Excel Trust 8-K Results of Operations and Financial Condition

Exhibit 99.2

Supplemental Operating and Financial Data

For the Period Ended March 31, 2012

Table of Contents

	Page
Company Overview		3
Analyst Coverage		4
Summary Financial and Portfolio Data		5
Financial Summary
Condensed Consolidated Balance Sheets		6
Condensed 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. (“Excel Trust”) is a retail focused REIT that primarily 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 report on Form 10-Q or Form 10-K 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, quarterly reports on Form 10-Q and annual report on Form 10-K. 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
	Tamara Fique	(443) 263-6568
Sandler O’Neill + Partners, L.P.	Alexander Goldfarb	(212) 466-7937
	Andrew Schaffer	(212) 466-8062

Page 4

Summary Financial and Portfolio Data

For the Period Ended March 31, 2012

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

Portfoilio Summary
Total Gross Leasable Square Feet (GLA)-Operating Portfolio(1)		4,368,419
Percent Leased-Operating Portfolio		93.7	%
Percent Occupied-Operating Portfolio		93.3	%
Annualized Base Rent(2)	$	61,407
No. leases signed or renewed		14
Sq Ft leases signed or renewed		46,123
Financial Results
Net loss attributable to the common stockholders	$	(1,683	)
Net loss per diltued share	$	(0.06	)
Funds from operations (FFO)	$	6,463
FFO per diluted share	$	0.19
Adjusted funds from operations (AFFO)	$	6,364
AFFO per diluted share	$	0.19
EBITDA	$	10,270
Assets
Gross undepreciated real estate	$	698,495
Gross undepreciated assets	$	810,445
Total liabilities to gross undepreciated assets		35.3	%
Real estate debt to gross undepreciated assets		30.2	%
Capitalization
Common shares outstanding		33,642
OP units oustanding		1,284
Total common shares and OP units		34,926
Closing price at quarter end	$	12.08
Equity capitalization	$	421,906
Preferred stock (at liquidation preference of $25.00 per share)		142,000
Total debt(3)		244,584
Total capitalization	$	808,490
Debt/total capitalization		30.3	%
Debt/EBITDA		6.0
Common Stock Data
Range of closing prices for the quarter	$	11.58-13.12
Weighted average common shares outstanding		31,761
Weighted average common shares outstanding - diluted (FFO and AFFO)		33,626
Shares of common stock outstanding		33,642

(1) Includes retail and office gross leasable area, but 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 CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
ASSETS:
Property:
Land	$	253,999		$	236,941		$	226,097		$	175,072		$	164,712
Buildings		372,622			287,226			260,085			215,712			191,931
Site improvements		39,649			28,257			24,423			21,732			19,231
Tenant improvements		32,214			28,517			23,139			19,353			19,720
Construction in progress		11			21,312			18,797			13,871			10,801
Less accumulated depreciation		(22,287	)		(18,294	)		(15,630	)		(12,586	)		(10,529	)
Property, net		676,208			583,959			536,911			433,154			395,866
Cash and cash equivalents		9,225			5,292			45,885			88,710			3,955
Restricted cash		4,165			3,680			3,879			42,331			4,393
Tenant receivables, net		3,588			4,174			2,582			1,829			1,860
Lease intangibles, net		71,088			68,556			66,520			54,727			53,791
Mortgage loan receivable		2,000			2,000			2,000			2,000			2,000
Deferred rent receivable		3,722			2,997			2,656			1,897			1,498
Other assets		18,162			17,013			13,941			8,061			6,726
Total assets	$	788,158		$	687,671		$	674,374		$	632,709		$	470,089
LIABILITIES AND EQUITY:
Liabilities:
Mortgages payable, net	$	243,906		$	244,961		$	245,983		$	198,331		$	150,957
Notes payable		—			21,000			—			535			37,835
Accounts payable and other liabilities		17,784			21,080			24,511			20,762			20,190
Lease intangibles, net		16,759			13,843			13,129			9,826			7,222
Dividends/distributions payable		7,650			5,801			5,642			5,374			3,037
Total liabilities		286,099			306,685			289,265			234,828			219,241
Equity:
Stockholders’ equity
Preferred stock		136,413			47,703			47,703			47,721			47,628
Common stock		335			302			302			309			165
Additional paid-in capital		353,061			319,875			324,277			334,953			188,972
Cumulative deficit		(2,839	)		(3,277	)		(3,555	)		(1,818	)		(3,754	)
		486,970			364,603			368,727			381,165			233,011
Accumulated other comprehensive loss		(807	)		(811	)		(1,089	)		(748	)		(162	)
Total stockholders’ equity		486,163			363,792			367,638			380,417			232,849
Non-controlling interests		15,896			17,194			17,471			17,464			17,999
Total equity		502,059			380,986			385,109			397,881			250,848
Total liabilities and equity	$	788,158		$	687,671		$	674,374		$	632,709		$	470,089

