Excel Trust Inactive 10-Q6 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 05, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'EXL	'
Entity Registrant Name	'EXCEL TRUST, INC.	'
Entity Central Index Key	'0001478950	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	61,116,408
Excel Trust, L.P.	'	'
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'EXCEL TRUST, L.P.	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Property:	'		'
Land	$409,013		$380,366
Buildings	754,860		642,356
Site improvements	69,137		63,242
Tenant improvements	62,454		54,025
Construction in progress	26,697		7,576
Less accumulated depreciation	-83,008		-61,479
Property, net	1,239,153		1,086,086
Cash and cash equivalents	6,143		3,245
Restricted cash	7,707		8,147
Tenant receivables, net	4,404		5,117
Lease intangibles, net	81,796		78,345
Deferred rent receivable	10,824		9,226
Other assets	36,022		20,135
Investment in unconsolidated entities	8,378		8,520
Total assets	1,394,427	[1]	1,218,821	[1]
Liabilities:	'		'
Mortgages payable, net	160,837		251,191
Notes payable	56,000		179,500
Unsecured notes	348,725		100,000
Accounts payable and other liabilities	40,821		21,700
Lease intangibles, net	36,260		28,114
Dividends/distributions payable	12,918		10,932
Total liabilities	655,561	[2]	591,437	[2]
Commitments and contingencies	'		'
Stockholders' equity	'		'
Common stock, $.01 par value, 200,000,000 shares authorized; 61,116,408 and 48,381,365 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	610		482
Additional paid-in capital	606,040		478,541
Retained Earnings	'		'
Accumulated other comprehensive loss	-22		'
Total stockholders' equity	727,094		615,446
Non-controlling interests	11,772		11,938
Total equity	738,866		627,384
Partners' capital:	'		'
Accumulated other comprehensive loss	-22		'
Total liabilities and capital	1,394,427		1,218,821
Excel Trust, L.P.	'		'
Property:	'		'
Land	409,013		380,366
Buildings	754,860		642,356
Site improvements	69,137		63,242
Tenant improvements	62,454		54,025
Construction in progress	26,697		7,576
Less accumulated depreciation	-83,008		-61,479
Property, net	1,239,153		1,086,086
Cash and cash equivalents	6,143		3,245
Restricted cash	7,707		8,147
Tenant receivables, net	4,404		5,117
Lease intangibles, net	81,796		78,345
Deferred rent receivable	10,824		9,226
Other assets	36,022		20,135
Investment in unconsolidated entities	8,378		8,520
Total assets	1,394,427	[3]	1,218,821	[3]
Liabilities:	'		'
Mortgages payable, net	160,837		251,191
Notes payable	56,000		179,500
Unsecured notes	348,725		100,000
Accounts payable and other liabilities	40,821		21,700
Lease intangibles, net	36,260		28,114
Dividends/distributions payable	12,918		10,932
Total liabilities	655,561	[4]	591,437	[4]
Commitments and contingencies	'		'
Stockholders' equity	'		'
Accumulated other comprehensive loss	-22		'
Partners' capital:	'		'
Limited partners' capital	1,585		2,167
General partner's capital	615,311		487,133
Accumulated other comprehensive loss	-22		'
Total partners' capital	737,340		625,723
Non-controlling interests	1,526		1,661
Total capital	738,866		627,384
Total liabilities and capital	1,394,427		1,218,821
7.00% Series A cumulative convertible perpetual preferred units \| Excel Trust, L.P.	'		'
Partners' capital:	'		'
Preferred units	31,746		47,703
8.125% Series B cumulative redeemable preferred units \| Excel Trust, L.P.	'		'
Partners' capital:	'		'
Preferred units	88,720		88,720
7.00% Series A cumulative convertible perpetual preferred stock	'		'
Stockholders' equity	'		'
Preferred Stock	31,746		47,703
8.125% Series B cumulative redeemable preferred stock	'		'
Stockholders' equity	'		'
Preferred Stock	$88,720		$88,720

[1]	Excel Trust, Inc.'s consolidated total assets at September 30, 2014 and December 31, 2013 include $15,146 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.
[2]	Excel Trust, Inc.'s consolidated total liabilities at September 30, 2014 and December 31, 2013 include $232 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, Inc.
[3]	Excel Trust, L.P.'s consolidated total assets at September 30, 2014 and December 31, 2013 include $15,146 and $15,470, respectively, of assets (primarily real estate assets) of a VIE that can only be used to settle the liabilities of that VIE.
[4]	Excel Trust, L.P.'s consolidated total liabilities at September 30, 2014 and December 31, 2013 include $232 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, L.P.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Preferred stock, shares authorized	50,000,000		50,000,000
Common stock, par value	$0.01		$0.01
Common stock, shares authorized	200,000,000		200,000,000
Common stock, shares issued	61,116,408		48,381,365
Common stock, shares outstanding	61,116,408		48,381,365
Total Asset	$1,394,427	[1]	$1,218,821	[1]
Total Liabilities	655,561	[2]	591,437	[2]
Excel Trust, L.P.	'		'
Total Asset	1,394,427	[3]	1,218,821	[3]
Total Liabilities	655,561	[4]	591,437	[4]
Preferred units, units authorized	50,000,000		50,000,000
Limited partners' capital, units issued	1,019,523		1,019,523
Limited partners' capital, units outstanding	1,019,523		1,019,523
General partner's capital, units issued	61,116,408		48,381,365
General partner's capital, units outstanding	61,116,408		48,381,365
7.00% Series A cumulative convertible perpetual preferred stock	'		'
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	50,000		50,000
Liquidation preference, per share	$25		$25
Preferred stock, shares issued	1,330,975		2,000,000
Preferred stock, shares outstanding	1,330,975		2,000,000
8.125% Series B cumulative redeemable preferred stock	'		'
Preferred stock dividend rate percentage	8.13%		8.13%
Liquidation preference	92,000		92,000
Liquidation preference, per share	$25		$25
Preferred stock, shares issued	3,680,000		3,680,000
Preferred stock, shares outstanding	3,680,000		3,680,000
Variable Interest Entities	'		'
Total Asset	15,146		15,470
Variable Interest Entities \| Excel Trust, L.P.	'		'
Total Asset	15,146		15,470
Variable Interest Entities \| Accounts Payable And Other Liabilities	'		'
Total Liabilities	232		220
Variable Interest Entities \| Accounts Payable And Other Liabilities \| Excel Trust, L.P.	'		'
Total Liabilities	232		220
7.00% Series A cumulative convertible perpetual preferred units \| Excel Trust, L.P.	'		'
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	50,000		50,000
Liquidation preference, per unit	25		25
Preferred units, units issued	1,330,975		2,000,000
Preferred units, units outstanding	1,330,975		2,000,000
8.125% Series B cumulative redeemable preferred units \| Excel Trust, L.P.	'		'
Preferred stock dividend rate percentage	8.13%		8.13%
Liquidation preference	$92,000		$92,000
Liquidation preference, per unit	25		25
Preferred units, units issued	3,680,000		3,680,000
Preferred units, units outstanding	3,680,000		3,680,000

[1]	Excel Trust, Inc.'s consolidated total assets at September 30, 2014 and December 31, 2013 include $15,146 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.
[2]	Excel Trust, Inc.'s consolidated total liabilities at September 30, 2014 and December 31, 2013 include $232 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, Inc.
[3]	Excel Trust, L.P.'s consolidated total assets at September 30, 2014 and December 31, 2013 include $15,146 and $15,470, respectively, of assets (primarily real estate assets) of a VIE that can only be used to settle the liabilities of that VIE.
[4]	Excel Trust, L.P.'s consolidated total liabilities at September 30, 2014 and December 31, 2013 include $232 and $220 of accounts payable and other liabilities of a VIE, respectively, that do not have recourse to Excel Trust, L.P.

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental revenue	$24,750	$23,556	$74,836	$67,685
Tenant recoveries	5,057	5,022	15,168	14,099
Other income	427	353	1,457	954
Total revenues	30,234	28,931	91,461	82,738
Expenses:	'	'	'	'
Maintenance and repairs	2,030	1,821	6,439	5,239
Real estate taxes	3,148	3,354	9,443	9,312
Management fees	496	698	1,533	1,331
Other operating expenses	1,632	1,845	4,978	4,707
Change in fair value of contingent consideration	'	-10	'	-1,568
General and administrative	4,289	3,399	12,263	10,536
Depreciation and amortization	11,212	11,637	34,419	34,613
Total expenses	22,807	22,744	69,075	64,170
Operating income	7,427	6,187	22,386	18,568
Interest expense	-6,387	-4,728	-17,357	-13,751
Interest income	103	49	206	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	1,218	1,520	5,475	5,180
Income from discontinued operations before gain on sale of real estate assets	'	345	'	481
Gain on sale of real estate assets	'	11,974	'	11,974
Income from discontinued operations	'	12,319	'	12,455
Net income	1,218	13,839	5,475	17,635
Net income attributable to non-controlling interests	-70	-356	-227	-489
Net income attributable to Parent	1,148	13,483	5,248	17,146
Preferred stock dividends	-2,501	-2,744	-7,989	-8,232
Cost of redemption of preferred stock	-1,477	'	-1,477	'
Net (loss) income attributable to the common stockholders	-2,830	10,739	-4,218	8,914
(Loss) income from continuing operations per share attributable to the common stockholders - basic and diluted	($0.05)	($0.03)	($0.09)	($0.08)
Net (loss) income per share attributable to the common stockholders - basic and diluted	($0.05)	$0.22	($0.09)	$0.18
Weighted-average common shares outstanding - basic and diluted	60,389	47,497	52,293	46,674
Dividends declared per common share	$0.18	$0.17	$0.53	$0.51
Net income	1,218	13,839	5,475	17,635
Other comprehensive (loss) income:	'	'	'	'
Change in unrealized loss on interest rate swaps	'	163	'	476
Change in unrealized loss on investment in equity securities and interest rate swaps	-22	'	-22	'
Change in unrealized loss on investment in equity securities	'	'	-22	'
Comprehensive income	1,196	14,002	5,453	18,111
Comprehensive income attributable to non-controlling interests	-70	-359	-227	-500
Comprehensive income attributable to Excel Trust, Inc.	1,126	13,643	5,226	17,611
Excel Trust, L.P.	'	'	'	'
Revenues:	'	'	'	'
Rental revenue	24,750	23,556	74,836	67,685
Tenant recoveries	5,057	5,022	15,168	14,099
Other income	427	353	1,457	954
Total revenues	30,234	28,931	91,461	82,738
Expenses:	'	'	'	'
Maintenance and repairs	2,030	1,821	6,439	5,239
Real estate taxes	3,148	3,354	9,443	9,312
Management fees	496	698	1,533	1,331
Other operating expenses	1,632	1,845	4,978	4,707
Change in fair value of contingent consideration	'	-10	'	-1,568
General and administrative	4,289	3,399	12,263	10,536
Depreciation and amortization	11,212	11,637	34,419	34,613
Total expenses	22,807	22,744	69,075	64,170
Operating income	7,427	6,187	22,386	18,568
Interest expense	-6,387	-4,728	-17,357	-13,751
Interest income	103	49	206	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	1,218	1,520	5,475	5,180
Income from discontinued operations before gain on sale of real estate assets	'	345	'	481
Gain on sale of real estate assets	'	11,974	'	11,974
Income from discontinued operations	'	12,319	'	12,455
Net income	1,218	13,839	5,475	17,635
Net income attributable to non-controlling interests	-91	-77	-274	-249
Net income attributable to Parent	1,127	13,762	5,201	17,386
Preferred operating unit distributions	-2,501	-2,744	-7,989	-8,232
Cost of redemption of preferred stock	-1,477	'	-1,477	'
Net (loss) income attributable to the unitholders	-2,851	11,018	-4,265	9,154
(Loss) income from continuing operations per unit attributable to the unitholders - basic and diluted	($0.05)	($0.03)	($0.09)	($0.08)
Net (loss) income per unit attributable to the unitholders - basic and diluted	($0.05)	$0.22	($0.09)	$0.18
Weighted-average common OP units outstanding - basic and diluted	61,409	48,722	53,494	47,905
Distributions declared per common OP unit	$0.18	$0.17	$0.53	$0.51
Net income	1,218	13,839	5,475	17,635
Other comprehensive (loss) income:	'	'	'	'
Change in unrealized loss on interest rate swaps	'	163	'	476
Change in unrealized loss on investment in equity securities and interest rate swaps	'	'	-22	476
Change in unrealized loss on investment in equity securities	-22	'	-22	'
Comprehensive income	1,196	14,002	5,453	18,111
Comprehensive income attributable to non-controlling interests	-91	-77	-274	-249
Comprehensive income attributable to Excel Trust, Inc.	$1,105	$13,925	$5,179	$17,862

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Equity (USD $)

Total

Common Shares

Preference Shares

Common Stock Subject to Mandatory Redemption

Scenario, Actual

7.00% Series A cumulative convertible perpetual preferred stock

Preferred Stock

Common Stock

Additional Paid-in Capital

Cumulative (Deficit) Retained Earnings

Accumulated Other Comprehensive Loss

Stockholders' Equity, Total

Noncontrolling Interests

In Thousands, except Share data

USD ($)

7.00% Series A cumulative convertible perpetual preferred stock

8.125% Series B cumulative redeemable preferred stock

USD ($)

Common Shares

Common Stock Subject to Mandatory Redemption

Scenario, Actual

USD ($)

Common Shares

Preference Shares

Common Stock Subject to Mandatory Redemption

Scenario, Actual

USD ($)

Common Shares

Preference Shares

Common Stock Subject to Mandatory Redemption

Scenario, Actual

USD ($)

Common Stock Subject to Mandatory Redemption

Scenario, Actual

USD ($)

Preference Shares

Scenario, Actual

USD ($)

Scenario, Actual

USD ($)

Balance at Dec. 31, 2012

$608,772

$47,703

$88,720

$448

$459,151

($1,414)

($572)

$594,036

$14,736

Balance (in shares) at Dec. 31, 2012

44,905,683

Net proceeds from sale of common stock (in shares)

3,211,928

Net proceeds from sale of common stock

40,727

40,695

40,727

Issuance of restricted common stock awards (in shares)

33,088

Redemption of OP units for common stock and cash (in shares)

22,074

Redemption of OP units for common stock and cash

279

-235

Noncash amortization of share-based compensation

1,713

Common stock dividends

-24,349

-16,849

-7,500

-24,349

Distributions to non-controlling interests

-990

Net income

17,635

17,146

489

Preferred stock dividends

-8,232

Change in unrealized loss on interest rate swaps

476

465

Adjustment for non-controlling interests

-223

223

Balance at Sep. 30, 2013

635,796

47,703

88,720

480

484,766

-107

621,562

14,234

Balance (in shares) at Sep. 30, 2013

48,172,773

Balance at Dec. 31, 2012

608,772

47,703

88,720

448

Balance (in shares) at Dec. 31, 2012

44,905,683

Net proceeds from sale of common stock (in shares)

3,211,928

Repurchase of stock (in share)

Balance at Dec. 31, 2013

627,384

47,703

88,720

482

460,431

478,541

18,110

615,446

11,938

Balance (in shares) at Dec. 31, 2013

48,381,365

Reclassification of dividends, see Note 2

18,100

18,110

-18,110

Net proceeds from sale of common stock (in shares)

12,650,000

Net proceeds from sale of common stock

160,554

127

160,427

160,554

Repurchase of stock (in share)

-105,775

-669,025

-105,775

Repurchase of stock

-1,400

-1,407

-17,434

-17,400

-15,957

-1

-1,406

-1,477

-1,407

-17,434

Forfeitures of restricted common stock awards (in share)

-466,864

Forfeiture of restricted common stock awards

-4

Issuance of restricted common stock awards (in shares)

1,327,509

657,682

Issuance of restricted common stock awards

-6

Noncash amortization of share-based compensation

3,117

Common stock dividends

-29,869

Distributions to non-controlling interests

-943

Net income

5,475

5,248

227

Preferred stock dividends

-7,989

-2,741

-5,248

-7,989

Change in unrealized loss on investment in equity securities

-22

Adjustment for non-controlling interests

-550

550

Balance at Sep. 30, 2014

738,866

31,746

88,720

610

606,040

-22

727,094

11,772

Balance (in shares) at Sep. 30, 2014

61,116,408

Balance at Jun. 25, 2014

Repurchase of stock (in share)

-669,025

Repurchase of stock

-17,400

Net income

1,218

Balance at Sep. 30, 2014

$738,866

$31,746

$88,720

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$5,475	$17,635
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	34,419	35,306
Changes in fair value of financial instruments and gain on OP unit redemption	'	-230
Change in fair value of contingent consideration	'	-1,568
Gain on sale of real estate assets	'	-11,974
(Income) loss from equity in unconsolidated entities	-240	13
Deferred rent receivable	-1,632	-2,913
Amortization of above- and below-market leases	-136	205
Amortization of deferred balances	1,259	1,127
Bad debt expense	469	959
Share-based compensation expense	3,117	1,713
Distributions from unconsolidated entities	417	518
Change in assets and liabilities (net of the effect of acquisitions):	'	'
Tenant and other receivables	243	1,295
Other assets	-701	-1,289
Accounts payable and other liabilities	9,014	2,198
Net cash provided by operating activities	51,704	42,995
Cash flows from investing activities:	'	'
Acquisitions of property (including deposits for potential acquisition)	-153,440	-121,175
Development of property and property improvements	-22,598	-16,215
Investments in unconsolidated entities	'	-106
Return of capital from unconsolidated entities	'	139
Disposition of real estate assets	'	4,355
Purchase of marketable securities	-10,455	'
Receipt of master lease payments	507	384
Capitalized leasing costs	-835	-1,538
Restricted cash	440	-3,439
Net cash used in investing activities	-186,381	-137,595
Cash flows from financing activities:	'	'
Issuance of common stock	160,908	41,098
Common stock offering costs	-316	'
Repurchase of common stock	-1,407	'
Repurchase of preferred stock	-17,434	'
Payments on mortgages payable	-90,145	-33,771
Payments on notes payable	-222,000	-40,500
Proceeds from notes payable	98,500	159,000
Proceeds from unsecured notes	248,693	'
Distribution to non-controlling interests	-943	-971
Preferred stock dividends	-8,231	-8,232
Common stock dividends	-27,641	-23,457
Deferred financing costs	-2,409	-680
Net cash provided by financing activities	137,575	92,487
Net increase (decrease)	2,898	-2,113
Cash and cash equivalents, beginning of period	3,245	5,596
Cash and cash equivalents, end of period	6,143	3,483
Supplemental cash flow information:	'	'
Cash payments for interest, net of amounts capitalized of $459 and $50	8,309	12,114
Non-cash investing and financing activity:	'	'
Assumption of net mortgage debt in connection with property acquisitions	'	8,204
Liabilities assumed in connection with property acquisitions	126	140
Disposition of real estate assets classified as a 1031 exchange (including gain on sale of real estate assets of $10,845)	'	31,104
Dividends payable	12,918	'
OP unit distributions payable	178	208
Accrued additions to operating and development properties	10,455	3,356
Change in unrealized loss on interest rate swaps	'	476
Change in unrealized loss on investment in equity securities	22	'
OP unit redemptions (common stock)	'	279
Reclassification of offering costs	'	364
Accrued offering costs	38	'
Reclassification of real estate to held for sale	'	3,226
Conversion of note receivable to property improvements	910	'
Accrued profit participation interests	1,654	'
Preferred Stock	'	'
Non-cash investing and financing activity:	'	'
Dividends payable	2,045	2,287
Common Stock	'	'
Non-cash investing and financing activity:	'	'
Dividends payable	10,695	8,189
Excel Trust, L.P.	'	'
Cash flows from operating activities:	'	'
Net income	5,475	17,635
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	34,419	35,306
Changes in fair value of financial instruments and gain on OP unit redemption	'	-230
Change in fair value of contingent consideration	'	-1,568
Gain on sale of real estate assets	'	-11,974
(Income) loss from equity in unconsolidated entities	-240	13
Deferred rent receivable	-1,632	-2,913
Amortization of above- and below-market leases	-136	205
Amortization of deferred balances	1,259	1,127
Bad debt expense	469	959
Share-based compensation expense	3,117	1,713
Distributions from unconsolidated entities	417	518
Change in assets and liabilities (net of the effect of acquisitions):	'	'
Tenant and other receivables	243	1,295
Other assets	-701	-1,289
Accounts payable and other liabilities	9,014	2,198
Net cash provided by operating activities	51,704	42,995
Cash flows from investing activities:	'	'
Acquisitions of property (including deposits for potential acquisition)	-153,440	-121,175
Development of property and property improvements	-22,598	-16,215
Investments in unconsolidated entities	'	-106
Return of capital from unconsolidated entities	'	139
Disposition of real estate assets	'	4,355
Purchase of equity securities	-10,455	'
Receipt of master lease payments	507	384
Capitalized leasing costs	-835	-1,538
Restricted cash	440	-3,439
Net cash used in investing activities	-186,381	-137,595
Cash flows from financing activities:	'	'
Issuance of common OP units	160,592	41,098
Payments on mortgages payable	-90,145	-33,771
Payments on notes payable	-222,000	-40,500
Proceeds from notes payable	98,500	159,000
Proceeds from unsecured notes	248,693	'
Distribution to non-controlling interests	-409	-366
Deferred financing costs	-2,409	-680
Net cash provided by financing activities	137,575	92,487
Net increase (decrease)	2,898	-2,113
Cash and cash equivalents, beginning of period	3,245	5,596
Cash and cash equivalents, end of period	6,143	3,483
Supplemental cash flow information:	'	'
Cash payments for interest, net of amounts capitalized of $459 and $50	8,309	12,114
Non-cash investing and financing activity:	'	'
Assumption of net mortgage debt in connection with property acquisitions	'	8,204
Liabilities assumed in connection with property acquisitions	126	140
Disposition of real estate assets classified as a 1031 exchange (including gain on sale of real estate assets of $10,845)	'	31,104
Dividends payable	12,918	'
Accrued additions to operating and development properties	10,455	3,356
Change in unrealized loss on interest rate swaps	'	476
Change in unrealized loss on investment in equity securities	22	'
OP unit redemptions	'	279
Reclassification of offering costs	'	364
Accrued offering costs	38	'
Reclassification of real estate to held for sale	'	3,226
Conversion of note receivable to property improvements	910	'
Accrued profit participation interests	1,654	'
Excel Trust, L.P. \| Preferred Stock	'	'
Cash flows from financing activities:	'	'
Repurchase of common OP units	-17,434	'
OP unit distributions	-8,231	-8,232
Non-cash investing and financing activity:	'	'
OP unit distributions payable	2,045	2,287
Excel Trust, L.P. \| Common Stock	'	'
Cash flows from financing activities:	'	'
Repurchase of common OP units	-1,407	'
OP unit distributions	-28,175	-24,062
Non-cash investing and financing activity:	'	'
OP unit distributions payable	$10,873	$8,397

