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Retail REIT Ends 2010 With Net Loss

San Diego-based Excel Trust Inc., a retail-focused real estate investment trust, posted a net loss of $900,000 for the quarter ending Dec. 31 and a net loss of $3.9 million for the year ending Dec. 31.

The year-end results, reported Feb. 23, reflect the period since April 28, the date of the firm’s initial public offering of common stock.

The REIT, which has offices in Rancho Bernardo, ended the year with $1.9 million in funds from operations, a supplemental measure used to gauge the performance of real estate portfolios. The company reported $4.5 million in adjusted funds from operations, accounting for factors including amortization and depreciation.

A company statement said Excel’s board of directors has declared a first quarter 2011 cash dividend of 14 cents per share, compared with 12 cents per share in the prior quarter. The dividend is payable on April 15, to shareholders of record as of March 31.

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— Lou Hirsh

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