<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- -------------------------------------------------------------------------------
FORM 10-K/A AMENDMENT NO. 2
Annual Report Under Sections 13 Or 15(d) Of
The Securities Exchange Act of 1934
- -------------------------------------------------------------------------------
For The Fiscal Year Ended Commission File Number:
DECEMBER 31, 1995 1-12244
EXCEL REALTY TRUST, INC.
(Exact Name of Registrant, As Specified In Its Charter)
MARYLAND 33-0160389
(State Or Other Jurisdiction Of (IRS Employer Identification Number)
Incorporation Or Organization)
16955 VIA DEL CAMPO, SUITE 110, SAN DIEGO, CALIFORNIA 92127
(Address Of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code:
(619) 485-9400
<PAGE> 2
EXCEL REALTY TRUST, INC.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements required by this item appear with an Index to Financial
Statements and Schedules, starting on page F-1 of this report.
2
<PAGE> 3
Exhibit Index
3.1 Articles of Incorporation of Excel Realty Trust, Inc., a Maryland
corporation (the "Company"), as amended. (1)
3.2 Bylaws of the Company. (1)
4.1 Trust and Servicing Agreement, dated as of March 1, 1994, by and among
Excel Credit Corporation ("ECC"), EQ Services ("EQ"), and State Street
Bank and Trust Company, as Trustee ("Trustee"), with respect to the
Commercial Mortgage Pass-Through Certificates, Series 1994-1, of ECC.
(3)
4.2 Indenture, dated as of March 1, 1994 by and among Excel Mortgage
Funding Corporation ("EMFC"), Wilmington Trust Company, as Trustee
(the "Indenture Trustee"), and EQ, with respect to the Collateralized
Floating Rate Notes due 2001 of EMFC (the "EMFC Notes"). (3)
4.3 Form of Mortgages entered into between Excel Mortgage Funding
Corporation and the Indenture Trustee, with respect to the EMFC Notes.
(3)
4.4 Interest Rate Cap Agreement, dated as of March 1, 1994, by and between
ECC, Trustee, and Deutsche Bank AG - New York (the "Cap Provider") .
(3)
4.5 Interest Rate Cap Agreement, dated as of March 1, 1994, by and between
ECC, Trustee, and the CAP provider. (3)
10.1 Amended Option and Contract for Purchase of Real Estate, dated as of
September 11, 1992, by and between Excel California and Horne
Properties, Inc., a Tennessee corporation ("Horne"). (1)
10.2 General Partnership Agreement of Horne & Excel Properties, a Tennessee
general partnership, dated as of October 13, 1992, by and between
Horne and Excel California. (1) Exhibit 10.2A
10.3 General Partnership Agreement of Horne & Excel Properties (Chapman), a
Tennessee general partnership, dated as of December 30, 1992, by and
between Horne and Excel California. (1) Exhibit 10.2B
10.4 Employment Contract, dated as of April 1, 1993, by and between Excel
California and Gary Sabin, an individual. (1) Exhibit 10.8
10.5 Employment Contract, dated as of April 1, 1993, by and between Excel
California and Richard Muir, an individual. (1) Exhibit 10.8A
10.6 Employment Contract, dated as of April 1, 1993, by and between Excel
California and Graham Bullick, an individual. (1) Exhibit 10.9
10.7 Employment Contract, dated as of April 1, 1993, by and between Excel
California and Ronald Sabin an individual. (1) Exhibit 10.9A
10.8 1993 Stock Option Plan of the Company. (1) Exhibit 10.10
10.9 Form of Incentive Stock Option Agreement under the Company's 1993
Stock Option Plan. (1) Exhibit 10.11
3
<PAGE> 4
10.10 Form of Non-Qualified Stock Option Agreement under the Company's 1993
Stock Option Plan. (1) Exhibit 10.12
10.11 401(k) Retirement Plan of the Company. (1) Exhibit 10.13
10.12 Form of Common Stock Purchase Option, dated as of March 15, 1993 by
and between Excel California and each of seven directors thereof. (1)
Exhibit 10.27
10.13 Form of Common Stock Purchase Option, dated as of March 15, 1993, by
and between Excel California and each of the seven directors thereof.
(1) Exhibit 10.28
10.14 Form of 1993 Executive Officer Common Stock Purchase Option, dated as
of April 1, 1993 by and between Excel California and each of six
executive officers thereof. (1) Exhibit 10.29
10.15 Assignment of Beneficial Interest Under Existing Leases, Deed of
Trust, Collateral Assignment of Leases and Rent, and Other Loan
Documents between BG Development Corporation ('BG") and the Company,
dated September 29, 1993. (2) Exhibit 10.30
10.16 Master Lease between Excel Realty Trust, Inc. as landlord, and BG
Development Corporation ("BG") as tenant, dated September 29, 1993.
(2) Exhibit 10.31
10.17 Side Letter Agreement between Excel Realty Trust, Inc. and BG. (2)
Exhibit 10.32
10.18 Term Loan Agreement among EMFC, the Company, and Casco Northern Bank,
N.A. dated December 29, 1993. (2) Exhibit 10.33
10.19 Property Management Agreement, dated as of March 17, 1994, by and
between the Company and EMFC. (2) Exhibit 10.34
10.20 Agreement of Limited Partnership of EH Properties, L.P., a Delaware
limited partnership, dated as of March 25, 1994, by and between the
Company, as general partner, and Horne, as limited partner. (3)
Exhibit 10.37
10.21 Partnership Contribution Closing Agreement dated as of March 28, 1994,
by and between Horne, the Company, and EH Properties, L.P., a Delaware
limited partnership. (3) Exhibit 10.38
10.22 1994 Director's Stock Plan of the Company. (3) Exhibit 10.39
10.23 Form of Stock Option Agreement under the 1994 Director's Stock Plan of
the Company. (3) Exhibit 10.40
10.24 Loan Agreement, dated as of December 29, 1994, by and among the
Company and the First National Bank of Boston ("FNBB"). (3) Exhibit
10.41
10.25 Note, dated as of December 29, 1994, executed by the Company in favor
of FNBB. (3) Exhibit 10.42
10.26 Unconditional Guaranty of Payment and Performance, dated as of
December 29, 1994, executed by EH Properties, L.P. in favor of FNBB.
(3) Exhibit 10.43
10.27 Collateral Assignment of Partnership Interests, dated as of December
29, 1994, executed by the Company in favor of FNBB. (3) Exhibit 10.44
4
<PAGE> 5
10.28 Master Agreement, dated as of January 1, 1995, by and among the
Company and the limited partnerships named therein (the "Tricor
Partnerships"). (3) Exhibit 10.45
10.29 Closing Memorandum, dated as of January 20, 1995, by and among the
Company and the Tricor Partnerships. (3) Exhibit 10.46
10.30 Agreement, dated as of January 20, 1995, by and among the Company and
the Tricor Partnerships. (3) Exhibit 10.47
10.31 Loan modification agreement dated as of December 1994, by and amount
the Company and B.G. (3) Exhibit 10.48
10.32 Agreement of Limited Partnership of Excel Realty Partners, L.P., a
Delaware limited partnership ("ERP"). (4)
10.33 Contribution Agreement by and between each of the partnerships named
therein and ERP. (4)
10.34 Credit Agreement Among the Company, as Borrower, and the First
National Bank of Boston, Wells Fargo Bank, N.A., First Interstate Bank
of California, Dresdner Bank AG, and NBD Bank, as Lenders, and the
First National Bank of Boston, as Agent dated December 27, 1995. (4)
21.1 Subsidiaries of the Registrant. (4)
23.1 Consent of Coopers and Lybrand L.L.P. (5)
27.1 Financial data schedules. (4)
- ----------------
(1) Incorporated by reference to the Company's Registration Statement on
Form S-11, File No. 33-063160, filed with the Commission on May 21,
1993, as amended, in which this exhibit bore the same number, unless
otherwise indicated.
(2) Incorporated by reference from the Company's report on Form 10-K dated
March 30, 1994 in which this exhibit bore the same number, unless
otherwise indicated.
(3) Incorporated by reference from the Company's report on Form 10-K dated
March 13, 1995 in which this exhibit bore the same number, unless
otherwise indicated.