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

Page 6

Statements of Operations

EXCEL TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data and dividends per share)

	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Revenues:
Rental revenue	$	16,153		$	8,476
Tenant recoveries		3,267			1,899
Other income		360			104
Total revenues		19,780			10,479
Expenses:
Maintenance and repairs		1,322			639
Real estate taxes		2,065			1,135
Management fees		191			117
Other operating expenses		829			766
General and administrative		3,502			2,650
Depreciation and amortization		8,279			4,160
Total expenses		16,188			9,467
Net operating income		3,592			1,012
Interest expense		(3,674	)		(2,565	)
Interest income		53			40
Gain on acquisition of real estate and sale of land parcel		—			937
Changes in fair value of financial instruments and gain on OP unit redemption		462			—
Loss from continuing operations		433			(576	)
Income from discontinued operations		—			516
Net income (loss)		433			(60	)
Net loss attributable to non-controlling interests		5			31
Net income (loss) attributable to Excel Trust, Inc.		438			(29	)
Preferred stock dividends		(2,121	)		(603	)
Net loss attributable to the common stockholders	$	(1,683	)	$	(632	)
Basic and diluted net loss per share	$	(0.06	)	$	(0.04	)
Weighted-average common shares outstanding—basic and diluted		31,761			15,513
Dividends declared per common share	$	0.1625		$	0.14

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

Page 7

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

For the Period Ended March 31, 2012

(Dollars in thousands)

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

	Three Months Ended March 31, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011		Three Months Ended March 31, 2011
Net (loss) income attributable to the common stockholders	$	(1,683	)	$	(597	)	$	(2,612	)	$	1,061	$	(632	)
Add:
Interest expense		3,674			3,552			3,561			3,503		2,565
Depreciation and amortization (1)		8,279			6,354			6,375			6,607		4,369
EBITDA	$	10,270		$	9,309		$	7,324		$	11,171	$	6,302

(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 Period Ended March 31, 2012

(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(loss) for the three months ended March 31, 2012 is as follows:

	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Net loss attributable to the common stockholders	$	(1,683	)	$	(632	)
Add:
Non-controlling interests in operating partnership		(71	)		—
Preferred stock dividends					603
Depreciation and amortization(1)		8,279			4,369
Deduct:
Depreciation and amortization related to joint venture		(62	)		—
Gain on acquisition of real estate and sale of land parcel		—			(937	)
Funds from operations(2)	$	6,463		$	3,403
Adjustments:
Transaction costs		194			106
Deferred financing costs		472			234
Stock-based and other non-cash compensation expense		785			451
Changes in fair value of earn-outs		—			—
Changes in fair value of financial instruments		(462	)		—
Straight-line effects of lease revenue		(750	)		(371	)
Amortization of above and below market leases		(228	)		43
Non-incremental capital expenditures		(110	)		(42	)
Adjusted funds from operations(2)	$	6,364		$	3,824
Weighted average common shares outstanding		31,761			15,513
Add(3):
OP units		1,393			819
Restricted stock		370			232
Contingent consideration related to business combinations		102			143
LTIP restricted stock		—			—
Common stock issuable upon conversion of preferred stock		—			3,333
Weighted average common shares outstanding - diluted (FFO and AFFO)		33,626			20,040
Funds from operations per share (diluted)(4)	$	0.19		$	0.17
Adjusted funds from operations per share (diluted)(4)	$	0.19		$	0.19
Other Information(5):
Leasing commissions paid	$	117		$	178
Tenant improvements paid	$	347		$	690

