Phillips EdisonGrocery Center REIT II Inc. is proposing to amend certain provisionsof the company's charter and will put such proposal to a vote at its 2016 annualstockholder meeting scheduled for June 28.
The proposed charter amendment, among other things, seeks toremove or revise certain provisions that were originally included to comply withthe NASAA REIT Guidelines as required by state securities administrators in conjunctionwith the company's best-efforts offering of shares. The guidelines are no longerapplicable as the shopping center REIT does not intend to raise capital publiclyas an unlisted company in the future, according to an April 14 filing.
Additionally, the company said it may seek to provide liquidityto its stockholders via an eventual public listing of its shares.
The proposal also seeks to eliminate a provision that prohibitsthe company from paying consideration to its adviser or affiliates if it seeks tointernalize management services.
It would also add a provision to allow the company's board todeclare and pay a dividend of one class of its stock to holders of shares of anotherclass of stock.
The company said in late March that it has set up a with TPG Real Estatethat will target opportunistic, value-add investments and properties other thanits core investment focus.