(4) Previously filed on Form 10-K dated, March 7, 1996.
(5) Filed herewith.
5
<PAGE> 6
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned there unto duly authorized.
EXCEL REALTY TRUST, INC.
DATED: June 3, 1996 By: /s/ David A. Lund
----------------------
DAVID A. LUND
Chief Financial Officer
6
<PAGE> 7
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
----------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
1. CONSOLIDATED FINANCIAL STATEMENTS:
Report of Independent Accountants...................................................................F-2
Consolidated Balance Sheets
December 31, 1995 and 1994.......................................................................F-3
Consolidated Statements of Income
Years Ended December 31, 1995, 1994 and 1993.....................................................F-4
Consolidated Statements of Changes in Stockholders' Equity
Years Ended December 31, 1995, 1994 and 1993.....................................................F-5
Consolidated Statements of Cash Flows
Years Ended December 31, 1995, 1994 and 1993.....................................................F-6
Notes to Consolidated Financial Statements..........................................................F-7
2. CONSOLIDATED FINANCIAL STATEMENT SCHEDULES:
Schedule II - Valuation and Qualifying Accounts
Years Ended December 31, 1995, 1994 and 1993....................................................F-19
Schedule III - Real Estate and Accumulated Depreciation
December 31, 1995...............................................................................F-20
</TABLE>
F-1
<PAGE> 8
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Stockholders
of Excel Realty Trust, Inc.
We have audited the consolidated financial statements and the financial
statement schedules of Excel Realty Trust, Inc. and subsidiaries as listed in
the index on page F-1 of this Form 10-K/A. These financial statements and
financial statement schedules are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements and financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of Excel
Realty Trust, Inc. and subsidiaries as of December 31, 1995 and 1994 and the
consolidated results of operations and their cash flows for the each of the
three years in the period ended December 31, 1995, in conformity with generally
accepted accounting principles. In addition, in our opinion, the financial
statement schedules referred to above, when considered in relation to the basic
financial statements taken as a whole, present fairly, in all material respects,
the information required to be included therein.
COOPERS & LYBRAND, L.L.P.
San Diego, California
February 5, 1996
F-2
<PAGE> 9
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1995 AND 1994
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
1995 1994
--------- ---------
ASSETS
<S> <C> <C>
Real estate:
Land $ 122,394 $ 115,614
Buildings 251,012 243,869
Less accumulated depreciation (14,909) (10,228)
Real estate held for sale 13,519 --
--------- ---------
Net real estate 372,016 349,255
Cash 9,812 4,131
Escrow and other cash deposits 14,890 2,494
Accounts receivable, less allowance for bad debts of
$726 and $318 in 1995 and 1994, respectively 2,156 1,443
Notes receivable from affiliates 18,561 --
Notes receivable - other 4,289 9,099
Loan acquisition costs 2,662 5,060
Other assets 3,921 3,618
--------- ---------
$ 428,307 $ 375,100
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable $ 123,813 $ 201,157
Notes payable 86,984 15
Accounts payable and accrued liabilities 4,806 2,683
Distributions payable -- 4,685
Deferred rental income 2,760 1,713
Other liabilities 1,266 949
--------- ---------
Total liabilities 219,629 211,202
--------- ---------
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized -- --
Common stock, $.01 par value, 100,000,000 shares authorized,
13,171,352 and 10,883,570 shares issued and outstanding
in 1995 and 1994, respectively 132 109
Additional paid-in capital 218,531 175,702
Accumulated distributions in excess of net income (9,985) (11,913)
--------- ---------
Total stockholders' equity 208,678 163,898
--------- ---------
$ 428,307 $ 375,100
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-3
<PAGE> 10
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Revenue:
Base rent $ 51,160 $ 38,603 $ 20,736
Percentage rent 293 197 519
Expense reimbursements 3,776 2,214 1,270
-------- -------- --------
Total revenue 55,229 41,014 22,525
-------- -------- --------
Operating expenses:
Master lease 4,681 -- --
Property taxes 2,877 1,822 1,199
General and administrative expenses 2,821 2,611 1,902
Repairs and maintenance 1,861 1,007 621
Utilities 923 752 577
Other property expenses 2,307 1,086 750
Depreciation and amortization 6,933 6,887 4,186
-------- -------- --------
Total operating expenses 22,403 14,165 9,235
-------- -------- --------
Operating income 32,826 26,849 13,290
Other income (expense):
Interest expense (22,458) (14,190) (9,360)
Interest and other income 4,141 1,245 558
Buy out of advisory contract -- -- (1,655)
-------- -------- --------
Income before real estate sales 14,509 13,904 2,833
Gain (loss) on sale of real estate 3,683 (108) 399
-------- -------- --------
Net income $ 18,192 $ 13,796 $ 3,232
======== ======== ========
Net income per common share $ 1.51 $ 1.27 $ 0.55
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-4
<PAGE> 11
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, AND 1993
(IN THOUSANDS, EXCEPT NUMBER OF SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
ACCUMULATED
DISTRIBUTIONS
IN EXCESS OF
NET INCOME ACCUMULATED
COMMON STOCK ADDITIONAL OTHER THAN UNDISTRIBUTED TOTAL
---------------------- PAID-IN GAIN ON SALE GAIN ON SALE STOCKHOLDERS'
NUMBER AMOUNT CAPITAL OF PROPERTIES OF PROPERTIES EQUITY
------ ------ ------- ------------- ------------- ------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1993 1,798,739 $ 23,439 $ -- $ (1,127) $ -- $ 22,312
Change in par value of common
stock -- (23,421) 23,421 -- -- --
Common stock no longer subject
to repurchase 64,438 1 966 -- -- 967
Issuance of new shares of
common stock 8,606,128 86 155,630 -- -- 155,716
Redemption of common stock (3,662) -- (61) -- -- (61)
Selling expenses -- -- (10,994) -- -- (10,994)
Net income -- -- -- 2,833 399 3,232
Distributions declared -- -- -- (8,811) (399) (9,210)
----------- ----------- ----------- ----------- ----------- -----------
Balance at December 31, 1993 10,465,643 105 168,962 (7,105) -- 161,962
Issuance of new shares of
common stock 462,927 5 7,476 -- -- 7,481
Repurchase of common stock (45,000) (1) (736) -- -- (737)
Net income -- -- -- 13,796 -- 13,796
Distributions declared -- -- -- (18,604) -- (18,604)
----------- ----------- ----------- ----------- ----------- -----------
Balance at December 31, 1994 10,883,570 109 175,702 (11,913) -- 163,898
Issuance of new shares of
common stock 2,287,783 23 45,641 -- -- 45,664
Selling expenses -- -- (2,812) -- -- (2,812)
Net income -- -- -- 18,192 3,683 21,875
Distributions declared -- -- -- (16,264) (3,683) (19,947)
----------- ----------- ----------- ----------- ----------- -----------
Balance at December 31, 1995 13,171,353 $ 132 $ 218,531 $ (9,985) $ -- $ 208,678
=========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-5
<PAGE> 12
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, AND 1993
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
1995 1994 1993
--------- --------- ---------
<S> <C> <C> <C>
Cash flows from operating activities:
Net income $ 18,192 $ 13,796 $ 3,232
Adjustments to reconcile net income to net cash provided
by operations:
Depreciation 6,929 6,119 3,420
Amortization of loan costs and leasing commissions 6,417 1,085 386
Amortization 4 768 766
(Gain) loss on sale of real estate (3,683) 108 (399)
Provision for bad debts, net of accounts written off 409 19 250
Buy out of advisory contract -- -- 1,655
Changes in operating assets and liabilities:
(Increase) decrease in assets:
Accounts receivable (1,121) 2,401 (3,351)
Other assets (1,843) (380) (261)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities 2,213 (10) 492
Other liabilities 1,378 746 73
--------- --------- ---------
Net cash provided by operating activities 28,895 24,652 6,263
--------- --------- ---------
Cash flows from investing activities:
Advances for notes receivable (36,881) (11,154) (3,710)
Proceeds from real estate sales 29,397 4,244 966
Real estate acquisitions and building improvements (26,281) (55,399) (109,315)
Principal payments on notes receivable 23,130 5,999 1,269
Escrow and other deposits paid (17,146) (8,020) (201)
Escrow and other deposits collected 4,751 5,717 1,131
Other (5,395) (259) (745)
--------- --------- ---------
Net cash used in investing activities (28,425) (58,872) (110,605)
--------- --------- ---------
Cash flows from financing activities:
Principal payments of mortgages and notes payable (118,516) (52,569) (31,667)
Proceeds from mortgages and notes payable 105,253 109,574 14,953
Issuance of common stock 44,451 891 143,965
Distributions paid (20,949) (18,240) (5,046)
Selling and offering costs (2,812) (36) (10,994)
Loan costs paid (2,216) (5,909) (1,869)
Repurchase and redemption of common stock -- (736) (61)
--------- --------- ---------
Net cash provided by financing activities 5,211 32,975 109,281
--------- --------- ---------
Net increase (decrease) in cash 5,681 (1,245) 4,939
Cash at beginning of year 4,131 5,376 437
--------- --------- ---------
Cash at end of year $ 9,812 $ 4,131 $ 5,376
========= ========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-6
<PAGE> 13
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION
Excel Realty Trust, Inc. (the "Company") was formed in the State of
California in 1985 and reincorporated as a Maryland corporation in 1993.
