Excel Trust 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 29, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	EXL
Entity Registrant Name	EXCEL TRUST, INC.
Entity Central Index Key	1478950
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		63,403,152
Excel Trust, L.P.
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	EXCEL TRUST, L.P.
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Property:
Land	$433,635		$455,112
Buildings	860,390		921,604
Site improvements	83,222		87,305
Tenant improvements	65,484		70,549
Construction in progress	16,927		8,819
Less accumulated depreciation	-92,993		-90,543
Property, net	1,366,665		1,452,846
Cash and cash equivalents	5,525		6,603
Restricted cash	94,102		8,272
Tenant receivables, net	5,772		5,794
Lease intangibles, net	110,068		123,373
Deferred rent receivable	10,376		11,479
Other assets	20,404		32,081
Real estate held for sale, net of accumulated depreciation	27,295
Investment in unconsolidated entities	6,671		6,689
Total assets	1,646,878	[1]	1,647,137	[1]
Liabilities:
Mortgages payable, net	192,956		192,748
Notes payable	199,000		238,000
Unsecured notes	398,791		398,758
Accounts payable and other liabilities	37,920		34,338
Liabilities of real estate held for sale	2,207
Lease intangibles, net	37,439		42,470
Distributions payable	13,580		12,857
Total liabilities	881,893	[2]	919,171	[2]
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value, 200,000,000 shares authorized; 63,403,152 and 61,113,372 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	633		610
Additional paid-in capital	628,517		597,723
Retained Earnings	6,215
Accumulated other comprehensive gain			168
Total stockholders' equity	752,253		715,389
Non-controlling interests	12,732		12,577
Total equity	764,985		727,966
Partners' capital:
Accumulated other comprehensive gain			168
Total liabilities and capital	1,646,878		1,647,137
Excel Trust, L.P.
Property:
Land	433,635		455,112
Buildings	860,390		921,604
Site improvements	83,222		87,305
Tenant improvements	65,484		70,549
Construction in progress	16,927		8,819
Less accumulated depreciation	-92,993		-90,543
Property, net	1,366,665		1,452,846
Cash and cash equivalents	5,525		6,603
Restricted cash	94,102		8,272
Tenant receivables, net	5,772		5,794
Lease intangibles, net	110,068		123,373
Deferred rent receivable	10,376		11,479
Other assets	20,404		32,081
Real estate held for sale, net of accumulated depreciation	27,295
Investment in unconsolidated entities	6,671		6,689
Total assets	1,646,878	[3]	1,647,137	[3]
Liabilities:
Mortgages payable, net	192,956		192,748
Notes payable	199,000		238,000
Unsecured notes	398,791		398,758
Accounts payable and other liabilities	37,920		34,338
Liabilities of real estate held for sale	2,207
Lease intangibles, net	37,439		42,470
Distributions payable	13,580		12,857
Total liabilities	881,893	[4]	919,171	[4]
Commitments and contingencies
Stockholders' equity
Accumulated other comprehensive gain			171
Partners' capital:
Limited partners' capital	1,533		1,428
General partner's capital	644,128		606,982
Accumulated other comprehensive gain			171
Total partners' capital	762,549		725,469
Non-controlling interests	2,436		2,497
Total capital	764,985		727,966
Total liabilities and capital	1,646,878		1,647,137
7.00% Series A cumulative convertible perpetual preferred units | Excel Trust, L.P.
Partners' capital:
Preferred units	28,168		28,168
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	28,168		28,168
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 March 31, 2015 and December 31, 2014 include $40,302 and $39,783, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs.
[2]	Excel Trust, Inc.'s consolidated total liabilities at March 31, 2015 and December 31, 2014 include $968 and $823 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc.
[3]	Excel Trust, L.P.'s consolidated total assets at March 31, 2015 and December 31, 2014 include $40,302 and $39,783, respectively, of assets (primarily real estate assets) of two VIEs that can only be used to settle the liabilities of those VIEs.
[4]	Excel Trust, L.P.'s consolidated total liabilities at March 31, 2015 and December 31, 2014 include $968 and $823 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, L.P.

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
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	63,403,152		61,113,372
Common stock, shares outstanding	63,403,152		61,113,372
Total Asset	$1,646,878	[1]	$1,647,137	[1]
Total Liabilities	881,893	[2]	919,171	[2]
Excel Trust, L.P.
Total Asset	1,646,878	[3]	1,647,137	[3]
Total Liabilities	881,893	[4]	919,171	[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	63,403,152		61,113,372
General partner's capital, units outstanding	63,403,152		61,113,372
7.00% Series A cumulative convertible perpetual preferred stock
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	29,524		29,524
Liquidation preference, per share	$25		$25
Preferred stock, shares issued	1,180,975		1,180,975
Preferred stock, shares outstanding	1,180,975		1,180,975
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	40,302		39,783
Variable Interest Entities | Excel Trust, L.P.
Total Asset	40,302		39,783
Variable Interest Entities | Accounts Payable And Other Liabilities
Total Liabilities	968		823
Variable Interest Entities | Accounts Payable And Other Liabilities | Excel Trust, L.P.
Total Liabilities	968		823
7.00% Series A cumulative convertible perpetual preferred units | Excel Trust, L.P.
Preferred stock dividend rate percentage	7.00%		7.00%
Liquidation preference	29,524		29,524
Liquidation preference, per unit	$25		$25
Preferred units, units issued	1,180,975		1,180,975
Preferred units, units outstanding	1,180,975		1,180,975
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 March 31, 2015 and December 31, 2014 include $40,302 and $39,783, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs.
[2]	Excel Trust, Inc.'s consolidated total liabilities at March 31, 2015 and December 31, 2014 include $968 and $823 of accounts payable and other liabilities, respectively, that do not have recourse to Excel Trust, Inc.
[3]	Excel Trust, L.P.'s consolidated total assets at March 31, 2015 and December 31, 2014 include $40,302 and $39,783, respectively, of assets (primarily real estate assets) of two VIEs that can only be used to settle the liabilities of those VIEs.
[4]	Excel Trust, L.P.'s consolidated total liabilities at March 31, 2015 and December 31, 2014 include $968 and $823 of accounts payable and other liabilities, 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
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenue	$31,976	$24,908
Tenant recoveries	7,443	5,256
Other income	1,072	434
Total revenues	40,491	30,598
Expenses:
Maintenance and repairs	2,987	2,223
Real estate taxes	4,417	3,366
Management fees	643	518
Other operating expenses	2,732	1,731
General and administrative	4,348	3,815
Depreciation and amortization	17,266	11,796
Total expenses	32,393	23,449
Operating income	8,098	7,149
Interest expense	-7,551	-4,989
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	19,661
Net income	20,392	2,278
Net income attributable to non-controlling interests	-379	-83
Net income attributable to Parent	20,013	2,195
Preferred stock dividends	-2,385	-2,744
Net income (loss) attributable to the common stockholders	17,628	-549
Basic earnings (loss) per share	$0.28	($0.01)
Diluted earnings (loss) per share	$0.28	($0.01)
Basic	62,473,343	47,785,100
Diluted	64,986,554	47,785,100
Dividends declared per common share	$0.18	$0.18
Net income	20,392	2,278
Other comprehensive income:
Change in unrealized gain on investment in equity securities	137
Gain on sale of equity securities (reclassification adjustment)	-308
Comprehensive income	20,221	2,278
Comprehensive (income) loss attributable to non-controlling interests	-376	-83
Comprehensive income attributable to Excel Trust, Inc	19,845	2,195
Excel Trust, L.P.
Revenues:
Rental revenue	31,976	24,908
Tenant recoveries	7,443	5,256
Other income	1,072	434
Total revenues	40,491	30,598
Expenses:
Maintenance and repairs	2,987	2,223
Real estate taxes	4,417	3,366
Management fees	643	518
Other operating expenses	2,732	1,731
General and administrative	4,348	3,815
Depreciation and amortization	17,266	11,796
Total expenses	32,393	23,449
Operating income	8,098	7,149
Interest expense	-7,551	-4,989
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	19,661
Net income	20,392	2,278
Net income attributable to non-controlling interests	-90	-93
Net income attributable to Parent	20,302	2,185
Preferred operating unit distributions	-2,385	-2,744
Net income (loss) attributable to the unitholders	17,917	-559
Basic earnings (loss) per unit	$0.28	($0.01)
Diluted earnings (loss) per unit	$0.28	($0.01)
Basic	63,492,866	48,804,623
Diluted	66,006,077	48,804,623
Distributions declared per common operating partnership unit	$0.18	$0.18
Net income	20,392	2,278
Other comprehensive income:
Change in unrealized gain on investment in equity securities	137
Gain on sale of equity securities (reclassification adjustment)	-308
Comprehensive income	20,221	2,278
Comprehensive (income) loss attributable to non-controlling interests	-90	-93
Comprehensive income attributable to Excel Trust, Inc	$20,131	$2,185

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	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		7.00% Series A cumulative convertible perpetual preferred stock	8.125% Series B cumulative redeemable preferred stock
Balance at Dec. 31, 2013	$627,384	$47,703	$88,720	$482	$478,541			$615,446	$11,938
Balance (in shares) at Dec. 31, 2013				43,381,365
Repurchase of common stock	-1,407			-1	-1,406			-1,407
Net proceeds from sale of common stock (in shares)	0
Repurchase of common stock (in shares)				-105,775
Issuance of restricted common stock awards (in shares)				645,460
Issuance of restricted common stock awards				6	-6
Forfeiture of restricted common stock awards				-4	4
Forfeiture of restricted common stock awards ( in shares)				-465,864
Noncash amortization of share-based compensation	574				574			574
Common stock dividends	-8,479				-8,479			-8,479
Distributions to non-controlling interests	-326								-326
Net income	2,278					2,195		2,195	83
Preferred stock dividends	-2,744				-549	-2,195		-2,744
Adjustment for non-controlling interests					80			80	-80
Balance at Mar. 31, 2014	617,280	47,703	88,720	483	468,759			605,665	11,615
Balance (in shares) at Mar. 31, 2014				48,455,186
Balance at Dec. 31, 2014	727,966	28,168	88,720	610	597,723		168	715,389	12,577
Balance (in shares) at Dec. 31, 2014				61,113,372
Net proceeds from sale of common stock	29,868			22	29,846			29,868
Net proceeds from sale of common stock (in shares)	2,227,456			2,220,838
Issuance of restricted common stock awards (in shares)	1,393,451			152,137
Issuance of restricted common stock awards				2	-2
Forfeiture of restricted common stock awards				-1	1
Forfeiture of restricted common stock awards ( in shares)				-83,195
Noncash amortization of share-based compensation	1,063				1,063			1,063
Common stock dividends	-11,413					-11,413		-11,413
Distributions to non-controlling interests	-335								-335
Net income	20,392					20,013		20,013	379
Preferred stock dividends	-2,385					-2,385		-2,385
Change in unrealized gain on investment in equity securities	-171						-168	-168	-3
Adjustment for non-controlling interests					-114			-114	114
Balance at Mar. 31, 2015	$764,985	$28,168	$88,720	$633	$628,517	$6,215		$752,253	$12,732
Balance (in shares) at Mar. 31, 2015				63,403,152

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$20,392	$2,278
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,266	11,796
Gain on sale of real estate assets	-19,661
Gain on sale of equity securities	-308
(Income) loss from equity in unconsolidated entities	-134	-69
Deferred rent receivable	-761	-602
Amortization of above- and below-market leases	-619	-138
Amortization of deferred balances	509	333
Bad debt expense	449	206
Share-based compensation expense	1,063	574
Distributions from unconsolidated entities	202	154
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables	-531	1,205
Other assets	-1,289	-1,377
Accounts payable and other liabilities	3,086	296
Net cash provided by operating activities	19,664	14,656
Cash flows from investing activities:
Development of property and property improvements	-8,410	-4,921
Receipt of master lease payments		36
Capitalized leasing costs	-297	-269
Proceeds from the sale of equity securities	10,820
Restricted cash	-681	-388
Net cash provided by (used in) investing activities	1,432	-5,542
Cash flows from financing activities:
Issuance of common stock	30,544
Common stock offering costs	-626
Repurchase of common stock		-1,407
Payments on mortgages payable	-956	-12,557
Proceeds from mortgages payable	1,274
Payments on notes payable	-39,000
Proceeds from notes payable		18,500
Distribution to non-controlling interests	-329	-326
Preferred stock dividends	-2,386	-2,744
Common stock dividends	-10,695	-8,467
Deferred financing costs		-51
Net cash used in financing activities	-22,174	-7,052
Net (decrease) increase	-1,078	2,062
Cash and cash equivalents, beginning of period	6,603	3,245
Cash and cash equivalents, end of period	5,525	5,307
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	4,303	3,396
Non-cash investing and financing activity:
Disposition of real estate assets classified as a 1031 exchange (including gain on sale of real estate assets of $19,661)	85,341
Common stock dividends payable	11,412	8,479
Preferred stock dividends payable	1,984	2,287
OP unit distributions payable	184	178
Accrued additions to operating and development properties	10,457	3,971
Change in unrealized gain on investment in equity securities	171
Reclassification of assets to real estate held for sale	27,295
Reclassification of liabilities to liabilities of real estate held for sale	2,207
Excel Trust, L.P.
Cash flows from operating activities:
Net income	20,392	2,278
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,266	11,796
Gain on sale of real estate assets	-19,661
Gain on sale of equity securities	-308
(Income) loss from equity in unconsolidated entities	-134	-69
Deferred rent receivable	-761	-602
Amortization of above- and below-market leases	-619	-138
Amortization of deferred balances	509	333
Bad debt expense	449	206
Share-based compensation expense	1,063	574
Distributions from unconsolidated entities	202	154
Change in assets and liabilities (net of the effect of acquisitions):
Tenant and other receivables	-531	1,205
Other assets	-1,289	-1,377
Accounts payable and other liabilities	3,086	296
Net cash provided by operating activities	19,664	14,656
Cash flows from investing activities:
Development of property and property improvements	-8,410	-4,921
Receipt of master lease payments		36
Capitalized leasing costs	-297	-269
Proceeds from the sale of equity securities	10,820
Restricted cash	-681	-388
Net cash provided by (used in) investing activities	1,432	-5,542
Cash flows from financing activities:
Issuance of common OP units	29,918
Payments on mortgages payable	-956	-12,557
Proceeds from mortgages payable	1,274
Payments on notes payable	-39,000
Proceeds from notes payable		18,500
Distribution to non-controlling interests	-151	-148
Deferred financing costs		-51
Net cash used in financing activities	-22,174	-7,052
Net (decrease) increase	-1,078	2,062
Cash and cash equivalents, beginning of period	6,603	3,245
Cash and cash equivalents, end of period	5,525	5,307
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	4,303	3,396
Non-cash investing and financing activity:
Disposition of real estate assets classified as a 1031 exchange (including gain on sale of real estate assets of $19,661)	85,341
Accrued additions to operating and development properties	10,457	3,971
Change in unrealized gain on investment in equity securities	171
Reclassification of assets to real estate held for sale	27,295
Reclassification of liabilities to liabilities of real estate held for sale	2,207
Excel Trust, L.P. | Common Stock
Cash flows from financing activities:
Repurchase of common OP units		-1,407
OP unit distributions	-10,873	-8,645
Non-cash investing and financing activity:
OP unit distributions payable	11,596	8,657
Excel Trust, L.P. | Preferred Stock
Cash flows from financing activities:
OP unit distributions	-2,386	-2,744
Non-cash investing and financing activity:
OP unit distributions payable	$1,984	$2,287

