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.

“Since 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,” 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.

— SDBJ Staff Report