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Articles Tagged with Phillips Edison Grocery Center REIT I

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Phillips Edison & Co. (“PECO”), an internally managed real estate investment trust focused on grocery-anchored shopping centers,  recently announced that the REIT’s proposed one-for-four reverse stock split announced last November has apparently been delayed due to “market conditions,” according to filings with the SEC.  The proposed reverse split would have converted every four shares of issued common stock into one share of common stock.

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On March 25, 2021, PECO announced that the REIT is reviewing alternatives in order to provide liquidity to the Company’s stockholders.  Pending this review, PECO’s Dividend Reinvestment Plan (DRIP) has been suspended, beginning with the distribution payable April 1, 2021. Stockholders who would otherwise have elected to purchase via the DRIP will reportedly receive their full distribution ($0.02833333 per share) in cash.

Previously, in 2019, the board suspended standard repurchases under the company’s share repurchase program, but continued repurchases of shares from certain investors who had died or become disabled.

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