Business
Phillips Edison & Company Increases Monthly Dividend Distribution by 4.5% to $0.0975 Per Common Share
CINCINNATI, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of
About this update from Phillips Edison & Company, Inc.
[{"type":"text","content":"CINCINNATI, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers, today announced that its Board of Directors (the “Board”) approved a 4.5% increase to the monthly dividend distributions payable October 2, 2023 and November 1, 2023 to common stockholders of record as of September 15, 2023 and October 16, 2023, respectively. The Board approved the distribution at a rate of $0.0975 per share of the Company’s common stock. When annualized, this is equal to a rate of $1.17 per share, representing an increase of 4.5% over the previous annualized rate of $1.12 per share. Operating partnership unit holders receive distributions at the same rate as common stockholders, subject to the required tax withholding. Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “With a predictable income stream from monthly dividend distributions, combined with our unique ability to drive internal and external growth, we believe an investment in PECO provides shareholders with the right balance of stability and growth while supporting our ongoing commitment to growing total shareholder value over the long term.” Edison added, “The continued strength of our operating performance and growth of our cash flows allow us to increase our monthly dividend distribution once again. This increase is attributed to the success of our differentiated and focused strategy of exclusively owning grocery-anchored neighborhood shopping centers anchored by the #1 or #2 grocer in a market and our ability to drive results at the property level through our integrated and cycle-tested operating platform.” Connect with PECO: For additional information, please visit https://www.phillipsedison.com/ Follow PECO on:Twitter at https://twitter.com/PhillipsEdison Facebook at https://www.facebook.com/phillipsedison.co Instagram at https://www.instagram.com/phillips.edison/; and Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company About Phillips Edison & CompanyPhillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating pla...