Largest grocery-anchored REIT raises its stock price
Next door to supermarkets is place for retailers to be, think board members of the Phillips Edison Grocery Center REIT I, and they trust investors will agree.
The board raised the value of its common stock to $11, an 8% increase, due to its acquisition of the Phillips Edison Limited partnership. The 76 grocery-anchored centers that came with the deal gives Phillips Edison & Company of a total of 235 centers nationwide. The company manages over 100 more.
“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,” said chairman and CEO Jeff Edison, chairman and chief executive officer of the Company. “Altogether, this illustrates the strength of the grocery-anchored real estate market.”
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