Revenue, Operating Funds Rise at Locally Based Excel TrustMonday, March 4, 2013
San Diego-based Excel Trust Inc., a retail-focused property investment firm, reported increases in revenue and funds from operations for its fourth quarter and year ending Dec. 31, though it posted a net loss for both periods.
A company statement said Excel had $25 million in revenue for the quarter, up from $16.5 million in the year-ago period; and $87.1 million for the year, up from $55.2 million in 2011.
The company’s net loss attributable to common stockholders was $2.2 million for the quarter, compared with $597,000 a year ago; and $8.5 million for the year, compared with $2.8 million for 2011.
Adjusted funds from operations, an industry-recognized metric gauging the performance of real estate portfolios, totaled $8.5 million for the quarter and $28.6 million the year, representing year-over-year gains of 57 percent and 56 percent for the respective periods.
Chairman and CEO Gary Sabin said the company made $440 million in property acquisitions during 2012, with its asset base surpassing $1.1 billion. The company also lowered the cost of its debt by improving its credit facility, he said.
Excel Trust, with headquarters in Rancho Bernardo, is a real estate investment trust that trades under the symbol EXL on the New York Stock Exchange. It now oversees a nationwide property portfolio of more than 5.5 million square feet.
— SDBJ Staff Report