Excel Trust Company

Background Excel Trust, Inc. engages in financing, developing, leasing, owning and managing community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company primarily invests in the smile states (NE, NW and Sunbelt regions) of the U.S. and is headquartered in San Diego. Gary Sabin (founder) serves as the Chairman and CEO. He has over 30 years of experience in real estate and started his first real estate company focused on retail properties in 1978. Spencer Plumb, President, COO - involved with Excel and associate companies since 1997. James Nakagawa, CFO - joined Excel in 1994. Prior to that worked with Coopers Lybrand. Mark Burton, Chief Investment Officer - associated with Excel Realty Trust and its affiliates beginning in 1983, primarily in the evaluation and selection of property acquisitions. William Stone, Senior VP of Asset Management/Development joined the Excel group in 1999. Prior to Excel, he worked with DDR/Oliver McMillan where he oversaw the development of urban retail redevelopment projects. Matt Romney, Senior VP Capital Markets joined the Excel group in 2005. Prior to Excel, he worked as product manager in Microsoft. Excel Trust invests in properties in communities that have stable demographics and have historically demonstrated favorable trends. It generally leases its properties to supermarket chains, big box retailers and select retailers that offer necessity and value oriented items that generate consumer traffic. The long-term strategy is focused on clustering properties around regional hubs in San Diego, Dallas, Atlanta, Greater SF Bay Area, Washington D.C. and Phoenix. Excel Trust will invest in properties located in dominant retail corridors, areas with high household incomes, in good schooling districts and in stable and growing employment areas. $535 million (Current Price: $11.9, 52 week high/low: $13.2/$10.9)

Management

Investment Strategy

Market Cap & Share Price Chart (EXL) as on 11/30/12

Excel Trust Company IPOed in April 2010 at $14 per share. The stock price slid to $12.9 (8% below IPO price) on the first day of trading. The stock is down 15% from its IPO price. Portfolio Excel Trust has 26 properties in its portfolio with approximately 4.8 million of GLA (Gross Leasable Area), of which about 95% is leased. Anchors represent 50% of GLA. Properties are generally anchored by tenants that offer necessity and value oriented items. Portfolio price per sq. ft. is about $169. Top 10 tenants occupy 1.4 million of GLA and include Lowes, Edwards theaters, Publix, Kaiser Permanente, Bed Bath & Beyond, Kohls, Ross Dress for Less, Dicks Sporting Goods, PetSmart, JoAnn. Average rent per sq. ft. charged is $11.6. Excel has an acquisition pipeline of 2 million sq. ft. ($400 million) of property. Some of the properties in the portfolio include:

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Source: Company filings and Cantor Fitzgerald research

Key Financial Metrics (as of 09/30/12)

Key comparable REITs for EXL are illustrated in Exhibit 2. Per the October 16, 2012, closing price of $12.36, EXL is yielding 5.3 %, versus a 3.5 % weighted average among shopping center REIT peers. EXL is trading at 15.3x our 2012 AFFO per share estimate, implying a discount of 36% to the peer weighted average multiple of 23.8x. The weighted average for REITs overall is 21.5x and 19.8x for 2012 and 2013, respectively. For retail REITs, we believe Adjusted FFO (AFFO) is a higher quality metric than reported FFO due to a number of significant adjustments needed to obtain a cash flow proxy.
Exhibit 2: Comparable Peer Multiples

Competitive Landscape (Prices as on 10/16/12)

Company

Tkr.

Exchange

Rating

Stock Price $12.36 $25.52 $5.65 $15.66 $21.67 $108.99 $8.62 $20.57 $5.40 $13.17 $49.42 $12.96 $44.87 $28.00

12 Est. $0.81 $0.85 $0.27 $0.86 $0.78 $3.54 $0.62 $1.00 $0.28 $0.74 $1.91 $0.57 $1.60 $1.37

13 Est.

AFFO* 12 Mult. 15.3x 30.0x 20.9x 18.2x 27.8x 30.8x 13.9x 20.6x 19.3x 17.8x 25.9x 22.7x 28.0x 20.4x 23.8x 22.8x 21.5x -29.0%

13 Mult. 12.5x 24.5x 18.2x 16.7x 25.2x 28.8x 12.9x 19.0x 15.4x 16.5x 24.7x 19.1x 23.0x 20.4x 22.0x 20.3x 19.8x -36.9%

Div. Yield 5.3% 2.8% 3.5% 3.1% 4.1% 2.5% 6.6% 3.7% 4.4% 5.0% 3.7% 4.0% 3.2% 4.1% 3.1% 3.9% 3.6% 46.1%

12 AFFO Payout 80.2% 84.7% 74.1% 55.8% 112.8% 78.0% 91.9% 76.0% 85.7% 88.2% 96.9% 91.2% 90.0% 84.7%

Excel Trust, Inc. Acadia Realty Trust Cedar Shopping Centers, Inc. DDR Corp. Equity One, Inc. Federal Realty Investment Trust Inland Real Estate Corp. Kimco Realty Corp. Kite Realty Group Trust Ramco-Gershenson Properties Trust Regency Centers Corp. Retail Opportunity Investments Corp. Saul Centers, Inc. Weingarten Realty Investors Peer Weighted Average (Excluding EXL) Peer Straight Average (Excluding EXL) Total REIT Weighted Average Implied Premium / (Discount)

EXL AKR CDR DDR EQY FRT IRC KIM KRG RPT REG ROIC BFS WRI

NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE

BUY NC NC NC NC NC NC NC NC NC NC NC NC NC

$0.99 $1.04 $0.31 $0.94 $0.86 $3.78 $0.67 $1.08 $0.35 $0.80 $2.00 $0.68 $1.95 $1.37

* All estimates represent Thomson One consensus except EXL, which represents Cantor Fitzgerald Estimates

Fund History

Note: of the close onis October 16, (a 2012. 1989 - Priced Excelas Realty Trust formed public non-traded REIT). 1993 - Excel Realty Trust is listed One, on NYSE. Source: Company documents, Thomson and Cantor Fitzgerald research 1995, 1997 - Excel is the top performing retail REIT in the US for total shareholder return. 1998 - Excel is merged with New Plan to create New Plan Excel Realty (AUM $2.9 billion) 1999 - Sabin and team quit New Plan, focus on managing Excel Legacy, a spin off from Excel Realty Trust. 2001 - Excel Legacy is merged with Price Enterprises to form Price Legacy (AUM $1.2 billion). 2003 Price Legacy is sold to a partnership between DRA Advisors and Kimco Realty, after Sabin and team fail to win the bid for it. 2004 Sabin and senior management team form Excel Realty Holdings to acquire and develop properties. 2010 Excel Trust raises $210 million in IPO after an initial target of $270 million. Market reaction to IPO was that it was priced too aggressively. Company reduced price band to $14 from $16-18 per share.

Key Considerations

Strengths: Experienced team. Senior management team has worked together for an average of 15 years. Dividend yield of over 5%. Weighted Average Lease period of 7 years. Strong insider buying by Gary Sabin in the last 6 months (8,000 shares). One of the five shopping center REITs that recorded positive shareholder returns in 2011. Majority of the deals sourced through personal relationships. Attractively priced compared to peers. (Stock trading at 10% below 52-week high) Weakness: Over dependence on Gary Sabin. Stock has underperformed broader market index.

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