Excel Sells Six Retail Properties in PortfolioThursday, July 7, 2011
Excel Trust Inc., a retail-focused real estate investment trust based in San Diego, has sold six of its portfolio properties in four states for a total of approximately $39.6 million, resulting in a net gain of approximately $3 million.
The properties include buildings housing Walgreens stores in Kentucky and West Virginia, a Shop ’n Save in Missouri and a Jewel-Osco in Illinois.
In a July 6 statement, Chairman and CEO Gary Sabin said the properties were undervalued when Excel purchased them in 2010.
“Realizing a gain in this short of a holding period validates our strategy of buying opportunistically,” Sabin said. “We will continually review our portfolio and recycle assets when prudent.”
Earlier, the REIT announced that it raised net proceeds of approximately $150.2 million from its public offering of 12.5 million shares of common stock, and an additional 1.8 million shares to the underwriters. The offering was completed on June 29.
Excel Trust, with headquarters in Rancho Bernardo, trades under the symbol EXL on the New York Stock Exchange.
— Lou Hirsh