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Phillips Edison & Company

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Phillips Edison & Company
Company typePublic
Nasdaq: PECO
S&P 600 Component
IndustryReal Estate Investment Trust
Founded1991 (1991)
Headquarters11501 Northlake Drive, Cincinnati, Ohio
Area served
United States
Key people
Jeffery Edison (CEO)
John Caufield (CFO)
RevenueIncrease US$519.4 million (2021)
Increase US$17.23 million (2021)
Total assetsDecrease US$4.668 billion (2021)
Total equityIncrease US$2.476 billion (2021)
Number of employees
290
Websitewww.phillipsedison.com
Footnotes / references
[1]

Phillips Edison & Company is an American REIT that owns and develops shopping center throughout the United States.[2] Founded in 1991, the Company is headquartered in Sycamore Township, Ohio, and has offices in Salt Lake City, Utah, New York City, New York and Atlanta, Georgia. The company wholly owns 268 shopping centers and has partial ownership interest in 21 other facilities in a combined 31 states. Its largest tenants by square footage leases included: Publix, Kroger, Albertsons, and Walmart.[1]

History

The company was founded by Mike Phillips and Jeff Edison, former employees of Taubman Centers, to invest in community and neighborhood shopping centers. The company acquired its first property in 1992, and subsequently began investing in other properties across the U.S. through a series of private funds.

In 2010, Phillips Edison & Company launched Phillips Edison—ARC Shopping Center REIT Inc., the first of two non-traded real estate investment trusts (REITs).[3] In 2013, Phillips Edison & Company created Phillips Edison – ARC Grocery Center REIT II, Inc.[4] Phillips Edison & Company rebranded its non-traded REITs in [2014] as Phillips Edison Grocery Center REIT I and Phillips Edison Grocery Center REIT II.

In 2015, Phillips Edison & Company separated its Strategic Investment and Net Lease Investment business units into a standalone company called PECO Real Estate Partners, allowing Phillips Edison & Company to “focus exclusively on growing and enhancing the value of its grocery-anchored shopping center portfolio.”[5]

In 2016, Phillips Edison & Company was ranked in Inc. (magazine) as one of the 5,000 fastest-growing private firms in the nation[6] and the 14th largest retail owner by square footage by National Real Estate Investor.[7]

In July 2021, the company went public on the Nasdaq, under symbol PECO.[8]

Business Model

Phillips Edison & Company has in-house leasing, property management, accounting, acquisitions, dispositions, development and financing teams.[2] The Company is focused exclusively on “investing in grocery-anchored shopping centers.”[9]

See also

References

  1. ^ a b "EXCLUSIVE: Phillips Edison & Company 2021 Annual Report 10K". U.S. Securities and Exchange Commission. Retrieved April 16, 2022.
  2. ^ a b Demeropolis, Tom (June 21, 2016). "EXCLUSIVE: Could this be Cincinnati's next publicly traded company?". Cincinnati Business Courier.
  3. ^ "Form S-11 Registration Statement". Securities and Exchange Commission. Retrieved 30 January 2017.
  4. ^ "Form S-11 Registration Statement". Securities and Exchange Commission. Retrieved 30 January 2017.
  5. ^ "Phillips Edison & Company Announces Division of Strategic Investment and Net Lease Investment Business Units Into Standalone Company". PR Newswire. Retrieved 30 January 2017.
  6. ^ "Phillips Edison& Company". INC 5000. 2016.
  7. ^ "2016 Top Retail Owners". National Real Estate Investor. 2016.
  8. ^ "Phillips Edison & Company Announces Closing of Underwritten Initial Public Offering". Yahoo! Finance. July 20, 2021.
  9. ^ "Phillips Edison Spins Off New Standalone". GlobeSt.com. May 14, 2015.
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