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash Payments For Interest Amounts Capitalized	$459	$50
1031 exchange gain on sale of real estate	10,854	'
Excel Trust, L.P.	'	'
Cash Payments For Interest Amounts Capitalized	459	50
1031 exchange gain on sale of real estate	$10,845	'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Capital (Excel Trust, L.P., USD $)

9 Months Ended

12 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Common OP Units

Preferred OP Units

Preferred Operating Partnership Units

Limited Partners

General Partner's Capital

Accumulated Other Comprehensive Loss

Total Partners' Capital

Noncontrolling Interests

7.00% Series A cumulative convertible perpetual preferred units

8.125% Series B cumulative redeemable preferred units

Preferred OP Units

Common OP Units

Preferred OP Units

Common OP Units

Preferred OP Units

7.00% Series A cumulative convertible perpetual preferred units

Beginning balance

$627,384

$608,772

$47,703

$88,720

$2,166

$5,512

$487,134

$465,612

($620)

$625,723

$606,927

$1,661

$1,845

Beginning balance (in units)

1,019,523

1,245,019

48,381,365

44,905,683

Net proceeds from issuance of common OP units

160,554

40,727

160,554

40,727

160,554

40,727

Net proceeds from sale of common OP units (in shares)

12,650,000

3,211,928

Repurchase of OP units

-1,407

-17,434

-15,957

-1,407

-1,477

-1,407

-17,434

Repurchase of OP units (in units)

-105,775

Forfeiture of restricted common OP unit awards

Forfeiture of restricted common OP unit awards (in units)

-466,864

Issuance of restricted common OP unit awards

Issuance of restricted common OP unit awards (in units)

657,682

33,088

Redemption of common OP units

-235

279

Redemption of common OP units (in units)

-19,904

22,074

Noncash amortization of share-based compensation

3,117

1,713

3,117

1,713

3,117

1,713

OP unit distributions

-38,801

-33,571

-2,382

-2,625

-5,607

-534

-624

-29,869

-24,349

-38,392

-33,205

-409

-366

Net income (loss)

5,475

17,635

2,382

2,625

5,607

-47

240

-2,741

8,914

5,201

17,386

274

249

Change in unrealized loss on investment in equity securities

-22

Change in unrealized loss on interest rate swaps

476

Ending balance

$738,866

$635,796

$31,746

$47,703

$88,720

$1,585

$4,893

$615,311

$492,896

$487,134

($22)

($144)

$737,340

$634,068

$1,526

$1,728

Ending balance (in units)

1,019,523

1,225,115

61,116,408

48,172,773

48,381,365

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2014
Organization	'
	1. Organization:
	Excel Trust, Inc., a Maryland corporation (the “Parent Company”), is a vertically integrated, self-administered, self-managed real estate firm with the principal objective of acquiring, financing, developing, leasing, owning and managing value oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties. It conducts substantially all of its business through its subsidiary, Excel Trust, L.P., a Delaware limited partnership (the “Operating Partnership” and together with the Parent Company referred to as the “Company”). The Company seeks investment opportunities throughout the United States, but focuses on the West Coast, East Coast and Sunbelt regions. The Company generally leases anchor space to national and regional supermarket chains, big-box retailers and select national retailers that frequently offer necessity and value oriented items and generate regular consumer traffic.
	The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2014, owned a 98.3% interest in the Operating Partnership. The remaining 1.7% interest in the Operating Partnership is held by limited partners. Each partner’s percentage interest in the Operating Partnership is determined based on the number of operating partnership units (“OP units”) owned as compared to total OP units (and potentially issuable OP units, as applicable) outstanding as of each period end and is used as the basis for the allocation of net income or loss to each partner.

Summary_of_Significant_Account

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation:

The accompanying condensed consolidated financial statements of the Company include all the accounts of the Company and all entities in which the Company has a controlling interest. The financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements and have not been audited by independent registered public accountants.

The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. Operating results for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company is required to continually evaluate its VIE relationships and consolidate investments in these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.

Cash and Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value, due to their short term maturities.

Restricted Cash:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements.

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $3.1 million and $3.5 million at September 30, 2014 and December 31, 2013, respectively.

Revenue Recognition:

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. In determining what constitutes the leased asset, the Company evaluates whether the Company or the lessee is the owner, for accounting purposes, of the tenant improvements. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes that it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized on a straight-line basis over the remaining non-cancelable term of the respective lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct improvements. The determination of who is the owner, for accounting purposes, of the tenant improvements is highly subjective and determines the nature of the leased asset and when revenue recognition under a lease begins. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include:

•

whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•

whether the tenant or landlord retains legal title to the improvements;

•

the uniqueness of the improvements;

•

the expected economic life of the tenant improvements relative to the length of the lease;

•

the responsible party for construction cost overruns; and

•

who constructs or directs the construction of the improvements.

Minimum rental revenues are recognized on a straight-line basis over the terms of the related lease. The difference between the amount of cash rent due in a year and the amount recorded as rental income is referred to as the “straight-line rent adjustment.” Rental income (net of write-offs for uncollectible amounts) increased by $479,000 and $937,000 in the three months ended September 30, 2014 and 2013, respectively, and by $1.6 million and $2.9 million in the nine months ended September 30, 2014 and 2013, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $182,000 and $171,000 in the three months ended September 30, 2014 and 2013, respectively, and $579,000 and $741,000 in the nine months ended September 30, 2014 and 2013, respectively.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other operating expenses are recognized as revenues in the period the applicable expenses are incurred or as specified in the leases. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenue on a straight-line basis over the term of the related leases.

Property:

Costs incurred in connection with the development or construction of properties and improvements are capitalized. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes and related costs and other direct costs incurred during the period of development. The Company capitalizes costs on land and buildings under development until construction is substantially complete and the property is held available for occupancy. The determination of when a development project is substantially complete and when capitalization must cease involves a degree of judgment. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of landlord-owned tenant improvements or when the lessee takes possession of the unimproved space for construction of its own improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on the portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with any remaining portion under construction.

The Company has agreed to provide the developer/manager for development projects at the Plaza at Rockwall, Southlake Park Village, Cedar Square, and Chimney Rock properties with a profit participation interest based on the cash flows of the completed project after the Company has received distributions returning all of its capital investment plus a required rate of return (ranging from an 8% to 12% annualized rate of return). The Company initially records the profit participation interests at the estimated fair value of the obligation at the time of execution of the related agreement. The obligation is adjusted at each reporting date to the greater of the initial fair value at execution, or the amount that would be owed if the obligation were to be settled as of the reporting date. The Company has recorded $3.6 million for the costs related to the grants of these profit participation interests within construction in progress for the respective projects under development. During the three months ended September 30, 2014, the profit participation interest related to the development phase of the Plaza at Rockwall property that was completed during 2014, was settled with the developer for an agreed-upon settlement value of approximately $2.0 million. The settlement was based on 35% of the excess of the estimated fair value of the related real estate after deducting all of the development and operating costs, the investment capital and the required rate of return due to the Company as of the date of settlement. The settlement was comprised of a cash payment of approximately $1.1 million and the conversion of an outstanding note receivable owed by the developer in the amount of $910,000 (including accrued interest of $160,000 – see Note 7 for further discussion).

Maintenance and repairs expenses are charged to operations as incurred. Costs for major replacements and betterments, which include HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements

15 to 40 years

Tenant improvements

Shorter of the useful lives or the terms of the related leases

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed:

The Company reviews long-lived assets and certain identifiable intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. This assessment considers expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants’ ability to perform their duties and pay rent under the terms of the leases. The determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense, expected to result from the long-lived asset’s use and eventual disposition. The Company’s evaluation as to whether impairment may exist, including estimates of future anticipated cash flows, are highly subjective and could differ materially from actual results in future periods. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Although the Company’s strategy is to hold its properties over a long-term period, if the strategy changes or market conditions dictate that the sale of properties at an earlier date would be preferable, a property may be classified as held for sale and an impairment loss may be recognized to reduce the property to the lower of the carrying amount or fair value less cost to sell. There was no impairment recorded for the nine months ended September 30, 2014 or 2013.

Investments in Partnerships and Limited Liability Companies:

The Company evaluates its investments in limited liability companies and partnerships to determine whether any such entities may be a VIE and, if a VIE, whether the Company is the primary beneficiary. Generally, an entity is determined to be a VIE when either (1) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support provided by any parties or (2) as a group, the holders of the equity investment lack one or more of the essential characteristics of a controlling financial interest. The primary beneficiary is the entity that has both (1) the power to direct matters that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, the Company considers the form of ownership interest, voting interest, the size of the investment (including loans) and the rights of other investors to participate in policy making decisions, to replace or remove the manager and to liquidate or sell the entity. The obligation to absorb losses and the right to receive benefits when a reporting entity is affiliated with a VIE must be based on ownership, contractual and/or other pecuniary interests in that VIE.

If the foregoing conditions do not apply, the Company considers whether a general partner or managing member controls a limited partnership or limited liability company. The general partner in a limited partnership or managing member in a limited liability company is presumed to control that limited partnership or limited liability company. The presumption may be overcome if the limited partners or members have either (1) the substantive ability to dissolve the limited partnership or limited liability company or otherwise remove the general partner or managing member without cause or (2) substantive participating rights, which provide the limited partners or members with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s or limited liability company’s business and thereby preclude the general partner or managing member from exercising unilateral control over the partnership or company. If these criteria are not met and the Company is the general partner or the managing member, as applicable, the Company will consolidate the partnership or limited liability company.

Investments that are not consolidated, over which the Company exercises significant influence but does not control, are accounted for under the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for the Company’s portion of earnings or losses and for cash contributions and distributions. Under the equity method of accounting, the Company’s investment is reflected in the condensed consolidated balance sheets and its share of net income or loss is included in the condensed consolidated statements of operations and comprehensive income.

For all investments in unconsolidated entities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing, new product initiatives and new collaborative agreements.

Investments in Equity Securities:

The Company, through its Operating Partnership, may hold investments in equity securities in certain publicly-traded companies. The Company does not acquire investments for trading purposes and, as a result, all of the Company’s investments in publicly-traded companies are considered “available-for-sale” and are recorded at fair value. Changes in the fair value of investments classified as available-for-sale are recorded in other comprehensive income (loss). The fair value of the Company’s equity securities in publicly-traded companies is determined based upon the closing trading price of the equity security as of the balance sheet date. The cost of investments sold is determined by the specific identification method, with net realized gains and losses included in other income. For all investments in equity securities, if a decline in the fair value of an investment below its carrying value is determined to be other-than-temporary, such investment is written down to its estimated fair value with a non-cash charge to earnings. The factors that the Company considers in making these assessments include, but are not limited to, severity and duration of the unrealized loss, market prices, market conditions, the occurrence of ongoing financial difficulties, available financing and new product and service initiatives.

During the three months ended September 30, 2014, the Company purchased approximately 434,000 shares of preferred stock in public companies within the real estate industry for an initial cost basis of approximately $10.4 million.

Investments in equity securities, which are included in other assets on the accompanying consolidated balance sheets, consisted of the following (in thousands):

September 30,

December 31,

2014

2013

Equity securities, initial cost basis

10,455

—

Gross unrealized gains

—

Gross unrealized losses

(63

)

—

Equity securities, fair value⁽¹⁾

10,433

—

(1)

Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled “Fair Value of Financial Instruments” below).

Share-Based Payments:

All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through September 30, 2014, the Company has awarded only restricted stock awards under its incentive award plan, which are based on shares of the Parent Company’s common stock. The fair value of equity awards that include only service or performance vesting conditions is determined based on the closing market price of the underlying common stock on the date of grant. The fair value of equity awards that include one or more market vesting conditions is determined based on the use of a widely accepted valuation model. The fair value of equity grants is amortized to general and administrative expense ratably over the requisite service period for awards that include only service vesting conditions and utilizing a graded vesting method (an accelerated vesting method in which the majority of compensation expense is recognized in earlier periods) for awards that include one or more market vesting conditions, adjusted for anticipated forfeitures.

Purchase Accounting:

The Company, with the assistance of independent valuation specialists as needed, records the purchase price of acquired properties as tangible and identified intangible assets and liabilities based on their respective fair values. Tangible assets (building and land) are recorded based upon the Company’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered include an estimate of carrying costs during the expected lease-up periods taking into account current market conditions and costs to execute similar leases. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, site improvements and leasing costs are based upon current market replacement costs and other relevant market rate information. Additionally, the purchase price of the applicable property is recorded as the above- or below-market value of in-place leases, the value of in-place leases and above- or below-market value of debt assumed, as applicable.

The value recorded as the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term, and (2) the Company’s estimate of the amounts that would be paid using fair market rates at the time of acquisition over the remaining term of the lease. The amounts recorded as above-market leases are included in lease intangible assets, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts recorded as below-market lease values are included in lease intangible liabilities, net in the Company’s accompanying condensed consolidated balance sheets and amortized to rental income over the remaining non-cancelable lease term plus any below-market fixed price renewal options of the acquired leases with each property.

The value recorded as above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage. The amounts recorded as above- or below-market debt are included in mortgage payables, net in the Company’s accompanying condensed consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage.

Tenant receivables:

Tenant receivables and deferred rent are carried net of the allowances for uncollectible current tenant receivables and deferred rent. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company maintains an allowance for deferred rent receivable arising from the straight-lining of rents. Such allowances are charged to bad debt expense which is included in other operating expenses on the accompanying condensed consolidated statement of operations. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees, current economic conditions and other relevant factors. At September 30, 2014 and December 31, 2013, the Company had $484,000 and $895,000, respectively, in allowances for uncollectible accounts (including straight-line deferred rent receivables) as determined to be necessary to reduce receivables to the estimate of the amount recoverable. During the three months ended September 30, 2014 and 2013, $97,000 and $517,000, respectively, of receivables were charged to bad debt expense. During the nine months ended September 30, 2014 and 2013, $469,000 and $959,000, respectively, of receivables were charged to bad debt expense.

Non-controlling Interests:

Non-controlling interests on the condensed consolidated balance sheets of the Parent Company relate to the OP units that are not owned by the Parent Company and the portion of consolidated joint ventures not owned by the Parent Company. The OP units not held by the Parent Company may be redeemed by the Parent Company at the holder’s option for cash. The Parent Company, at its option, may satisfy the redemption obligation with common stock on a one-for-one basis, which has been further evaluated to determine that permanent equity classification on the balance sheets is appropriate.

During the nine months ended September 30, 2013, a total of 19,904 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Company for redemption, resulting in the issuance of 22,074 shares of the Parent Company’s common stock. The OP units were redeemed for common stock on a one-for-one basis, with additional common stock provided as a result of the accompanying additional redemption obligation that guaranteed consideration equal to $14.00 per OP unit on the date of redemption. The remaining additional redemption obligation of $246,000 associated with the 2011 Edwards Theatres acquisition expired on March 11, 2013 and was reclassified and recognized as a gain in changes in fair value of financial instruments and gain on OP unit redemption (net of a loss of $16,000 on the OP unit redemption) on the accompanying condensed consolidated financial statements. The remaining outstanding OP units related to the 2011 Edwards Theatres acquisition continue to be redeemable by the OP unitholders for cash or common stock on a one-for-one basis (the determination of redemption for cash or common stock is at the Parent Company’s option).

Non-controlling interests on the condensed consolidated balance sheets of the Operating Partnership represent the portion of equity that the Operating Partnership does not own in those entities it consolidates.

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At various times during the periods, the Company had deposits in excess of the FDIC insurance limit.

In the three and nine months ended September 30, 2014 and 2013, no tenant accounted for more than 10% of revenues.

At September 30, 2014, the Company’s gross real estate assets in the states of California, Arizona, Utah, Texas and Virginia represented approximately 21.5%, 15.0%, 13.7%, 13.4% and 12.9%, respectively, of the Company’s total assets. At December 31, 2013, the Company’s gross real estate assets in the states of California, Arizona, Virginia and Texas represented approximately 23.9%, 17.6%, 14.7% and 13.7%, respectively, of the Company’s total assets. For the nine months ended September 30, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Virginia and Texas represented approximately 23.0%, 18.6%, 12.1% and 11.4%, respectively, of the Company’s total revenues. For the nine months ended September 30, 2013, the Company’s revenues derived from properties located in the states of California, Arizona, Virginia and Texas represented approximately 22.5%, 18.2%, 11.8% and 11.2%, respectively, of the Company’s total revenues.

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments:

The Company measures financial instruments and other items at fair value where required under GAAP, but has elected not to measure any additional financial instruments and other items at fair value as permitted under fair value option accounting guidance.

Fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company has used interest rate swaps to manage its interest rate risk (see Note 11). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Changes in the fair value of financial instruments (other than derivative instruments for which an effective hedging relationship exists and available-for-sale securities) are recorded as a charge against earnings in the condensed consolidated statements of operations in the period in which they occur. The Company estimates the fair value of financial instruments at least quarterly based on current facts and circumstances, projected cash flows, quoted market prices and other criteria (primarily utilizing Level 3 inputs). The Company may also utilize the services of independent third-party valuation experts to estimate the fair value of financial instruments, as necessary.

Derivative Instruments:

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, from time to time the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

In addition, from time to time the Company may execute agreements in connection with business combinations that include embedded derivative instruments as part of the consideration provided to the sellers of the properties. Although these embedded derivative instruments are not intended as hedges of risks faced by the Company, they can provide additional consideration to the Company’s selling counterparties and may be a key component of negotiations.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company records all derivative instruments on the condensed consolidated balance sheets at their fair value. In determining the fair value of derivative instruments, the Company also considers the credit risk of its counterparties, which typically constitute larger financial institutions engaged in providing a wide variety of financial services. These financial institutions generally face similar risks regarding changes in market and economic conditions, including, but not limited to, changes in interest rates, exchange rates, equity and commodity pricing and credit spreads.

Accounting for changes in the fair value of derivative instruments depends on the intended use of the derivative, whether it has been designated as a hedging instrument and whether the hedging relationship has continued to satisfy the criteria to apply hedge accounting. For derivative instruments qualifying as cash flow hedges, the effective portion of changes in the fair value is initially recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the cash flows of the derivative hedging instrument with the changes in the cash flows of the hedged item or transaction.

The Company formally documents the hedging relationship for all derivative instruments, has accounted for its interest rate swap agreements as cash flow hedges and does not utilize derivative instruments for trading or speculative purposes.

Changes in Accumulated Other Comprehensive Loss:

The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the nine months ended September 30, 2014 and 2013 (dollars in thousands):

Parent Company

Operating Partnership

Nine Months Ended

September 30,

2014

2013

2014

2013

Balance – January 1

—

(572

)

—

(620

)

Unrealized loss on interest rate swaps:

Unrealized loss

—

(19

)

—

(19

)

Amount reclassified and recognized in net income⁽¹⁾

—

495

—

495

Unrealized gain on investment in equity securities:

Unrealized loss

(22

)

—

(22

)

—

Net change in other comprehensive income

(22

)

476

(22

)

476

Total other comprehensive loss allocable to non-controlling interests

—

(11

)

—

Balance – September 30

(22

)

(107

)

(22

)

(144

)

(1)

Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations ($171,000 was recognized in interest expense for the three months ended September 30, 2013 – see Note 11).

Revision to Consolidated Financial Statements:

Subsequent to the issuance of the Parent Company’s consolidated financial statements for the year ended December 31, 2013, the Parent Company determined that certain dividends paid that were reflected as a reduction of additional paid-in capital should have been reflected as a reduction of available retained earnings. The Parent Company reviewed the impact of this correction with respect to the prior period consolidated financial statements and determined that the correction was not material. However, the Parent Company has revised the accompanying condensed consolidated balance sheet at December 31, 2013 to reflect this correction in the prior period. The effect of the correction to the consolidated balance sheets is an increase to additional paid-in capital and a corresponding decrease to retained earnings of $18.1 million at December 31, 2013. The effect of the correction to the consolidated statement of equity for the nine months ended September 30, 2013 was an increase in reported additional paid-in capital from $469.0 million to $484.8 million and a decrease in reported cumulative (deficit) retained earnings from $15.7 million to $0. The condensed consolidated statement of equity for the nine months ended September 30, 2014 included herein reflects a reclassification of $18.1 million from additional paid-in capital to retained earnings relating to the year ended December 31, 2013. This correction had no effect on previously reported revenues, net income, earnings per share, cash flows or total stockholders’ equity.

Recent Accounting Pronouncements:

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The amendments in this update change the requirements for reporting discontinued operations. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. The Company chose to early adopt ASU 2014-08 on January 1, 2014, which did not have a material impact on the Company’s consolidated financial position or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (“ASU 2014-09”). The amendments in this update require companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 31, 2016 and for interim periods therein and requires expanded disclosures. The Company is currently assessing the impact of the adoption of ASU 2014-09 on its consolidated financial position and results of operations.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2014
Acquisitions	'
	3. Acquisitions:
	The Company completed the following property acquisitions in the nine months ended September 30, 2014, which were acquired for cash (dollars in thousands):


	Property		Date Acquired		Location	Debt
	Property		Date Acquired		Location	Assumed
	The Family Center at Fort Union⁽¹⁾		26-Sep-14		Midvale, UT	$	—
	The Family Center at Orem⁽¹⁾		26-Sep-14		Orem, UT	$	—
	The following summary provides an allocation of purchase price for each of the above acquisitions (dollars in thousands):


			Building			Land		Above-Market			Below-Market			In-Place		Purchase
			Building			Land		Leases			Leases			Leases		Price
	The Family Center at Fort Union⁽²⁾		$	101,461		$	24,200	$	875		$	(11,048	)	$	15,983	$	131,471
	The Family Center at Orem ⁽²⁾			11,229			4,450		—			(296	)		1,577		16,960

	Total		$	112,690		$	28,650	$	875		$	(11,344	)	$	17,560	$	148,431

	Remaining useful life⁽³⁾								69			81			78

	(1)	On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash.

	(2)	As of September 30, 2014, the purchase price allocation related to the acquisition of the Family Center at Fort Union and Family Center at Orem properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from the initial estimates.

	(3)	Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.
	The Company completed the following property acquisitions in the nine months ended September 30, 2013, which were acquired for cash unless specified below (dollars in thousands):


	Property		Date Acquired		Location	Debt
	Property		Date Acquired		Location	Assumed
	Tracy Pavilion		January 24, 2013		Tracy, CA	$	—
	Stadium Center		1-Jul-13		Manteca, CA	$	—
	League City Towne Center		1-Aug-13		League City, TX	$	—
	Living Spaces-Promenade⁽¹⁾		27-Aug-13		Scottsdale, AZ	$	7,268

	The following summary provides an allocation of purchase price for each of the above acquisitions (dollars in thousands):


			Building			Land		Above-Market			Below-Market			In-Place		Debt			Other		Purchase
			Building			Land		Leases			Leases			Leases		(Premium)/Discount			Other		Price
	Tracy Pavilion		$	22,611		$	6,193	$	163		$	(1,136	)	$	2,907	$	—		$	—	$	30,738
	Stadium Center			28,872			10,284		882			(2,939	)		4,051		—			—		41,150
	League City Towne Center			24,767			10,858		315			(1,249	)		4,809		—			—		39,500
	Living Spaces-Promenade⁽¹⁾			1,038			14,514		—			(116	)		1,500		(936	)		—		16,000

	Total		$	77,288		$	41,849	$	1,360		$	(5,440	)	$	13,267	$	(936	)	$	—	$	127,388

	Remaining useful life⁽²⁾								54			108			75		76

	(1)	On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease.

