Phillips Edison (PECO) director converts Class B Units into OP Units and expands holdings
Rhea-AI Filing Summary
Phillips Edison & Company, Inc. director Devin Ignatius Murphy reported routine equity compensation activity involving partnership interests tied to Common Stock. He exercised derivative securities to convert 3,290 Class B Units into an equal number of OP Units at an exercise price of $0.0000 per unit.
Following the transactions, Murphy directly holds 346,280.275 OP Units. Entities associated with him indirectly hold additional OP Units exchangeable on a one-for-one basis into the company’s Common Stock or cash, representing 64,000 and 378,487.819 underlying common shares. Murphy disclaims beneficial ownership of certain indirectly held interests except to the extent of any pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
6,580 shares exercised/converted
Exercise
4 txns
Insider
Murphy Devin Ignatius
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Units | 3,290 | $0.00 | $0.00 |
| Exercise | OP Units | 3,290 | $0.00 | $0.00 |
| holding | OP Units | -- | -- | -- |
| holding | OP Units | -- | -- | -- |
Holdings After Transaction:
Class B Units — 0 shares (Direct);
OP Units — 346,280.275 shares (Direct);
OP Units — 378,487.819 shares (Indirect, By DJM Investments LLC);
OP Units — 64,000 shares (Indirect, LLC held by Family Member's Trust)
Footnotes (3)
- F1. Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting.
- F2. Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP. At issuance, the Class B Units were subject to vesting, and did not have full parity with OP Units with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Upon vesting, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date.
- F3. Mr. Murphy disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.
Key Figures
Class B Units converted: 3,290 units
Direct OP Units after transaction: 346,280.275 units
Indirect OP Units (family trust LLC): 64,000 underlying shares
+3 more
6 metrics
Class B Units converted
3,290 units
Converted into OP Units at $0.0000 exercise price
Direct OP Units after transaction
346,280.275 units
Direct holdings following derivative exercise
Indirect OP Units (family trust LLC)
64,000 underlying shares
OP Units indirectly held, exchangeable into PECO Common Stock
Indirect OP Units (DJM Investments LLC)
378,487.819 underlying shares
OP Units indirectly held via DJM Investments LLC
Total derivative exercises
6,580 units
Aggregate OP Units and Class B Units exercised (M code)
OP Unit exercise price
$0.0000 per unit
Conversion or exercise price for reported OP Units and Class B Units
Key Terms
OP Units, Class B Units, limited partnership interests, pecuniary interest
4 terms
OP Units financial
"Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P."
OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.
Class B Units financial
"Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP."
limited partnership interests financial
"Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P."
An ownership stake in a limited partnership gives an investor the role of a limited partner who provides capital but does not run day-to-day operations; a separate general partner manages the business. It matters because limited partners share profits, losses, and tax benefits but generally cannot lose more than they invested and have little control or liquidity—think of it like quietly funding a small business while someone else manages it, with potential return and risk tied to the venture’s performance.
pecuniary interest financial
"Mr. Murphy disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did PECO director Devin Ignatius Murphy report on this Form 4?
Devin Ignatius Murphy reported exercising derivative securities to convert 3,290 Class B Units into an equal number of OP Units at a $0.0000 exercise price. This reflects vesting and conversion of partnership interests tied to Phillips Edison & Company, Inc. (PECO) Common Stock rather than an open-market trade.
How many OP Units does Devin Ignatius Murphy hold directly after this PECO Form 4 filing?
After the reported transactions, Devin Ignatius Murphy directly holds 346,280.275 OP Units. These OP Units are limited partnership interests in PECO OP that are exchangeable for cash equal to the fair market value of one PECO Common Share or, at PECO OP’s option, one share of Common Stock.
Are the OP Units reported in the PECO Form 4 equivalent to Phillips Edison common stock?
OP Units are limited partnership interests in PECO OP that can be exchanged at the holder’s election for cash equal to the fair market value of one PECO common share or, at PECO OP’s option, one share of Common Stock on a one-for-one basis, with no stated expiration date.
What happened to the Class B Units reported in Devin Ignatius Murphy’s PECO filing?
The Class B Units vested and, having previously achieved full parity with OP Units, were converted into an equal number of OP Units. Class B Units initially lacked full parity in liquidating distributions but could reach parity based on capital account balances as described in PECO OP’s partnership agreement.
Does Devin Ignatius Murphy fully own all indirectly held PECO OP Units reported?
Murphy states he disclaims beneficial ownership of certain indirectly held OP Units except to the extent of any pecuniary interest. Some positions are held by a family member’s trust–owned LLC and by DJM Investments LLC, reflecting indirect economic exposure rather than straightforward personal share ownership.