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
1031 exchange gain on sale of real estate	$19,661
Excel Trust, L.P.
1031 exchange gain on sale of real estate	$19,661

Recovered_Sheet1

Condensed Consolidated Statements of Capital (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Net proceeds from issuance of common OP units	$29,868
Repurchase of common OP units		-1,400
Net proceeds from sale of common OP units (in shares)	2,227,456	0	0
Repurchase of common OP units (in units)	0	-105,775
Net income (loss)	20,392	2,278
Change in unrealized loss on investment in equity securities	-171
Excel Trust, L.P.
Beginning balance	727,966	627,384	627,384
Net proceeds from issuance of common OP units	29,868
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
Noncash amortization of share-based compensation	1,063	574
OP unit distributions	-14,133	-11,549
Net income (loss)	20,392	2,278
Change in unrealized loss on investment in equity securities	-171
Ending balance	764,985	617,280
Excel Trust, L.P. | Common OP Units
Repurchase of common OP units		-1,407
Excel Trust, L.P. | Preferred Operating Partnership Units | 7.00% Series A cumulative convertible perpetual preferred units
Beginning balance	28,168	47,703	47,703
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
OP unit distributions	-516	-875
Net income (loss)	516	875
Ending balance	28,168	47,703
Excel Trust, L.P. | Preferred Operating Partnership Units | 8.125% Series B cumulative redeemable preferred units
Beginning balance	88,720	88,720	88,720
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
OP unit distributions	-1,869	-1,869
Net income (loss)	1,869	1,869
Ending balance	88,720	88,720
Excel Trust, L.P. | Limited Partners
Beginning balance	1,428	2,166	2,166
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
OP unit distributions	-184	-178
Net income (loss)	289	-10
Ending balance	1,533	1,978
Excel Trust, L.P. | Limited Partners | Common Operating Partnership
Beginning balance (in units)	1,019,523	1,019,523	1,019,523
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
Ending balance (in units)	1,019,523	1,019,523
Excel Trust, L.P. | General Partner's Capital
Beginning balance	606,982	487,134	487,134
Net proceeds from issuance of common OP units	29,868
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
Noncash amortization of share-based compensation	1,063	574
OP unit distributions	-11,413	-8,479
Net income (loss)	17,628	-549
Ending balance	644,128	477,273
Excel Trust, L.P. | General Partner's Capital | Common OP Units
Repurchase of common OP units		-1,407
Excel Trust, L.P. | General Partner's Capital | Common Operating Partnership
Beginning balance (in units)	61,113,372	48,381,365	48,381,365
Net proceeds from sale of common OP units (in shares)	2,220,838
Forfeiture of restricted common OP unit awards	0	0
Forfeiture of restricted common OP unit awards (in units)	-83,195	-465,864
Issuance of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards (in units)	152,137	645,460
Ending balance (in units)	63,403,152	48,455,186
Excel Trust, L.P. | General Partner's Capital | Common Operating Partnership | Common OP Units
Repurchase of common OP units (in units)		-105,775
Excel Trust, L.P. | Accumulated Other Comprehensive Loss
Beginning balance	171
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
Change in unrealized loss on investment in equity securities	-171
Ending balance	0
Excel Trust, L.P. | Total Partners' Capital
Beginning balance	725,469	625,723	625,723
Net proceeds from issuance of common OP units	29,868
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
Noncash amortization of share-based compensation	1,063	574
OP unit distributions	-13,982	-11,401
Net income (loss)	20,302	2,185
Change in unrealized loss on investment in equity securities	-171
Ending balance	762,549	615,674
Excel Trust, L.P. | Total Partners' Capital | Common OP Units
Repurchase of common OP units		-1,407
Excel Trust, L.P. | Noncontrolling Interests
Beginning balance	2,497	1,661	1,661
Forfeiture of restricted common OP unit awards	0	0
Issuance of restricted common OP unit awards	0	0
OP unit distributions	-151	-148
Net income (loss)	90	93
Ending balance	$2,436	$1,606

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, owned a 98.4% interest in the Operating Partnership. The remaining 1.6% 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

3 Months Ended

Mar. 31, 2015

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, 2014. 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 three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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.

A variable interest holder is considered to be the primary beneficiary of a VIE if it 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.

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. The balance at March 31, 2015 also includes approximately $85.6 million of net proceeds from the disposition of the Family Center at Orem property on January 30, 2015 and the Promenade Corporate Center property on March 11, 2015 (see Note 13). The dispositions were classified as exchanges pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds are restricted as to their usage. The Company currently expects to utilize the funds to provide for a portion of the purchase price for the acquisition of a retail center property located in Turlock, California (see Note 3).

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $2.7 million and $3.0 million at March 31, 2015 and December 31, 2014, 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 $761,000 and $602,000 in the three months ended March 31, 2015 and 2014, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $263,000 and $215,000 in the three months ended March 31, 2015 and 2014, 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 a percentage interest in the positive 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. As of March 31, 2015, the Company has recorded $3.2 million for payments expected to be made related to the grants of these profit participation interests within construction in progress for the respective projects under development. The Company recognized a charge to earnings of approximately $327,000 related to changes in the estimated amount owed as of March 31, 2015, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income.

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 three months ended March 31, 2015 or for the year ended December 31, 2014.

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 the 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. 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, new product initiatives and new collaborative agreements.

During the year ended December 31, 2014, the Company purchased approximately 436,000 shares of preferred stock in public companies within the real estate industry for an initial cost basis of approximately $10.5 million. During the three months ended March 31, 2015, the Company sold all of its investments in equity securities based on a specific identification of the shares sold. The sales resulted in net proceeds of approximately $10.8 million and the recognition of a gain on sale of approximately $308,000, which is included in other income in the accompanying condensed consolidated statements of operations and comprehensive income.

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

March 31,

December 31,

2015

2014

Equity securities, initial cost basis

$

—

$

10,512

Gross unrealized gains

—

185

Gross unrealized losses

—

(14

)

Equity securities, fair value(1)

$

—

$

10,683

(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 March 31, 2015, 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 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 March 31, 2015 and December 31, 2014, the Company had $936,000 and $521,000, 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 March 31, 2015 and 2014, $449,000, and $206,000, 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.

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 months ended March 31, 2015 and 2014, no tenant accounted for more than 10% of revenues.

At March 31, 2015, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 24.4%, 14.0%, 13.1%, 12.4%, 12.0% and 10.2%, respectively, of the Company’s total assets. At December 31, 2014, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 23.8%, 14.2%, 12.5%, 12.4%, 11.7% and 11.4% of the Company’s total assets, respectively. For the three months ended March 31, 2015, the Company’s revenues derived from properties located in the states of California, Arizona, Florida, Texas and Utah represented approximately 20.8%, 16.4%, 14.3%, 11.6% and 10.5%, respectively, of the Company’s total revenues. For the three months ended March 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 27.7%, 19.2%, 15.9% and 13.1%, 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. 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.

The Company’s investments in equity securities fall within Level 1 of the fair value hierarchy as the Company utilizes observable market-based inputs, based on the closing trading price of securities as of the balance sheet date, to determine the fair value of the investments.

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 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 three months ended March 31, 2015 and 2014 (dollars in thousands):

Parent Company

Operating Partnership

Three Months Ended

Three Months Ended

March 31,

March 31,

March 31,

March 31,

2015

2014

2015

2014

Balance – January 1

$

168

$

—

$

171

$

—

Unrealized gain on investment in equity securities:

Amount reclassified and recognized in net income(1)

(171

)

—

(171

)

—

Net change in other comprehensive income (loss)

(3

)

—

—

—

Total other comprehensive loss allocable to non-controlling interests

3

—

—

—

Balance – March 31

$

—

$

—

$

—

$

—

-1

Amounts reclassified from unrealized gain on investment in equity securities are included in other income in the condensed consolidated statements of operations ($171,000 was recognized as part of the overall gain realized from the liquidation of the Company’s investments for the three months ended March 31, 2015 – see discussion of changes in investments in equity securities above).

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. In April 2015, the FASB proposed deferring the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently assessing the impact, if any, of the adoption of ASU 2014-09 on its consolidated financial position and results of operations.

In February 2015, the FASB issued ASC 2015-02, Consolidation – Amendment to the Consolidation Analysis (“ASU 2015-2”). This standard (1) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (2) eliminates the presumption that a general partner should consolidate a limited partnership, (3) affects the consolidation analysis of reporting entities that are involved in VIEs, particularly those that have fee arrangements and related party relationships and (4) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 under the Investment Company Act of 1940. The standard is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2015-02 on its consolidated financial position.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2015-03 on its consolidated financial position.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Acquisitions	3. Acquisitions:
	During the fourth quarter of 2014, the Company acquired the Riverpoint Marketplace and Highland Reserve properties and recorded preliminary allocations of the purchase prices to the assets acquired and liabilities assumed based on provisional measurements of fair value. During the three months ended March 31, 2015, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The adjustments did not have a significant impact on the Company’s consolidated financial statements. Therefore, the adjustments were not retrospectively applied to the consolidated financial statements contained herein. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014 and the finalized allocations as adjusted as of March 31, 2015 (dollars in thousands):
		Original Purchase			Adjustments			Final Purchase
		Price Allocations						Price Allocations
	Land	$	16,450		$	(240	)	$	16,210
	Building		75,199			(576	)		74,623
	Above-Market Leases		962			(6	)		956
	Below-Market Leases		(5,927	)		1,918			(4,009	)
	In-Place Leases		9,636			(1,096	)		8,540
	Total Purchase Price	$	96,320		$	—		$	96,320
	In March 2015, the Company entered into a purchase agreement to acquire a retail property, located in Turlock, California for approximately $129.0 million. The property comprises approximately 410,000 square feet of gross leasable area (“GLA”). The acquisition of this property is expected to close during the second quarter of 2015, but is 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.

Lease_Intangible_Assets_Net

Lease Intangible Assets, Net	3 Months Ended
	Mar. 31, 2015
Lease Intangible Assets, Net	4. Lease Intangible Assets, Net
	Lease intangible assets, net consisted of the following at March 31, 2015 and December 31, 2014:
		March 31,		December 31,
		2015		2014
		(in thousands)
	In-place leases, net of accumulated amortization of $30.2 million and $31.1 million as of March 31, 2015 and December 31, 2014, respectively (with a weighted-average remaining life of 75 and 74 months as of March 31, 2015 and December 31, 2014, respectively)	$	68,910	$	78,336
	Above-market leases, net of accumulated amortization of $8.5 million and $8.8 million as of March 31, 2015 and December 31, 2014, respectively (with a weighted-average remaining life of 71 and 69 months as of March 31, 2015 and December 31, 2014, respectively)		15,319		16,436
	Leasing commissions, net of accumulated amortization of $8.7 million as of March 31, 2015 and December 31, 2014 (with a weighted-average remaining life of 92 and 93 months as of March 31, 2015 and December 31, 2014, respectively)		25,839		28,601
		$	110,068	$	123,373
	Estimated amortization of lease intangible assets as of March 31, 2015 for each of the next five years and thereafter is as follows (dollars in thousands):
	Year Ending December 31,	Amount
	2015 (remaining nine months)	$	19,012
	2016		19,025
	2017		15,904
	2018		13,397
	2019		10,311
	Thereafter		32,419
	Total	$	110,068
	Amortization expense recorded on the lease intangible assets for the three months ended March 31, 2015 and 2014 was $8.4 million and $5.3 million, respectively. Included in these amounts are $1.1 million and $1.0 million, respectively, of amortization of above-market lease intangible assets recorded against rental revenue.

Lease_Intangible_Liabilities_N

Lease Intangible Liabilities, Net	3 Months Ended
	Mar. 31, 2015
Lease Intangible Liabilities, Net	5. Lease Intangible Liabilities, Net
	Lease intangible liabilities, net consisted of the following at March 31, 2015 and December 31, 2014:
		March 31,		December 31,
		2015		2014
		(in thousands)
	Below-market leases, net of accumulated amortization of $11.0 million as of March 31, 2015 and December 31, 2014 (with a weighted-average remaining life of 107 and 116 months as of March 31, 2015 and December 31, 2014, respectively)	$	37,439	$	42,470
	Amortization recorded on the lease intangible liabilities for the three months ended March 31, 2015 and 2014 was $1.7 million and $1.1 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 March 31, 2015 for each of the next five years and thereafter is as follows (dollars in thousands):
	Year Ending December 31,	Amount
	2015 (remaining nine months)	$	4,344
	2016		5,075
	2017		4,708
	2018		4,297
	2019		3,785
	Thereafter		15,230
	Total	$	37,439

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2015
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 GLA located in Dothan, Alabama.
	Also included within the condensed consolidated financial statements is the 80% owned joint venture with West Broad Marketplace, 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 are expected to principally consist of owning and developing a vacant land parcel and then operating a retail shopping center expected to contain approximately 405,000 square feet of GLA upon completion, located in Richmond, Virginia.
	As of March 31, 2015 and December 31, 2014, the combined total carrying amount of assets of the Company’s VIEs was approximately $40.3 million and $39.8 million, respectively, which includes approximately $38.3 million and $37.1 million, respectively, of real estate assets at the end of each period. As of March 31, 2015 and December 31, 2014, the total carrying amount of liabilities was approximately $38.6 million and $37.9 million, respectively.

