November 19, 2018
Phillips Edison, Phillips Edison Grocery Center REIT II Complete Merger
On November 16, Phillips Edison & Co. Inc. and Phillips Edison Grocery Center REIT II Inc. closed their ...

Phillips Edison, Phillips Edison Grocery Center REIT II Complete Merger

November 19, 2018 | James Sprow | Blue Vault

On November 16, Phillips Edison & Co. Inc. and Phillips Edison Grocery Center REIT II Inc. closed their stock-for-stock merger to create an internally managed, grocery-anchored shopping center real estate investment trust with a total enterprise value of approximately $6.0 billion.

The merger, which was announced in July, was approved by the respective boards and stockholders of both nontraded REITs. The merger creates a portfolio with ownership interests in 334 grocery-anchored shopping centers, encompassing approximately 37.7 million square feet across 32 U.S. states, and increases the percentage of Phillips Edison’s earnings from real estate to about 97% from about 92%.

At the effective time of the REIT merger, each share of REIT II common stock was canceled and converted into the right to receive 2.04 validly issued, fully paid and nonassessable shares of common stock of Phillips Edison & Co.  In connection with the transaction, Phillips Edison Grocery did not pay Phillips Edison any internalization or disposition fees, and the advisory agreement between the parties was terminated to remove fees paid by Phillips Edison Grocery, totaling $13.9 million in 2017.

At closing, John Strong and David Garrison joined the board of the merged entity as independent directors, increasing Phillips Edison’s board to seven directors. Immediately prior to the merger, Strong and Garrison were independent directors of Phillips Edison Grocery Center REIT II, Inc.

Sources: S&P Global, SEC

 

Learn more about Phillips Edison & Company on the Blue Vault Sponsor Focus page

 

Phillips Edison & Company to Merge with Phillips Edison Grocery Center REIT II

Phillips Edison Grocery Center REIT II Acquires Dallas Area Shopping Center

A Conversation with Grocery Real Estate Pioneer Phillips Edison

Recent

Shorehaven Mixed-Use Development Tops Out in Tempe

Shorehaven Mixed-Use Development Tops Out in Tempe

Cantor Fitzgerald and Silverstein Properties mark a milestone with Shorehaven, a new luxury mixed-use project on Tempe Town Lake, featuring residential units, retail, and community amenities for a premier waterfront experience.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now