(1) Total consolidated depreciation and amortization, a portion of which is included in discontinued operations on the statements of operations (for the three months ended March 31, 2011).

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

(3) The three months ended March 31, 2012 and 2011 include 1,865,000 and 4,527,000 additional shares of common stock, respectively, related to OP units, shares of restricted stock, shares contingently issuable related to business combinations, or common stock issuable upon conversion of the Series A preferred stock, which are considered antidilutive for purposes of calculating diluted earnings per share. The three months ended March 31, 2012 excludes 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 March 31, 2012 includes a reduction of $95,000 for dividends attributable to shares of LTIP restricted common stock, which are excluded from the calculation.

(5) Excludes development properties.

Page 9

Debt Summary

For the Period Ended March 31, 2012

(Dollars in thousands)
				% Total Debt
Fixed Rate Debt(1)	$	232,584			95	%
Variable Rate Debt(2)		12,000			5	%
Total Debt(1)	$	244,584			100	%
Debt(1)/Gross Undepreciated Assets		30.2	%

			% Total Debt
Secured Debt(1)(2)	$	244,584		100	%
Unsecured Debt		—		0	%
Total Debt	$	244,584		100	%

Maturities by Year-Secured	Amount		% Total Debt			Maturities by Year-Unsecured	Amount		% Total Debt
2012	$	3,083		1.3	%	2012	$	—		0.0	%
2013(3)		80,072		32.7	%	2013(3)		—		0.0	%
2014		76,467		31.3	%	2014		—		0.0	%
2015		46,986		19.2	%	2015		—		0.0	%
2016		922		0.4	%	2016		—		0.0	%
2017		13,354		5.5	%	2017		—		0.0	%
2018		704		0.3	%	2018		—		0.0	%
2019		541		0.2	%	2019		—		0.0	%
2020		583		0.2	%	2020		—		0.0	%
2021		624		0.3	%	2021		—		0.0	%
Beyond 2021		21,248		8.7	%	Beyond 2021		—		0.0	%
Total	$	244,584		100.0	%	Total	$	—		0.0	%

Property-Secured	Amount			Contractual Interest Rate			Maturity
Five Forks Place	$	5,021			5.5	%		2013
Grant Creek Town Center		15,607			5.8	%		2013
Park West Place(4)		55,800			3.9	%		2013
Excel Centre		12,471			6.1	%		2014
Merchant Central		4,537			5.9	%		2014
Edwards Theatre		12,096			6.7	%		2014
Gilroy Crossing		47,218			5.0	%		2014
The Promenade		50,949			4.8	%		2015
5000 South Hulen		13,822			5.6	%		2017
Rite Aid-Vestavia Hills		1,303			7.3	%		2018
Lowe’s		13,760			7.2	%		2031
Northside Plaza(2)		12,000			0.2	%		2035
Total		244,584			4.9	%
Less: debt discount or premium		(678	)
Mortgage payable, net	$	243,906

(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) 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 March 31, 2012 was 0.20%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility.

(3) The Park West Place mortgage note matures on December 15, 2013, but may be extended for an additional year at the Company’s election, through December 15, 2014, after satisfying certain conditions and paying an extension fee.

(4) Includes effect of interest rate swaps.