The Company is in the business of purchasing and operating commercial real
estate. The Company is operated as a self-administered, self-managed real
estate investment trust (REIT).
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the Company
and its wholly-owned subsidiaries, Excel Mortgage Funding Corporation,
Excel Credit Corporation, Excel Realty Trust - NC, Excel Realty Trust -
TX, Excel Realty - NE, Inc., Excel Realty Trust - ST, Inc., and Excel
Realty - PA, Inc. Intercompany accounts and transactions have been
eliminated.
INVESTMENTS
The Company consolidates the accounts of partnerships of which the Company
owns a 50% or more interest. The equity method of accounting is used for
investments in partnerships which the Company owns less than 50% but is
able to exercise significant influence over the partnership's operations.
These investments are recorded initially at cost and subsequently adjusted
for net equity in income (loss) and cash contributions and distributions.
The cost method of accounting is used for the Company's investment in ERT
Development Corporation ("EDV") (see Note 8). Under this method, the
Company recognizes income from distributions received from net accumulated
earnings of the investee, if any.
INCOME TAXES
The Company has elected to be treated as a real estate investment trust
under Sections 856 through 860 of the Internal Revenue Code of 1986, as
amended. Under these provisions, the Company and its subsidiaries will not
be subject to federal income tax if 95% of its real estate investment
trust taxable income (before distributions paid deduction) is distributed
to shareholders and certain gross income, asset diversification, share
ownership and disclosure requirements are met. Accordingly, no provision
for federal income taxes is included in the accompanying consolidated
financial statements.
RECENT ACCOUNTING PRONOUNCEMENT
In March 1995, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 121 ("FAS 121")
"Accounting for the Impairment of Long-Lived Assets and for Long Lived
Assets to Be Disposed Of," which becomes effective for fiscal years
beginning after December 15, 1995. The financial statement impact of
adopting FAS 121 is not expected to be material.
Continued F-7
<PAGE> 14
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
REAL ESTATE
Land, buildings and building improvements are recorded at cost.
Depreciation is computed using the straight-line method over estimated
useful lives of 40 years for buildings and 2 to 40 years for building
improvements. Expenditures for maintenance and repairs are charged to
expense as incurred and significant renovations are capitalized. The
Company assesses whether there has been a permanent impairment in the
value of its real estate by considering factors such as expected future
operating income, trends and prospects, as well as the effects of demand,
competition and other economic factors. Such factors include a lessee's
ability to pay rent under the terms of the lease. If a property is leased
at a significantly lower rent, the Company may recognize a permanent
impairment loss if the income stream were not sufficient to recover its
investment. Such a loss would be determined as the difference between the
carrying value and the fair value of the property. Management believes no
permanent impairment has occurred in its net property values.
LEASE TERMINATION FEES
Revenue recognition of fees received for lease terminations are deferred
as deferred rental income and amortized using the straight line method
over the estimated time to re-lease the related property at comparable
rents, or until the property is sold, whichever comes first.
DEFERRED LEASING AND LOAN ACQUISITION COSTS
Costs incurred in obtaining tenant leases and long-term financing are
amortized to leasing commission expense and interest expense,
respectively, on the straight-line method over the terms of the related
leases or debt agreements.
REVENUE RECOGNITION
Base rental income attributable to leases is recorded when due from
tenants. Certain of the leases provide for additional rental revenue by
way of percentage rents to be paid based upon the level of sales achieved
by the lessee. These percentage rents are recorded on the accrual basis.
The leases also typically provide for tenant reimbursement of common area
maintenance and other operating expenses which are included in the
accompanying Consolidated Statements of Income as expense reimbursements.
NET INCOME PER COMMON SHARE
Net income per common share is based upon the weighted average number of
common shares and common share equivalents outstanding during each period.
Common share equivalents included in the computation represent shares
issuable upon assumed exercise of common stock options and warrants which
would have a dilutive effect. The weighted average shares outstanding for
the years ended December 31, 1995, 1994, and 1993 were 12,084,305,
10,882,728 and 5,877,500 respectively.
Continued F-8
<PAGE> 15
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues
and expenses during the period. Actual results could differ from those
estimates.
RECLASSIFICATIONS
Certain reclassifications have been made to the consolidated financial
statements for the years ended December 31, 1994 and 1993 in order to
conform with the current period's presentation. In July 1993, the Company
reincorporated in the State of Maryland and effected a one-for-three
reverse stock split. The 1993 share information has been changed to give
effect to the reverse stock split.
2. REGISTRATION STATEMENT:
In May 1995, the Company filed with the Securities and Exchange Commission
a $250,000,000 shelf registration statement. This registration statement
was filed for the purpose of issuing debt securities, preferred stock,
depositary shares, common stock or warrants for general corporate
purposes.
In 1995, the Company issued from the shelf 2,140,000 shares of common
stock in a publicly underwritten offering at a price of $20.125 per share.
Net proceeds of approximately $40,500,000 from the offering were used to
repay debt, purchase properties, and to make loans to EDV to facilitate
the development of certain properties (see Note 8 and 16).
3. REAL ESTATE ACQUISITIONS:
In 1995, the Company acquired, in separate transactions, seven shopping
centers in North Carolina (see Note 6), two shopping centers in Tennessee,
and one shopping center in South Carolina. The total cost of the ten
properties was approximately $47,583,000 of which the Company assumed
$22,888,000 in mortgage debt. Also in 1995, five properties were
contributed to Excel Realty Partners, L.P. (see Note 8).
In 1994, the Company purchased six shopping centers, six single tenant
buildings, and one office building. The total cost of the 13 properties
was approximately $62,565,000 of which the Company assumed $17,498,000 in
mortgage debt. Additionally in 1994, the Company contributed $14,753,000
for a 93.16% general partnership interest in E.H. Properties, L.P., a
Delaware limited partnership. The partnership owns six shopping centers
valued at $22,226,000. In 1995, the limited partner converted a portion of
its equity interest into common stock of the Company at $22.25 per share.
At December 31, 1995, the Company owned 94.17% of the partnership.
Continued F-9
<PAGE> 16
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
4. SALES OF REAL ESTATE PROPERTIES:
In 1995, the Company sold nine single tenant properties and one office
building. The net sales prices of the ten properties totaled $29,397,000.
Of this amount, the net sales price of the office building was $16,310,000
which resulted in a gain of $4,960,000. In 1995, a net gain of $3,683,000
was recognized on all real estate sales. In 1994, five single tenant
properties and a parcel of land were sold for $4,232,000. A net loss of
$108,000 was recognized on these sales.
On the above properties, lease termination fees totaling $2,419,000 and
$988,000 were received from tenants and recognized as revenue in 1995 and
1994, respectively, prior to the sale of certain of the properties.
