Equity (Tables)

3 Months Ended

Mar. 31, 2013

Vested Ownership Interests in Operating Partnership

The following table shows the vested ownership interests in the Operating Partnership as of March 31, 2013 and December 31, 2012:

	March 31, 2013					December 31, 2012
	OP Units		Percentage of Total			OP Units		Percentage of Total
Excel Trust, Inc.		46,323,239		97.4	%		44,204,287		97.3	%
Non-controlling interests consisting of:
OP units		1,225,115		2.6	%		1,245,019		2.7	%
Total		47,548,354		100.0	%		45,449,306		100.0	%

Shares of Restricted Common Stock

The following shares of restricted common stock were issued during the three months ended March 31, 2013:

Grant Date	Price at Grant Date		Number		Vesting Period (yrs.)
Three months ended March 31, 2013(1)	$	13.43		41,500		4

⁽¹⁾  Shares issued to certain of the Company’s employees. These shares vest over four years with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal quarterly installments thereafter.

Non-Vested Shares of Company's Restricted Common Stock

As of March 31, 2013 and December 31, 2012, there was approximately $3.4 million of total unrecognized compensation expense related to the non-vested shares of the Company’s restricted common stock. As of March 31, 2013, this expense was expected to be recognized over a weighted-average remaining period of 1.9 years.

	Number of Unvested Shares of Restricted Common Stock			Weighted Average Grant Date Fair Value
Balance - January 1, 2013		701,396		$	10.02
Grants		41,500		$	13.43
Forfeitures		—		$	—
Vested		(33,050	)	$	12.37
Balance - March 31, 2013		709,846		$	10.11
Expected to vest - March 31, 2013		709,846		$	10.11