The grocer-REIT: Phillips Edison & Company sets terms for $502 million IPO
July 7, 2021 | Renaissance Capital
Phillips Edison & Company, a REIT focused on grocery-anchored neighborhood shopping centers, announced terms for its IPO on Wednesday.
The Cincinnati, OH-based company plans to raise $502 million by offering 17.0 million shares at a price range of $28 to $31. At the midpoint of the proposed range, Phillips Edison would command a fully diluted market value of $3.7 billion. The REIT plans to pay an annualized dividend yield of 3.5%.
Phillips Edison states that it is one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers. Its 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, Phillips Edison owned equity interests in 300 shopping centers and 22 shopping center properties owned through two unconsolidated third-party institutional joint ventures, and its portfolio was nearly 95% occupied.