5. REAL ESTATE HELD FOR SALE
In preparation for the sale of an undeveloped shopping mall in Arizona,
the Company terminated a master lease to an unaffiliated developer on
August 1, 1995. As part of the termination agreement, the Company paid the
lessee in exchange for the lessee's equity participation rights in the
property, $5,000,000 which was capitalized as part of the asset held for
sale. The property, net of accumulated depreciation, was reclassified to
real estate held for sale on the Company's Consolidated Balance Sheet.
Depreciation expense is no longer being charged to the property and costs
to hold the property until sale are being capitalized.
6. MASTER LEASE AND OPTION AGREEMENT:
In January 1995, the Company entered into master lease and option
agreements with respect to eleven shopping centers in North Carolina. The
master leases required the payment equal to eight percent of the
lessor/sellers equity in the properties and gave the Company all
management and operating responsibilities for the shopping centers. Under
the master leases, the Company received all cash flow in excess of the
master lease expense. The master lease expense included master lease and
interest payments from debt service which totaled $4,681,000. Accordingly,
all of the rent revenue and related operating expenses of these properties
have been consolidated in the Company's consolidated financial statements.
The option agreements gave the Company the option to purchase the
properties. In 1995, the Company purchased seven of the properties (see
Note 3). The Company terminated the master lease and purchase option on
one property on December 31, 1995. In January and February of 1996, the
Company purchased the three remaining properties for approximately
$32,000,000 assuming mortgage debt of approximately $22,000,000. Upon
purchase of these properties, the Company received funds of $3,225,000 it
had on deposit in an escrow account related to the option agreements and
the remaining master leases were canceled.
Continued F-10
<PAGE> 17
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
7. NOTES RECEIVABLE (IN THOUSANDS):
The Company had the following notes receivable at December 31, 1995 and
1994:
<TABLE>
<CAPTION>
1995 1994
------- -------
<S> <C> <C>
Notes from affiliates, interest on 12-14% per annum,
collateralized by real estate. Due on demand
(see Note 8 and 16) $18,561 $ --
Notes from development companies, monthly interest
from 10% - 14% per annum. Maturity dates vary
depending on the completion or sale of certain properties 3,500 8,306
Other 789 793
------- -------
Total $22,850 $ 9,099
======= =======
</TABLE>
Notes from affiliates are due from EDV and Excel Realty Partners, L.P.
("ERP"), a Delaware Limited partnership (see Note 8 and 16). Interest
and principal payments from EDV are primarily received upon the completion
of development projects. Interest receivable from EDV was $1,347 at
December 31, 1995. Interest and principal payments from ERP are received
on a monthly basis or as excess cash is available. Interest receivable
from ERP was $61 at December 31, 1995.
8. INVESTMENTS:
In April 1995, ERP was formed to own and manage certain real estate
properties. The Company is a 1% partner and the sole general partner of
ERP. In May 1995, ERP entered into an agreement for certain unaffiliated
entities to contribute to the partnership shopping centers in the
southeastern United States. The Company anticipates that a minimum of 13
properties will be contributed to ERP under this agreement. In 1995, five
real estate properties with a value of $28,500,000, with outstanding
mortgages of $20,700,000, were contributed to ERP for limited partnership
units valued at $4,500,000 and cash of approximately $3,300,000. ERP also
repaid $2,700,000 of mortgages payable on the properties at the time two
of the properties were contributed. The cash used in the transactions was
funded by the Company in exchange for notes from ERP and general
partnership contributions to ERP. The Company is entitled to receive 99%
of all earnings, if any, after the limited partners receive their
distributions. Annual distributions approximate $400,000 based on the
limited partner units held at December 31, 1995. The partnership had net
income in 1995 of $84,000. At December 31, 1995, the partnership had total
assets of $29,079,000 and total liabilities of $24,367,000 including
mortgage debt of $17,954,000. The Company's 1% investment in the
partnership at December 31, 1995 was $139,000 (see Note 16) which is
included in other assets on the Consolidated Balance Sheet.
In April 1995, EDV, a Delaware Corporation, was organized. The Company
owns 100% of the outstanding preferred shares of EDV. The preferred shares
receive 95% of the dividends, if any, from EDV. EDV was formed to acquire,
develop, hold, and sell real estate in the short-term for capital gains
and/or receive fee income (see Note 16).
Continued F-11
<PAGE> 18
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
9. MORTGAGES PAYABLE, (IN THOUSANDS):
The Company had the following mortgages payable at December 31, 1995 and
1994:
<TABLE>
<CAPTION>
1995 1994
-------- --------
<S> <C> <C>
Mortgage notes at 6.86% to 10%, payable in installments through 2018
(monthly payments at December 31, 1995 of $1,153), collateralized by
real estate and an assignment of rents:
Pass through certificates/bonds:
Public $ -- $ 96,486
Private 29,907 31,187
Insurance companies 67,356 68,622
Banks 23,602 1,914
Other 2,948 2,948
-------- --------
Total mortgages payable $123,813 $201,157
======== ========
</TABLE>
The principal payments required to be made on mortgages payable are as
follows:
<TABLE>
<CAPTION>
YEAR
----
<S> <C> <C>
1996 $ 6,493
1997 3,522
1998 6,149
1999 21,625
2000 8,916
Thereafter 77,108
--------
$123,813
========
</TABLE>
Mortgages of $55,903 are fully amortizing with the final monthly payments
to be made between the years 2004 and 2018. In March 1994, the Company's
wholly-owned subsidiary, Excel Mortgage Funding Corporation ("EMFC"), and
EMFC's wholly-owned subsidiary, Excel Credit Corporation ("ECC"),
completed a securitized mortgage financing known as a Real Estate Mortgage
Investment Conduit (a "REMIC"). Pursuant to this transaction, ECC issued
and sold publicly, in an underwritten offering, $100,000 aggregate
principal amount of its Commercial Mortgage Pass-Through Certificates. The
Certificates were originally collateralized by 65 retail commercial
properties. In December 1995, the REMIC was repaid with advances from the
Company's credit facility (see Note 10).
Continued F-12
<PAGE> 19
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
10. NOTES PAYABLE (IN THOUSANDS):
The Company had the following notes payable at December 31, 1995 and 1994:
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Unsecured credit agreement of $150,000, interest
at LIBOR + 1.75% (7.5% at December 31, 1995) $82,800 $ --
Line of credit of $4,000 payable to a financial institution, interest at
the lender's base rate plus 1.25%
(8.91% at December 31, 1995) 3,184 --
Unsecured revolving line of credit of $1,000, interest
at 9.5% 1,000 --
Other -- 15
------- -------
Total notes payable $86,984 $ 15
======= =======
</TABLE>
In December 1995, the Company received a two-year revolving credit
facility up to $150,000 in unsecured advances through December 1997, from
a group of six banks. The actual amount available to the Company is
dependent on certain covenants such as the value of unencumbered assets
and the ratio of earnings before interest, depreciation, and amortization
to fixed charges. The principal amount outstanding is due in December
1997.
Upon obtaining the credit facility, the Company borrowed $82,800. The
Company used the proceeds primarily to repay the outstanding REMIC debt of
$76,000 (see Note 9), repay a former bank line of $5,100, and pay loan
costs. The Company wrote-off loan costs of $2,806 related to the REMIC
debt and $254 related to a former bank line. Total loan costs written-off
in 1995, including other REMIC debt repayments during the year and the
write-down of the interest rate protection agreement (see Note 12),
amounted to $4,453 which were charged to interest expense. The Company
also has a $4,000 line of credit due September 1996 that is collateralized
by certain notes receivable, and an unsecured $1,000 revolving bank line.
11. COMMITMENTS AND CONTINGENCIES
As part of an agreement with an unaffiliated developer to contribute
certain properties to ERP for limited partnership units and cash (see Note
8), the limited partners are guaranteed distributions as defined by the
contribution agreement. The Company is obligated to make advances to ERP
to pay the distributions in the event ERP is unable to make these
payments. In 1995, ERP's cash flows were sufficient to make the limited
partner distributions. At December 31, 1995, ERP mortgage debt of
$8,150,000 was guaranteed by the Company. Also, the Company is committed
to advance ERP up to $2,000,000 in additional advances in conjunction with
existing credit agreements with ERP.
