Excel Trust 8-K Excel Trust Announces Fourth Quarter and Year Ended 2014 Results, Increases Dividend

Supplemental Operating and Financial Data

For the Period Ended December 31, 2014

Exhibit 99.2

Downtown at the Gardens –

Palm Beach Gardens, Florida

Table of Contents

Page

Company Overview

3

Property Locations

4

Analyst Coverage

5

Summary Financial and Portfolio Data

6

Financial Summary

Consolidated Balance Sheets

7

Consolidated Statements of Operations

8

Reconciliation of Net Income to EBITDA

9

Reconciliation of Net Income to FFO and AFFO

10

Debt Summary

11

Common and Preferred Stock Data

12

Portfolio Summary

Acquisitions & Developments

13

Operating Portfolio Summary

14

Summary of Retail Leasing Activity

15

Same Property Analysis

16

Major Tenants

17

Expiration Schedule

18

Unconsolidated Investments

19

Definitions

20

*Note: Financial and portfolio information reflects the consolidated operations of the

company and excludes unconsolidated entities unless otherwise noted.

Corporate Headquarters

Other Offices

Excel Trust, Inc.

Atlanta, GA

Salt Lake City, UT

17140 Bernardo Center Dr., Ste 300

Dallas, TX

Scottsdale, AZ

San Diego, CA 92128

Orlando, FL

Stockton, CA

Tel: 858-613-1800

Richmond, VA

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, Treasurer

Mark T. Burton -

CIO & SVP, Acquisitions

S. Eric Ottesen -

SVP, General Counsel

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

Broadridge Corporate Issuer Solutions, Inc.

Latham & Watkins

PO Box 1342

12636 High Bluff Drive, Suite 400

Brentwood, NY 11717

San Diego, CA 92130

Tel: 877-830-4936

Tel: 858-523-5400

Email:

shareholder@broadridge.com

Website:

www.broadridge.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

press

release

contains

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995

based

on

current

expectations,

forecasts

and

assumptions

that

involve

risks

and

uncertainties

that

could

cause

actual

outcomes

and

results

to

differ

materially.

These

risks

and

uncertainties

include,

without

limitation:

general

risks

affecting

the

real

estate

industry

(including,

without

limitation,

the

inability

to

enter

into

or

renew

leases,

dependence

on

tenants’

financial

condition,

and

competition

from

other

developers,

owners

and

operators

of

real

estate);

adverse

economic

or

real

estate

developments

in

the

retail

industry

or

the

markets

in

which

the

Company

operates;

increased

interest

rates

and

operating

costs;

decreased

rental

rates

or

increased

vacancy

rates;

the

Company’s

failure

to

obtain

necessary

outside

financing

on

favorable

terms

or

at

all;

changes

in

the

availability

of

additional

acquisition

opportunities;

the

Company’s

inability

to

successfully

complete

real

estate

acquisitions

or

successfully

operate

acquired

properties;

the

Company’s

failure

to

qualify

or

maintain

its

status

as

a

REIT;

risks

associated

with

the

Company’s

dependence

on

key

personnel

whose

continued

service

is

not

guaranteed;

and

risks

associated

with

downturns

in

domestic

and

local

economies,

and

volatility

in

the

securities

markets.

For

a

further

list

and

description

of

such

risks

and

uncertainties,

see

the

reports

filed

by

the

Company

with

the

Securities

and

Exchange

Commission,

including

the

Company’s

most

recent

annual

report

on

Form

10-K

and

quarterly

reports

on

Form

10-Q.

The

Company

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

Company Overview

Page 4

Property Locations

Page 5

Company

Analyst

Contact

Barclays Capital

Ross Smotrich

(212) 526-2306

Linda Tsai

(212) 526-9937

Cantor Fitzgerald

David Toti

(212) 915-1219

Evan Smith

(212) 915-1220

Hilliard Lyons

Carol Kemple

(502) 588-1839

KeyBanc

Jordan Sadler

(917) 368-2280

Todd Thomas

(917) 368-2286

Raymond James

Paul D. Puryear

(727) 567-2253

Collin Mings

(727) 567-2585

Sandler O'Neill + Partners

Alexander Goldfarb

(212) 466-7937

Andrew Schaffer

(212) 466-8062

Stifel, Nicolaus

Nathan Isbee

(443) 224-1346

Jennifer Hummert

(443) 224-1288

Wells Fargo

Jeff Donnelly

(617) 603-4262

Tamara Fique

(443) 263-6568

Analyst Coverage

For the Period Ended December 31, 2014

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

Portfoilio Summary

Total

Gross

Leasable

Square

Feet

(GLA)-Operating

Portfolio

(1)

7,551,956

Percent Leased-Operating Portfolio

93.9%

Percent Occupied-Operating Portfolio

92.6%

Annualized

Base

Rent

(2)

$                      116,295

Total no. retail leases signed or renewed

40

Total sq. ft. retail leases signed or renewed

230,589

Financial Results

Net income (loss) attributable to the common stockholders

$                              903

Net income (loss) per diltued share

$                             0.01

Funds from operations (FFO)

$                           9,316

FFO per diluted share

$                             0.15

Adjusted funds from operations (AFFO)

$                        16,531

AFFO per diluted share

$                             0.27

EBITDA

$                        26,669

Assets

Gross undepreciated real estate

$                  1,543,389

Gross undepreciated assets

$                  1,737,680

Total liabilities to gross undepreciated assets

52.9%

Debt to gross undepreciated assets

47.7%

Capitalization

Common shares outstanding

61,113

OP units oustanding

1,020

Total common shares and OP units

62,133

Closing price at quarter end

$                           13.39

Equity capitalization

$                      831,961

Series

A

convertible

preferred

shares

(at

liquidation

preference

of

$25.00

per

share)

29,524

Series B preferred shares (at liquidation preference of $25.00 per share)

92,000

Total

debt

(3)

