The non-traded REIT co-sponsored by Phillips Edison and AR Capital, Phillips Edison-ARC Shopping Center REIT (the REIT), announced its operating results for the first quarter of 2014. The company had an eventful three months that included multiple acquisitions.
During the three months ended March 31, 2014, the REIT acquired 17 grocery-anchored shopping centers totaling approximately 1.8 million square feet for an aggregate purchase price of approximately $285.7 million. The REIT also reported a leased portfolio occupancy of 94.8%.
Jeff Edison, Chief Executive Officer of the REIT, commented, “We are pleased to report another active quarter of acquisitions, adding 17 properties to our portfolio for a total of 100 grocery-anchored shopping centers owned representing an aggregate purchase price of approximately $1.5 billion.” He continued, “Our portfolio now includes shopping centers in 23 states anchored by 31 different grocery store anchors and totaling over 10.5 million square feet.”
Just after the end of the first quarter the REIT acquired 3 more grocery-anchored shopping centers totaling 619,179 square feet for an aggregate purchase price of $80.9 million. The addition of these shopping centers brings the company’s portfolio to 103 shopping centers totaling 11.1 million square feet.
The REIT seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers that have a mix of national and regional retailers that sell necessity-based goods and services, in strong demographic markets throughout the U.S. It is closed to new investors.