Debt

Debt (Excel Trust, L.P.)	3 Months Ended
	Mar. 31, 2015
Excel Trust, L.P.
Debt	7. 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 March 31, 2015 and December 31, 2014 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		March 31,			December 31,			(March 31, 2015)			(March 31, 2015)
			2015			2014
	The Promenade		$	45,645		$	46,125			4.8	%		4.8	%		344		Nov-15
	5000 South Hulen			13,110			13,174			5.6	%		6.9	%		83		Apr-17
	Lake Pleasant Pavilion			27,418			27,513			6.09	%		5	%		143		Oct-17
	West Broad Marketplace(2)			3,045			1,772			2.49	%		2.49	%		2		Jan-18
	Rite Aid — Vestavia Hills			785			833			7.25	%		7.25	%		21		Oct-18
	Living Spaces-Promenade			6,667			6,667			7.88	%		4.59	%		80		Nov-19
	West Broad Village			39,700			39,700			3.33	%		3.33	%		110		May-20
	Downtown at the Gardens			42,276			42,545			4.6	%		4	%		253		Jul-22
	Northside Mall(3)			12,000			12,000			0.03	%		1.03	%		1		November 2035
				190,646			190,329
	Plus: premium(4)			2,310			2,419
	Mortgage notes payable, net		$	192,956		$	192,748
	(1)	Amount represents the monthly payment of principal and interest at March 31, 2015.
	(2)	In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for two additional one-year periods through January 2020 upon the payment of an extension fee. The construction loan bears interest at the rate of LIBOR plus a margin of 230 basis points (interest rate of 2.49% at both March 31, 2015 and December 31, 2014).
	(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 0.03% at March 31, 2015 and 0.05% at December 31, 2014). 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 $99,000 and $100,000 at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and 2014 was $265,000 and $195,000, respectively.
	The Company’s mortgage debt maturities at March 31, 2015 for each of the next five years and thereafter are as follows (dollars in thousands):
	Year Ending December 31,		Amount
	2015 (remaining nine months)		$	47,650
	2016			3,070
	2017			42,192
	2018			5,995
	2019			6,390
	Thereafter			85,349
			$	190,646
	Term Loan
	The Operating Partnership’s term loan agreement (the “Term Loan”) entered into in December 2014 has a borrowing capacity of up to $50.0 million. The Term Loan bears interest at the rate of LIBOR plus a margin of 115 basis points and has an initial maturity date of June 30, 2015, which may be extended for an additional five months at the Operating Partnership’s option and upon the payment of an extension fee. Outstanding borrowings may be prepaid by the Operating Partnership in whole or in part at any time prior to the maturity date with three days prior notice. Under the Term Loan, the Operating Partnership is subject to the same covenants as those required under the Company’s unsecured revolving credit facility (as noted below). Borrowings under the Term Loan were $50.0 million (included in the balance of notes payable in the accompanying condensed consolidated balance sheets) at both March 31, 2015 and December 31, 2014, with an interest rate of 1.33% and 1.32% at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015, the Operating Partnership believes that it was in compliance with all financial covenants in the Term Loan.
	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 is subject to covenants requiring, among other things, the maintenance of (1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios. At March 31, 2015, the Operating Partnership believes that it was in compliance with all financial covenants in the credit agreement.
	As of March 31, 2015, 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 March 31, 2015), depending on the Parent Company’s credit rating. As of March 31, 2015, the Operating Partnership was responsible for paying a fee of 0.25% or 0.30% on the full capacity of the facility. Borrowings under the unsecured revolving credit facility were $199.0 million and $238.0 million with a weighted-average interest rate of 1.48% and 1.47% at March 31, 2015 and December 31, 2014, 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 March 31, 2015, there was approximately $84.1 million available for borrowing under the unsecured revolving credit facility.
	Unsecured Notes
	Unsecured Senior Notes due 2020 and 2023
	As of March 31, 2015, 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
	As of March 31, 2015, the Operating Partnership had outstanding $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.
	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 carrying value of the Notes due 2024 as of March 31, 2015 and December 31, 2014 was as follows (in thousands):
			March 31,			December 31,
			2015			2014
			(in thousands)
	Principal amount		$	250,000		$	250,000
	Unamortized debt discount			(1,209	)		(1,242	)
			$	248,791		$	248,758
	Certain of the instruments evidencing the above-described indebtedness of the Operating Partnership contain certain covenants that, among other things, limit the Company’s ability to consummate a merger (including, in some cases, the Mergers described below in Note 19), consolidation or sale of all or substantially all of its assets or incur additional indebtedness.

Earnings_Per_Share_of_the_Pare

Earnings Per Share of the Parent Company	3 Months Ended
	Mar. 31, 2015
Earnings Per Share of the Parent Company	8. 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 (losses).
	The calculation of diluted earnings per share for the three months ended March 31, 2015 does not include 1,019,523 OP units, as the effect of including these equity securities was anti-dilutive to net income attributable to the common stockholders. The calculation of diluted earnings per share for the three months ended March 31, 2014 does not include 225,675 shares of unvested restricted common stock or 1,019,523 OP units, as the effect of including these equity securities was anti-dilutive to net loss attributable to the common stockholders. In addition, 3,367,200 shares of common stock, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Stock (“Series A preferred stock”) for the three months ended March 31, 2014, respectively, 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 months ended March 31, 2015 and 2014 (in thousands, except share data) were as follows:
		Three Months Ended
		March 31,			March 31,
		2015			2014
	Basic earnings per share:
	Net income (loss) attributable to the common stockholders	$	17,628		$	(549	)
	Allocation to participating securities		(131	)		(132	)
	Income (loss) applicable to the common stockholders	$	17,497		$	(681	)
	Diluted earnings per share:
	Income (loss) applicable to the common stockholders	$	17,497		$	(681	)
	Series A preferred stock dividend		516			—
	Allocation to participating securities		131			—
	Income (loss) available to the common stockholders	$	18,144		$	(681	)
	Weighted-average common shares outstanding:
	Basic		62,473,343			47,785,100
	Common stock issuable upon conversion of the Series A preferred stock		2,010,735			—
	Restricted common stock		502,476			—
	Diluted		64,986,554			47,785,100
	Basic and diluted earnings per share:
	Net income (loss) share available to the common stockholders - basic	$	0.28		$	(0.01	)
	Net income (loss) share available to the common stockholders - diluted	$	0.28		$	(0.01	)
Excel Trust, L.P.
Earnings Per Share of the Parent Company	9. 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 (losses).
	The calculation of diluted earnings per unit for the three months ended March 31, 2014 does not include 225,675 unvested restricted OP units 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, 3,367,200 OP units, which were issuable upon settlement of the conversion feature of the 7.00% Series A Cumulative Convertible Perpetual Preferred Units (“Series A preferred units”) for the three months ended March 31, 2015 and 2014, respectively, 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 months ended March 31, 2015 and 2014 (in thousands, except unit data) were as follows:
		Three Months Ended
		March 31,			March 31,
		2015			2014
	Basic earnings per unit:
	Net income (loss) attributable to the unitholders	$	17,917		$	(559	)
	Allocation to participating securities		(131	)		(132	)
	Income (loss) applicable to the unitholders	$	17,786		$	(691	)
	Diluted earnings per unit:
	Income (loss) applicable to the unitholders	$	17,786		$	(691	)
	Series A preferred unit dividend		516			—
	Allocation to participating securities		131			—
	Income (loss) available to the unitholders	$	18,433		$	(691	)
	Weighted-average common OP units outstanding:
	Basic		63,492,866			48,804,623
	OP units issuable upon conversion of the Series A preferred units		2,010,735			—
	Restricted OP units		502,476			—
	Diluted		66,006,077			48,804,623
	Basic and diluted earnings per share:
	Net income (loss) per unit available to the unitholders - basic	$	0.28		$	(0.01	)
	Net income (loss) per unit available to the unitholders - diluted	$	0.28		$	(0.01	)

Equity_of_the_Parent_Company

Equity of the Parent Company	3 Months Ended
	Mar. 31, 2015
Equity of the Parent Company	10. Equity of the Parent Company
	The Parent Company has issued restricted stock awards to senior executives, directors and employees totaling 1,393,451 shares of common stock (net of forfeitures and unvested awards of 576,059 shares), which are included in the total shares of common stock outstanding as of March 31, 2015.
	As of March 31, 2015, the Parent Company had outstanding 1,180,975 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 March 27, 2015 (the ex-dividend date), the conversion rate was adjusted to 1.7041 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 March 31, 2015, 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. Since April 1, 2014, the Parent Company has had the option to convert some or all of the Series A preferred stock into common 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.
	As of March 31, 2015, 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). During the three months ended March 31, 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. The repurchased shares of common stock were subsequently retired by the Parent Company. No stock was repurchased during the three months ended March 31, 2015. As of March 31, 2015, approximately $20.9 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 permit the Parent Company to issue and sell shares of its common stock 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 three months ended March 31, 2014, the Parent Company did not issue any shares pursuant to the Equity Distribution Agreements. During the three months ended March 31, 2015, the Parent Company issued 2,227,456 shares of common stock pursuant to the Equity Distribution Agreements, resulting in net proceeds of approximately $30.2 million at an average stock issuance price of $13.75 per share. The net proceeds of $30.2 million were contributed to the Operating Partnership in exchange for 2,227,456 OP units. As of March 31, 2015, approximately $64.4 million remained available under the Equity Distribution Agreements to issue and sell shares of the Parent Company’s common stock.
	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. 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 March 31, 2015, the Parent Company accrued for a dividend of $11.4 million payable to the common stockholders of record, a dividend of $2.4 million payable to the preferred stockholders of record and a distribution of $184,000 payable to the holders of OP units of record as of March 31, 2015, each of which was paid in April 2015.
	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 1,456,549 shares of common stock remained available for issuance as of March 31, 2015).
	The following shares of restricted common stock were issued during the three months ended March 31, 2015:
	Grant Date		Price at Grant			Number		Vesting
			Date					Period (yrs.)
	January 14, 2015(1)		$	13.9			122,862		1, 3
	February 9, 2015(2)		$	13.81			24,275		1, 3
	March 3, 2015(3)		$	13.79			5,000		3
	(1)	Shares issued to senior management and other employees of the Company. A portion of the stock grants (102,962 shares of restricted common stock) vest over a one-year period and 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, 2015 based on the achievement of the Company’s objectives during the year ended December 31, 2015. The remaining stock grants (19,900 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
	(2)	Shares issued to certain of the Company’s employees. A portion of the stock grants (4,575 shares of restricted common stock) vested immediately upon grant and a portion (11,000 shares of restricted common stock) vest over a one-year period and include performance or service conditions. The remaining stock grants (8,700 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
	(3)	Shares issued to certain of the Company’s employees. These shares vest in equal annual installments on December 31, 2015, 2016 and 2017.
	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 months ended March 31, 2015 and 2014 of $1.1 million and $574,000, respectively, related to the restricted common stock grants ultimately expected to vest. 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.
	As of March 31, 2015 and December 31, 2014, there was approximately $5.3 million and $5.1 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of March 31, 2015 and December 31, 2014, this expense was expected to be recognized over a weighted-average remaining period of 1.1 and 1.8 years, respectively.
			Number of Unvested			Weighted-
			Shares of			Average Grant
			Restricted			Date Fair Value
			Common Stock
	Balance - January 1, 2015			427,580		$	12.78
	Grants			152,137		$	13.88
	Forfeitures/Expirations(1)			(83,195	)	$	12.96
	Vested			(28,541	)	$	12.43
	Balance - March 31, 2015			467,981		$	13.1
	(1)	During the three months ended March 31, 2015, 6,618 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 common shares or common operating partnership units issued during each period presented.
	Profit Participation Interests
	Agreements to provide profit participation interests related to development projects at certain properties are treated as stock-based compensation awards granted to a non-employee, which are classified as liabilities. The liability awards are carried at the greater of the grant date fair value or the estimated amount that would be owed if the obligation were to be settled as of the reporting date. There were no new profit participation interests awards granted during the three months ended March 31, 2015. The current estimated settlement values for each of the profit participation interests are based on discounted cash flow models for each of the individual development projects subject to the awards. The critical assumptions utilized in those models at March 31, 2015 were the discount rates (ranging from 14.1% to 14.6%) and terminal capitalization rates (ranging from 7.85% to 8.25%). Other relevant assumptions in the models included estimates of remaining costs to complete construction and rental rate and lease-up assumptions. At March 31, 2015, obligations related to profit participation interests in the amount of approximately $3.2 million are included in other liabilities in the accompanying condensed consolidated balance sheets.
	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 December 31, 2014. Costs related to the matching portion of the plan for the three months ended March 31, 2015 and 2014 were approximately $45,000 and $39,000, respectively.

Equity_of_the_Operating_Partne

Equity of the Operating Partnership	3 Months Ended
	Mar. 31, 2015
Equity of the Operating Partnership	11. Equity of the Operating Partnership
	As of March 31, 2015, the Operating Partnership had outstanding 64,422,675 OP units. The Parent Company owned 98.4% of the partnership interests in the Operating Partnership at March 31, 2015, 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 March 31, 2015, the Operating Partnership had outstanding 1,180,975 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 March 31, 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 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 three months ended March 31, 2015.
	During the year ended December 31, 2014, the Operating Partnership did not issue any OP units to the Parent Company in connection with the Equity Distribution Agreements. During the three months ended March 31, 2015, the Operating Partnership issued 2,227,456 OP units to the Parent Company in exchange for net proceeds of approximately $30.2 million in connection with the Equity Distribution Agreements.
	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.
	The following table shows the vested partnership interests in the Operating Partnership as of March 31, 2015 and December 31, 2014:
		March 31, 2015					December 31, 2014
		OP		Percentage			OP		Percentage
		Units		of Total			Units		of Total
	Excel Trust, Inc.		62,935,171		98.4	%		60,685,792		98.3	%
	Non-controlling interests consisting of:
	OP units held by employees and third parties		1,019,523		1.6	%		1,019,523		1.7	%
	Total		63,954,694		100	%		61,705,315		100	%

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2015
Investment in Unconsolidated Entities	12. Investment in Unconsolidated Entities
	The Company 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 Bay Hill property as of March 31, 2015 is as follows:
	Unconsolidated Investment		Partner		Ownership Interest			Formation/	Property
								Acquisition Date
	Bay Hill(1)			MDC		50	%	October 19, 2012	The Fountains at Bay Hill
	(1)	At March 31, 2015, Bay Hill had real estate assets of $36.2 million, total assets of $39.2 million, mortgages payable of $23.8 million and total liabilities of $25.7 million. At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. Total revenues were $905,000, total expenses were $637,000 (including interest expense) and net income was $268,000 for the three months ended March 31, 2015. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of December 1, 2021.