828,329

Total capitalization

$                  1,781,814

Debt/total capitalization

46.5%

Debt/EBITDA

7.8

Common Stock Data

Range of closing prices for the quarter

$            11.93-13.50

Weighted

average

common

shares

outstanding

-

diluted

(EPS)

60,416

Weighted

average

common

shares

outstanding

-

diluted

(FFO

and

AFFO)

62,135

Shares of common stock outstanding

61,113

(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 6

Summary Financial and Portfolio Data (Consolidated)

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

Page 7

(1) Other assets is primarily comprised of deposits, notes receivable, prepaid expenses and furniture, fixtures, and equipment

Balance Sheets

December 31, 2014

September 30, 2014

June 30, 2014

March 31, 2014

December 31, 2013

ASSETS:

Property:

Land

$                         455,112

$                         409,013

$                           380,363

$                         380,368

$                         380,366

Buildings  

921,604

754,860

647,401

646,062

642,356

Site improvements

87,305

69,137

64,769

64,283

63,242

Tenant improvements

70,549

62,454

56,459

55,624

54,025

Construction in progress

8,819

26,697

14,980

8,028

7,576

Less accumulated depreciation

(90,543)

(83,008)

(75,834)

(68,635)

(61,479)

Property, net

1,452,846

1,239,153

1,088,138

1,085,730

1,086,086

Cash and cash equivalents

6,603

6,143

183,749

5,307

3,245

Restricted cash

8,272

7,707

6,973

8,535

8,147

Tenant receivables, net

5,794

4,404

3,205

3,746

5,117

Lease intangibles, net

123,373

81,796

68,213

73,013

78,345

Deferred rent receivable

11,479

10,824

10,342

9,819

9,226

Other assets

(1)

32,081

36,022

22,572

21,143

20,135

Investment in unconsolidated entities

6,689

8,378

8,303

8,405

8,520

Total assets

$                      1,647,137

$                      1,394,427

$                        1,391,495

$                      1,215,698

$                      1,218,821

LIABILITIES AND EQUITY:

Liabilities:

Mortgages payable, net

$                         192,748

$                         160,837

$                           207,048

$                         238,543

$                         251,191

Notes payable

238,000

56,000

-

198,000

179,500

Unsecured notes

398,758

348,725

348,693

100,000

100,000

Accounts payable and other liabilities

34,338

40,821

29,110

23,964

21,700

Lease intangibles, net

42,470

36,260

25,845

26,967

28,114

Dividends/distributions payable

12,857

12,918

13,160

10,944

10,932

Total liabilities

919,171

655,561

623,856

598,418

591,437

Equity:

Total stockholders’

equity

715,389

727,094

755,611

605,665

615,446

Non-controlling interests

12,577

11,772

12,028

11,615

11,938

Total equity

727,966

738,866

767,639

617,280

627,384

Total liabilities and equity

$                      1,647,137

$                      1,394,427

$                        1,391,495

$                      1,215,698

$                      1,218,821

Page 8

Statements of Operations

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Ended

December 31, 2014

Three Months Ended

December 31, 2013

Year Ended December

31, 2014

Year Ended December

31, 2013

Revenues:

Rental revenue

$                            30,737

$                            24,609

$                         105,572

$                            92,294

Tenant recoveries

6,438

4,777

21,605

18,875

Other income

1,689

419

3,146

1,373

Total revenues

38,864

29,805

130,323

112,542

Expenses:

Maintenance and repairs

2,930

2,089

9,369

7,328

Real estate taxes

3,983

3,444

13,427

12,756

Management fees

568

440

2,101

1,772

Other operating expenses

1,986

1,487

6,965

6,194

Changes in fair value of contingent consideration

-

-

-

(1,568)

General and administrative

5,752

3,335

18,009

13,871

Depreciation and amortization

16,242

11,534

50,661

46,146

Total expenses

31,461

22,329

100,532

86,499

Net operating income

7,403

7,476

29,791

26,043

Interest expense

(6,810)

(5,193)

(24,167)

(18,944)

Interest income

35

58

240

204

Income (loss) from equity in unconsolidated entities

2,339

53

2,578

40

Gain on acquisition of real estate and sale of land parcel

-

-

-

-

Changes in fair value of financial instruments and gain on OP unit redemption

-

-

-

230

Income (loss) from continuing operations before loss on extinguishment of debt

2,967

2,394

8,442

7,573

and gain on sale of real estate assets

Loss on extinguishment of debt from sale of real estate asset

(5,192)

-

(5,192)

-

Gain on sale of real estate assets

5,842

-

5,842

-

Income (loss) from continuing operations

3,617

2,394

9,092

7,573

Income from discontinued operations before gain on sale of real estate

assets

-

(18)

-

464

Gain on sale of real estate assets from discontinued operations

-

81

-

12,055

Income from discontinued operations

-

63

-

12,519

Net income (loss)

3,617

2,457

9,092

20,092

Net (income) loss attributable to non-controlling interests

(113)

(79)

(340)

(568)

Net income (loss) attributable to Excel Trust, Inc.

3,504

2,378

8,752

19,524

Preferred stock dividends

(2,391)

(2,744)

(10,380)

(10,976)

Cost of redemption of preferred stock

(210)

-

(1,687)

-

Net income (loss) attributable to the common stockholders

$                                  903

$                               (366)

$                            (3,315)

$                              8,548

Basic and diluted net income (loss) per share

$                                0.01

$                              (0.01)

$                              (0.07)

$                                0.17

Weighted-average

common

shares

outstanding

-

basic

and

diluted

60,416

47,672

54,341

46,926

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

statements.

Reconciliation of Net Income to EBITDA

(Earnings before Interest, Taxes, Depreciation & Amortization)

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

(Dollars in thousands)

Page 9

Three Months Ended 

December 31, 2014

Three Months Ended

September 30, 2014

Three Months Ended

June 30, 2014

Three Months Ended

March 31, 2014

Three Months Ended

December 31, 2013

Net income attributable to Excel Trust, Inc.

