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Excel Trust Announces Results For the Quarter Ended September 30, 2012, Declares Dividend



  Excel Trust Announces Results For the Quarter Ended September 30, 2012,
  Declares Dividend

Business Wire

SAN DIEGO -- November 07, 2012

Excel Trust, Inc. (the "Company") announced today financial and operating
results for the quarter ended September 30, 2012. A supplemental financial
package with additional information can be found on Excel Trust's website
under the Investor Relations tab.

Highlights for the Third Quarter 2012

  * Reported Adjusted Funds from Operations (AFFO) for the quarter of $7.3
    million, or $0.21 per diluted share
  * Reported Funds from Operations (FFO) for the quarter of $0.20 per diluted
    share before transaction related costs of $0.02 per diluted share.
    Including transaction costs, FFO was $6.2 million, or $0.18 cents per
    diluted share.
  * Declared a fourth quarter 2012 dividend of $0.1625 per share, which
    equates to an annualized dividend rate of $0.65 per share
  * Acquired Chimney Rock Shopping Center for approximately $23.8 million
  * Entered into joint venture partnership for the La Costa Town Center with
    GEM Realty Capital, Inc.
  * Increased unsecured credit facility to $250 million and improved terms

Subsequent Events

  * Acquired Pavilion Crossing for approximately $13.1 million
  * Acquired Florida/Virginia portfolio for approximately $262.8 million
  * Completed a public offering of 9,775,000 shares of common at $12.00 per
    share, resulting in net proceeds of approximately $113.1 million

“The progress we made in the third quarter will benefit the company for years
to come,” noted Gary Sabin, Chairman and CEO of Excel Trust. “We successfully
added another quality property in Texas to our portfolio and put the finishing
touches on our $263 million portfolio acquisition, which ultimately closed in
October. We have now acquired over $1.1 billion in quality assets since our
2010 IPO and have significantly strengthened our balance sheet.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the third
quarter of $7.3 million, or $0.21 per diluted share. Excel Trust reported
Funds From Operations (FFO) for the three-month period ended September 30,
2012 of $6.2 million, or $0.18 per diluted share, which includes a deduction
for transaction related costs of $0.02 cents. Net loss attributable to the
common stockholders for the three-month period ended September 30, 2012 was
$2.2 million, or $0.07 per diluted share. This compares to AFFO of $5.3
million, or $0.17 per diluted share, FFO of $3.6 million or $0.11 per diluted
share and net loss attributable to the common stockholders of $2.6 million, or
$0.09 per diluted share in the three-month period ended September 30, 2011.

Excel Trust reported AFFO for the nine months ended September 30, 2012 of
$20.1 million, or $0.58 per diluted share and FFO of $18.7 million, or $0.54
per diluted share. Net loss attributable to the common stockholders for the
nine months ended September 30, 2012 was $6.3 million, or $0.21 per diluted
share. This compares to AFFO of $12.9 million, or $0.57 per diluted share, FFO
of $10.1 million, or $0.45 per diluted share and net loss attributable to the
common stockholders of $2.2 million and $0.13 per diluted share in the
nine-month period ended September 30, 2011.

Included in FFO for the quarter ended September 30, 2012 were transaction
costs of $637,000 related to acquisitions, or $0.02 per diluted share, and
$1.2 million or $0.03 per diluted share in the nine months ended September 30,
2012. Included in FFO was non-cash compensation expense of approximately
$817,000, or $0.02 per diluted share in the quarter ended September 30, 2012
and $2.4 million or $0.07 per diluted share in the nine months ended September
30, 2012, resulting from the Company’s incentive stock award plan. FFO was
also impacted by a non-cash gain related to changes in the fair value of
financial instruments and the redemption of certain OP units of approximately
$61,000. For the nine months ended September 30, 2012, this gain was $1.1
million, or approximately $0.03 per diluted share. The change in the fair
value of financial instruments was a reduction of the liability recorded for
the fair value of a redemption provision related to the OP Units issued in
connection with the acquisition of the Edwards Theatres property in March
2011.

