Phillips Edison & Company Increases Monthly Distribution
CINCINNATI, Sept. 06, 2022 (GLOBE NEWSWIRE) — Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the largest owners and operators of omni- neighborhood shopping centres, today announced that its Board of Directors (the “Board”) has approved a 3.7% increase in monthly distributions payable on October 3, 2022 and November 1, 2022 to shareholders of record at closing offices on September 16, 2022 and October 17, 2022, respectively.
The board approved the distribution at a rate of $0.0933 per common share of the company and per operating partnership unit. When annualized, this equates to a rate of $1.12 per share, which represents a 3.7% increase from the previous annualized rate of $1.08 per share.
“The strength of our operating fundamentals and the growth of our cash flow allow us to increase our monthly distribution to our shareholders. Our ongoing goal is to increase our payout ratio as we grow cash flow from our grocery-rooted portfolio,” said Jeff Edison, President and CEO of PECO. “This increase reflects the success of our focused and differentiated strategy of owning and operating small-format neighborhood centers anchored by the #1 or #2 grocer in a market that continues to generate foot traffic and demand. high and recurring neighbors, resulting in superior financial and operational performance.
“We recognize that distributions are an important component of an investment in PECO, and we believe that our increased dividend yield of approximately 3.4% strikes the right balance between current returns for our shareholders and funding growth opportunities. growth that is available to us through acquisitions and off-plot redevelopments.”
About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the largest owners and operators of grocery-anchored shopping centers in the United States. Founded in 1991, PECO has generated strong results through its vertically integrated operating platform and nationwide footprint of busy shopping centers. PECO Centers feature a mix of national and regional retailers providing essential goods and services to fundamentally strong markets across the United States. Major CEE grocery stalwarts include Kroger, Publix, Ahold Delhaize and Albertsons. As of June 30, 2022, PECO operates 289 malls, including 269 wholly-owned malls comprising 30.9 million square feet in 31 states, and 20 malls owned in an institutional joint venture. PECO is exclusively focused on creating omnichannel shopping experiences rooted in grocery and improving communities, one neighborhood mall at a time.
PECO uses, and intends to continue to use, its investor website, which can be accessed at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and comply with its disclosure obligations under FD regulations.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for the purposes of complying with safe harbor provisions. These forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate “, “believe”, “continue”. ,” “seek”, “goal”, “goal”, “strategy”, “plan”, “focus”, “priority”, “should”, “could”, “potential”, “possible”, “optimistic” , or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. These statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives and outlook; (b) statements about the Company’s guaranteed additional returns; and (c) statements about the future results of operations, capital expenditures and liquidity of the Company. These statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national economic climates, regional or local; (ii) local market conditions, including oversupply of space or reduced demand for properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates and the need to periodically repair, renovate and re-let premises; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to repay, refinance, restructure or extend its indebtedness when it becomes due; (vii) increases in the Company’s borrowing costs due to changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to Company properties caused by catastrophic weather and other natural events, as well as the physical effects of climate change; (x) the ability and willingness of the Company to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xi) changes in tax, real estate, environmental and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) concentration of the Company’s portfolio in a limited number of industries, geographies or investments; (xvi) the economic, political and social impact of the COVID-19 pandemic and the uncertainty related thereto; (xvii) the Company’s ability to re-let its properties on the same or better terms, or not at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company seeks to sell properties, the Company’s ability to do so at attractive prices or not at all; and (xx) the impact of inflation on the Company and its tenants. Other important factors that could cause actual results to differ are described in the Company’s filings from time to time with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2021 Annual Report. the Company on Form 10-K, filed with the SEC on February 16, 2022, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which can be accessed at SEC website at www.sec.gov. Accordingly, these statements are not intended to be guarantees of the Company’s performance in future periods.
Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Phillips Edison & Company, Inc.
Kimberly Green, Vice President of Investor Relations
Stephanie Hout, Director of Investor Relations
Source: Phillips Edison & Company, Inc.