Excel announces fourth-quarter dividend & acquisition of new shopping center

Business Wire, Dec 5, 1994

SAN DIEGO--(BUSINESS WIRE)--Dec. 5, 1994--Excel Realty Trust Inc. (NYSE:XEL) Monday announced that its board of directors declared a fourth-quarter dividend of 43 cents per share on its common stock for shareholders of record on Dec. 31, 1994.

The dividend will be payable on Jan. 13, 1994.

The company also announced the acquisition of a newly constructed community shopping center located in Kannapolis, N.C., for a purchase price of approximately $2.9 million at a capitalization rate of 10.8 percent. This transaction added approximately $311,750 in net operating income.

The new shopping center is 95 percent occupied, with 83 percent of the gross leasable area occupied by Food Lion and Revco. This center is the 19th property purchased this year by the company.

Excel Realty Trust currently owns and manages a total of 111 properties which are either neighborhood and regional shopping centers, anchored by major retail tenants or single-tenant properties leased to major retail tenants.

CONTACT: Excel Realty Trust Inc., San Diego

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