Excel Trust 8-K Results of Operations and Financial Condition

Exhibit 99.2

Supplemental Operating and Financial Data

For the Quarter Ended June 30, 2011

Table of Contents

	Page
Company Overview		3
Analyst Coverage		4
Summary Financial and Portfolio Data		5
Financial Summary
Condensed and Consolidated Balance Sheets		6
Condensed Consolidated and Combined Statements of Operations		7
Reconciliation of Net Income to EBITDA		8
Reconciliation of Net Income to FFO and AFFO		9
Debt Summary		10
Common and Preferred Stock Data		11
Portfolio Summary
Acquisitions & Developments		12
Portfolio Summary		13
Major Tenants		14
Expiration Schedule		15
Definitions		16

Company Overview

Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol “EXL” .

Corporate Headquarters	Other Offices
Excel Trust, Inc.	Salt Lake City, UT
17140 Bernardo Center Dr., Ste 300	Atlanta, GA
San Diego, CA 92128	Stockton, CA
Tel: 858-613-1800	Scottsdale, AZ
Email: info@exceltrust.com
Website: www.exceltrust.com
Executives & Senior Management
Gary B. Sabin—Chairman & CEO	Spencer G. Plumb—President & COO
James Y. Nakagawa—CFO	Mark T. Burton—CIO & SVP, Acquisitions
S. Eric Ottesen—SVP, General Counsel	William J. Stone—SVP, Asset Management/Development
Matthew S. Romney—SVP, Capital Markets
Board of Directors
Gary B. Sabin (Chairman)	Spencer G. Plumb
Mark T. Burton	Bruce G. Blakley
Burland B. East III	Robert E. Parsons, Jr.
Warren R. Staley
Transfer Agent and Registrar	Corporate Counsel
Continental Stock Transfer & Trust Company	Latham & Watkins
17 Battery Place, 8th Floor	12636 High Bluff Drive, Suite 400
New York, New York 10004	San Diego, CA 92130
Tel: 212-509-4000	Tel: 858-523-5400
Email: cstmail@continentalstock.com
Website: www.continentalstock.com

Reported results and other information herein are preliminary and not final until the filing of Excel Trust’s quarterly report on Form 10-Q with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Forward-Looking Statements

This document 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.

Page 3

Analyst Coverage

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

Page 4

Summary Financial and Portfolio Data

For the Quarter Ended June 30, 2011

(Dollars in thousands)

Portfoilio Summary
Total Gross Leasable Square Feet (GLA)(1)		3,003,828
Percent Leased-Operating Portfolio		94.9	%
Percent Occupied-Operating Portfolio		93.2	%
Annualized Base Rent(2)	$	39,823
No. leases signed or renewed		23
Sq Ft leases signed or renewed		90,990
Financial Results (Quarter ended June 30, 2011)
Net income available to the common stockholders and controlling interest of the Predecessor	$	1,061
Net income per diltued share	$	0.06
Funds from operations (FFO)	$	3,741
FFO per diluted share	$	0.20
Adjusted funds from operations (AFFO)	$	4,361
AFFO per diluted share	$	0.24
EBITDA	$	11,171
Assets
Gross undepreciated real estate	$	445,740
Gross undepreciated assets	$	645,295
Total liabilities to gross undepreciated assets		36.4	%
Debt to gross undepreciated assets		30.9	%
Capitalization
Common shares outstanding		30,967,679
OP units oustanding		1,405,405
Total common shares and OP units		32,373,084
Closing price at quarter end	$	11.03
Equity capitalization at June 30, 2011	$	357,075
Preferred stock (at liquidation preference of $25.00 per share)		50,000
Total debt(3)		199,537
Total capitalization	$	606,612
Debt/total capitalization		32.9	%
Debt/EBITDA		4.5
Common Stock Data
Range of closing prices for the quarter	$	10.94 - 12.27
Weighted average common shares outstanding		15,856
Weighted average common shares outstanding—diluted (FFO and AFFO)		18,513
Shares of common stock outstanding on June 30, 2011		30,967,679

(1) Excludes gross leasable area from developments under construction and any planned development.

