Phillips Edison & Company Inc., a publicly registered non-traded real estate investment trust that invests in grocery-anchored shopping centers, has priced its initial public offering of 17 million shares of common stock at $28.00 per share.
The REIT has granted the underwriters a 30-day option to purchase up to an additional 2.55 million shares at the initial public offering price, less underwriting discounts and commissions.
Shares began trading yesterday on the Nasdaq Global Select Market under the ticker symbol “PECO,” and the offering is expected to close on July 19, 2021.
The REIT plans to use the proceeds to pay off its $375 million unsecured term loan maturing in 2022, to fund external growth with property acquisitions, and other general corporate uses.
Morgan Stanley, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co. LLC, KeyBanc Capital Markets, Mizuho Securities and Wells Fargo Securities acted as joint book-running managers for the offering. BTIG, Capital One Securities, Fifth Third Securities, PNC Capital Markets LLC and Regions Securities LLC acted as co-managers for the offering.
Phillips Edison & Company Inc. (formerly known as Phillips Edison Grocery Center REIT I Inc.) is one of the nation’s largest owners and operators of grocery-anchored shopping centers and oversees a portfolio of 278 properties, totaling approximately 31.3 million square feet, located in 31 states. The company’s offering was declared effective by the SEC in August 2010 and raised approximately $1.8 billion in investor equity before closing in February 2014.