Property_Dispositions_and_Prop

Property Dispositions and Property Held for Sale	3 Months Ended
	Mar. 31, 2015
Property Dispositions and Property Held for Sale	13. Property Dispositions and Property Held for Sale
	On January 30, 2015, the Company completed the disposition of The Family Center at Orem property (part of the retail properties reporting segment) for a sales price of approximately $21.5 million, excluding closing costs. On March 11, 2015, the Company completed the disposition of its Promenade Corporate Center property (part of the office properties reporting segment) for a sales price of approximately $65.0 million, excluding closing costs. As a result of these sales, the Company recognized a gain on sale of real estate assets of approximately $19.7 million, which is reflected in the accompanying condensed consolidated statements of operations and comprehensive income as gain on sale of real estate assets.
	The Promenade Corporate Center property did not represent a significant portion of the Company’s operating portfolio of properties, but it constituted a significant portion of the office properties reporting segment – comprising approximately 98.2% and 58.5% of the net income generated by that reporting segment for the three months ended March 31, 2015 and 2014 (the primary reason for the increase in the Promenade Corporate Center property’s proportionate share of net income for the segment was the recognition of a gain on sale of approximately $15.2 million for the three months ended March 31, 2015).
	The results of operations for the Promenade Corporate Center property (partial period for the three months ended March 31, 2015) were as follows (dollars in thousands):
		Three Months
		Ended
		March 31,
		2015			2014
	Total revenues	$	1,129		$	1,389
	Property operating expenses		(533	)		(672	)
	Property net operating income		596			717
	General and administrative		(7	)		(3	)
	Depreciation and amortization		(356	)		(583	)
	Gain on sale of real estate assets		15,198			—
	Net income	$	15,431		$	131
	As of March 31, 2015, the Company had executed agreements for the sale of two of its retail properties (part of the retail properties reporting segment), the Rosewick Crossing property (located in La Plata, Maryland) and the Cedar Square property (located in Duncanville, Texas) for a combined sales price of approximately $33.5 million (the sale of the Rosewick Crossing property was completed subsequent to quarter-end – see Note 19). As a result, the properties have been classified as held for sale on the accompanying condensed consolidated balance sheets.
	The major classes of assets and liabilities of the properties classified as held for sale as of March 31, 2015 were as follows (dollars in thousands):
		March 31,
		2015
	Real estate held for sale:
	Land	$	12,310
	Buildings		10,025
	Site/Tenant improvements		3,428
	Accumulated depreciation		(2,100	)
	Property, net		23,663
	Restricted cash		192
	Tenant receivables, net		73
	Lease intangibles, net		1,839
	Deferred rent receivable		492
	Other assets		1,036
	Real estate held for sale, net of accumulated depreciation	$	27,295
	Liabilities of real estate held for sale:
	Accounts payable and other liabilities	$	1,400
	Lease intangibles, net		807
	Liabilities of real estate held for sale	$	2,207
	The sales of The Family Center at Orem and Promenade Corporate Center properties during the three months ended March 31, 2015 and the classification of the Rosewick Crossing and Cedar Square properties as held for sale as of March 31, 2015 did not meet the criteria for classification as discontinued operations as these properties did not individually or collectively constitute a significant component of the Company or represent a strategic shift that would have a major impact on the Company’s operations and financial results.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions	14. Related Party Transactions
	Subsequent to the Parent Company’s initial public offering, many of the employees of Excel Realty Holdings, LLC (“ERH”) 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 March 31, 2015 and 2014, approximately $96,000 and $76,000, respectively, was reimbursed to the Company from ERH and included in other income in the accompanying condensed consolidated statements of operations.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes	15. 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	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies	16. 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.
	On April 22, 2015, a purported class action was filed in the Superior Court of the State of California, County of San Diego, against the Company, the Operating Partnership, Blackstone, BRE Retail Centers Holdings LP, BRE Retail Centers Corp, BRE Retail Centers LP and the members of our board of directors alleging, among other things, that the directors breached their fiduciary duties to the stockholders of the company in connection with the proposed Mergers. In addition, the lawsuit alleges that the Company, the Operating Partnership, Blackstone, BRE Retail Centers Holdings LP, BRE Retail Centers Corp and BRE Retail Centers LP aided and abetted the purported breaches of fiduciary duty. The complaint seeks, among other things, to enjoin the completion of the Mergers.
	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, West Broad Marketplace and Southlake Park Village).

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value of Financial Instruments	17. 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 were required to be measured at fair value on a recurring basis at March 31, 2014 (dollars in thousands):
			Balance at			Quoted Prices in		Significant Other		Significant
			March 31, 2014			Active Markets		Observable		Unobservable Inputs
						(Level 1)		Inputs (Level 2)		(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations		$	471		$	—	$	—	$	471
	-1	Amount reflected the fair value of funds expected to be received as of March 31, 2014 pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company 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 was 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 occurred. The remaining balance was fully collected during 2014 and no balance remained as of March 31, 2015.
	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 March 31, 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			(36	)
	Ending balance, March 31, 2014		$	471
	(1)	The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 was comprised of cash payments received on the master lease asset.
	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 three months ended March 31, 2015 and 2014.
	The Company has not elected the fair value measurement option for any of its other financial assets or liabilities. The Company has estimated 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 has estimated 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 financial instruments not included in this table are estimated to be equal to their carrying amounts.
	The fair values of certain additional financial assets and liabilities at March 31, 2015 and December 31, 2014 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):
			March 31, 2015					December 31, 2014
			Carrying			Fair Value		Carrying		Fair Value
			Amount					Amount
	Financial liabilities:
	Mortgage notes payable		$	192,956		$	197,080	$	192,748	$	195,729
	Notes payable			199,000			197,395		238,000		235,940
	Unsecured notes			348,791			365,764		348,758		353,662
	Term loan			50,000			50,000		50,000		50,000

Segment_Disclosure

Segment Disclosure	3 Months Ended
	Mar. 31, 2015
Segment Disclosure	18. 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 months ended March 31, 2015 and 2014 (dollars in thousands):
		For the Three Months Ended
		March 31,			March 31,
		2015			2014
	Office Properties:
	Total revenues	$	1,901		$	2,161
	Property operating expenses		(717	)		(853	)
	Property operating income, as defined		1,184			1,308
	General and administrative costs		(18	)		(5	)
	Depreciation and amortization		(656	)		(892	)
	Interest expense		—			(187	)
	Gain on sale of real estate assets		15,198			—
	Net income	$	15,708		$	224
	Multi-family Properties:
	Total revenues	$	1,350		$	1,401
	Property operating expenses		(462	)		(453	)
	Property operating income, as defined		888			948
	General and administrative costs		(14	)		(14	)
	Depreciation and amortization		(463	)		(463	)
	Net income	$	411		$	471
	Retail Properties:
	Total revenues	$	37,240		$	27,036
	Property operating expenses		(9,600	)		(6,532	)
	Property operating income, as defined		27,640			20,504
	General and administrative costs		(4,316	)		(3,796	)
	Depreciation and amortization		(16,147	)		(10,441	)
	Interest expense		(7,551	)		(4,802	)
	Interest income		50			49
	Income (loss) from equity in unconsolidated entities		134			69
	Gain on sale of real estate assets		4,463			—
	Net income	$	4,273		$	1,583
	Total Reportable Segments:
	Total revenues	$	40,491		$	30,598
	Property operating expenses		(10,779	)		(7,838	)
	Property operating income, as defined		29,712			22,760
	General and administrative costs		(4,348	)		(3,815	)
	Depreciation and amortization		(17,266	)		(11,796	)
	Interest expense		(7,551	)		(4,989	)
	Interest income		50			49
	Income (loss) from equity in unconsolidated entities		134			69
	Gain on sale of real estate assets		19,661			—
	Net income	$	20,392		$	2,278
	Reconciliation to Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
	Total net income for reportable segments	$	20,392		$	2,278
	Net income attributable to non-controlling interests		(379	)		(83	)
	Net income attributable to Excel Trust, Inc.	$	20,013		$	2,195
	Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
	Total net income for reportable segments	$	20,392		$	2,278
	Net income attributable to non-controlling interests		(90	)		(93	)
	Net income attributable to Excel Trust, L.P.	$	20,302		$	2,185
		March 31,			December 31,
		2015			2014
	Assets:
	Office Properties:
	Total assets	$	13,052		$	62,747
	Multi-family Properties:
	Total assets		68,561			68,982
	Retail Properties:
	Total assets		1,565,265			1,515,408
	Total Reportable Segments & Consolidated Assets:
	Total assets	$	1,646,878		$	1,647,137

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events	19. Subsequent Events
	Merger Agreement
	On April 9, 2015, the Parent Company and the Operating Partnership entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BRE Retail Centers Holdings LP (“BRE Retail Centers”), BRE Retail Centers Corp and BRE Retail Centers LP, which are affiliates of Blackstone Property Partners L.P. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, the Parent Company will merge with and into BRE Retail Centers Corp (the “Company Merger”), and BRE Retail Centers LP will merge with and into the Operating Partnership (the “Partnership Merger” and, together with the Company Merger, the “Mergers”). Upon completion of the Company Merger, BRE Retail Centers Corp will survive and the separate corporate existence of the Parent Company will cease. Upon completion of the Partnership Merger, the Operating Partnership will survive and the separate existence of BRE Retail Centers LP will cease. The Merger Agreement, the Mergers and the other transactions contemplated thereby were unanimously approved by the Parent Company’s board of directors.
	Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Company Merger, each share of the Parent Company’s common stock issued and outstanding immediately prior to the effective time of the Company Merger will be converted into the right to receive an amount in cash equal to $15.85 per share, without interest (the “Merger Consideration”). The Parent Company will be permitted to pay one additional common stock dividend of $0.18 per share payable in July 2015, but, under the terms of the Merger Agreement, not for any quarter thereafter.
	In addition, immediately prior to the effective time of the Company Merger, each restricted share granted under the 2010 Plan will be fully vested and non-forfeitable, and all shares of the Parent Company’s common stock represented thereby will be considered outstanding and subject to the right to receive the Merger Consideration.
	At BRE Retail Centers’ request, the Parent Company will deliver a notice of fundamental change and a notice of redemption to the holders of the Series A preferred stock in accordance with the Articles Supplementary relating to the Series A preferred stock (the “Series A Articles Supplementary”). The redemption notice will state that, if a holder of the Series A preferred stock chooses not to exercise the special conversion right described in the notice of fundamental change, each share of Series A preferred stock held by such holder immediately prior to the effective time of the Company Merger will be redeemed in the Company Merger through the payment of an amount, without interest, equal to the greater of (1) the Fundamental Change Redemption Price (as defined in the Series A Articles Supplementary) and (2) the product of (x) the Merger Consideration multiplied by (y) the number of shares of the Parent Company’s common stock issuable if a holder of Series A preferred stock converted such share of Series A preferred stock at the applicable conversion rate on the fundamental change conversion date specified in the fundamental change notice.
	In addition, at BRE Retail Centers’ request, the Parent Company will deliver a notice of redemption to the holders of the Series B preferred stock in accordance with the Articles Supplementary relating to the Series B preferred stock. The redemption notice will state that each share of Series B preferred stock held by such holder immediately prior to the effective time of the Company Merger will be redeemed in the Company Merger through the payment of an amount, without interest, equal to $25.00 per share plus accrued and unpaid dividends, if any, to, but not including, the date of completion of the Mergers.
	At the effective time of the Partnership Merger, each common OP unit issued and outstanding immediately prior to the effective time of the Partnership Merger (other than common OP units held by the Parent Company) will be converted into, and will be cancelled in exchange for, the right to receive an amount in cash equal to the Merger Consideration, without interest; provided that, in lieu of receiving the Merger Consideration, a qualifying holder of common OP units may elect to receive one newly created 5.50% Series C Preferred Unit in the surviving partnership for each common OP unit.
	The Merger Agreement also contains customary representations, warranties and covenants, including, among others, covenants by the Parent Company to conduct its business in all material respects in the ordinary course of business consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Mergers. The obligations of the parties to consummate the Mergers are not subject to any financing condition or the receipt of any financing by BRE Retail Centers.
	The consummation of the Mergers is subject to certain customary closing conditions, including, among others, approval of the Company Merger and the Merger Agreement by the affirmative vote of a majority of the outstanding shares of the Parent Company’s common stock as of the record date for the special meeting of the Parent Company’s common stockholders and that all material approvals, authorizations and consents of any governmental authority have been obtained.
	The Merger Agreement requires the Parent Company to convene a stockholders’ meeting for purposes of obtaining the approval of the holders of a majority of the outstanding shares of the Parent Company’s common stock and to prepare and file a proxy statement with the Securities and Exchange Commission with respect to such meeting as promptly as practicable after the date of the Merger Agreement, which proxy statement will contain, subject to certain exceptions, the Parent Company’s board of directors’ recommendation that the Parent Company’s stockholders vote in favor of the Company Merger.
	The Parent Company has agreed not to solicit or enter into an agreement regarding an Acquisition Proposal (as defined in the Merger Agreement). However, the Parent Company may participate in discussions or negotiations with, and provide certain nonpublic information to, third parties related to any unsolicited Acquisition Proposal until 11:59 p.m., New York City time, on May 9, 2015, and thereafter, may participate in such discussions or negotiations and provide such nonpublic information, if the Parent Company’s board of directors concludes after consultation with advisors that failure to do so would be inconsistent with its legal duties and that such Acquisition Proposal constitutes, or could reasonably be expected to result in, a Superior Proposal (as defined in the Merger Agreement).
	Prior to the approval of the Company Merger and the Merger Agreement by the Parent Company’s common stockholders, the Parent Company’s board of directors may in certain circumstances effect a Change in Recommendation (as defined in the Merger Agreement), subject to complying with specified notice and other conditions set forth in the Merger Agreement.
	In connection with the closing of the transaction, the parties intend that the Notes due 2020 and 2023 will be repaid. The Notes due 2024 are intended to remain outstanding following the closing.
	The Merger Agreement may be terminated under certain circumstances by the Parent Company, including prior to the approval of the Company Merger and the Merger Agreement by the Parent Company’s common stockholders, if, after following certain procedures and adhering to certain restrictions, the Parent Company’s board of directors has approved, and concurrently with the termination of the Merger Agreement, the Parent Company enters into, a definitive agreement providing for the implementation of a Superior Proposal. In addition, BRE Retail Centers may terminate the Merger Agreement under certain circumstances and subject to certain restrictions, including if the Parent Company’s board of directors effects a Change in Recommendation. Upon a termination of the Merger Agreement, under certain circumstances, the Parent Company will be required to pay a termination fee to BRE Retail Centers of $25 million. In certain other circumstances, BRE Retail Centers will be required to pay the Parent Company a termination fee of $250 million upon termination of the Merger Agreement.
	Dispositions
	On April 2, 2015, the Company completed the disposition of the Rosewick Crossing property located in La Plata, Maryland for a sales price of approximately $25.0 million, excluding closing costs.
	On April 14, 2015, the Company entered into a sales agreement for the sale of the Mariner’s Point (located in St. Mary’s, Georgia), Merchant’s Central (located in Milledgeville, Georgia) and Newport Towne Center (located in Newport, Tennessee) properties for a combined sales price of approximately $17.8 million. The sale of these properties is 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 sale will close on the terms described herein, or at all.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Basis of Presentation

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, 2014. 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 three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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.

A variable interest holder is considered to be the primary beneficiary of a VIE if it 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.