Continued F-13
<PAGE> 20
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
12. FINANCIAL INSTRUMENTS AND CREDIT RISK:
Financial instruments which potentially subject the Company to
concentrations of risk consist principally of cash, accounts receivable
and notes receivable. The following fair value disclosure was determined
by the Company, using available market information and discounted cash
flow analyses as of December 31, 1995. However, considerable judgement is
necessary to interpret market data and to develop the related estimates of
fair value. Accordingly, the estimates presented are not necessarily
indicative of the amounts that the Company could realize upon disposition.
The use of different estimation methodologies may have a material effect
on the estimated fair value amounts. The Company believes that the
carrying values reflected in the balance sheet at December 31, 1995
approximates the fair values for cash, accounts receivables and payables,
notes receivable, and variable-rate debt. The Company believes the market
value of its real estate held for sale exceeds the carrying value at
December 31, 1995. The Company estimates that the fair values of its
fixed-rate mortgage debt at December 31, 1995 is approximately $107
million which is $9 million lower than the historical carrying value of
approximately $116 million. At December 31, 1995, the Company owned
interest rate protection agreements which limited the Company's interest
rate exposure related to certain variable debt to 8.5%. At December 31,
1995, the carrying value of the interest rate protection agreements was
written down by $790,000 in the estimated fair market value and charged to
interest expense. The remaining book value of $803,000 is included with
other assets on the Consolidated Balance Sheets.
At December 31, 1995, the Company's largest and second largest tenants
each account for approximately 15% of the Company's scheduled annual base
rental revenue ("ABR"). The Company's next three largest tenants account
for approximately 18% in total, of the Company's ABR. At December 31,
1995, the Company owned or master leased 113 properties located in 27
states. There were 13 properties in Indiana, 12 properties in North
Carolina, 11 properties in Arizona, and 9 properties in Illinois.
Approximately 42% of the Company's ABR are derived from these four states.
13. DISTRIBUTIONS:
In April 1995, the Company adopted a policy of declaring distributions to
stockholders of record on the first day of the succeeding quarter, instead
of the last day of the current quarter. The payment date of 15 days
following each quarter remained unchanged. As such, in 1995, distributions
of $0.43 per share were declared on March 31 and paid on April 15 and
distributions of $0.445 per share were declared on July 1 and October 1
and paid on July 15 and October 15 respectively. In 1996, distributions of
$0.445 per share or $5,861,000 were declared on January 1 and paid on
January 15. Distributions of $0.415, $0.43, $0.43 and $0.43 per share were
declared for the four quarters in 1994, respectively and distributions of
$0.315, $0.315, $0.37 and $0.415 per share were declared for the four
quarters in 1993, respectively. For the years ended December 31 1995,
1994, and 1993, approximately 27%, 14% and 29%, respectively, of the
distributions received by shareholders were considered to be a return of
capital for tax purposes.
Continued F-14
<PAGE> 21
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
14. STATEMENT OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE (IN THOUSANDS):
The amounts paid for interest during the years ended December 31, 1995,
1994 and 1993 were $16,507, $13,236 and $9,040 respectively.
The Company acquired real estate properties and interests in partnerships,
without the use of cash, for the years ended December 31, 1995, 1994, and
1993 as summarized below:
<TABLE>
<CAPTION>
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Mortgage notes payable assumed $ 22,888 $ 24,106 $ 48,810
Common stock issued 1,213 6,626 6,221
Other assets received and payables assumed (104) 154 651
-------- -------- --------
Net real estate acquired without cash $ 23,997 $ 30,886 $ 55,682
======== ======== ========
</TABLE>
15. MINIMUM FUTURE RENTALS:
The Company leases its shopping centers and single-tenant buildings to
tenants under noncancelable operating leases generally requiring the
tenant to pay a minimum rent adjusted by either (i) fixed increases, (ii)
a percentage of gross sales, or (iii) a CPI index. The leases either (i)
require the tenant to pay all expenses of operating the property such as
insurance, property taxes, and structural repairs and maintenance, or (ii)
require the tenant to reimburse the Company for the tenant's share of real
estate taxes and other common area maintenance expenses.
Minimum future rental revenue for the next five years for the commercial
real estate owned (or master leased) at December 31, 1995 and subject to
noncancelable operating leases is as follows (in thousands):
<TABLE>
<CAPTION>
YEAR
----
<S> <C> <C>
1996 $ 43,061
1997 41,103
1998 38,726
1999 36,162
2000 and thereafter 338,242
</TABLE>
Continued F-15
<PAGE> 22
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
16. RELATED PARTY TRANSACTIONS:
Notes receivable at December 31, 1995 included $12,611,000 and $5,950,000
from EDV and ERP respectively (see Note 7). Total interest income
recognized in 1995 from EDV and ERP amounted to $1,628,000 and $135,000,
respectively. Also in 1995, the Company recognized as income, $344,000 in
development fees from EDV.
In April 1993, the Company terminated its management contract with its
real estate manager, Excel Management Corporation ("EMC"), and issued
110,000 shares of its common stock to Excel Interfinancial Corporation
("EIC"), the parent of EMC, in consideration for such termination. The
amount paid in connection with the termination of the management contract
was capitalized as an "other asset" and was amortized over an 18-month
period, ending in September 1994.
17. OPTIONS AND WARRANTS:
The Company has adopted the 1993 Stock Option Plan (the "1993 Stock Plan")
for executive officers and other key employees of the Company and its
subsidiaries. In May 1994, the Company also adopted the Directors 1994
Stock Option Plan (the "1994 Stock Plan") for directors options.
Options may be granted under the 1993 Stock Plan for a period through 2003
and under the 1994 Stock Plan through the year 2004. Options under these
plans are exercisable for 10 years from the date of grant. The exercise
price of stock options may not be less than 100% of the fair market value
of the stock on the date of grant. The aggregate number of shares issuable
upon exercise of options under the 1993 Stock Plan may not exceed the
greater of (a) 500,000 shares or (b) 5% of the outstanding shares minus
300,000 shares, but in no event exceeding 700,000 shares. The aggregate
number of shares issuable upon exercise of options under the 1994 Stock
Plan may not exceed 240,000 shares.
Continued F-16
<PAGE> 23
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
17. OPTIONS AND WARRANTS, CONTINUED:
<TABLE>
<CAPTION>
Stock option and warrant activity is summarized below: EXERCISE PRICE
SHARES PER SHARE
------ ---------
<S> <C> <C>
Outstanding at January 1, 1993 11,662 $13.92
Stock options granted - 1993 11,662 $13.92
Stock options granted - 1993 325,000 $19.75
Stock options exercised - 1993 (9,996) $13.92
Warrants issued - 1993 253,591 $15.00 - $18.15
Stock options granted - 1994 14,000 $20.13
Stock options exercised - 1994 (3,332) $13.92
Stock options granted - 1995 3,000 $16.38
Stock options granted - 1995 14,000 $19.63
Stock options granted - 1995 131,250 $19.25
Warrants expired - 1995 (18,028) $18.15
Warrants exercised - 1995 (87,585) $15.00 - $18.15
------- ---------------
Outstanding December 31, 1995 645,224 $13.92 - $20.25
======= ===============
</TABLE>
At December 31, 1995, options were exercisable as follows: 9,996 shares at
$13.92 per share, 17,000 shares at $16.38 per share, 131,250 shares at
$19.25 per share, 300,000 shares at $19.75 per share and 14,000 shares at
$20.13 per share. Warrants exercisable at December 31, 1995 were 20,840 at
$15.00 per share, 5,750 at $18.00 per share, and 121,388 at $20.25 per
share. The options and warrants expire at various dates through May 2005.
Of the options and warrants, 472,246 were issued to officers, directors or
affiliates of the Company. Options for 365,750 shares are available for
granting under the 1993 Stock Plan at December 31, 1995.
18. DISTRIBUTION REINVESTMENT PLAN:
The Company has adopted a distribution reinvestment plan (the "Plan").
Shares purchased under the Plan will be, at the Company's discretion,
either newly issued shares of the Company, shares purchased in the open
market or a combination of the foregoing. Distributions may be invested in
newly issued shares at a 5% discount from the average closing price for
the five trading days prior to the distribution pay date or in shares
purchased in the open market without brokerage commissions or service
charges.
