Business
Phillips Edison & Company Increases Monthly Distribution Rate by 3.7% to $0.0933 Per Share
CINCINNATI, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners
About this update from Phillips Edison & Company, Inc.
[{"type":"text","content":"CINCINNATI, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored omni-channel neighborhood shopping centers, today announced that its Board of Directors (the “Board”) approved a 3.7% increase to the monthly distributions payable October 3, 2022 and November 1, 2022 to stockholders of record at the close of business on September 16, 2022 and October 17, 2022, respectively. The Board approved the distribution at a rate of $0.0933 per share of the Company’s common stock and per operating partnership unit. When annualized, this is equal to a rate of $1.12 per share, representing an increase of 3.7% over the previous annualized rate of $1.08 per share. “The strength of our operating fundamentals and growth in our cash flows allow us to increase our monthly distribution to our shareholders. Our continued focus is to grow our distribution rate as we grow the cash flows in our grocery-anchored portfolio,” said Jeff Edison, chairman and chief executive officer of PECO. “This increase is a reflection of 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 which continues to drive high-recurring foot traffic and Neighbor demand, resulting in superior financial and operating performance. “We recognize that distributions are an important component of an investment in PECO, and we believe our increased dividend yield of approximately 3.4% achieves the right balance between current returns to our shareholders and funding the growth opportunities available to us through acquisitions and outparcel redevelopment.” About Phillips Edison & Company Phillips Edison & Company, Inc. (“PECO”), an internally-managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Ahold Delhaize, and Albertsons. As of June...