Cash and Cash Equivalents

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:

Restricted cash is comprised of impound reserve accounts for property taxes, insurance, capital improvements and tenant improvements. The balance at March 31, 2015 also includes approximately $85.6 million of net proceeds from the disposition of the Family Center at Orem property on January 30, 2015 and the Promenade Corporate Center property on March 11, 2015 (see Note 13). The dispositions were classified as exchanges pursuant to section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, the funds are restricted as to their usage. The Company currently expects to utilize the funds to provide for a portion of the purchase price for the acquisition of a retail center property located in Turlock, California (see Note 3).

Accounts Payable and Other Liabilities

Accounts Payable and Other Liabilities:

Included in accounts payable and other liabilities are deferred rents in the amount of $2.7 million and $3.0 million at March 31, 2015 and December 31, 2014, respectively.

Revenue Recognition

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 $761,000 and $602,000 in the three months ended March 31, 2015 and 2014, respectively, due to the straight-line rent adjustment. Percentage rent is recognized after tenant sales have exceeded defined thresholds (if applicable) and was $263,000 and $215,000 in the three months ended March 31, 2015 and 2014, 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

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 a percentage interest in the positive 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. As of March 31, 2015, the Company has recorded $3.2 million for payments expected to be made related to the grants of these profit participation interests within construction in progress for the respective projects under development. The Company recognized a charge to earnings of approximately $327,000 related to changes in the estimated amount owed as of March 31, 2015, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income.

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

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 three months ended March 31, 2015 or for the year ended December 31, 2014.

Investments in Partnerships and Limited Liability Companies

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

Investments in Equity Securities:

The Company, through the 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. 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, new product initiatives and new collaborative agreements.

During the year ended December 31, 2014, the Company purchased approximately 436,000 shares of preferred stock in public companies within the real estate industry for an initial cost basis of approximately $10.5 million. During the three months ended March 31, 2015, the Company sold all of its investments in equity securities based on a specific identification of the shares sold. The sales resulted in net proceeds of approximately $10.8 million and the recognition of a gain on sale of approximately $308,000, which is included in other income in the accompanying condensed consolidated statements of operations and comprehensive income.

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

March 31,

December 31,

2015

2014

Equity securities, initial cost basis

$

—

$

10,512

Gross unrealized gains

—

185

Gross unrealized losses

—

(14

)

Equity securities, fair value(1)

$

—

$

10,683

(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

Share-Based Payments:

All share-based payments to employees are recognized in earnings based on their fair value on the date of grant. Through March 31, 2015, 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

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 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:

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 March 31, 2015 and December 31, 2014, the Company had $936,000 and $521,000, 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 March 31, 2015 and 2014, $449,000, and $206,000, respectively, of receivables were charged to bad debt expense.

Non-controlling Interests

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.

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

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 months ended March 31, 2015 and 2014, no tenant accounted for more than 10% of revenues.

At March 31, 2015, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 24.4%, 14.0%, 13.1%, 12.4%, 12.0% and 10.2%, respectively, of the Company’s total assets. At December 31, 2014, the Company’s gross real estate assets in the states of California, Florida, Arizona, Virginia, Texas and Utah represented approximately 23.8%, 14.2%, 12.5%, 12.4%, 11.7% and 11.4% of the Company’s total assets, respectively. For the three months ended March 31, 2015, the Company’s revenues derived from properties located in the states of California, Arizona, Florida, Texas and Utah represented approximately 20.8%, 16.4%, 14.3%, 11.6% and 10.5%, respectively, of the Company’s total revenues. For the three months ended March 31, 2014, the Company’s revenues derived from properties located in the states of California, Arizona, Texas and Virginia represented approximately 27.7%, 19.2%, 15.9% and 13.1%, respectively, of the Company’s total revenues.

Management Estimates

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

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. 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.

The Company’s investments in equity securities fall within Level 1 of the fair value hierarchy as the Company utilizes observable market-based inputs, based on the closing trading price of securities as of the balance sheet date, to determine the fair value of the investments.

Derivative Instruments

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 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

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 three months ended March 31, 2015 and 2014 (dollars in thousands):

Parent Company

Operating Partnership

Three Months Ended

Three Months Ended

March 31,

March 31,

March 31,

March 31,

2015

2014

2015

2014

Balance – January 1

$

168

$

—

$

171

$

—

Unrealized gain on investment in equity securities:

Amount reclassified and recognized in net income(1)

(171

)

—

(171

)

—

Net change in other comprehensive income (loss)

(3

)

—

—

—

Total other comprehensive loss allocable to non-controlling interests

3

—

—

—

Balance – March 31

$

—

$

—

$

—

$

—

-1

Amounts reclassified from unrealized gain on investment in equity securities are included in other income in the condensed consolidated statements of operations ($171,000 was recognized as part of the overall gain realized from the liquidation of the Company’s investments for the three months ended March 31, 2015 – see discussion of changes in investments in equity securities above).

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. In April 2015, the FASB proposed deferring the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently assessing the impact, if any, of the adoption of ASU 2014-09 on its consolidated financial position and results of operations.

In February 2015, the FASB issued ASC 2015-02, Consolidation – Amendment to the Consolidation Analysis (“ASU 2015-2”). This standard (1) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (2) eliminates the presumption that a general partner should consolidate a limited partnership, (3) affects the consolidation analysis of reporting entities that are involved in VIEs, particularly those that have fee arrangements and related party relationships and (4) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 under the Investment Company Act of 1940. The standard is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2015-02 on its consolidated financial position.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is currently assessing the impact of the adoption of ASU 2015-03 on its consolidated financial position.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
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
Investments in Equity Securities	Investments in equity securities, which are included in other assets on the accompanying condensed consolidated balance sheets, consisted of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Equity securities, initial cost basis		$	—		$	10,512
	Gross unrealized gains			—			185
	Gross unrealized losses			—			(14	)
	Equity securities, fair value(1)		$	—		$	10,683
	(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 three months ended March 31, 2015 and 2014 (dollars in thousands):
			Parent Company						Operating Partnership
			Three Months Ended						Three Months Ended
			March 31,			March 31,			March 31,			March 31,
			2015			2014			2015			2014
	Balance – January 1		$	168		$	—		$	171		$	—
	Unrealized gain on investment in equity securities:
	Amount reclassified and recognized in net income(1)			(171	)		—			(171	)		—
	Net change in other comprehensive income (loss)			(3	)		—			—			—
	Total other comprehensive loss allocable to non-controlling interests			3			—			—			—
	Balance – March 31		$	—		$	—		$	—		$	—
	-1	Amounts reclassified from unrealized gain on investment in equity securities are included in other income in the condensed consolidated statements of operations ($171,000 was recognized as part of the overall gain realized from the liquidation of the Company’s investments for the three months ended March 31, 2015 – see discussion of changes in investments in equity securities above).

Acquisitions_Tables

Acquisitions (Tables) (Acquisitions in 2014)	3 Months Ended
	Mar. 31, 2015
Acquisitions in 2014
Allocation of Purchase Price	The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014 and the finalized allocations as adjusted as of March 31, 2015 (dollars in thousands):
		Original Purchase			Adjustments			Final Purchase
		Price Allocations						Price Allocations
	Land	$	16,450		$	(240	)	$	16,210
	Building		75,199			(576	)		74,623
	Above-Market Leases		962			(6	)		956
	Below-Market Leases		(5,927	)		1,918			(4,009	)
	In-Place Leases		9,636			(1,096	)		8,540
	Total Purchase Price	$	96,320		$	—		$	96,320

Lease_Intangible_Assets_Net_Ta

Lease Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2015
Schedule of Lease Intangible Assets, Net	Lease intangible assets, net consisted of the following at March 31, 2015 and December 31, 2014:
		March 31,		December 31,
		2015		2014
		(in thousands)
	In-place leases, net of accumulated amortization of $30.2 million and $31.1 million as of March 31, 2015 and December 31, 2014, respectively (with a weighted-average remaining life of 75 and 74 months as of March 31, 2015 and December 31, 2014, respectively)	$	68,910	$	78,336
	Above-market leases, net of accumulated amortization of $8.5 million and $8.8 million as of March 31, 2015 and December 31, 2014, respectively (with a weighted-average remaining life of 71 and 69 months as of March 31, 2015 and December 31, 2014, respectively)		15,319		16,436
	Leasing commissions, net of accumulated amortization of $8.7 million as of March 31, 2015 and December 31, 2014 (with a weighted-average remaining life of 92 and 93 months as of March 31, 2015 and December 31, 2014, respectively)		25,839		28,601
		$	110,068	$	123,373
Schedule of Estimated Amortization of Lease Intangible Assets	Estimated amortization of lease intangible assets as of March 31, 2015 for each of the next five years and thereafter is as follows (dollars in thousands):
	Year Ending December 31,	Amount
	2015 (remaining nine months)	$	19,012
	2016		19,025
	2017		15,904
	2018		13,397
	2019		10,311
	Thereafter		32,419
	Total	$	110,068

Lease_Intangible_Liabilities_N1

Lease Intangible Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2015
Lease Intangible Liabilities Net	Lease intangible liabilities, net consisted of the following at March 31, 2015 and December 31, 2014:
		March 31,		December 31,
		2015		2014
		(in thousands)
	Below-market leases, net of accumulated amortization of $11.0 million as of March 31, 2015 and December 31, 2014 (with a weighted-average remaining life of 107 and 116 months as of March 31, 2015 and December 31, 2014, respectively)	$	37,439	$	42,470
Schedule of Estimated Amortization of Lease Intangible Liabilities	Estimated amortization of lease intangible liabilities as of March 31, 2015 for each of the next five years and thereafter is as follows (dollars in thousands):
	Year Ending December 31,	Amount
	2015 (remaining nine months)	$	4,344
	2016		5,075
	2017		4,708
	2018		4,297
	2019		3,785
	Thereafter		15,230
	Total	$	37,439

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Carrying Value of Unsecured Notes	The carrying value of the Notes due 2024 as of March 31, 2015 and December 31, 2014 was as follows (in thousands):
			March 31,			December 31,
			2015			2014
			(in thousands)
	Principal amount		$	250,000		$	250,000
	Unamortized debt discount			(1,209	)		(1,242	)
			$	248,791		$	248,758
Excel Trust, L.P.
Schedule of Mortgages Payable	Mortgages payable held by the Operating Partnership at March 31, 2015 and December 31, 2014 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		March 31,			December 31,			(March 31, 2015)			(March 31, 2015)
			2015			2014
	The Promenade		$	45,645		$	46,125			4.8	%		4.8	%		344		Nov-15
	5000 South Hulen			13,110			13,174			5.6	%		6.9	%		83		Apr-17
	Lake Pleasant Pavilion			27,418			27,513			6.09	%		5	%		143		Oct-17
	West Broad Marketplace(2)			3,045			1,772			2.49	%		2.49	%		2		Jan-18
	Rite Aid — Vestavia Hills			785			833			7.25	%		7.25	%		21		Oct-18
	Living Spaces-Promenade			6,667			6,667			7.88	%		4.59	%		80		Nov-19
	West Broad Village			39,700			39,700			3.33	%		3.33	%		110		May-20
	Downtown at the Gardens			42,276			42,545			4.6	%		4	%		253		Jul-22
	Northside Mall(3)			12,000			12,000			0.03	%		1.03	%		1		November 2035
				190,646			190,329
	Plus: premium(4)			2,310			2,419
	Mortgage notes payable, net		$	192,956		$	192,748
	(1)	Amount represents the monthly payment of principal and interest at March 31, 2015.
	(2)	In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for two additional one-year periods through January 2020 upon the payment of an extension fee. The construction loan bears interest at the rate of LIBOR plus a margin of 230 basis points (interest rate of 2.49% at both March 31, 2015 and December 31, 2014).
	(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 0.03% at March 31, 2015 and 0.05% at December 31, 2014). 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 $99,000 and $100,000 at March 31, 2015 and December 31, 2014, 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 March 31, 2015 for each of the next five years and thereafter are as follows (dollars in thousands):
	Year Ending December 31,		Amount
	2015 (remaining nine months)		$	47,650
	2016			3,070
	2017			42,192
	2018			5,995
	2019			6,390
	Thereafter			85,349
			$	190,646

Earnings_Per_Share_of_the_Pare1

Earnings Per Share of the Parent Company (Tables)	3 Months Ended
	Mar. 31, 2015
Computations of Basic and Diluted Earnings Per Share/Unit	Computations of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except share data) were as follows:
		Three Months Ended
		March 31,			March 31,
		2015			2014
	Basic earnings per share:
	Net income (loss) attributable to the common stockholders	$	17,628		$	(549	)
	Allocation to participating securities		(131	)		(132	)
	Income (loss) applicable to the common stockholders	$	17,497		$	(681	)
	Diluted earnings per share:
	Income (loss) applicable to the common stockholders	$	17,497		$	(681	)
	Series A preferred stock dividend		516			—
	Allocation to participating securities		131			—
	Income (loss) available to the common stockholders	$	18,144		$	(681	)
	Weighted-average common shares outstanding:
	Basic		62,473,343			47,785,100
	Common stock issuable upon conversion of the Series A preferred stock		2,010,735			—
	Restricted common stock		502,476			—
	Diluted		64,986,554			47,785,100
	Basic and diluted earnings per share:
	Net income (loss) share available to the common stockholders - basic	$	0.28		$	(0.01	)
	Net income (loss) share available to the common stockholders - diluted	$	0.28		$	(0.01	)
Excel Trust, L.P.
Computations of Basic and Diluted Earnings Per Share/Unit	Computations of basic and diluted earnings per unit for the three months ended March 31, 2015 and 2014 (in thousands, except unit data) were as follows:
		Three Months Ended
		March 31,			March 31,
		2015			2014
	Basic earnings per unit:
	Net income (loss) attributable to the unitholders	$	17,917		$	(559	)
	Allocation to participating securities		(131	)		(132	)
	Income (loss) applicable to the unitholders	$	17,786		$	(691	)
	Diluted earnings per unit:
	Income (loss) applicable to the unitholders	$	17,786		$	(691	)
	Series A preferred unit dividend		516			—
	Allocation to participating securities		131			—
	Income (loss) available to the unitholders	$	18,433		$	(691	)
	Weighted-average common OP units outstanding:
	Basic		63,492,866			48,804,623
	OP units issuable upon conversion of the Series A preferred units		2,010,735			—
	Restricted OP units		502,476			—
	Diluted		66,006,077			48,804,623
	Basic and diluted earnings per share:
	Net income (loss) per unit available to the unitholders - basic	$	0.28		$	(0.01	)
	Net income (loss) per unit available to the unitholders - diluted	$	0.28		$	(0.01	)

Equity_of_the_Parent_Company_T

Equity of the Parent Company (Tables)	3 Months Ended
	Mar. 31, 2015
Shares of Restricted Common Stock	The following shares of restricted common stock were issued during the three months ended March 31, 2015:
	Grant Date		Price at Grant			Number		Vesting
			Date					Period (yrs.)
	January 14, 2015(1)		$	13.9			122,862		1, 3
	February 9, 2015(2)		$	13.81			24,275		1, 3
	March 3, 2015(3)		$	13.79			5,000		3
	(1)	Shares issued to senior management and other employees of the Company. A portion of the stock grants (102,962 shares of restricted common stock) vest over a one-year period and 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, 2015 based on the achievement of the Company’s objectives during the year ended December 31, 2015. The remaining stock grants (19,900 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
	(2)	Shares issued to certain of the Company’s employees. A portion of the stock grants (4,575 shares of restricted common stock) vested immediately upon grant and a portion (11,000 shares of restricted common stock) vest over a one-year period and include performance or service conditions. The remaining stock grants (8,700 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
	(3)	Shares issued to certain of the Company’s employees. These shares vest in equal annual installments on December 31, 2015, 2016 and 2017.
Non-Vested Shares of Company's Restricted Common Stock	As of March 31, 2015 and December 31, 2014, there was approximately $5.3 million and $5.1 million, respectively; of total unrecognized compensation expense related to the non-vested shares of the Parent Company’s restricted common stock. As of March 31, 2015 and December 31, 2014, this expense was expected to be recognized over a weighted-average remaining period of 1.1 and 1.8 years, respectively.
			Number of Unvested			Weighted-
			Shares of			Average Grant
			Restricted			Date Fair Value
			Common Stock
	Balance - January 1, 2015			427,580		$	12.78
	Grants			152,137		$	13.88
	Forfeitures/Expirations(1)			(83,195	)	$	12.96
	Vested			(28,541	)	$	12.43
	Balance - March 31, 2015			467,981		$	13.1
	(1)	During the three months ended March 31, 2015, 6,618 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 common shares or common operating partnership units issued during each period presented.