	(2)	Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.
	The Company recorded revenues and a net loss for the three and nine months ended September 30, 2014 of $186,000 and $123,000, respectively, related to the 2014 acquisitions. The Company recorded revenues and net income for the three months ended September 30, 2013 of $2.6 million and $414,000, respectively, and for the nine months ended September 30, 2013 of $3.9 million and $401,000, respectively, related to the 2013 acquisitions.
	The following unaudited pro forma information for the three and nine months ended September 30, 2014 and 2013 has been prepared to reflect the incremental effect of the properties acquired in 2014 and 2013, as if such acquisitions had occurred on January 1, 2013 and January 1, 2012, respectively (dollars in thousands):


			Three Months Ended					Nine Months Ended
			September 30, 2014			September 30, 2013		September 30, 2014			September 30, 2013
	Revenues		$	33,508		$	33,185	$	102,146		$	99,377
	Net income (loss)⁽¹⁾		$	2,153		$	14,649	$	8,004		$	20,626
	Earnings per share		$	(0.03	)	$	0.24	$	(0.04	)	$	0.25

	(1)	Pro forma results for the three and nine months ended September 30, 2014 were adjusted to exclude non-recurring acquisition costs of approximately $291,000 related to the 2014 acquisitions. Pro forma results for the three and nine months ended September 30, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $109,000 and $166,000, respectively, related to the 2013 acquisitions, but to include these costs relating to the 2014 acquisitions.
The Company has entered into purchase agreements to acquire a retail property and outparcels at an existing property, located in California and Maryland, for approximately $59.5 million. The properties comprise approximately 174,000 square feet of gross leasable area. The acquisitions of these properties are subject to due diligence and other customary closing conditions. There can be no assurances that due diligence or other conditions will be satisfied or that the acquisitions will close on the terms described herein, or at all. In addition, as of September 30, 2014, the Company had paid approximately $5.1 million in deposits related to properties that are currently under contract or were acquired subsequent to September 30, 2014. The acquisition of one of these properties, Downtown at the Gardens, was completed on October 1, 2014 (see Note 20 for further discussion).

Lease_Intangible_Assets_Net

Lease Intangible Assets, Net	9 Months Ended
Lease Intangible Assets, Net	Sep. 30, 2014
Lease Intangible Assets, Net	'
	4. Lease Intangible Assets, Net
	Lease intangible assets, net consisted of the following at September 30, 2014 and December 31, 2013:


		September 30,		December 31,
		2014		2013
		(in thousands)
	In-place leases, net of accumulated amortization of $28.2 million and $26.7 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 76 and 78 months as of September 30, 2014 and December 31, 2013, respectively)	$	50,057	$	47,058

	Above-market leases, net of accumulated amortization of $8.6 million and $7.5 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 58 and 62 months as of September 30, 2014 and December 31, 2013, respectively)		11,538		13,725

	Leasing commissions, net of accumulated amortization of $8.3 million and $7.1 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 95 and 99 months as of September 30, 2014 and December 31, 2013, respectively)		20,201		17,562

		$	81,796	$	78,345

	Estimated amortization of lease intangible assets as of September 30, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):


	Year Ending December 31,	Amount
	2014 (remaining three months)	$	5,001
	2015		16,847
	2016		12,679
	2017		10,383
	2018		8,538
	Thereafter		28,348

	Total	$	81,796

	Amortization expense recorded on the lease intangible assets for the three months ended September 30, 2014 and 2013 was $4.9 million and $5.5 million, respectively. Included in these amounts are $1.2 million and $1.0 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue. Amortization expense recorded on the lease intangible assets for the nine months ended September 30, 2014 and 2013 was $15.0 million and $18.3 million, respectively. Included in these amounts are $3.1 million and $3.6 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue.

Lease_Intangible_Liabilities_N

Lease Intangible Liabilities, Net	9 Months Ended
Lease Intangible Liabilities, Net	Sep. 30, 2014
Lease Intangible Liabilities, Net	'
	5. Lease Intangible Liabilities, Net
	Lease intangible liabilities, net consisted of the following at September 30, 2014 and December 31, 2013:


		September 30,		December 31,
		2014		2013
		(in thousands)
	Below-market leases, net of accumulated amortization of $9.9 million and $7.9 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 108 and 123 months as of September 30, 2014 and December 31, 2013, respectively)	$	36,260	$	28,114

	Amortization recorded on the lease intangible liabilities for the three months ended September 30, 2014 and 2013 was $928,000 and $1.1 million, respectively. Amortization recorded on the lease intangible liabilities for the nine months ended September 30, 2014 and 2013 was $3.2 million and $3.4 million, respectively. These amounts were recorded as rental revenue in the Company’s condensed consolidated statements of operations.

	Estimated amortization of lease intangible liabilities as of September 30, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):


	Year Ending December 31,	Amount
	2014 (remaining three months)	$	1,421
	2015		5,264
	2016		4,750
	2017		4,378
	2018		4,135
	Thereafter		16,312

	Total	$	36,260

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2014
Variable Interest Entities	'
	6. Variable Interest Entities
	Consolidated Variable Interest Entities
	Included within the condensed consolidated financial statements is the 50% owned joint venture with AB Dothan, LLC, that is deemed a VIE, and for which the Company is the primary beneficiary as it has the power to direct activities that most significantly impact the economic performance of the VIE. The joint venture’s activities principally consist of owning and operating a neighborhood retail center with 171,670 square feet of gross leasable area (“GLA”) located in Dothan, Alabama.
	As of September 30, 2014 and December 31, 2013, total carrying amount of assets was approximately $15.1 million and $15.5 million, respectively, which includes approximately $13.1 million and $13.3 million, respectively, of real estate assets at the end of each period. As of September 30, 2014 and December 31, 2013, the total carrying amount of liabilities was approximately $12.3 million and $12.4 million, respectively.

Note_Receivable

Note Receivable	9 Months Ended
Note Receivable	Sep. 30, 2014
Note Receivable	'
	7. Note Receivable
	In September 2012, the Company extended a note receivable in the amount of $750,000 to a third party developer (the “Developer”). The note receivable bore interest at 10.0% per annum, with the principal and accrued interest due upon maturity and was recourse to the borrower. In August 2014, the note receivable was settled pursuant to a transaction between the Company and the Developer in which the Developer agreed to a redemption of a profit participation interest in future cash flow distributions following completion of a ground-up development at the Company’s wholly-owned Plaza at Rockwall property. In connection with the redemption of the Developer’s interest, the Company agreed to a payment of approximately $2.0 million, comprised of a cash payment of $1.1 million and the conversion of the outstanding balance of the note receivable of $750,000 and accrued interest of $160,000.

Debt

Debt (Excel Trust, L.P.)	9 Months Ended
Debt (Excel Trust, L.P.)	Sep. 30, 2014
Excel Trust, L.P.	'
Debt	'
	8. Debt
	Debt of the Parent Company
	The Parent Company does not directly hold any indebtedness. All of the Company’s debt is held directly or indirectly by the Operating Partnership. However, the Parent Company has guaranteed the Operating Partnership’s unsecured revolving credit facility (including the letter of credit that secures the redevelopment revenue bonds at the Northside Mall property) and the Operating Partnership’s senior unsecured notes.

	Debt of the Operating Partnership
	Mortgages Payable
	Mortgages payable held by the Operating Partnership at September 30, 2014 and December 31, 2013 consist of the following (dollars in thousands):


			Carrying Amount of					Contractual			Effective			Monthly		Maturity
			Mortgage Notes					Interest Rate			Interest Rate			Payment⁽¹⁾		Date
	Property Pledged as Collateral		September 30,			December 31,		(September 30, 2014)			(September 30, 2014)
	Property Pledged as Collateral		2014			2013
	Edwards Theatres		$	—			11,520		—			—			—		—
	Excel Centre			—			12,018		—			—			—		—
	Merchant Central			—			4,370		—			—			—		—
	Red Rock Commons			—			13,970		—			—			—		—
	Gilroy Crossing			—			45,836		—			—			—		—
	The Promenade			46,586			47,957		4.8	%		4.8	%		344		October 2015
	5000 South Hulen			13,237			13,421		5.6	%		6.9	%		83		Apr-17
	Lake Pleasant Pavilion			27,597			27,855		6.09	%		5	%		143		Oct-17
	Rite Aid — Vestavia Hills			880			1,015		7.25	%		7.25	%		21		Oct-18
	Living Spaces-Promenade			6,875			7,075		7.88	%		4.59	%		80		November 2019
	West Broad Village⁽²⁾			39,700			39,700		3.33	%		3.33	%		110		May-20
	Lowe’s, Shippensburg			12,874			13,157		7.2	%		7.2	%		110		Oct-31
	Northside Mall⁽³⁾			12,000			12,000		0.05	%		1.05	%		1		Nov-35

				159,749			249,894
	Plus: premium⁽⁴⁾			1,088			1,297

	Mortgage notes payable, net		$	160,837		$	251,191


	(1)	Amount represents the monthly payment of principal and interest at September 30, 2014.

	(2)	The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

	(3)	The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at September 30, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $101,000 and $105,000 at September 30, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

	(4)	Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.
	Total interest cost capitalized for the three months ended September 30, 2014 and 2013 was $401,000 and $34,000, respectively, and for the nine months ended September 30, 2014 and 2013 was $859,000 and $50,000, respectively.

	The Company’s mortgage debt maturities at September 30, 2014 for each of the next five years and thereafter are as follows (dollars in thousands):


	Year Ending December 31,		Amount
	2014 (remaining three months)		$	971
	2015			47,918
	2016			2,362
	2017			41,446
	2018			2,196
	Thereafter			64,856

			$	159,749

	Notes Payable
	Unsecured Revolving Credit Facility
	The Operating Partnership’s unsecured revolving credit facility has a borrowing capacity of $300.0 million, which may be increased from time to time up to an additional $200.0 million for a total borrowing capacity of $500.0 million, subject to receipt of lender commitments and other conditions precedent. The maturity date is April 6, 2018 and may be extended for an additional nine months at the Operating Partnership’s option. The Operating Partnership, among other things, is subject to covenants requiring the maintenance of (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. At September 30, 2014, the Operating Partnership believes that it was in compliance with all financial covenants in the credit agreement.
	As of September 30, 2014, the unsecured revolving credit facility bore interest at the rate of LIBOR plus a margin of 90 to 170 basis points (margin of 130 basis point at September 30, 2014), depending on the Parent Company’s credit rating. As of September 30, 2014, the Operating Partnership was responsible for paying a fee of 0.25% or 0.30% on the full capacity of the facility. Borrowings from the unsecured revolving credit facility were $56.0 and $179.5 million with a weighted-average interest rate of 1.45% and 1.67% at September 30, 2014 and December 31, 2013, respectively. The Operating Partnership has issued $16.9 million in letters of credit from the unsecured revolving credit facility, which secure an outstanding $12.0 million bond payable for the Northside Mall property and construction activities at the Southlake Park Village property. The Northside Mall property bond is included with the mortgages payable on the Company’s condensed consolidated balance sheets. At September 30, 2014, there was approximately $222.5 million available for borrowing under the unsecured revolving credit facility.
	Unsecured Notes
	Unsecured Senior Notes due 2020 and 2023
	As of September 30, 2014, the Operating Partnership had outstanding $100.0 million aggregate principal amount of senior unsecured notes issued to various entities associated with the Prudential Capital Group. Of the senior unsecured notes, $75.0 million are designated Series A Notes and will mature in November 2020, with a fixed interest rate of 4.40%, and $25.0 million are designated Series B Notes and will mature in November 2023, with a fixed interest rate of 5.19% (the Series A Notes and the Series B Notes are referred to collectively as the “Notes due 2020 and 2023”). The terms of the Notes due 2020 and 2023 are governed by a Note Purchase Agreement, dated November 12, 2013 (the “Purchase Agreement”), among the Operating Partnership, as issuer, the Parent Company and the purchasers named therein. Interest on the Notes due 2020 and 2023 is payable quarterly, beginning on February 12, 2014. The Operating Partnership may prepay all or a portion of the Notes due 2020 and 2023 upon notice to the holders for 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement.
	The Purchase Agreement contains various restrictive covenants, including limitations on the Operating Partnership’s ability to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. The Operating Partnership’s obligations under the Notes due 2020 and 2023 are fully and unconditionally guaranteed by the Parent Company and certain of its subsidiaries. Certain events would be considered events of default and could result in the acceleration of the maturity of the Notes.
Unsecured Senior Notes due 2024
On May 12, 2014, the Operating Partnership completed the issuance of $250.0 million aggregate principal amount of 4.625% senior unsecured notes due 2024 (the “Notes due 2024”). The Notes due 2024 bear interest at 4.625% per annum and were issued at 99.477% of the principal amount to yield 4.691% to maturity. Interest is payable on May 15 and November 15 of each year beginning November 15, 2014 until the maturity date of May 15, 2024. The Operating Partnership’s obligations under the Notes due 2024 are fully and unconditionally guaranteed by the Parent Company. On or before February 15, 2024, the Operating Partnership may redeem all or a portion of the Notes due 2024 upon notice to the holders at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes due 2024 being redeemed and (2) 100% of the principal amount plus a make-whole premium as set forth in the Indenture governing the Notes due 2024 (the “Indenture”), plus accrued and unpaid interest up to, but not including, the redemption date. After February 15, 2024, the redemption price will be equal to 100% of the principal amount of the Notes due 2024 being redeemed, plus accrued and unpaid interest up to, but not including, the redemption date. Proceeds from the issuance of the Notes due 2024 were used to repay a portion of the outstanding indebtedness under the Company’s unsecured revolving credit facility and for other general corporate and working capital purposes.
The Notes due 2024 are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. However, the Notes due 2024 are effectively subordinated to the Operating Partnership’s existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Operating Partnership’s subsidiaries, including guarantees provided by the Operating Partnership’s subsidiaries under the Company’s unsecured line of credit.
The Indenture contains certain covenants that, among other things, limit the Parent Company’s and the Operating Partnership’s ability to consummate a merger, consolidation or sale of all or substantially all of their assets or incur additional indebtedness.
The carrying value of the Notes due 2024:


		September 30,			December 31,
		2014			2013
		(in thousands)
Principal amount		$	250,000		$	—
Unamortized debt discount			(1,275	)		—

		$	248,725		$	—

In connection with this debt offering, the Operating Partnership incurred approximately $1.6 million of underwriting discount, which has been recorded as deferred financing costs and is being amortized over the term of the Notes due 2024.
The Notes due 2020, 2023 and 2024 are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership except that the Notes due 2024 are effectively subordinated to guarantees provided by certain of the Operating Partnership’s subsidiaries under the Notes due 2020 and 2023. The Notes due 2020, 2023 and 2024 are effectively subordinated to the Operating Partnership’s existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Operating Partnership’s subsidiaries, including guarantees provided by certain of the Operating Partnership’s subsidiaries under the Company’s unsecured line of credit.

Earnings_Per_Share_of_the_Pare

Earnings Per Share of the Parent Company	9 Months Ended
Earnings Per Share of the Parent Company	Sep. 30, 2014
Earnings Per Share of the Parent Company	'
	9. Earnings Per Share of the Parent Company
	Basic earnings (loss) per share of the Parent Company is computed by dividing income (loss) applicable to common stockholders by the weighted-average shares outstanding, as adjusted for the effect of participating securities. The Parent Company’s unvested restricted share awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted share awards on earnings (loss) per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends and the unvested restricted shares’ participation rights in undistributed earnings.
	The calculation of diluted earnings per share for the three and nine months ended September 30, 2014 does not include 727,230 and 568,594 shares, respectively, of unvested restricted common stock or 1,019,523 OP units as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. The calculation of diluted earnings per share for the three and nine months ended September 30, 2013 does not include 657,873 and 683,922 shares, respectively, of unvested restricted common stock or 1,225,115 and 1,230,437 OP units, respectively, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the common stockholders. In addition, 3,173,142 and 3,301,803 shares of common stock for the three and nine months ended September 30, 2014, respectively, and 3,356,178 and 3,341,076 shares of common stock for the three and nine months ended September 30, 2013, respectively, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Stock (“Series A preferred stock”), were anti-dilutive and were not included in the calculation of diluted earnings per share based on the “if converted” method.

	Computations of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share data) were as follows:


		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Basic earnings per share:
	Income from continuing operations	$	1,218		$	1,520		$	5,475		$	5,180
	Preferred dividends		(2,501	)		(2,744	)		(7,989	)		(8,232	)
	Cost of redemption of preferred stock		(1,477	)		—			(1,477	)		—
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)
	Income from continuing operations attributable to non-controlling interests		(70	)		(108	)		(227	)		(260	)

	(Loss) income from continuing operations applicable to the common stockholders	$	(2,954	)	$	(1,441	)	$	(4,591	)	$	(3,638	)

	Net (loss) income attributable to the common stockholders	$	(2,830	)	$	10,739		$	(4,218	)	$	8,914
	Allocation to participating securities		(124	)		(143	)		(373	)		(326	)

	Net (loss) income applicable to the common stockholders	$	(2,954	)	$	10,596		$	(4,591	)	$	8,588

	Weighted-average common shares outstanding:
	Basic and diluted		60,389,204			47,496,811			52,293,209			46,674,386

	Basic and diluted earnings per share:
	Loss from continuing operations per share attributable to the common stockholders	$	(0.05	)	$	(0.03	)	$	(0.09	)	$	(0.08	)
	Income from discontinued operations per share attributable to the common stockholders		—			0.25			—			0.26

	Net (loss) income per share attributable to the common stockholders	$	(0.05	)	$	0.22		$	(0.09	)	$	0.18

Excel Trust, L.P.	'
Earnings Per Share of the Parent Company	'
	10. Earnings Per Unit of the Operating Partnership
	Basic earnings (loss) per unit of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted-average OP units outstanding, as adjusted for the effect of participating securities. The Operating Partnership’s unvested restricted OP unit awards are participating securities as they contain non-forfeitable rights to dividends. The impact of unvested restricted OP unit awards on earnings (loss) per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted OP unit awards based on distributions and the unvested restricted OP units’ participation rights in undistributed earnings.
	The calculation of diluted earnings per unit for the three and nine months ended September 30, 2014 does not include 727,230 and 568,594 unvested restricted OP units, respectively, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. The calculation of diluted earnings per unit for the three and nine months ended September 30, 2013 does not include 657,873 and 683,922 unvested restricted OP units, respectively, as the effect of including these equity securities was anti-dilutive to loss from continuing operations and net loss attributable to the unitholders. In addition, 3,173,142 and 3,301,803 OP units for the three and nine months ended September 30, 2014, respectively, and 3,356,178 and 3,341,076 OP units for the three and nine months ended September 30, 2013, respectively, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Units (“Series A preferred units”), were anti-dilutive and were not included in the calculation of diluted earnings per unit based on the “if converted” method.

	Computations of basic and diluted earnings per unit for the three and nine months ended September 30, 2014 and 2013 (in thousands, except unit data) were as follows:


		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Basic earnings per unit:
	Income from continuing operations	$	1,218		$	1,520		$	5,475		$	5,180
	Preferred distributions		(2,501	)		(2,744	)		(7,989	)		(8,232	)
	Cost of redemption of preferred units		(1,477	)		—			(1,477	)		—
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)
	Income from continuing operations attributable to non-controlling interests		(91	)		(77	)		(274	)		(249	)

	(Loss) income from continuing operations applicable to the unitholders	$	(2,975	)	$	(1,410	)	$	(4,638	)	$	(3,627	)

	Net (loss) income attributable to the unitholders	$	(2,851	)	$	11,018		$	(4,265	)	$	9,154
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)

	Net (loss) income applicable to the unitholders	$	(2,975	)	$	10,909		$	(4,638	)	$	8,828

	Weighted-average common OP units outstanding:
	Basic and diluted		61,408,727			48,721,926			53,493,570			47,904,824

	Basic and diluted earnings per unit:
	Loss from continuing operations per unit attributable to the unitholders	$	(0.05	)	$	(0.03	)	$	(0.09	)	$	(0.08	)
	Income from discontinued operations per unit attributable to the unitholders		—			0.25			—			0.26

	Net (loss) income per unit attributable to the unitholders	$	(0.05	)	$	0.22		$	(0.09	)	$	0.18

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	9 Months Ended
Derivatives and Hedging Activities	Sep. 30, 2014
Derivatives and Hedging Activities	'
	11. Derivatives and Hedging Activities
	In December 2010, the Company executed two pay-fixed interest rate swaps with a notional value of $55.8 million (weighted-average interest rate of 1.41%) to hedge the variable cash flows associated with one of the Company’s mortgage payables. As a result of the interest rate swaps, the Company either (1) received the difference between a fixed interest rate (the “Strike Rate”) and one-month LIBOR if the Strike Rate was less than LIBOR or (2) paid such difference if the Strike Rate was greater than LIBOR. No initial investment was made to enter into either of the interest rate swap agreements. The two interest rate swaps were settled in December 2013 in connection with the repayment of the underlying mortgage note at the Park West Place property. The Company had no derivative financial instruments outstanding at September 30, 2014 and had no derivative financial instruments outstanding prior to the execution of the two swaps.
	During the three and nine months ended September 30, 2013, the Company did not record any amounts in earnings attributable to hedge ineffectiveness.

	Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement
	The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):


		Three Months Ended					Nine Months Ended
		September 30,		September 30,			September 30,		September 30,
		2014		2013			2014		2013
	Amount of unrealized loss recognized in OCI (effective portion):
	Interest rate swaps	$	—	$	(7	)	$	—	$	(19	)
	Other derivatives		—		—			—		—

	Total	$	—	$	(7	)	$	—	$	(19	)

	Amount of loss reclassified from accumulated OCI into income (effective portion):
	Interest rate swaps (interest expense)	$	—	$	(171	)	$	—	$	(495	)
	Other derivatives		—		—			—		—

	Total	$	—	$	(171	)	$	—	$	(495	)

	Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing):
	Interest rate swaps (other income/expense)	$	—	$	—		$	—	$	—
	Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption)		—		—			—		230

	Total	$	—	$	—		$	—	$	230

Equity_of_the_Parent_Company

Equity of the Parent Company	9 Months Ended
Equity of the Parent Company	Sep. 30, 2014
Equity of the Parent Company	'

	12. Equity of the Parent Company

	The Parent Company has issued restricted stock awards to senior executives, directors and employees totaling 1,327,509 shares of common stock (net of forfeitures and unvested awards of 489,864 shares), which are included in the total shares of common stock outstanding as of September 30, 2014.

