Phillips Edison Completes $289 Million Secured Financing

CINCINNATI, Jan. 12, 2011 /PRNewswire/ -- Phillips Edison & Company today announced that it has completed a three-year extension on one of its fund's credit facilities. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the Lead Arranger and Bank of America, N.A. is the Administrative Agent on the $289 million secured credit facility including a syndicate of banks.   The credit facility is secured by 64 properties located throughout the United States. Phillips Edison is a fully-integrated real estate investment fund manager and operator with a portfolio of more than 25 million square feet of community and neighborhood shopping centers across the country.

"We appreciate the support and leadership Bank of America provided on this complex transaction," noted Richard J. Smith, Chief Financial Officer of Phillips Edison & Company. "With the successful extension of this credit facility, this fund is now better positioned than ever to continue to proactively create value in the fund's assets and benefit from the positive effects of the market's rebound."

Phillips Edison's long-term strategy of investing in grocery-anchored shopping centers with value creation opportunities has allowed it to weather past recessions and is also proving to be successful in the current economic environment. The company's strong operating platform combined with its fully integrated approach to real estate ownership provides a competitive advantage over many other real estate owners. During the last 18 months, the company has successfully raised or refinanced approximately $409 million of debt and equity through its extensive banking and investor relationships.

Steve Karn, senior vice president, Bank of America Commercial Real Estate Banking, said, "We are thrilled to lead this financing for Phillips Edison and look forward to continue providing quality financial solutions that will help them create additional value throughout their portfolio."

Phillips Edison & Company owns and operates more than 240 neighborhood and community shopping centers in 35 states. Since 1990, the company's primary mission has been to purchase under-performing, grocery-anchored properties and maximize their value through intensive leasing and redevelopment efforts. The company and its affiliates are engaged in additional businesses including ground-up development and joint venture partnerships for retail centers, fund management for institutional investors, development services for retailers and a growing list of related real estate services. Phillips Edison has headquarters in Cincinnati and Salt Lake City, as well as regional offices across the country.  For more information, visit www.phillipsedison.com.

SOURCE Phillips Edison & Company

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