$                             3,617 

$                             1,218 

$                             1,905 

$                             2,195 

$                             2,378 

Add:  

Interest expense

                                 6,810 

                                 6,387 

                                 5,981 

                                 4,989 

                                 5,193 

Depreciation and amortization

                               16,242 

                               11,212 

                               11,411 

                               11,796 

                               11,534 

EBITDA

$                           26,669 

$                           18,817 

$                           19,297 

$                           18,980 

$                           19,105 

Reconciliation of Net Income to FFO and AFFO

For the Period Ended December 31, 2014

(In thousands, except per share data)

Page 10

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 and year ended December 31, 2014 and 2013 is as follows:

Three Months Ended

December 31, 2014

Three Months Ended

December 31, 2013

Year Ended December 31,

2014

Year Ended December 31,

2013

Net income (loss) attributable to the common stockholders

$                                    903

$                                  (366)

$                              (3,315)

$                              8,548

Add: 

Non-controlling interests in operating partnership

21

(7)

(26)

233

Depreciation and amortization

(1)

16,242

11,534

50,661

46,839

Deduct:

Depreciation and amortization related to joint venture

(2)

117

175

580

1,054

Gain on sale of real estate assets

(7,967)

(81)

(7,967)

(12,055)

Funds from operations

(3)

$                                 9,316

$                              11,255

$                              39,933

$                            44,619

Adjustments:

Loss on extinguishment of debt from sale of real estate asset

5,192

-

5,192

-

Transaction costs

1,463

112

2,760

1,159

Deferred financing costs

428

448

1,808

1,748

Stock-based and other non-cash compensation expense

1,526

583

4,643

2,291

Changes in fair value of contingent consideration

-

-

-

(1,568)

Changes in fair value of financial instruments

-

-

-

(230)

Straight-line effects of lease revenue

(655)

(764)

(2,253)

(3,352)

Amortization of above-

and below-market  leases

(271)

213

(407)

417

Cost of redemption of preferred stock

210

-

1,687

-

Non-incremental capital expenditures

(286)

(396)

(516)

(973)

Non-cash expenses (income) -

including portion of joint ventures

(392)

(5)

(408)

(280)

Adjusted funds from operations

(3)

$                              16,531

$                              11,446

$                              52,439

$                            43,831

Weighted average common shares outstanding

60,416

47,672

54,341

46,926

Add

(4)

:

OP units

1,020

1,100

1,020

1,198

Restricted stock

699

141

601

190

Weighted

average

common

shares

outstanding

-

diluted

(FFO

and

AFFO)

62,135

48,913

55,962

48,314

Funds from operations per share (diluted)

(5)

$                                   0.15

$                                   0.23

$                                   0.71

$                                0.92

Adjusted funds from operations per share (diluted)

(5)

$                                   0.27

$                                   0.23

$                                   0.94

$                                0.90

Other Information

(6)

:

Leasing commissions paid

$                                    449

$                                    382

$                                1,168

$                              1,748

Tenant improvements paid

$                                    833

$                                 1,065

$                                3,318

$                              7,548

(1)

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

operations (for the year ended December 31, 2013).

(2)

Includes

a

reduction

for

the

portion

of

consolidated

depreciation

and

amortization

expense

that

would

be

allocableto

non-controlling

interests

and

an

increase

for

the

the

Company's

portion

of

depreciation

and

amortization

expense

relatedto

its

former

investment in the unconsolidated La Costa Town Center property and current investment in The Fountains at Bay Hill property.

(3)

FFO and AFFO are described on the Definitions page.

(4)

The

calculation

of

FFO

for

the

three

months

ended

December

31,

2014

and

2013

include

1,719,000

and

1,621,000

OP

units

and

shares

of

restricted

stock,

which

are

considered

antidilutive

for

purposes

of

calculating

diluted

earnings

per

share.

The

three

months ended December 31, 2014, 2014 and 2013 exclude 2,023,975 and 3,367,200 shares of common stock, respectively, potentially issuable pursuant to the conversion feature of the preferred stock based on the "if converted" method.  The calculation of

FFO for the years ended December 31, 2014 and 2013 include 1,241,000 and 1,388,000 OP units and shares of restricted stock, which are considered antidilutive for purposes of calculating diluted earnings per share.  The  years ended December 31, 2014 and

2013 exclude 2,979,720 and 3,347,661 shares of common stock, respectively, potentially issuable pursuant to the conversion feature of the preferred stock based on the "if converted" method.

(5)

The

calculation

of

funds

from

operations

per

share

(diluted)

and

adjusted

funds

from

operations

per

share

(diluted)

for

the

three

months

ended

December

31,

2014

and

2013

includes

a

reduction

of

$75,000

and

$107,000,

respectively,

for

dividends

paid

to

shares of restricted common stock in excess of earnings.  The calculation of funds from operations per share (diluted) and adjusted funds from operations per share (diluted) for the years ended December 31, 2014 and 2013 includes a reduction of $299,000

and $419,000, respectively, for dividends paid to shares of restricted common stock in excess of earnings.

(6)

Excludes

development

properties

and

shell

construction

costs

for

value-add

opportunities

at

operating

properties.

