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Did Phillips Edison execute an underwritten IPO (initial public offering)?
  • Yes. On July 14, 2021, PECO finalized the pricing of its underwritten IPO. The IPO was priced at $28.00 per share.
  • On July 15, 2021, the newly issued common stock (the shares issued in the IPO to new investors) began trading on the Nasdaq, under the ticker symbol PECO.
  • On August 2, 2021, PECO announced that the full overallotment of the IPO was exercised.
  • The total gross proceeds of the IPO, including the overallotment, were approximately $547 million.
  • For the current market price per share, please visit www.nasdaq.com/market-activity/stocks/peco.
How does the IPO impact the non-traded REIT investors (Class B Common Stockholders)?
  • Prior to the IPO, shares of common stock held by PECO’s existing stockholders were converted to Class B common stock on July 2, 2021.
  • Class B common stock is not listed on the Nasdaq and cannot be traded on the Nasdaq.
  • On January 18, 2022, the Class B shares will automatically convert to Nasdaq-listed common stock and will be freely tradable on the Nasdaq.
  • The capital raised can help PECO grow over the long term, and the IPO will ultimately provide liquidity to our investors.
  • See “Can I sell my stock?” below for more details.
Why is the Class B common stock not tradable on the NASDAQ following the IPO?
  • PECO believes the holding period before Class B common stock will convert into Nasdaq-listed common stock was helpful in executing a successful underwritten IPO.
  • The capital raised in the IPO helped PECO pay down debt, and can help PECO grow over the long term. Additionally, the underwritten IPO will ultimately allow PECO to provide a liquidity option to all of its investors.
  • The holding period also allows PECO to build its public investor audience prior to the expiration of the holding period.
  • The Class B common stock has the same par value per share and voting rights, and receives the same monthly distributions as the Nasdaq-listed common stock.
Can I sell my stock?
  • • On January 18, 2022, PECO’s Class B shares will automatically convert to the Nasdaq-listed common stock, and will then be eligible to be traded on the Nasdaq.
  • For custodial-held accounts, please contact your financial advisor or custodian on how to execute the sale of your shares after the conversion to common stock on January 18, 2022.
  • For accounts held with Computershare, shares can be sold by calling 888-518-8073 or through the investor portal online after the conversion to common stock on January 18, 2022.
  • Class B shares remain generally illiquid until the conversion to common stock on January 18, 2022.
  • Some secondary market markers do provide liquidity, but it may be at a discount to the trading price of the Nasdaq-listed common stock.
Can I transfer my stock?
  • Class B common stock is fully transferrable.
    • Class B shares can be transferred by completing the standard Computershare transfer forms. There are no other ways to transfer the Class B shares during the holding period.
    • The transfer form can be downloaded here: https://investors.phillipsedison.com/retail-investors/investor-forms.
    • Because the Class B shares are not registered with the DTC, they cannot be transferred by ACAT, DWAC, or DRS.
  • Shares can be transferred to a custodial-held account as an alternative investment position by completing the standard Computershare transfer forms; however, shares cannot be transferred to ordinary brokerage accounts for immediate trading.
    • When the Class B common stock converts to the Nasdaq-Listed common stock on January 18, 2022, the shares will become DRS eligible. At this point, shares can then be transferred by ACAT, DWAC, or DRS.

Note to Custodians:

  • Once the Class B shares convert to the Nasdaq-listed common stock, each Custodian must reach out to Computershare to effect a DWAC transfer.
  • This process is not automatic and is up to the custodian to initiate.
How can I find out the performance of my investment?
  • Details on investors’ original investment amount and distributions received since inception are printed on the quarterly statements, which are mailed to investors following each quarter.
  • This reporting started with the second quarter 2021 statements, which were mailed to investors in July 2021.
  • This same infromation will be included in the third quarter 2021 statements.
  • The third quarter 2021 statements will also include cost basis information. See “Why is my cost basis lower than my purchcase price” below for additional information.
What is the value of my stock?
Did the company do a stock split?
  • Yes. On July 2, 2021, PECO executed a one-for-three reverse stock split of each issued and outstanding share of PECO’s common stock.
  • On the same day, PECO executed a reclassification of its stock such that each outstanding share of common stock was converted into a share of Class B common stock.
  • PECO’s Board of Directors approved the stock split on June 14, 2021, and PECO’s stockholders approved the reclassification on June 18, 2021.
  • Although the reverse stock split reduced PECO’s total shares of common stock outstanding, it affected all stockholders equally and proportionally. PECO’s business remains unchanged and there is no economic impact to PECO’s stockholders.
  • Stockholders received more details with their June 30, 2021 statement and received a statement thereafter that reflected the reverse split.
  • Please visit https://investors.phillipsedison.com for more information on the split.
Does Phillips Edison pay dividends to its investors?
  • Yes. Phillips Edison has paid monthly stockholder distributions throughout 2021.
  • On September 28, 2021, PECO announced that it increased its monthly distribution process by 6%.
  • The rate for the monthly distribution payable November 1, 2021 is $0.09 per share, which, if annualized, totals $1.08 per share.
  • When compared to the September 27, 2021 closing share price for PECO’s Nasdaq-listed common stock of $30.36, the dividend yield is 3.6%. Please note that the yield will fluctuate as the market price fluctuates.
  • The new distribution rate is a 6% increase from $0.085 per share, which, if annualized, totaled $1.02 per share. The previous rate was unchanged from January 2021 – October 2021.
  • Investors are required to receive their monthly distributions in cash as the company suspended its dividend reinvestment program starting after the March 1, 2021 distribution. The dividend reinvestment program was terminated in August 2021.
  • Recent Record and Payment Dates are posted to PECO’s website at https://investors.phillipsedison.com/stock-information/distribution-information.
  • The Nasdaq-listed common shares and the Class B common shares receive the same distribution.
  • Distributions are determined by the PECO Board of Directors on a periodic basis. Distributions are not guaranteed. The Company intends to evaluate distributions monthly throughout 2021.
I am seeing other tickers associated with PECO’s Class B stock. Does the price associated with these tickers represent the current value of Phillips Edison’s stock?
  • PHEC, PHECD, or PHLD are other tickers that ARE NOT directly associated with Phillips Edison’s Nasdaq-listed common stock.
  • Shares of our Class B common stock have traded infrequently on the OTC Pink Sheets, which has applied the ticker PHEC.
  • All of PECO’s Class B common stock will automatically convert to the Nasdaq-listed common stock on January 18, 2022. As such, the Company believes the share price of the Nasdaq-listed common stock is a more accurate reflection of the current value of the Class B common stock.
  • These secondary tickers (PHEC, PHECD, or PHLD ) have created confusion in the marketplace.
Why is my cost basis lower than my purchase price?
  • Throughout PECO’s history, distributions have included non-taxable (also known as return of capital) and taxable dividends. Typically, non-taxable (return of capital) dividends lower an individual’s cost basis.
  • It’s important to note that an investor’s original purchase price and cost basis are not necessarily the same amount.
  • Because PECO has distributed non-taxable (return of capital) dividends, an individual’s cost basis is usually lower than the original purchase price.
  • This is particularly relevant to our investors that originally invested in Phillips Edison Grocery Center REIT I, Inc. (“REIT I”).
  • Investors that originally invested in Phillips Edison Grocery Center REIT II, Inc. (“REIT II”) are less affected.
  • Where appliable, investors’s cost basis information will be printed on the September 30, 2021 statements, which will be mailed to in early October 2021.
    • Cost basis details are available to finacial advisors via the Computershare Financial Advisor Portal.
    • Cost basis details are available to investors via their online account with Computershare – under the Acivity / Transcations heading.
  • Please consult your financial advisor, custodian, or tax professional for details on your cost basis.
When were 2020 tax forms mailed to investors?
  • 2020 tax forms for applicable account holders were mailed to investors and made available online during mid-February 2021.
  • Additional tax information, including reporting Information for 2020 Distributions, are available on the PECO Investor website, under the Tax Matters Tab.
What was the tax treatment of the 2020 distributions to common stockholders?
  • Return of Capital (non-taxable distribution): 0%
  • Ordinary dividends (taxable distribution): 100.00%
  • Capital Gain distribution: 0%
What is PECO’s current Estimated Value Per Share (“EVPS” – also known as the “NAV”)
  • PECO’s EVPS as of March 31, 2021 was $31.65 (as adjusted for the reverse stock split). Now that PECO is traded on the stock market, the EVPS (or NAV) is less relevant for determining the value of your shares.
  • The share price of the Class B common stock (and OP Units) should generally reflect that of the publicly traded common stock, given they will convert in the traded common stock in a few months (on January 18, 2022).
  • The common stock price is posted to our website, https://investors.phillipsedison.com. Additionally, it can be looked up online at www.nasdaq.com/market-activity/stocks/peco and on other financial market websites.
Does PECO has a Share Repurchase Program (“SRP”) or is the company buying back stock?
  • Currently there are no active share repurchase programs for PECO. The previous plan has been terminated. Investors are expected to be able to sell their shares of Class B common stock on the Nasdaq stock exchange starting on January 18, 2022.
Can I reinvest my monthly distributions to buy more PECO stock? (Dividend Reinvestment Program)
  • Currently there is no Dividend Reinvestment Program. Therefore, investors are not allowed to reinvest their distributions to buy more shares of PECO through a company-sponsored plan. Instead, investors may purchase shares of PECO’s common stock on the Nasdaq stock exchange.
  • All distributions are sent to investors in cash. If you wish to add electronic deposit instructions to your account, you can do so by executing our Change of Distribution Form, available for download at https://investors.phillipsedison.com/investor-forms.
How can I stay up to date on the recent Phillips Edison news and events?
What is PECO’s CUSIP?
  • PECO’s Class B Common Stock (after July 2nd, 2021): 71844V300
  • PECO’s Nasdaq-listed Common Stock (shares issued in the IPO July 15, 2021): 71844V201
  • Inactive: PECO’s common stock prior to the reverse stock split: 71844V102
    • This CUSIP is no longer active
Who is Phillips Edison’s Transfer Agent?
  • Computershare. (888) 518-8073
    • Regular Mail:
      Computershare Alternative Investments
      P.O. Box 505013
      Louisville, KY 40233-5013

    • Overnight Delivery:
      Computershare Alternative Investments
      462 South 4th Street, Suite 1600
      Louisville, KY 40202

How do I access my account online?
How do I contact Phillips Edison?
  • General financial advisor inquiries: Phillips Edison Advisor Services:
    • (833) 347-5717; Monday - Friday, 9 a.m. - 5 p.m. ET
  • Financial advisor inquiries related to a reference number or online access:
    • (888) 518-8073; Monday - Friday, 8:30 a.m. - 6 p.m. ET
  • Class B (non-traded REIT) investor inquiries:
    • (888) 518-8073; Monday - Friday, 8:30 a.m. - 6 p.m. ET
  • Email: InvestorRelations@phillipsedison.com