Excel Trust, Inc., a Maryland corporation (the “Company”)-- Issuance and Sale of $250,000,000 aggregate principal amount of 4.625% Senior Notes due 2024 (the “Notes”) of Excel Trust, L.P., a Delaware limited partnership of which the Company is the sole general partner (the “Operating Partnership”), pursuant to a Registration Statement on Form S-3 (Registration Nos. 333-189517 and 333-189517-01) declared effective by the United States Securities and Exchange Commission (the “Commission”) on or about July 19, 2013, as amended to date (the “Registration Statement”)

the corporate charter of the Company (the “Charter”) consisting of Articles of Incorporation filed with the State Department of Assessments and Taxation of Maryland (the “Department”) on December 15, 2009, Articles of Amendment and Restatement filed with the Department on April 15, 2010, Articles Supplementary filed with the Department on January 28, 2011 and Articles Supplementary filed with the Department on January 30, 2012;

the Bylaws of the Company, as adopted as of December 16, 2009, as amended and restated pursuant to the Amended and Restated Bylaws of the Company, on or as of April 15, 2010 (the “Bylaws”);

the Written Consent of Board of Directors in Lieu of Organizational Meeting of the Company, dated as of December 16, 2009 (the “Organizational Minutes”);

resolutions adopted by the Board of Directors of the Company dated as of September 17, 2013, and resolutions adopted by a duly authorized committee of the Board of Directors of the Company dated as of May 7, 2014 (collectively, the “Directors’ Resolutions”);

a fully executed counterpart of the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 31, 2012 (the “Partnership Agreement”);

a fully executed counterpart of that certain global note, dated May 12, 2014, registered in the name of The Depository Trust Company’s nominee Cede & Co. representing the Notes (the “Global Note”);

a fully executed counterpart of that certain notation of guarantee, dated May 12, 2014, made by the Company for the benefit of the holders of the Notes, annexed to the Global Note (the “Guarantee”);

a fully executed counterpart of that certain Indenture, dated as of May 12, 2014 (the “Base Indenture”), by and among the Company, the Operating Partnership and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as supplemented by that certain Supplemental Indenture, dated as of May 12, 2014 (the “Supplemental Indenture” and together with the Base Indenture, collectively, the “Indenture”), by and among the Company, the Operating Partnership and the Trustee;

a certificate of James Y. Nakagawa, Chief Financial Officer and Treasurer of the Company, and S. Eric Ottesen, Senior Vice President, General Counsel and Secretary of the Company, dated as of even date herewith (the “Officers’ Certificate”) certifying, among other things (x) that the Charter, the Bylaws and the Directors’ Resolutions are true, correct and complete, and have not been rescinded or modified and are in full force and effect as of the date of the Officers’ Certificate, and (y) as to the form, approval, execution and delivery of the Partnership Agreement, the Global Note, the Guarantee and the Indenture, and the authorization for issuance of the Notes;

the Registration Statement, including all amendments thereto, filed by the Company with the Commission under the Act, and including the related preliminary prospectus supplement dated May 7, 2014 and the related final prospectus supplement dated May 7, 2014, and the final base prospectus dated July 19, 2013;

a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing under the laws of the State of Maryland; and

such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject to the limitations, assumptions and qualifications noted below.

each person executing any instrument, document or agreement on behalf of any party (other than the Company) is duly authorized to do so;

each natural person executing any instrument, document or agreement is legally competent to do so;

any of the Documents submitted to us as originals are authentic; the form and content of any Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents as executed and delivered; any of the Documents submitted to us as certified, facsimile or photostatic copies conform to the original Documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission of the parties or otherwise;

the Notes will be issued under, and subject to the terms of, the Indenture; and the Notes will be issued in book entry form, represented by the Global Note (including the guarantee of the Company annexed thereto), and will be authenticated by the Trustee in accordance with, and subject to, the terms of the Indenture;

the Indenture will remain in full force and effect for so long as the Notes are outstanding; and

all certificates submitted to us are true, correct and complete both when made and as of the date hereof.

The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland.

The Company has the corporate power to create the obligation evidenced by the Guarantee.

The issuance of the Notes by the Operating Partnership, the guarantee of the Notes by the Company, and the execution and delivery of the Global Note and the Guarantee, pursuant to the Indenture and as contemplated by the Registration Statement, have been duly authorized by the Company, in its individual capacity and in its capacity as the general partner of the Operating Partnership, as the case may be, by all necessary corporate action required under the Charter and Bylaws of the Company and the Maryland General Corporation Law.