Excel Trust 8-K Results of Operations and Financial Condition

Exhibit 99.2

Supplemental Operating and Financial Data

For the Quarter Ended September 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 and Consolidated 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
Summary of Leasing Activity		14
Major Tenants		15
Expiration Schedule		16
Definitions		17

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
	Stephen Bakke	(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 September 30, 2011

(Dollars and share data in thousands, except per share data)

Portfolio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio(1)		3,437,420
Percent Leased-Operating Portfolio		95.1	%
Percent Occupied-Operating Portfolio		94.5	%
Annualized Base Rent(2)	$	47,856
No. leases signed or renewed		20
Sq Ft leases signed or renewed		52,834
Financial Results (Quarter ended September 30, 2011)
Net loss attributable to the common stockholders	$	(2,612	)
Net loss per diluted share	$	(0.09	)
Funds from operations (FFO)	$	3,586
FFO per diluted share	$	0.11
Adjusted funds from operations (AFFO)	$	5,339
AFFO per diluted share	$	0.17
EBITDA	$	7,324
Assets
Gross undepreciated real estate	$	552,541
Gross undepreciated assets	$	690,004
Total liabilities to gross undepreciated assets		41.9	%
Debt to gross undepreciated assets		35.8	%
Capitalization
Common shares outstanding		30,290
OP units oustanding		1,405
Total common shares and OP units		31,695
Closing price at quarter end	$	9.62
Equity capitalization at September 30, 2011	$	304,906
Preferred stock (at liquidation preference of $25.00 per share)		50,000
Total debt(3)		246,686
Total capitalization	$	601,592
Debt/total capitalization		41.0	%
Debt/EBITDA		8.4
Common Stock Data
Range of closing prices for the quarter	$	9.32-11.69
Weighted average common shares outstanding		29,634
Weighted average common shares outstanding - diluted (FFO and AFFO)		31,387
Shares of common stock outstanding on September 30, 2011		30,290

(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 or premium.

Page 5

Balance Sheets

EXCEL TRUST, INC.

CONDENSED AND CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
ASSETS:
Property:
Land	$	226,097		$	175,072		$	164,712		$	153,601		$	68,889
Buildings		260,085			215,712			191,931			178,374			112,717
Site improvements		24,423			21,732			19,231			18,832			10,193
Tenant improvements		23,139			19,353			19,720			18,242			14,201
Construction in progress		18,797			13,871			10,801			4,423			1,869
Less accumulated depreciation		(15,630	)		(12,586	)		(10,529	)		(8,360	)		(6,501	)
Property, net		536,911			433,154			395,866			365,112			201,368
Cash and cash equivalents		45,885			88,710			3,955			6,525			57,862
Restricted cash		3,879			42,331			4,393			5,870			26,683
Tenant receivables, net		2,582			1,829			1,860			1,945			1,247
Lease intangibles, net		66,520			54,727			53,791			53,024			26,274
Mortgage loan receivable		2,000			2,000			2,000			2,000			—
Deferred rent receivable		2,656			1,897			1,498			1,148			822
Other assets		13,941			8,061			6,726			5,464			3,974
Total assets	$	674,374		$	632,709		$	470,089		$	441,088		$	318,230
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	245,983		$	198,331		$	150,957		$	137,043		$	69,469
Notes payable		—			535			37,835			85,384			35,000
Accounts payable and other liabilities		24,511			20,762			20,190			12,944			10,119
Lease intangibles, net		13,129			9,826			7,222			7,150			4,034
Dividends/distributions payable		5,642			5,374			3,037			1,957			1,304
Total liabilities		289,265			234,828			219,241			244,478			119,926
Equity:
Stockholders’ equity
Preferred stock		47,703			47,721			47,628			—			—
Common stock		302			309			165			156			156
Additional paid-in capital		324,277			334,953			188,972			191,453			193,203
Cumulative distributions in excess of net income		(3,555	)		(1,818	)		(3,754	)		(3,725	)		(2,852	)
		368,727			381,165			233,011			187,884			190,507
Accumulated other comprehensive loss		(1,089	)		(748	)		(162	)		(373	)		—
Total stockholders’ equity		367,638			380,417			232,849			187,511			190,507
Non-controlling interests		17,471			17,464			17,999			9,099			7,797
Total equity		385,109			397,881			250,848			196,610			198,304
Total liabilities and equity	$	674,374		$	632,709		$	470,089		$	441,088		$	318,230

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.

CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,  2011			Three Months Ended June 30, 2011			Three Months Ended March 31,  2011			Three Months Ended December 31,  2010			Three Months Ended September 30,  2010
Revenues:
Rental revenue	$	12,538		$	10,467		$	8,476		$	6,818		$	3,926
Tenant recoveries		2,702			2,220			1,899			1,483			559
Other income		143			102			104			57			52
Total revenues		15,383			12,789			10,479			8,358			4,537
Expenses:
Maintenance and repairs		932			780			639			487			164
Real estate taxes		1,724			1,377			1,135			860			705
Management fees		155			133			117			70			32
Other operating expenses		732			797			766			599			184
Changes in fair value of earn-outs		—			(328	)		—			—			—
General and administrative		3,187			3,140			2,650			3,096			1,885
Depreciation and amortization		6,375			6,400			4,160			3,539			2,039
Total expenses		13,105			12,299			9,467			8,651			5,009
Net operating income		2,278			490			1,012			(293	)		(472	)
Interest expense		(3,561	)		(3,503	)		(2,565	)		(2,069	)		(1,273	)
Interest income		144			43			40			8			84
Gain on acquisition of real estate		—			—			937			978			—
Changes in fair value of financial instruments		(596	)		512			—			—			—
Loss from continuing operations		(1,735	)		(2,458	)		(576	)		(1,376	)		(1,661	)
Income from discontinued operations before gain on sale of real estate assets		—			507			516			472			516
Gain on sale of real estate assets		—			3,976			—			—			—
Income from discontinued operations		—			4,483			516			472			516
Net (loss) income		(1,735	)		2,025			(60	)		(904	)		(1,145	)
Net (income) loss attributable to non-controlling interests		(2	)		(89	)		31			31			45
Net income (loss) attributable to Excel Trust, Inc.		(1,737	)		1,936			(29	)		(873	)		(1,100	)
Preferred stock dividends		(875	)		(875	)		(603	)		—			—
Net (loss) income attributable to the common stockholders	$	(2,612	)	$	1,061		$	(632	)	$	(873	)	$	(1,100	)
Basic and diluted net (loss) income per share	$	(0.09	)	$	0.06		$	(0.04	)	$	(0.06	)	$	(0.07	)
Weighted-average common shares outstanding - basic and diluted		29,634			15,513			15,513			15,510			15,510
Dividends declared per common share	$	0.155		$	0.150		$	0.140		$	0.120		$	0.080

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 September 30, 2011

(Dollars in thousands)

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

	Three Months Ended			Three Months Ended		Three Months Ended			Three Months Ended			Three Months Ended
	September 30, 2011			June 30, 2011		March 31, 2011			December 31, 2010			September 30, 2010
Net (loss) income attributable to the common stockholders	$	(2,612	)	$	1,061	$	(632	)	$	(873	)	$	(1,100	)
Add:
Interest expense		3,561			3,503		2,565			2,069			1,273
Depreciation and amortization (1)		6,375			6,607		4,369			3,733			2,248
EBITDA	$	7,324		$	11,171	$	6,302		$	4,929		$	2,421

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

Page 8

Reconciliation of Net Income to FFO and AFFO

For the Quarter Ended September 30, 2011

(In thousands, except per share data)

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

	Three Months Ended September 30, 2011			Nine Months Ended September 30, 2011
Net (loss) attributable to the common stockholders	$	(2,612	)	$	(2,183	)
Add:
Non-controlling interests in operating partnership		(118	)		(25	)
Depreciation and amortization(1)		6,375			17,352
Deduct:
Depreciation and amortization related to joint venture		(59	)		(134	)
Gain on acquisition of real estate		—			(937	)
Gain on sale of real estate assets		—			(3,976	)
Funds from operations(2)	$	3,586		$	10,097
Adjustments:
Transaction costs		160			522
Deferred financing costs		387			956
Stock-based and other non-cash compensation expense		1,349			3,126
Changes in fair value of earn-outs		—			(328	)
Changes in fair value of financial instruments		596			84
Straight-line effects of lease revenue		(777	)		(1,575	)
Amortization of above and below market leases		49			74
Non-incremental capital expenditures		(11	)		(65	)
Adjusted funds from operations(2)	$	5,339		$	12,891
Weighted average common shares outstanding		29,634			20,386
Add(3) :
OP units		1,405			1,212
Restricted common stock		—			830
Contingent consideration related to business combinations		348			232
Common stock issuable upon conversion of preferred stock		—			—
Weighted average common shares outstanding - diluted (FFO and AFFO)		31,387			22,660
Funds from operations per share (diluted) (4)	$	0.11		$	0.45
Adjusted funds from operations per share (diluted) (4)	$	0.17		$	0.57
Other Information(5) :
Leasing commissions paid	$	231		$	422
Tenant improvements paid	$	775		$	1,440

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the nine months ended September 30, 2011).

