Phillips Edison & Co. (“PECO”), an internally managed real estate investment trust focused on grocery-anchored shopping centers, recently announced that it has resumed share repurchases upon a stockholder’s death, disability, or incompetency (DDI). The repurchase price will be equal to the lesser of $5.75 and the company’s most recent estimated net asset value per share of common stock. The REIT’s most recent net asset value per share was $8.75, as of March 31, 2020 (meaning that purchases would be at $5.75 if the estimated NAV per share is not reduced below that price).
Previously, in 2019, the board suspended standard repurchases under the company’s share repurchase program, but continued DDI repurchases. In March 2020, the board also suspended DDI repurchases under the share repurchase program.
PECO also will make distributions for January 2021 to stockholders of record at the close of business on January 15, 2021 equal to a monthly amount of $0.02833333 per share, or $0.34 per share annualized.