Excel Trust 8K , Inc. Reports Second Quarter Results | SEC 12 Aug 10

Supplemental Operating and Financial Data for

the Period ended June 30, 2010

Plaza

Rockwall

Phase

–

Rockwall,

Exhibit 99.2

Table of Contents

Company Overview

Analyst Coverage

Financial Summary

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations

Reconciliation of Net Loss Attributable to Common Stockholders to FFO

Debt Summary

Portfolio Summary

Acquisitions and Dispositions

Portfolio Summary

Major Tenants

Lease Expiration Schedule

Definitions

Company Overview

As of June 30, 2010

Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and

freestanding retail properties. The Company intends to be treated as a REIT, for U.S. federal income tax purposes, commencing

with the taxable year ending December 31, 2010. Excel Trust trades publicly on the NYSE under the symbol "EXL" .

Company Contact Information

Excel Trust, Inc.

Matt Romney, SVP, Capital Markets

17140 Bernardo Center Dr., Ste 300

San Diego, CA 92128

Main: 858-613-1800

info@exceltrust.com

Company Website

http://www.exceltrust.com

Forward-Looking Statements

This press release contains forward-looking statements that are based on current expectations, forecasts and assumptions that

involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without

limitation: adverse economic or real estate developments in the retail industry or the markets in which Excel Trust operates;

defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased

vacancy rates; Excel Trust's failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of

additional acquisition opportunities; Excel Trust's inability to successfully complete real estate acquisitions or successfully operate

acquired properties and Excel Trust's failure to qualify or maintain its status as a REIT. For a further list and description of such risks

and uncertainties that could impact Excel Trust's future results, performance or transactions, see the reports filed by Excel Trust with

the Securities and Exchange Commission, including its final prospectus relating to its initial public offering and quarterly reports on

Form 10-Q. Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result

of new information, future events or otherwise.

Company

Analyst

Contact

Barclays Capital

Ross Smotrich

(212) 526-2306

Ryan Bennett

(212) 526-5309

KeyBanc

Jordan Sadler

(917) 368-2280

Todd Thomas

(917) 368-2286

Morgan Stanley

Paul Morgan

(415) 576-2627

Samir

Khanal

(415) 576-2696

Raymond James & Assoc.

Paul D. Puryear

(727) 567-2253

R.J. Milligan

(727) 567-2660

Stifel, Nicolaus

Co., Inc.

Nathan Isbee

(443) 224-1346

Jennifer

Hummert

(443) 224-1288

UBS

Ross Nussbaum

(212) 713-2484

Christy McElroy

(203) 719-7831

Wells Fargo

Jeff Donnelly

(617) 603-4262

Robert LaQuaglia

(617) 603-4263

Analyst Coverage

As of June 30, 2010

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)


	The Company			The Predecessor
	June 30, 2010			December 31, 2009
ASSETS:
Property:
Land	$	52,630		$	15,300
Building		78,861			20,538
Site improvements		8,401			2,445
Tenant improvements		12,927			6,629
Construction in progress		1,635			1,438
Less accumulated depreciation		(5,274	)		(4,481	)

Property, net		149,180			41,869
Cash and cash equivalents		91,222			661
Restricted cash		1,040			524
Tenant receivables, net		91			97
Lease intangibles, net		16,263			1,118
Deferred rent receivable		734			583
Other assets		1,059			604

Total assets	$	259,589		$	45,456

LIABILITIES AND EQUITY:
Liabilities:
Mortgage notes payable, net	$	49,996		$	30,190
Accounts payable and other liabilities		5,681			3,973
Lease intangibles, net		3,165			555
Due to owner		—			1,216

Total liabilities		58,842			35,934
Equity:
Stockholders’ equity and owner’s equity
Common stock, $.01 par value, 200,000,000 shares authorized; 15,663,331 shares issued and outstanding		155			—
Additional paid in capital		194,451			—
Accumulated earnings		(1,752	)		—

Total stockholders’ deficit		192,854			—

Owner’s equity		—			8,622
Non-controlling interests		7,893			900

Total equity		200,747			9,522

Total liabilities and equity	$	259,589		$	45,456

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(Dollars in thousands)

(Unaudited)


	The Company			The Predecessor			The Predecessor
	Period from April 28, 2010 to June 30, 2010			Period April 1, 2010 to April 27, 2010			Three Months Ended June 30, 2009
REVENUES:
Rental revenue	$	1,453		$	317		$	1,185
Tenant recoveries		92			31			82
Other income		34			—			—

Total revenues		1,579			348			1,267

Expenses:
Maintenance and repairs		56			21			40
Real estate taxes		120			37			102
Management fees		3			10			33
Other operating expenses		66			23			100
General and administrative		2,136			2			14
Depreciation and amortization		746			82			461