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

(3) The three and nine months ended September 30, 2011 includes 1,405,000 and 1,212,000 OP units, respectively, and 348,000 shares and 232,000 shares of contingently issuable common stock related to business combinations, respectively, which are considered antidilutive for purposes of calculating diluted earnings per share. The nine months ended September 30, 2011 includes 830,000 shares of restricted common stock, which are considered antidilutive for purposes of calculating diluted earnings per share. The three and nine months ended September 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.

(4) The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the three months ended September 30, 2011 include a reduction of $160,000 for dividends attributable to shares of restricted common stock, which are excluded from the calculation as the effect is anti-dilutive.

(5) Excludes development properties.

Page 9

Debt Summary

For the Quarter Ended September 30, 2011

(Dollars in thousands)

				% Total Debt
Fixed Rate Debt (1)	$	234,686			95	%
Variable Rate Debt (2)		12,000			5	%
Total Debt (1)	$	246,686			100	%
Debt (1)/Gross Undepreciated Assets		35.8	%
				% Total Debt
Secured Debt (1)(4)	$	246,686			100	%
Unsecured Debt		—			0	%
Total Debt	$	246,686			100	%

Maturities by Year-Secured	Amount		% Total Debt
2011	$	881		0.4	%
2012		4,375		1.8	%
2013		80,110		32.5	%
2014		76,506		31.0	%
2015		46,838		19.0	%
2016		922		0.4	%
2017		13,354		5.4	%
2018		705		0.3	%
2019		541		0.2	%
2020		581		0.2	%
Beyond 2020		21,873		8.9	%
Total	$	246,686		100.0	%

Maturities by Year-Unsecured	Amount		% Total Debt
2011	$	—
2012		—
2013		—
2014		—
2015		—
2016		—
2017		—
2018		—
2019		—
2020		—
Beyond 2020		—
Total	$	—		0.0	%

Property-Secured	Amount			Contractual Interest Rate			Maturity
Five Forks Place	$	5,111			5.5	%		2013
Grant Creek Town Center		15,780			5.8	%		2013
Park West Place (3)		55,800			3.9	%		2013
Excel Centre		12,591			6.1	%		2014
Merchant Central		4,581			5.9	%		2014
Edwards Theatre		12,248			6.7	%		2014
Gilroy Crossing		47,590			5.0	%		2014
The Promenade		51,757			4.8	%		2015
5000 South Hulen		13,930			5.6	%		2017
Rite Aid-Vestavia Hills		1,379			7.3	%		2018
Lowe’s		13,919			7.2	%		2031
Northside Plaza (4)		12,000			0.2	%		2035
Total		246,686			4.9	%
Less: debt discount or premium		(703	)
Mortgage payable, net	$	245,983

(1) Includes a mortgage note at our Park West Place property, which bears interest at LIBOR plus 2.50%. However, the Company has executed two interest rate swaps equal to the principal balance, which effectively fix the interest rate at 3.91% for the duration of the term. Amount excludes debt discount or premium.

(2) Includes the Northside Plaza redevelopment revenue bonds, which bear interest based on the SIFMA index and reset weekly. Supplementals prior to Q3 2011 also included the mortgage note related to our Park West Place property, which bears interest at LIBOR plus 2.50%. However, as the Company has effectively fixed the interest rate on this mortgage note at 3.91% pursuant to two interest rate swaps executed in December 2010, the mortgage note is classified as fixed rate indebtedness.

(3) Includes effect of interest rate swaps.

(4) 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 September 30, 2011 was 0.16%. 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.

