CINCINNATI, Aug. 25, 2015 /PRNewswire/ -- Phillips Edison Grocery Center REIT I, Inc. (the "Company," "we," "our" or "us"), a publicly registered, non-traded real estate investment trust ("REIT") focused on the acquisition and management of well-occupied grocery-anchored neighborhood and community shopping centers, today announced the determination of an estimated net asset value per share of the Company's common stock of $10.20 as of July 31, 2015.
"We are pleased with this valuation. We believe this validates the successful execution of our investment strategy," said Jeff Edison, Chairman of the Board and Chief Executive Officer.
The estimated per share value of $10.20 was determined and approved by the Company's Board of Directors. The Company engaged KPMG LLP to prepare a valuation report that provided an estimated fair value range of its real estate portfolio. In order to arrive at an estimated value per share, the Company considered the estimated fair value range of its real estate portfolio as indicated in KPMG's valuation report plus the value of the Company's cash and cash equivalents less the value of its mortgages and loans payable as of July 31, 2015.
About Phillips Edison Grocery Center REIT I, Inc.
Phillips Edison Grocery Center REIT I, Inc. is a public non-traded REIT that seeks primarily to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The Company owns and manages an institutional quality retail portfolio consisting of 147 shopping centers totaling approximately 15.5 million square feet. For more information, please visit the Company's website at www.grocerycenterREIT1.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business and the estimated net asset value per share of the Company's common stock. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as updated by the Company's subsequent Quarterly Reports on From 10-Q for the periods ended March 31, 2015, and June 30, 2015, filed with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Actual events may cause the value and returns on the Company's investments to be less than that used for purposes of the Company's estimated value per share.
SOURCE Phillips Edison Grocery Center REIT I, Inc.