Phillips Edison Grocery Center REIT I, Inc., one of the nation’s largest owners and operators of grocery-anchored shopping centers, determined the estimated value per share of its common stock to be $11.00 as of October 2017, an 8 percent increase over its previous estimated value per share, which was $10.20 as of March 2017.
The increase in the company’s estimated value per share is “a validation of our recent acquisition of Phillips Edison Limited Partnership, in which we acquired one of retail real estate’s most comprehensive and successful operating platforms and 76 well-occupied grocery-anchored shopping centers,” said Jeff Edison, chairman and chief executive officer of the company. “Altogether, this illustrates the strength of the grocery-anchored real estate market.”
Duff & Phelps was engaged to provide a calculation of the range in estimated value per share of the company’s common stock as of October 5, 2017. Duff & Phelps prepared a valuation report based substantially on its estimate of the “as is” market value of the company’s portfolio, adjusted to reflect balance sheet assets and liabilities provided by the company’s management, before calculating a range of estimated per share values based on the number of outstanding shares of common stock and operating partnership units.
The company also announced that it will begin the process of changing its name to “Phillips Edison & Company, Inc.”
“Following the acquisition of PELP we felt it important to give clarity to the company’s new identity as an internally-managed REIT,” continued Edison. “Going forward as Phillips Edison & Company, Inc., we remain dedicated to creating unparalleled grocery-anchored shopping experiences.”
Phillips Edison Grocery Center REIT I, Inc., to be known as Phillips Edison & Company, Inc., is an internally-managed real estate investment trust which manages a diversified portfolio of over 340 shopping centers, 235 of which are owned directly by the company and comprise approximately 26.1 million square feet located in 32 states.