Excel Trust considers AFFO and FFO important supplemental measures of its
operating performance and believes that they are frequently used by securities
analysts, investors and other interested parties in the evaluation of real
estate investment trusts (REITs), many of which present AFFO and FFO when
reporting their results. A complete reconciliation containing adjustments from
GAAP net income available to common shareholders to AFFO and FFO and a
definition of both are included at the end of this release.

Summary of Significant Activities During Third Quarter 2012

On July 20, 2012, Excel Trust amended its unsecured credit facility,
increasing the borrowing capacity from $200 million to $250 million and
lowering its interest rate. The facility now bears interest at a rate per
annum equal to LIBOR plus 165 to 225 basis points (down from 220 to 300 basis
points), depending on the company’s leverage ratio. If the Company is given an
investment-grade credit rating by S&P or Moody’s in the future, the interest
rate per annum will improve to LIBOR plus 100 basis points to 185 basis
points. The facility includes an accordion feature that allows for an increase
up to $450 million under specified circumstances. The maturity date of the
credit facility is July 19, 2016 and can be extended for one year at the
Company’s option.

On August 31, 2012, Excel Trust acquired Chimney Rock Shopping Center in
Odessa, TX. The Company purchased this 151,339 square foot retail shopping
center for approximately $23.8 million. The property is approximately 98%
leased with another 205,019 square feet of retail space entitled but not
constructed. Major tenants include Academy Sports, Best Buy, Marshalls,
Kirkland’s and Ulta. Constructed in 2011, the center is well located at a busy
intersection in Odessa, and benefits from the region’s low unemployment rate
of 3.9% (Source: Bureau of Labor Statistics – September, 2012 preliminary).

On September 7, 2012, Excel Trust contributed the La Costa Town Center, a
121,429 square foot retail shopping center located in Carlsbad, California, to
a newly formed joint venture with GEM Realty Capital, Inc. for proceeds of
approximately $21.2 million. The Company owns a 20% ownership interest in the
joint venture and acts as the day-to-day property manager for the shopping
center. The Company receives fees for providing these management services and
other construction and development services related to the property.

Events Subsequent to Third Quarter 2012

On October 1, 2012, Excel Trust acquired Pavilion Crossing in Brandon,
Florida. The Company purchased this 68,400 square foot retail shopping center
for approximately $13.1 million. Constructed in 2012, the property is
approximately 97% leased and is anchored by Publix.

On October 19, 2012 Excel Trust acquired a portfolio of six shopping centers
for approximately $262.8 million as outlined below.

Florida Portfolio – Orlando, FL:  Five of the shopping centers are in the
Orlando, Florida area (four centers are wholly owned and a 50% interest was
acquired in a fifth center) which together comprise 319,264 square feet. Major
tenants include Walgreens, CVS Pharmacy, Fifth Third Bank, Regions Bank,
Fleming’s, Cantina Laredo, Big Fin, JoS. A. Bank and Ruth’s Chris Steak House.
The shopping centers are approximately 96% leased and the weighted average
household income in a three mile radius is estimated to be $127,286 (Source:
AGS 2012).

West Broad Village – Richmond, Virginia: The sixth center is in Richmond,
Virginia and comprises 385,897 square feet of retail and commercial space,
with an additional 339 apartment units above the center. The retail portion is
approximately 80% leased with another 35,000 square feet entitled but not
constructed. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo,
First Market Bank, Dave & Busters, Mimi’s Cafe, Kona Grill and Bonefish Grill.
The apartments have experienced strong demand and are currently 98% leased. In
a three mile radius the average household income is estimated to be $106,356
(Source: AGS 2012).

On October 30, 2012 Excel Trust completed the issuance of a public offering of
9,775,000 shares of its common stock, including the exercise of an
overallotment option of 1,275,000 shares, at a public offering price of $12.00
per share, resulting in net proceeds of approximately $113.1 million after
deducting the underwriters’ discount and estimated commissions and offering
expenses. The Company intends to use the net proceeds from the offering to
repay existing indebtedness under its unsecured revolving credit facility
incurred in connection with the recent acquisitions, and for other general
corporate and working capital purposes.

Fourth Quarter 2012 Dividends Declared

The Board of Directors declared a fourth quarter 2012 cash dividend of $0.1625
per common share payable on January 15, 2013 to shareholders of record as of
December 31, 2012.

