Excel Trust, Inc. (EXL) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-09	Dec-31-08
	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Office Properties					3.2	1.9
Retail Properties					1.8	1.9
Total revenues	21.6	18.9	13.8	9.8	5.0	3.8
Revenue growth [+]	14.5%	36.4%	41.1%		30.2%
Office Properties					67.1%
Retail Properties					-6.5%
Cost of goods sold	-108.7	-93.7	-70.6	-42.6	0.8	0.7
Gross profit	130.3	112.5	84.4	52.4	4.2	3.1
Gross margin	603.2%	596.2%	610.2%	534.3%	84.4%	80.9%
Selling, general and administrative [+]	18.0	13.9	13.8	12.8	0.0	0.0
General and administrative	18.0	13.9	13.8	12.8	0.0	0.0
Other operating expenses	82.5	72.6	54.6	34.8	2.5	1.8
EBITDA [+]					3.7	2.6
EBITDA growth	14.4%	63.0%	232.4%		40.7%
EBITDA margin	137.9%	138.0%	115.5%	49.0%	74.5%	68.9%
Depreciation and amortization					2.0	1.4
EBIT [+]	29.8	26.0	16.0	4.8	1.7	1.2
EBIT growth	14.4%	63.0%	232.4%		35.0%
EBIT margin	137.9%	138.0%	115.5%	49.0%	33.5%	32.3%
Interest expense, net [+]	-0.2	-0.2	-0.2	-0.3	1.4	1.6
Interest expense	24.2	18.9	15.7	12.3	1.4	1.6
Interest income	0.2	0.2	0.2	0.3	0.0	0.0
Other income (expense), net	3.2	0.3	1.2	2.6
Pre-tax income	9.1	7.6	1.7	-4.5	0.3	-0.3
Income taxes	0.4	-12.2	0.1	-4.9	0.0	0.0
Tax rate	4.0%		8.4%	108.7%	0.0%	0.0%
Minority interest	0.4	0.3	0.3	0.1	0.1	0.1
Net income	-3.3	8.5	-8.5	-2.8	0.3	-0.3
Net margin	-15.3%	45.3%	-61.4%	-28.4%	6.4%	-8.5%

Basic EPS [+]	($0.06)	$0.18	($0.24)	($0.12)	$318.00	($326.00)
Growth	-133.5%	-174.4%	97.8%		-197.5%
Diluted EPS [+]	($0.06)	$0.18	($0.24)	($0.12)	$318.00	($326.00)
Growth	-133.5%	-174.4%	97.8%		-197.5%


Shares outstanding (basic) [+]	54.3	46.9	34.7	22.5	0.0	0.0
Growth	15.8%	35.3%	54.4%		0.0%
Shares outstanding (diluted) [+]	54.3	46.9	34.7	22.5	0.0	0.0
Growth	15.8%	35.3%	54.4%		0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.