Page 10

Common and Preferred Stock Data

For the Quarter Ended September 30, 2011

(In thousands, except per share data)

	Three Months Ended September 30,  2011			Three Months Ended June 30, 2011			Three Months Ended March 31, 2011
Earning per share - share data
Weighted average common shares outstanding		29,634			15,856			15,513
Diluted common shares - EPS		29,634			15,856			15,513
Funds from operations - share data
Weighted average common shares outstanding		29,634			15,856			15,513
Weighted average OP units outstanding		1,405			1,405			819
Weighted average restricted stock outstanding		—			1,046			232
Dilutive effect of contingent consideration related to business combinations		348			206			143
Dilutive effect of convertible preferred shares		—			—			3,333
Total potential dilutive common shares		31,387			18,513			20,040
Total common shares (including restricted stock) outstanding		30,290			30,968			16,577
Total OP units outstanding		1,405			1,405			1,405
Total preferred shares outstanding		2,000			2,000			2,000
Common share data
High closing share price	$	11.69		$	12.27		$	13.21
Low closing share price	$	9.32		$	10.94		$	11.54
Average closing share price	$	10.53		$	11.72		$	12.42
Closing price at end of period	$	9.62		$	11.03		$	11.79
Dividends per share - annualized	$	0.62		$	0.60		$	0.56
Dividend yield (based on closing share price at end of period)		6.4	%		5.4	%		4.7	%
Dividends per share
Common stock (EXL)	$	0.155		$	0.150		$	0.140
Preferred stock (EXL PrA)	$	0.4375		$	0.4375		$	0.3743

Page 11

Acquisitions & Developments

For Fiscal Year 2011

(Dollars in thousands, except price per square foot)

Acquisition Property Name	City	State	Year Built (1)		Total GLA (2)		Acquisition Date	Price Sq Ft		Initial Cost Basis		Major Tenants
Edwards Theatres	San Diego (San Marcos)	CA		1999		100,551	3/11/2011	$	260	$	26,150	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Rite Aid - Vestavia Hills (3)	Birmingham (Vestavia Hills)	AL		2002		11,180	3/22/2011		131		1,467	Rite Aid
Gilroy Crossing	Gilroy	CA		2004		325,431	4/5/2011		210		68,500	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
The Promenade	Scottsdale	AZ		1999		433,538	7/11/2011		254		110,025	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Lowe’s (non-owned)
Total						870,700		$	237	$	206,142

Developments Under Construction	City	State	Estimated Opening Date (4)	GLA to be Constructed		Land(5)		Improvements		Total Carrying Amount(6)		Remaining Estimated Cost to Complete		% GLA Leased / Committed (7)			Major Tenants
Plaza at Rockwall - Phase II	Rockwall	TX	Q3 2011		108,570	$	5,300	$	9,664	$	14,964	$	4,476		75	%	HomeGoods, Jo-Ann
Red Rock Commons - Phase I	St. George	UT	Q2 2012		118,500		10,823		11,998		22,821		9,279		87	%	Dick’s, PetSmart, Ulta
Total					227,070	$	16,123	$	21,662	$	37,785	$	13,755

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		21,900	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.

(4) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business. Supplementals prior to Q3 2011 referred only to delivery of building shell to tenants. Stabilization generally occurs within six to nine months of the opening date.

(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 excludes land values.

(7) 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 October 2011.

Page 12

Portfolio Summary

For the Quarter Ended September 30, 2011

(Dollars in thousands, except price per square foot)