Debt Summary (Consolidated)

For the Period Ended December 31, 2014

(Dollars in thousands)

% Total Debt

Fixed Rate Debt

(1)

$                              526,557

64%

Variable Rate Debt

(2)

301,772

36%

Total Debt

(1)

$                              828,329

100%

Debt

(1)

/Gross Undepreciated Assets

47.7%

% Total Debt

Secured Debt

(1)

$                              190,329

23%

Unsecured Debt

638,000

77%

Total Debt

$                              828,329

100%

Secured Debt to Gross Undepreciated Assets

11.0%

Maturities by Year-Secured

(3)

Amount

% Total Debt

Maturities by Year-Unsecured

(3)

Amount

Contractual

Interest Rate

% Total Debt

2015

$                                48,606

5.9%

2015

(4)

$                50,000

1.3%

6.0%

2016

3,070

0.4%

2016

-

2017

42,192

5.1%

2017

-

2018

4,722

0.6%

2018

238,000

1.5%

28.7%

2019

6,390

0.8%

2019

-

2020

38,216

4.6%

2020

75,000

4.4%

9.1%

2021

1,447

0.2%

2021

-

2022

33,686

4.1%

2022

-

2023

-

0.0%

2023

25,000

5.2%

3.0%

2024

-

0.0%

2024

250,000

4.6%

30.2%

Beyond 2024

12,000

1.4%

Beyond 2024

-

Total

$                              190,329

23.0%

Total

$              638,000

3.2%

77.0%

Mortgage Notes

Amount

Contractual

Interest Rate

Maturity

The Promenade

$                                46,125

4.8%

Oct-15

5000 South Hulen

13,174

5.6%

Apr-17

Lake Pleasant Pavilion

27,513

6.1%

Oct-17

West Broad Marketplace

1,772

2.5%

Jan-18

Rite Aid, Vestavia

833

7.3%

Oct-18

Living Spaces-Promenade

6,667

7.9%

Nov-19

West Broad Village

(2)

39,700

3.3%

May-20

Downtown at the Gardens

42,545

4.6%

Jun-22

Northside Mall

(2)

12,000

0.1%

Nov-35

Total

190,329

4.5%

Debt (discount) or premium

2,419

Mortgage notes, net

$                              192,748

(1) Amount excludes debt discount or premium.

(2) Includes the Northside Plaza redevelopment revenue bonds to be used for the redevelopment of this property and our unsecured

revolving credit facility. The revenue bonds are priced off

the SIFMA index and reset weekly (the rate as of December 31, 2014 was 0.05%). The revenue bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s

credit facility.  The construction loan on the West Broad Marketplace property bears interest at LIBOR plus 2.30% (the rate as of December 31,  2014 was 2.49%).  The $50.0 million unsecured

term loan bears interest at LIBOR plus 1.15% (the rate as of December 31,  2014 was 1.32%).  The unsecured revolving credit facility bears interest at LIBOR plus 0.90% to 1.70% (the rate as of

December 31,  2014 was 1.47%).

(3) Includes monthly payments on outstanding principal as well as principal due at maturity.

(4) The Company entered into a $50.0 million term loan in December 2014, which bears interest at the rate of LIBOR plus a margin

of 115 basis points with a maturity date of June 30, 2015.  The

term loan may be extended for an additional five months at the Company's option and upon the payment of an extension fee.

Page 11

Common and Preferred Stock Data

For the Period Ended December 31, 2014

(In thousands, except per share data)

Three Months Ended

December 31, 2014

Three Months Ended

September 30, 2014

Three Months Ended

June 30, 2014

Three Months Ended

March 31, 2014

Earning

per

share

-

share

data

Weighted

average

common

shares

outstanding

-

diluted

60,416

60,389

48,567

47,785

Diluted

common

shares

-

EPS

60,416

60,389

48,567

47,785

Funds

from

operations

-

share

data

Weighted

average

common

shares

outstanding

60,416

60,389

48,567

47,785

Weighted average OP units outstanding

1,020

1,020

1,020

1,020

Weighted average restricted stock outstanding

699

-

747

-

Total potential dilutive common shares

62,135

61,409

50,334

48,805

Total common shares (including restricted stock) outstanding

61,113

61,116

61,117

48,455

Total OP units outstanding

1,020

1,020

1,020

1,020

Total Series A convertible preferred shares outstanding

1,181

1,331

2,000

2,000

Total Series B preferred shares outstanding

3,680

3,680

3,680

3,680

Common share data

High closing share price

$                              13.50

$                              13.41

$                              13.92

$                              12.80

Low closing share price

$                              11.93

$                              11.77

$                         ��    12.32

$                              11.01

Average closing share price

$                              12.80

$                              12.82

$                              12.95

$                              11.95

Closing price at end of period

$                              13.39

$                              11.77

$                              13.33

$                              12.68

Dividends per share -

annualized

$                                0.70

$                                0.70

$                                0.70

$                                0.70

Dividend yield (based on closing share price at end of period)

5.2%

5.9%

5.3%

5.5%

Dividends per share

Common stock (EXL)

$                            0.1750

$                            0.1750

$                            0.1750

$                            0.1750

Series A Convertible Perpetual Preferred stock

$                            0.4375

$                            0.4375

$                            0.4375

$                            0.4375

Series B Preferred stock

$                            0.5078

$                            0.5078

$                            0.5078

$                            0.5078

Page 12

Acquisitions & Developments

For the Period Ended December 31, 2014

(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

The Shops at Fort Union

Salt Lake City

UT

1974/2007

688,549

9/26/2014

$                       191

$

131,500

Walmart, Smiths (Kroger), Gordmans, Dick's, Bed, Bath & Beyond, Babies' R' Us,

Ross, OfficeMax, Michaels, DSW, Petco, Ulta

The Family Center at Orem

Orem

UT

1991

150,667

9/26/2014

$                       113

$  

17,000

Dick's, Jo-Ann, Babies' R' Us, Dollar Tree, Toys' R' Us (non-owned), RC Willey

(non-owned)

Downtown at the Gardens

Palm Beach Gardens

FL

2005

339,059

10/1/2014

$                       413

$

140,200

Whole Foods, Golfsmith, Urban Outfitters, Yard House, Cobb Theatres

Brandywine Crossing

Brandywine

MD

2014

32,640

11/25/2014

$                       352

$  

11,500

Advance Auto Parts, Einstein Bagel

West Broad Marketplace

Richmond

VA

n/a

400,000

12/3/2014

n/a

$  

20,000

Cabela’s, Wegmans

Riverpoint Marketplace

Sacramento

CA

2009

133,928

12/19/2014

$                       327

$  

43,800

Ross, Petco, Ikea (non-owned), Walmart (non-owned), and Home Depot

(non-owned)

