Home Alts News NTR Acquires 11 Grocery-Anchored Shopping Centers in Q3

NTR Acquires 11 Grocery-Anchored Shopping Centers in Q3

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Non-traded REIT, Phillips Edison-ARC Shopping Center REIT (the REIT), recently announced its operating results for third quarter including recent acquisitions.

“We are pleased with our results from the third quarter which included the acquisition of 11 grocery-anchored shopping centers. As a result, all of the net equity proceeds raised during our initial public offering have been deployed, and we are following our strategy of using moderate leverage to continue to build our portfolio,” commented Jeff Edison, Chairman of the Board and Chief Executive Officer in a statement.

The shopping centers, purchased for about $165.1 million in aggregate, total approximately 1.3 million square feet and are located across ten states.  

At the end of Q3, the REIT owned 131 properties totaling 13.9 million square feet and had leased portfolio occupancy of 94.7%.  

To kick off Q4 the REIT acquired four more grocery-anchored shopping centers totaling 0.5 million square feet for an aggregate purchase price of $79.3 million. The addition of these shopping centers brings the company’s portfolio to a total of 135 shopping centers in 27 states totaling 14.4 million square feet.

Phillips Edison-ARC Shopping Center REIT is a public non-traded REIT that focuses on acquiring well-occupied grocery-anchored neighborhood shopping centers.  It is closed to new investors. 

According to MTS Research Advisors, the REIT had invested assets of over $1.8 billion at the end of Q2.