Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Excel Trust, Inc. | d8k.htm |
| EX-99.1 - PRESS RELEASE - Excel Trust, Inc. | dex991.htm |
 Supplemental
Operating and Financial Data for the Period ended June 30, 2010
1
Plaza
at
Rockwall
Phase
I
–
Rockwall,
TX
Exhibit 99.2 |
 2
Table of Contents
Company Overview
Analyst Coverage
Financial Summary
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Reconciliation of Net Loss Attributable to Common Stockholders to FFO
Debt Summary
Portfolio Summary
Acquisitions and Dispositions
Portfolio Summary
Major Tenants
Lease Expiration Schedule
Definitions |
 Company
Overview As of June 30, 2010
3
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored
neighborhood centers and freestanding retail properties. The Company intends
to be treated as a REIT, for U.S. federal income tax purposes, commencing with the
taxable year ending December 31, 2010. Excel Trust trades publicly on the NYSE under the symbol "EXL" .
Company Contact Information
Excel Trust, Inc.
Matt Romney, SVP, Capital Markets
17140 Bernardo Center Dr., Ste 300
San Diego, CA 92128
Main: 858-613-1800
info@exceltrust.com
Company Website
http://www.exceltrust.com
Forward-Looking Statements
This press release contains forward-looking statements that 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 Excel Trust operates; defaults on or non-renewal of leases by tenants;
increased interest rates and operating costs; decreased rental rates or increased vacancy
rates; Excel Trust's failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of
additional acquisition opportunities; Excel Trust's inability to successfully complete real estate
acquisitions or successfully operate acquired properties and Excel Trust's failure to
qualify or maintain its status as a REIT. For a further list and description of such risks
and uncertainties that could impact Excel Trust's future results, performance or transactions, see the
reports filed by Excel Trust with the Securities and Exchange Commission, including its final
prospectus relating to its initial public offering and quarterly reports on Form
10-Q. Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
|
 Company
Analyst
Contact
Barclays Capital
Ross Smotrich
(212) 526-2306
Ryan Bennett
(212) 526-5309
KeyBanc
Jordan Sadler
(917) 368-2280
Todd Thomas
(917) 368-2286
Morgan Stanley
Paul Morgan
(415) 576-2627
Samir
Khanal
(415) 576-2696
Raymond James & Assoc.
Paul D. Puryear
(727) 567-2253
R.J. Milligan
(727) 567-2660
Stifel, Nicolaus
&
Co., Inc.
Nathan Isbee
(443) 224-1346
Jennifer
Hummert
(443) 224-1288
UBS
Ross Nussbaum
(212) 713-2484
Christy McElroy
(203) 719-7831
Wells Fargo
Jeff Donnelly
(617) 603-4262
Robert LaQuaglia
(617) 603-4263
Analyst Coverage
As of June 30, 2010
4 |
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
| The Company |
The Predecessor |
|||||||
| June 30, 2010 |
December 31, 2009 |
|||||||
| ASSETS: |
||||||||
| Property: |
||||||||
| Land |
$ | 52,630 | $ | 15,300 | ||||
| Building |
78,861 | 20,538 | ||||||
| Site improvements |
8,401 | 2,445 | ||||||
| Tenant improvements |
12,927 | 6,629 | ||||||
| Construction in progress |
1,635 | 1,438 | ||||||
| Less accumulated depreciation |
(5,274 | ) | (4,481 | ) | ||||
| Property, net |
149,180 | 41,869 | ||||||
| Cash and cash equivalents |
91,222 | 661 | ||||||
| Restricted cash |
1,040 | 524 | ||||||
| Tenant receivables, net |
91 | 97 | ||||||
| Lease intangibles, net |
16,263 | 1,118 | ||||||
| Deferred rent receivable |
734 | 583 | ||||||
| Other assets |
1,059 | 604 | ||||||
| Total assets |
$ | 259,589 | $ | 45,456 | ||||
| LIABILITIES AND EQUITY: |
||||||||
| Liabilities: |
||||||||
| Mortgage notes payable, net |
$ | 49,996 | $ | 30,190 | ||||
| Accounts payable and other liabilities |
5,681 | 3,973 | ||||||
| Lease intangibles, net |
3,165 | 555 | ||||||
| Due to owner |
— | 1,216 | ||||||
| Total liabilities |
58,842 | 35,934 | ||||||
| Equity: |
||||||||
| Stockholders’ equity and owner’s equity |
||||||||
| Common stock, $.01 par value, 200,000,000 shares authorized; 15,663,331 shares issued and outstanding |
155 | — | ||||||
| Additional paid in capital |
194,451 | — | ||||||
