Excel, was founded in 1978 by Gary B. Sabin who continues to serve as Excel’s Chairman and Chief Executive Officer.

From 1978 to 1987, members of Excel’s management team were engaged in the ownership and management of several real estate portfolios providing acquisition, financing, management, development and disposition services. From 1989 to 1993, Excel consolidated those portfolios and formed Excel Realty Trust. In 1993, Excel’s management team conducted a successful Initial Public Offering and listed Excel Realty Trust on the New York Stock Exchange. Between 1989 and 1998, Excel Realty Trust averaged an annual 34% growth rate in its funds from operations per share, which made it one of the top performing real estate companies on the New York Stock Exchange. In September 1998, Excel Realty Trust merged with New Plan Realty Trust and changed its name to New Plan Excel Realty Trust becoming one of the largest real estate investment trusts in the United States.

Prior to the merger, Excel Realty Trust organized and spun off Excel Legacy, which was listed on the American Stock Exchange. Following the merger, Excel management resigned their positions with New Plan Excel Realty Trust to manage Excel Legacy. Excel Legacy participated in a number of real estate related activities, which included developing mixed-use retail/entertainment projects and providing related management and development services. In October 1999, Excel Legacy purchased the common stock of Price Enterprises and in September 2001, merged the two companies to form Price Legacy. Price Legacy was later sold to a Kimco affiliate in December 2004.

In 2003, having spent 15 years running public companies, Excel’s management team made the decision to return to the private sector.

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