	As of September 30, 2014, the Parent Company had outstanding 1,330,975 shares of Series A preferred stock, with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series A preferred stock when, as and if declared by the Parent Company’s board of directors, at a rate of 7.00% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series A preferred stock is $1.75, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series A preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. The Series A preferred stock is convertible, at the holders’ option, at any time and from time to time, into common stock of the Parent Company. The initial conversion rate of the Series A preferred stock was 1.6667 shares of common stock per share of Series A preferred stock. Effective September 26, 2013 (the ex-dividend date), the conversion rate was adjusted to 1.6836 shares of common stock per share of Series A preferred stock as a result of the aggregate dividends that the Parent Company declared and paid on its common stock, beginning with the quarter ended September 30, 2011 and through the quarter ended September 30, 2013, being in excess of the reference dividend of $0.15 per share. The conversion rate will continue to be subject to customary adjustments in certain circumstances. Beginning on April 1, 2014, the Parent Company may, at its option, convert some or all of the Series A preferred stock if the closing price of the common stock equals or exceeds 140% of the conversion price for at least 20 of the 30 consecutive trading days ending the day before the notice of exercise of conversion is sent and the Parent Company has either declared and paid, or declared and set apart for payment, any unpaid dividends that are in arrears on the Series A preferred stock.

	During the three months ended September 30, 2014, the Parent Company repurchased 669,025 shares of Series A preferred stock for an aggregate cost of approximately $17.4 million (including transaction costs) at a weighted-average purchase price of $25.79 per share. The repurchased shares of Series A preferred stock were subsequently retired by the Parent Company. The repurchase resulted in a charge of approximately $1.5 million, which is classified as cost of redemption of preferred stock on the accompanying condensed consolidated statements of operations and comprehensive income.

	As of September 30, 2014, the Parent Company had outstanding 3,680,000 shares of 8.125% Series B Cumulative Redeemable Preferred Stock (“Series B preferred stock”), with a liquidation preference of $25.00 per share. The Parent Company pays cumulative dividends on the Series B preferred stock, when, as and if declared by the Parent Company’s board of directors, at a rate of 8.125% per annum, subject to adjustment in certain circumstances. The annual dividend on each share of Series B preferred stock is $2.03125, payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Holders of the Series B preferred stock generally have no voting rights except for limited voting rights if the Parent Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. At any time on and after January 31, 2017, the Parent Company may, at its option, redeem the Series B preferred stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control, the Parent Company or a successor may, at its option, redeem the Series B preferred stock, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.

	The Parent Company’s board of directors has authorized a stock repurchase program under which the Parent Company may acquire up to $50.0 million of its common stock and preferred stock in open market and negotiated purchases with no expiration date (the repurchase program was increased from $30.0 million to $50.0 million in February 2014). In the nine months ended September 30, 2014, the Parent Company repurchased 105,775 shares of its common stock for an aggregate cost of approximately $1.4 million (including transaction costs) at a weighted-average purchase price of $12.52 per share and 669,025 shares of its Series A preferred stock for an aggregate cost of approximately $17.4 million (including transaction costs) at a weighted-average purchase price of $25.79 per share. The repurchased shares of common stock and preferred stock were subsequently retired by the Parent Company. No stock was repurchased during the year ended December 31, 2013. As of September 30, 2014, approximately $24.7 million remained available under the stock repurchase program to acquire outstanding shares of the Parent Company’s common stock and preferred stock.

	The Parent Company and the Operating Partnership have entered into equity distribution agreements (the “Equity Distribution Agreements”) with four sales agents, under which the Parent Company can issue and sell shares of its common stock from time to time through, at its discretion, any of the sales agents. The Equity Distribution Agreements were initially entered into in March 2012 with an aggregate offering price of up to $50.0 million and subsequently amended and restated in May 2013, permitting additional sales with an aggregate offering price of up to $100.0 million. The sales of common stock made under the Equity Distribution Agreements are made in “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. During the year ended December 31, 2013, the Parent Company issued 3,211,928 shares of common stock pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $40.7 million at an average stock issuance price of $13.05 per share. The net proceeds of $40.7 million were contributed to the Operating Partnership in exchange for 3,211,928 OP units. During the nine months ended September 30, 2014, the Parent Company did not issue any shares pursuant to the Equity Distribution Agreements. As of September 30, 2014, approximately $95.0 million remained available under the Equity Distribution Agreements to issue and sell shares of the Parent Company’s common stock and preferred stock.

	On June 25, 2014, the Parent Company completed the issuance of 12,650,000 shares of common stock, including the exercise of an option to purchase an additional 1,650,000 shares, resulting in net proceeds of approximately $160.6 million, after deducting the underwriters’ discount and commissions and offering expenses. The net proceeds were contributed to the Operating Partnership in exchange for 12,650,000 OP units.

	Consolidated net income is reported in the Company’s condensed consolidated financial statements at amounts that include the amounts attributable to both the common stockholders and the non-controlling interests. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of common stock and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

	A charge/credit is recorded each period in the condensed consolidated statements of income for the non-controlling interests’ proportionate share of the Company’s net income (loss).

	On September 30, 2014, the Parent Company accrued a liability for a dividend of $10.7 million payable to the common stockholders of record, a dividend of $2.5 million payable to the preferred stockholders of record and a distribution of $178,000 payable to the holders of record of OP units as of September 30, 2014, each of which was paid in October 2014.

	2010 Equity Incentive Award Plan

	The Company has established the 2010 Equity Incentive Award Plan of Excel Trust, Inc. and Excel Trust, L.P. (the “2010 Plan”), pursuant to which the Parent Company’s board of directors or a committee of its independent directors may make grants of stock options, restricted stock, stock appreciation rights and other stock-based awards to its non-employee directors, employees and consultants (an equivalent amount of common OP units are issued to the Parent Company for each such grant with similar terms and conditions). The maximum number of shares of the Parent Company’s common stock that may be issued pursuant to the 2010 Plan is 2,850,000 (of which 1,522,491 shares of common stock remain available for issuance as of September 30, 2014).



	The following shares of restricted common stock were issued during the nine months ended September 30, 2014:



	Grant Date		Price at Grant			Number		Vesting
	Grant Date		Date			Number		Period (yrs.)
	March 7, 2014⁽¹⁾		$	12.57			4,000		4
	March 18, 2014⁽²⁾		$	12.8			558,331		1, 3
	March 24, 2014⁽³⁾		$	12.56			83,500		3
	May 13, 2014⁽⁴⁾		$	12.89			12,412		1


	(1)	Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.


	(2)	Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company’s board of directors on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014.


	(3)	Shares issued to certain of the Company’s employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.


	(4)	Shares issued to members of the Company’s board of directors. These shares vest in equal quarterly installments.

	Shares of the Parent Company’s restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the administrator of the 2010 Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of the Parent Company’s restricted common stock have full voting rights and rights to dividends upon grant. The Company recognized compensation expense during the three and nine months ended September 30, 2014 of $1.2 million and $3.1 million, respectively, and for the three and nine months ended September 30, 2013 of $583,000 and $1.7 million, respectively, related to the restricted common stock grants ultimately expected to vest. Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated $0 in forfeitures for all periods presented. Stock compensation expense is included in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income.

	As of September 30, 2014 and December 31, 2013, there was approximately $6.9 million and $1.6 million, respectively, of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of September 30, 2014 and December 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 1.9 and 1.1 years, respectively.



			Number of Unvested			Weighted-
			Shares of			Average Grant
			Restricted			Date Fair Value
			Common Stock
	Balance - January 1, 2014			611,683		$	9.73
Grants			658,243		$	12.77
Forfeitures			(466,864	)	$	8.88
Vested⁽¹⁾			(92,172	)	$	12.57

Balance - September 30, 2014			710,890		$	12.74



(1)	During the nine months ended September 30, 2014, 561 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying condensed consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented.

401(k) Retirement Plan

The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount of their eligible compensation as determined by the Internal Revenue Service. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to 3.0% of eligible compensation and 50% of employee deferrals for the next 2.0% of eligible compensation, is fully vested and funded as of September 30, 2014. Costs related to the matching portion of the plan for the three months ended September 30, 2014 and 2013 were approximately $41,000 and $39,000, respectively. Costs related to the matching portion of the plan for the nine months ended September 30, 2014 and 2013 were approximately $121,000 and $113,000, respectively.

Equity_of_the_Operating_Partne

Equity of the Operating Partnership

9 Months Ended

Sep. 30, 2014

Equity of the Operating Partnership

13. Equity of the Operating Partnership

As of September 30, 2014, the Operating Partnership had outstanding 62,135,931 OP units. The Parent Company owned 98.3% of the partnership interests in the Operating Partnership at September 30, 2014, is the Operating Partnership’s general partner and is responsible for the management of the Operating Partnership’s business. As the general partner of the Operating Partnership, the Parent Company effectively controls the ability to issue common stock of the Parent Company upon a limited partner’s notice of redemption. In addition, the Parent Company has generally acquired OP units upon a limited partner’s notice of redemption in exchange for shares of its common stock. The redemption provisions of OP units owned by limited partners that permit the Parent Company to settle in either cash or common stock at the option of the Parent Company are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Operating Partnership evaluated this guidance, including the requirement to settle in unregistered shares, and determined that these OP units meet the requirements to qualify for presentation as permanent equity.

As of September 30, 2014, the Operating Partnership had outstanding 1,330,975 Series A preferred units and 3,680,000 8.125% Series B Cumulative Redeemable Preferred Units (collectively referred to as the “Preferred Units”). The Preferred Units were issued to the Parent Company in exchange for the net proceeds from the issuance of preferred stock of the Parent Company and contain the same terms and conditions as the preferred stock instruments (including, among other things, distribution rates and exchange or redemption provisions).

During the three months ended September 30, 2014, the Operating Partnership repurchased 669,025 Series A preferred units from the Parent Company (in connection with the Parent Company’s repurchase of its Series A preferred stock) for an aggregate cost of approximately $17.4 million (including transaction costs) at a weighted-average purchase price of $25.79 per share. The shares of Series A preferred stock were subsequently retired by the Operating Partnership. The repurchase resulted in a charge of approximately $1.5 million, which is classified as cost of redemption of preferred units on the accompanying condensed consolidated statements of operations.

During the nine months ended September 30, 2014, the Operating Partnership repurchased 105,775 common OP units from the Parent Company (in connection with the Parent Company’s repurchase of its common stock) for an aggregate cost of approximately $1.4 million (including transaction costs) at a weighted-average purchase price of $12.52 per unit. The OP units were subsequently retired by the Operating Partnership. No OP units were repurchased from the Parent Company in connection with repurchases of its common stock during the year ended December 31, 2013.

In connection with the Equity Distribution Agreements, during the year ended December 31, 2013 the Operating Partnership issued 3,211,928 OP units to the Parent Company in exchange for net proceeds of approximately $40.7 million, which were used to repay outstanding indebtedness under its unsecured revolving credit facility and for other general corporate and working capital purposes. During the nine months ended September 30, 2014, the Operating Partnership did not issue any OP units to the Parent Company in connection with the Equity Distribution Agreements.

On June 25, 2014, the Operating Partnership issued 12,650,000 OP units to the Parent Company in exchange for net proceeds of approximately $160.6 million, which were used to fund certain property acquisitions and for other general corporate and working capital purposes.

Consolidated net income is reported in the Operating Partnership’s condensed consolidated financial statements at amounts that include the amounts attributable to both the unitholders and the non-controlling interests in a consolidated joint venture property. During the period from March 2012 to March 2013, a total of 591,474 OP units related to the 2011 Edwards Theatres acquisition were tendered to the Parent Company for redemption, resulting in the issuance of an additional 531,768 shares of the Parent Company’s common stock (and the issuance of an equivalent number of OP units to the Parent Company) and cash payments totaling approximately $1.9 million to former unitholders (see Note 19 for further discussion).

The following table shows the vested partnership interests in the Operating Partnership as of September 30, 2014 and December 31, 2013:

September 30, 2014

December 31, 2013

Percentage

Units

of Total

Units

of Total

Excel Trust, Inc.

60,405,518

98.3

47,769,682

97.9

Non-controlling interests consisting of:

OP units held by employees and third parties

1,019,523

1.7

1,019,523

2.1

Total

61,425,041

100

48,789,205

100

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2014

Investment in Unconsolidated Entities

14. Investment in Unconsolidated Entities

The Company has formed a limited liability company (“La Costa LLC”) with GEM Realty Capital, Inc. (“GEM”) in which the Company and GEM hold 20% and 80% ownership interests, respectively. La Costa LLC is the owner of the La Costa Town Center property. The Company’s ownership interest in La Costa LLC is reflected in the accompanying balance sheets at the Company’s historical cost basis as an investment in a profit-sharing arrangement. La Costa LLC does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property and the majority owner bears the majority of any losses incurred. The Company receives 20% of the cash flow distributions and may receive a greater portion of cash distributions in the future based upon the performance of the property and the availability of cash for distribution. In addition, the Company receives fees in its role as the day-to-day property manager and for any development services that it provides. The Company’s interest in the income or losses of the underlying venture is reflected in a manner similar to the equity method of accounting.

On October 9, 2014, the Company completed the disposition of the La Costa Town Center property for a sales price of approximately $31.6 million, excluding closing costs (the Company’s proportionate share of the sales price was $6.3 million). The sale resulted in a gain of approximately $1.3 million, which will be recognized as a gain on the sale of investment in unconsolidated properties.

The Company also holds a 50% tenant-in-common ownership interest in The Fountains at Bay Hill property (“Bay Hill”). The remaining 50% undivided interest in the Bay Hill property is held by MDC Fountains, LLC (“MDC”). The Bay Hill property does not qualify as a VIE and consolidation is not required as the Company does not control the operations of the property. The Company receives 50% of the cash flow distributions and recognizes 50% of the results of operations. In addition, the Company receives fees in its role as the day-to-day property manager. The Company’s 50% ownership interest is reflected in the accompanying balance sheets as an investment in unconsolidated entities and the Company’s interest in the income or losses of the property is recorded based on the equity method of accounting.

General information on the La Costa LLC and Bay Hill properties as of September 30, 2014 was as follows:

Unconsolidated Investment

Partner

Ownership Interest

Formation/

Property

Acquisition Date

La Costa LLC⁽¹⁾

GEM

September 7, 2012

La Costa Town Center

Bay Hill⁽²⁾

MDC

October 19, 2012

The Fountains at Bay Hill

(1)

At September 30, 2014, La Costa LLC had real estate assets of $23.6 million, total assets of $24.9 million, mortgages payable of $14.1 million and total liabilities of $14.4 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $385,000 and $1.2 million, total expenses were $384,000 and $1.2 million (including interest expense) and net loss was $274,000 and $726,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $430,000 and $2.7 million, total expenses were $798,000 and $3.3 million (including interest expense) and net loss was $368,000 and $632,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC’s election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.

(2)

At September 30, 2014, Bay Hill had real estate assets of $36.5 million, total assets of $39.4 million, mortgages payable of $23.1 million and total liabilities of $25.1 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $959,000 and $2.9 million, total expenses were $508,000 and $1.6 million (including interest expense) and net income was $260,000 and $770,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $978,000 and $2.8 million, total expenses were $650,000 and $2.1 million (including interest expense) and net income was $174,000 and $230,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower’s election and upon the satisfaction of certain conditions.

Discontinued_Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2014
Discontinued Operations	'
	15. Discontinued Operations
	On July 19, 2013, the Company completed the disposition of the Walgreens property, located in North Corbin, Kentucky, for a sales price of approximately $4.5 million, excluding closing costs. On September 13, 2013, the Company completed the disposition of the Grant Creek Town Center property, located in Missoula, Montana, for a sales price of approximately $32.3 million, excluding closing costs. The Grant Creek Town Center property sale was classified as an exchange pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds were restricted as to their usage and were reflected as restricted cash on the condensed consolidated balance sheets at September 30, 2013. The Company subsequently utilized the funds to provide the purchase price for the acquisition of two properties during the three months ended December 31, 2013.
	All properties sold were part of the retail properties segment – see Note 21. The following table provides information regarding the disposition of the properties:


			(in thousands)
	Property		Sales Price		Gain on Sale			Date of Sale		Acquisition Date
	Walgreens — North Corbin		$	4,514	$	1,129			7/19/13		5/24/10
	Grant Creek Town Center		$	32,343	$	10,926			9/13/13		8/27/10
	The results of operations for the properties are reported as discontinued operations for all periods presented in the accompanying condensed consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands):


			Three Months Ended					Nine Months Ended
			September 30,		September 30,			September 30,		September 30,
			2014		2013			2014		2013
	Total revenues		$	—	$	559		$	—	$	1,815
	Total expenses			—		214			—		1,334

	Income before non-controlling interests and gain on sale of real estate assets			—		345			—		481
	Gain on sale of real estate assets			—		11,974			—		11,974
	Non-controlling interest in discontinued operations⁽¹⁾			—		(248	)		—		(229	)

	Income from discontinued operations available to the common stockholders		$	—	$	12,071		$	—	$	12,226


	(1)	Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions	'
	16. Related Party Transactions
	Subsequent to the Parent Company’s initial public offering, many of the employees of Excel Realty Holdings, LLC (“ERH”, a company that managed the operations of the Parent Company’s predecessor under various management agreements) became employees of the Company. ERH reimburses the Company for estimated time the Company employees spend on ERH related matters. For the three months ended September 30, 2014 and 2013, approximately $67,000 and $82,000, respectively, was reimbursed to the Company from ERH and included in other income in the condensed consolidated statements of operations. For the nine months ended September 30, 2014 and 2013, approximately $227,000 and $230,000, respectively, was reimbursed to the Company from ERH and included in other income in the condensed consolidated statements of operations.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Taxes	'
	17. Income Taxes
	Income Taxes of the Parent Company
	The Parent Company elected to be taxed as a REIT under the Code, beginning with the taxable year ended December 31, 2010. To qualify as a REIT, the Parent Company must meet a number of organizational and operational requirements, including the requirement that it distribute currently at least 90% of its REIT taxable income to its stockholders (excluding any net capital gain). It is the Parent Company’s intention to comply with these requirements and maintain the Parent Company’s REIT status. As a REIT, the Parent Company generally will not be subject to corporate federal, state or local income taxes on income it distributes currently (in accordance with the Code and applicable regulations) to its stockholders. If the Parent Company fails to qualify as a REIT in any taxable year, then it will be subject to federal, state and local income taxes at regular corporate rates and may not be able to qualify as a REIT for subsequent tax years. Even if the Parent Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income, properties and operations and to federal income and excise taxes on its taxable income not distributed in the amounts and in the time frames prescribed by the Code and applicable regulations thereunder and on the taxable income of any of its taxable REIT subsidiaries.
	Income Taxes of the Operating Partnership
	As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is required in the accompanying condensed consolidated financial statements. The Operating Partnership may be subject to certain state or local taxes on its income and property.
	The Operating Partnership has formed a taxable REIT subsidiary (the “TRS”) on behalf of the Parent Company. In general, the TRS may perform non-customary services for tenants, hold assets that the Parent Company cannot hold directly and, except for the operation or management of health care facilities or lodging facilities or the providing of any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated, may engage in any real estate or non-real estate related business. The TRS is subject to corporate federal income taxes on its taxable income at regular corporate tax rates. The TRS accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies	'
	18. Commitments and Contingencies
	Litigation:
	The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against it which if determined unfavorably, would have a material effect on its consolidated financial position, results of operations or cash flows.
	Environmental Matters:
	The Company follows the policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its condensed consolidated balance sheets, results of operations or cash flows. Further, the Company is not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that it believes would require additional disclosure or the recording of a loss contingency.
	Other
	The Company’s other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In management’s opinion, these matters are not expected to have a material adverse effect on its condensed consolidated balance sheets, results of operations or cash flows. In addition, the Company expects to incur construction costs relating to development projects on portions of existing operating properties and at its non-operating properties (Chimney Rock Phase II and Southlake Park Village).

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2014
Fair Value of Financial Instruments	'
	19. Fair Value of Financial Instruments
	The Company is required to disclose fair value information relating to financial instruments that are remeasured on a recurring basis and those that are only initially recognized at fair value (not required to be subsequently remeasured). The Company’s disclosures of estimated fair value of financial instruments were determined using available market information and appropriate valuation methods. The use of different assumptions or methods of estimation may have a material effect on the estimated fair value of financial instruments.

	The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at September 30, 2014 (dollars in thousands):


			Balance at				Quoted Prices in				Significant Other				Significant
			December 31,				Active Markets				Observable				Unobservable Inputs
			2012				(Level 1)				Inputs (Level 2)				(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations		$	—			$	—			$	—			$	—
	Investment in equity securities⁽¹⁾			10,433				10,433				—				—

	Total		$	10,433			$	10,433			$	—			$	—

	The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2013 (dollars in thousands):


			Balance at				Quoted Prices in				Significant Other				Significant
			December 31,				Active Markets				Observable				Unobservable Inputs
			2013				(Level 1)				Inputs (Level 2)				(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations⁽²⁾		$	507			$	—			$	—			$	507


	-1	Amount reflects the Company’s investment in equity securities of publicly-traded companies, which are considered available-for-sale and recorded at fair value based upon the closing trading price of the equity security as of the balance sheet date.

	-2	Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.
	The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2014 (dollars in thousands):


			Other Assets
			Related to Business
			Combinations ⁽¹⁾
	Beginning balance, January 1, 2014		$	507
	Total gains: Included in earnings			—
	Purchases, issuances or settlements			(507	)

	Ending balance, September 30, 2014		$	—


	(1)	The change of $507,000 for other assets related to business combinations during the nine months ended September 30, 2014 is comprised of cash payments received on the master lease asset.

	The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2013 (dollars in thousands):


			Other Assets				Contingent Consideration				Derivative Instruments
			Related to Business				Related to Business				Related to Business
			Combinations ⁽¹⁾				Combinations ⁽²⁾				Combinations ⁽³⁾
	Beginning balance, January 1, 2013		$	992			$	(1,787	)		$	(274	)
	Total gains: Included in earnings			6				1,562				246
	Purchases, issuances or settlements			(384	)			20				28

	Ending balance, September 30, 2013		$	614			$	(205	)		$	—


	(1)	The change of $378,000 for other assets related to business combinations during the nine months ended September 30, 2013 is comprised of payments received on the master lease assets and an increase in the estimated fair value of funds to be received from escrow of $6,000.

	(2)	The change of $1.6 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the condensed consolidated statements of operations). The remaining earn-out has a fair value of approximately $205,000 based on the funds due to the former owner, which were paid in full in October 2013.

