Phillips Edison & Company purchased its first shopping center, Nordan Shopping Center in Danville, Virginia, in the early 1990s.
Over the course of the next 30 years, the company’s portfolio grew quickly and expanded across the country. This remarkable growth was initially funded by private investment funds. The success of those early funds paved the way for larger funds involving major institutional investors, providing the necessary capital for even greater growth and set the stage for the company to sponsor two publicly registered non-traded REITS, Phillips Edison Grocery Center REIT 1 which launched in 2010, and Phillips Edison Grocery Center REIT 2 which launched in 2013. Together, the non-traded REITS generated nearly $3 Billion in offering proceeds.
On October 4, 2017 Phillips Edison Grocery Center REIT I, Inc. completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business and the combined company is now doing business as Phillips Edison & Company (PECO).
The business that began 30 years ago now has almost 300 associates working in corporate offices in Cincinnati, Park City and Atlanta with regional offices across the country. PECO also still owns its first property, Nor-Dan Shopping Center, a testament to its belief in the grocery-anchored industry.
The key to PECO’s success is that the company has remained true to its mission of value creation and to its commitment to be the best-in-class operator. PECO continues to be an industry leader in its core business of maximizing the value of grocery-anchored neighborhood shopping centers.
Phillips Edison & Company founded
Acquired first shopping center, Nordan Shopping Center in Danville, Virginia
Closed Fund I, a $20 million, fully discretionary investment vehicle
Closed Fund II, a $60 million, fully discretionary investment vehicle in two closings and acquired $175 million Aegis Realty portfolio of 27 centers, over three million SF
Completed consolidation of affiliated entities into an LP structure with a corporate GP
Closed Fund III, a $275 million, value-add fund and acquired a total of 116 shopping centers, over 12 million SF, in 27 states
Acquired $600 million portfolio of 60 centers, over 5 million SF, from Developers Diversified Realty as part of Fund III
Closed Fund IV, a $120 million, value-add fund and acquired nine centers in seven states, over 1.3 million SF
Launched Phillips Edison Grocery Center REIT I
Launched Phillips Edison Grocery Center REIT II
Closed the initial public offering for Phillips Edison Grocery Center REIT I, generated ~$1.75 billion in proceeds
Closed the initial public offering for Phillips Edison Grocery Center REIT II, generated ~$1.2 billion in proceeds
Phillips Edison Grocery Center REIT I, Inc. completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business
Completed $1.9 billion merger with Phillips Edison Grocery Center REIT II, Inc., acquiring 86 grocery-anchored shopping centers
Entered into two joint ventures with Northwestern Mutual to form Grocery Retail Partners I (“GRP I”) and Grocery Retail Partners II ("GRP II"), investing in 20 centers valued at $415 million
Surpassed $1 billion in total shareholder distributions; Appointed Elizabeth Fischer and Jane Silfen to Board of Directors
Launched PECO Connect™, a comprehensive program comprised of rewards programs, webinars, signage, digital toolkits and other resources to help Neighbors navigate the COVID-19 pandemic
Raised $547.4 million of gross proceeds in a public offering and began trading on the Nasdaq under the symbol “PECO”
Phillips Edison & Company
Phillips Edison & Company is a fully integrated real estate company with in-house leasing, property management, accounting, acquisitions, dispositions, development and financing teams. The primary goal of the entire organization is to create value in retail properties.Contact Us