(2) Annualized Base Rent excludes rental revenue from non-stabilized development properties

(3) Excludes debt discount

Page 5

Balance Sheets

EXCEL TRUST, INC.

CONDENSED AND CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

	June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			June 30, 2010
ASSETS:
Property:
Land	$	175,072		$	164,712		$	153,601		$	68,889		$	52,630
Buildings		215,712			191,931			178,374			112,717			78,861
Site improvements		21,732			19,231			18,832			10,193			8,401
Tenant improvements		19,353			19,720			18,242			14,201			12,927
Construction in progress		13,871			10,801			4,423			1,869			1,635
Less accumulated depreciation		(12,586	)		(10,529	)		(8,360	)		(6,501	)		(5,274	)
Property, net		433,154			395,866			365,112			201,368			149,180
Cash and cash equivalents		88,710			3,955			6,525			57,862			91,222
Restricted cash		42,331			4,393			5,870			26,683			1,040
Tenant receivables, net		1,829			1,860			1,945			1,247			91
Lease intangibles, net		54,727			53,791			53,024			26,274			16,263
Mortgage loan receivable		2,000			2,000			2,000			—			—
Deferred rent receivable		1,897			1,498			1,148			822			734
Other assets		8,061			6,726			5,464			3,974			1,059
Total assets	$	632,709		$	470,089		$	441,088		$	318,230		$	259,589
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	198,331		$	150,957		$	137,043		$	69,469		$	49,996
Notes payable		535			37,835			85,384			35,000			—
Accounts payable and other liabilities		20,762			20,190			12,944			10,119			5,681
Lease intangibles, net		9,826			7,222			7,150			4,034			3,165
Dividends/distributions payable		5,374			3,037			1,957			1,304			—
Total liabilities		234,828			219,241			244,478			119,926			58,842
Equity:
Stockholders’ equity
Preferred stock		47,721			47,628			—			—			—
Common stock		309			165			156			156			155
Additional paid-in capital		334,953			188,972			191,453			193,203			194,451
Cumulative distributions in excess of net income		(1,818	)		(3,754	)		(3,725	)		(2,852	)		(1,752	)
		381,165			233,011			187,884			190,507			192,854
Accumulated other comprehensive loss		(748	)		(162	)		(373	)		—			—
Total stockholders’ equity		380,417			232,849			187,511			190,507			192,854
Non-controlling interests		17,464			17,999			9,099			7,797			7,893
Total equity		397,881			250,848			196,610			198,304			200,747
Total liabilities and equity	$	632,709		$	470,089		$	441,088		$	318,230		$	259,589

The notes in the Form 10-Q are an integral part of these condensed and consolidated financial statements.

