San Diego Business Journal

Excel Retail REIT Boosts Revenue, Operating Funds

By Lou Hirsh Monday, May 7, 2012

Locally based Excel Trust Inc., which invests primarily in retail real estate, posted total revenue of $19.8 million for its first quarter ending March 31, up from $10.5 million in the same period of 2011.

A company statement May 2 said the REIT posted a net loss attributable to common stockholders of $1.7 million, compared with a net loss of $632,000 in the year-ago period.

Funds from operations, an industry-recognized supplemental measure of real estate portfolio performance, totaled $6.5 million, up from $3.4 million a year ago.

Excel Trust CEO Gary Sabin noted that the company issued $92 million in Series B cumulative preferred stock during the quarter, and acquired three retail properties with a total value of approximately $100 million.

The company is based in Rancho Bernardo and trades under the symbol EXL on the New York Stock Exchange.