	(3)	The change of $274,000 for derivative instruments related to business combinations during the nine months ended September 30, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.
There were no additional gains or losses, purchases, sales, issuances, settlements, or transfers in or out related to any of the three levels of the fair value hierarchy during the nine months ended September 30, 2014 and 2013.
The Company has not elected the fair value measurement option for any of its other financial assets or liabilities. The Company estimates the fair value of its financial assets using a discounted cash flow analysis based on an appropriate market rate for a similar type of instrument. The Company estimates the fair value of its financial liabilities by using either (1) a discounted cash flow analysis using an appropriate market discount rate for similar types of instruments, or (2) a present value model and an interest rate that includes a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.
The fair values of certain additional financial assets and liabilities at September 30, 2014 and December 31, 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):


		September 30, 2014								December 31, 2013
		Carrying				Fair Value				Carrying				Fair Value
		Amount				Fair Value				Amount				Fair Value
Financial assets:
Note receivable (Other Assets)		$	—			$	—			$	750			$	750
Financial liabilities:
Mortgage notes payable			160,837				166,776				251,191				254,473
Notes payable			56,000				55,487				179,500				179,500
Unsecured notes			348,725				352,066				100,000				100,000

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events	'
	20. Subsequent Events
	On October 1, 2014, the Company completed the acquisition of a retail center with approximately 340,000 square feet of GLA located in Palm Beach Gardens, Florida for a contractual purchase price, excluding closing costs, of approximately $141.5 million (cash payment of approximately $98.8 million and the assumption of a mortgage note with an outstanding balance of $42.7 million). An allocation of purchase price for the acquisition of the retail property has not yet been performed as the Company is continuing to collect the necessary information.

	On October 16, 2014, the Parent Company repurchased an additional 150,000 shares of Series A preferred stock for an aggregate cost of approximately $3.8 million (excluding transaction costs) at a weighted-average purchase price of $25.00 per share. The repurchased shares of Series A preferred stock were subsequently retired and the Company will recognize a charge on the redemption.
	On October 23, 2014, the Company completed the disposition of the Lowe’s property located in Shippensburg, Pennsylvania for a sales price of approximately $24.4 million, excluding closing costs. In connection with the disposition, the mortgage note secured by the property was also legally defeased. The sale resulted in a gain of approximately $1.9 million, which will be recognized as a gain on the sale of real estate assets.

Segment_Disclosure

Segment Disclosure	9 Months Ended
Segment Disclosure	Sep. 30, 2014
Segment Disclosure	'
	21. Segment Disclosure
	The Company’s reportable segments consist of the three types of commercial real estate properties for which management internally evaluates operating performance and financial results: Office Properties, Multi-family Properties and Retail Properties. The Company was formed for the primary purpose of owning and operating Retail Properties. As such, administrative costs are shown under the Retail Properties segment. The Retail Properties operating segment also includes undeveloped land which the Company intends to develop into retail properties.
	The Company evaluates the performance of the operating segments based upon property operating income. “Property Operating Income” is defined as operating revenues (rental revenue, tenant recoveries and other income) less property operating expenses (maintenance and repairs, real estate taxes, management fees, and other operating expenses). The Company also evaluates interest expense, interest income, and depreciation and amortization by segment. Corporate general and administrative expense, interest expense related to corporate indebtedness and other non-recurring gains or losses are reflected within the Retail Properties operating segment as this constitutes the Company’s primary business objective and represents the majority of its operations. There is no intersegment activity.

	The following tables reconcile the Company’s segment activity to its consolidated results of operations and financial position for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):


			For the Three Months Ended								For the Nine Months Ended
			September 30,				September 30,				September 30,				September 30,
			2014				2013				2014				2013
	Office Properties:
	Total revenues		$	2,233			$	2,052			$	6,627			$	6,428
	Property operating expenses			(906	)			(906	)			(2,649	)			(2,593	)

	Property operating income, as defined			1,327				1,146				3,978				3,835
	Changes in fair value of contingent consideration			—				—				—				6
	General and administrative costs			(1	)			(9	)			(6	)			(16	)
	Depreciation and amortization			(905	)			(980	)			(2,708	)			(2,832	)
	Interest expense			—				(194	)			(191	)			(579	)

	Net income		$	421			$	(37	)		$	1,073			$	414

	Multi-family Properties:
	Total revenues		$	1,326			$	1,397			$	4,109			$	4,053
	Property operating expenses			(453	)			(675	)			(1,412	)			(1,374	)

	Property operating income, as defined			873				722				2,697				2,679
	General and administrative costs			(15	)			206				(39	)			(104	)
	Depreciation and amortization			(463	)			(460	)			(1,389	)			(2,298	)

	Net income (loss)		$	395			$	468			$	1,269			$	277

	Retail Properties:
	Total revenues		$	26,675			$	25,482			$	80,725			$	72,257
	Property operating expenses			(5,947	)			(6,137	)			(18,332	)			(16,622	)

	Property operating income, as defined			20,728				19,345				62,393				55,635
	Changes in fair value of contingent consideration			—				10				—				1,562
	General and administrative costs			(4,273	)			(3,596	)			(12,218	)			(10,416	)
	Depreciation and amortization			(9,844	)			(10,197	)			(30,322	)			(29,483	)
	Interest expense			(6,387	)			(4,534	)			(17,165	)			(13,172	)
	Interest income			103				49				205				146
	Income (loss) from equity in unconsolidated entities			75				12				240				(13	)
	Changes in fair value of financial instruments and gain on OP unit redemption			—				—				—				230

	Income from continuing operations			402				1,089				3,133				4,489
	Income from discontinued operations			—				12,319				—				12,455

	Net income		$	402			$	13,408			$	3,133			$	16,944

	Total Reportable Segments:
	Total revenues		$	30,234			$	28,931			$	91,461			$	82,738
	Property operating expenses			(7,306	)			(7,718	)			(22,393	)			(20,589	)

	Property operating income, as defined			22,928				21,213				69,068				62,149
	Changes in fair value of contingent consideration			—				10				—				1,568
	General and administrative costs			(4,289	)			(3,399	)			(12,263	)			(10,536	)
	Depreciation and amortization			(11,212	)			(11,637	)			(34,419	)			(34,613	)
	Interest expense			(6,387	)			(4,728	)			(17,357	)			(13,751	)
	Interest income			103				49				206				146
	Income (loss) from equity in unconsolidated entities			75				12				240				(13	)
	Changes in fair value of financial instruments and gain on OP unit redemption			—				—				—				230

Income from continuing operations			1,218				1,520				5,475				5,180
Income from discontinued operations			—				12,319				—				12,455

Net income		$	1,218			$	13,839			$	5,475			$	17,635

Reconciliation to Condensed Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
Total net income for reportable segments		$	1,218			$	13,839			$	5,475			$	17,635
Net income attributable to non-controlling interests			(70	)			(356	)			(227	)			(489	)

Net income attributable to Excel Trust, Inc.		$	1,148			$	13,483			$	5,248			$	17,146

Reconciliation to Condensed Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
Total net income for reportable segments		$	1,218			$	13,839			$	5,475			$	17,635
Net income attributable to non-controlling interests			(91	)			(77	)			(274	)			(249	)

Net income attributable to Excel Trust, L.P.		$	1,127			$	13,762			$	5,201			$	17,386



		September 30,				December 31,
		2014				2013
Assets:
Office Properties:
Total assets		$	63,477			$	67,273
Multi-family Properties:
Total assets			69,476				70,732
Retail Properties:
Total assets			1,261,474				1,080,816

Total Reportable Segments & Consolidated Assets:
Total assets		$	1,394,427			$	1,218,821

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Basis of Presentation

Basis of Presentation:

Cash and Cash Equivalents

Cash and Cash Equivalents:

Restricted Cash

Restricted Cash:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements.

Accounts Payable and Other Liabilities

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $3.1 million and $3.5 million at September 30, 2014 and December 31, 2013, respectively.

Revenue Recognition

Revenue Recognition:

•

whether the lease stipulates how and on what a tenant improvement allowance may be spent;

•

whether the tenant or landlord retains legal title to the improvements;

•

the uniqueness of the improvements;

•

the expected economic life of the tenant improvements relative to the length of the lease;

•

the responsible party for construction cost overruns; and

•

who constructs or directs the construction of the improvements.

Property

Property:

Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:

Building and improvements

15 to 40 years

Tenant improvements

Shorter of the useful lives or the terms of the related leases

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed:

Investments in Partnerships and Limited Liability Companies

Investments in Partnerships and Limited Liability Companies:

Investments in Equity Securities

Investments in Equity Securities:

Investments in equity securities, which are included in other assets on the accompanying consolidated balance sheets, consisted of the following (in thousands):

September 30,

December 31,

2014

2013

Equity securities, initial cost basis

10,455

—

Gross unrealized gains

—

Gross unrealized losses

(63

)

—

Equity securities, fair value⁽¹⁾

10,433

—

(1)

Share-Based Payments

Share-Based Payments:

Purchase Accounting

Purchase Accounting:

Tenant receivables

Tenant receivables:

Non-controlling Interests

Non-controlling Interests:

Concentration of Risk

Concentration of Risk:

In the three and nine months ended September 30, 2014 and 2013, no tenant accounted for more than 10% of revenues.

Management Estimates

Management Estimates:

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Derivative Instruments

Derivative Instruments:

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss:

Parent Company

Operating Partnership

Nine Months Ended

September 30,

2014

2013

2014

2013

Balance – January 1

—

(572

)

—

(620

)

Unrealized loss on interest rate swaps:

Unrealized loss

—

(19

)

—

(19

)

Amount reclassified and recognized in net income⁽¹⁾

—

495

—

495

Unrealized gain on investment in equity securities:

Unrealized loss

(22

)

—

(22

)

—

Net change in other comprehensive income

(22

)

476

(22

)

476

Total other comprehensive loss allocable to non-controlling interests

—

(11

)

—

Balance – September 30

(22

)

(107

)

(22

)

(144

)

(1)

Revision to Consolidated Financial Statements

Revision to Consolidated Financial Statements:

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2014
Depreciation of Estimated Lives of Assets	'
	Property is recorded at cost and is depreciated using the straight-line method over the estimated lives of the assets as follows:


			Building and improvements		15 to 40 years
			Tenant improvements		Shorter of the useful lives or the terms of the related leases
Schedule of Investment in Securities	'
	Investments in equity securities, which are included in other assets on the accompanying consolidated balance sheets, consisted of the following (in thousands):


			September 30,			December 31,
			2014			2013
	Equity securities, initial cost basis		$	10,455		$	—
	Gross unrealized gains			41			—
	Gross unrealized losses			(63	)		—

	Equity securities, fair value⁽¹⁾		$	10,433		$	—


	(1)	Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled “Fair Value of Financial Instruments” below).
Reclassified from Accumulated Other Comprehensive Loss	'
	The following table reflects amounts that were reclassified from accumulated other comprehensive loss and included in earnings for the nine months ended September 30, 2014 and 2013 (dollars in thousands):


			Parent Company						Operating Partnership
			Nine Months Ended						Nine Months Ended
			September 30,			September 30,			September 30,			September 30,
			2014			2013			2014			2013
	Balance – January 1		$	—		$	(572	)	$	—		$	(620	)
	Unrealized loss on interest rate swaps:
	Unrealized loss			—			(19	)		—			(19	)
	Amount reclassified and recognized in net income⁽¹⁾			—			495			—			495
	Unrealized gain on investment in equity securities:
	Unrealized loss			(22	)		—			(22	)		—

	Net change in other comprehensive income			(22	)		476			(22	)		476
	Total other comprehensive loss allocable to non-controlling interests			—			(11	)		—			—

	Balance – September 30		$	(22	)	$	(107	)	$	(22	)	$	(144	)


	(1)	Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations ($171,000 was recognized in interest expense for the three months ended September 30, 2013 – see Note 11).

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2014
Pro forma Information	'
	The following unaudited pro forma information for the three and nine months ended September 30, 2014 and 2013 has been prepared to reflect the incremental effect of the properties acquired in 2014 and 2013, as if such acquisitions had occurred on January 1, 2013 and January 1, 2012, respectively (dollars in thousands):


			Three Months Ended					Nine Months Ended
			September 30, 2014			September 30, 2013		September 30, 2014			September 30, 2013
	Revenues		$	33,508		$	33,185	$	102,146		$	99,377
	Net income (loss)⁽¹⁾		$	2,153		$	14,649	$	8,004		$	20,626
	Earnings per share		$	(0.03	)	$	0.24	$	(0.04	)	$	0.25

	(1)	Pro forma results for the three and nine months ended September 30, 2014 were adjusted to exclude non-recurring acquisition costs of approximately $291,000 related to the 2014 acquisitions. Pro forma results for the three and nine months ended September 30, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $109,000 and $166,000, respectively, related to the 2013 acquisitions, but to include these costs relating to the 2014 acquisitions.
Acquisitions in 2014	'
Schedule of Acquisitions	'
	The Company completed the following property acquisitions in the nine months ended September 30, 2014, which were acquired for cash (dollars in thousands):


	Property		Date Acquired		Location	Debt
	Property		Date Acquired		Location	Assumed
	The Family Center at Fort Union⁽¹⁾		26-Sep-14		Midvale, UT	$	—
	The Family Center at Orem⁽¹⁾		26-Sep-14		Orem, UT	$	—
Allocation of Purchase Price	'
	The following summary provides an allocation of purchase price for each of the above acquisitions (dollars in thousands):


			Building			Land		Above-Market			Below-Market			In-Place		Purchase
			Building			Land		Leases			Leases			Leases		Price
	The Family Center at Fort Union⁽²⁾		$	101,461		$	24,200	$	875		$	(11,048	)	$	15,983	$	131,471
	The Family Center at Orem ⁽²⁾			11,229			4,450		—			(296	)		1,577		16,960

	Total		$	112,690		$	28,650	$	875		$	(11,344	)	$	17,560	$	148,431

	Remaining useful life⁽³⁾								69			81			78

	(1)	On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash.

	(2)	As of September 30, 2014, the purchase price allocation related to the acquisition of the Family Center at Fort Union and Family Center at Orem properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from the initial estimates.

	(3)	Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.
Acquisitions in 2013	'
Schedule of Acquisitions	'
	The Company completed the following property acquisitions in the nine months ended September 30, 2013, which were acquired for cash unless specified below (dollars in thousands):


	Property		Date Acquired		Location	Debt
	Property		Date Acquired		Location	Assumed
	Tracy Pavilion		January 24, 2013		Tracy, CA	$	—
	Stadium Center		1-Jul-13		Manteca, CA	$	—
	League City Towne Center		1-Aug-13		League City, TX	$	—
	Living Spaces-Promenade⁽¹⁾		27-Aug-13		Scottsdale, AZ	$	7,268
Allocation of Purchase Price	'
	The following summary provides an allocation of purchase price for each of the above acquisitions (dollars in thousands):


			Building			Land		Above-Market			Below-Market			In-Place		Debt			Other		Purchase
			Building			Land		Leases			Leases			Leases		(Premium)/Discount			Other		Price
	Tracy Pavilion		$	22,611		$	6,193	$	163		$	(1,136	)	$	2,907	$	—		$	—	$	30,738
	Stadium Center			28,872			10,284		882			(2,939	)		4,051		—			—		41,150
	League City Towne Center			24,767			10,858		315			(1,249	)		4,809		—			—		39,500
	Living Spaces-Promenade⁽¹⁾			1,038			14,514		—			(116	)		1,500		(936	)		—		16,000

	Total		$	77,288		$	41,849	$	1,360		$	(5,440	)	$	13,267	$	(936	)	$	—	$	127,388

	Remaining useful life⁽²⁾								54			108			75		76

	(1)	On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease.

	(2)	Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

Lease_Intangible_Assets_Net_Ta

Lease Intangible Assets, Net (Tables)	9 Months Ended
Lease Intangible Assets, Net (Tables)	Sep. 30, 2014
Schedule of Lease Intangible Assets	'
	Lease intangible assets, net consisted of the following at September 30, 2014 and December 31, 2013:


		September 30,		December 31,
		2014		2013
		(in thousands)
	In-place leases, net of accumulated amortization of $28.2 million and $26.7 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 76 and 78 months as of September 30, 2014 and December 31, 2013, respectively)	$	50,057	$	47,058

	Above-market leases, net of accumulated amortization of $8.6 million and $7.5 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 58 and 62 months as of September 30, 2014 and December 31, 2013, respectively)		11,538		13,725

	Leasing commissions, net of accumulated amortization of $8.3 million and $7.1 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 95 and 99 months as of September 30, 2014 and December 31, 2013, respectively)		20,201		17,562

		$	81,796	$	78,345

Schedule of Estimated Amortization of Lease Intangible Assets	'
	Estimated amortization of lease intangible assets as of September 30, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):


	Year Ending December 31,	Amount
	2014 (remaining three months)	$	5,001
	2015		16,847
	2016		12,679
	2017		10,383
	2018		8,538
	Thereafter		28,348

	Total	$	81,796

Lease_Intangible_Liabilities_N1

Lease Intangible Liabilities, Net (Tables)	9 Months Ended
Lease Intangible Liabilities, Net (Tables)	Sep. 30, 2014
Lease Intangible Liabilities Net	'
	Lease intangible liabilities, net consisted of the following at September 30, 2014 and December 31, 2013:


		September 30,		December 31,
		2014		2013
		(in thousands)
	Below-market leases, net of accumulated amortization of $9.9 million and $7.9 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 108 and 123 months as of September 30, 2014 and December 31, 2013, respectively)	$	36,260	$	28,114

Schedule of Estimated Amortization of Lease Intangible Liabilities	'
	Estimated amortization of lease intangible liabilities as of September 30, 2014 for each of the next five years and thereafter is as follows (dollars in thousands):


	Year Ending December 31,	Amount
	2014 (remaining three months)	$	1,421
	2015		5,264
	2016		4,750
	2017		4,378
	2018		4,135
	Thereafter		16,312

	Total	$	36,260

Debt_Tables

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2014
Carrying Value of Unsecured Notes	'
	The carrying value of the Notes due 2024:


			September 30,			December 31,
			2014			2013
			(in thousands)
	Principal amount		$	250,000		$	—
	Unamortized debt discount			(1,275	)		—

			$	248,725		$	—

Excel Trust, L.P.	'
Schedule of Mortgages Payable	'
	Mortgages payable held by the Operating Partnership at September 30, 2014 and December 31, 2013 consist of the following (dollars in thousands):


			Carrying Amount of					Contractual			Effective			Monthly		Maturity
			Mortgage Notes					Interest Rate			Interest Rate			Payment⁽¹⁾		Date
	Property Pledged as Collateral		September 30,			December 31,		(September 30, 2014)			(September 30, 2014)
	Property Pledged as Collateral		2014			2013
	Edwards Theatres		$	—			11,520		—			—			—		—
	Excel Centre			—			12,018		—			—			—		—
	Merchant Central			—			4,370		—			—			—		—
	Red Rock Commons			—			13,970		—			—			—		—
	Gilroy Crossing			—			45,836		—			—			—		—
	The Promenade			46,586			47,957		4.8	%		4.8	%		344		October 2015
	5000 South Hulen			13,237			13,421		5.6	%		6.9	%		83		Apr-17
	Lake Pleasant Pavilion			27,597			27,855		6.09	%		5	%		143		Oct-17
	Rite Aid — Vestavia Hills			880			1,015		7.25	%		7.25	%		21		Oct-18
	Living Spaces-Promenade			6,875			7,075		7.88	%		4.59	%		80		November 2019
	West Broad Village⁽²⁾			39,700			39,700		3.33	%		3.33	%		110		May-20
	Lowe’s, Shippensburg			12,874			13,157		7.2	%		7.2	%		110		Oct-31
	Northside Mall⁽³⁾			12,000			12,000		0.05	%		1.05	%		1		Nov-35

				159,749			249,894
	Plus: premium⁽⁴⁾			1,088			1,297

	Mortgage notes payable, net		$	160,837		$	251,191


	(1)	Amount represents the monthly payment of principal and interest at September 30, 2014.

	(2)	The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

	(3)	The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at September 30, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s unsecured revolving credit facility. An underwriter’s discount related to the original issuance of the bonds with a remaining balance of $101,000 and $105,000 at September 30, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

	(4)	Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter’s discount for the issuance of redevelopment bonds.
Mortgage Debt Maturities	'
	The Company’s mortgage debt maturities at September 30, 2014 for each of the next five years and thereafter are as follows (dollars in thousands):


	Year Ending December 31,		Amount
	2014 (remaining three months)		$	971
	2015			47,918
	2016			2,362
	2017			41,446
	2018			2,196
	Thereafter			64,856

			$	159,749

Earnings_Per_Share_of_the_Pare1

Earnings Per Share of the Parent Company (Tables)	9 Months Ended
Earnings Per Share of the Parent Company (Tables)	Sep. 30, 2014
Computations of Basic and Diluted Earnings Per Share/Unit	'
	Computations of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share data) were as follows:


		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Basic earnings per share:
	Income from continuing operations	$	1,218		$	1,520		$	5,475		$	5,180
	Preferred dividends		(2,501	)		(2,744	)		(7,989	)		(8,232	)
	Cost of redemption of preferred stock		(1,477	)		—			(1,477	)		—
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)
	Income from continuing operations attributable to non-controlling interests		(70	)		(108	)		(227	)		(260	)

	(Loss) income from continuing operations applicable to the common stockholders	$	(2,954	)	$	(1,441	)	$	(4,591	)	$	(3,638	)

	Net (loss) income attributable to the common stockholders	$	(2,830	)	$	10,739		$	(4,218	)	$	8,914
	Allocation to participating securities		(124	)		(143	)		(373	)		(326	)

	Net (loss) income applicable to the common stockholders	$	(2,954	)	$	10,596		$	(4,591	)	$	8,588

	Weighted-average common shares outstanding:
	Basic and diluted		60,389,204			47,496,811			52,293,209			46,674,386

	Basic and diluted earnings per share:
	Loss from continuing operations per share attributable to the common stockholders	$	(0.05	)	$	(0.03	)	$	(0.09	)	$	(0.08	)
	Income from discontinued operations per share attributable to the common stockholders		—			0.25			—			0.26

	Net (loss) income per share attributable to the common stockholders	$	(0.05	)	$	0.22		$	(0.09	)	$	0.18

Excel Trust, L.P.	'
Computations of Basic and Diluted Earnings Per Share/Unit	'
	Computations of basic and diluted earnings per unit for the three and nine months ended September 30, 2014 and 2013 (in thousands, except unit data) were as follows:


		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Basic earnings per unit:
	Income from continuing operations	$	1,218		$	1,520		$	5,475		$	5,180
	Preferred distributions		(2,501	)		(2,744	)		(7,989	)		(8,232	)
	Cost of redemption of preferred units		(1,477	)		—			(1,477	)		—
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)
	Income from continuing operations attributable to non-controlling interests		(91	)		(77	)		(274	)		(249	)

	(Loss) income from continuing operations applicable to the unitholders	$	(2,975	)	$	(1,410	)	$	(4,638	)	$	(3,627	)

	Net (loss) income attributable to the unitholders	$	(2,851	)	$	11,018		$	(4,265	)	$	9,154
	Allocation to participating securities		(124	)		(109	)		(373	)		(326	)

	Net (loss) income applicable to the unitholders	$	(2,975	)	$	10,909		$	(4,638	)	$	8,828

	Weighted-average common OP units outstanding:
	Basic and diluted		61,408,727			48,721,926			53,493,570			47,904,824

	Basic and diluted earnings per unit:
	Loss from continuing operations per unit attributable to the unitholders	$	(0.05	)	$	(0.03	)	$	(0.09	)	$	(0.08	)
	Income from discontinued operations per unit attributable to the unitholders		—			0.25			—			0.26

	Net (loss) income per unit attributable to the unitholders	$	(0.05	)	$	0.22		$	(0.09	)	$	0.18

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	9 Months Ended
Derivatives and Hedging Activities (Tables)	Sep. 30, 2014
Effect of Company's Derivative Financial Instruments on Condensed Consolidated Statements of Operations	'
	The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):


		Three Months Ended					Nine Months Ended
		September 30,		September 30,			September 30,		September 30,
		2014		2013			2014		2013
	Amount of unrealized loss recognized in OCI (effective portion):
	Interest rate swaps	$	—	$	(7	)	$	—	$	(19	)
	Other derivatives		—		—			—		—

	Total	$	—	$	(7	)	$	—	$	(19	)

	Amount of loss reclassified from accumulated OCI into income (effective portion):
	Interest rate swaps (interest expense)	$	—	$	(171	)	$	—	$	(495	)
	Other derivatives		—		—			—		—

	Total	$	—	$	(171	)	$	—	$	(495	)

	Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing):
	Interest rate swaps (other income/expense)	$	—	$	—		$	—	$	—
	Other derivatives (changes in fair value of financial instruments and gain on OP unit redemption)		—		—			—		230

	Total	$	—	$	—		$	—	$	230

Equity_of_the_Parent_Company_T

Equity of the Parent Company (Tables)	9 Months Ended
Equity of the Parent Company (Tables)	Sep. 30, 2014
Shares of Restricted Common Stock	'
	The following shares of restricted common stock were issued during the nine months ended September 30, 2014:


	Grant Date		Price at Grant			Number		Vesting
	Grant Date		Date			Number		Period (yrs.)
	March 7, 2014⁽¹⁾		$	12.57			4,000		4
	March 18, 2014⁽²⁾		$	12.8			558,331		1, 3
	March 24, 2014⁽³⁾		$	12.56			83,500		3
	May 13, 2014⁽⁴⁾		$	12.89			12,412		1

	(1)	Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

	(2)	Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company’s board of directors on December 31, 2014 based on the achievement of the Company’s objectives during the year ended December 31, 2014.