Highland Reserve

Roseville

CA

2004

191,415

12/29/2014

$                       274

$  

52,500

Kohl's, Sport Chalet, PetSmart, BevMo!, and Target (non-owned)

Total

1,936,258

$

416,500

Value-add Opportunities

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 III

Rockwall

TX

Q4 2015

10,600

$                  -

$                       165

$                          165

$                   2,324

74%

Chico's, Soma

Stadium Center-Expansion

Manteca

CA

Q4 2015

12,880

$                  -

$                         33

$                   

33

$                   2,567

78%

Ulta

Chimney Rock -

Phase III

Odessa

TX

TBD

13,500

$                  -

$

-

$                  

-

$                   2,361

100%

Petco

Total

36,980

$                  -

$                       198

$                          198

$                   7,252

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

Chimney Rock -

Phase II

Odessa

TX

TBD

110,086

$          2,030

$                   6,332

$             

8,362

$                   6,700

44%

Dickey's BBQ, Mattress Firm, Northern Tool

Southlake Park Village

Southlake (Dallas)

TX

Q2 2015

186,045

$        16,060

$                28,049

$                    44,109

$                14,573

67%

Fresh Market, REI, Michael's

West Broad Marketplace

Richmond

VA

TBD

400,000

$        20,904

$                   3,140

$                    24,044

$                55,456

62%

Cabela’s, Wegmans

Total

696,131

$        38,994

$                37,521

$                    76,515

$                76,729

Future Developments / Land

City

State

Estimated GLA to be

Constructed / Land

Estimated

Start Date

Estimated

Project Cost

Projected Use

Plaza at Rockwall -

Phase IV

Rockwall

TX

11,500

TBD

n/a

Additional shop space

Park West Place -

Expansion B

Stockton

CA

9,700

TBD

n/a

Additional shop space

Chimney Rock -

Phase IV

Odessa

TX

40,000

TBD

n/a

Additional shop space

Stadium Center -

Expansion

Manteca

CA

8,500

TBD

n/a

Additional shop space

Shops at Foxwood

Ocala

FL

1.0 acres

TBD

n/a

Additional land to be sold or developed

West Broad Village -

Expansion B

Richmond

VA

1.2 acres

TBD

n/a

Additional land to be sold or developed

League City Town Center

League City

TX

0.9 acres

TBD

n/a

Additional land to be sold or developed

Brandywine Crossing -

Phase II

Brandywine

MD

1.0 acres

TBD

n/a

Additional land to be sold 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) The Company has not allocated a separate value to land parcels at certain properties for developments that represent only a small portion of the overall property.

(6) Total Carrying Amount includes land value (where applicable), 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 February 2015.

Page 13

Operating Portfolio Summary (Consolidated)

For the Period Ended December 31, 2014

(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

12/31/14

Percent Leased

9/30/14

Major Tenants

Operating Portfolio

West Broad Village

(3)

Richmond

VA

2009

397,603

10/19/2012

$257

$170,200

77.0%

77.9%

Whole Foods, REI, HomeGoods, Dave & Buster's, South University

Downtown at the Gardens

Palm Beach

Gardens

FL

2005

339,059

10/1/2014

$413

$140,200

99.2%

n/a

Whole Foods, Golfsmith, Urban Outfitters, Yard House, Cobb Theatres

The Shops at Fort Union

Salt Lake City

UT

1974/2007

688,549

9/26/2014

$191

$131,500

96.9%

97.0%

Walmart, Smiths (Kroger), Gordmans, Dick's, Bed, Bath & Beyond, Babies' R' Us, Ross, OfficeMax,

Michaels, DSW, Petco, Ulta

The Promenade

(4)

Scottsdale

AZ

1999

566,663

7/11/2011

$222

$126,000

94.2%

92.7%

Nordstrom Rack, Trader Joe's, OfficeMax, PetSmart, Old Navy, Michael's, Stein Mart,

Cost Plus, Living Spaces, Lowe's (non-owned)

Park West Place

Stockton

CA

2005

603,464

12/14/2010

$153

$92,500

99.4%

99.4%

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

100.0%

100.0%

Kohl's, Ross, Michaels, Bed Bath & Beyond, Target (non-owned)

Brandywine Crossing

(5)

Brandywine

MD

2009/2014

231,039

10/1/2010

$242

$56,000

96.9%

96.9%

Safeway, Marshalls, Jo-Ann, Target (non-owned), Costco (non-owned)

Promenade

Corporate

Center

Scottsdale

AZ

2004

256,182

1/23/2012

$207

$53,000

83.3%

83.3%

Fitch, Healthcare Trust of America, Regus, Meridian Bank

Highland Reserve

Roseville

CA

2004

191,415

12/29/2014

$274

$52,500

98.5%

n/a

Kohl's, Sport Chalet, PetSmart, BevMo!, and Target (non-owned)

Plaza at Rockwall

Rockwall

TX

2007/2012

432,096

6/29/2010

$118

$50,800

99.2%

99.2%

Best Buy, Dick's, Staples, Ulta, JC Penney, Belk, HomeGoods, Jo-Ann

Riverpoint Marketplace

Sacramento

CA

2009

133,928

12/19/2014

$327

$43,800

97.0%

n/a

Ross, Petco, Ikea (non-owned), Walmart (non-owned), and Home Depot (non-owned)

Lake Pleasant Pavilion

Phoenix

(Peoria)

AZ

2007

178,376

5/16/2012

$234

$41,800

89.0%

89.0%

Target (non-owned), Marshalls, Bed Bath & Beyond, BevMo!, Tilly's, Kirkland's,

The Dress Barn

Stadium Center

Manteca

CA

2006

160,726

7/1/2013

$256

$41,150

95.5%

96.3%

Ross, Jo-Ann, Office Max, Old Navy, Costco (non-owned) and Kohl's (non-owned)

