Phillips Edison & Company Inc. (Nasdaq: PECO), a former non-traded real estate investment trust that recently listed on the Nasdaq, has approved a $0.09 per share monthly distribution for its common stock, Class B common stock, and operating partnership units.
When annualized, this is equal to a rate of $1.08 per share, representing an increase of 6 percent over the previous annualized rate of $1.02 per share.
The distribution will be paid on November 1, 2021 to stockholders of record at the close of business on October 15, 2021.
“The increase in our monthly distribution is a reflection of the continued solid performance of our grocery-anchored portfolio and the current strength of the operating environment…,” said Jeff Edison, chairman and chief executive officer of PECO. “We recognize that distributions are an important component of this investment and this increase results in a current dividend yield of 3.6 percent based on yesterday’s closing stock price.”
Shares closed at $30.46 on Tuesday, up 0.33 percent compared to the previous day’s close of $30.36.
Phillips Edison & Company Inc. (formerly known as Phillips Edison Grocery Center REIT I Inc.) manages 294 shopping centers, including 272 wholly-owned centers totaling approximately 31 million square feet, and 22 owned in two institutional joint ventures. The company’s non-traded offering was declared effective by the SEC in August 2010 and raised approximately $1.8 billion in investor equity before closing in February 2014.
Phillips Edison raised $547.4 million in a public offering and began trading on the Nasdaq under the symbol “PECO” earlier this year.