| Accumulated earnings |
(1,752 | ) | — | |||||
| Total stockholders’ deficit |
192,854 | — | ||||||
| Owner’s equity |
— | 8,622 | ||||||
| Non-controlling interests |
7,893 | 900 | ||||||
| Total equity |
200,747 | 9,522 | ||||||
| Total liabilities and equity |
$ | 259,589 | $ | 45,456 | ||||
5
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)
| The Company | The Predecessor | The Predecessor | ||||||||||
| Period from April 28, 2010 to June 30, 2010 |
Period April 1, 2010 to April 27, 2010 |
Three Months Ended June 30, 2009 |
||||||||||
| REVENUES: |
||||||||||||
| Rental revenue |
$ | 1,453 | $ | 317 | $ | 1,185 | ||||||
| Tenant recoveries |
92 | 31 | 82 | |||||||||
| Other income |
34 | — | — | |||||||||
| Total revenues |
1,579 | 348 | 1,267 | |||||||||
| Expenses: |
||||||||||||
| Maintenance and repairs |
56 | 21 | 40 | |||||||||
| Real estate taxes |
120 | 37 | 102 | |||||||||
| Management fees |
3 | 10 | 33 | |||||||||
| Other operating expenses |
66 | 23 | 100 | |||||||||
| General and administrative |
2,136 | 2 | 14 | |||||||||
| Depreciation and amortization |
746 | 82 | 461 | |||||||||
| Total expenses |
3,127 | 175 | 750 | |||||||||
| (1,548 | ) | 173 | 517 | |||||||||
| Net operating (loss) income |
||||||||||||
| Interest expense |
(350 | ) | (121 | ) | (328 | ) | ||||||
| Interest income |
74 | — | 1 | |||||||||
| Net (loss) income |
(1,824 | ) | 52 | 190 | ||||||||
| Non-controlling interest |
(72 | ) | 197 | — | ||||||||
| Net (loss) income attributable to the common shareholders and controlling interest |
$ | (1,752 | ) | $ | (145 | ) | $ | 190 | ||||
| Basic and diluted loss per share |
$ | (0.11 | ) | |||||||||
| Weighted-average common shares outstanding - basic and diluted |
15,460 | |||||||||||
6
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)
| The Company | The Predecessor | The Predecessor | ||||||||||
| Period from April 28, 2010 to June 30, 2010 |
Period January 1, 2010 to April 27, 2010 |
Six Months Ended June 30, 2009 |
||||||||||
| REVENUES: |
||||||||||||
| Rental revenue |
$ | 1,453 | $ | 1,455 | $ | 2,243 | ||||||
| Tenant recoveries |
92 | 113 | 154 | |||||||||
| Other income |
34 | — | ||||||||||
| Total revenues |
1,579 | 1,568 | 2,397 | |||||||||
| Expenses: |
||||||||||||
| Maintenance and repairs |
56 | 98 | 111 | |||||||||
| Real estate taxes |
120 | 140 | 217 | |||||||||
| Management fees |
3 | 43 | 65 | |||||||||
| Other operating expenses |
66 | 98 | 209 | |||||||||
| General and administrative |
2,136 | 8 | 35 | |||||||||
| Depreciation and amortization |
746 | 542 | 1,154 | |||||||||
| Total expenses |
3,127 | 929 | 1,791 | |||||||||
| (1,548 | ) | 639 | 606 | |||||||||
| Net operating (loss) income |
||||||||||||
| Interest expense |
(350 | ) | (483 | ) | (655 | ) | ||||||
| Interest income |
74 | — | 3 | |||||||||
| Net (loss) income |
(1,824 | ) | 156 | (46 | ) | |||||||
| Non-controlling interests |
(72 | ) | 290 | — | ||||||||
| Net (loss) income attributable to the common shareholders and controlling interest |
$ | (1,752 | ) | $ | (134 | ) | $ | (46 | ) | |||
| Basic and diluted loss per share |
$ | (0.11 | ) | |||||||||
| Weighted-average common shares outstanding - basic and diluted |
15,460 | |||||||||||
7
 8
Reconciliation
of
Net
Loss
Attributable
to
Common
Stockholders
to
Funds
From
Operations
As of June 30, 2010
Excel
Trust’s
FFO
available
to
common
stockholders
and
operating
partnership
unitholders
and
a
reconciliation
to
net
income
for
the
period
from
April
28,
2010
through
June
30,
2010
is
as
follows:
Net loss attributable to common stockholders
$ (1,752,000)
Adjustments to reconcile to Funds from Operations:
Depreciation and amortization expense
$ 746,000
Funds From Operations –
Basic and Diluted
$ (1,006,000)
Weighted
Average
Shares
For
Diluted
FFO
per
Share
–
Basic
and
Diluted
15,460,000
FFO per Share -
Basic and Diluted
$
(0.07) Other items included in funds from operations:
Organizational and other non-recurring costs related to the IPO
$ (1,023,000)
Straight-line rents
$ 73,000
Amortization of above/below market leases and lease incentives
$ 90,000
(1)
(1) For definitions and discussion of FFO, see page 14.
