Excel announces second-quarter earnings, acquisitions and sale.

SAN DIEGO--(BUSINESS WIRE)--Aug. 1, 1995--Excel Realty Trust Inc. (NYSE:XEL) of San Diego reported that funds from operations (FFO), a REIT industry standard measurement, increased to $6.2 million, or 56 cents per share, for the second quarter ended June 30, 1995, as compared with $5.6 million, or 51 cents per share, for the same quarter a year ago.

Adjusted FFO, as per the revised NAREIT definition, would have been 54 cents per share for the quarter. Revenue for the second quarter rose to $13.0 million, compared with $10.1 million for the same period last year. Net income for the quarter rose to $3.7 million, or 33 cents per share, compared with $3.5 million, or 32 cents per share, a year earlier.

The growth in earnings during the second quarter of 1995 when compared with the same period in 1994 resulted from additional income derived from an increase in leasing activity, as well as the number of properties managed by the company during the past 12 months.

Separately, the company announced the acquisition in June and July 1995 of five shopping centers which were part of the 11 shopping centers to be acquired per the terms of the option agreement entered into in January 1995. The company has been managing these properties since January 1995.

The community shopping centers, located in Kernersville, Jonesville, Siler City, Roxboro and Kinston, N.C., were purchased for approximately $25.3 million based upon a capitalization rate of 10.5 percent. These properties add approximately 500,000 square feet of gross leasable area to the company's portfolio and approximately $2.6 million in annual base rent.

The properties are currently 94 percent occupied and are anchored by such tenants as Wal-Mart, Lowes' Food, Food Lion, Revco, Belk Yates and Cato.

Separately, the company also announced the sale in July 1995 of a single-tenant property leased to Payless ShoeSource, for a net sales price of approximately $545,000, representing an 8.76 percent capitalization rate. The property was located in Veradale, Wash., and comprised approximately 3,000 square feet. The company purchased the property in December 1992 for a 10.25 percent capitalization rate.

Excel Realty Trust 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 more than 8.7 million square feet under management.

CONTACT: Excel Realty Trust Inc., San Diego

Graham R. Bullick, 619/485-9400