The Board of Directors has also declared a dividend of $0.4375 per share on
the Company's Series A Cumulative Convertible Perpetual Preferred Shares, and
a dividend of $0.5078 on its Series B Cumulative Redeemable Preferred Shares.
The dividend on Excel Trust’s outstanding Series A and Series B Preferred
Shares will be payable on January 15, 2013 to the Series A and Series B
Preferred shareholders of record as of December 31, 2012.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2013 to be between
$0.80 and $0.88 and its’ FFO per share to be between $0.76 and $0.84. The
above excludes transaction costs, leasing commissions and tenant improvement
allowances. Excel Trust believes that AFFO is the most helpful indicator of
the Company's ability to pay recurring dividends since it adjusts for certain
non-cash and non-recurring items.

The foregoing estimates are forward-looking and reflect management's view of
current and future market conditions, including certain assumptions with
respect to leasing activity, rental rates, occupancy levels, interest rates,
and the amount and timing of acquisitions and development activities. Excel
Trust's actual results may differ materially from these estimates.

Conference Call

In conjunction with Excel Trust's results, you are invited to listen to its
conference call on Thursday, November 8, 2012 at 1:00 p.m. Eastern Time.

PHONE: Conference call access information is as follows:
Dial in number: (800) 299-8538
International Dial in number: (617) 786-2902
Pass code: 34697712

INTERNET: A live webcast of the conference call will be available through
Excel Trust's web site at www.exceltrust.com. The conference call will be
recorded and available for replay for seven days beginning at 4:00 p.m. ET on
November 8, 2012. Replay access information is as follows:
Dial in number: (888) 286-8010
International Dial in number: (617) 801-6888
Pass code: 30082346

About Excel Trust

Excel Trust, Inc. is a retail focused REIT that primarily targets community
and power centers, grocery anchored neighborhood centers and freestanding
retail properties. The Company has elected to be treated as a REIT, for U.S.
federal income tax purposes. Excel Trust trades publicly on the NYSE under the
symbol "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.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

Excel Trust considers FFO and AFFO to be important supplemental measures of
its operating performance and believes they are frequently used by securities
analysts, investors and other interested parties in the evaluation of REITs,
many of which present FFO and AFFO when reporting their results. FFO and AFFO
are intended to exclude GAAP historical cost depreciation and amortization of
real estate and related assets, which assumes that the value of real estate
assets diminishes ratably over time. Historically, however, real estate values
have risen or fallen with market conditions. Because FFO and AFFO exclude
depreciation and amortization unique to real estate, gains and losses from
property dispositions and extraordinary items, they provide a performance
measure that, when compared year-over-year, reflects the impact to operations
from trends in occupancy rates, rental rates, operating costs, development
activities and interest costs, providing perspective not immediately apparent
from net income.

Excel Trust computes FFO in accordance with standards established by the
National Association of Real Estate Investment Trusts, or NAREIT. As defined
by NAREIT, FFO represents net income (loss) (computed in accordance with
generally accepted accounting principles, or GAAP), excluding real
estate-related depreciation and amortization, impairment charges and net gains
(losses) on the disposition of assets and after adjustments for unconsolidated
partnerships and joint ventures. Excel Trust computes AFFO by adding to FFO
the non-cash compensation expense, amortization of prepaid financing costs and
non-recurring transaction costs, and other one-time items, then subtracting or
adding straight-line rents, amortization of above and below market leases and
non-incremental capital expenditures. Excel Trust's computation of FFO and
AFFO may differ from the methodology for calculating FFO and AFFO utilized by
other equity REITs and, accordingly, may not be comparable to such other
REITs. Further, FFO and AFFO do not represent amounts available for
management's discretionary use because of needed capital replacement or
expansion, debt service obligations, or other commitments and uncertainties.

FFO and AFFO should not be considered alternatives to net income (loss)
(computed in accordance with GAAP) as an indicator of Excel Trust's financial
performance or to cash flow from operating activities (computed in accordance
with GAAP) as an indicator of Excel Trust's liquidity, nor are they indicative
of funds available to fund Excel Trust's cash needs, including Excel Trust's
ability to pay dividends or make distributions.