Dellagio

Orlando

FL

2009

123,198

10/19/2012

$325

$40,100

80.6%

79.0%

Flemings,

League City Town Center

League City

(Houston)

TX

2008

194,736

8/1/2013

$203

$39,500

96.4%

96.4%

Ross, TJ Maxx, Michael's, PetSmart, Staples, SuperTarget (non-owned) and Home Depot (non-owned)

Vestavia Hills City Center

Birmingham

(Vestavia Hills)

AL

2002

391,899

8/30/2010

$89

$34,900

88.5%

83.6%

Publix, Dollar Tree, Stein Mart, Rave Motion Pictures

The Crossings of Spring Hill

Nashville

(Spring Hill)

TN

2008

219,880

12/19/2011

$141

$31,000

94.8%

99.2%

SuperTarget (non-owned), Kohl's (non-owned), PetSmart, Ross, Bed Bath & Beyond

Tracy Pavilion

Tracy

CA

2006

162,463

1/24/2013

$189

$30,700

95.7%

100.0%

Marshalls, Ross, PetSmart, Staples, Ulta

Red Rock Commons

St. George

UT

2012

134,152

4//23/2010

$214

$28,700

99.1%

100.0%

Dick's, PetSmart, Old Navy, Gap Outlet, Ulta

Edwards Theatres

San Diego

(San Marcos)

CA

1999

100,551

3/11/2011

$261

$26,200

100.0%

100.0%

Edwards Theatres (a subsidiary of Regal Cinemas)

Rosewick Crossing

La Plata

MD

2008

115,972

10/1/2010

$215

$24,900

81.8%

81.8%

Giant Food, Lowe's (non-owned)

EastChase Market Center

Montgomery

AL

2008

181,431

2/17/2012

$136

$24,700

98.9%

98.9%

Dick's, Jo-Ann, Bed Bath & Beyond, Michaels, Old Navy, Costco (non-owned)

Chimney Rock

Odessa

TX

2012

204,270

8/30/2012

$117

$23,800

97.5%

97.3%

Academy Sports, Best Buy, Marshalls, Kirkland's, Ulta

Excel Centre

San Diego

CA

1999

82,157

4//23/2010

$288

$23,700

90.4%

90.4%

Kaiser Permanente, Excel Trust, UBS

5000 South Hulen

Fort Worth

TX

2005

86,833

5/12/2010

$252

$21,900

98.6%

98.6%

Barnes & Noble, Old Navy

Anthem Highlands

Las Vegas

(Henderson)

NV

2006

118,763

12/1/20/11

$147

$17,500

91.3%

91.3%

Albertsons, CVS, Wells Fargo, Bank of America

The Family Center at Orem

Orem

UT

1991

150,667

9/26/2014

$113

$17,000

84.9%

84.9%

Dick's, Jo-Ann, Babies' R' Us, Dollar Tree, Toys' R' Us (non-owned), RC Willey (non-owned)

Centennial Crossroads

Las Vegas

NV

2003

105,415

11/22/2013

$156

$16,400

87.3%

88.8%

Vons, Chase Bank

LA Fitness

San Diego

CA

2006

38,000

10/4/2013

$376

$14,300

100.0%

100.0%

LA Fitness

Pavilion Crossing

Brandon

FL

2012

68,400

10/1/2012

$192

$13,100

100.0%

100.0%

Publix

Shops at Foxwood

Ocala

FL

2010

78,660

10/19/2010

$160

$12,600

90.8%

90.8%

Publix, McDonald's (non-owned)

Northside Plaza

Dothan

AL

2010

171,670

11/15/2010

$70

$12,400

94.8%

94.8%

Publix, Hobby Lobby, Books A Million

Meadow Ridge Plaza

Orlando

FL

2007

45,199

10/19/2012

$215

$9,700

85.8%

83.0%

Fifth Third Bank

Shoppes of Belmere

Orlando

FL

2008

26,502

10/19/2012

$366

$9,700

100.0%

100.0%

CVS

Lake Burden Shoppes

Orlando

FL

2008

20,598

10/19/2012

$413

$8,500

87.6%

87.6%

Walgreens

Five Forks Place

Simpsonville

SC

2002

61,191

4//23/2010

$127

$7,800

100.0%

100.0%

Publix

Mariner's Point

St. Marys

GA

2001

45,215

7/20/2010

$146

$6,600

91.2%

91.2%

Shoe Show, Super Wal-Mart (non-owned)

Newport Towne Center

Newport

TN

2006

60,100

4/23/2010

$108

$6,500

82.6%

82.6%

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

89.2%

89.2%

Dollar Tree,  Super Wal-Mart (non-owned)

Cedar Square

Duncanville

(Dallas)

TX

2014

14,490

11/4/2013

$297

$4,300

100.0%

90.8%

Beall's, Walgreens

Total Operating Portfolio

Total

7,551,956

$200

$1,580,450

93.9%

93.4%

(1) Year built represents the year in which construction was completed or the date of the last major renovation.

(2) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

(3)

The

West

Broad

Village

property

is

a

mixed

use

shopping

center

that

includes

retail,

office

and

339

apartment

units

on

the

upper

levels

of

the

shopping

center.

However,

the

property's

total

GLA

listed

herein

excludes

square 

footage

of

the

apartments.

As

such,

the

approximate

initial

cost

basis

of

the

apartments

of

$68

million

has

been

deducted

from

the

price

per

square

foot

calculation.

(4) Includes an additional land parcel acquired in August 2013 with an initial cost basis of approximately $16.0 million. 

(5) Includes additional land parcels acquired in November 2014 with an initial cost basis of approximately $11.5 million. 

Page 14

(1) 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 and excludes the impact of changes in lease rates  during the term.

(3) Represents leases signed on spaces for which there was a tenant within the last 12 months. Excludes leases signed at development properties.

