Phillips Edison Grocery Center REIT I Inc., a publicly registered non-traded real estate investment trust, formally changed its name to Phillips Edison & Company Inc.
The company said that the name change reflects its new identity as an internally-managed real estate investment trust following the acquisition of certain real estate assets and the third-party asset management business of its former sponsor and external advisor, Phillips Edison Limited Partnership.
The $1 billion transaction was completed in October 2017, which resulted in a internally-managed, non-traded grocery-anchored shopping center REIT with 230 properties and a total enterprise value of approximately $4 billion.
“Having completed the strategic acquisition of PELP, we are moving confidently into the future with an enhanced platform that is well positioned for growth and a name that evokes the powerful legacy we’ve built over the past 25 years,” said Jeff Edison, chairman and chief executive officer of Phillips Edison & Company. “We look forward to capitalizing on the many opportunities ahead and remain dedicated to creating great grocery-anchored shopping experiences.”
In other REIT news, last month the company declared a net asset value of $11.00 per share as of October 2017, an 8 percent increase over its previous estimated value per share, which was $10.20 as of March 2017.
Phillips Edison & Company Inc. (formerly known as Phillips Edison Grocery Center REIT I, Inc.), an internally-managed real estate investment trust, is one of the nation’s largest owners and operators of market-leading, grocery-anchored shopping centers. The company currently manages a portfolio of more than 345 shopping centers – 236 of which it owns directly. The REIT’s primary offering was declared effective by the SEC in August 2010 and closed in February 2014 after raising nearly $1.8 billion in investor equity.