* The Company entered into an unsecured revolving credit facility, which 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 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 Period Ended March 31, 2012

(In thousands, except per share data)

	Three Months Ended March 31, 2012			Three Months Ended December 31, 2011			Three Months Ended September 30, 2011			Three Months Ended June 30, 2011
Earning per share - share data
Weighted average common shares outstanding—diluted		31,761			29,272			29,634			15,856
Diluted common shares—EPS		31,761			29,272			29,634			15,856
Funds from operations—share data
Weighted average common shares outstanding		31,761			29,272			29,634			15,856
Weighted average OP units outstanding		1,393			1,405			1,405			1,405
Weighted average restricted stock outstanding		370			402			—			1,046
Dilutive effect of contingent consideration related to business combinations		102			127			348			206
Dilutive effect of LTIP restricted stock outstanding		—			—			—			—
Dilutive effect of convertible preferred shares		—			—			—			—
Total potential dilutive common shares		33,626			31,206			31,387			18,513
Total common shares (including restricted stock) outstanding		33,642			30,290			30,290			30,968
Total OP units outstanding		1,284			1,405			1,405			1,405
Total Series A preferred shares oustanding		2,000			2,000			2,000			2,000
Total Series B preferred shares outstanding		3,680			—			—			—
Common share data
High closing share price	$	13.12		$	12.29		$	11.69		$	12.27
Low closing share price	$	11.58		$	8.96		$	9.32		$	10.94
Average closing share price	$	12.31		$	10.84		$	10.53		$	11.72
Closing price at end of period	$	12.08		$	12.00		$	9.62		$	11.03
Divideds per share—annualized	$	0.65		$	0.64		$	0.62		$	0.60
Dividend yield (based on closing share price at end of period)		5.4	%		5.3	%		6.4	%		5.4	%
Dividends per share
Common stock (EXL)	$	0.1625		$	0.160		$	0.155		$	0.150
Series A Preferred stock	$	0.4375		$	0.4375		$	0.4375		$	0.4375
Series B Preferred stock	$	0.423177		$	—		$	—		$	—

Page 11

Acquisitions & Developments

For Fiscal Year 2012

(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(3)	Major Tenants
Promenade Corporate Center	Scottsdale	AZ	2004	256,176	1/23/2012	$ 207	$53,025	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
EastChase Market Center	Montgomery	AL	2008	181,431	2/17/2012	136	24,650	Dick’s Sporting Goods, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
La Costa Town Center	Carlsbad	CA	1980	121,429	2/29/2012	194	23,500	Vons
Total				559,036		$180.98	$101,175

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	Open	101,163	$4,747	$10,167	$14,914	$3,973	85%	HomeGoods, Jo-Ann
Red Rock Commons - Phase I	St. George	UT	Open	118,500	10,823	16,831	27,654	2,980	100%	Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
Total				219,663	$15,570	$26,998	$42,568	$6,953

Future Developments / Land	City	State	Estimated GLA to be Constructed / Land	Estimated Start Date	Estimated Project Cost	Projected Use
Plaza at Rockwall- Phase III	Rockwall	TX	21,900	TBD	$2,223	Additional shop space
Red Rock Commons - Phase II	St. George	UT	15,140	TBD	$1,466	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 (includes GLA of buildings on ground lease).

(3) The initial cost basis is subject to change based on the final property valuation and may differ from amounts reported in prior periods.

(4) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business. A property is reclassified from development to the operating portfolio at the earlier of (i) 85.0% occupancy or (ii) one year from completion and delivery of the space.

(5) Plaza at Rockwall—Phase II amount represents the Company’s estimated land value at acquisition date. Includes a reduction of approximately $553,000 related to costs associated with a land parcel that was sold in the 4th quarter of 2011.

(6) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s SEC filings excludes land values.

(7) Includes square footage of buildings leased to tenants (including 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 May 2012.

