset base surpassed $1.1 billion and our portfolio now exceeds 5.5 million square feet. We lowered our cost of debt by improving our credit facility and anticipate beginning discussions with the rating agencies in order to position the Company to access the unsecured debt markets. These are important milestones for the Company and we are well on our way to accomplishing the goals we set at the time of our IPO a little over two and half years ago."Excel's Board of Directors recently declared a first quarter 2013 cash dividend of 17 cents per share compared to a cash dividend of 16.25 cents per share for the previous quarter, to be paid on April 15 to shareholders of record as of March 29. Excel Trust's common shares are trading at $13.65 and the current dividend yield is 4.98%.