Phillips Edison & Company, Inc., an internally managed real estate investment trust that invests in grocery-anchored shopping centers, has filed a registration statement with the Securities and Exchange Commission, relating to a proposed public offering in conjunction with listing its shares on a national stock exchange.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, however, The DI Wire will provide an update once those details are publicly available. Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering.
The company said that it plans to eventually list its common stock on a national stock exchange under the ticker symbol “PECO.”
Phillips Edison recently proposed a charter amendment that would facilitate a potential listing and/or a concurrent registered public offering, in order to provide liquidity for shareholders.
Last week, the REIT’s board approved a net asset value per share of $10.55 for the company’s common stock, an increase of 21 percent compared to the previous year’s NAV of $8.75 per share.
On Friday, the company rescheduled its presentation to discuss the latest share valuation and its first quarter 2021 results. The new date and time is Wednesday, May 19, 2021, at 11:30 a.m. ET.
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.