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Real Estate Company Excel
SAN DIEGO, Apr 23, 2010 — Excel Trust, Inc. today announced the pricing of its initial underwritten public offering of 15,000,000 shares of its common stock at a public offering price of $14.00 per share. The shares are expected to begin trading on April 23, 2010 on the New York Stock Exchange under the symbol EXL. The closing of the sale of the common stock is expected to occur on April 28, 2010, subject to the satisfaction of customary closing conditions. The Company has granted to the underwriters an option to purchase up to an additional 2,250,000 shares within 30 days after the offering to cover over-allotments, if any. All shares are being offered by the Company.
The Company will contribute the net proceeds of the offering (which are estimated to be approximately $193.8 million after deducting underwriting discounts and commissions and estimated offering expenses, prior to any exercise of the underwriters’ option to purchase additional shares of common stock) to its operating partnership, which will use the net proceeds to acquire retail real estate properties identified in the prospectus relating to this offering, to acquire additional properties and for general corporate and working capital purposes.
Morgan Stanley, Barclays Capital and UBS Investment Bank are joint book-running managers for the offering. The co-managers of the offering are Wells Fargo Securities, KeyBanc Capital Markets, Raymond James, Stifel Nicolaus, HFF Securities L.P. and PNC Capital Markets LLC.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. This offering is being made solely by means of a prospectus.
A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, by contacting Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, or by e-mail at prospectus@morganstanley.com; Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847, or by e-mail at barclaysprospectus@broadridge.com; or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, or by calling 1-877-827-6444 (ext. 561-3884).
About Excel Trust, Inc.
Excel Trust, Inc. 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. The Company intends to elect to be treated as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2010. For more information on Excel Trust, Inc., please visit www.exceltrust.com.
Forward Looking Statements
This press release contains forward-looking statements, including statements related to the initial public offering and the expected use of the net proceeds therefrom, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which the Company operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company’s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; the Company’s inability to successfully complete real estate acquisitions or successfully operate acquired properties; and the Company’s failure to qualify or maintain its status as a REIT. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s final prospectus relating to this offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
SOURCE: Excel Trust, Inc.
Excel Trust, Inc.
Matt Romney, SVP, Capital Markets
858-613-1800
info@exceltrust.com
www.exceltrust.com
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