SAN DIEGO February 4, 2013 -- Excel Trust, Inc. (NYSE:EXL), a retail focused real estate investment trust (REIT), acquired Tracy Pavilion, a 374,766 square foot shopping center, for approximately $32 million on January 24, 2013. The company owns 162,353 square feet as Home Depot and WinCo are both tenant owned. Major tenants include Home Depot (non-owned), WinCo (non-owned), Marshalls, Ross, PetSmart, Staples and Ulta. In a five mile radius average household income is estimated to be $95,558 (Source: AGS 2013).
Gary Sabin, Chairman and CEO, commented, "This acquisition underscores our strategy of acquiring dominant, top-performing properties surrounded by strong household incomes. Amazon recently announced it is adding a 1 million square foot facility in Tracy, which will bring additional jobs to the community."
About Excel Trust
Excel Trust, Inc. is a retail focused REIT that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol "EXL". For more information on Excel Trust, Inc., please visit www.exceltrust.com.
Forward Looking Statements
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to the Company's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.