Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Corporate Update (November 2020)
17 slides from Phillips Edison &'s corporate update, Nov 9, 2020
Slide 1: Financial Advisor Update Presentation
Financial Advisor Update Presentation Tuesday, November 10, 2020
Slide 2: Agenda
AGENDA • Background and State of the Market • Distribution Reinstatement • Tender Offer • Death and Disability Share Repurchase Plan • Reverse Stock Split • Transfer Agent Transition • Question and Answer Session WWW.PHILLIPSEDISON.COM/INVESTORS PHILLIPS EDISON & COMPANY | 2
Slide 3: Forward-Looking Statement Disclosure
FORWARD-LOOKING STATEMENT DISCLOSURE Certain statements contained in this presentation for Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” or “us”) other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, a
Slide 4: Background History of Phillips Edison
BACKGROUND HISTORY OF PHILLIPS EDISON • Founded in 1991 - focused on grocery-anchored real estate since inception • Raised $2.8 billion through Phillips Edison Grocery Center REIT I, Inc. (now Phillips Edison & Company, Inc.) and Phillips Edison Grocery Center REIT II, Inc. - last offering closed in
Slide 5: State of the Market: Pre-COVID Retail Real Estate Headwinds
STATE OF THE MARKET: PRE-COVID RETAIL REAL ESTATE HEADWINDS • Since the beginning of 2018, the median discount to net asset value of our publicly-traded shopping center REIT peers has averaged approximately 25%1 ◦ We believe this has created limited options for a successful liquidity event - in term
Slide 6: PECO's Response to COVID-19
PECO’S RESPONSE TO COVID-19 RECORD OPERATIONS PRIOR TO PANDEMIC • PECO made regular monthly distributions for 111 consecutive months totaling $1.3 billion through the April 1, 2020 distribution • When the COVID-19 pandemic hit, our top priority became preservation of capital as we executed a number
Slide 7: State of the Market: Post-COVID Retail Real Estate Headwinds Continue
STATE OF THE MARKET: POST-COVID RETAIL REAL ESTATE HEADWINDS CONTINUE AS A RESULT OF COVID-19 Year-to-Date Equity Performance: Publicly Traded Shopping Center REITs • The equity value (stock price) of our shopping center REIT peers has decreased by 52% in 2020 on average1. • The average net asset va
Slide 8: Restrictions Ease; Collections Stabilize; Return of Retail Commerce
RESTRICTIONS EASE; COLLECTIONS STABILIZE RETURN OF RETAIL COMMERCE • More recently, many COVID-related restrictions have lifted and consumers are returning to retail stores, albeit under new social distancing restrictions ◦ Retail has seen improved performance metrics, but still down year-over- year
Slide 9: Reinstatement of Distributions at $0.34 Per Share Annualized
REINSTATEMENT OF DISTRIBUTIONS AT $0.34 PER SHARE ANNUALIZED DECEMBER 2020 DISTRIBUTION AUTHORIZED AT AN ANNUALIZED RATE OF $0.34 PER SHARE • Stockholders of record on December 28, 2020 will receive a monthly distribution of $0.0283 per share payable on January 7, 2021, which equates to $0.34 annual
Slide 10: Tender Offer: 4.5 Million Shares at $5.75 Per Share
TENDER OFFER 4.5 MILLION SHARES, OR APPROXIMATELY $26 MILLION, TO BE TENDERED AT $5.75 PER SHARE • The tender will provide an option for stockholders seeking immediate liquidity • Tender price of $5.75 is a 34% discount to our current estimated value per share of $8.75 ◦ Our publicly traded shopping
Slide 11: Intended Tender Offer - Timeline
INTENDED TENDER OFFER - TIMELINE VISIT WWW.PHILLIPSEDISON.COM/INVESTORS/TENDER FOR MORE DETAILS • November 10, 2020 - Formal launch of tender offer ◦ Notice will be mailed to all stockholders’ address of record ◦ Details are on our website: www.phillipsedison.com/investors/tender ◦ Dedicated tender
Slide 12: Expected Resumption of DDI Repurchases Starting January 2021
EXPECTED RESUMPTION OF DEATH, QUALIFYING DISABILITY, & DETERMINATION OF INCOMPETENCE (“DDI”) REPURCHASES STARTING IN JANUARY 2021, DDI REQUESTS ARE EXPECTED TO BE FULFILLED IN FULL AT THE TENDER OFFER PRICE OF $5.75 • DDI repurchases are expected to resume on a monthly basis under the amended and re
Slide 13: Reverse Stock Split - March 2021
REVERSE STOCK SPLIT - MARCH 2021 PECO TO EXECUTE A ONE-FOR-FOUR REVERSE STOCK SPLIT • In March 2021, PECO will execute a one-for-four reverse stock split ◦ Prepares us for future trading when the public market improves • Executing stock split ahead of a potential future IPO/listing reduces confusion
Slide 14: Computershare Has Replaced DST as Transfer Agent
COMPUTERSHARE HAS REPLACED DST AS TRANSFER AGENT ON NOVEMBER 2, 2020, COMPUTERSHARE REPLACED DST AS TRANSFER AGENT • DST Vision has been replaced with the Computershare Advisor Portal ◦ www.computershare.com/advisorportal • All investor and financial advisor contact information remains the same: ◦ I
Slide 15: Question and Answer Session
QUESTION AND ANSWER SESSION IF YOU ARE LOGGED INTO THE WEBCAST PRESENTATION YOU CAN SUBMIT A QUESTION BY TYPING IT INTO THE TEXT BOX AND CLICKING “SUBMIT QUESTION” WWW.PHILLIPSEDISON.COM/INVESTORS PHILLIPS EDISON & COMPANY | 15
Slide 16: Third Quarter 2020 Results Webinar Presentation
THIRD QUARTER 2020 RESULTS WEBINAR PRESENTATION THURSDAY, NOVEMBER 12, 2020 AT 1:00 PM EASTERN TIME • Webcast: https://services.choruscall.com/links/peco201112.html • U.S. listen-only: (888) 346-2646 • Replay: A webcast replay will be available approximately one hour after the conclusion of the pres
Slide 17: For More Information
FOR MORE INFORMATION INVESTORRELATIONS@PHILLIPSEDISON.COM WWW.PHILLIPSEDISON.COM/INVESTORS INVESTORS AND NIGO SERVICING: (888) 518-8073 PHILLIPS EDISON ADVISOR SERVICES: (833) 347-5717 WWW.PHILLIPSEDISON.COM/INVESTORS PHILLIPS EDISON & COMPANY | 17
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