Excel Realty Purchases 9 Shopping Centers

Excel Realty Trust said it has acquired nine shopping centers for about $84.5 million, expanding its presence in California and Nevada. The San Diego-based real estate investment trust said the purchase will add about 1.4 million square feet of retail space to its portfolio of 11.4 million square feet. Excel paid $15.1 million in cash, assumed about $14.4 million in debt and issued about 1.1 million partnership units that are convertible into common stock at $25 each. The company can redeem about 507,000 of the units for cash. Excel said 80% of the value of the acquisition was derived from four of the nine properties. The nine centers are 95% occupied, and tenants with national or regional presence occupy 90% of the space, the company said. Excel shares were unchanged at $26.375 on the NYSE.