|
 9
Debt Summary
As of June 30, 2010
(Dollars in thousands)
Fixed Rate Debt
$51,406
Variable Debt
$0
Total Debt
$51,406
Total Maturities
Amount
% Total Debt
Remainder 2010
$473
0.9%
2011
$1,004
2.0%
2012
$1,063
2.1%
2013
$5,824
11.3%
2014
$16,984
33.0%
2015
$654
1.3%
Beyond 2015
$25,404
49.4%
Totals
$51,406
100.0%
Property
Interest Rate
Maturity Date
Due at Maturity
Excel Centre
6.08%
5/31/14
$11,922
Five Forks Place
5.50%
6/30/13
$4,801
5000 South Hulen
5.60%
4/1/17
$12,675
Lowe's
7.20%
10/10/31
$108
Merchants Central
5.94%
7/1/14
$4,317 |
 10
Acquisitions and Dispositions
As of June 30, 2010
(Dollars in thousands)
Property Name
City
ST
Date
Acquisition Price
Excel Centre
San Diego
CA
*
$23,700
Newport Towne Center
Newport
TN
*
$6,500
Five Forks Place
Simpsonville
SC
*
$7,800
Red Rock Commons
St. George
UT
*
$11,700
5000 South Hulen
Fort Worth
TX
5/12/2010
$21,900
Jewel-Osco
Morris
IL
5/14/2010
$8,200
Walgreens
Corbin (North)
KY
5/24/2010
$3,500
Walgreens
Corbin (South)
KY
5/24/2010
$4,200
Walgreens
Barbourville
KY
5/24/2010
$4,200
Shop ’n Save (SuperValu)
Ballwin
MO
5/28/2010
$8,500
Walgreens
Beckley
WV
6/17/2010
$7,200
Lowe's
Shippensburg
PA
6/22/2010
$17,600
Plaza at Rockwall -
Phase I
Rockwall
TX
6/29/2010
$35,500
Plaza at Rockwall -
Phase II
Rockwall
TX
6/29/2010
$5,300
Merchant Central
Milledgeville
GA
6/30/2010
$6,100
Total
$171,900
* Acquired from Predecessor as part of the Company’s formation transactions.
|
 11
Portfolio Summary
As of June 30, 2010
(Dollars in thousands)
Bldg.
Acquisition
Price
Property Name
City
State
Sq. Ft.
Price
Sq. Ft.
% Leased
Major Tenants
Excel Centre
San Diego
CA
82,157
$23,700
$288
100%
Excel Trust, Kaiser Permanente, UBS
Newport Town Center
Newport
TN
60,100
$6,500
$108
91%
Stage Stores (DBA Goody's), Dollar Tree,
Super Wal-Mart Shadow Anchor
Five Forks Place
Simpsonville
SC
61,191
$7,800
$127
98%
Publix
5000 South Hulen
Fort Worth
TX
86,838
$21,900
$252
92%
Barnes and Noble, Old Navy
Jewel-Osco
Morris
IL
51,762
$8,200
$158
100%
Jewel Osco
Walgreens
Corbin (North)
KY
13,650
$3,500
$256
100%
Walgreens
Walgreens
Corbin (South)
KY
13,650
$4,200
$308
100%
Walgreens
Walgreens
Barbourville
KY
13,650
$4,200
$308
100%
Walgreens
Shop ’n Save (SuperValu)
Ballwin
MO
53,411
$8,500
$159
100%
Shop n Save
Walgreens
Beckley
WV
14,820
$7,200
$486
100%
Walgreens
Lowe's
Shippensburg
PA
171,069
$17,600
$103
100%
Lowe's
Plaza at Rockwall -
Phase I
Rockwall
TX
332,989
$35,500
$107
95%
Best Buy, Dick's, Staples,
Ulta,
JC Penney, Belk
Merchant Central
Milledgeville
GA
45,013
$6,100
$136
97%
Dollar Tree, Super
Wal-Mart
Shadow Anchor
Totals
1,000,300
$154,900
$155
97%
Properties for Development
Red Rock Commons
St. George
UT
TBD
$11,700
Plaza at Rockwall -
Phase II
Rockwall
TX
TBD
$5,300
Totals
$17,000
Total Portfolio
$171,900 |
 12
Major Tenants By GLA
As of June 30, 2010
Sorted by Total GLA
Total GLA
1,000,300
Tenants
Number of Stores
Square Feet
% of Total GLA
Lowe's
1
171,069
17%
JC Penney
1
103,256
10%
Belk
1
75,524
8%
Walgreens
4
55,770
6%
Shop ’n Save (SuperValu)
1
53,411
5%
Jewel-Osco
1
51,762
5%
Dick's Sporting Goods
1
50,000
5%
Publix
1
44,271
4%
Kaiser Permanente
1
30,052
3%
Best Buy
1
30,000
3%
Major Tenants By Rent
As of June 30, 2010
Sorted by Annualized Rent-Total Portfolio
Tenants
Number of Stores
Square Feet
Rent per sq. ft.