	(3)	Shares issued to certain of the Company’s employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

	(4)	Shares issued to members of the Company’s board of directors. These shares vest in equal quarterly installments.
Non-Vested Shares of Company's Restricted Common Stock	'
	As of September 30, 2014 and December 31, 2013, there was approximately $6.9 million and $1.6 million, respectively, of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of September 30, 2014 and December 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 1.9 and 1.1 years, respectively.


			Number of Unvested			Weighted-
			Shares of			Average Grant
			Restricted			Date Fair Value
			Common Stock
	Balance - January 1, 2014			611,683		$	9.73
	Grants			658,243		$	12.77
	Forfeitures			(466,864	)	$	8.88
	Vested⁽¹⁾			(92,172	)	$	12.57

	Balance - September 30, 2014			710,890		$	12.74


	(1)	During the nine months ended September 30, 2014, 561 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying condensed consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented.

Equity_of_the_Operating_Partne1

Equity of the Operating Partnership (Tables)	9 Months Ended
Equity of the Operating Partnership (Tables)	Sep. 30, 2014
Vested Ownership Interests in Operating Partnership	'
	The following table shows the vested partnership interests in the Operating Partnership as of September 30, 2014 and December 31, 2013:


		September 30, 2014					December 31, 2013
		OP		Percentage			OP		Percentage
		Units		of Total			Units		of Total
	Excel Trust, Inc.		60,405,518		98.3	%		47,769,682		97.9	%
	Non-controlling interests consisting of:
	OP units held by employees and third parties		1,019,523		1.7	%		1,019,523		2.1	%

	Total		61,425,041		100	%		48,789,205		100	%

Investment_in_Unconsolidated_E1

Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Unconsolidated Investment

General information on the La Costa LLC and Bay Hill properties as of September 30, 2014 was as follows:

Unconsolidated Investment

Partner

Ownership Interest

Formation/

Property

Acquisition Date

La Costa LLC⁽¹⁾

GEM

September 7, 2012

La Costa Town Center

Bay Hill⁽²⁾

MDC

October 19, 2012

The Fountains at Bay Hill

(1)

(2)

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 2014
Discontinued Operations	'
	The following table provides information regarding the disposition of the properties:


			(in thousands)
	Property		Sales Price		Gain on Sale			Date of Sale		Acquisition Date
	Walgreens — North Corbin		$	4,514	$	1,129			7/19/13		5/24/10
	Grant Creek Town Center		$	32,343	$	10,926			9/13/13		8/27/10
	The results of operations for the properties are reported as discontinued operations for all periods presented in the accompanying condensed consolidated statements of operations. The following table summarizes the revenue and expense components that comprise income from discontinued operations (dollars in thousands):


			Three Months Ended					Nine Months Ended
			September 30,		September 30,			September 30,		September 30,
			2014		2013			2014		2013
	Total revenues		$	—	$	559		$	—	$	1,815
	Total expenses			—		214			—		1,334

	Income before non-controlling interests and gain on sale of real estate assets			—		345			—		481
	Gain on sale of real estate assets			—		11,974			—		11,974
	Non-controlling interest in discontinued operations⁽¹⁾			—		(248	)		—		(229	)

	Income from discontinued operations available to the common stockholders		$	—	$	12,071		$	—	$	12,226


	(1)	Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2014
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at September 30, 2014 (dollars in thousands):


			Balance at			Quoted Prices in			Significant Other			Significant
			December 31,			Active Markets			Observable			Unobservable Inputs
			2012			(Level 1)			Inputs (Level 2)			(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations		$	—		$	—		$	—		$	—
	Investment in equity securities⁽¹⁾			10,433			10,433			—			—

	Total		$	10,433		$	10,433		$	—		$	—

	The following table reflects the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, 2013 (dollars in thousands):


			Balance at			Quoted Prices in			Significant Other			Significant
			December 31,			Active Markets			Observable			Unobservable Inputs
			2013			(Level 1)			Inputs (Level 2)			(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations⁽²⁾		$	507		$	—		$	—		$	507


	-1	Amount reflects the Company’s investment in equity securities of publicly-traded companies, which are considered available-for-sale and recorded at fair value based upon the closing trading price of the equity security as of the balance sheet date.

	-2	Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.
Statement of Reconciliation of Financial Instruments Remeasured on Recurring Basis	'
	The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2014 (dollars in thousands):


			Other Assets
			Related to Business
			Combinations ⁽¹⁾
	Beginning balance, January 1, 2014		$	507
	Total gains: Included in earnings			—
	Purchases, issuances or settlements			(507	)

	Ending balance, September 30, 2014		$	—


	(1)	The change of $507,000 for other assets related to business combinations during the nine months ended September 30, 2014 is comprised of cash payments received on the master lease asset.

	The following table reconciles the beginning and ending balances of financial instruments that are remeasured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2013 (dollars in thousands):


			Other Assets			Contingent Consideration			Derivative Instruments
			Related to Business			Related to Business			Related to Business
			Combinations ⁽¹⁾			Combinations ⁽²⁾			Combinations ⁽³⁾
	Beginning balance, January 1, 2013		$	992		$	(1,787	)	$	(274	)
	Total gains: Included in earnings			6			1,562			246
	Purchases, issuances or settlements			(384	)		20			28

	Ending balance, September 30, 2013		$	614		$	(205	)	$	—


	(1)	The change of $378,000 for other assets related to business combinations during the nine months ended September 30, 2013 is comprised of payments received on the master lease assets and an increase in the estimated fair value of funds to be received from escrow of $6,000.

	(2)	The change of $1.6 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the condensed consolidated statements of operations). The remaining earn-out has a fair value of approximately $205,000 based on the funds due to the former owner, which were paid in full in October 2013.

	(3)	The change of $274,000 for derivative instruments related to business combinations during the nine months ended September 30, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.
Fair Values of Certain Additional Financial Assets and Liabilities	'
	The fair values of certain additional financial assets and liabilities at September 30, 2014 and December 31, 2013 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):


			September 30, 2014						December 31, 2013
			Carrying			Fair Value			Carrying			Fair Value
			Amount			Fair Value			Amount			Fair Value
	Financial assets:
	Note receivable (Other Assets)		$	—		$	—		$	750		$	750
	Financial liabilities:
	Mortgage notes payable			160,837			166,776			251,191			254,473
	Notes payable			56,000			55,487			179,500			179,500
	Unsecured notes			348,725			352,066			100,000			100,000

Segment_Disclosure_Tables

Segment Disclosure (Tables)	9 Months Ended
Segment Disclosure (Tables)	Sep. 30, 2014
Reconciliation of Company's Segment Operations Activity	'
	The following tables reconcile the Company’s segment activity to its consolidated results of operations and financial position for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):


			For the Three Months Ended								For the Nine Months Ended
			September 30,				September 30,				September 30,				September 30,
			2014				2013				2014				2013
	Office Properties:
	Total revenues		$	2,233			$	2,052			$	6,627			$	6,428
	Property operating expenses			(906	)			(906	)			(2,649	)			(2,593	)

	Property operating income, as defined			1,327				1,146				3,978				3,835
	Changes in fair value of contingent consideration			—				—				—				6
	General and administrative costs			(1	)			(9	)			(6	)			(16	)
	Depreciation and amortization			(905	)			(980	)			(2,708	)			(2,832	)
	Interest expense			—				(194	)			(191	)			(579	)

	Net income		$	421			$	(37	)		$	1,073			$	414

	Multi-family Properties:
	Total revenues		$	1,326			$	1,397			$	4,109			$	4,053
	Property operating expenses			(453	)			(675	)			(1,412	)			(1,374	)

	Property operating income, as defined			873				722				2,697				2,679
	General and administrative costs			(15	)			206				(39	)			(104	)
	Depreciation and amortization			(463	)			(460	)			(1,389	)			(2,298	)

	Net income (loss)		$	395			$	468			$	1,269			$	277

	Retail Properties:
	Total revenues		$	26,675			$	25,482			$	80,725			$	72,257
	Property operating expenses			(5,947	)			(6,137	)			(18,332	)			(16,622	)

	Property operating income, as defined			20,728				19,345				62,393				55,635
	Changes in fair value of contingent consideration			—				10				—				1,562
	General and administrative costs			(4,273	)			(3,596	)			(12,218	)			(10,416	)
	Depreciation and amortization			(9,844	)			(10,197	)			(30,322	)			(29,483	)
	Interest expense			(6,387	)			(4,534	)			(17,165	)			(13,172	)
	Interest income			103				49				205				146
	Income (loss) from equity in unconsolidated entities			75				12				240				(13	)
	Changes in fair value of financial instruments and gain on OP unit redemption			—				—				—				230

	Income from continuing operations			402				1,089				3,133				4,489
	Income from discontinued operations			—				12,319				—				12,455

	Net income		$	402			$	13,408			$	3,133			$	16,944

	Total Reportable Segments:
	Total revenues		$	30,234			$	28,931			$	91,461			$	82,738
	Property operating expenses			(7,306	)			(7,718	)			(22,393	)			(20,589	)

	Property operating income, as defined			22,928				21,213				69,068				62,149
	Changes in fair value of contingent consideration			—				10				—				1,568
	General and administrative costs			(4,289	)			(3,399	)			(12,263	)			(10,536	)
	Depreciation and amortization			(11,212	)			(11,637	)			(34,419	)			(34,613	)
	Interest expense			(6,387	)			(4,728	)			(17,357	)			(13,751	)
	Interest income			103				49				206				146
	Income (loss) from equity in unconsolidated entities			75				12				240				(13	)
	Changes in fair value of financial instruments and gain on OP unit redemption			—				—				—				230

	Income from continuing operations			1,218				1,520				5,475				5,180
	Income from discontinued operations			—				12,319				—				12,455

	Net income		$	1,218			$	13,839			$	5,475			$	17,635

Reconciliation to Condensed Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
Total net income for reportable segments		$	1,218			$	13,839			$	5,475			$	17,635
Net income attributable to non-controlling interests			(70	)			(356	)			(227	)			(489	)

Net income attributable to Excel Trust, Inc.		$	1,148			$	13,483			$	5,248			$	17,146

Reconciliation to Condensed Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
Total net income for reportable segments		$	1,218			$	13,839			$	5,475			$	17,635
Net income attributable to non-controlling interests			(91	)			(77	)			(274	)			(249	)

Net income attributable to Excel Trust, L.P.		$	1,127			$	13,762			$	5,201			$	17,386

Reconciliation of Company's Segment Financial Position Activity	'

			September 30,				December 31,
			2014				2013
	Assets:
	Office Properties:
	Total assets		$	63,477			$	67,273
	Multi-family Properties:
	Total assets			69,476				70,732
	Retail Properties:
	Total assets			1,261,474				1,080,816

	Total Reportable Segments & Consolidated Assets:
	Total assets		$	1,394,427			$	1,218,821

Organization_Additional_Inform

Organization - Additional Information (Detail) (Excel Trust, L.P.)	9 Months Ended
	Sep. 30, 2014
Excel Trust, Inc.	'
Percentage of ownership interest	98.30%
Limited Partners	'
Percentage of ownership interest	1.70%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 31, 2014

Dec. 31, 2013

Sep. 30, 2014

Aug. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2013

Sep. 30, 2014

Customer

Notes Receivable

Accrued Interest

Construction in progress

Scenario, Previously Reported

Revenue

Real Estate

Edwards Theatres property

Maximum

Minimum

Profit participation interests

California

Arizona

UTAH

Richmond, Virginia

Texas

Geographic Concentration Risk

Summary Of Significant Accounting Policies [Line Items]

Highly liquid investments, maturity period

'3 months

Deferred rents

$3,100,000

$3,500,000

Increase in Rental income

479,000

937,000

1,600,000

2,900,000

Straight-line rent adjustment

182,000

171,000

579,000

741,000

Annualized rate of return

12.00%

8.00%

Costs related to grants of profit participation interests

3,600,000

Cash payment for property

1,100,000

22,598,000

16,215,000

Conversion of note receivable

910,000

160,000

Redemption of third party interest Agreed payment

2,000,000

Settlement as a percentage of excess of estimated fair value of related real estate

35.00%

Long-lived assets, impairment recorded

Long-lived assets to be disposed, impairment recorded

Preferred stock purchase, shares

434,000

Preferred stock purchase, value

10,400,000

Allowances for uncollectible accounts

484,000

895,000

Bad debt expense

97,000

517,000

469,000

959,000

OP units tendered for redemption

19,904

Common stock issued in connection with redemption shares

22,074

Consideration Per OP unit

Additional gains due to changes in fair value of financial instruments and gain on OP unit redemption

246,000

Loss on OP unit redemption

16,000

Guarantee by Federal deposit insurance corporation

250,000

Concentration risk percentage

10.00%

21.50%

23.00%

15.00%

18.60%

13.70%

12.90%

12.10%

13.40%

11.40%

Number of tenant with more than 10% of revenue

Concentration risk percentage of revenue

23.90%

22.50%

17.60%

18.20%

13.70%

11.80%

14.70%

11.20%

Prior period adjustment

18,100,000

Additional paid-in capital

606,040,000

484,800,000

606,040,000

484,800,000

478,541,000

469,000,000

Retained earnings (deficit)

$1,570,000

Schedule_of_Estimated_Lives_of

Schedule of Estimated Lives of Assets (Detail)	9 Months Ended
Schedule of Estimated Lives of Assets (Detail)	Sep. 30, 2014
Property, Plant and Equipment [Line Items]	'
Tenant improvements	'Shorter of the useful lives or the terms of the related leases
Maximum	'
Property, Plant and Equipment [Line Items]	'
Building and improvements	'40 years
Minimum	'
Property, Plant and Equipment [Line Items]	'
Building and improvements	'15 years

Schedule_of_Investment_in_Secu

Schedule of Investment in Securities (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]	'
Equity securities, initial cost basis	$10,455
Gross unrealized gains	41
Gross unrealized losses	-63
Equity securities, fair value	$10,433	[1]

[1]	Determination of fair value is classified as Level 1 in the fair value hierarchy based on the use of quoted prices in active markets (see section entitled "Fair Value of Financial Instruments" below).

Amount_Reclassified_from_Accum

Amount Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Unrealized loss	'	$163	'	$476
Unrealized loss	'	'	-22	'
Net change in other comprehensive income	-22	'	-22	'
Ending Balance	-22	'	-22	'
Excel Trust, Inc.	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Beginning Balance	'	'	'	-572
Net change in other comprehensive income	'	'	-22	476
Total other comprehensive loss allocable to non-controlling interests	'	'	'	-11
Ending Balance	-22	-107	-22	-107
Excel Trust, Inc. \| Interest Rate Swaps	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Unrealized loss	'	'	'	-19
Amount reclassified and recognized in net income	'	'	'	495	[1]
Excel Trust, Inc. \| Available-for-sale Securities	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Unrealized loss	'	'	-22	'
Excel Trust, L.P.	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Beginning Balance	'	'	'	-620
Unrealized loss	'	163	'	476
Unrealized loss	-22	'	-22	'
Net change in other comprehensive income	'	'	-22	476
Ending Balance	-22	-144	-22	-144
Excel Trust, L.P. \| Interest Rate Swaps	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Unrealized loss	'	'	'	-19
Amount reclassified and recognized in net income	'	'	'	495	[1]
Excel Trust, L.P. \| Available-for-sale Securities	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Unrealized loss	'	'	($22)	'

[1]	Amounts reclassified from unrealized loss on derivative instruments are included in interest expense in the condensed consolidated statements of operations ($171,000 was recognized in interest expense for the three months ended September 30, 2013 - see Note 11).

Amount_Reclassified_from_Accum1

Amount Reclassified from Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (Interest Expense, Interest Rate Swaps, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Interest Expense \| Interest Rate Swaps	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'
Amounts reclassified from unrealized loss on derivative instruments	$171,000

Acquisitions_Detail

Acquisitions (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	Sep. 30, 2013	The Family Center at Fort Union		The Family Center at Orem		Tracy Pavilion	Stadium Center	League City Town Center	Living Spaces-Promenade
Business Acquisition [Line Items]	'	'		'		'	'	'	'
Property	'	'The Family Center at Fort Union	[1]	'The Family Center at Orem	[1]	'Tracy Pavilion	'Stadium Center	'League City Towne Center	'Living Spaces-Promenade	[2]
Date Acquired	'	26-Sep-14	[1]	26-Sep-14	[1]	24-Jan-13	1-Jul-13	1-Aug-13	27-Aug-13	[2]
Location	'	'Midvale, UT	[1]	'Orem, UT	[1]	'Tracy, CA	'Manteca, CA	'League City, TX	'Scottsdale, AZ	[2]
Debt Assumed	$8,204	'		'		'	'	'	$7,268	[2]

[1]	On September 26, 2014, the Company completed the acquisition of a portfolio of two retail shopping centers, which are located in Utah. The purchase price of $148.4 million was paid entirely in cash.
[2]	On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease.

Allocation_of_Purchase_Price_D

Allocation of Purchase Price (Detail) (USD $)

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

In Thousands, unless otherwise specified

In-Place Leases

The Family Center at Fort Union

The Family Center at Orem

Purchase Price At Acquisitions

Tracy Pavilion

Stadium Center

League City Town Center

Living Spaces-Promenade

Above Market Leases

In-Place Leases

Debt (Premium)/Discount

Business Acquisition [Line Items]

Building

$112,690

$77,288

$101,461

[1]

$11,229

[1]

$22,611

$28,872

$24,767

$1,038

[2]

Land

28,650

41,849

24,200

[1]

4,450

[1]

6,193

10,284

10,858

14,514

[2]

Above- Market Leases

875

1,360

875

[1]

163

882

315

Below-Market Leases

-11,344

-5,440

-11,048

[1]

-296

[1]

-1,136

-2,939

-1,249

-116

[2]

In-Place Leases

17,560

13,267

15,983

[1]

1,577

[1]

2,907

4,051

4,809

1,500

[2]

Debt (Premium)/Discount

-936

[2]

Other

[1]

[2]

Purchase Price

$148,431

$127,388

$131,471

[1]

$16,960

[1]

$30,738

$41,150

$39,500

$16,000

[2]

Remaining useful life

'76 months

'78 months

'69 months

[3]

'54 months

[3]

'78 months

[3]

'75 months

[3]

'76 months

[3]

Below market lease, useful life

'81 months

[3]

'108 months

[3]

[1]

As of September 30, 2014, the purchase price allocation related to the acquisition of the Family Center at Fort Union and Family Center at Orem properties was preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from the initial estimates.

[2]

On August 27, 2013, the Company acquired a land parcel that was previously not owned at The Promenade retail property in Scottsdale, Arizona (not considered a separate property). The land parcel contains a building, which was constructed by the tenant and is subject to a ground lease.

[3]

Weighted-average remaining useful life (months) for recorded intangible assets and liabilities as of the date of acquisition.

Allocation_of_Purchase_Price_P

Allocation of Purchase Price (Parenthetical) (Detail) (Retail Space, USD $)	0 Months Ended
In Millions, unless otherwise specified	Sep. 26, 2014
	Property
Retail Space	'
Business Acquisition [Line Items]	'
Date of acquisition	26-Sep-14
Number of businesses acquired	2
Purchase price for the acquisition, cash paid	$148.40

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
Acquisitions - Additional Information (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Revenues	$186,000	$2,600,000	$186,000	$3,900,000
Net (loss)/income	123,000	414,000	123,000	401,000
Purchase price of acquisition	148,431,000	127,388,000	148,431,000	127,388,000
Retail Space	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Purchase price of acquisition	59,500,000	'	59,500,000	'
Square footage	174,000,000,000	'	174,000,000,000	'
Payment of deposits related to properties under contract	'	'	$5,100,000	'
Date of acquisition	'	'	1-Oct-14	'

Pro_Forma_Information_Detail

Pro Forma Information (Detail) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Business Acquisition [Line Items]	'		'		'		'
Revenues	$33,508		$33,185		$102,146		$99,377
Net income (loss)	$2,153	[1]	$14,649	[1]	$8,004	[1]	$20,626	[1]
Earnings per share	($0.03)		$0.24		($0.04)		$0.25

[1]	Pro forma results for the three and nine months ended September 30, 2014 were adjusted to exclude non-recurring acquisition costs of approximately $291,000 related to the 2014 acquisitions. Pro forma results for the three and nine months ended September 30, 2013 were adjusted to exclude non-recurring acquisition costs of approximately $109,000 and $166,000, respectively, related to the 2013 acquisitions, but to include these costs relating to the 2014 acquisitions.

