Excel Trust Inactive

We are a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Our strategy is to acquire high quality, well-located, dominant retail properties that generate attractive risk-adjusted returns. We target competitively protected properties in communities that have stable demographics and have historically exhibited favorable trends, such as strong population and income growth. We consider competitively protected properties to be located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. We seek investment opportunities throughout the United States, but focus on the West Coast, East Coast and Sunbelt regions. We generally lease our properties to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic. Our tenants often carry goods that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which we believe generates more predictable property-level cash flows. As of December 31, 2014, we owned an operating portfolio consisting of 38 retail properties totaling approximately 7.2 million square feet of gross leasable area, or GLA (including 50% and 80% interests in two consolidated joint ventures), which were approximately 94.3% leased and had a weighted average remaining lease term of approximately six years, based on GLA (one retail property also contains 339 apartment units on the upper levels of the shopping center). We also owned two commercial office properties, Excel Center, a portion of which is utilized as our corporate headquarters, and the Promenade Corporate Center. These properties total 338,339 square feet of GLA and were approximately 85.0% leased as of December 31, 2014. In addition, we held an ownership interest in one unconsolidated retail property totaling 103,767 square feet of GLA, which was approximately 92.4% leased as of December 31, 2014. Our non-operating properties consisted of Phase II of our Chimney Rock property and Phase III of our Plaza at Rockwall property and two land parcels, Southlake Park Village and West Broad Marketplace, which are currently under development and are expected to contain approximately 707,000 square feet of GLA upon completion. Phase I of our Chimney Rock property is classified as an operating property.