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Excel Trust Announces Establishment of Stock Repurchase Program

^{Published on 2011-08-15 10:21:19 - Market Wire}
 

SAN DIEGO--([ BUSINESS WIRE ])--Excel Trust, Inc. (NYSE:EXL), a retail focused real estate investment trust (REIT), today announced that it has established a stock repurchase program in order to selectively purchase shares of its common stock. Under the stock repurchase program, the company may acquire up to $30 million of its common stock in open market and negotiated purchases. Excel Trust currently has approximately 30,967,679 million shares of common stock outstanding.

"We believe the companya™s common stock is undervalued due to recent market dislocations. As such we feel that opportunistically buying our shares is currently one of our best investment alternatives."

These repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. The program does not obligate Excel Trust to acquire any particular amount of common stock and may be suspended at any time at the companya™s discretion.

Gary B. Sabin, Chairman and CEO of Excel Trust, stated, aWe believe the companya™s common stock is undervalued due to recent market dislocations. As such we feel that opportunistically buying our shares is currently one of our best investment alternatives.a

About Excel Trust

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. Excel Trust trades publicly on the NYSE under the symbol aEXL.a For more information on Excel Trust, please visit [ www.exceltrust.com ].

Forward Looking Statements

This 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 Companya™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 managementa™s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words abelieve,a aanticipate,a aestimate,a aexpect,a aintenda 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.