Pro_Forma_Information_Parenthe

Pro Forma Information (Parenthetical) (Detail) (USD $)	3 Months Ended		9 Months Ended
Pro Forma Information (Parenthetical) (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Nonrecurring Acquisition Cost	$291,000	$109,000	$291,000	$166,000

Lease_Intangible_Assets_Net_De

Lease Intangible Assets Net (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Lease intangibles, net	$81,796	$78,345
In-Place Leases	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Lease intangibles, net	50,057	47,058
Above Market Leases	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Lease intangibles, net	11,538	13,725
Leasing Commissions	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Lease intangibles, net	$20,201	$17,562

Lease_Intangible_Assets_Net_Pa

Lease Intangible Assets Net (Parenthetical) (Detail) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
In-Place Leases	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Net of accumulated amortization for lease intangible assets	$28.20	$26.70
Weighted average remaining life of lease intangible assets (in months)	'76 months	'78 months
Above Market Leases	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Net of accumulated amortization for lease intangible assets	8.6	7.5
Weighted average remaining life of lease intangible assets (in months)	'58 months	'62 months
Leasing Commissions	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Net of accumulated amortization for lease intangible assets	$8.30	$7.10
Weighted average remaining life of lease intangible assets (in months)	'95 months	'99 months

Estimated_Amortization_of_Leas

Estimated Amortization of Lease Intangible Assets (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Expected Amortization Expense [Line Items]	'	'
2014 (remaining three months)	$5,001	'
2015	16,847	'
2016	12,679	'
2017	10,383	'
2018	8,538	'
Thereafter	28,348	'
Total	$81,796	$78,345

Lease_Intangible_Assets_Net_Ad

Lease Intangible Assets Net - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization expense recorded on the lease intangible assets	'	'	($136)	$205
Leasing Commissions	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization expense recorded on the lease intangible assets	4,900	5,500	15,000	18,300
Above Market Leases	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization expense recorded on the lease intangible assets	$1,200	$1,000	$3,100	$3,600

Lease_Intangible_Liabilities_N2

Lease Intangible Liabilities Net (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Lease Intangible Liabilities, Net [Line Items]	'	'
Below-market leases, net of accumulated amortization of $9.9 million and $7.9 million as of September 30, 2014 and December 31, 2013, respectively (with a weighted-average remaining life of 108 and 123 months as of September 30, 2014 and December 31, 2013, respectively)	$36,260	$28,114

Lease_Intangible_Liabilities_N3

Lease Intangible Liabilities Net (Parenthetical) (Detail) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Lease Intangible Liabilities, Net [Line Items]	'	'
Accumulated amortization of lease intangible liabilities	$9.90	$7.90
Weighted average remaining life of lease intangible liabilities (in months)	'108 months	'123 months

Lease_Intangible_Liabilities_N4

Lease Intangible Liabilities Net - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Lease Intangible Assets, Net [Line Items]	'	'	'	'
Amortization of lease intangible liabilities	$928,000	$1,100,000	$3,200,000	$3,400,000

Estimated_Amortization_of_Leas1

Estimated Amortization of Lease Intangible Liabilities (Detail) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]	'
2014 (remaining three months)	$1,421
2015	5,264
2016	4,750
2017	4,378
2018	4,135
Thereafter	16,312
Total	$36,260

Variable_Interest_Entities_Add

Variable Interest Entities - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	sqft	Dec. 31, 2013
Variable Interest Entity [Line Items]	'	'
Joint venture ownership percentage	50.00%	'
Gross leaseable area	171,670	'
Total carrying amount of assets	$15.10	$15.50
Real estate assets	13.1	13.3
Total carrying amount of liabilities	$12.30	$12.40

Note_Receivable_Additional_Inf

Note Receivable - Additional Information (Detail) (USD $)	9 Months Ended			1 Months Ended		3 Months Ended
	Sep. 30, 2014	Aug. 31, 2014	Sep. 30, 2012	Aug. 31, 2014	Aug. 31, 2014	Sep. 30, 2014
				Notes Receivable Net Of Accrued Interest	Accrued Interest	Accrued Interest
				Construction in progress
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Amount of note receivable to an affiliate	'	'	$750,000	'	'	'
Redemption of third party interest Agreed payment	2,000,000	2,000,000	'	'	'	'
Conversion of note receivable	$910,000	'	'	$750,000	$160,000	$160,000

Mortgages_Payable_Net_Detail

Mortgages Payable Net (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Mortgage notes payable, net	$160,837		$251,191
Excel Trust, L.P.	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	159,749		249,894
Plus: (discount)/premium	1,088	[1]	1,297	[1]
Mortgage notes payable, net	160,837		251,191
Effective Interest Rate	0.05%		0.10%
Excel Trust, L.P. \| Living Spaces-Promenade	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	6,875		7,075
Contractual Interest Rate	7.88%		'
Effective Interest Rate	4.59%		'
Monthly Payment	80	[2]	'
Maturity Date	'2019-11		'
Excel Trust, L.P. \| Promenade Corporate Center	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	46,586		47,957
Contractual Interest Rate	4.80%		'
Effective Interest Rate	4.80%		'
Monthly Payment	344	[2]	'
Maturity Date	'2015-10		'
Excel Trust, L.P. \| Edwards Theatres	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	'		11,520
Excel Trust, L.P. \| Excel Centre	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	'		12,018
Excel Trust, L.P. \| Merchant Central	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	'		4,370
Excel Trust, L.P. \| Red Rock Commons	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	'		13,970
Excel Trust, L.P. \| Gilroy Crossing	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	'		45,836
Excel Trust, L.P. \| 5000 South Hulen	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	13,237		13,421
Contractual Interest Rate	5.60%		'
Effective Interest Rate	6.90%		'
Monthly Payment	83	[2]	'
Maturity Date	'2017-04		'
Excel Trust, L.P. \| Lake Pleasant Pavilion	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	27,597		27,855
Contractual Interest Rate	6.09%		'
Effective Interest Rate	5.00%		'
Monthly Payment	143	[2]	'
Maturity Date	'2017-10		'
Excel Trust, L.P. \| Rite Aid - Vestavia Hills	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	880		1,015
Contractual Interest Rate	7.25%		'
Effective Interest Rate	7.25%		'
Monthly Payment	21	[2]	'
Maturity Date	'2018-10		'
Excel Trust, L.P. \| West Broad Village	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	39,700	[3]	39,700	[3]
Contractual Interest Rate	3.33%	[3]	'
Effective Interest Rate	3.33%	[3]	'
Monthly Payment	110	[2],[3]	'
Maturity Date	'2020-05	[3]	'
Excel Trust, L.P. \| Lowe's, Shippensburg	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	12,874		13,157
Contractual Interest Rate	7.20%		'
Effective Interest Rate	7.20%		'
Monthly Payment	110	[2]	'
Maturity Date	'2031-10		'
Excel Trust, L.P. \| Northside Mall	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount of Mortgage Notes	12,000	[4]	12,000	[4]
Contractual Interest Rate	0.05%	[4]	'
Effective Interest Rate	1.05%	[4]	'
Monthly Payment	$1	[2],[4]	'
Maturity Date	'2035-11	[4]	'

[1]	Represents (a) the fair value adjustment on assumed debt on acquired properties at the time of acquisition to account for below- or above-market interest rates and (b) an underwriter's discount for the issuance of redevelopment bonds.
[2]	Amount represents the monthly payment of principal and interest at September 30, 2014.
[3]	The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.
[4]	The debt represents redevelopment revenue bonds to be used for the redevelopment of this property, which mature in November 2035. Interest is reset weekly and determined by the bond remarketing agent based on the market value of the bonds (interest rate of 0.05% at September 30, 2014 and 0.10% at December 31, 2013). The interest rate on the bonds is currently priced off of the Securities Industry and Financial Markets Association Index but could change based on the credit of the bonds. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company's unsecured revolving credit facility. An underwriter's discount related to the original issuance of the bonds with a remaining balance of $101,000 and $105,000 at September 30, 2014 and December 31, 2013, respectively, is being amortized as additional interest expense through November 2035.

Mortgages_Payable_Net_Parenthe

Mortgages Payable Net (Parenthetical) (Detail) (Excel Trust, L.P., USD $)	9 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Maturity date	6-Apr-18		'
Market value of bonds interest rate	0.05%		0.10%
Letter of credit issued under revolving credit facility	$12,100,000		'
Underwriter's discount related to original issuance of the bonds	$101,000		$105,000
Redevelopment revenue bonds	'		'
Debt Instrument [Line Items]	'		'
Maturity date	30-Nov-35		'
West Broad Village	'		'
Debt Instrument [Line Items]	'		'
Maturity date	1-May-20		'
Fixed interest rate of loan	3.33%		'
Market value of bonds interest rate	3.33%	[1]	'

[1]	The loan at the West Broad Village property was refinanced in April 2013 and bears a fixed rate of 3.33% with a new maturity date of May 1, 2020. Debt payments are interest-only through May 2016.

Debt_of_the_Operating_Partners

Debt of the Operating Partnership - Additional Information (Detail) (USD $)

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12-May-14

Sep. 30, 2014

12-May-14

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Two Thousand Twenty Four Senior Notes

Minimum

Excel Trust, L.P.

Two Thousand Twenty Four Senior Notes

London Interbank Offered Rate (LIBOR)

Minimum

Maximum

Series A Senior Notes

Series B Senior Notes

Credit Agreement

2013 Amendment

London Interbank Offered Rate (LIBOR)

Scenario, Adjustment

Minimum

Maximum

Line of Credit Facility [Line Items]

Total interest cost capitalized

$401,000

$34,000

$859,000

$50,000

Increase in borrowings under the credit facility

300,000,000

500,000,000

Increase in additional borrowings under revolving credit facility

200,000,000

Maturity date

15-May-24

6-Apr-18

Revolving credit facility, covenants requiring the maintenance

'(1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios.

Revolving credit facility bears interest

1.30%

0.90%

1.70%

Percentage of unused fee

0.25%

0.30%

Borrowings from revolving credit facility

56,000,000

179,500,000

Revolving credit facility, weighted-average interest rate

1.45%

1.67%

Letter of credit from the unsecured revolving credit facility

12,100,000

16,900,000

Carrying Amount of Debt Instrument

159,749,000

249,894,000

12,000,000

Available for borrowing under the unsecured revolving credit facility

222,500,000

Aggregate principal amount of senior unsecured notes

250,000,000

100,000,000

250,000,000

75,000,000

25,000,000

Debt maturity date

'2020-11

'2023-11

Debt fixed interest rate

4.40%

5.19%

Debt instrument stated percentage

4.63%

Percentage of debt issuance of the principal amount

99.48%

Yield percentage senior unsecured notes

4.69%

Interest payable description senior unsecured notes

'Interest is payable on May 15 and November 15 of each year beginning November 15, 2014 until the maturity date of May 15, 2024

Redemption price percentage of senior unsecured notes

100.00%

Underwriter's discount related to original issuance of the bonds

$101,000

$105,000

$1,600,000

Mortgage_Debt_Maturities_Detai

Mortgage Debt Maturities (Detail) (Excel Trust, L.P., USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Excel Trust, L.P.	'	'
Debt Instrument [Line Items]	'	'
2014 (remaining three months)	$971	'
2015	47,918	'
2016	2,362	'
2017	41,446	'
2018	2,196	'
Thereafter	64,856	'
Long-term Debt, Gross	$159,749	$249,894

Carrying_Value_of_Unsecured_No

Carrying Value of Unsecured Notes (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	12-May-14	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
In Thousands, unless otherwise specified			Two Thousand Twenty Four Senior Notes	Excel Trust, L.P.	Excel Trust, L.P.	Excel Trust, L.P.
						Two Thousand Twenty Four Senior Notes
Debt Instrument [Line Items]	'	'	'	'	'	'
Principal amount	'	'	$250,000	$100,000	'	$250,000
Unamortized debt discount	'	'	'	'	'	-1,275
Unsecured notes	$348,725	$100,000	'	$348,725	$100,000	$248,725

Earnings_Per_Share_of_the_Pare2

Earnings Per Share of the Parent Company - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
7.00% Series A cumulative convertible perpetual preferred stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	3,173,142	3,356,178	3,301,803	3,341,076
Preferred stock dividend rate percentage	7.00%	7.00%	7.00%	7.00%
Unvested Restricted Shares	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	727,230	657,873	568,594	683,922
Operating Partnership Units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	1,019,523	1,225,115	1,019,523	1,230,437

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Earnings Per Share (Parent Company) (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic earnings per Share:	'	'	'	'
Income from continuing operations	$1,218	$1,520	$5,475	$5,180
Preferred dividends	-2,501	-2,744	-7,989	-8,232
Cost of redemption of preferred stock	-1,477	'	-1,477	'
Allocation to participating securities	-124	-109	-373	-326
Income from continuing operations attributable to non-controlling interests	-70	-108	-227	-260
(Loss) income from continuing operations applicable to the common stockholders	-2,954	-1,441	-4,591	-3,638
Net (loss) income attributable to the common stockholders	-2,830	10,739	-4,218	8,914
Allocation to participating securities	-124	-143	-373	-326
Net (loss) income applicable to the common stockholders	($2,954)	$10,596	($4,591)	$8,588
Weighted-average common shares outstanding:	'	'	'	'
Basic and diluted	60,389	47,497	52,293	46,674
Basic and diluted earnings per share:	'	'	'	'
Loss from continuing operations per share attributable to the common stockholders	($0.05)	($0.03)	($0.09)	($0.08)
Income from discontinued operations per share attributable to the common stockholders	'	$0.25	'	$0.26
Net (loss) income per share attributable to the common stockholders	($0.05)	$0.22	($0.09)	$0.18

Earnings_Per_Unit_of_the_Opera

Earnings Per Unit of the Operating Partnership - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Unvested Restricted Shares	'	'	'	'
Computation Of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	727,230	657,873	568,594	683,922
Excel Trust, L.P.	'	'	'	'
Computation Of Earnings Per Share [Line Items]	'	'	'	'
Dividend rate on preferred Series A stock	7.00%	7.00%	7.00%	7.00%
Excel Trust, L.P. \| Unvested Restricted Shares	'	'	'	'
Computation Of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	727,230	657,873	568,594	683,922
Excel Trust, L.P. \| 7.00% Series A cumulative convertible perpetual preferred units	'	'	'	'
Computation Of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share	3,173,142	3,356,178	3,301,803	3,341,076

Computation_of_Basic_and_Dilut1

Computation of Basic and Diluted Earnings Per Share (Operating Partnership) (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic earnings per unit:	'	'	'	'
Income from continuing operations	$1,218	$1,520	$5,475	$5,180
Cost of redemption of preferred units	-1,477	'	-1,477	'
Allocation to participating securities	-124	-109	-373	-326
Income from continuing operations attributable to non-controlling interests	-70	-108	-227	-260
(Loss) income from continuing operations applicable to the common stockholders	-2,954	-1,441	-4,591	-3,638
Allocation to participating securities	-124	-109	-373	-326
Excel Trust, L.P.	'	'	'	'
Basic earnings per unit:	'	'	'	'
Income from continuing operations	1,218	1,520	5,475	5,180
Preferred distributions	-2,501	-2,744	-7,989	-8,232
Cost of redemption of preferred units	-1,477	'	-1,477	'
Allocation to participating securities	-124	-109	-373	-326
Income from continuing operations attributable to non-controlling interests	-91	-77	-274	-249
(Loss) income from continuing operations applicable to the common stockholders	-2,975	-1,410	-4,638	-3,627
Net (loss) income attributable to the unitholders	-2,851	11,018	-4,265	9,154
Allocation to participating securities	-124	-109	-373	-326
Net (loss) income applicable to the unitholders	($2,975)	$10,909	($4,638)	$8,828
Weighted-average common OP units outstanding:	'	'	'	'
Basic and diluted	61,409	48,722	53,494	47,905
Basic and diluted earnings per unit:	'	'	'	'
Loss from continuing operations per unit attributable to the unitholders	($0.05)	($0.03)	($0.09)	($0.08)
Income from discontinued operations per unit attributable to the unitholders	'	$0.25	'	$0.26
Net (loss) income per unit attributable to the unitholders	($0.05)	$0.22	($0.09)	$0.18

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2010
			Interest Rate Swaps
			Derivative
Derivative [Line Items]	'	'	'
Notional value of two pay-fixed interest rate swaps	'	'	$55,800,000
Weighted average interest rate	'	'	1.41%
Number of derivative instruments	'	'	2
Derivative financial instruments outstanding	0	0	'
Earnings attributable to hedge ineffectiveness	$0	$0	'

Companys_Derivative_Financial_

Company's Derivative Financial Instruments on Consolidated Statements of Operations (Detail) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Derivative [Line Items]	'	'
Amount of unrealized loss recognized in OCI (effective portion)	($7)	($19)
Amount of loss reclassified from accumulated OCI into income (effective portion)	-171	-495
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	'	230
Interest Rate Swaps	'	'
Derivative [Line Items]	'	'
Amount of unrealized loss recognized in OCI (effective portion)	-7	-19
Interest Rate Swaps \| Interest Expense	'	'
Derivative [Line Items]	'	'
Amount of loss reclassified from accumulated OCI into income (effective portion)	-171	-495
Other derivatives instrument \| changes in fair value of financial instruments and gain on OP unit redemption	'	'
Derivative [Line Items]	'	'
Amount of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	'	$230

Equity_of_the_Parent_Company_A

Equity of the Parent Company - Additional Information (Detail) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

Jun. 25, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Mar. 31, 2012

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Mar. 31, 2013

Sep. 30, 2014

Mar. 31, 2013

Person

Equity Distribution Agreements

7.00% Series A cumulative convertible perpetual preferred stock

8.125% Series B cumulative redeemable preferred stock

Maximum

Amended And Restated

Common Stock

Operating Partnership Units

Preferred Stock

Hundred Percentage Employee Deferrals

Fifty Percentage Employee Deferrals

Cumulative for Prior Year

Contingently Issuable Shares

Edwards Theatres

Maximum

Common Stock

Equity [Line Items]

Issuance of restricted common stock awards, shares

1,327,509

657,682

33,088

Forfeitures of restricted common stock awards, shares

466,864

489,864

Preferred stock dividend rate percentage

7.00%

8.13%

Preferred stock, liquidation preference per share

$25

Annual dividend on preferred stock

$1.75

$2.03

Outstanding shares

1,330,975

2,000,000

3,680,000

Preferred stock conversion rate

1.6667

Preferred stock conversion price per share, initial

$0.15

Closing price of common stock as minimum percentage of conversion price for conversion of preferred stock

140.00%

Minimum trading days for calculating closing price of common stock

'20 days

Number of consecutive trading days

'30 days

Stock repurchase program, stock reacquired and retired

105,775

669,025

Stock repurchase program, stock reacquired and retired cost

$1,400,000

$17,400,000

Stock repurchase program, common stock reacquired Weighted Average Price

$25.79

Cost of redemption of preferred stock

1,477,000

1,500,000

Series B preferred stock redeemable price on and after January 31, 2017

$25

Number of days to redeem the Series B preferred stock, in whole or in part

'120 days

Stock repurchase program, authorized amount

30,000,000

50,000,000

Stock repurchase program, remaining amount

24,700,000

95,000,000

Common stock offering price

50,000,000

100,000,000

Initial public offering shares

12,650,000

3,211,928

Net proceeds of Equity Distribution Agreements

40,700,000

Average stock issuance of Equity Distribution Agreements

$13.05

Number of sales agents

Operating partnership, units exchanged

12,650,000

3,211,928

Amount contributed to operating Partnership in exchange for OP units

40,700,000

Exercise of options, shares

1,650,000

Proceeds from issuance of common stock

160,600,000

Number of OP units issued in connection with acquisition

591,474

Issuance of additional shares of common stock

531,768

Cash payments for number of OP Units issued

1,900,000

Accrued dividend payable

10,700,000

178,000

2,500,000

Maximum number of shares issued under equity incentive award plan

2,850,000

Common stock available for issuance

1,522,491

Compensation expense recognized related to restricted common stock grants

1,200,000

583,000

3,100,000

1,700,000

Estimated forfeitures

Unrecognized compensation expense

6,900,000

1,600,000

Unrecognized compensation expense, weighted-average

'1 year 10 months 24 days

'1 year 1 month 6 days

Company matching contributions Percentage

100.00%

50.00%

Eligible Compensation Percentage

3.00%

2.00%

Costs related to the matching portion

$41,000

$39,000

$121,000

$113,000

Shares_of_Restricted_Common_St

Shares of Restricted Common Stock (Detail) (USD $)

0 Months Ended

9 Months Ended

Mar. 24, 2014

Mar. 18, 2014

Mar. 13, 2014

Mar. 18, 2014

Mar. 24, 2014

Mar. 07, 2014

Sep. 30, 2014

Members of Board of Directors

Other Employees

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Price at Grant Date

$12.56

[1]

$12.80

[2]

$12.89

[3]

$12.57

[4]

$12.77

Number

83,500

[1]

558,331

[2]

12,412

[3]

4,000

[4]

658,243

Vesting Period (yrs.)

'3 years

[1]

'1 year

[2]

'1 year

[3]

'3 years

[2]

'3 years

'4 years

[4]

[1]

Shares issued to certain of the Company's employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

[2]

Shares issued to senior management and other employees of the Company. A portion of the stock grants (452,500 shares of restricted common stock) vest over a three-year period and include performance or service conditions. The remaining stock grants (105,831 shares of restricted common stock) include a variety of performance and market conditions, with the restricted shares vesting at the discretion of the Parent Company's board of directors on December 31, 2014 based on the achievement of the Company's objectives during the year ended December 31, 2014.

[3]

Shares issued to members of the Company's board of directors. These shares vest in equal quarterly installments.

[4]

Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

Shares_of_Restricted_Common_St1

Shares of Restricted Common Stock (Parenthetical) (Detail)

0 Months Ended

9 Months Ended

0 Months Ended

Mar. 24, 2014

Mar. 18, 2014

Mar. 13, 2014

Mar. 24, 2014

Mar. 07, 2014

Sep. 30, 2014

Mar. 18, 2014

Members of Board of Directors

Restricted Stock

Performance or Service Conditions Based Awards

Stock Options That Contain Performance And Market Based Conditions

Members of Board of Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity Incentive Award Plan shares vesting period

'3 years

[1]

'1 year

[2]

'1 year

[3]

'3 years

'4 years

[4]

'3 years

Vesting percentage

33.00%

25.00%

Equity Incentive Award Plan, number of stock grants

83,500

[1]

558,331

[2]

12,412

[3]

4,000

[4]

658,243

452,500

105,831

Equity Incentive Award Plan, vesting date

31-Dec-14

[1]

Shares issued to certain of the Company's employees. These shares vest over a three-year period with 33% vesting in equal annual installments on December 31, 2014, 2015 and 2016.

