| San Diego, January, 24, 2012 |
| Excel Trust, Inc. (NYSE:EXL - News), a retail focused real estate investment trust (REIT), has acquired The Promenade Corporate Center in Scottsdale, AZ, a 256,000 square foot commercial office property, for approximately $56 million with a combination of stock and cash. "The Promenade Corporate Center is a Class A property and represents a strategic acquisition for our company. As an integrated component of the mixed use property, The Promenade Corporate Center complements the retail shopping center which we already own and allows us to control the gateway to our most valuable asset," commented Gary Sabin, Excel Trust`s Chairman and CEO. He went on to say, "We believe the property`s combined value is worth more than the sum of the parts and yields us greater economies of scale in marketing and management. The seller`s confidence in our company afforded us the opportunity to issue shares at a premium, without having to pay standard issuance costs." The Company paid 75% of the purchase price, or $42 million, in shares of its common stock valued at $13.00 per share (for a total of approximately 3,230,769 shares). Major tenants at The Promenade Corporate Center include Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Homes and Sankyo Pharma. The property is currently 83% leased. In a three and five mile radius, household incomes are estimated to be $116,607 and $114,260, respectively (Source: Demographics Now, 2010). 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. The Company has elected to elect to be treated as a REIT for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL." For more information on Excel Trust, please visit www.exceltrust.com. 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 expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. 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 have been 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. Source: Excel Trust Matt Romney, SVP, Capital Markets 858-613-1800 info@exceltrust.com www.exceltrust.com |
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Source: Excel Trust, Inc. via Thomson Reuters ONE
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