San Diego Business Journal

Excel Trust Sees Increase in 1st Quarter Revenue

Monday, May 6, 2013

Excel Trust Inc. saw first quarter revenue rise 38 percent from the same period a year ago, according to a statement from the San Diego-based real estate investment trust.

The company reported total revenue of $27.5 million for the quarter ending March 31, up from $19.8 million in the same period of 2012.

Excel reported a net loss attributable to common shareholders of $2.4 million for the quarter, compared with a net loss of $1.7 million a year ago.

Adjusted funds from operations, an industry supplemental measure gauging the performance of real estate portfolios, came in at $10 million for the quarter, up from $6.7 million in the first quarter of 2012.

Chairman and CEO Gary Sabin said the company this year has taken steps to lock in low-cost debt and prepay above-market mortgages related to some of its existing portfolio properties, and also issue equity to strengthen its balance sheet.

ā€œSince the beginning of the year we have moved forward on our stated objective of positioning the company to be able to access the unsecured debt markets,ā€ Sabin said in the statement.

Excel Trust is a retail-focused investment trust with headquarters in Rancho Bernardo. The company trades under the symbol EXL on the New York Stock Exchange.

ā€” SDBJ Staff Report