Phillips Edison Grocery Center REIT I Reduces Credit Line

Phillips Edison Grocery Center REIT I Inc., a publicly registered non-traded real estate investment trust, reduced its existing unsecured credit facility from $700 million to $500 million. The reduction will lower the interest while providing a credit capacity in line with current financing needs.

Phillips Edison Grocery Center REIT I invests in grocery-anchored neighborhood shopping centers with a mix of national and regional retailers selling necessity-based goods and services in strong demographic markets throughout the United States. The company owns and manages a retail portfolio consisting of 147 shopping centers totaling approximately 15.5 million square feet. Since August 2010, the company has issued 185.9 million shares of common stock, raising $1.84 billion in investor equity. The offering closed in February 2014.