CINCINNATI--(BUSINESS WIRE)--Phillips Edison & Company, Inc. (“PECO” or the “Company”), an internally-managed real estate investment trust (“REIT”) and one of the nation’s largest owners and operators of grocery-anchored shopping centers, together with recently acquired Phillips Edison Grocery Center REIT II, Inc., has surpassed $1 billion of total stockholder distributions. This milestone was achieved during the fourth quarter of 2018.
As of February 2, 2019, PECO has made regular stockholder distributions in 98 consecutive months, demonstrating the continued stability of its highly-occupied shopping centers and the underlying strength of grocery-anchored real estate.
Historical Performance
From inception (August 2010), a $10,000 investment in PECO (previously known as Phillips Edison Grocery Center REIT I, Inc.) would have grown to $19,184 as of January 31, 2019, assuming distributions were reinvested. This represents a compounded annual return of approximately 8.0%.
Assuming an investment at the close of the offering (February 2014), a $10,000 investment in PECO would have grown to $15,903 as of January 31, 2019, assuming distributions were reinvested. This represents a compounded annual return of approximately 8.9%.
Management Commentary
PECO’s Chairman and Chief Executive Officer Jeff Edison commented: “Paying out more than $1 billion in stockholder distributions over the course of 98 consecutive months validates the merits of our cycle-tested strategy of owning and operating well-located grocery-anchored shopping centers.”
“Our blueprint for long-term success is supported by the strategic initiatives that we have completed over the past 18 months, including the acquisition of the real estate assets and the asset management business of our former sponsor, Phillips Edison Limited Partnership, and the completion of the merger with Phillips Edison Grocery Center REIT II. These transactions have improved our financial growth profile, enhanced our strategic positioning as we evaluate liquidity options, and provided us with increased scale in our core investment strategy of grocery-anchored real estate.”
With a wholly-owned portfolio of 304 highly productive shopping centers, a strong, flexible balance sheet, and a growing asset management business, PECO is well-positioned to optimize stockholder value as it advances its strategic plan toward a future liquidity event.
About Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc. (“PECO”), an internally-managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. Its diversified portfolio of well-occupied neighborhood shopping centers has a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. PECO provides asset management and property management services to 339 shopping centers - 304 of which are wholly-owned comprising approximately 34.4 million square feet across 32 states. PECO’s proven, vertically-integrated operating platform allows it to effectively and efficiently acquire, lease and manage its properties, resulting in a history of strong operating results and great shopping experiences. For more information, please visit www.phillipsedison.com.
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about PECO’s plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of PECO’s performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “continue,” “strategic,” “plan,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. PECO makes no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained in this release, and does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
