UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2013
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PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC.
(Exact name of registrant specified in its charter)
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Maryland |
000-54691 |
27-1106076 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
IRS Employer Identification No. |
11501 Northlake Drive
Cincinnati, Ohio 45249
(Address of principal executive offices)
Registrant’s telephone number, including area code: (513) 554-1110
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 22, 2013, the board of directors of Phillips Edison – ARC Shopping Center REIT Inc. (the “Company”) appointed John B. Bessey to the positions of Co-President and Chief Investment Officer. Mr. Bessey had previously served as President of the Company since December 2009. Additionally, the Company’s board of directors appointed R. Mark Addy to the position of Co-President. Mr. Addy will also continue to serve as Chief Operating Officer of the Company, a position he has held since October 2010.
Item 8.01. Other Events
Property Acquisition
On April 23, 2013, the Company, through its wholly-owned subsidiaries, purchased a shopping center containing 108,412 rentable square feet and located on approximately 23.1 acres of land in Hartville, Ohio, a suburb of Akron, Ohio (“Hartville Centre”) for approximately $7.3 million, exclusive of closing costs. The Company funded the purchase price with proceeds from its initial public offering.
Hartville Centre is approximately 76.7% leased to 13 tenants, including a Giant Eagle grocery store that occupies approximately 59.7% of the total rentable square feet. Based on the current condition of Hartville Centre, the Company does not believe that it will be necessary to make significant renovations to the property. The Company’s management believes that Hartville Centre is adequately insured.
Press Release
On April 25, 2013, the Company issued a press release announcing the acquisition of Hartville Centre.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated April 25, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC. |
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By: |
/s/ R. Mark Addy____________________ |
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R. Mark Addy |
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Co-President and Chief Operating Officer |
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EXHIBIT 99.1
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CONTACTS From: Tony DeFazio |
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For: Jennifer Weingartner Director of Investor Relations |
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Diccicco Battista Communications |
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Phillips Edison – ARC Shopping Center REIT |
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tdefazio@dbcworks.com |
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jweingartner@phillipsedison.com |
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Ph: (484) 342-3600 |
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Ph: (513) 619-5058 |
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FOR IMMEDIATE RELEASE
Phillips Edison–ARC Shopping Center REIT Inc. Acquires 40th Grocery-Anchored Shopping Center
CINCINNATI, OH, April 25, 2013 — Phillips Edison–ARC Shopping Center REIT Inc. (the “Company”) today announced the acquisition of Hartville Centre, a 108,412 square foot shopping center anchored by a Giant Eagle grocery store and located in the Greater Akron, Ohio Metropolitan Area. The acquisition of Hartville Centre brings the Company’s total portfolio to 40 properties with 14 leading grocers in 16 states, with a portfolio aggregate purchase price of approximately $493.6 million.
The Company is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States.
Hartville Centre is anchored by a 64,475 square foot Giant Eagle grocery store, which is on a long-term lease through April 2020. Giant Eagle is the No. 1 grocer by market share in the Akron market. When combined with the Giant Eagle lease, 88 percent of the rents within the shopping center come from national tenants.
About Phillips Edison – ARC Shopping Center REIT Inc.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks 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 REIT is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $2.3 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of April 25, 2013, Phillips Edison-ARC owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 40 grocery-anchored shopping centers totaling 3,946,929 square feet. For more information on the company, please visit the website at www.phillipsedison-arc.com.
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