Page 12

Portfolio Summary

For the Period Ended March 31, 2012

(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 3/31/2012(3)			Major Tenants
Operating Portfolio
The Promenade	Scottsdale	AZ		1999		433,538		7/11/2011	$	254	$	110,025		97.0	%	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	$	68,400		98.6	%	Kohl’s, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)
Promenade Corporate Center	Scottsdale	AZ		2004		256,176		1/23/2012	$	207	$	53,025		80.9	%	Fitch, Healthcare Trust of America, Meridian Bank, Richmond American Home, Sankyo Pharma
Brandywine Crossing	Washington Metro (Brandywine)	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(4)	Birmingham (Vestavia Hills)	AL		2002		390,103		8/30/2010	$	89	$	34,867		79.6	%	Publix, Dollar Tree, Stein Mart, Rave Motion Pictures
The Crossings of Spring Hill	Nashville (Spring Hill)	TN		2008		219,841		12/19/2011	$	141	$	31,000		97.7	%	SuperTarget (non-owned), Kohl’s (non-owned), PetSmart, Ross, Bed Bath & Beyond
Edwards Theatres	San Diego (San Marcos)	CA		1999		100,551		3/11/2011	$	260	$	26,150		100.0	%	Edwards Theatres (a subsidiary of Regal Cinemas)
Rosewick Crossing	Washington Metro (La Plata)	MD		2008		116,036		10/1/2010	$	215	$	24,900		80.3	%	Giant Food, Lowe’s (non-owned)
EastChase Market Center	Montgomery	AL		2008		181,431		2/17/2012	$	136	$	24,650		98.9	%	Dick’s Sporting Goods, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)
Excel Centre	San Diego	CA		1999		82,157		**	$	288	$	23,700		100.0	%	Kaiser Permanente, Swinerton, Excel Trust, UBS
La Costa Town Center	Carlsbad	CA		1980		121,429		2/29/2012	$	194	$	23,500		75.7	%	Vons
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, REI
Lowe’s	Shippensburg	PA		2008		171,069		6/22/2010	$	103	$	17,600		100.0	%	Lowe’s
Anthem Highlands	Las Vegas (Henderson)	NV		2006		118,763		12/1/2011	$	147	$	17,500		82.2	%	Albertsons, CVS, Wells Fargo, Bank of America
Shops at Foxwood	Ocala	FL		2010		78,660		10/19/2010	$	160	$	12,600		89.3	%	Publix, McDonald’s (non-owned)
Northside Plaza	Dothan	AL		2010		171,670		11/15/2010	$	70	$	12,400		93.0	%	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		98.0	%	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		93.8	%	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					4,368,419			$	166	$	726,517		93.7	%
Developments Under Construction	City	State	Estimated Opening Date(5)		GLA to be Constructed		Land Value(6)		Improvements		Total Carrying Amount(7)		% GLA Leased / Committed(8)			Major Tenants
Plaza at Rockwall—Phase II	Rockwall	TX		Open		101,163		4,747		10,167		14,914		85%		HomeGoods, Jo-Ann
Red Rock Commons—Phase I	St. George	UT		Open		118,500		10,823		16,831		27,654		100%		Dick’s, PetSmart, Old Navy, Gap Outlet, Ulta
	Total					219,663		15,570		26,998		$42,568
	Total Portfolio (9)					4,588,082						$769,085

** 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 (includes GLA of buildings on ground lease).

(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) Includes the 2011 Rite Aid acquisition, which is an outparcel to Vestavia Hills City Center. The purchase of the Rite Aid property in 2011 resulted in a gain on acquisition of $937,000 due to the recognition of the fair value of assets in excess of the Company’s $1.5 million purchase price.

(5) Opening Date represents the date at which the Company estimates that the majority of the gross leasable area will be open for business. A property is reclassified from development to the operating portfolio at the earlier of (i) 85.0% occupancy or (ii) one year from completion and delivery of the space.

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

(7) Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s SEC filings excludes land values.

(8) Includes square footage of buildings leased to tenants (including 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 May 2012.

