Phillips Edison & Company (PECO)

The Phillips Edison & Company, Inc. (PECO), is an internally managed real estate investment fund (REIT). PECO is one of the nation’s largest owners and operators of grocery-anchored shopping centers.  PECO owned equity interests in 300 real estate properties, including 278 owned real estate properties and 22 shopping center properties owned through two unconsolidated joint ventures with institutional partners, as of March 31, 2021.
Phillips Edison & Company, is experiencing liquidity issues, much of which was caused by Covid-19. PECO investors have few options to sell their shares. PECO reported to its board that they are exploring alternatives to provide liquidity to the shareholders. If PECO is not able to provide liquidity, sale of its assets or the listing of shares on a national stock exchange may be the alternative.
PECO announced late last year the results of its offer to purchase up to 17 million shares of the common stock, par value $0.01 per share at $5.75 per share.  Investors are upset because they would lose over 40% of their principal with the offer.
Due to the COVID-19 pandemic, Phillips Edison & Company suspended distributions and share buybacks in March 2020. Monthly distributions were reinstated in early December 2020, and the distribution per share was reinstated at $5.75 per share in January 2021.
Phillips Edison & Company had announced a reverse stock split, which was to take place in March, four shares of newly issued common stock will be combined and converted into one share of common stock, was delayed under market conditions, according to a recent filing with the Securities and Exchange Commission (SEC).
FINRA states in Rule 2210 that it requires a broker/dealer's communications be fair, balanced and not misleading. Recent reviews by FINRA of communications with the public regarding real estate programs have revealed deficiencies. For example, some communications have contained inaccurate or misleading statements regarding the potential benefits of investing in real estate programs.
If your broker/dealer or financial advisor recommended the purchase of the REIT, Phillips Edison & Company, Inc. (PECO), and you lost a significant amount your investment, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.
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