Excel Trust, Inc. Reports Second Quarter Results
August 11, 2010 06:25 PM Eastern Daylight Time
SAN DIEGO--(EON: Enhanced Online News)--Excel Trust, Inc. (NYSE:EXL) announced today financial and
operating results for the period ended June 30, 2010.
Earnings and Operations
Excel Trust reported Funds From Operations (FFO) for the period from April 28, 2010, the date it completed its
initial public offering, to June 30, 2010 of negative $1.0 million, or ($0.07) per basic and diluted share. FFO
included audit and other non-recurring organizational costs related to Excel Trust’s IPO of approximately $1.0
million. Excluding these costs for the period, FFO was a negative $17,000. The results reflect less than a full quarter
of property operations since the properties were acquired throughout the quarter.
Excel Trust considers FFO an important supplemental measure of its operating performance and believes it is
frequently used by securities analysts, investors and other interested parties in the evaluation of real estate investment
trusts (REITs), many of which present FFO when reporting their results. A complete reconciliation containing
adjustments from GAAP net income available to common stockholders to FFO and a definition of FFO are included
at the end of this release.
Net loss attributable to common stockholders for the quarter was $1.8 million, or ($0.11) per diluted share.
Since the completion of its initial public offering through June 30, 2010, Excel Trust has acquired 15 properties for a
total of $171.9 million, including the assumption of debt. At June 30, 2010, Excel Trust had a remaining cash
balance of $91.2 million.
Since June 30, 2010, Excel Trust also acquired Mariner’s Point Shopping Center in St. Marys, GA for
approximately $6.6 million, including the assumption of debt. The property has approximately 45,215 square feet of
gross leasable area and is anchored by a non-owned Super Wal-Mart.
Line of Credit
On July 8 2010, Excel Trust entered into an uns