Equity_of_the_Operating_Partne1

Equity of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2015
Vested Ownership Interests in Operating Partnership	The following table shows the vested partnership interests in the Operating Partnership as of March 31, 2015 and December 31, 2014:
		March 31, 2015					December 31, 2014
		OP		Percentage			OP		Percentage
		Units		of Total			Units		of Total
	Excel Trust, Inc.		62,935,171		98.4	%		60,685,792		98.3	%
	Non-controlling interests consisting of:
	OP units held by employees and third parties		1,019,523		1.6	%		1,019,523		1.7	%
	Total		63,954,694		100	%		61,705,315		100	%

Investment_in_Unconsolidated_E1

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Unconsolidated Investment	General information on the Bay Hill property as of March 31, 2015 is as follows:
	Unconsolidated Investment		Partner		Ownership Interest			Formation/	Property
								Acquisition Date
	Bay Hill(1)			MDC		50	%	October 19, 2012	The Fountains at Bay Hill
	(1)	At March 31, 2015, Bay Hill had real estate assets of $36.2 million, total assets of $39.2 million, mortgages payable of $23.8 million and total liabilities of $25.7 million. At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. Total revenues were $905,000, total expenses were $637,000 (including interest expense) and net income was $268,000 for the three months ended March 31, 2015. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of December 1, 2021.

Property_Dispositions_and_Prop1

Property Dispositions and Property Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2015
Major Classes of Assets and Liabilities of Properties Classified as Held for Sale	The major classes of assets and liabilities of the properties classified as held for sale as of March 31, 2015 were as follows (dollars in thousands):
		March 31,
		2015
	Real estate held for sale:
	Land	$	12,310
	Buildings		10,025
	Site/Tenant improvements		3,428
	Accumulated depreciation		(2,100	)
	Property, net		23,663
	Restricted cash		192
	Tenant receivables, net		73
	Lease intangibles, net		1,839
	Deferred rent receivable		492
	Other assets		1,036
	Real estate held for sale, net of accumulated depreciation	$	27,295
	Liabilities of real estate held for sale:
	Accounts payable and other liabilities	$	1,400
	Lease intangibles, net		807
	Liabilities of real estate held for sale	$	2,207

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
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 were required to be measured at fair value on a recurring basis at March 31, 2014 (dollars in thousands):
			Balance at			Quoted Prices in		Significant Other		Significant
			March 31, 2014			Active Markets		Observable		Unobservable Inputs
						(Level 1)		Inputs (Level 2)		(Level 3)
	Fair value measurements on a recurring basis:
	Assets:
	Other assets related to business combinations		$	471		$	—	$	—	$	471
	-1	Amount reflected the fair value of funds expected to be received as of March 31, 2014 pursuant to master lease agreements executed in connection with the Promenade Corporate Center acquisition. The Company 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 was 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 occurred. The remaining balance was fully collected during 2014 and no balance remained as of March 31, 2015.
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 March 31, 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			(36	)
	Ending balance, March 31, 2014		$	471
	(1)	The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 was comprised of cash payments received on the master lease asset.
Fair Values of Certain Additional Financial Assets and Liabilities	The fair values of certain additional financial assets and liabilities at March 31, 2015 and December 31, 2014 (fair value measurements categorized as Level 3 of the fair value hierarchy) are as follows (dollars in thousands):
			March 31, 2015					December 31, 2014
			Carrying			Fair Value		Carrying		Fair Value
			Amount					Amount
	Financial liabilities:
	Mortgage notes payable		$	192,956		$	197,080	$	192,748	$	195,729
	Notes payable			199,000			197,395		238,000		235,940
	Unsecured notes			348,791			365,764		348,758		353,662
	Term loan			50,000			50,000		50,000		50,000

Segment_Disclosure_Tables

Segment Disclosure (Tables)	3 Months Ended
	Mar. 31, 2015
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 months ended March 31, 2015 and 2014 (dollars in thousands):
		For the Three Months Ended
		March 31,			March 31,
		2015			2014
	Office Properties:
	Total revenues	$	1,901		$	2,161
	Property operating expenses		(717	)		(853	)
	Property operating income, as defined		1,184			1,308
	General and administrative costs		(18	)		(5	)
	Depreciation and amortization		(656	)		(892	)
	Interest expense		—			(187	)
	Gain on sale of real estate assets		15,198			—
	Net income	$	15,708		$	224
	Multi-family Properties:
	Total revenues	$	1,350		$	1,401
	Property operating expenses		(462	)		(453	)
	Property operating income, as defined		888			948
	General and administrative costs		(14	)		(14	)
	Depreciation and amortization		(463	)		(463	)
	Net income	$	411		$	471
	Retail Properties:
	Total revenues	$	37,240		$	27,036
	Property operating expenses		(9,600	)		(6,532	)
	Property operating income, as defined		27,640			20,504
	General and administrative costs		(4,316	)		(3,796	)
	Depreciation and amortization		(16,147	)		(10,441	)
	Interest expense		(7,551	)		(4,802	)
	Interest income		50			49
	Income (loss) from equity in unconsolidated entities		134			69
	Gain on sale of real estate assets		4,463			—
	Net income	$	4,273		$	1,583
	Total Reportable Segments:
	Total revenues	$	40,491		$	30,598
	Property operating expenses		(10,779	)		(7,838	)
	Property operating income, as defined		29,712			22,760
	General and administrative costs		(4,348	)		(3,815	)
	Depreciation and amortization		(17,266	)		(11,796	)
	Interest expense		(7,551	)		(4,989	)
	Interest income		50			49
	Income (loss) from equity in unconsolidated entities		134			69
	Gain on sale of real estate assets		19,661			—
	Net income	$	20,392		$	2,278
	Reconciliation to Consolidated Net Income Attributable to the Common Stockholders (Parent Company):
	Total net income for reportable segments	$	20,392		$	2,278
	Net income attributable to non-controlling interests		(379	)		(83	)
	Net income attributable to Excel Trust, Inc.	$	20,013		$	2,195
	Reconciliation to Consolidated Net Income Attributable to the Unitholders (Operating Partnership):
	Total net income for reportable segments	$	20,392		$	2,278
	Net income attributable to non-controlling interests		(90	)		(93	)
	Net income attributable to Excel Trust, L.P.	$	20,302		$	2,185
Reconciliation of Company's Segment Financial Position Activity
		March 31,			December 31,
		2015			2014
	Assets:
	Office Properties:
	Total assets	$	13,052		$	62,747
	Multi-family Properties:
	Total assets		68,561			68,982
	Retail Properties:
	Total assets		1,565,265			1,515,408
	Total Reportable Segments & Consolidated Assets:
	Total assets	$	1,646,878		$	1,647,137

Organization_Additional_Inform

Organization - Additional Information (Detail) (Excel Trust, L.P.)	3 Months Ended
	Mar. 31, 2015
Excel Trust, Inc.
Percentage of ownership interest	98.40%
Limited Partners
Percentage of ownership interest	1.60%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	Customer	Customer
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$94,102,000		$8,272,000
Deferred rents	2,700,000		3,000,000
Increase in Rental income	761,000	602,000
Straight-line rent adjustment	263,000	215,000
Long-lived assets, impairment recorded	0		0
Long-lived assets to be disposed, impairment recorded	0		0
Preferred stock purchase, shares			436,000
Preferred stock purchase, value			10,500,000
Net proceeds from sale of preferred stock	10,800,000
Gain on sale of equity security	308,000
Allowances for uncollectible accounts	936,000		521,000
Bad debt expense	449,000	206,000
Number of tenant with more than 10% of revenue	0	0
Other Operating Expense
Summary Of Significant Accounting Policies [Line Items]
Changes in estimated amount owed	327,000
Construction in progress | Profit participation interests
Summary Of Significant Accounting Policies [Line Items]
Costs related to grants of profit participation interests	3,200,000
The Family Center At Orem And Promenade Corporate Center Property
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	85,600,000
Maximum
Summary Of Significant Accounting Policies [Line Items]
Annualized rate of return	12.00%
Guarantee by Federal deposit insurance corporation	$250,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Annualized rate of return	8.00%
Revenues
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%	10.00%
Real Estate | California | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	24.40%		23.80%
Concentration risk percentage of revenue	20.80%	27.70%
Real Estate | Florida | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	14.00%		14.20%
Concentration risk percentage of revenue	14.30%
Real Estate | Arizona | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	13.10%		12.50%
Concentration risk percentage of revenue	16.40%	19.20%
Real Estate | Richmond, Virginia | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	12.40%		12.40%
Concentration risk percentage of revenue		13.10%
Real Estate | Texas | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	12.00%		11.70%
Concentration risk percentage of revenue	11.60%	15.90%
Real Estate | UTAH | Geographic Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	10.20%		11.40%
Concentration risk percentage of revenue	10.50%
Excel Trust Inc | Maximum
Summary Of Significant Accounting Policies [Line Items]
Highly liquid investments, maturity period	3 months

Schedule_of_Estimated_Lives_of

Schedule of Estimated Lives of Assets (Detail)	3 Months Ended
	Mar. 31, 2015
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

Investment_in_Equity_Securitie

Investment in Equity Securities (Detail) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Equity securities, initial cost basis	$10,512
Gross unrealized gains	185
Gross unrealized losses	-14
Equity securities, fair value	$10,683	[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
In Thousands, unless otherwise specified	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$168
Amount reclassified and recognized in net income	-171	[1]
Net change in other comprehensive income (loss)	-3
Total other comprehensive loss allocable to non-controlling interests	3
Excel Trust, L.P.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	171
Amount reclassified and recognized in net income	($171)	[1]
[1]	Amounts reclassified from unrealized gain on investment in equity securities are included in other income in the condensed consolidated statements of operations ($171,000 was recognized as part of the overall gain realized from the liquidation of the Company's investments for the three months ended March 31, 2015 - see discussion of changes in investments in equity securities above).

Amount_Reclassified_from_Accum1

Amount Reclassified from Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (Other Income, Available-for-sale Securities, USD $)	3 Months Ended
	Mar. 31, 2015
Other Income | Available-for-sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from unrealized loss on derivative instruments	$171,000

Allocation_of_Purchase_Price_D

Allocation of Purchase Price (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Original Purchase Price Allocations
Business Acquisition [Line Items]
Land	$16,450
Building	75,199
Above-Market Leases	962
Below-Market Leases	-5,927
In-Place Leases	9,636
Total Purchase Price	96,320
Adjustments
Business Acquisition [Line Items]
Land	-240
Building	-576
Above-Market Leases	-6
Below-Market Leases	1,918
In-Place Leases	-1,096
Final Purchase Price Allocation
Business Acquisition [Line Items]
Land	16,210
Building	74,623
Above-Market Leases	956
Below-Market Leases	-4,009
In-Place Leases	8,540
Total Purchase Price	$96,320

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (Retail Space, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	sqft
Retail Space
Business Acquisition [Line Items]
Purchase price of acquisition	$129,000
Square footage	410,000

Schedule_of_Lease_Intangible_A

Schedule of Lease Intangible Assets, Net (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$110,068	$123,373
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	68,910	78,336
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	15,319	16,436
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$25,839	$28,601

Schedule_of_Lease_Intangible_A1

Schedule of Lease Intangible Assets, Net (Parenthetical) (Detail) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	$30.20	$31.10
Weighted average remaining life of lease intangible assets (in months)	75 months	74 months
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	8.5	8.8
Weighted average remaining life of lease intangible assets (in months)	71 months	69 months
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Net of accumulated amortization for lease intangible assets	$8.70	$8.70
Weighted average remaining life of lease intangible assets (in months)	92 months	93 months

Estimated_Amortization_of_Leas

Estimated Amortization of Lease Intangible Assets (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Expected Amortization Expense [Line Items]
2015 (remaining nine months)	$19,012
2016	19,025
2017	15,904
2018	13,397
2019	10,311
Thereafter	32,419
Total	$110,068	$123,373

Lease_Intangible_Assets_Net_Ad

Lease Intangible Assets Net - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	($619)	($138)
Leasing Commissions
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	8,400	5,300
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense recorded on the lease intangible assets	$1,100	$1,000

Lease_Intangible_Liabilities_N2

Lease Intangible Liabilities Net (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Lease Intangible Liabilities, Net [Line Items]
Below-market leases, net of accumulated amortization of $11.0 million as of March 31, 2015 and December 31, 2014 (with a weighted-average remaining life of 107 and 116 months as of March 31, 2015 and December 31, 2014, respectively)	$37,439	$42,470

Lease_Intangible_Liabilities_N3

Lease Intangible Liabilities Net (Parenthetical) (Detail) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Lease Intangible Liabilities, Net [Line Items]
Accumulated amortization of lease intangible liabilities	$11	$11
Weighted average remaining life of lease intangible liabilities (in months)	107 months	116 months

Lease_Intangible_Liabilities_N4

Lease Intangible Liabilities Net - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Schedule of Lease Intangible Assets, Net [Line Items]
Amortization of lease intangible liabilities	$1.70	$1.10

