SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BURTON MARK T

(Last)

(First)

(Middle)

17140 BERNARDO CENTER DRIVE

SUITE 300

(Street)

SAN DIEGO

92128

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Excel Trust, Inc. [ EXL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CIO, SVP - Acquisitions

3. Date of Earliest Transaction (Month/Day/Year)
05/04/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/06/2010		J⁽¹⁾		1,111	A	⁽¹⁾	1,111	I	By Excel Realty Fund

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Limited Partnership Units	⁽²⁾	05/04/2010		J⁽³⁾		56,564		04/28/2011	⁽⁴⁾	Common Stock	56,564	⁽³⁾	56,564	D

Explanation of Responses:

1. This Common Stock was received in exchange for the direct or indirect contribution to the Issuer of certain ownership interests in certain partnerships and limited liability companies which own, directly or indirectly, property in Utah. The value of the Common Stock is $14.00 per share as of April 23, 2010, based upon the price of the common stock of the Issuer at the time of the Issuer's initial public offering.

2. Limited Partnership Units in Excel Trust, L.P., a Delaware limited partnership, of which the Issuer is the general partner. Limited Partnership Units are redeemable twelve months from the initial public offering of the Issuer for cash based upon the fair market value of an equivalent number of shares of the Issuer's Common Stock, or, at the election of the Issuer, shares of the Issuer's Common Stock on a 1-for-1 basis.

3. The Limited Partnership Units were received in exchange for the contribution to Excel Trust, L.P., of which the Issuer is the general partner, of certain ownership interests in a limited liability company which owns an office building in California. The value of the Limited Partnership Units is $14.00 per Limited Partnership Unit as of April 23, 2010, based upon the price of the common stock of the Issuer at the time of the Issuer's initial public offering.

4. The Limited Partnership Units have no expiration date.

	/s/ S. Eric Ottesen, Attorney-in-fact	05/06/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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