Annualized Rent
Walgreens
4
55,770
$27.41
$1,528,600
Lowe's
1
171,069
$8.62
$1,475,000
Kaiser Permanente
1
30,052
$40.50
$1,217,038
Dicks Sporting Goods
1
50,000
$16.30
$815,186
Shop ’n Save (SuperValu)
1
53,411
$13.50
$721,049
Jewel-Osco
1
51,762
$12.75
$660,122
Swinerton
1
13,503
$36.99
$499,486
Publix
1
44,271
$10.60
$469,273
Barnes & Noble
1
25,002
$18.00
$450,036
Best Buy
1
30,000
$15.00
$450,000 |
 *Retail
figures
exclude
the
Excel
Centre
because
it
is
an
office
building
and
currently
serves
as
headquarters
for
Excel
Trust.
13
Lease Expiration Schedule
As of June 30, 2010
Retail GLA (sq ft)*
918,143
Retail GLA Leased (sq ft)
888,042
% Retail Leased
96.72%
Year of
Number of
Square Footage of
Average Rent Per
% GLA
Lease Expiration
Leases Expiring
Sq ft of Leases Expiring
Square ft -
Leases Expiring
Expiring
2010
1
826
$38
0.09%
2011
24
58,958
$19
6.42%
2012
5
11,741
$18
1.28%
2013
9
20,101
$24
2.19%
2014
10
26,160
$13
2.85%
2015
12
64,195
$17
6.99%
2016
1
3,649
$25
0.40%
2017
1
4,835
$32
0.53%
2018
6
117,931
$17
12.84%
2019
1
3,149
$36
0.34%
2020
6
8,990
$25
0.98% |
 Funds From
Operations (FFO): Excel
Trust
considers
FFO
an
important
supplemental
measure
of
its
operating
performance
and
believes
it
is
frequently
used
by
securities
analysts, investors and other interested parties in the evaluation of REITs, many
of which present FFO when reporting their results. FFO is intended
to
exclude
GAAP
historical
cost
depreciation
and
amortization
of
real
estate
and
related
assets,
which
assumes
that
the
value
of
real estate assets diminishes ratably over time. Historically, however, real estate
values have risen or fallen with market conditions. Because FFO excludes
depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary
items, it provides a performance measure that, when compared
year-over-year, reflects the impact to operations from trends in
occupancy
rates,
rental
rates,
operating
costs,
development
activities
and
interest
costs,
providing
perspective
not
immediately
apparent
from net income.
Excel Trust computes FFO in accordance with standards established by the Board of
Governors of NAREIT in its March 1995 White Paper (as amended in November
1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP),
excluding gains (or losses) from sales of property, plus real estate related
depreciation and amortization (excluding amortization of loan origination
costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the
methodology for calculating FFO utilized by other equity REITs and, accordingly,
may not be comparable to such other REITs. Further, FFO does not represent
amounts available for management’s discretionary use because of needed capital replacement or expansion, debt
service
obligations,
or
other
commitments
and
uncertainties.
FFO
should
not
be
considered
as
an
alternative
to
net
income
(loss)
(computed in accordance with GAAP) as an indicator of Excel Trust’s financial
performance or to cash flow from operating activities (computed in
accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s
cash needs, including Excel Trust’s ability to pay dividends or make
distributions. Definitions
As of June 30, 2010
14 |