Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc. is an internally managed real estate investment trust, or REIT, and one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood and community shopping centers. We were formed as a Maryland corporation in October 2009. We have elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our taxable year ended Dec. 31, 2010. Shares of our common stock are subject to ownership limitations that are primarily intended to assist us in maintaining our qualification as a REIT.
Phillips Edison has the highest percentage of its properties anchored by top grocers among its public peers, according to JLL. Grocery-anchored neighborhood shopping centers have been our primary focus since we started our business in 1991, and we believe this focus has generated superior growth and attractive risk-adjusted returns over time. Our portfolio primarily consists of neighborhood centers anchored by the No. 1 or No. 2 grocer tenants by sales within their respective formats by trade area. As of March 31, 2021, our portfolio was 94.8% occupied. Our tenants, who we refer to as “Neighbors,” are a mix of national, regional and local retailers that primarily provide necessity-based goods and services.
As of March 31, 2021, we owned equity interests in 300 shopping centers, including 278 wholly owned properties which contributed more than 98% of our ABR, and 22 shopping center properties owned through two unconsolidated third-party institutional joint ventures. In total, our portfolio of wholly owned shopping centers and our pro-rated portion of shopping centers owned through our unconsolidated institutional joint ventures comprises approximately 31.7 million square feet in 31 states.
(Note: Phillips Edison & Co. priced its REIT IPO on July 14, 2021, at $28 – the low end of its $28-to-$31 price range – on 17 million shares, the same number of shares in the prospectus, to raise $476 million.)
|Industry:||REIT - Real Estate Investment Trust|
|Address||11501 Northlake Drive Cincinnati, Ohio 45249|
|Phone Number||(513) 554-1110|
|View Prospectus:||Phillips Edison & Company, Inc.|
|Revenues||$496.88 mil (last 12 months)|
|Net Income||$-5.86 mil (last 12 months)|
|Price range||$28.00 - $28.00|
|Est. $ Volume||$476.0 mil|
|Manager / Joint Managers||Morgan Stanley/ BofA Securities/ J.P. Morgan/BMO Capital Markets/ Goldman Sachs/ KeyBanc Capital Markets/ Mizuho Securities/ Wells Fargo Securities|
|CO-Managers||BTIG/ Capital One Securities/ Fifth Third Securities/ PNC Capital Markets/ Regions Securities LLC|
|Expected To Trade:||7/15/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|