Excel Announces Second-Quarter 1997 Earnings.

SAN DIEGO--(BUSINESS WIRE)--Aug. 13, 1997--Excel Realty Trust Inc. (NYSE:XEL) Wednesday announced the results of its second quarter ended June 30, 1997.

Funds from operations (FFO) for the quarter increased to $14.0 million, or 61 cents per share, an increase of 12.9 percent per share compared with $7.2 million, or 54 cents per share, for the same quarter a year ago.

Revenue for the second quarter was $23.5 million, compared with $15.3 million for the same period last year. Net income for the second quarter increased to $11.2 million, or 47 cents per common share, compared with $4.1 million, or 31 cents per share, in 1996.

At June 30, 1997, the company's property portfolio was 97 percent leased. Leases renewed by tenants during the quarter showed an average of $1.01 per square foot increase over leases expiring during the same quarter.

The company purchased 14 properties during the second quarter and an additional five properties since the close of the quarter for a total purchase price of approximately $157 million. The company received investment grade credit ratings from Standard & Poor's (BBB-) and Moody's Investor Service (Baa3) subsequent to the close of the quarter.

In addition, the company raised approximately $66.5 million in a 2.5 million common share block trade on July 10, 1997.

Excel Realty Trust Inc. currently owns and manages properties that are primarily neighborhood and community shopping centers anchored by major retail tenants, or single tenant properties leased to major retail tenants. The company currently owns or manages more than 11.3 million square feet of retail space.

Further information is available upon request.

COMPANY: Excel Realty Trust Inc., San Diego 

Graham R. Bullick, 619/485-9400 ext. 203