Phillips Edison & Company, Inc. (NASDAQ: PECO) has announced a 5.1% increase in its monthly dividend distributions, with the new rate set at $0.1025 per share of the company’s common stock. This translates to an annualized rate of $1.23 per share, representing a 5.1% increase over the previous annualized rate of $1.17 per share.
As of June 30, 2024, PECO managed 306 shopping centers, including 286 wholly-owned centers comprising 32.6 million square feet across 31 states and shopping centers owned in two institutional joint ventures. The company's top grocery anchors include Kroger, Publix, Albertsons, and Ahold Delhaize.
The decision to increase the monthly dividend distribution is attributed to the continued strength of PECO's operating performance and growth of its cash flows. Jeff Edison, Chairman and CEO of PECO, emphasized that the increase is a result of the company's differentiated and focused strategy of owning right-sized, high-quality, grocery-anchored neighborhood shopping centers, as well as the team's ability to drive results at the property level and the advantages of the suburban markets where PECO operates its centers.
The dividend distributions payable on October 1, 2024, and November 1, 2024, will be made to common stockholders of record as of September 16, 2024, and October 15, 2024, respectively. Operating partnership unit holders will receive distributions at the same rate as common stockholders, subject to the required tax withholding.
This increase in dividend distribution reflects PECO's confidence in its ability to deliver solid earnings growth, market-leading operating metrics, and long-term value creation.
Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $36.81. For the full picture, make sure to review Phillips Edison &'s 8-K report.