[2]

[3]

Shares issued to members of the Company's board of directors. These shares vest in equal quarterly installments.

[4]

NonVested_Shares_of_Companys_R

Non-Vested Shares of Companys Restricted Common Stock (Detail) (Restricted Stock, USD $)	0 Months Ended		9 Months Ended
	Mar. 07, 2014		Sep. 30, 2014
Restricted Stock	'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'
Number of Unvested Shares of Restricted Common Stock, Beginning Balance	'		611,683
Number of Unvested Shares of Restricted Common Stock, Grants	4,000	[1]	658,243
Number of Unvested Shares of Restricted Common Stock, Forfeitures	'		-466,864
Number of Unvested Shares of Restricted Common Stock, Vested	'		-92,172	[2]
Number of Unvested Shares of Restricted Common Stock, Ending Balance	'		710,890
Weighted Average Grant Date Fair Value, Beginning Balance	'		$9.73
Weighted Average Grant Date Fair Value, Grants	$12.57	[1]	$12.77
Weighted Average Grant Date Fair Value, Forfeitures	'		$8.88
Weighted Average Grant Date Fair Value, Vested	'		$12.57	[2]
Weighted Average Grant Date Fair Value, Ending Balance	'		$12.74

[1]	Shares issued to certain of the Company's employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.
[2]	During the nine months ended September 30, 2014, 561 shares of common stock were surrendered to the Parent Company and subsequently retired in lieu of cash payments for taxes due on the vesting of restricted stock. The forfeiture of these shares is reflected in the accompanying condensed consolidated statements of equity and capital as a decrease of the total restricted common shares issued during each period presented.

NonVested_Shares_of_Companys_R1

Non-Vested Shares of Companys Restricted Common Stock (Parenthetical) (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock retired during the period	105,775	0
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock retired during the period	561	'

Equity_of_the_Operating_Partne2

Equity of the Operating Partnership - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jun. 25, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Edwards Theatres

7.00% Series A cumulative convertible perpetual preferred units

Excel Trust, L.P.

7.00% Series A cumulative convertible perpetual preferred units

8.125% Series B cumulative redeemable preferred units

General Partner's Capital

Excel Trust, Inc.

Equity [Line Items]

Operating Partnership, outstanding units

62,135,931

Percentage of ownership interest

98.30%

Preferred units, units outstanding

1,330,975

2,000,000

3,680,000

Preferred units dividend rate percentage

7.00%

8.13%

Number of OP units repurchased

105,775

669,025

Number of OP units repurchased, aggregate cost

$1,400,000

$17,400,000

Number of OP units repurchased, weighted average purchase price

$25.79

Cost of redemption of preferred stock

1,477,000

1,500,000

1,477,000

Number of OP units repurchased, weighted average purchase price

$12.52

Operating partnership, units issued

12,650,000

3,211,928

Operating partnership, net proceeds from units issued

160,592,000

41,098,000

160,600,000

40,700,000

Number of OP units issued in connection with acquisition

591,474

Issuance of additional shares of common stock

531,768

Cash payments for number of OP Units issued

$1,900,000

Vested_Ownership_Interests_in_

Vested Ownership Interests in Operating Partnership (Detail)	Sep. 30, 2014	Dec. 31, 2013
Equity [Line Items]	'	'
OP Units	61,425,041	48,789,205
Percentage of Total	100.00%	100.00%
Noncontrolling Interests	'	'
Equity [Line Items]	'	'
OP Units	1,019,523	1,019,523
Percentage of Total	1.70%	2.10%
Excel Trust, Inc.	'	'
Equity [Line Items]	'	'
OP Units	60,405,518	47,769,682
Percentage of Total	98.30%	97.90%

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities - Additional Information (Detail) (USD $)	9 Months Ended			0 Months Ended			0 Months Ended				9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Oct. 09, 2014	Sep. 30, 2014		Oct. 09, 2014	Oct. 09, 2014	Sep. 30, 2014		Sep. 30, 2014
		Excel Trust, Inc.	Excel Trust, Inc.	Subsequent Event	La Costa LLC		La Costa LLC	La Costa LLC	Bay Hill Property		Bay Hill Property
							Subsequent Event	Subsequent Event			Retail Space
								Excel Trust, Inc.
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'		'	'	'		'
Ownership interests percentage holding by company	'	'	'	'	20.00%	[1]	'	'	50.00%	[2]	50.00%
Ownership interests percentage holding by GEM Reality Capital Inc	'	98.30%	97.90%	'	80.00%		'	'	'		'
Investment in unconsolidated entity, percentage of cash flow distribution entitled to receive	20.00%	'	'	'	'		'	'	'		50.00%
Sales price	'	'	'	'	'		$31.60	$6.30	'		'
Gain on sale of investment in unconsolidated properties	'	'	'	$1.30	'		'	'	'		'
Investment in unconsolidated entity, percentage of results of operations entitled to recognize	'	'	'	'	'		'	'	'		50.00%
Remaining interest owned by third party	'	'	'	'	'		'	'	'		50.00%

[1]	At September 30, 2014, La Costa LLC had real estate assets of $23.6 million, total assets of $24.9 million, mortgages payable of $14.1 million and total liabilities of $14.4 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $385,000 and $1.2 million, total expenses were $384,000 and $1.2 million (including interest expense) and net loss was $274,000 and $726,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $430,000 and $2.7 million, total expenses were $798,000 and $3.3 million (including interest expense) and net loss was $368,000 and $632,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC's election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.
[2]	At September 30, 2014, Bay Hill had real estate assets of $36.5 million, total assets of $39.4 million, mortgages payable of $23.1 million and total liabilities of $25.1 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $959,000 and $2.9 million, total expenses were $508,000 and $1.6 million (including interest expense) and net income was $260,000 and $770,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $978,000 and $2.8 million, total expenses were $650,000 and $2.1 million (including interest expense) and net income was $174,000 and $230,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower's election and upon the satisfaction of certain conditions.

General_Information_on_La_Cost

General Information on La Costa LLC (Detail)	9 Months Ended
General Information on La Costa LLC (Detail)	Sep. 30, 2014
La Costa LLC	'
Investments in and Advances to Affiliates [Line Items]	'
Ownership Interest	20.00%	[1]
Formation/ Acquisition Date	7-Sep-12	[1]
Property	'La Costa Town Center	[1]
Bay Hill Property	'
Investments in and Advances to Affiliates [Line Items]	'
Ownership Interest	50.00%	[2]
Formation/ Acquisition Date	19-Oct-12	[2]
Property	'The Fountains at Bay Hill	[2]

[1]	At September 30, 2014, La Costa LLC had real estate assets of $23.6 million, total assets of $24.9 million, mortgages payable of $14.1 million and total liabilities of $14.4 million. At December 31, 2013, La Costa LLC had real estate assets of $23.4 million, total assets of $25.7 million, mortgages payable of $14.1 million and total liabilities of $14.5 million. Total revenues were $385,000 and $1.2 million, total expenses were $384,000 and $1.2 million (including interest expense) and net loss was $274,000 and $726,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $430,000 and $2.7 million, total expenses were $798,000 and $3.3 million (including interest expense) and net loss was $368,000 and $632,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note was assumed with the contribution of the property and bears interest at the rate of LIBOR plus a margin of 575 basis points (5.9% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of October 1, 2014, which may be extended for three additional one-year periods at La Costa LLC's election and upon the satisfaction of certain conditions (including the payment of an extension fee upon the exercise of the second and third renewal options, execution of an interest rate cap and the establishment of certain reserve accounts). La Costa LLC has also entered into an interest rate cap related to the mortgage note, which limits LIBOR to a maximum of 3.0% and expires on October 1, 2014.
[2]	At September 30, 2014, Bay Hill had real estate assets of $36.5 million, total assets of $39.4 million, mortgages payable of $23.1 million and total liabilities of $25.1 million. At December 31, 2013, Bay Hill had real estate assets of $37.0 million, total assets of $39.9 million, mortgages payable of $23.4 million and total liabilities of $25.6 million. Total revenues were $959,000 and $2.9 million, total expenses were $508,000 and $1.6 million (including interest expense) and net income was $260,000 and $770,000 for the three and nine months ended September 30, 2014, respectively. Total revenues were $978,000 and $2.8 million, total expenses were $650,000 and $2.1 million (including interest expense) and net income was $174,000 and $230,000 for the three and nine months ended September 30, 2013, respectively. The mortgage note assumed with the acquisition of the Bay Hill property bears interest at the rate of LIBOR plus a margin of 325 basis points (3.4% at each of September 30, 2014 and December 31, 2013). The mortgage note has a maturity date of April 2, 2015, which may be extended for two additional one-year periods at the borrower's election and upon the satisfaction of certain conditions.

General_Information_on_La_Cost1

General Information on La Costa LLC (Parenthetical) (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
La Costa LLC	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Real estate assets	$23,600,000	'	$23,600,000	'	$23,400,000
Total assets	24,900,000	'	24,900,000	'	25,700,000
Mortgages payable	14,100,000	'	14,100,000	'	14,100,000
Total liabilities	14,400,000	'	14,400,000	'	14,500,000
Total revenues	385,000	430,000	1,200,000	2,700,000	'
Total expenses	384,000	798,000	1,200,000	3,300,000	'
Net income (loss)	-274,000	-368,000	-726,000	-632,000	'
The mortgage note bears interest at the rate of LIBOR	'	'	5.90%	'	5.90%
The mortgage note bears interest at the rate of LIBOR plus a margin of stated basis points	5.75%	'	5.75%	'	5.75%
Mortgage note expires	'	'	1-Oct-14	'	'
Mortgage note, number of maturity date extension options	'	'	3	'	'
Mortgage note, potential maturity date extension period	'	'	'1 year	'	'
Interest rate cap related to mortgage note maximum	'	'	3.00%	'	'
Bay Hill Property	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Real estate assets	36,500,000	'	36,500,000	'	37,000,000
Total assets	39,400,000	'	39,400,000	'	39,900,000
Mortgages payable	23,100,000	'	23,100,000	'	23,400,000
Total liabilities	25,100,000	'	25,100,000	'	25,600,000
Total revenues	959,000	978,000	2,900,000	2,800,000	'
Total expenses	508,000	650,000	1,600,000	2,100,000	'
Net income (loss)	$260,000	$174,000	$770,000	$230,000	'
The mortgage note bears interest at the rate of LIBOR	'	'	3.40%	'	3.40%
The mortgage note bears interest at the rate of LIBOR plus a margin of stated basis points	3.25%	'	3.25%	'	3.25%
Mortgage note expires	'	'	2-Apr-15	'	'
Mortgage note, number of maturity date extension options	'	'	2	'	'
Mortgage note, potential maturity date extension period	'	'	'1 year	'	'

Discontinued_Operations_Additi

Discontinued Operations - Additional Information (Detail) (USD $)	Dec. 31, 2013	Jul. 19, 2013	Sep. 13, 2013
In Thousands, unless otherwise specified	Property	Walgreens North Corbin	Grant Creek Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Sales price	'	$4,500	$32,300
Number of properties	2	'	'

Properties_Sold_as_Portfolio_D

Properties Sold as Portfolio (Detail) (USD $)	3 Months Ended	9 Months Ended	0 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Jul. 19, 2013	Sep. 13, 2013	Dec. 31, 2013	Dec. 31, 2013
			Walgreens North Corbin	Grant Creek Town Center	Retail Properties	Retail Properties
					Walgreens North Corbin	Grant Creek Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'	'
Sales price	'	'	$4,500	$32,300	$4,514	$32,343
Gain on Sale	$11,974	$11,974	'	'	$1,129	$10,926
Date of Sale	'	'	'	'	19-Jul-13	13-Sep-13
Acquisition Date	'	'	'	'	24-May-10	27-Aug-10

Revenue_and_Expense_from_Disco

Revenue and Expense from Discontinued Operations (Detail) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'		'	'
Gain on sale of real estate assets	'	$11,974		'	$11,974
Retail Property	'	'		'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'		'	'
Total revenues	'	559		'	1,815
Total expenses	'	214		'	1,334
Income before non-controlling interests and gain on sale of real estate assets	'	345		'	481
Gain on sale of real estate assets	'	11,974		'	11,974
Non-controlling interest in discontinued operations	'	-248	[1]	'	-229	[1]
Income from discontinued operations available to the common stockholders	$0	$12,071		$0	$12,226

[1]	Amounts represent the portion of non-controlling interest related to OP units not held by the Parent Company that would be attributable to discontinued operations (no amounts would be allocable with respect to the condensed consolidated financial statements of the Operating Partnership).

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement to the related party	$67,000	$82,000	$227,000	$230,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (Minimum)	9 Months Ended
Income Taxes - Additional Information (Detail) (Minimum)	Sep. 30, 2014
Minimum	'
Income Tax Disclosure [Line Items]	'
Percentage of REIT taxable income distributed to stockholders	90.00%

Financial_Assets_and_Liabiliti

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Sep. 30, 2014		Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets related to business combinations	'		$507	[1]
Investment in equity securities	10,433	[2]	'
Total	10,433		'
Quoted Prices in Active Markets (Level 1)	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Investment in equity securities	10,433	[2]	'
Total	10,433		'
Significant Unobservable Inputs (Level 3)	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets related to business combinations	'		$507	[1]

[1]	Amount reflects the fair value of funds expected to be received pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company has estimated the fair value of the asset based on its expectations of the probability of leasing or releasing spaces within the term of the master lease agreements and corresponding estimates for time required to lease, lease rates and funds required for tenant improvements and lease commissions. This amount has been included in other assets in the accompanying condensed consolidated balance sheets, with subsequent changes in the fair value of the asset recorded as a gain (loss) in earnings in the period in which the change occurs.
[2]	Amount reflects the Company's investment in equity securities of publicly-traded companies, which are considered available-for-sale and recorded at fair value based upon the closing trading

Reconciliation_of_Financial_In

Reconciliation of Financial Instruments Remeasured on Recurring Basis (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013
Contingent Consideration Related to Business Combinations	'		'
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]	'		'
Beginning balance	'		($1,787)	[1]
Total gains included in earnings	'		1,562	[1]
Purchases, issuances, or settlements	'		20	[1]
Ending balance	'		-205	[1]
Derivative Instruments Related to Business Combinations	'		'
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]	'		'
Beginning balance	'		-274	[2]
Total gains included in earnings	'		246	[2]
Purchases, issuances, or settlements	'		28	[2]
Other Assets Related to Business Combinations	'		'
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]	'		'
Beginning balance	507	[3]	992	[4]
Total gains included in earnings	'		6	[4]
Purchases, issuances or settlements	-507	[3]	-384	[4]
Ending balance	'		$614	[4]

[1]	The change of $1.6 million for contingent consideration related to business combinations represents the reversal of a contingent liability related to the earn-out for one property as a result of a shortfall in expected leasing of vacant space at the property and a reduction in the contingent liability related to another property as a result of higher leasing costs than originally estimated (recognized as changes in fair value of contingent consideration in the condensed consolidated statements of operations). The remaining earn-out has a fair value of approximately $205,000 based on the funds due to the former owner, which were paid in full in October 2013.
[2]	The change of $274,000 for derivative instruments related to business combinations during the nine months ended September 30, 2013 is related to changes to the redemption provision for OP units issued in connection with the 2011 Edwards Theatres acquisition as a result of (a) a decrease of $246,000 due to recognition of a gain included in earnings related to changes in the fair value of the redemption obligation and (b) a decrease of $28,000 due to the redemption of corresponding OP units.
[3]	The change of $507,000 for other assets related to business combinations during the nine months ended September 30, 2014 is comprised of cash payments received on the master lease asset.
[4]	The change of $378,000 for other assets related to business combinations during the nine months ended September 30, 2013 is comprised of payments received on the master lease assets and an increase in the estimated fair value of funds to be received from escrow of $6,000.

Reconciliation_of_Financial_In1

Reconciliation of Financial Instruments Remeasured on Recurring Basis (Parenthetical) (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]	'	'
Change in other asset related to business combinations	$507,000	$378,000
Increase in the estimated fair value of funds to be received from escrow	'	6,000
Change in contingent consideration	'	1,600,000
Contingent Liability Fair Value	'	205,000
Changes on derivative instruments related to business combination	'	274,000
Amount of gain included in earnings related to changes in fair value of derivative liability	'	246,000
Decrease due to redemption of OP units	'	$28,000

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Financial assets:	'	'
Note receivable (Other Assets), Carrying Amount	'	$750
Note receivable (Other Assets), Fair Value	'	750
Financial liabilities:	'	'
Mortgages notes payable, Carrying Amount	160,837	251,191
Notes payable, Carrying Amount	56,000	179,500
Notes payable, Fair Value	55,487	179,500
Unsecured notes, Carrying Amount	348,725	100,000
Mortgage Notes Payable	'	'
Financial liabilities:	'	'
Debt, Fair Value	166,776	254,473
Unsecured Notes	'	'
Financial liabilities:	'	'
Debt, Fair Value	$352,066	$100,000

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended	0 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Oct. 16, 2014	Oct. 01, 2014	Oct. 23, 2014
			7.00% Series A cumulative convertible perpetual preferred stock	7.00% Series A cumulative convertible perpetual preferred stock	Subsequent Event	Subsequent Event	Subsequent Event
					7.00% Series A cumulative convertible perpetual preferred stock	Retail center	Lowes
						sqft
Subsequent Event [Line Items]	'	'	'	'	'	'	'
Business acquisition, area of land	'	'	'	'	'	340,000	'
Business acquisition, purchase price	'	'	'	'	'	$141,500,000	'
Business acquisition, cash payment	'	'	'	'	'	98,800,000	'
Business acquisition, assumption of mortgage note outstanding balance	'	'	'	'	'	42,700,000	'
Repurchase of preferred shares, value	105,775	0	669,025	669,025	150,000	'	'
Repurchase of preffered shares	1,400,000	'	17,400,000	17,400,000	3,800,000	'	'
Weighted-average purchase price per share	$25.79	'	$25.79	$25.79	$25	'	'
Sales of property	'	'	'	'	'	'	24,400,000
Gain on sale of property	'	'	'	'	'	'	$1,900,000

Segment_Disclosure_Additional_

Segment Disclosure - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Segment
Segment Reporting Information [Line Items]	'
Number of real estate property held by segment	3

Reconciliation_of_Companys_Seg

Reconciliation of Company's Segment Operations Activity (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	$30,234	$28,931	$91,461	$82,738
Property operating expenses	-22,807	-22,744	-69,075	-64,170
Property operating income, as defined	7,427	6,187	22,386	18,568
Changes in fair value of contingent consideration	'	10	'	1,568
General and administrative costs	-4,289	-3,399	-12,263	-10,536
Depreciation and amortization	-11,212	-11,637	-34,419	-34,613
Interest expense	-6,387	-4,728	-17,357	-13,751
Interest income	103	49	206	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	1,218	1,520	5,475	5,180
Income from discontinued operations	'	345	'	481
Net income (loss)	1,218	13,839	5,475	17,635
Net income attributable to non-controlling interests	-70	-356	-227	-489
Net income attributable to Excel Trust, Inc.	1,148	13,483	5,248	17,146
Office Properties	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	2,233	2,052	6,627	6,428
Property operating expenses	-906	-906	-2,649	-2,593
Property operating income, as defined	1,327	1,146	3,978	3,835
Changes in fair value of contingent consideration	'	'	'	6
General and administrative costs	-1	-9	-6	-16
Depreciation and amortization	-905	-980	-2,708	-2,832
Interest expense	'	-194	-191	-579
Net income (loss)	421	-37	1,073	414
Multi Family	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	1,326	1,397	4,109	4,053
Property operating expenses	-453	-675	-1,412	-1,374
Property operating income, as defined	873	722	2,697	2,679
General and administrative costs	-15	206	-39	-104
Depreciation and amortization	-463	-460	-1,389	-2,298
Net income (loss)	395	468	1,269	277
Retail Properties	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	26,675	25,482	80,725	72,257
Property operating expenses	-5,947	-6,137	-18,332	-16,622
Property operating income, as defined	20,728	19,345	62,393	55,635
Changes in fair value of contingent consideration	'	10	'	1,562
General and administrative costs	-4,273	-3,596	-12,218	-10,416
Depreciation and amortization	-9,844	-10,197	-30,322	-29,483
Interest expense	-6,387	-4,534	-17,165	-13,172
Interest income	103	49	205	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	402	1,089	3,133	4,489
Income from discontinued operations	'	12,319	'	12,455
Net income (loss)	402	13,408	3,133	16,944
Total Reportable Segments	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	30,234	28,931	91,461	82,738
Property operating expenses	-7,306	-7,718	-22,393	-20,589
Property operating income, as defined	22,928	21,213	69,068	62,149
Changes in fair value of contingent consideration	'	10	'	1,568
General and administrative costs	-4,289	-3,399	-12,263	-10,536
Depreciation and amortization	-11,212	-11,637	-34,419	-34,613
Interest expense	-6,387	-4,728	-17,357	-13,751
Interest income	103	49	206	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	1,218	1,520	5,475	5,180
Income from discontinued operations	'	12,319	'	12,455
Net income (loss)	1,218	13,839	5,475	17,635
Excel Trust, Inc.	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net income (loss)	1,218	13,839	5,475	17,635
Net income attributable to non-controlling interests	-70	-356	-227	-489
Net income attributable to Excel Trust, Inc.	1,148	13,483	5,248	17,146
Excel Trust, L.P.	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Total revenues	30,234	28,931	91,461	82,738
Property operating expenses	-22,807	-22,744	-69,075	-64,170
Property operating income, as defined	7,427	6,187	22,386	18,568
Changes in fair value of contingent consideration	'	10	'	1,568
General and administrative costs	-4,289	-3,399	-12,263	-10,536
Depreciation and amortization	-11,212	-11,637	-34,419	-34,613
Interest expense	-6,387	-4,728	-17,357	-13,751
Interest income	103	49	206	146
Income (loss) from equity in unconsolidated entities	75	12	240	-13
Changes in fair value of financial instruments and gain on OP unit redemption	'	'	'	230
Income from continuing operations	1,218	1,520	5,475	5,180
Income from discontinued operations	'	345	'	481
Net income (loss)	1,218	13,839	5,475	17,635
Net income attributable to non-controlling interests	-91	-77	-274	-249
Net income attributable to Excel Trust, Inc.	$1,127	$13,762	$5,201	$17,386

Reconciliation_of_Companys_Seg1

Reconciliation of Company's Segment Financial Operations Activity (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	$1,394,427	[1]	$1,218,821	[1]
Office Properties	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	63,477		67,273
Multi-family Property	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	69,476		70,732
Retail Properties	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	1,261,474		1,080,816
Total Reportable Segments & Consolidated Assets	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	$1,394,427		$1,218,821

[1]	Excel Trust, Inc.'s consolidated total assets at September 30, 2014 and December 31, 2013 include $15,146 and $15,470, respectively, of assets (primarily real estate assets) of a variable interest entity ("VIE") that can only be used to settle the liabilities of that VIE.