Property Name	City	State	Year Built (1)	Total GLA  (2)		Acquisition Date		Price Sq Ft		Initial Cost Basis		Percent Leased 9/30/2011 (3)			Major Tenants
Operating Portfolio
The Promenade	Scottsdale	AZ	1999		433,538		7/11/2011	$	254	$	110,025		97.3	%	Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael’s, Stein Mart, Cost Plus, Lowe’s (non-owned)
Park West Place	Stockton	CA	2005		598,287		12/14/2010	$	155	$	92,500		100.0	%	Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned)
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)
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)
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
Vestavia Hills City Center	Birmingham (Vestavia Hills)	AL	2002		390,103		8/30/2010	$	89	$	34,900		80.5	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
Edwards Theatres	San Diego (San Marcos)	CA	1999		100,551		3/11/2011	$	260	$	26,150		100.0	%	Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC)
Rosewick Crossing	La Plata (Washington Metro)	MD	2008		116,036		10/1/2010	$	215	$	24,900		80.3	%	Giant Food, Lowe’s (non-owned)
Excel Centre	San Diego	CA	1999		82,157		**	$	288	$	23,700		92.2	%	Kaiser Permanente, Swinerton, Excel Trust, UBS
5000 South Hulen	Fort Worth	TX	2005		86,833		5/12/2010	$	252	$	21,900		94.9	%	Barnes & Noble, Old Navy
Grant Creek Town Center	Missoula	MT	1998		164,166		8/27/2010	$	130	$	21,300		93.8	%	Ross, TJ Maxx and REI
Lowe’s	Shippensburg	PA	2008		171,069		6/22/2010	$	103	$	17,600		100.0	%	Lowe’s
Shops at Foxwood	Ocala	FL	2010		78,660		10/19/2010	$	160	$	12,600		92.4	%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL	2010		138,311		11/15/2011	$	87	$	12,400		88.4	%	Publix, Hobby Lobby, Books A Million
Five Forks Place	Simpsonville	SC	2002		61,191		**	$	127	$	7,800		92.4	%	Publix
Mariner’s Point	St. Marys	GA	2001		45,215		7/20/2010	$	146	$	6,600		96.5	%	Shoe Show, Super Wal-Mart (non-owned)
Newport Towne Center	Newport	TN	2006		60,100		**	$	108	$	6,500		97.0	%	Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned)
Merchant Central	Milledgeville	GA	2004		45,013		6/30/2010	$	136	$	6,100		96.4	%	Dollar Tree, Super Wal-Mart (non-owned)
Walgreens	Corbin (North)	KY	2009		13,650		5/24/2010	$	256	$	3,500		100.0	%	Walgreens
Total Operating Portfolio	Total				3,437,420			$	168	$	576,975		95.1	%
Developments Under Construction	City	State	Estimated Opening 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		108,570		5,300		9,664		14,964		75	%	HomeGoods, Jo-Ann
Red Rock Commons - Phase I	St. George	UT	Q2 2012		118,500		10,823		11,998		22,821		87	%	Dick’s, PetSmart, Ulta
	Total				227,070		16,123		21,662	$	37,785
	Total Portfolio (8)				3,664,490					$	614,760

** 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. The Company discloses both occupancy and leased percentages in the supplemental (see Expiration Schedule for details).

(4) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business. Supplementals prior to Q3 2011 referred only to delivery of building shell to tenants. Stabilization generally occurs within six to nine months of the opening date.

(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 excludes 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 October, 2011.

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

Page 13

Summary of Leasing Activity

For the Quarter Ended September 30, 2011

	Number of Leases		GLA		Weighted Average-New Lease Rate		Weighted Average-Prior Lease Rate		Percentage Increase or (Decrease)			Tenant Improvement Allowance		Tenant Improvement Allowance per Sq Ft		Leasing Commission		Leasing Commission per Sq Ft
New Leasing:
New leases-previously occupied		5		9,857	$	20.86	$	16.90		23.4	%	$	27,000	$	2.74	$	91,641	$	6.50
New leases (operating portfolio)-vacancy (1)		6		14,100	$	18.06		n/a				$	56,390	$	4.00	$	54,136	$	5.49
New leases (development)-vacancy (1)		2		18,051	$	16.19		n/a				$	680,510	$	37.70	$	142,289	$	7.88
Total		13		42,008
Renewals:
Renewals		7		10,826	$	16.97	$	16.71		1.5	%					$	21,652	$	2.00
Total		7		10,826
Total leasing		20		52,834

(1) A space is considered vacant for purposes of this report if it has never been previously occupied or has been vacant for a period of twelve or more months.

Page 14

Major Tenants By GLA

For the Quarter Ended September 30, 2011

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio 3,437,420

	Tenants	# Stores		Square Feet		% of Total GLA
1	Lowe’s		2		325,863		9.5	%
2	Publix		4		199,751		5.8	%
3	Kohl’s		2		176,656		5.1	%
4	JC Penney		1		103,256		3.0	%
5	Edwards Theatres		1		100,551		2.9	%
6	Ross Dress for Less		3		90,348		2.6	%
7	Belk		1		75,524		2.2	%
8	Stein Mart		2		71,422		2.1	%
9	Sports Authority		2		71,018		2.1	%
10	Giant Food		1		61,932		1.8	%
	Total Top 10 GLA		19		1,276,321		37.1	%

