Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the
“Company”), one of the nation’s largest owners and operators of
grocery-anchored neighborhood shopping centers, today announced
that it has entered into an interest rate swap agreement totaling
$150.0 million.
On January 12, 2024, the Operating Partnership
entered into an interest rate swap pursuant to an International
Swaps and Derivatives Association Master Agreement. The swap has a
notional amount of $150.0 million and swaps the daily Secured
Overnight Financing Rate for a fixed rate of approximately 3.45%
effective September 25, 2024 and maturing December 31, 2025. This
instrument, which is designated as a cash flow hedge instrument,
was entered into to mitigate the interest rate risk inherent in the
Operating Partnership’s variable rate term loans and not for
trading purposes.
Connect with PECO For
additional information, please visit
https://www.phillipsedison.com/
Follow PECO on:Twitter at
https://twitter.com/PhillipsEdison Facebook at
https://www.facebook.com/phillipsedison.co Instagram at
https://www.instagram.com/phillips.edison/; and Find PECO on
LinkedIn at
https://www.linkedin.com/company/phillipsedison&company
About Phillips Edison &
CompanyPhillips Edison & Company, Inc. (“PECO”) is one
of the nation’s largest owners and operators of omni-channel
grocery-anchored shopping centers. Founded in 1991, PECO has
generated strong results through its vertically-integrated
operating platform and national footprint of well-occupied shopping
centers. PECO’s centers feature a mix of national and regional
retailers providing necessity-based goods and services in
fundamentally strong markets throughout the United States. PECO’s
top grocery anchors include Kroger, Publix, Albertsons and Ahold
Delhaize. As of September 30, 2023, PECO managed 295 shopping
centers, including 275 wholly-owned centers comprising 31.4 million
square feet across 31 states and 20 shopping centers owned in one
institutional joint venture. PECO is exclusively focused on
creating great omni-channel, grocery-anchored shopping experiences
and improving communities, one neighborhood shopping center at a
time.
PECO uses, and intends to continue to use, its
Investors website, which can be found at
https://investors.phillipsedison.com, as a means of disclosing
material nonpublic information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking Statements This
press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Such forward-looking statements
can generally be identified by the Company’s use of forward-looking
terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “continue,” “seek,”
“objective,” “goal,” “strategy,” “plan,” “focus,” “priority,”
“should,” “could,” “potential,” “possible,” “look forward,”
“optimistic,” or other similar words. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this release. Such statements include,
but are not limited to (a) statements about the Company’s plans,
strategies, initiatives, and prospects, (b) statements about the
Company’s acquisitions, acquisition strategy and objectives and
potential benefits from such acquisitions and (c) statements about
the Company’s Unlevered IRR. Such statements are subject to known
and unknown risks and uncertainties, which could cause actual
results to differ materially from those projected or anticipated,
including, without limitation: (i) changes in national, regional,
or local economic climates; (ii) local market conditions, including
an oversupply of space in, or a reduction in demand for, properties
similar to those in the Company’s portfolio; (iii) vacancies,
changes in market rental rates, and the need to periodically
repair, renovate, and re-let space; (iv) competition from other
available shopping centers and the attractiveness of properties in
the Company’s portfolio to its tenants; (v) the financial stability
of the Company’s tenants, including, without limitation, their
ability to pay rent; (vi) the Company’s ability to pay down,
refinance, restructure, or extend its indebtedness as it becomes
due; (vii) increases in the Company’s borrowing costs as a result
of changes in interest rates and other factors; (viii) potential
liability for environmental matters; (ix) damage to the Company’s
properties from catastrophic weather and other natural events, and
the physical effects of climate change; (x) the Company’s ability
and willingness to maintain its qualification as a REIT in light of
economic, market, legal, tax, and other considerations; (xi)
changes in tax, real estate, environmental, and zoning laws; (xii)
information technology security breaches; (xiii) the Company’s
corporate responsibility initiatives; (xiv) loss of key executives;
(xv) the concentration of the Company’s portfolio in a limited
number of industries, geographies, or investments; (xvi) the
economic, political, and social impact of, and uncertainty relating
to, pandemics or other health crises; (xvii) the Company’s ability
to re-lease its properties on the same or better terms, or at all,
in the event of non-renewal or in the event the Company exercises
its right to replace an existing tenant; (xviii) the loss or
bankruptcy of the Company’s tenants; (xix) to the extent the
Company is seeking to dispose of properties, the Company’s ability
to do so at attractive prices or at all; and (xx) the impact of
inflation on the Company and on its tenants. Additional important
factors that could cause actual results to differ are described in
the filings made from time to time by the Company with the SEC and
include the risk factors and other risks and uncertainties
described in the Company’s 2022 Annual Report on Form 10-K, filed
with the SEC on February 21, 2023, as updated from time to time in
the Company’s periodic and/or current reports filed with the SEC,
which are accessible on the SEC’s website at www.sec.gov.
Therefore, such statements are not intended to be a guarantee of
the Company’s performance in future periods.
Except as required by law, the Company does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Investors Kimberly Green, Head
of Investor Relations (513) 692-3399, kgreen@phillipsedison.com
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