Page 6

Statements of Operations

EXCEL TRUST, INC. AND

EXCEL TRUST, INC. PREDECESSOR

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

																Predecessor
	Three Months Ended June 30, 2011			Three Months Ended March 31, 2011			Three Months Ended December 31, 2010			Three Months Ended September 30, 2010			Period from April 28, 2010  to June 30, 2010			Period from April 1, 2010  to April 27, 2010
Revenues:
Rental revenue	$	10,467		$	8,476		$	6,818		$	3,926		$	1,210		$	317
Tenant recoveries		2,220			1,899			1,483			559			92			31
Other income		102			104			57			52			34			—
Total revenues		12,789			10,479			8,358			4,537			1,336			348
Expenses:
Maintenance and repairs		780			639			487			164			56			21
Real estate taxes		1,377			1,135			860			705			120			37
Management fees		133			117			70			32			1			10
Other operating expenses		797			766			599			184			66			23
Changes in fair value of earn—outs		(328	)		—			—			—			—			—
General and administrative		3,140			2,650			3,096			1,885			2,136			2
Depreciation and amortization		6,400			4,160			3,539			2,039			674			82
Total expenses		12,299			9,467			8,651			5,009			3,053			175
Net operating income		490			1,012			(293	)		(472	)		(1,717	)		173
Interest expense		(3,503	)		(2,565	)		(2,069	)		(1,273	)		(350	)		(121	)
Interest income		43			40			8			84			74			—
Gain on acquisition of real estate		—			937			978			—			—			—
Gain on changes in fair value of financial instruments		512			—			—			—			—			—
(Loss) income from continuing operations		(2,458	)		(576	)		(1,376	)		(1,661	)		(1,993	)		52
Income from discontinued operations before gain on sale of real estate assets		507			516			472			516			169			—
Gain on sale of real estate assets		3,976			—			—			—			—			—
Income from discontinued operations		4,483			516			472			516			169			—
Net income (loss)		2,025			(60	)		(904	)		(1,145	)		(1,824	)		52
Net income (loss) attributable to non-controlling interests		89			(31	)		(31	)		(45	)		(72	)		197
Net income (loss) attributable to Excel Trust, Inc. and Excel Trust, Inc.
Predecessor		1,936			(29	)		(873	)		(1,100	)		(1,752	)		(145	)
Preferred stock dividends		(875	)		(603	)		—			—			—			—
Net income (loss) available to the common stockholders and controlling interest of the Predecessor	$	1,061		$	(632	)	$	(873	)	$	(1,100	)	$	(1,752	)	$	(145	)
Basic and diluted net income (loss) loss per share	$	0.06		$	(0.04	)	$	(0.06	)	$	(0.07	)	$	(0.11	)
Weighted-average common shares outstanding—basic and diluted		15,856			15,513			15,510			15,510			15,460
Dividends declared per common share	$	0.15		$	0.14		$	0.12		$	0.08		$	—

The notes in the Form 10-Q are an integral part of these condensed consolidated and combined financial statements.

Page 7

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

For the Quarter Ended June 30, 2011

(Dollars in thousands)

Excel Trust, Inc.’s EBITDA and a reconciliation to net income for the periods presented is as follows:

															Predecessor
	Three Months Ended June 30, 2011		Three Months Ended March 31, 2011			Three Months Ended December 31, 2010			Three Months Ended September 30, 2010			Period from April 28, 2010  to June 30, 2010			Period from April 1, 2010 to April 27, 2010
Net income (loss) available to the common stockholders and controlling interest of the Predecessor	$	1,061	$	(632	)	$	(873	)	$	(1,100	)	$	(1,752	)	$	(145	)
Add:
Interest expense		3,503		2,565			2,069			1,273			350			121
Depreciation and amortization (1)		6,607		4,369			3,733			2,248			674			82
EBITDA	$	11,171	$	6,302		$	4,929		$	2,421		$	(728	)	$	58

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations.

Page 8

Reconciliation of Net Income to FFO and AFFO

For the Quarter Ended June 30, 2011

(In thousands, except per share amounts)

Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income for the three months ended June 30, 2011 and 2010 is as follows:

	Three Months Ended June 30, 2011			Six Months Ended June 30, 2011
Net income (loss) available to the common stockholders and controllinginterest of the Predecessor	$	1,061		$	429
Add:
Non-controlling interests in operating partnership		94			95
Depreciation and amortization(1)		6,607			10,976
Deduct:
Depreciation and amortization related to joint venture		(45	)		(45	)
Gain on acquisition of real estate		—			(937	)
Gain on sale of real estate assets		(3,976	)		(3,976	)
Funds from operations(2)	$	3,741		$	6,542
Add:
Transaction costs		256			362
Deferred financing costs		335			569
Stock-based and other non-cash compensation expense		1,326			1,777
Deduct:
Changes in fair value of earn-outs		(328	)		(328	)
Gain on changes in fair value of financial instruments		(512	)		(512	)
Straight-line effects of lease revenue		(427	)		(798	)
Amortization of above and below market leases		(18	)		25
Non-incremental capital expenditures(3)		(12	)		(54	)
Adjusted funds from operations(2)	$	4,361		$	7,583
Weighted average common shares outstanding		15,856			15,686
Add(4):
OP units		1,405			1,114
Restricted common stock		1,046			726
Contingent consideration related to business combinations		206			175
Common stock issuable upon conversion of preferred stock		—			—
Weighted average common shares outstanding—diluted (FFO and AFFO)		18,513			17,701
Funds from operations per share (diluted)	$	0.20		$	0.37
Adjusted funds from operations per share (diluted)	$	0.24		$	0.43
Other Information(5):
Leasing commissions paid	$	95		$	252
Tenant improvements paid	$	626		$	981

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations.

(2) FFO and AFFO are described on the Definitions page.

(3) Excludes leasing commissions and tenant improvements

(4) The three and six months ended June 30, 2011 include 1,405,000 and 1,114,000 OP units, respectively, and 1,046,000 shares and 726,000 shares of restricted common stock, respectively, which are considered antidilutive for purposes of calculating diluted earnings per share. The three and six months ended June 30, 2011 exclude 3,333,400 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method.

(5) Excludes development properties.

Page 9

Debt Summary

For the Quarter Ended June 30, 2011

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt(1)(2)	$	131,737			66	%
Variable Rate Debt		67,800			34	%
Total Debt(1)	$	199,537			100	%
Debt(1)/Gross Undepreciated Assets		30.9	%
				% Total Debt
Secured Debt(1)	$	199,002			100	%
Unsecured Debt		535			0	%
Total Debt	$	199,537			100	%

Maturities by Year-Secured	Amount		% Total Debt
2011	$	4,512		2.3	%
2012		2,651		1.3	%
2013		78,298		39.2	%
2014		74,658		37.4	%
2015		848		0.4	%
2016		906		0.5	%
2017		13,429		6.7	%
2018		705		0.4	%
2019		541		0.3	%
2020		581		0.3	%
Beyond 2020		21,873		11.0	%
Total	$	199,002		99.7	%

Maturities by Year-Unsecured	Amount		% Total Debt
2011	$	—
2012		535		0.3	%
2013		—
2014		—
2015		—
2016
2017
2018
2019
2020
Beyond 2020
Total	$	535		0.3	%

Property-Secured	Amount			Interest Rate			Maturity
Mariner’s Point	$	3,449			7.10	%		2011
Park West Place		55,800			3.91	%		2013
Five Forks Place		5,154			5.50	%		2013
Grant Creek Town Center		15,862			5.75	%		2013
Edwards Theatres		12,321			6.74	%		2014
Merchant Central		4,603			5.94	%		2014
Excel Centre		12,649			6.08	%		2014
Gilroy Crossing		47,769			5.01	%		2014
5000 South Hulen		13,983			5.60	%		2017
Rite Aid-Vestavia Hills		1,416			7.25	%		2018
Lowe’s		13,996			7.20	%		2031
Northside Plaza(3)		12,000			0.09	%		2035
Total		199,002			4.9	%
Less: debt discount		(671	)
Mortgage payable, net	$	198,331

(1) Excludes debt discount of $671 on mortgages payable.

(2) At June 30, 2011, the Company had a note payable from a consolidated joint venture to the Company’s partner in the amount of approximatley $535,000, which bears interest at a rate of 6%. The balance will be repaid concurrent with a capital call from the joint venture partners, which is expected to occur during the three months ended September 30, 2011.

(3) The Northside Plaza debt represents redevelopment revenue bonds to be used for the redevelopment of this property. The bonds are priced off the SIFMA index and reset weekly. The rate as of June 30, 2011 was 0.09%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility.