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

Page 13

Summary of Leasing Activity

For the Period Ended March 31, 2012

	Number  of Leases(1)		GLA		Weighted Average-New Lease Rate(2)		Weighted Average-Prior Lease Rate(2)		Percentage Increase or (Decrease)			Tenant Improvement Allowance		Tenant Improvement Allowance per Sq Ft		Leasing Commission		Leasing Commission per Sq Ft
Three months ended March 31, 2012
New Leasing:
New leases-previously occupied		1		18,295	$	16.40	$	13.12		25.0	%	$	—	$	—	$	—	$	—
New leases (operating portfolio)-vacancy(3)		2		2,482	$	23.50		n/a				$	24,820	$	10.00	$	7,446	$	3.00
New leases (development)-vacancy(3)		3		10,179	$	28.99		n/a				$	124,413	$	12.22	$	154,213	$	15.15
Total		6		30,956
Renewals/Amendments(4)		8		15,167	$	20.71	$	21.43		-3.4	%	$	—	$	—	$	3,828	$	0.25
Total leasing		14		46,123
Three months ended December 31, 2011
New Leasing:
New leases-previously occupied		—		—	$	—	$	—				$	—	$	—	$	—	$	—
New leases (operating portfolio)-vacancy(3)		3		6,950	$	16.83		n/a				$	85,000	$	12.23	$	11,004	$	1.58
New leases (development)-vacancy(3)		7		38,210	$	18.32		n/a				$	1,460,180	$	38.21	$	354,881	$	9.29
Total		10		45,160
Renewals/Amendments(4)		11		56,640	$	15.90	$	15.64		1.7	%	$	—	$	—	$	—	$	—
Total leasing		21		101,800
Three months ended September 30, 2011
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(3)		6		14,100	$	18.06		n/a				$	56,390	$	4.00	$	54,136	$	5.49
New leases (development)-vacancy(3)		2		18,051	$	16.19		n/a				$	680,510	$	37.70	$	142,289	$	7.88
Total		13		42,008
Renewals/Amendments(4)		7		10,826	$	16.97	$	16.71		1.5	%	$	—	$	—	$	21,652	$	2.00
Total leasing		20		52,834

(1) The number of leases executed during the period and the associated GLA excludes month-to-month leases and leases involving office GLA.

(2) Lease rate represents final cash rent from the previous lease and the intial cash rent from the new lease—lease rate excludes the impact of changes in lease rates during the term of the lease.

(3) 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.

(4) Includes the exercise of lease options and any amendments to the original lease that expand the leased square footage or extend the lease term.

Page 14

Major Tenants By GLA

For the Period Ended March 31, 2012

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio(1)				4,368,419		% of Total GLA
	Tenants	# Stores		Square Feet
1	Lowe’s		2		325,863		7.5	%
2	Publix		4		199,751		4.6	%
3	Kohl’s		2		176,656		4.0	%
4	Ross Dress For Less		4		115,259		2.6	%
5	Bed Bath & Beyond		4		103,864		2.4	%
6	JC Penny		1		103,256		2.4	%
7	Edwards Theatres		1		100,551		2.3	%
8	Dick’s Sporting Goods		2		95,000		2.2	%
9	Jo-Ann		3		90,955		2.1	%
10	TJX Companies		3		82,907		1.9	%
	Total Top 10 GLA		26		1,394,062		31.9	%

Major Tenants By Rent

Annualized Base Rent-Operating Portfolio(2)								$ 61,407
	Tenants	# Stores		Square Feet		Rent Per Sq Ft		ABR		% ABR
1	Lowe’s		2		325,863	$	6.74	$	2,195		3.6	%
2	Edwards Theatres		1		100,551		21.72		2,184		3.6	%
3	Publix		4		199,751		10.76		2,149		3.5	%
4	Kaiser Permanente		1		38,432		41.58		1,598		2.6	%
5	Kohl’s		2		176,656		7.62		1,347		2.2	%
6	Ross Dress For Less		4		115,259		11.42		1,316		2.1	%
7	Dick’s Sporting Goods		2		95,000		13.32		1,265		2.1	%
8	PetSmart		4		79,101		15.33		1,213		2.0	%
9	Bed Bath & Beyond		4		103,864		10.64		1,105		1.8	%
10	Jo-Ann		3		90,955		11.49		1,045		1.7	%
	Total Top 10 Annualized Rent		27		1,325,432	$	11.63	$	15,417		25.1	%

