Excel Realty Trust Considers Spinoff

Excel Realty Trust Inc. of San Diego, which owns 13.2 million square feet of shopping center space in 28 states, is considering spinning off part of its ERT Development unit to shareholders, according to a Securities and Exchange Commission filing. ERT was formed in 1995 to pursue certain real estate businesses Excel cannot under real estate investment trust laws. Much of ERT’s activities consist of buying and selling properties for short-term profit and of developing properties for others. Excel officials were not immediately available for comment.