* On July 8, 2010, the Company entered into an unsecured revolving credit facility (the “Credit Agreement”), which was amended on June 3, 2011. The Credit Agreement provides for a revolving credit facility of up to $200.0 million. The Company has the ability to increase the size of the revolving credit facility by up to an additional $200.0 million to a total of $400.0 million, subject to receipt of lender commitments and other conditions precedent. The amended maturity date is July 7, 2014 and can be extended for one year at the Company’s option. The revolving credit facility bears interest at the rate of LIBOR plus a margin of 220 basis points to 300 basis points, depending on the Company’s leverage ratio. The Company will also pay a 0.35% fee for any unused portion of the revolving credit facility. Borrowings from the credit facility were $0 on June 30, 2011.

Page 10

Common and Preferred Stock Data

For the Quarter Ended June 30, 2011

	Three Months Ended June 30, 2011			Three Months Ended March 31, 2011
Earning per share—share data
Weighted average common shares outstanding		15,856,000			15,513,000
Diluted common shares—EPS		15,856,000			15,513,000
Funds from operations—share data
Weighted average common shares outstanding		15,856,000			15,513,000
Weighted average OP units outstanding		1,405,000			819,000
Weighted average restricted stock outstanding		1,046,000			232,000
Dilutive effect of contingent consideration related to business combinations		206,000			143,000
Dilutive effect of convertible preferred shares		—			3,333,000
Total potential dilutive common shares		18,513,000			20,040,000
Total common shares (including restricted stock) outstanding		30,967,679			16,576,831
Total OP units outstanding		1,405,405			1,405,405
Total preferred shares oustanding		2,000,000			2,000,000
Common share data
High closing share price		12.27			13.21
Low closing share price		10.94			11.54
Average closing share price		11.72			12.42
Closing price at end of period		11.03			11.79
Divideds per share—annualized	$	0.60		$	0.56
Dividend yield (based on closing share price at end of period)		5.4	%		4.7	%
Dividends per share
Common stock (EXL)	$	0.15		$	0.14
Preferred stock (EXL PrA)	$	0.4375		$	0.3743

Page 11

Acquisitions & Developments

For Fiscal Year 2011

(Dollars in thousands)

Acquisition Property Name	City	State	Year Built (1)		Total GLA(2)		Acquisition Date		Initial Cost Basis ($ in 000’s)		Price Sq. Ft.		Major Tenants
Edwards Theatres	San Diego (San Marcos)	CA		1999		100,551		3/11/2011	$	25,781	$	256.40	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Rite Aid-Vestavia Hills (3)	Vestavia Hills	AL		1998		11,180		3/22/2011		1,467		131.22	Rite Aid
Gilroy Crossing	Gilroy	CA		2004		325,431		4/5/2011		68,500		210.49	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Total						437,162			$	95,748

Developments Under Construction	City	State	Estimated Completion  Date		GLA to be Constructed		Land(4)		Improvements		Total Carrying Amount (5)		Remaining Estimated Cost to Complete		% GLA Leased  / Committed (6)			Major Tenants
Plaza at Rockwall—Phase II	Rockwall	TX		Q3 2011		105,396	$	5,300	$	7,543	$	12,843	$	6,597		67	%	Home Goods, Jo-Ann
Red Rock Commons—Phase I	St. George	UT		Q2 2012		118,500		10,823		6,328		17,151		13,480		85	%	Dick’s, PetSmart
Total						223,896	$	16,123	$	13,871	$	29,994	$	20,077

Future Developments / Land	City	State	Estimated GLA to be Constructed / Land		Estimated Start Date	Estimated Project  Cost		Projected Use
Red Rock Commons—Phase II	St. George	UT		15,140	TBD	$	1,466	Additional shop space
Plaza at Rockwall—Phase III	Rockwall	TX		18,400	TBD		2,223	Additional shop space
Park West Place	Stockton	CA		15,200	TBD		NA	Additional outparcels to be sold, leased or developed
Shops at Foxwood	Ocala	FL		1.0 acre	TBD		NA	Additional land to be sold, leased or developed

(1) Year built represents the year in which construction was completed.