(1) Includes gross leasable area associated with buildings on ground lease

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

Page 15

Expiration Schedule

For the Period Ended March 31, 2012

(Dollars in thousands, except rent per square foot)

Total GLA - Operating Portfolio	4,368,419
Total GLA Occupied - Operating Portfolio	4,074,159
% Occupied	93.3	%
Total GLA—Operating Portfolio	4,368,419
Total GLA Leased—Operating Portfolio	4,093,333
% Leased	93.7	%
Retail GLA—Operating Portfolio(1)	4,030,086
Retail GLA Occupied—Operating Portfolio	3,784,830
% Occupied	93.9	%
Retail GLA—Operating Portfolio(1)	4,030,086
Retail GLA Leased—Operating Portfolio	3,804,004
% Leased	94.4	%
Total Retail Anchor GLA % Occupied—Operating Portfolio	99.2	%
Total Retail Inline GLA % Occupied—Operating Portfolio	84.1	%

		% of Occupied Retail GLA			Total Occupied Retail ABR		% of Total Occupied Retail ABR
Occupied Retail Anchor GLA(2)	2,712,048		71.7	%	$	29,855		55.8	%
Occupied Retail Inline GLA(2)(3)	1,072,782		28.3	%		23,672		44.2	%
Total Occupied Retail GLA	3,784,830		100.0	%	$	53,527		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
2012(3)		10,136		0.3	%	$	27.00		96,884		2.6	%	$	15.55		107,020		2.8	%	$	1,781		3.3	%	$	16.64
2013		60,678		1.6	%		9.67		128,955		3.4	%		23.79		189,633		5.0	%		3,655		6.8	%		19.27
2014		106,275		2.8	%		16.69		204,363		5.4	%		21.05		310,638		8.2	%		6,075		11.3	%		19.56
2015		387,186		10.2	%		13.96		172,643		4.6	%		22.77		559,829		14.8	%		9,336		17.4	%		16.68
2016		191,073		5.0	%		8.74		156,303		4.1	%		22.63		347,376		9.2	%		5,207		9.7	%		14.99
2017		38,000		1.0	%		12.37		43,464		1.1	%		22.41		81,464		2.2	%		1,444		2.7	%		17.73
2018		225,723		6.0	%		14.49		58,376		1.5	%		20.84		284,099		7.5	%		4,488		8.4	%		15.80
2019		323,623		8.6	%		14.73		27,707		0.7	%		22.40		351,330		9.3	%		5,387		10.1	%		15.33
2020		86,309		2.3	%		13.69		42,129		1.1	%		27.84		128,438		3.4	%		2,354		4.4	%		18.33
Beyond 2020		1,283,045		33.9	%		8.15		141,958		3.8	%		23.54		1,425,003		37.7	%		13,799		25.8	%		9.68
Total		2,712,048		71.7	%	$	11.01		1,072,782		28.3	%	$	22.07		3,784,830		100.0	%	$	53,526		100.0	%	$	14.14

(1) Retail figures exclude the Excel Centre and Promenade Corporate Center office properties.

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

(3) Includes month-to-month leases and ground leases, but excludes percentage rent.

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.

Annualized Base Rent:Annualized Base Rent is obtained by annualizing the cash 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 National Association of Real Estate Investment Trusts, or NAREIT. As defined by NAREIT, FFO represents net income (loss) (computed in accordance with generally accepted accounting principles, or GAAP), excluding real estate-related depreciation and amortization, impairment charges and net gains (losses) on the disposition of real estate assets 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 service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) replacement or expansion, debt (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 agreement.

Occupied: A space is considered occupied when the tenant has access to the space and revenue recognition has commenced (includes month-to-month tenants). If a tenant has vacated a space and Excel Trust has agreed to terminate the lease, the space is considered unoccupied as of the date of execution of the amended lease agreement.

Page 17