EXL Completes Share Offering - Analyst Blog
July 01 2011 - 2:27PM
Zacks
Excel Trust, Inc. (EXL) recently completed the
public offering of 12.5 million shares of its common
stock, which
was previously announced. Apart from this, it also completed
the sale of 1.875 million additional shares of its common stock
thereby fully exercising the over allotment option granted to the
underwriters.
Sold at a
price of $10.94 per share, the company received gross proceeds of
approximately $157 million. After taking into account the
underwriting discount and other expenses related to the
offering, the net proceeds work out to approximately $150.2
million.
During the first quarter 2011 Excel Trust had signed a
contract to purchase The Promenade, a retail shopping center
located in Scottsdale, Arizona spanning 433,000 square feet for
approximately $110 million. The net proceeds generated from the
offering will be used to fund a portion of the purchase
price of The Promenade, to repay the outstanding debts under its
unsecured revolving credit facility, for future acquisitions and
for other general corporate purposes.
During the first quarter of 2011, Excel Trust reported Funds
from Operations (FFO) of $3.4 million or 17 cents per share. Fund
from operations, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
Excel Trust, Inc. is a retail focused real estate investment
trust (REIT) that targets value oriented community and power
centers, grocery anchored neighborhood centers and freestanding
retail properties.
Excel Trust currently retains a Zacks #5 Rank, which translates
into a short-term Strong Sell rating. We are also maintaining our
long-term Neutral recommendation on the stock. One of its
competitors, General Growth Properties Inc. (GGP),
currently retains a Zacks #1 Rank which translates into a short
term Strong Buy rating.
EXCEL TRUST INC (EXL): Free Stock Analysis Report
GENL GRWTH PPTY (GGP): Free Stock Analysis Report
Zacks Investment Research
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From May 2024 to Jun 2024
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jun 2023 to Jun 2024