(2) Total GLA represents total gross leasable area owned by the Company at the property.

(3) Rite Aid is an outparcel to Vestavia Hills City Center. The purchase of Rite Aid was completed in March 2011.

(4) Plaza at Rockwall—Phase II amount represents the Company’s estimated land value at acquisition date.

(5) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report on Form 10-Q excludes land values.

(6) Includes square footage of buildings on land owned by the Company and ground leased to tenants, as well as signed non-binding letters of intent as of August, 2011.

Page 12

Portfolio Summary

For the Quarter Ended June 30, 2011

(Dollars in thousands)

Property Name	City	State	Year Built(1)		Total GLA(2)		Acquisition Date			Price Sq. Ft.		Initial Cost Basis ($ in 000’s)			Percent Leased 6/30/2011(3)			Major Tenants
Operating Portfolio
Excel Centre	San Diego	CA		1999		82,157		*	*	$	288	$	23,700			96.4	%	Kaiser Permanente, Swinerton, Excel Trust, UBS
Newport Towne Center	Newport	TN		2006		60,100		*	*	$	108	$	6,500			94.9	%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Five Forks Place	Simpsonville	SC		2002		61,191		*	*	$	127	$	7,800			96.6	%	Publix
5000 South Hulen	Fort Worth	TX		2005		86,838		5/12/2010		$	252	$	21,900			93.8	%	Barnes & Noble, Old Navy
Walgreens	Corbin (North)	KY		2009		13,650		5/24/2010		$	256	$	3,500			100.0	%	Walgreens
Lowe’s	Shippensburg	PA		2008		171,069		6/22/2010		$	103	$	17,600			100.0	%	Lowe’s
Plaza at Rockwall-Phase I	Rockwall	TX		2007		328,725		6/29/2010		$	108	$	35,500			100.0	%	Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk
Merchant Central	Milledgeville	GA		2004		45,013		6/30/2010		$	136	$	6,100			96.4	%	Dollar Tree, Super Wal-Mart (non-owned)
Mariner’s Point	St. Marys	GA		2001		45,215		7/20/2010		$	146	$	6,600			100.0	%	Shoe Show, Super Wal-Mart (non-owned)
Grant Creek Town Center	Missoula	MT		1998		164,166		8/27/2010		$	130	$	21,300			92.3	%	Ross, TJ Maxx and REI
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL		2002		389,985		8/30/2010		$	89	$	34,900			80.8	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
Brandywine Crossing	Brandywine (Washington Metro)	MD		2009		198,384		10/1/2010		$	224	$	44,500			98.4	%	Safeway, Marshalls, Jo-Ann, Target (non-owned) Costco (non-owned)
Rosewick Crossing	La Plata (Washington Metro)	MD		2008		116,095		10/1/2010		$	214	$	24,900			81.3	%	Giant Food, Lowe’s (non-owned)
Shops at Foxwood	Ocala	FL		2010		78,660		10/19/2010		$	160	$	12,600			92.4	%	Publix, McDonalds (non-owned)
Northside Plaza	Dothan	AL		2010		138,311		11/15/2010		$	87	$	12,400	(4)		87.6	%	Publix, Hobby Lobby, Books A Million
Park West Place	Stockton	CA		2005		598,287		12/14/2010		$	155	$	92,500			99.6	%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target  (non-owned)
Edwards Theatres	San Diego (San Marcos)	CA		1999		100,551		3/11/2011		$	256	$	25,800			100.0	%	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Gilroy Crossing	Gilroy	CA		2004		325,431		4/5/2011		$	210	$	68,500			99.6	%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Total Operating Portfolio	Total					3,003,828				$	155	$	466,600			94.9	%