Continued F-17
<PAGE> 24
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
----------
19. 401(K) PLAN:
In 1993, the Company established and implemented a 401(k) retirement plan
(the "401(k) Plan") covering substantially all of the officers and
employees of the Company. The 401(k) Plan permits participants to defer,
until termination of employment with the Company, up to a maximum of 15%
of their compensation. In addition, contributions of participants are
matched by the Company in an amount equal to 50% of the participant's
contribution (up to a maximum of 3% of such person's compensation) plus an
annual discretionary contribution, to be determined by the Board of
Directors, based upon the performance of the Company. For the years ended
December 31, 1995, 1994 and 1993, the Company incurred costs of $46,000,
$32,000 and $27,000, respectively, in connection with the 401(k) Plan.
20. SUBSEQUENT EVENTS
In January 1996, the Company acquired, for cash, a real estate property in
Georgia for approximately $2,700,000. Additionally, the Company purchased
three properties in North Carolina which were previously master leased
(see Note 6).
21. QUARTERLY FINANCIAL DATA (UNAUDITED):
Summarized quarterly financial data for the periods ended December 31,
1995 and 1994 is as follows (in thousands except per share amounts):
<TABLE>
<CAPTION>
NET INCOME
REVENUES NET INCOME PER SHARE
-------- ---------- ---------
<S> <C> <C> <C>
1995:
December 31 $ 15,301 $ 5,048 $ 0.39
September 30 13,521 5,534 0.43
June 30 12,981 3,693 0.33
March 31 13,426 3,917 0.36
1994:
December 31 $ 11,095 $ 3,501 $ 0.32
September 30 10,648 3,537 0.33
June 30 10,144 3,514 0.32
March 31 9,127 3,244 0.30
</TABLE>
F-18
<PAGE> 25
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
ADDITIONS DEDUCTIONS
--------- ----------
ACCOUNTS
BALANCE AT CHARGED TO RECEIVABLE BALANCE AT
BEGINNING BAD DEBT WRITTEN END OF
DESCRIPTION OF YEAR EXPENSE OFF YEAR
----------- ------- ------- --- ----
<S> <C> <C> <C> <C>
Allowance for bad debts:
Year ended December 31, 1995 $ 318 $ 445 $ 37 $ 726
===== ===== ===== =====
Year ended December 31, 1994 $ 280 $ 67 $ 29 $ 318
===== ===== ===== =====
Year ended December 31, 1993 $ 128 $ 250 $ 98 $ 280
===== ===== ===== =====
</TABLE>
F-19
<PAGE> 26
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office Building $ -- $ 2,610 $ 2,610 $ -- $ -- $ 2,610 $ 2,610 $ 5,220
Burbank, CA
Genetrix Building -- 666 1,434 -- -- 666 1,434 2,100
Scottsdale, AZ
Shopping Center -- 2,394 3,132 (14) 210 2,380 3,342 5,722
Mesa, AZ
Office Building 424 175 525 -- 2 175 527 702
Stillwater, MN
Kinder Care #1182 -- 170 397 -- -- 170 397 567
Kalamazoo, MI
Shopping Center -- 7,312 8,995 -- 961 7,312 9,956 17,268
Phoenix, AZ
Shopping Center -- 1,559 7,711 315 140 1,874 7,851 9,725
Norton, VA
Shopping Center 7,514 2,025 8,075 -- 469 2,025 8,544 10,569
Perry, GA
Shopping Center -- 1,436 4,584 30 650 1,466 5,234 6,700
Leesburg, FL
Shopping Center (50%) 3,293 527 3,817 -- 4 527 3,821 4,348
Knoxville, TN
Wal-Mart Building 1,776 680 1,586 -- -- 680 1,586 2,266
Berlin, WI
Wal-Mart Building 2,641 1,011 2,359 -- -- 1,011 2,359 3,370
Decatur, IN
Wal-Mart Building 2,620 1,052 2,455 (10) -- 1,042 2,455 3,497
Big Rapids, MI
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Office Building $ 405 1988 1989-90 40 years
Burbank, CA
Genetrix Building 181 1971 1990 40 years
Scottsdale, AZ
Shopping Center 471 1970 1990 40 years
Mesa, AZ
Office Building 59 1985 1991 40 years
Stillwater, MN
Kinder Care #1182 48 1990 1991 40 years
Kalamazoo, MI
Shopping Center 1,194 1988 1991-92 40 years
Phoenix, AZ
Shopping Center 598 1989 1992 40 years
Norton, VA
Shopping Center 645 1992 1992 40 years
Perry, GA
Shopping Center 451 1986 1992 40 years
Leesburg, FL
Shopping Center (50%) 291 1990 1992 40 years
Knoxville, TN
Wal-Mart Building 120 1992 1992 40 years
Berlin, WI
Wal-Mart Building 179 1992 1992 40 years
Decatur, IN
Wal-Mart Building 187 1992 1992 40 years
Big Rapids, MI
</TABLE>
F-20
<PAGE> 27
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Wal-Mart Building 5,276 2,118 4,942 -- - 2,118 4,942 7,060
Wyomissing, PA
Wal-Mart Building 2,663 1,069 2,494 -- - 1,069 2,494 3,563
Brighton, CO
Wal-Mart Bldg
and outparcel 4,888 1,963 4,580 30 - 1,993 4,580 6,573
Temple, TX
Wal-Mart Building 2,908 1,167 2,724 -- - 1,167 2,724 3,891
Wabash, IN
Mtn. Jacks #210310 -- 303 708 -- - 303 708 1,011
Mentor, OH
Mtn. Jacks #210303 [1] 378 1,134 -- - 378 1,134 1,512
Dearborn Heights, MI
Autoworks #125 [1] 105 332 -- - 105 332 437
Hastings, NE
Autoworks #138 [1] 189 421 -- - 189 421 610
Grand Island, NE
Kinder Care #125 [1] 63 146 -- - 63 146 209
Indianapolis, IN
Kinder Care #126 [1] 63 146 -- - 63 146 209
Indianapolis, IN
Kinder Care #577 [1] 60 238 -- - 60 238 298
High Ridge, MO
Kinder Care #162 [1] 59 235 -- - 59 235 294
Fenton, MO
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Wal-Mart Building 376 1992 1992 40 years
Wyomissing, PA
Wal-Mart Building 190 1992 1992 40 years
Brighton, CO
Wal-Mart Bldg
and outparcel 348 1992 1992 40 years
Temple, TX
Wal-Mart Building 207 1992 1992 40 years
Wabash, IN
Mtn. Jacks #210310 60 1974 1992 40 years
Mentor, OH
Mtn. Jacks #210303 86 1980 1992 40 years
Dearborn Heights, MI
Autoworks #125 25 1988 1992 40 years
Hastings, NE
Autoworks #138 32 1988 1992 40 years
Grand Island, NE
Kinder Care #125 11 1975 1992 40 years
Indianapolis, IN
Kinder Care #126 11 1976 1992 40 years
Indianapolis, IN
Kinder Care #577 18 1980 1992 40 years
High Ridge, MO
Kinder Care #162 18 1977 1992 40 years
Fenton, MO
</TABLE>
F-21
<PAGE> 28
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Kinder Care #128 -- 90 211 -- -- 90 211 301
Indianapolis, IN
Kinder Care #134 -- 90 211 -- -- 90 211 301
Indianapolis, IN
Kinder Care #132 [1] 63 146 -- -- 63 146 209
Ft. Wayne, IN
Kinder Care #1075
(61.36%) -- 212 495 -- -- 212 495 707
Ventura, CA
DHG -- 74 110 -- -- 74 110 184
Houston, TX
DHG -- 103 155 -- -- 103 155 258
Houston, TX
Egghead Software -- 172 258 -- -- 172 258 430
Maplewood, MN
United Artists -- 247 576 -- -- 247 576 823
Pueblo, CO
Lowes Building 3,876 1,325 3,446 530 -- 1,855 3,446 5,301
Terra Haute, IN
Wal-Mart Building 6,712 2,631 6,140 -- -- 2,631 6,140 8,771
Orland Hills, IL
Kmart Building -- 698 1,297 -- -- 698 1,297 1,995
Durango, CO
Kmart Building -- 1,033 1,918 -- -- 1,033 1,918 2,951
Albany, GA
Kmart Building -- 951 1,767 -- 152 951 1,919 2,870
DeSoto, TX
