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8-K - FORM 8-K - Phillips Edison & Company, Inc. | d263909d8k.htm |
Exhibit 99.1
CONTACTS
From: Tony DeFazio
DeFazio Communications, LLC
tony@defaziocommunications.com
Ph: (484) 532-7783
FOR IMMEDIATE RELEASE
Phillips Edison ARC Shopping Center REIT Inc. Contributes Five Grocery-Anchored Properties to PECO-ARC Institutional Joint Venture I, LP
CINCINNATI, OHIO, December 1, 2011Phillips Edison ARC Shopping Center REIT Inc. (Phillips Edison ARC or the Company), a publicly registered, non-traded REIT focused on grocery-anchored neighborhood and community shopping centers, announced that the Company has completed the initial seeding of the recently announced PECO-ARC Institutional Joint Venture I. Phillips Edison ARC contributed five of its grocery-anchored shopping centers for an aggregate gross asset value of $47.1 million to the joint venture.
Under the terms of the joint venture agreement, the companies will contribute approximately $109 million of equity capital, of which Phillips Edison ARC will contribute approximately $59 million and its joint venture partners will contribute $50 million. The joint venture plans to leverage this capital with 50% debt financing to reach an approximate $218 million in acquisition capacity in order to purchase well-located grocery-anchored shopping centers. Phillips Edison ARC maintains a majority interest in the joint venture and serves as the general partner, managing the operations of the joint venture.
About Phillips Edison ARC Shopping Center REIT, Inc.
Phillips Edison ARC Shopping Center REIT (the Company) is a combined effort between two leading real estate companies with proven track records: Phillips Edison & Company, the largest private owner operator of grocery-anchored shopping centers, and American Realty Capital, a leading sponsor and equity raiser in the non-traded REIT industry. Through Realty Capital Securities, its broker dealer, American Realty Capital has raised over $3.4 billion of equity capital for direct investment programs. The Company is backed by Phillips Edison & Company founders Jeffrey Edison and Michael Phillips, who along with an experienced management team that averages 20 years in the industry, have placed more than $1.8 billion to acquire over 250 shopping centers in 35 states. The Company invests primarily in well-located grocery-anchored neighborhood and community shopping centers throughout the United States. For more information, visit http://www.phillipsedison-arc.com.
To arrange interviews with Phillips Edison ARC Shopping Center REIT, Inc. executives, please contact Tony DeFazio at 484-532-7783 or tony@defaziocommunications.com
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