Excel announces third quarter earnings.

SAN DIEGO--(BUSINESS WIRE)--Oct. 24, 1995--Excel Realty Trust Inc. (NYSE:XEL), San Diego, reported that funds from operations (FFO), a REIT industry standard measurement, increased 37% to $7.8 million ($0.60 per share) for the third quarter ended Sept. 30, 1995 compared with $5.7 million ($0.52 per share) for the same quarter a year ago.

Adjusted FFO, as per the revised NAREIT definition would have been $0.57 per share for the quarter. Revenue for the third quarter rose to $13.5 million, compared with $10.6 million for the same period last year. Net income for the quarter increased 57% to $5.5 million ($0.43 per share), compared with $3.5 million ($0.33 per share) in 1994.

The growth in FFO during the third quarter of 1995 was higher than analysts estimates of $0.56 per share due in part to additional income derived from activity in certain development projects. The company received fees of $234,000 and $126,000 for the development/sale of two projects, Food 4 Less in Escondido, Calif. and Blockbuster Video in Palmdale, Calif., respectively.

The company also recognized as income, $344,000 in fees earned from ERT Development Corp., primarily resulting from a new Super Wal-Mart located in Dalton, Ga., which was recently sold. The company owns 100% of the preferred stock of ERT Development, which was formed to acquire, develop, hold and sell real estate in the short-term for capital gains and/or receive fee income.

Additionally, the company recognized $242,000 in lease termination fees from a property that had been leased to Osco Drug Inc. and has subsequently been re-leased. The growth in earnings was offset in part by a net decrease of $282,000 in income relating to the master lease of the Galleria in Scottsdale, Ariz. The master lease was terminated effective Aug. 1, 1995, and the property is currently in the process of being sold.

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