MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: MARKET INFORMATION —Pursuant to our underwritten initial public offering (“underwritten IPO”) on July 19, 2021, our common stock is traded on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “PECO.” As of February 5, 2024, we had approximately 122.2 million shares of common stock outstanding, held by approximately 8,000 stockholders of record.
+Added: MARKET INFORMATION —Our common stock is traded on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “PECO.” As of February 3, 2025, we had approximately 125.2 million shares of common stock outstanding, held by approximately 7,000 stockholders of record.
This figure does not represent the actual number of beneficial owners of the Company’s common shares because common shares are frequently held in “street name” by securities dealers and others for the beneficial owners who may vote the shares.
1 unchanged sentence
As a REIT, we have made, and intend to continue to make, distributions each taxable year equal to at least 90% of our taxable income (excluding capital gains and computed without regard to the dividends paid deduction).
−Removed: In 2023, we declared and paid monthly distributions of $0.0933 per share, or $1.12 annualized, for each month beginning January 2023 through August 2023.
−Removed: On September 1, 2023, our Board of Directors (the “Board”) authorized a 4.5% increase of our monthly distribution rate to $0.0975 per common share.
−Removed: We declared and paid monthly distributions of $0.0975 per share, or $1.17 annualized, for each month beginning September 2023 through December 2023.
−Removed: The December 2023 and January 2024 distributions of $0.0975 per share were paid on January 2, 2024 and February 1, 2024, respectively.
Holders of ownership units of Phillips Edison Grocery Center Operating Partnership I, L.P.
(the "Operating Partnership") ("OP units") will receive distributions at the same rate as common stockholders, subject to any applicable withholding.
−Removed: The timing and amount of distributions are determined by our Board and is influenced in part by our intention to comply with REIT requirements of the Internal Revenue Code of 1986, as amended (the “IRC”).
−Removed: In 2022, we declared and paid monthly distributions of $0.09 per share, or $1.08 annualized, for each month beginning January 2022 through August 2022.
−Removed: We declared and paid monthly distributions of $0.0933 per share, or $1.12 annualized, an increase of 3.7%, for each month beginning September 2022 through December 2022.
+Added: The timing and amount of distributions are determined by our Board of Directors (the “Board”) and are influenced in part by our intention to comply with REIT requirements of the Internal Revenue Code of 1986, as amended (the “IRC”).
+Added: In 2024, we declared and paid monthly distributions of $0.0975 per common share and OP unit, or $1.17 annualized, for each month beginning January 2024 through August 2024.
+Added: In September 2024, our Board authorized a 5.1% increase of our monthly distribution rate to $0.1025 per common share and OP unit.
+Added: We declared and paid monthly distributions of $0.1025 per share, or $1.23 annualized, for each month beginning September 2024 through December 2024.
+Added: The December 2024 and January 2025 distributions of $0.1025 per common share and OP unit were paid on January 3, 2025 and February 4, 2025, respectively.
+Added: In 2023, we declared and paid monthly distributions of $0.0933 per common share and OP unit, or $1.12 annualized, for each month beginning January 2023 through August 2023.
+Added: We declared and paid monthly distributions of $0.0975 per common share and OP unit, or $1.17 annualized, an increase of 4.5%, for each month beginning September 2023 through December 2023.
The tax characterization of our distributions declared for the years ended December 31, 2024 and 2023 was as follows:
9 unchanged sentences
We relied on the exemption under Section 4(a)(2) based upon factual representations received from the limited partners who received the shares of common stock.
−Removed: SHARE REPURCHASE PROGRAM —On August 3, 2022, our Board approved a new share repurchase program of up to $250 million of common stock.
+Added: SHARE REPURCHASE PROGRAM —In August 2022, our Board approved a share repurchase program of up to $250 million of common stock.
The program may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular number of shares.
17 unchanged sentences
S&P 500 100 110 90 114 131 142
−Removed: FTSE Nareit All Equity REITs 100 113 90 85 90 97
−Removed: FTSE Nareit Equity Shopping
−Removed: Centers 100 114 93 100 101 112
+Added: FTSE Nareit All Equity
+Added: REITs 100 113 85 97 97 106
+Added: FTSE Nareit Equity
+Added: Shopping Centers 100 114 100 112 109 131
PHILLIPS EDISON & COMPANY
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.