Excel Retail REIT Boosts Revenue, Operating FundsMonday, 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.