Phillips Edison & Company, Inc. (PECO) plans to raise $502 million in an initial public offering on Thursday, July 15th, IPO Scoop reports. The company will issue 17,000,000 shares at a price of $28.00-$31.00 per share.
In the last year, Phillips Edison & Company, Inc. generated $496.9 million in revenue and had a net loss of $5.9 million. The company has a market-cap of $3.3 billion.
Morgan Stanley, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs, KeyBanc Capital Markets, Mizuho Securities and Wells Fargo Securities served as the underwriters for the IPO and BTIG, Capital One Securities, Fifth Third Securities, PNC Capital Markets and Regions Securities LLC were co-managers.
Phillips Edison & Company, Inc. provided the following description of their company for its IPO: “Phillips Edison & Company, Inc. is an internally managed real estate investment trust, or REIT, and one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood and community shopping centers. We were formed as a Maryland corporation in October 2009 and have elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our taxable year ended Dec. 31, 2010. Shares of our common stock are subject to ownership limitations that are primarily intended to assist us in maintaining our qualification as a REIT. Phillips Edison is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers and has the highest percentage of its properties anchored by top grocers among its public peers, according to JLL. Grocery-anchored neighborhood shopping centers have been our primary focus since we started our business in 1991, and we believe this focus has generated superior growth and attractive risk-adjusted returns over time. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. As of March 31, 2021, our portfolio was 94.8% occupied. Our tenants, who we refer to as “Neighbors,” are a mix of national, regional, and local retailers that primarily provide necessity-based goods and services. As of March 31, 2021, we owned equity interests in 300 shopping centers, including 278 wholly owned properties which contributed more than 98% of our ABR, and 22 shopping center properties owned through two unconsolidated third-party institutional joint ventures. In total, our portfolio of wholly-owned shopping centers and our prorated portion of shopping centers owned through our unconsolidated institutional joint ventures comprises approximately 31.7 million square feet in 31 states. “.
Phillips Edison & Company, Inc. was founded in 2009 and has employees. The company is located at 11501 Northlake Drive Cincinnati, Ohio 45249 and can be reached via phone at (513) 554-1110 or on the web at http://www.phillipsedison.com/.
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