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Phillips Edison Completes $208M Credit Facility

PR Newswire, May 12, 2008

Bank of America Lead Arranger on Facility that can be increased to $500 Million

CINCINNATI, May 12 /PRNewswire/ -- Phillips Edison & Company today announced that it has completed a $208 million secured revolving credit facility. Banc of America Securities is the Lead Arranger and Bank of America, N.A. is the Administrative Agent. Wells Fargo Bank serves as the Documentation Agent and Huntington National Bank is the Syndication Agent. Other bank participants include JPMorgan Chase Bank, Charter One Bank and Union Bank of California. The credit facility, which can be increased to $500 million, has a term of three years with two one-year extension options.

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"In this challenging credit environment, we are pleased with the strong support and confidence that our bank group has continued to show in our growth strategy," noted Raymond D. Martz, Chief Financial Officer of Phillips Edison & Company. "This debt facility will serve as the primary debt vehicle for our property acquisition program and should allow us to continue to capitalize on opportunities in the market."

"We are thrilled to lead this credit facility for Phillips Edison and look forward to continue to provide quality financial solutions to help them grow," said Steve Karn, Bank of America Commercial Real Estate Banking Client Manager.

Phillips Edison & Company specializes in the acquisition, redevelopment, leasing, and management of anchored neighborhood and community shopping centers. The Company's portfolio includes 228 properties, totaling over 24 million square feet in 34 states. The privately owned, fully integrated real estate company was started in 1991 and has corporate offices in Baltimore, Cincinnati and Salt Lake City. Additional information about Phillips Edison & Company is available at http://www.phillipsedison.com/ .

CONTACT: Ray Martz of Phillips Edison & Company, +1-513-619-5059, rmartz@phillipsedison.com

Web site: http://www.phillipsedison.com/

Phillips Edison Completes $208M Credit Facility

PR Newswire, May 12, 2008

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