Total expenses		3,127			175			750

		(1,548	)		173			517
Net operating (loss) income
Interest expense		(350	)		(121	)		(328	)
Interest income		74			—			1

Net (loss) income		(1,824	)		52			190
Non-controlling interest		(72	)		197			—

Net (loss) income attributable to the common shareholders and controlling interest	$	(1,752	)	$	(145	)	$	190

Basic and diluted loss per share	$	(0.11	)

Weighted-average common shares outstanding - basic and diluted		15,460

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(Dollars in thousands)

(Unaudited)


	The Company			The Predecessor			The Predecessor
	Period from April 28, 2010 to June 30, 2010			Period January 1, 2010 to April 27, 2010			Six Months Ended June 30, 2009
REVENUES:
Rental revenue	$	1,453		$	1,455		$	2,243
Tenant recoveries		92			113			154
Other income		34			—

Total revenues		1,579			1,568			2,397

Expenses:
Maintenance and repairs		56			98			111
Real estate taxes		120			140			217
Management fees		3			43			65
Other operating expenses		66			98			209
General and administrative		2,136			8			35
Depreciation and amortization		746			542			1,154

Total expenses		3,127			929			1,791

		(1,548	)		639			606
Net operating (loss) income
Interest expense		(350	)		(483	)		(655	)
Interest income		74			—			3

Net (loss) income		(1,824	)		156			(46	)
Non-controlling interests		(72	)		290			—

Net (loss) income attributable to the common shareholders and controlling interest	$	(1,752	)	$	(134	)	$	(46	)

Basic and diluted loss per share	$	(0.11	)

Weighted-average common shares outstanding - basic and diluted		15,460

Reconciliation

Net

Loss

Attributable

Common

Stockholders

Funds

From

Operations

As of June 30, 2010

Excel

Trust’s

FFO

available

common

stockholders

and

operating

partnership

unitholders

and

reconciliation

net

income

for

the

period

from

April

28,

2010

through

June

30,

2010

follows:

Net loss attributable to common stockholders

$ (1,752,000)

Adjustments to reconcile to Funds from Operations:

Depreciation and amortization expense

$ 746,000

Funds From Operations –

Basic and Diluted

$ (1,006,000)

Weighted

Average

For

Diluted

FFO

per

–

Basic

and

Diluted

15,460,000

FFO per Share -

Basic and Diluted

$ (0.07)

Other items included in funds from operations:

Organizational and other non-recurring costs related to the IPO

$ (1,023,000)

Straight-line rents

$ 73,000

Amortization of above/below market leases and lease incentives

$ 90,000

(1)

(1) For definitions and discussion of FFO, see page 14.

Debt Summary

As of June 30, 2010

(Dollars in thousands)

Fixed Rate Debt

$51,406

Variable Debt

Total Debt

$51,406

Total Maturities

Amount

% Total Debt

Remainder 2010

$473

0.9%

2011

$1,004

2.0%

2012

$1,063

2.1%

2013

$5,824

11.3%

2014

$16,984

33.0%

2015

$654

1.3%

Beyond 2015

$25,404

49.4%

Totals

$51,406

100.0%

Property

Interest Rate

Maturity Date

Due at Maturity

Excel Centre

6.08%

5/31/14

$11,922

Five Forks Place

5.50%

6/30/13

$4,801

5000 South Hulen

5.60%

4/1/17

$12,675

Lowe's

7.20%

10/10/31

$108

Merchants Central

5.94%

7/1/14

$4,317

Acquisitions and Dispositions

As of June 30, 2010

(Dollars in thousands)

Property Name

City

Date

Acquisition Price

Excel Centre

San Diego

$23,700

Newport Towne Center

Newport

$6,500

Five Forks Place

Simpsonville

$7,800

Red Rock Commons

St. George

$11,700

5000 South Hulen

Fort Worth

5/12/2010

$21,900

Jewel-Osco

Morris

5/14/2010

$8,200

Walgreens

Corbin (North)

5/24/2010

$3,500

Walgreens

Corbin (South)

5/24/2010

$4,200

Walgreens

Barbourville

5/24/2010

$4,200

Shop ’n Save (SuperValu)

Ballwin

5/28/2010

$8,500

Walgreens

Beckley

6/17/2010

$7,200

Lowe's

Shippensburg

6/22/2010

$17,600

Plaza at Rockwall -

Phase I

Rockwall

6/29/2010

$35,500

Plaza at Rockwall -

Phase II

Rockwall

6/29/2010

$5,300

Merchant Central

Milledgeville

6/30/2010

$6,100

Total

$171,900

* Acquired from Predecessor as part of the Company’s formation transactions.

Portfolio Summary

As of June 30, 2010

(Dollars in thousands)

Bldg.

