UPDATE: Hilliard Lyons Initiates Coverage on Excel Trust on Fair Valuation

In a report published Tuesday, Hilliard Lyons analyst Carol L. Kemple initiated coverage on

with a Neutral rating. In the report, Hilliard Lyons noted, “We are initiating coverage of Excel Trust with a Neutral rating. We believe Excel shares are fairly valued at this time. As of June 30, Excel owned 33 operating properties in 15 states. Excel focuses on properties in the ‘smile states' (Sunbelt, NE, and NW). We like Excel's diverse tenant base. Only one tenant accounts for more than 3% of total portfolio annualized base rent. Excel's top 10 tenants account for 23.1% of total portfolio annualized base rent. Management is interested in growing its portfolio through acquisitions. EXL would like to acquire $150 million to $200 million in properties in 2013.” Excel Trust closed on Monday at $12.00.