Developments Under Construction	City	State	Estimated Completion  Date		GLA to be Constructed		Land Value (5)		Improvements		Total Carrying Amount(6)		% GLA Leased / Committed(7)			Major Tenants
Plaza at Rockwall—Phase II	Rockwall	TX		Q3 2011		105,396		5,300		7,543		12,843		67	%	Home Goods, Jo-Ann
Red Rock Commons—Phase I	St. George	UT		Q2 2012		118,500		10,823		6,328		17,151		85	%	Dick’s, PetSmart
Total						223,896		16,123		13,871	$	29,994
Total Portfolio(8)						3,227,724					$	496,594

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

(1) Year built represents the year in which construction was completed, .

(2) Total GLA represents total gross leasable area owned by the Company at the property.

(3) The Company’s Q1 2011 supplemental disclosed occupancy in this column. Going forward the Company intends to disclose both occupancy and leased percentages in the supplemental (see Expiration Schedule for details).

(4) The Company has a 50% interest in the property.

(5) Plaza at Rockwall—Phase II amount represents the Company’s estimated land value at acquisition date.

(6) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report on Form 10-Q exludes land values.

(7) Includes square footage of buildings on outparcels owned by the Company and ground leased to tenants as well as signed non-binding letters of intent as of August 2011.

(8) Figure excludes Future Development / Land (see Acquisitions & Developments page for details)

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Major Tenants By GLA

For the Quarter Ended June 30, 2011

Total GLA⁽¹⁾ 3,003,828

	Tenants	# Stores		Square Feet		% of Total GLA
1	Lowe’s		2		325,863		10.8	%
2	Publix		4		199,751		6.6	%
3	Kohl’s		2		176,656		5.9	%
4	JC Penney		1		103,256		3.4	%
5	Edwards Theatres		1		100,551		3.3	%
6	Ross Dress for Less		3		90,348		3.0	%
7	Belk		1		75,524		2.5	%
8	Sports Authority		2		71,018		2.4	%
9	Giant Food		1		61,932		2.1	%
10	Jo-Ann		2		60,619		2.0	%
	Total Top 10 GLA		19		1,265,518		42.1	%

Major Tenants By Rent

Annualized Base Rent⁽¹⁾⁽²⁾ $ 39,822,560

	Tenants	# Stores		Square Feet		Rent Per Sq Ft		ABR		% ABR
1	Lowe’s		2		325,863	$	6.74	$	2,195,000		5.5	%
2	Edwards Theatres		1		100,551	$	21.72	$	2,184,131		5.5	%
3	Publix		4		199,751	$	10.75	$	2,148,036		5.4	%
4	Kohl’s		2		176,656	$	7.63	$	1,347,488		3.4	%
5	Kaiser Permanente		1		30,052	$	41.92	$	1,259,634		3.2	%
6	Ross Dress for Less		3		90,348	$	11.87	$	1,072,740		2.7	%
7	Sports Authority		2		71,018	$	13.63	$	967,980		2.4	%
8	Jo-Ann		2		60,619	$	13.52	$	819,685		2.1	%
9	Dick’s Sporting Goods		1		50,000	$	16.30	$	815,186		2.0	%
10	Barnes & Noble		2		48,051	$	16,56	$	795,771		2.0	%
	Total Top 10 Annualized Rent		20		1,152,909	$	11.80	$	13,605,651		34.2	%

(1) Only contemplates tenants from the Operating Portfolio

(2) Annualized Base Rent is described on the Definitions page.