Estimated_Amortization_of_Leas1

Estimated Amortization of Lease Intangible Liabilities (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2015 (remaining nine months)	$4,344
2016	5,075
2017	4,708
2018	4,297
2019	3,785
Thereafter	15,230
Total	$37,439

Variable_Interest_Entities_Add

Variable Interest Entities - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	sqft
Variable Interest Entity [Line Items]
Joint venture ownership percentage	50.00%
Gross leaseable area	171,670
Total carrying amount of assets	$40.30	$39.80
Real estate assets	38.3	37.1
Total carrying amount of liabilities	$38.60	$37.90
West Broad Marketplace
Variable Interest Entity [Line Items]
Joint venture ownership percentage	80.00%
Gross leaseable area	405,000

Mortgages_Payable_Net_Detail

Mortgages Payable Net (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable, net	$192,956		$192,748
Excel Trust, L.P.
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	190,646		190,329
Plus: (discount)/premium	2,310	[1]	2,419	[1]
Mortgage notes payable, net	192,956		192,748
Contractual Interest Rate	1.33%		1.32%
Effective Interest Rate	0.03%		0.05%
Excel Trust, L.P. | Living Spaces-Promenade
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	6,667		6,667
Contractual Interest Rate	7.88%
Effective Interest Rate	4.59%
Monthly Payment	80	[2]
Maturity Date	2019-11
Excel Trust, L.P. | The Promenade
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	45,645		46,125
Contractual Interest Rate	4.80%
Effective Interest Rate	4.80%
Monthly Payment	344	[2]
Maturity Date	2015-11
Excel Trust, L.P. | 5000 South Hulen
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	13,110		13,174
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	27,418		27,513
Contractual Interest Rate	6.09%
Effective Interest Rate	5.00%
Monthly Payment	143	[2]
Maturity Date	2017-10
Excel Trust, L.P. | West Broad Marketplace
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	3,045	[3]	1,772	[3]
Contractual Interest Rate	2.49%	[3]
Effective Interest Rate	2.49%	[3]
Monthly Payment	2	[2],[3]
Maturity Date	2018-01	[3]
Excel Trust, L.P. | Rite Aid - Vestavia Hills
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	785		833
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		39,700
Contractual Interest Rate	3.33%
Effective Interest Rate	3.33%
Monthly Payment	110	[2]
Maturity Date	2020-05
Excel Trust, L.P. | Downtown At The Gardens
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	42,276		42,545
Contractual Interest Rate	4.60%
Effective Interest Rate	4.00%
Monthly Payment	253	[2]
Maturity Date	2022-07
Excel Trust, L.P. | Northside Mall
Debt Instrument [Line Items]
Carrying Amount of Mortgage Notes	12,000	[4]	12,000	[4]
Contractual Interest Rate	0.03%	[4]
Effective Interest Rate	1.03%	[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 March 31, 2015.
[3]	In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for two additional one-year periods through January 2020 upon the payment of an extension fee. The construction loan bears interest at the rate of LIBOR plus a margin of 230 basis points (interest rate of 2.49% at both March 31, 2015 and December 31, 2014).
[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 0.03% at March 31, 2015 and 0.05% at December 31, 2014). 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 $99,000 and $100,000 at March 31, 2015 and December 31, 2014, 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 $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Maturity date	30-Jun-15
Market value of bonds interest rate	0.03%		0.05%
Letter of credit issued under revolving credit facility	$12,100,000
Underwriter's discount related to original issuance of the bonds	99,000		100,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Loan bears interest rate of LIBOR plus	1.15%
West Broad Marketplace
Debt Instrument [Line Items]
Construction Loan			$58,000,000
Maturity date	31-Jan-20
Loan maturity period additional extension period	Two additional one-year periods
Loan bears interest rate of LIBOR plus	2.49%		2.49%
Market value of bonds interest rate	2.49%	[1]
West Broad Marketplace | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Loan bears interest rate of LIBOR plus	2.30%
Redevelopment revenue bonds
Debt Instrument [Line Items]
Maturity date	30-Nov-35
[1]	In December 2014, the Company entered into a $58.0 million construction loan in connection with its acquisition of a developable land parcel at the West Broad Marketplace property. The maturity date of the construction loan is January 2018, but may be extended for two additional one-year periods through January 2020 upon the payment of an extension fee. The construction loan bears interest at the rate of LIBOR plus a margin of 230 basis points (interest rate of 2.49% at both March 31, 2015 and December 31, 2014).

Debt_of_the_Operating_Partners

Debt of the Operating Partnership - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Two Thousand Twenty Four Senior Notes
Line of Credit Facility [Line Items]
Maturity date	15-May-24
Debt instrument stated percentage	4.63%
Aggregate principal amount of senior unsecured notes	$250,000,000
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
Minimum | Two Thousand Twenty Four Senior Notes
Line of Credit Facility [Line Items]
Redemption price percentage of senior unsecured notes	100.00%
Excel Trust, L.P.
Line of Credit Facility [Line Items]
Total interest cost capitalized	265,000	195,000
Increase in borrowings under the credit facility			50,000,000
Maturity date	30-Jun-15
Debt instrument stated percentage	1.33%		1.32%
Letter of credit from the unsecured revolving credit facility	12,100,000
Carrying Amount of Debt Instrument	190,646,000		190,329,000
Aggregate principal amount of senior unsecured notes	100,000,000
Excel Trust, L.P. | Two Thousand Twenty Four Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount of senior unsecured notes	250,000,000		250,000,000
Excel Trust, L.P. | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Revolving credit facility bears interest	1.15%
Excel Trust, L.P. | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Revolving credit facility bears interest	0.90%
Excel Trust, L.P. | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Revolving credit facility bears interest	1.70%
Excel Trust, L.P. | Series A Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount of senior unsecured notes	75,000,000
Debt maturity date	2020-11
Debt fixed interest rate	4.40%
Excel Trust, L.P. | Series B Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount of senior unsecured notes	25,000,000
Debt maturity date	2023-11
Debt fixed interest rate	5.19%
Excel Trust, L.P. | Credit Agreement
Line of Credit Facility [Line Items]
Increase in borrowings under the credit facility	300,000,000
Revolving credit facility, covenants requiring the maintenance	(1) maximum leverage ratios on unsecured, secured and overall debt and (2) minimum fixed coverage ratios.
Borrowings from revolving credit facility	199,000,000		238,000,000
Revolving credit facility, weighted-average interest rate	1.48%		1.47%
Letter of credit from the unsecured revolving credit facility	16,900,000
Carrying Amount of Debt Instrument	12,000,000
Available for borrowing under the unsecured revolving credit facility	84,100,000
Excel Trust, L.P. | Credit Agreement | Scenario, Adjustment
Line of Credit Facility [Line Items]
Increase in borrowings under the credit facility	500,000,000
Increase in additional borrowings under revolving credit facility	$200,000,000
Excel Trust, L.P. | Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Maturity date	6-Apr-18
Excel Trust, L.P. | Unsecured Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Revolving credit facility bears interest	1.30%
Excel Trust, L.P. | 2013 Amendment | Minimum
Line of Credit Facility [Line Items]
Percentage of unused fee	0.25%
Excel Trust, L.P. | 2013 Amendment | Maximum
Line of Credit Facility [Line Items]
Percentage of unused fee	0.30%

Mortgage_Debt_Maturities_Detai

Mortgage Debt Maturities (Detail) (Excel Trust, L.P., USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Excel Trust, L.P.
Debt Instrument [Line Items]
2015 (remaining nine months)	$47,650
2016	3,070
2017	42,192
2018	5,995
2019	6,390
Thereafter	85,349
Long-term Debt, Gross	$190,646	$190,329

Carrying_Value_of_Unsecured_No

Carrying Value of Unsecured Notes (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Unsecured notes	$398,791	$398,758
Two Thousand Twenty Four Senior Notes
Debt Instrument [Line Items]
Principal amount	250,000
Excel Trust, L.P.
Debt Instrument [Line Items]
Principal amount	100,000
Unsecured notes	398,791	398,758
Excel Trust, L.P. | Two Thousand Twenty Four Senior Notes
Debt Instrument [Line Items]
Principal amount	250,000	250,000
Unamortized debt discount	-1,209	-1,242
Unsecured notes	$248,791	$248,758

Earnings_Per_Share_of_the_Pare2

Earnings Per Share of the Parent Company - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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		3,367,200
Dividend rate on preferred Series A stock	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		225,675
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	1,019,523

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Earnings Per Share (Parent Company) (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic earnings per Share:
Net income (loss) attributable to the common stockholders	$17,628	($549)
Allocation to participating securities	-131	-132
Income (loss) applicable to the common stockholders	17,497	-681
Diluted earnings per share:
Income (loss) applicable to the common stockholders	17,497	-681
Series A preferred stock dividend	516
Allocation to participating securities	131
Income (loss) available to the common stockholders	$18,144	($681)
Weighted-average common shares outstanding:
Basic	62,473,343	47,785,100
Common stock issuable upon conversion of the Series A preferred stock	2,010,735
Restricted common stock	502,476
Diluted	64,986,554	47,785,100
Basic and diluted earnings per share:
Net income (loss) share available to the common stockholders - basic	$0.28	($0.01)
Net income (loss) share available to the common stockholders - diluted	$0.28	($0.01)

Earnings_Per_Unit_of_the_Opera

Earnings Per Unit of the Operating Partnership - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Unvested Restricted Shares
Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		225,675
Excel Trust, L.P.
Computation Of Earnings Per Share [Line Items]
Dividend rate on preferred Series A stock	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		225,675
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	3,367,200	3,367,200

Computation_of_Basic_and_Dilut1

Computation of Basic and Diluted Earnings Per Share (Operating Partnership) (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic earnings per unit:
Allocation to participating securities	($131)	($132)
Diluted earnings per unit:
Allocation to participating securities	131
Excel Trust, L.P.
Basic earnings per unit:
Net income (loss) attributable to the unitholders	17,917	-559
Allocation to participating securities	-131	-132
Income (loss) applicable to the unitholders	17,786	-691
Diluted earnings per unit:
Income (loss) applicable to the unitholders	17,786	-691
Series A preferred unit dividend	516
Allocation to participating securities	131
Income (loss) available to the unitholders	$18,433	($691)
Weighted-average common OP units outstanding:
Basic	63,492,866	48,804,623
OP units issuable upon conversion of the Series A preferred units	2,010,735
Restricted OP units	502,476
Diluted	66,006,077	48,804,623
Basic and diluted earnings per share:
Net income (loss) per unit available to the unitholders - basic	$0.28	($0.01)
Net income (loss) per unit available to the unitholders - diluted	$0.28	($0.01)

Equity_of_the_Parent_Company_A

Equity of the Parent Company - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Mar. 27, 2015	Feb. 28, 2014
	Person
Equity [Line Items]
Issuance of restricted common stock awards, shares	1,393,451
Preferred stock conversion rate	1.6667				1.7041
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, authorized amount				$30,000,000
Stock repurchase program, stock reacquired and retired	0	105,775
Stock repurchase program, remaining amount	20,900,000
Stock repurchase program, stock reacquired and retired cost		1,400,000
Stock repurchase program, common stock reacquired Weighted Average Price		$12.52
Initial public offering shares	2,227,456	0	0
Number of sales agents	4
Maximum number of shares issued under equity incentive award plan	2,850,000
Compensation expense recognized related to restricted common stock grants	1,100,000	574,000
Estimated forfeitures		0
Unrecognized compensation expense	5,300,000		5,100,000
Unrecognized compensation expense, weighted-average	1 year 1 month 6 days		1 year 9 months 18 days
Profit participation interests	3,200,000
Costs related to the matching portion	45,000	39,000
Contingently Issuable Shares
Equity [Line Items]
Common stock available for issuance	1,456,549
Equity Distribution Agreements
Equity [Line Items]
Stock repurchase program, remaining amount	64,400,000
Net proceeds of Equity Distribution Agreements	30,200,000
Average stock issuance of Equity Distribution Agreements	$13.75
Operating partnership, units exchanged	2,227,456
Amount contributed to operating Partnership in exchange for OP units	30,200,000
Maximum
Equity [Line Items]
Stock repurchase program, authorized amount						50,000,000
Discount rate	14.60%
Terminal capitalization rates	8.25%
Minimum
Equity [Line Items]
Discount rate	14.10%
Terminal capitalization rates	7.85%
Amended And Restated | Maximum
Equity [Line Items]
Common stock offering price				100,000,000
7.00% Series A cumulative convertible perpetual preferred stock
Equity [Line Items]
Preferred stock dividend rate percentage	7.00%	7.00%
Preferred stock, liquidation preference per share	$25		$25
Annual dividend on preferred stock	$1.75
Outstanding shares	1,180,975		1,180,975
8.125% Series B cumulative redeemable preferred stock
Equity [Line Items]
Preferred stock dividend rate percentage	8.13%
Preferred stock, liquidation preference per share	$25		$25
Annual dividend on preferred stock	$2.03
Outstanding shares	3,680,000		3,680,000
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
Common Stock
Equity [Line Items]
Issuance of restricted common stock awards, shares	152,137	645,460
Forfeitures of restricted common stock awards, shares	83,195	465,864
Initial public offering shares	2,220,838
Accrued dividend payable	11,400,000
Preferred Stock
Equity [Line Items]
Accrued dividend payable	2,400,000
Operating Partnership Units
Equity [Line Items]
Accrued dividend payable	$184,000
Hundred Percentage Employee Deferrals
Equity [Line Items]
Company matching contributions Percentage			100.00%
Eligible Compensation Percentage			3.00%
Fifty Percentage Employee Deferrals
Equity [Line Items]
Company matching contributions Percentage			50.00%
Eligible Compensation Percentage			2.00%
Cumulative for Prior Year | Common Stock
Equity [Line Items]
Forfeitures of restricted common stock awards, shares	576,059

Shares_of_Restricted_Common_St

Shares of Restricted Common Stock (Detail) (USD $)	0 Months Ended						3 Months Ended
	Mar. 03, 2015		Feb. 09, 2015		Jan. 01, 2015		Mar. 31, 2015
Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price at Grant Date	$13.79	[1]
Number	5,000	[1]
Vesting Period (yrs.)	3 years	[1]	3 years	[2]	3 years	[3]
Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price at Grant Date			13.81	[2]
Number			24,275	[2]
Vesting Period (yrs.)			1 year	[2]
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price at Grant Date					13.9	[3]	$13.88
Number					122,862	[3]	152,137
Vesting Period (yrs.)					1 year	[3]
[1]	Shares issued to certain of the Company's employees. These shares vest in equal annual installments on December 31, 2015, 2016 and 2017.
[2]	Shares issued to certain of the Company's employees. A portion of the stock grants (4,575 shares of restricted common stock) vested immediately upon grant and a portion (11,000 shares of restricted common stock) vest over a one-year period and include performance or service conditions. The remaining stock grants (8,700 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
[3]	Shares issued to senior management and other employees of the Company. A portion of the stock grants (102,962 shares of restricted common stock) vest over a one-year period and 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, 2015 based on the achievement of the Company's objectives during the year ended December 31, 2015. The remaining stock grants (19,900 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.