Acquisition

Price

Property Name

City

State

Sq. Ft.

Price

Sq. Ft.

% Leased

Major Tenants

Excel Centre

San Diego

82,157

$23,700

$288

100%

Excel Trust, Kaiser Permanente, UBS

Newport Town Center

Newport

60,100

$6,500

$108

91%

Stage Stores (DBA Goody's), Dollar Tree,

Super Wal-Mart Shadow Anchor

Five Forks Place

Simpsonville

61,191

$7,800

$127

98%

Publix

5000 South Hulen

Fort Worth

86,838

$21,900

$252

92%

Barnes and Noble, Old Navy

Jewel-Osco

Morris

51,762

$8,200

$158

100%

Jewel Osco

Walgreens

Corbin (North)

13,650

$3,500

$256

100%

Walgreens

Corbin (South)

13,650

$4,200

$308

100%

Walgreens

Barbourville

13,650

$4,200

$308

100%

Walgreens

Shop ’n Save (SuperValu)

Ballwin

53,411

$8,500

$159

100%

Shop n Save

Walgreens

Beckley

14,820

$7,200

$486

100%

Walgreens

Lowe's

Shippensburg

171,069

$17,600

$103

100%

Lowe's

Plaza at Rockwall -

Phase I

Rockwall

332,989

$35,500

$107

95%

Best Buy, Dick's, Staples, Ulta,

JC Penney, Belk

Merchant Central

Milledgeville

45,013

$6,100

$136

97%

Dollar Tree, Super Wal-Mart

Shadow Anchor

Totals

1,000,300

$154,900

$155

97%

Properties for Development

Red Rock Commons

St. George

TBD

$11,700

Plaza at Rockwall -

Phase II

Rockwall

TBD

$5,300

Totals

$17,000

Total Portfolio

$171,900

Major Tenants By GLA

As of June 30, 2010

Sorted by Total GLA

Total GLA

1,000,300

Tenants

Number of Stores

Square Feet

% of Total GLA

Lowe's

171,069

17%

JC Penney

103,256

10%

Belk

75,524

Walgreens

55,770

Shop ’n Save (SuperValu)

53,411

Jewel-Osco

51,762

Dick's Sporting Goods

50,000

Publix

44,271

Kaiser Permanente

30,052

Best Buy

30,000

Major Tenants By Rent

As of June 30, 2010

Sorted by Annualized Rent-Total Portfolio

Tenants

Number of Stores

Square Feet

Rent per sq. ft.

Annualized Rent

Walgreens

55,770

$27.41

$1,528,600

Lowe's

171,069

$8.62

$1,475,000

Kaiser Permanente

30,052

$40.50

$1,217,038

Dicks Sporting Goods

50,000

$16.30

$815,186

Shop ’n Save (SuperValu)

53,411

$13.50

$721,049

Jewel-Osco

51,762

$12.75

$660,122

Swinerton

13,503

$36.99

$499,486

Publix

44,271

$10.60

$469,273

Barnes & Noble

25,002

$18.00

$450,036

Best Buy

30,000

$15.00

$450,000

*Retail

figures

exclude

the

Excel

Centre

because

office

building

and

currently

serves

headquarters

for

Excel

Trust.

Lease Expiration Schedule

As of June 30, 2010

Retail GLA (sq ft)*

918,143

Retail GLA Leased (sq ft)

888,042

% Retail Leased

96.72%

Year of

Number of

Square Footage of

Average Rent Per

% GLA

Lease Expiration

Leases Expiring

Sq ft of Leases Expiring

Square ft -

Leases Expiring

Expiring

2010

826

$38

0.09%

2011

58,958

$19

6.42%

2012

11,741

$18

1.28%

2013

20,101

$24

2.19%

2014

26,160

$13

2.85%

2015

64,195

$17

6.99%

2016

3,649

$25

0.40%

2017

4,835

$32

0.53%

2018

117,931

$17

12.84%

2019

3,149

$36

0.34%

2020

8,990

$25

0.98%

Funds From Operations (FFO):

Excel

Trust

considers

FFO

important

supplemental

measure

its

operating

performance

and

believes

frequently

used

securities

analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is

intended

exclude

GAAP

historical

cost

depreciation

and

amortization

real

estate

and

assets,

which

assumes

that

the

value

real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions.

Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary

items, it provides 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 Board of Governors of NAREIT in its March 1995 White Paper

(as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP),

excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan

origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the

methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO

does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt

service

obligations,

other

commitments

and

uncertainties.

FFO

should

not

considered

alternative

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 is it indicative of funds available to fund Excel Trust’s

cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Definitions

As of June 30, 2010

Excel Trust Inactive 8-KExcel Trust, Inc. Reports Second Quarter Results