Phillips Edison Adds to Retail Holdings in Omaha

CINCINNATI, OH – OCTOBER 14, 2008 (PR NEWSWIRE) – Phillips Edison & Company, a retail real estate owner, manager and developer, announced the purchase of Plaza North Shopping Center in Omaha, Nebraska today. This center consists of 203,250 square feet and is anchored by Baker’s Supermarket, a division of The Kroger Co. out of Hutchinson, Kansas.

“The location as well as the vacancy will allow us to focus our leasing and management capabilities as we work to deliver superior returns for our investors,” said John Bessey, Vice President of Acquisitions. “We are pleased to add to our retail holdings in Omaha as the city continues to grow its diverse and stable workforce”.

Plaza North is Phillips Edison’s third acquisition in Omaha and the second Kroger anchored shopping center.

Phillips Edison & Company, with offices in Cincinnati, Baltimore, and Salt Lake City, owns and manages more than 225 neighborhood and community shopping centers totaling over 25 million square feet in 35 states. Specializing in the acquisition and redevelopment of under-performing grocery anchored shopping centers, Phillips Edison & Company is a fully integrated real estate company that acquires, develops, redevelops, leases and manages its retail real estate portfolio. For general and leasing information for Phillips Edison and Company, please view the website at www.phillipsedison.com.