Shares_of_Restricted_Common_St1

Shares of Restricted Common Stock (Parenthetical) (Detail) (Members of Board of Directors)	0 Months Ended
	Mar. 03, 2015		Feb. 09, 2015		Jan. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants	5,000	[1]
Equity Incentive Award Plan shares vesting period	3 years	[1]	3 years	[2]	3 years	[3]
Equity Incentive Award Plan, vesting date					31-Dec-15
31-Dec-15
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants					19,900
31-Dec-16
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants					19,900
31-Dec-17
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants					19,900
Performance or Service Conditions Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants			4,575
Performance or Service Conditions Based Awards | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants			11,000
Equity Incentive Award Plan shares vesting period			1 year
Stock Options That Contain Performance And Market Based Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Award Plan, number of stock grants			8,700		102,962
Equity Incentive Award Plan shares vesting period					1 year
[1]	Shares issued to certain of the Company's employees. These shares vest in equal annual installments on December 31, 2015, 2016 and 2017.
[2]	Shares issued to certain of the Company's employees. A portion of the stock grants (4,575 shares of restricted common stock) vested immediately upon grant and a portion (11,000 shares of restricted common stock) vest over a one-year period and include performance or service conditions. The remaining stock grants (8,700 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
[3]	Shares issued to senior management and other employees of the Company. A portion of the stock grants (102,962 shares of restricted common stock) vest over a one-year period and 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, 2015 based on the achievement of the Company's objectives during the year ended December 31, 2015. The remaining stock grants (19,900 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.

NonVested_Shares_of_Companys_R

Non-Vested Shares of Companys Restricted Common Stock (Detail) (Restricted Stock, USD $)	0 Months Ended		3 Months Ended
	Jan. 01, 2015		Mar. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Shares of Restricted Common Stock, Beginning Balance	427,580		427,580
Number of Unvested Shares of Restricted Common Stock, Grants	122,862	[1]	152,137
Number of Unvested Shares of Restricted Common Stock, Forfeitures/Expirations			-83,195	[2]
Number of Unvested Shares of Restricted Common Stock, Vested			-28,541
Number of Unvested Shares of Restricted Common Stock, Ending Balance			467,981
Weighted Average Grant Date Fair Value, Beginning Balance	$12.78		$12.78
Weighted Average Grant Date Fair Value, Grants	$13.90	[1]	$13.88
Weighted Average Grant Date Fair Value, Forfeitures/Expirations			$12.96	[2]
Weighted Average Grant Date Fair Value, Vested			$12.43
Weighted Average Grant Date Fair Value, Ending Balance			$13.10
[1]	Shares issued to senior management and other employees of the Company. A portion of the stock grants (102,962 shares of restricted common stock) vest over a one-year period and 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, 2015 based on the achievement of the Company's objectives during the year ended December 31, 2015. The remaining stock grants (19,900 shares of restricted common stock) vest in equal annual installments on December 31, 2015, 2016 and 2017 and include service conditions.
[2]	During the three months ended March 31, 2015, 6,618 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 common shares or common operating partnership units issued during each period presented.

NonVested_Shares_of_Companys_R1

Non-Vested Shares of Companys Restricted Common Stock (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock retired during the period	0	105,775
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock retired during the period	6,618

Equity_of_the_Operating_Partne2

Equity of the Operating Partnership - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Equity [Line Items]
Number of OP units repurchased	0	105,775
Number of OP units repurchased, aggregate cost		$1,400
Number of OP units repurchased, weighted average purchase price		$12.52
Initial public offering shares	2,227,456	0	0
Excel Trust, L.P.
Equity [Line Items]
Operating Partnership, outstanding units	64,422,675
Operating partnership, net proceeds from units issued	29,918
Excel Trust, L.P. | 7.00% Series A cumulative convertible perpetual preferred units
Equity [Line Items]
Preferred units, units outstanding	1,180,975		1,180,975
Preferred units dividend rate percentage	7.00%		7.00%
Excel Trust, L.P. | 8.125% Series B cumulative redeemable preferred units
Equity [Line Items]
Preferred units, units outstanding	3,680,000		3,680,000
Preferred units dividend rate percentage	8.13%		8.13%
Excel Trust, L.P. | Excel Trust, Inc.
Equity [Line Items]
Percentage of ownership interest	98.40%
Excel Trust, L.P. | General Partner's Capital
Equity [Line Items]
Operating partnership, units issued	2,227,456
Operating partnership, net proceeds from units issued	30,200

Vested_Ownership_Interests_in_

Vested Ownership Interests in Operating Partnership (Detail)	Mar. 31, 2015	Dec. 31, 2014
Equity [Line Items]
OP Units	63,954,694	61,705,315
Percentage of Total	100.00%	100.00%
Noncontrolling Interests
Equity [Line Items]
OP Units	1,019,523	1,019,523
Percentage of Total	1.60%	1.70%
Excel Trust, Inc.
Equity [Line Items]
OP Units	62,935,171	60,685,792
Percentage of Total	98.40%	98.30%

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities - Additional Information (Detail) (Bay Hill Property)	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Ownership interests percentage holding by company	50.00%	[1]
Retail Space
Investments in and Advances to Affiliates [Line Items]
Ownership interests percentage holding by company	50.00%
Investment in unconsolidated entity, percentage of cash flow distribution entitled to receive	50.00%
Investment in unconsolidated entity, percentage of results of operations entitled to recognize	50.00%
Remaining interest owned by third party	50.00%
[1]	At March 31, 2015, Bay Hill had real estate assets of $36.2 million, total assets of $39.2 million, mortgages payable of $23.8 million and total liabilities of $25.7 million. At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. Total revenues were $905,000, total expenses were $637,000 (including interest expense) and net income was $268,000 for the three months ended March 31, 2015. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of December 1, 2021.

General_Information_on_Bay_Hil

General Information on Bay Hill (Detail) (Bay Hill Property)	3 Months Ended
	Mar. 31, 2015
Bay Hill Property
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	[1]
Formation/ Acquisition Date	19-Oct-12	[1]
Property	The Fountains at Bay Hill	[1]
[1]	At March 31, 2015, Bay Hill had real estate assets of $36.2 million, total assets of $39.2 million, mortgages payable of $23.8 million and total liabilities of $25.7 million. At December 31, 2014, Bay Hill had real estate assets of $36.4 million, total assets of $39.4 million, mortgages payable of $24.0 million and total liabilities of $25.8 million. Total revenues were $905,000, total expenses were $637,000 (including interest expense) and net income was $268,000 for the three months ended March 31, 2015. Total revenues were $964,000, total expenses were $721,000 (including interest expense) and net income was $244,000 for the three months ended March 31, 2014. The outstanding mortgage note was refinanced in October 2014 with a notional amount of $24.0 million, which bears interest at a fixed rate of 3.75%. The new mortgage note has a maturity date of December 1, 2021.

General_Information_on_Bay_Hil1

General Information on Bay Hill (Parenthetical) (Detail) (Bay Hill Property, USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2014	Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]
Real estate assets	$36,200,000			$36,400,000
Total assets	39,200,000			39,400,000
Mortgages payable	23,800,000			24,000,000
Total liabilities	25,700,000			25,800,000
Total revenues	905,000	964,000
Total expenses	637,000	721,000
Net income (loss)	268,000	244,000
Refinanced Mortgage Loan
Investments in and Advances to Affiliates [Line Items]
Outstanding mortgage Refinanced, notional Amount			$24,000,000
Mortgage fixed interest rate			3.75%
Debt Instrument, Maturity Date			1-Nov-21

Property_Dispositions_and_Prop2

Property Dispositions and Property Held for Sale - Additional Information (Detail) (USD $)	3 Months Ended	0 Months Ended		3 Months Ended
	Mar. 31, 2015	Jan. 30, 2015	Mar. 11, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property	$19,661,000
The Family Center at Orem
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of the property		21,500,000
Promenade Corporate Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of the property			65,000,000
Gain on sale of property	15,200,000
Office property as a percentage of net income	98.20%			58.50%
Rosewick Crossing Property And Cedar Square Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of the property		$33,500,000

Held_for_Sale_and_Disposition_

Held for Sale and Disposition Property Operating Results (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$1,129	$1,389
Property operating expenses	-533	-672
Property net operating income	596	717
General and administrative	-7	-3
Depreciation and amortization	-356	-583
Gain on sale of real estate assets	15,198
Net income	$15,431	$131

Major_Classes_of_Assets_and_Li

Major Classes of Assets and Liabilities of Properties Classified as Held for Sale (Detail) (Rosewick Crossing Property And Cedar Square Property, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Real estate held for sale:
Accumulated depreciation	($2,100)
Property, net	23,663
Restricted cash	192
Tenant receivables, net	73
Lease intangibles, net	1,839
Deferred rent receivable	492
Other assets	1,036
Real estate held for sale, net of accumulated depreciation	27,295
Liabilities of real estate held for sale:
Accounts payable and other liabilities	1,400
Lease intangibles, net	807
Liabilities of real estate held for sale	2,207
Land
Real estate held for sale:
Property gross	12,310
Buildings
Real estate held for sale:
Property gross	10,025
Site/Tenant Improvements
Real estate held for sale:
Property gross	$3,428

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Reimbursement to the related party	$96,000	$76,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (Minimum)	3 Months Ended
	Mar. 31, 2015
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 $)	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets related to business combinations	$0	$471,000
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets related to business combinations		$471,000

Financial_Assets_and_Liabiliti1

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets related to business combinations	$0	$471,000

Reconciliation_of_Financial_In

Reconciliation of Financial Instruments Remeasured on Recurring Basis (Detail) (Other Assets Related to Business Combinations, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Other Assets Related to Business Combinations
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Beginning balance	$507	[1]
Included in earnings	0	[1]
Purchases, issuances or settlements	-36	[1]
Ending balance	$471	[1]
[1]	The change of $36,000 for other assets related to business combinations during the three months ended March 31, 2014 was comprised of cash payments received on the master lease asset.

Reconciliation_of_Financial_In1

Reconciliation of Financial Instruments Remeasured on Recurring Basis (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items]
Change in other asset related to business combinations	$36,000

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial liabilities:
Long term debt, Carrying Amount	$192,956	$192,748
Notes payable, Carrying Amount	199,000	238,000
Notes payable, Fair Value	197,395	235,940
Unsecured notes, carrying amount	398,791	398,758
Mortgage Notes Payable
Financial liabilities:
Long term debt, Carrying Amount	192,956	192,748
Debt, Fair Value	197,080	195,729
Unsecuritized Loans
Financial liabilities:
Debt, Fair Value	365,764	353,662
Unsecured notes, carrying amount	348,791	348,758
Term Loan
Financial liabilities:
Long term debt, Carrying Amount	50,000	50,000
Debt, Fair Value	$50,000	$50,000

Segment_Disclosure_Additional_

Segment Disclosure - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	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
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$40,491	$30,598
Property operating expenses	-32,393	-23,449
Operating income	8,098	7,149
General and administrative costs	-4,348	-3,815
Depreciation and amortization	-17,266	-11,796
Interest expense	-7,551	-4,989
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	19,661
Net income	20,392	2,278
Net income attributable to non-controlling interests	-379	-83
Net income attributable to Excel Trust, Inc.	20,013	2,195
Office Properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,901	2,161
Property operating expenses	-717	-853
Operating income	1,184	1,308
General and administrative costs	-18	-5
Depreciation and amortization	-656	-892
Interest expense		-187
Gain on sale of real estate assets	15,198
Net income	15,708	224
Multi-family Property
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,350	1,401
Property operating expenses	-462	-453
Operating income	888	948
General and administrative costs	-14	-14
Depreciation and amortization	-463	-463
Net income	411	471
Retail Properties
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	37,240	27,036
Property operating expenses	-9,600	-6,532
Operating income	27,640	20,504
General and administrative costs	-4,316	-3,796
Depreciation and amortization	-16,147	-10,441
Interest expense	-7,551	-4,802
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	4,463
Net income	4,273	1,583
Total Reportable Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	40,491	30,598
Property operating expenses	-10,779	-7,838
Operating income	29,712	22,760
General and administrative costs	-4,348	-3,815
Depreciation and amortization	-17,266	-11,796
Interest expense	-7,551	-4,989
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	19,661
Net income	20,392	2,278
Excel Trust, Inc.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net income	20,392	2,278
Net income attributable to non-controlling interests	-379	-83
Net income attributable to Excel Trust, Inc.	20,013	2,195
Excel Trust, L.P.
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	40,491	30,598
Property operating expenses	-32,393	-23,449
Operating income	8,098	7,149
General and administrative costs	-4,348	-3,815
Depreciation and amortization	-17,266	-11,796
Interest expense	-7,551	-4,989
Interest income	50	49
Income (loss) from equity in unconsolidated entities	134	69
Gain on sale of real estate assets	19,661
Net income	20,392	2,278
Net income attributable to non-controlling interests	-90	-93
Net income attributable to Excel Trust, Inc.	$20,302	$2,185

Reconciliation_of_Companys_Seg1

Reconciliation of Company's Segment Financial Operations Activity (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$1,646,878	[1]	$1,647,137	[1]
Office Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	13,052		62,747
Multi-family Property
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	68,561		68,982
Retail Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,565,265		1,515,408
Total Reportable Segments & Consolidated Assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$1,646,878		$1,647,137
[1]	Excel Trust, Inc.'s consolidated total assets at March 31, 2015 and December 31, 2014 include $40,302 and $39,783, respectively, of assets (primarily real estate assets) of two variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs.

Subsequent_Events_Additional_D

Subsequent Events - Additional Disclosure (Detail) (USD $)	3 Months Ended		0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 09, 2015	Apr. 02, 2015	Apr. 14, 2015
Subsequent Event [Line Items]
Common stock dividend payable	$0.18	$0.18
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend payable			$0.18
Dividends payable, date to be paid, year and month			2015-07
Subsequent Event | Mariner's Point, Merchant's Central, and Newport Towne Center
Subsequent Event [Line Items]
Sales agreement to sale property					$17.80
Subsequent Event | 8.125% Series B cumulative redeemable preferred stock
Subsequent Event [Line Items]
Redemption value of preferred stock			$25
Subsequent Event | BRE Retail Centers
Subsequent Event [Line Items]
Potential termination fee payable			25
Potential termination fee receivable			250
Subsequent Event | Blackstone Property Partners, L.P | Parent
Subsequent Event [Line Items]
Sale of outstanding shares of common stock, price per share			$15.85
Subsequent Event | Rosewick Crossing
Subsequent Event [Line Items]
Proceeds from sale of the property				$25