Major Tenants By Rent

Annualized Base Rent-Operating Portfolio ⁽¹⁾ $ 47,856

	Tenants	# Stores		Square Feet			Rent Per Sq Ft		ABR		% ABR
1	Lowe’s		2		325,863		$	6.74	$	2,195		4.6	%
2	Edwards Theatres		1		100,551	��		21.72		2,184		4.6	%
3	Publix		4		199,751			10.76		2,149		4.5	%
4	Kohl’s		2		176,656			7.63		1,347		2.8	%
5	Kaiser Permanente		1		30,052			41.92		1,260		2.6	%
6	Ross Dress for Less		3		90,348			11.87		1,073		2.2	%
7	PetSmart		3		60,630			16.07		974		2.0	%
8	Sports Authority		2		71,018			13.63		968		2.0	%
9	Jo-Ann		2		60,619			13.70		830		1.7	%
10	Dick’s Sporting Goods		1		50,000			16.30		815		1.7	%
	Total Top 10 Annualized Rent		21		1,165,488		$	11.84	$	13,795		28.8	%

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

Page 15

Expiration Schedule

For the Quarter Ended September 30, 2011

(Dollars in thousands, except rent per square foot)

Total GLA - Operating Portfolio	3,437,420
Total GLA Occupied - Operating Portfolio	3,247,665
% Occupied	94.5	%
Total GLA - Operating Portfolio	3,437,420
Total GLA Leased - Operating Portfolio	3,269,731
% Leased	95.1	%
Retail GLA - Operating Portfolio (1)	3,355,263
Retail GLA Occupied - Operating Portfolio	3,171,884
% Occupied	94.5	%
Retail GLA - Operating Portfolio (1)	3,355,263
Retail GLA Leased - Operating Portfolio	3,193,950
% Leased	95.2	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA (2)	2,171,800		68.5	%	$	24,131		53.3	%
Occupied Retail Inline GLA (2)(3)	1,000,084		31.5	%		21,143		46.7	%
Total Occupied Retail GLA	3,171,884		100.0	%	$	45,274		100.0	%

Year	Anchor GLA Expiring		% of Total Retail GLA			Anchor Rent Per SF		Inline GLA Expiring		% of Total Retail GLA			Inline Rent Per Sq Ft		Total Retail GLA Expiring		% of Total Retail GLA			Total Retail ABR Expiring		% of Total Retail ABR			Average Rent Per SF
2011 (3)		36,500		1.2	%	$	7.15		47,953		1.5	%	$	13.53		84,453		2.7	%	$	910		2.0	%	$	10.78
2012		38,000		1.2	%	$	12.37		74,948		2.4	%	$	19.93		112,948		3.6	%	$	1,964		4.3	%	$	17.39
2013		40,072		1.3	%	$	14.69		111,671		3.5	%	$	22.23		151,743		4.8	%	$	3,071		6.8	%	$	20.24
2014		83,337		2.6	%	$	16.03		184,264		5.8	%	$	21.04		267,601		8.4	%	$	5,212		11.5	%	$	19.48
2015		347,796		11.0	%	$	13.28		208,792		6.6	%	$	21.76		556,588		17.5	%	$	9,160		20.2	%	$	16.46
2016		103,442		3.3	%	$	11.85		123,741		3.9	%	$	21.28		227,183		7.2	%	$	3,859		8.5	%	$	16.99
2017		—		0.0	%	$	0.00		22,771		0.7	%	$	25.10		22,771		0.7	%	$	572		1.3	%	$	25.12
2018		91,650		2.9	%	$	8.37		13,989		0.4	%	$	28.34		105,639		3.3	%	$	1,164		2.6	%	$	11.02
2019		204,873		6.5	%	$	22.01		32,357		1.0	%	$	21.54		237,230		7.5	%	$	5,206		11.5	%	$	21.94
2020		62,384		2.0	%	$	14.72		67,254		2.1	%	$	21.51		129,638		4.1	%	$	2,365		5.2	%	$	18.24
Beyond 2020		1,163,746		36.7	%	$	8.11		112,344		3.5	%	$	20.95		1,276,090		40.2	%	$	11,791		26.0	%	$	9.24
Total		2,171,800		68.5	%	$	11.11		1,000,084		31.5	%	$	21.14		3,171,884		100.0	%	$	45,274		100.0	%	$	14.27

(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.

Page 16

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) for 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.

Page 17