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Kinder Care #128 16 1976 1992 40 years
Indianapolis, IN
Kinder Care #134 16 1976 1992 40 years
Indianapolis, IN
Kinder Care #132 11 1976 1992 40 years
Ft. Wayne, IN
Kinder Care #1075
(61.36%) 38 1989 1992 40 years
Ventura, CA
DHG 8 1985 1992 40 years
Houston, TX
DHG 12 1985 1992 40 years
Houston, TX
Egghead Software 20 1987 1992 40 years
Maplewood, MN
United Artists 44 1977 1992 40 years
Pueblo, CO
Lowes Building 219 1993 1992/1993 40 years
Terra Haute, IN
Wal-Mart Building 429 1992 1993 40 years
Orland Hills, IL
Kmart Building 77 1982 1993 40 years
Durango, CO
Kmart Building 114 1981 1993 40 years
Albany, GA
Kmart Building 124 1980 1993 40 years
DeSoto, TX
</TABLE>
F-22
<PAGE> 29
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Kmart Building - 912 1,693 - 19 912 1,712 2,624
Fargo, ND
Kmart Building - 924 1,715 - -- 924 1,715 2,639
Omaha, NE
Kmart Building - 892 1,656 - -- 892 1,656 2,548
Pine Bluff, AR
Kmart Building - 836 1,553 - -- 836 1,553 2,389
Somerville, NJ
Kmart Building - 1,293 2,401 - -- 1,293 2,401 3,694
Springfield, MO
Kmart Building - 936 1,738 - 182 936 1,920 2,856
St. Charles, MO
Kmart Building - 414 768 - 8 414 776 1,190
Waverly, OH
Lucky Building - 698 1,295 - -- 698 1,295 1,993
Brandon, FL
Kroger Building - 731 1,357 - -- 731 1,357 2,088
Clearfield, PA
Kroger Building - 639 1,186 - -- 639 1,186 1,825
East Albany, GA
Kroger Building - 722 1,340 - -- 722 1,340 2,062
James Island, SC
Safeway Building - 790 1,466 - -- 790 1,466 2,256
Missouri City, TX
Kroger Building - 817 1,517 - -- 817 1,517 2,334
Muscle Shoals, AL
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Kmart Building 105 1982 1993 40 years
Fargo, ND
Kmart Building 102 1981 1993 40 years
Omaha, NE
Kmart Building 98 1981 1993 40 years
Pine Bluff, AR
Kmart Building 92 1982 1993 40 years
Somerville, NJ
Kmart Building 143 1982 1993 40 years
Springfield, MO
Kmart Building 140 1981 1993 40 years
St. Charles, MO
Kmart Building 46 1981 1993 40 years
Waverly, OH
Lucky Building 77 1982 1993 40 years
Brandon, FL
Kroger Building 81 1982 1993 40 years
Clearfield, PA
Kroger Building 70 1982 1993 40 years
East Albany, GA
Kroger Building 80 1982 1993 40 years
James Island, SC
Safeway Building 87 1982 1993 40 years
Missouri City, TX
Kroger Building 90 1982 1993 40 years
Muscle Shoals, AL
</TABLE>
F-23
<PAGE> 30
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Kroger Building - 902 1,674 - - 902 1,674 2,576
Ottawa, IL
Kroger Building - 703 1,305 - - 703 1,305 2,008
Scottsboro, AL
Ben Franklin Building - 511 949 - - 511 949 1,460
Tucson, AZ
Payless Drug Building - 389 723 - - 389 723 1,112
Yuma, AZ
Lucky Building - 471 875 - - 471 875 1,346
Phoenix, AZ
Lucky Building - 558 1,037 - - 558 1,037 1,595
Coralville, IA
Lucky Building - 588 1,093 - - 588 1,093 1,681
Decatur, IL
Lucky Building - 744 1,382 - - 744 1,382 2,126
Dubuque, IA
Lucky Building - 617 1,145 - - 617 1,145 1,762
Hobart, IN
Lucky Building - 435 809 - - 435 809 1,244
Mesa, AZ
Lucky Building - 511 948 - - 511 948 1,459
Michigan City, IN
Lucky Building - 735 1,365 - - 735 1,365 2,100
Moline, IL
Lucky Building - 908 1,686 - - 908 1,686 2,594
New Lenox, IL
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Kroger Building 100 1982 1993 40 years
Ottawa, IL
Kroger Building 77 1981 1993 40 years
Scottsboro, AL
Ben Franklin Building 56 1984 1993 40 years
Tucson, AZ
Payless Drug Building 43 1980 1993 40 years
Yuma, AZ
Lucky Building 43 1981 1993 40 years
Phoenix, AZ
Lucky Building 62 1981 1993 40 years
Coralville, IA
Lucky Building 65 1983 1993 40 years
Decatur, IL
Lucky Building 82 1980 1993 40 years
Dubuque, IA
Lucky Building 68 1983 1993 40 years
Hobart, IN
Lucky Building 48 1982 1993 40 years
Mesa, AZ
Lucky Building 56 1983 1993 40 years
Michigan City, IN
Lucky Building 81 1981 1993 40 years
Moline, IL
Lucky Building 100 1982 1993 40 years
New Lenox, IL
</TABLE>
F-24
<PAGE> 31
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lucky Building - 673 1,249 - - 673 1,249 1,922
Peoria, IL
Kroger Building - 862 1,601 - - 862 1,601 2,463
Pittsburgh, PA
Lucky Building - 582 1,081 - - 582 1,081 1,663
Springfield, IL
Lucky Building - 744 1,382 - - 744 1,382 2,126
Sterling, IL
Lucky Building - 364 676 - - 364 676 1,040
Tucson, AZ
Kroger Building - 670 1,243 - - 670 1,243 1,913
Waterloo, IL
Safeway Building - 906 1,683 - - 906 1,683 2,589
Muskogee, OK
Safeway Building - 778 1,445 - - 778 1,445 2,223
Sherwood, AR
Safeway Building - 739 1,373 - - 739 1,373 2,112
West Monroe, LA
Rite Aid Building - 176 328 - - 176 328 504
East Albany, GA
Super X Building - 195 363 - - 195 363 558
Muscle Shoals, AL
Shopping Center 5,157 1,888 4,981 - 23 1,888 5,004 6,892
Elizabethtown, KY
Shopping Center 4,717 629 5,555 - 24 629 5,579 6,208
Glasgow, KY
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Lucky Building 74 1983 1993 40 years
Peoria, IL
Kroger Building 95 1982 1993 40 years
Pittsburgh, PA
Lucky Building 64 1982 1993 40 years
Springfield, IL
Lucky Building 82 1980 1993 40 years
Sterling, IL
Lucky Building 40 1983 1993 40 years
Tucson, AZ
Kroger Building 74 1982 1993 40 years
Waterloo, IL
Safeway Building 100 1981 1993 40 years
Muskogee, OK
Safeway Building 86 1981 1993 40 years
Sherwood, AR
Safeway Building 82 1981 1993 40 years
West Monroe, LA
Rite Aid Building 19 1982 1993 40 years
East Albany, GA
Super X Building 22 1982 1993 40 years
Muscle Shoals, AL
Shopping Center 360 1992 1993 40 years
Elizabethtown, KY
Shopping Center 391 1992 1993 40 years
Glasgow, KY
</TABLE>
F-25
<PAGE> 32
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shopping Center 8,743 3,469 8,125 - - 3,469 8,125 11,594
Deland, FL
Shopping Center 3,209 1,655 3,074 - 6 1,655 3,080 4,735
Irving, TX
Shopping Center - 2,689 4,994 35 144 2,724 5,138 7,862
Ashland, OH
Shopping Center - 3,188 5,921 - 23 3,188 5,944 9,132
Covington, GA
Kmart Building - 564 1,048 - - 564 1,048 1,612
Atlantic, IA
Kash N' Karry Building - 378 702 - - 378 702 1,080
Homosassa Springs, FL
Shopping Center (94.17%) - 1,779 3,305 44 159 1,823 3,464 5,287
Brooksville, FL
Shopping Center (94.17%) - 1,552 2,882 58 113 1,610 2,995 4,605
Celina, OH
Shopping Center (94.17%) 2,455 984 1,827 62 118 1,046 1,945 2,991
Albemarle, NC
Shopping Center (94.17%) - 656 1,219 21 40 677 1,259 1,936
Marion, IN
Shopping Center (94.17%) - 568 1,056 71 133 639 1,189 1,828
Warsaw, IN