Summary

of

Retail

Leasing

Activity

(Consolidated)

Page 15

(1)  Includes all properties purchased prior to October 1, 2013 (three month analysis) and January 1, 2013 (year analysis).  Excludes adjustments relating to prior year reimbursements.

(2)  Total

revenues

for

the

three

months

ended

December

31,

2014

includes

a

reduction

of

approximately

$305,000

and

$554,000

in

recorded

other

income

related

to

the

reversal

of

a

contingent

obligation

and

the

receipt

of

a

lease

termination

payment,

respectively.

Total

revenues

for

the

year

ended

December

31,

2014

includes

a

reduction

of

approximately

$749,000

in

recorded

other

income

related

to

lease

termination

payments

received

at

two

properties

in

2014.

Total

revenues

for

the

year

ended

December

31,

2013

includes

a

reduction

of

approximately

$203,000

in

recorded

rental

revenues

for

percentage

rents

received

at

one

property

(pertaining

to

2012)

that

were

recognized

on

a

cash

basis

due

to

the

lack

of

significant

previous

operating

history.

Beginning

in

2013,

the

Company

now

records

an

accrual

for

percentage

rent

revenues

in

the

fourth

quarter

of

each

fiscal

year.

Same Property Analysis

Page 16

For the Period Ended December 31, 2014

(In thousands, except per share amounts)

Three Months

Ended

December 31,

2014

Three Months

Ended

December 31,

2013

Percentage

Change

Year Ended

December 31,

2014

Year Ended

December 31,

2013

Percentage

Change

Same Property Portfolio

(1)

Number of properties

32

32

29

29

Rentable square feet

5,864,278

5,864,278

5,213,233

5,213,233

Percent leased

93.2%

92.2%

1.0%

92.8%

91.6%

1.2%

Percentage of total operating portfolio

77.7%

100.0%

69.0%

88.9%

Total revenues

(2)

$              29,396 

$           28,279 

3.9%

$       103,514 

$       102,363 

1.1%

Total expenses

7,785

7,599

2.4%

27,382

27,328

0.2%

Same property - net operating income (GAAP

basis)

$              21,611 

$           20,680 

4.5%

$         76,132 

$         75,035 

1.5%

Less: straight line rents, fair-value lease revenue,

lease incentive revenue

(488)

(446)

9.4%

(1,350)

(2,287)

-41.0%

Same property - net operating income (cash basis)

$              21,123 

$           20,234 

4.4%

$         74,782 

$         72,748 

2.8%

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

(2) Living Spaces is sub-leasing the building from Sears.

(3) Annualized Base Rent does not include rental revenue from multi-family properties and is further described on the Definitions page.

Major Tenants By GLA (Consolidated)

For the Period Ended December 31, 2014

(Dollars in thousands, except rent per square foot)

Total GLA-Operating Portfolio

(1)

7,551,956

Tenants

# Stores

Square Feet   

% of Total GLA

1

Kohl's

3

264,904

3.5%

2

Publix

5

245,351

3.2%

3

Dick's Sporting Goods

5

243,508

3.2%

4

Ross Dress For Less

8

229,126

3.0%

5

TJX Companies

7

191,207

2.5%

6

Bed Bath & Beyond

6

170,099

2.3%

7

Jo-Ann

7

167,795

2.2%

8

Lowe's

1

154,794

2.0%

9

PetSmart

8

150,798

2.0%

10

Living Spaces

(2)

1

133,120

1.8%

Total Top 10 GLA

51

1,950,702

25.8%

Major Tenants By ABR (Consolidated)

Annualized Base Rent-Operating Portfolio

(3)

$           116,295

Tenants

# Stores

Square Feet   

Rent Per Sq. Ft.

ABR

% ABR

1

Dick's Sporting Goods

5

243,508

12.33

$                  3,003

2.6%

2

Ross Dress For Less

8

229,126

12.66

$                  2,901

2.5%

3

Publix

5

245,351

11.15

$                  2,735

2.4%

4

Kohl's

3

264,904

9.27

$                  2,455

2.1%

5

PetSmart

8

150,798

15.69

$                  2,366

2.0%

6

Edwards Theatres (Regal Cinemas)

1

100,551

23.35

$                  2,348

2.0%

7

Whole Foods

2

102,742

21.42

$                  2,201

1.9%

8

TJX Companies

7

191,207

10.66

$                  2,037

1.8%

9

Bed Bath & Beyond

6

170,099

11.73

$                  1,995

1.7%

10

Jo-Ann

7

167,795

11.63

$                  1,951

1.7%

Total Top 10 Annualized Rent

52

1,866,081

$                    12.86

$               23,992

20.6%

Page 17

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

(2) Same property GLA percent leased (sequential) excludes any properties that were reclassified to the operating portfolio, acquired, or disposed of during the quarter.

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

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

Expiration Schedule (Consolidated)

For the Period Ended December 31, 2014

(Dollars in thousands, except rent per square foot)

12/31/2014

9/30/2014

Total GLA -

Operating Portfolio

7,551,956

7,057,289

Total

GLA

Occupied

-

Operating

Portfolio

6,989,765

6,531,025

% Occupied

92.6%

92.5%

Total GLA -

Operating Portfolio

7,551,956

7,057,289

Total

GLA

Leased

-

Operating

Portfolio

7,088,293

6,591,003

% Leased

93.9%

93.4%

Retail GLA -

Operating Portfolio

(1)

7,213,617

6,718,950

Retail

GLA

Occupied

-

Operating

Portfolio

6,702,105

6,243,365

% Occupied

92.9%

92.9%

Retail GLA -

Operating Portfolio

(1)

7,213,617

6,718,950

Retail

GLA

Leased

-

Operating

Portfolio

6,800,633

6,303,343

% Leased

94.3%

93.8%

Total

Retail

Anchor

GLA

%

Leased

-

Operating

Portfolio

98.9%

98.8%

Total

Retail

Inline

GLA

%

Leased

-

Operating

Portfolio

85.8%

83.9%

Same

Property

GLA

%

Leased

(Sequential)

-

Operating

Portfolio

(2)

93.4%

93.3%

Occupied

Retail GLA

% of Occupied

Retail GLA

Total Occupied

Retail ABR

% of Total Occupied

Retail ABR

Occupied Retail Anchor GLA

(3)

4,599,366

68.6%

$               57,286

52.8%

Occupied Retail Inline GLA

(3)

2,102,739

31.4%

51,252

47.2%

Total Occupied Retail GLA

6,702,105

100.0%

$            108,538

100.0%

Year

Anchor GLA

Expiring

% of Total Occupied Retail GLA

Anchor Rent

Per Sq. Ft.

