Excel announces first quarter earnings and acquisition of shopping center.

SAN DIEGO--(BUSINESS WIRE)--April 30, 1995--Excel Realty Trust, Inc., (NYSE:XEL) reported funds from operations (FFO), a REIT industry standard measurement, increased to $6.1 million or $0.56 per share for the first quarter ended March 31, 1995 as compared to $5.1 million or $0.47 per share for the same quarter a year ago.

The increase of $0.09 per share represents 19% increase in FFO per share. Adjusted FFO, as per the revised NAREIT definition would have been $0.52 per share for the quarter. Revenue for the first quarter rose to $13.4 million, compared to $9.1 million of the same period last year. Net income for the quarter rose to $3.9 million or $0.36 per share, compared to $3.2 million or $0.30 per share a year earlier for a 20% increase per share.

The growth in earnings during the first quarter of 1995 resulted from additional income derived from an increase in the leasing activity as well as the number of properties managed by the Company during the three months ended March 31, 1995.

The Company also announced today the acquisition of the first of eleven shopping centers to be acquired per the terms of the option agreement entered into on January 1995. The community shopping center, located in Asheboro, NC was purchased for approximately $6.6 million based upon a capitalization rate of 10.5%. This property adds 87,800 square feet of gross leasable area to the Company's portfolio and approximately $645,000 in annual base rent. It is currently 93% occupied and is anchored by a tenant owned Wal-Mart and Harris-Teeter.

Excel Realty Trust, Inc., currently owns and manages properties which are primarily neighborhood and community shopping centers, anchored by major retail tenants, or single tenant properties leased to major retail tenants. The Company currently has over 8.7 million square feet under management.

CONTACT: Excel Realty Trust, Inc.

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