Phillips Edison & Company Increases Monthly Distribution Rate
The board of Phillips Edison & Company Inc. (Nasdaq: PECO), a former non-traded real estate investment trust that invests in grocery-anchored shopping centers, has approved an increase to its monthly distributions.
The board of Phillips Edison & Company Inc. (Nasdaq: PECO), a former non-traded real estate investment trust that invests in grocery-anchored shopping centers, has approved a 3.7 percent increase to the monthly distributions paid on October 3, 2022 and November 1, 2022 to stockholders of record at the close of business on September 16, 2022 and October 17, 2022, respectively.
The board approved the distribution at a rate of $0.0933 per share of the company’s common stock and per operating partnership unit. When annualized, this is equal to a rate of $1.12 per share, representing an increase of 3.7 percent over the previous annualized rate of $1.08 per share.
“The strength of our operating fundamentals and growth in our cash flows allow us to increase our monthly distribution to our shareholders. Our continued focus is to grow our distribution rate as we grow the cash flows in our grocery-anchored portfolio,” said Jeff Edison, chairman and chief executive officer. “This increase is a reflection of the success of our focused and differentiated strategy of owning and operating small-format, neighborhood centers anchored by the #1 or #2 grocer in a market which continues to drive high-recurring foot traffic and neighbor demand, resulting in superior financial and operating performance.”
“We recognize that distributions are an important component of an investment in PECO, and we believe our increased dividend yield of approximately 3.4% achieves the right balance between current returns to our shareholders and funding the growth opportunities available to us through acquisitions and outparcel redevelopment,” he added.
Phillips Edison & Company, formerly Phillips Edison Grocery Center REIT I Inc., is an internally managed REIT that oversees a portfolio of 289 shopping centers, including 269 wholly-owned centers comprising 30.9 million square feet across 31 states, and 20 shopping centers owned in one institutional joint venture, as of June 30, 2022. Phillips Edison & Company was previously a non-traded REIT and listed its shares on Nasdaq last year.
