Business & Finance
Business and Finance
Business and Finance
Thu, July 1, 2010
Wed, June 30, 2010 
SAN DIEGO--([ BUSINESS WIRE ])--Excel Trust, Inc. (NYSE: EXL), a retail focused real estate investment trust (REIT), has acquired five additional properties for a combined asset value of $71,749,078 at an approximate capitalization rate of 8.5% (excluding land for development in Rockwall, TX). Excel Trust has now acquired a total of fifteen properties since its initial public offering on April 23, 2010. The following is a summary of the most recent acquisitions.
Plaza at Rockwall a" Rockwall, TX: This multi-tenant shopping center has approximately 334,027 square feet of gross leasable area. Built in 2007, the property is anchored by J.C. Penney, Dicka™s Sporting Goods, Staples, Best Buy and Belk Department Store. Excel Trust also purchased a 12.7 acre land parcel adjacent to the property (Plaza at Rockwall Phase II). Advanced lease negotiations with nationally-recognized retailers are currently underway for Phase II. It is anticipated that construction will commence later this year when a majority of the space has been leased. Rockwall, a suburb of Dallas, is the 2nd wealthiest county in Texas and was the 3rd fastest growing county in the nation over the past decade according to the U.S. Census Bureau.
Lowea™s - Shippensburg, PA: The Lowea™s property has approximately 171,069 square feet of gross leasable area. Built in 2009, the property is freestanding retail under a net lease and is adjacent to a non-owned Super Wal-Mart. Lowea™s Companies, Inc. (S&P credit: A), together with its subsidiaries, operates approximately 1,710 home improvement stores in the United States and Canada with annual sales in excess of $47 billion. The initial lease term extends to 2031.
Walgreens a" Beckley, WV: The Beckley, WV property has approximately 14,820 square feet of gross leasable area. Built in 2008, the property is freestanding retail under a net lease to Walgreens. Walgreens (S&P credit: A+) operates over 7,500 drugstores with annual sales in excess of $63 billion. The initial lease term extends to 2033.
Merchants Central Shopping Center a" Milledgeville, GA: This multi-tenant shopping center has approximately 45,013 of gross leasable area. Built in 2004, the property is anchored by a non-owned Super Wal-Mart.
About Excel Trust, Inc.
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company intends to elect to be treated as a REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2010. Excel Trust trades publicly on the NYSE under the symbol "EXL" (NYSE: EXL). For more information on Excel Trust, Inc., please visit [ www.exceltrust.com ].
Forward Looking Statements
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.
