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Phillips Edison Grocery Center REIT I Increases Estimated Value per Share by 8%, Plans Name Change

November 9, 2017

Phillips Edison Grocery Center REIT I Increases Estimated Value per Share by 8%, Plans Name Change

November 9, 2017 | Luke Schmidt | Blue Vault

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The board of directors of Phillips Edison Grocery Center REIT I, Inc., an internally-managed REIT that is one of the nation’s largest owners and operators or grocery-anchored shopping centers, has determined the estimated value per share of its common stock to be $11.00, as of October 5, 2017, representing an 8% increase from the previous estimated value per share of $10.20, as of March 31, 2017.

“The board’s determination to increase our estimated value per share by 8% to $11.00 is a validation of our recent acquisition of Phillips Edison Limited Partnership (PELP), in which we acquired one of retail real estate’s most comprehensive and successful operating platforms and 76 well-occupied grocery-anchored shopping centers,” said Jeff Edison, chairman and CEO of Phillips Edison Grocery Center REIT I. “The increased valuation is a reflection of the quality of our expanded real estate portfolio as well as the effectiveness of our platform when it comes to unlocking the value of real estate. Altogether, this illustrates the strength of the grocery-anchored real estate market.”

Duff & Phelps was engaged to provide a calculation of the range in estimated value per share of the Company’s common stock as of October 5, 2017. Duff & Phelps prepared a valuation report based substantially on its estimate of the “as is” market value of the Company’s portfolio, adjusted to reflect balance sheet assets and liabilities provided by the Company’s management as of October 5, 2017, before calculating a range of estimated per share values based on the number of outstanding shares of common stock and operating partnership units. These calculations produced an estimated value per share in the range of $10.34 to $11.70.

The Company also announced that it will begin the process of changing its name to Phillips Edison & Company, Inc.

“Following the acquisition of PELP we felt it important to give clarity to the Company's new identity as an internally-managed REIT,” Edison continued. “Going forward as Phillips Edison & Company, Inc., we remain dedicated to creating unparalleled grocery-anchored shopping experiences.”

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