Phillips Edison & Company, Inc. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Share Repurchases During the three months ended March 31, 2021, we repurchased shares as follows (shares in thousands): Period Total Number of Shares Repurchased Average Price Paid per Share (1)(2) Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program (1) Approximate Dollar Value of Shares That May Yet Be Repurchased Under the Program January 2021 (3) 54 $ 8.75 — (2) February 2021 64 5.75 64 (2) March 2021 9 5.75 9 (2) (1) We announced the commencement of the Share Repurchase Program (“SRP”) in August 2010. It has subsequently been amended, most recently in January 2021. (2) We currently limit the dollar value and number of shares that may yet be repurchased under the SRP, as described in “Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities” in our Annual Report on Form 10-K filed with the SEC on March 12, 2021. (3) During the three months ended March 31, 2021, we repurchased approximately 54,000 shares for an aggregate purchase price of $0.5 million (average price of $8.75 per share) in connection with common shares surrendered to us to satisfy statutory minimum tax withholding obligations associated with the vesting of restricted stock awards under our equity-based compensation plan. On March 25, 2021, our Board announced that we are reviewing alternatives in order to provide liquidity to our shareholders. In connection with the review process, the Fourth Amended and Restated SRP has been suspended, and the March 31, 2021 repurchases related to stockholder death, qualifying disability, or determination of incompetence (“DDI”) were not executed. The SRP for both standard and DDI requests will remain suspended until further notice.