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Local REIT Begins Offering of 12.5 Million Shares of Common Stock

Excel Trust Inc., a retail-focused real estate investment trust with headquarters in San Diego, announced on June 23 the start of an underwritten public offering of 12.5 million shares of common stock, at $10.94 per share.

A company statement said the offering is expected to close on or about June 29 and is subject to customary closing conditions. Underwriters have been granted a 30-day option to purchase an additional 1.875 million shares at the public-offering price to cover any overallotments.

The offering is expected to generate net proceeds of approximately $130.6 million. The company, which first went public in 2010, trades under the symbol EXL on the New York Stock Exchange.

Excel Trust plans to use net proceeds to fund a portion of its $110 million acquisition of The Promenade shopping center in Scottsdale, Ariz., which was announced earlier this year. Excel will also repay outstanding indebtedness under its unsecured revolving credit facility, and also put some proceeds toward future acquisitions and other general corporate and working capital purposes, the statement said.

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