Summarized Financial Statements

Reported results are preliminary and not final until the filing of Excel
Trust's Form 10-Q or 10-K with the Securities and Exchange Commission and,
therefore, remain subject to adjustment. The accompanying notes to follow in
the Form 10-Q or 10-K are an integral part of these consolidated financial
statements.

Balance Sheets
                                                               
EXCEL TRUST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
                                                                 
                                             September 30,      December 31,
                                             2012               2011
  ASSETS:
                                                                 
  Property:
        Land                                 $  262,960         $  236,941
        Buildings                               395,338            287,226
        Site improvements                       43,283             28,257
        Tenant improvements                     35,003             28,517
        Construction in progress                262                21,312
        Less accumulated depreciation           (31,074  )         (18,294  )
                Property, net                   705,772            583,959
  Cash and cash equivalents                     16,037             5,292
  Restricted cash                               5,265              3,680
  Tenant receivables, net                       4,270              4,174
  Lease intangibles, net                        68,946             68,556
  Mortgage loan receivable                      -                  2,000
  Deferred rent receivable                      4,920              2,997
  Other assets                                  20,676             17,013
  Investment in unconsolidated entities         1,348              -         
        Total assets                         $  827,234         $  687,671   
                                                                 
  LIABILITIES AND EQUITY:
                                                                 
  Liabilities:
        Mortgages payable, net               $  285,069         $  244,961
        Notes payable                           -                  21,000
        Accounts payable and other              18,798             21,080
        liabilities
        Lease intangibles, net                  16,122             13,843
        Dividends/distributions payable         8,125              5,801     
        Total liabilities                       328,114            306,685
                                                                 
  Equity:
        Stockholders’ equity
                Preferred stock                 136,423            47,703
                Common stock                    348                302
                Additional paid-in              352,282            319,875
                capital
                Cumulative deficit              (1,970   )         (3,277   )
                                                487,083            364,603
                Accumulated other               (567     )         (811     )
                comprehensive loss
        Total stockholders’ equity              486,516            363,792
        Non-controlling interests               12,604             17,194    
        Total equity                            499,120            380,986   
                Total liabilities and        $  827,234         $  687,671   
                equity
                             

Statements of Operations
                                                                    
EXCEL TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data and dividends per share)
                                                                      
                                                                      
                           Three         Three         Nine          Nine
                           Months        Months        Months        Months
                           Ended         Ended         Ended         Ended
                           September     September     September     September
                           30, 2012      30, 2011      30, 2012      30, 2011
                                                                      
  Revenues:
      Rental revenue       $ 17,382      $ 12,538      $ 50,550      $ 31,481
      Tenant               4,084         2,702         10,536        6,821
      recoveries
      Other income         287           143           975           349
              Total        21,753        15,383        62,061        38,651
              revenues
                                                                      
  Expenses:
      Maintenance and      1,435         932           4,110         2,351
      repairs
      Real estate          2,579         1,724         7,104         4,236
      taxes
      Management fees      197           155           585           405
      Other operating      990           732           2,772         2,294
      expenses
      Changes in fair
      value of             (121)         -             (121)         (328)
      contingent
      consideration
      General and          3,321         3,187         10,136        8,977
      administrative
      Depreciation and     8,602         6,375         25,432        16,937
      amortization
              Total        17,003        13,105        50,018        34,872
              expenses
                                                                      
  Net operating income     4,750         2,278         12,043        3,779
                                                                      
      Interest expense     (4,169)       (3,561)       (11,829)      (9,629)
      Interest income      19            144           125           228
      Loss from equity
      in                   (158)         -             -             -
      unconsolidated
      entities
      Gain on
      acquisition of
      real estate and      -             -             -             937
      sale of land
      parcel
      Changes in fair
      value of
      financial            61            (596)         1,112         (84)
      instruments and
      gain on OP unit
      redemption
                                                                      
  Net income (loss)
  from continuing          503           (1,735)       1,451         (4,769)
  operations
                                                                      
  Income from
  discontinued
  operations before        -             -             -             1,023
  gain on sale of real
  estate assets
      Gain on sale of
      real estate          -             -             -             3,976
      assets
                                                                      
