SAN DIEGO, CA -- (Marketwired) -- 03/16/15 -- Excel Trust, Inc. (NYSE: EXL) announced the sale of Promenade Corporate Center in Scottsdale, Arizona for $65.0 million. The Promenade Corporate Center is comprised of two Class A office towers with 256,157 square feet of combined gross leasable area (note: sale does not include any of the surrounding retail at Scottsdale Promenade owned by Excel Trust). The Company purchased the asset in 2012 at an initial cost basis of $53.0 million and expects to realize a gain of approximately $15.1 million based on the depreciated book value of the property at the time of sale.
Gary Sabin, Chairman and CEO of Excel Trust, commented, "We continue to move forward with our stated disposition objectives and are pleased to announce the sale of Promenade Corporate Center. This is a great transaction for our shareholders and we believe the new owners will be good stewards of the property."
About Excel Trust
Excel Trust, Inc. is a retail focused real estate investment trust (REIT) that primarily targets community shopping centers, power shopping centers, and grocery anchored neighborhood centers. 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, please visit www.exceltrust.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the retail industry or the markets in which the Company operates; 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; the Company's failure to qualify or maintain its status as a REIT; risks associated with the Company's dependence on key personnel whose continued service is not guaranteed; and risks associated with downturns in domestic and local economies, and volatility in the securities markets. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Excel Trust, Inc.
Matt Romney
SVP, Capital Markets
858-613-1800
Email Contact
www.exceltrust.com
