The company priced the public offering of 11 million shares of common stock at $13.25 a share. The underwriters of the offering have a 30-day option to buy an additional 1.65 million shares.
Excel Trust expects net proceeds of $139.6 million from the offering, or $160.6 million is the underwriters fully exercise their option to buy more shares. The company will use the net proceeds to partially pay for certain property acquisitions.
Barclays Capital and Raymond James & Associates are joint book-running managers for the offering.
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TheStreet Ratings team rates EXCEL TRUST INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXCEL TRUST INC (EXL) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."