  Income from
  discontinued             -             -             -             4,999
  operations
                                                                      
  Net income (loss)        503           (1,735)       1,451         230
      Net (income)
      loss
      attributable to      (2)           (2)           14            (60)
      non-controlling
      interests
                                                                      
  Net income (loss)
  attributable to          501           (1,737)       1,465         170
  Excel Trust, Inc.
      Preferred stock      (2,744)       (875)         (7,609)       (2,353)
      dividends
                                                                      
  Net loss
  attributable to the      $ (2,243)     $ (2,612)     $ (6,144)     $ (2,183)
  common stockholders
                                                                      
  Basic and diluted        $ (0.07)      $ (0.09)      $ (0.21)      $ (0.13)
  net loss per share
  Weighted-average
  common shares            33,294        29,634        32,616        20,386
  outstanding - basic
  and diluted
  Dividends declared       $ 0.1625      $ 0.155       $ 0.488       $ 0.445
  per common share
                   

Reconciliation of Net Income to FFO and AFFO
                                                                   
For the Periods Ended September 30, 2012
(In thousands, except per share data)
                                                                     
Excel Trust, Inc.'s FFO and AFFO available to common stockholders and
operating partnership unitholders and a reconciliation to net income(loss) for
the three and nine months ended September 30, 2012 is as follows:
                                                                     
                        Three Months    Three         Nine Months   Nine
                        Ended           Months        Ended         Months
                        September 30,   Ended         September     Ended
                        2012            September     30, 2012      September
                                        30, 2011                    30, 2011
                                                                     
Net loss
attributable to         $  (2,243  )    $ (2,612 )    $ (6,302 )    $ (2,183 )
the common
stockholders
                                                                     
Add:
Non-controlling
interests in               (73     )      (118   )      (230   )      (25    )
operating
partnership
Preferred stock            -              -
dividends
Depreciation and           8,602          6,375         25,432        17,352
amortization
Deduct:
Depreciation and
amortization               (41     )      (59    )      (165   )      (134   )
related to joint
venture
Gain on
acquisition of
real estate and            -              -             -             (937   )
sale of land
parcel
Gain on sale of
real estate                -              -             -             (3,976 )
assets
Funds from              $  6,245        $ 3,586       $ 18,735      $ 10,097
operations
                                                                     
Adjustments:
Transaction costs          637            160           1,186         522
Deferred                   451            387           1,410         956
financing costs
Stock-based and
other non-cash             817            1,349         2,406         3,126
compensation
expense
Changes in fair
value of                   (121    )      -             (121   )      (328   )
contingent
consideration
Changes in fair
value of                   (61     )      596           (1,112 )      84
financial
instruments
Straight-line
effects of lease           (632    )      (777   )      (2,009 )      (1,575 )
revenue
Amortization of
above and below            158            49            (12    )      74
market leases
Non-incremental
capital                    (233    )      (11    )      (372   )      (65    )
expenditures
Adjusted funds          $  7,261        $ 5,339       $ 20,111      $ 12,891  
from operations
                                                                     
Weighted average
common shares              33,294         29,634        32,616        20,386
outstanding
Add:
OP units                   1,057          1,405         1,218         1,212
Restricted stock           286            -             323           830
Contingent
consideration
related to                 90             348           91            232
business
combinations
LTIP restricted            -              -             -             -
stock
Common stock
issuable upon              -              -             -             -       
conversion of
preferred stock
    Weighted
    average
    common shares          34,727         31,387        34,248        22,660  
    outstanding -
    diluted (FFO
    and AFFO)
                                                                     
Funds from
operations per          $  0.18         $ 0.11        $ 0.54        $ 0.45
share (diluted)
Adjusted funds
from operations         $  0.21         $ 0.17        $ 0.58        $ 0.57
per share
(diluted)
                                                                     
                                                                     
Other
Information:
    Leasing
    commissions         $  200          $ 231         $ 468         $ 422
    paid
    Tenant
    improvements        $  947          $ 775         $ 1,805       $ 1,440
    paid

Contact:

Excel Trust, Inc.
Matt Romney, SVP, Capital Markets
858-613-1800
info@exceltrust.com
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