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Expiration Schedule

For the Quarter Ended June 30, 2011

Total GLA - Operating Portfolio	3,003,828
Total GLA Occupied	2,800,757
% Occupied	93.2	%
Total GLA—Operating Portfolio	3,003,828
Total GLA Leased	2,849,476
% Leased	94.9	%
Retail GLA—Operating Portfolio(1)	2,921,671
Retail GLA Occupied	2,721,587
% Occupied	93.2	%
Retail GLA—Operating Portfolio(1)	2,921,671
Retail GLA Leased	2,770,306
% Leased	94.8	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(2)	2,004,759		73.7	%	$	21,671,885		58.4	%
Occupied Retail Inline GLA(2)(3)	716,828		26.3	%		15,451,526		41.6	%
Total Occupied Retail GLA	2,721,587		100.0	%	$	37,123,411		100.0	%

Year	Anchor GLA Expiring		% of Occupied GLA			Anchor Rent Per SF		Inline GLA Expiring		% of Occupied GLA			Inline Rent Per Sq Ft		Total Retail GLA Expiring		% of Occupied GLA			Total ABR Expiring		% of Total ABR			Average Rent Per SF
2011(3)		36,500		1.8	%	$	7.15		82,480		11.5	%	$	13.81		118,980		4.4	%	$	1,399,861		3.8	%	$	11.77
2012		38,000		1.9	%	$	12.37		54,406		7.6	%	$	19.78		92,406		3.4	%	$	1,546,410		4.2	%	$	16.73
2013		40,072		2.0	%	$	12.63		90,241		12.6	%	$	20.19		130,313		4.8	%	$	2,410,484		6.5	%	$	18.50
2014		77,357		3.9	%	$	15.71		139,256		19.4	%	$	21.28		216,613		8.0	%	$	4,178,073		11.3	%	$	19.29
2015		245,287		12.2	%	$	12.92		121,196		16.9	%	$	22.88		366,483		13.5	%	$	5,953,373		16.0	%	$	16.24
2016		92,812		4.6	%	$	11.26		77,014		10.7	%	$	19.86		169,826		6.2	%	$	2,574,261		6.9	%	$	15.16
2017		—		0.0	%	$	0.00		19,479		2.7	%	$	25.72		19,479		0.7	%	$	500,913		1.3	%	$	25.72
2018		121,702		6.1	%	$	16.66		13,989		2.0	%	$	28.34		135,691		5.0	%	$	2,423,637		6.5	%	$	17.86
2019		174,821		8.7	%	$	18.59		24,207		3.4	%	$	22.56		199,028		7.3	%	$	3,795,900		10.2	%	$	19.07
2020		49,384		2.5	%	$	12.20		41,723		5.8	%	$	20.40		91,107		3.3	%	$	1,453,337		3.9	%	$	15.95
Beyond 2020		1,128,824		56.3	%	$	8.09		52,837		7.4	%	$	31.41		1,181,661		43.4	%	$	10,887,162		29.3	%	$	9.21
Total		2,004,759		100.0	%	$	10.81		716,828		100.0	%	$	21.08		2,721,587		100.0	%	$	37,123,411		100.0	%	$	13.64

⁽¹⁾ Retail figures exclude the Excel Centre because it is an office building and currently serves as headquarters for Excel Trust.

⁽²⁾ Anchor Tenants and Inline Tenants are described on the Definitions page.

⁽³⁾ Includes month-to-month leases

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Definitions

Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative to 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.

Anchor Tenant: A tenant who occupies 10,000 square feet or more and belongs to a national or regional chain of stores.

Annualized Base Rent:Annualized Base Rent is obtained by annualizing the contractual rental rate (excluding reimbursements and percentage rent) during the final month of a reporting period.

Funds From Operations (FFO): Excel Trust considers FFO an important supplemental measure of its operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of 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, or other commitments and uncertainties. FFO should not be considered as an alternative to 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.

Inline Tenant: Any tenant who does not qualify as an anchor tenant.

Leased: A space is considered leased when both Excel Trust and the tenant have executed the lease.

Occupied: A space is considered occupied when the tenant has occupied the space and rent has commenced. If a tenant has vacated and Excel Trust has agreed to terminate the lease the space is considered unoccupied.

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