Inline GLA

Expiring

% of Total

Occupied Retail

GLA

Inline Rent

Per Sq. Ft.

Total Occupied

Retail GLA

Expiring

% of Total

Occupied Retail

GLA

Total

Occupied

Retail ABR

Expiring

% of Total

Retail ABR

Average Rent

Per Sq. Ft.

2015

249,904

3.7%

$                          10.91

315,837

4.7%

$                        23.23

565,741

8.4%

$           10,065

9.3%

$                17.79

2016

218,040

3.3%

$                          11.61

257,023

3.8%

$                        25.48

475,063

7.1%

$             9,079

8.4%

19.11

2017

100,652

1.5%

$                          14.06

284,480

4.2%

$                        23.14

385,132

5.7%

$             7,999

7.4%

20.77

2018

307,656

4.6%

$                          14.04

256,005

3.8%

$                        23.93

563,661

8.4%

$           10,446

9.6%

18.53

2019

685,232

10.2%

$                          14.17

329,844

4.9%

$                        23.20

1,015,076

15.1%

$           17,361

16.0%

17.10

2020

554,165

8.3%

$                          17.03

139,063

2.1%

$                        24.94

693,228

10.3%

$           12,907

11.9%

18.62

2021

222,282

3.3%

$                          13.07

103,134

1.5%

$                        23.46

325,416

4.9%

$             5,324

4.9%

16.36

2022

352,190

5.3%

$                          12.69

60,333

0.9%

$                        20.96

412,523

6.2%

$             5,735

5.3%

13.90

2023

178,526

2.7%

$                          12.36

80,517

1.2%

$                        29.57

259,043

3.9%

$             4,587

4.2%

17.71

Beyond 2023

1,730,719

25.8%

$                          10.15

276,503

4.1%

$                        27.02

2,007,222

29.9%

$           25,035

23.1%

12.47

Total

4,599,366

68.6%

$                          12.46

2,102,739

31.4%

$                        24.37

6,702,105

100.0%

$       108,538

100.0%

$                16.19

Page 18

(4)

For the Period Ended December 31, 2014

(Dollars in thousands)

Financial Information

Leasing Information

Investment Partner

Formation/Acquisition Date

Property

City

State

Total

GLA

(1)

Total Assets

Total Debt

Ownership Interest

Percent Leased

ABR

MDC

October 19, 2012

The Fountains at Bay Hill

Orlando

FL

103,767

$39,357

$23,952

50%

92.4%

$2,918

(1) Total GLA represents total gross leasable area owned by the Company at the property (includes GLA of buildings on ground lease).

Summary Financial Information:

Balance Sheet

(2)

December 31, 2014

Company Pro Rata

December 31, 2013

Company Pro Rata

Assets:

Investments in Real Estate

$                             36,387

$                           18,194

$                             60,391

$                            23,187

Cash & cash equivalents

868

434

277

136

Other assets

2,102

1,051

4,944

1,772

Total assets

$                             39,357

$                           19,679

$                             65,612

$                            25,095

Liabilities and members' equity:

Mortgage notes payable and secured loan

$                             23,952

$                           11,976

$                             37,523

$                            14,532

Other liabilities

1,857

929

10,236

5,008

Members' equity

13,548

6,774

17,853

5,555

Total liabilities and equity

$                             39,357

$                           19,679

$                             65,612

$                            25,095

Company's investment in unconsolidated entities

(2)

$                             6,689

$                              8,520

Income Statement

Three Months Ended

December 31, 2014

Company Pro Rata

Year Ended December

31, 2014

Company Pro Rata

Total revenues

$                               1,158

$                                579

$                               4,032

$                              2,016

Expenses:

Property operating expenses

157

79

633

317

General and administrative

-

-

5

3

Depreciation and amortization

350

175

1,364

682

Total expenses

507

254

2,002

1,002

Interest expense

(223)

(111)

(832)

(416)

Net income (loss)

$                                  428

$                                214

$                               1,198

$                                 598

Company's income (loss) from equity in unconsolidated entities

(3)

$                             2,339

$                              2,578

Unconsolidated

Investments

(2) The balance sheet amounts and the Company's investment in unconsolidated entities as of December 31, 2013 includes the investment in La Costa Town Center, which was sold on October 9,

2014 and is no longer included in the Company's financial statements as of December 31, 2014.

(3) The Company's income from equity in unconsolidated entities for the year ended December 31, 2014 includes the Company's proportionate shares of operating losses from its investment in La

Costa Town Center prior to its sale on October 9, 2014 and a gain of $2.1 million related to the disposition of its investment in the property.  The investment is no longer included in the Company's

financial statements as of December 31, 2014.

Unconsolidated Debt

(4)

:

Fountains at Bay Hill:

December 31, 2014

Proportionate share of debt:

$                                  11,976

Maturity date:

November 1, 2021

Fixed interest rate:

3.75%

(4) The outstanding mortgage note was refinanced in October 2014, which increased the notional amount, extended the maturity date and fixed the interest rate at 3.75%.

Page 19

Definitions

Page 20

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. Annualized Base Rent does not include rental revenue from multi-family properties.

EBITDA:

Earnings

(excluding

preferred

stock

dividends)

before

interest,

taxes,

depreciation

and

amortization.

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.