Shopping Center (94.17%) 3,060 1,618 3,013 80 148 1,698 3,161 4,859
Terre Haute, IN
Office Building 1,889 753 1,762 - 5 753 1,767 2,520
San Diego, CA
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Shopping Center 521 1993 1993 40 years
Deland, FL
Shopping Center 177 1987 1993 40 years
Irving, TX
Shopping Center 294 1990 1993 40 years
Ashland, OH
Shopping Center 304 1991 1993 40 years
Covington, GA
Kmart Building 51 1980 1994 40 years
Atlantic, IA
Kash N' Karry Building 34 1982 1994 40 years
Homosassa Springs, FL
Shopping Center (94.17%) 156 1987 1994 40 years
Brooksville, FL
Shopping Center (94.17%) 132 1990 1994 40 years
Celina, OH
Shopping Center (94.17%) 84 1988 1994 40 years
Albemarle, NC
Shopping Center (94.17%) 56 1989 1994 40 years
Marion, IN
Shopping Center (94.17%) 50 1989 1994 40 years
Warsaw, IN
Shopping Center (94.17%) 139 1989 1994 40 years
Terre Haute, IN
Office Building 87 1988 1994 40 years
San Diego, CA
</TABLE>
F-26
<PAGE> 33
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shopping Center 4,398 2,431 4,515 - 14 2,431 4,529 6,960
Hilton Head, SC
Shopping Center - 2,028 3,767 - - 2,028 3,767 5,795
Lake Wales, FL
Shopping Center 8,165 3,882 7,209 - 6 3,882 7,215 11,097
Versailles, KY
Shopping Center - 1,300 2,415 - 257 1,300 2,672 3,972
Mesa, AZ
Shopping Center 5,389 3,351 6,223 - 18 3,351 6,241 9,592
London, KY
Q-Club Building - 1,822 3,385 - - 1,822 3,385 5,207
Scottsdale, AZ
Q-Club Building - 1,813 3,366 - - 1,813 3,366 5,179
Phoenix, AZ
Lowe's Building 4,265 2,187 4,061 - - 2,187 4,061 6,248
Middletown, OH
Shopping Center 2,265 1,035 1,924 69 127 1,104 2,051 3,155
Kannapolis, NC
Shopping Center 4,107 2,109 3,917 - - 2,109 3,917 6,026
Asheboro, NC
Shopping Center 2,634 1,100 2,043 - - 1,100 2,043 3,143
Kernersville, NC
Shopping Center 3,363 1,846 3,429 - - 1,846 3,429 5,275
Roxboro, NC
Shopping Center 5,462 2,335 4,337 - - 2,335 4,337 6,672
Siler City, NC
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Shopping Center 204 1994 1994 40 years
Hilton Head, SC
Shopping Center 153 1994 1994 40 years
Lake Wales, FL
Shopping Center 308 1994 1994 40 years
Versailles, KY
Shopping Center 136 1981 1994 40 years
Mesa, AZ
Shopping Center 263 1994 1994 40 years
London, KY
Q-Club Building 117 1994 1994 40 years
Scottsdale, AZ
Q-Club Building 136 1994 1994 40 years
Phoenix, AZ
Lowe's Building 190 1993 1994 40 years
Middletown, OH
Shopping Center 53 1992 1994 40 years
Kannapolis, NC
Shopping Center 69 1988 1995 40 years
Asheboro, NC
Shopping Center 27 1988 1995 40 years
Kernersville, NC
Shopping Center 47 1989 1995 40 years
Roxboro, NC
Shopping Center 59 1988 1995 40 years
Siler City, NC
</TABLE>
F-27
<PAGE> 34
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
COST
CAPITALIZED (SOLD)
SUBSEQUENT TO GROSS AMOUNT AT WHICH
INITIAL COST ACQUISITION CARRIED AT CLOSE OF PERIOD
----------------------- --------------------- ------------------------------
BUILDINGS AND BUILDINGS AND BUILDINGS AND TOTAL
DESCRIPTION ENCUMBRANCES LAND IMPROVEMENTS LAND IMPROVEMENTS LAND IMPROVEMENTS [a]
----------- ------------ ---- ------------ ---- ------------- ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shopping Center -- 2,267 4,211 -- -- 2,267 4,211 6,478
Wadesboro, NC
Shopping Center 1,916 824 1,531 -- -- 824 1,531 2,355
Jonesville, NC
Shopping Center -- 2,876 5,341 -- -- 2,876 5,341 8,217
Kinston, NC
Shopping Center 2,500 1,157 2,149 -- -- 1,157 2,149 3,306
Hilton Head, SC
Shopping Center 2,580 1,325 2,461 -- -- 1,325 2,461 3,786
Hendersonville, TN
Shopping Center -- 807 1,499 -- -- 807 1,499 2,306
Manchester, TN
All encompassing
mortgage debt on
properties marked
[1] above 2,948 -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------- ---------
$123,813 $121,073 $246,857 $ 1,321 $ 4,155 $122,394 $ 251,012 $ 373,406
======== ======== ======== ======== ======== ======== ========= =========
</TABLE>
<TABLE>
<CAPTION>
LIFE ON WHICH
DEPRECIATION
IN LATEST
ACCUMULATED INCOME
DEPRECIATION DATE OF DATE STATEMENTS
DESCRIPTION [b] CONSTRUCTION ACQUIRED IS COMPUTED*
----------- ------------ ------------- -------- ------------
<S> <C> <C> <C> <C>
Shopping Center 39 1988 1995 40 years
Wadesboro, NC
Shopping Center 21 1988 1995 40 years
Jonesville, NC
Shopping Center 61 1991 1995 40 years
Kinston, NC
Shopping Center 11 1989 1995 40 years
Hilton Head, SC
Shopping Center 8 1989 1995 40 years
Hendersonville, TN
Shopping Center 2 1990 1995 40 years
Manchester, TN
All encompassing
mortgage debt on
properties marked
[1] above --
---------
$ 14,909
=========
</TABLE>
Listing does not include one real estate property held for sale in Scottsdale,
AZ. The net carrying cost of this property is $8,519.
* Tenant improvements and other costs capitalized subsequent to acquisition are
depreciated over 2 - 40 years.
F-28
<PAGE> 35
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION, CONTINUED
DECEMBER 31, 1995
(IN THOUSANDS)
----------
[a] Reconciliation of total real estate carrying value for the past three years
is as follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Balance at beginning of year $ 359,459 $ 277,412 $ 113,639
Acquisitions 47,583 84,926 163,768
Improvements and other additions 2,473 1,554 1,427
Cost of property sold (27,590) (4,433) (1,422)
--------- --------- ---------
Balance at end of year $ 381,925 $ 359,459 $ 277,412
========= ========= =========
Total cost for federal income tax purposes
at the end of each year (difference is
from tax free exchanges) $ 381,062 $ 358,689 $ 276,642
========= ========= =========
</TABLE>
[b] Reconciliation of accumulated depreciation for the past three years is as
follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Balance at beginning of year $ 10,228 $ 4,270 $ 998
Depreciation expense 6,845 6,038 3,369
Deletions - property sold (1,918) (80) (97)
Reclass to real estate held for sale (246) -- --
-------- -------- --------
Balance at end of year $ 14,909 $ 10,228 $ 4,270
======== ======== ========
</TABLE>
F-29
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the application of our report dated February 5, 1996 on our
audits of the consolidated financial statements and financial statement
schedules of Excel Realty Trust, Inc. and subsidiaries as of December 31, 1995
and 1994, and for each of the three years in the period ended December 31,
1995, which report is included in this Annual Report on Form 10-K/A.
Coopers & Lybrand L.L.P.
San Diego, California
June 4, 1996