<SEC-DOCUMENT>0001144204-15-014244.txt : 20150305
<SEC-HEADER>0001144204-15-014244.hdr.sgml : 20150305
<ACCEPTANCE-DATETIME>20150305162712
ACCESSION NUMBER:		0001144204-15-014244
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150219
FILED AS OF DATE:		20150305
DATE AS OF CHANGE:		20150305

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS EDISON GROCERY CENTER REIT I, INC.
		CENTRAL INDEX KEY:			0001476204
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				271106076
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		11501 NORTHLAKE DRIVE
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45249
		BUSINESS PHONE:		513-554-1110

	MAIL ADDRESS:	
		STREET 1:		11501 NORTHLAKE DRIVE
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45249

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Phillips Edison Grocery Center REIT I, Inc.
		DATE OF NAME CHANGE:	20141205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Phillips Edison - ARC Shopping Center REIT Inc.
		DATE OF NAME CHANGE:	20091105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Addy Robert Mark
		CENTRAL INDEX KEY:			0001548380

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54691
		FILM NUMBER:		15677673

	MAIL ADDRESS:	
		STREET 1:		11501 NORTHLAKE DRIVE
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45249
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form473508_20150305042656-.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2015-02-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001476204</issuerCik>
        <issuerName>PHILLIPS EDISON GROCERY CENTER REIT I, INC.</issuerName>
        <issuerTradingSymbol>N/A</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001548380</rptOwnerCik>
            <rptOwnerName>Addy Robert Mark</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11501 NORTHLAKE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CINCINNATI</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>US 45249</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Co-President and COO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Class B operating partnership units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2015-02-19</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>142052</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>142052</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>142052</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Within 60 days after the end of each calendar quarter (subject to the approval of its board of directors), the Company pays an asset management subordinated participation by issuing a number of restricted operating partnership units designated as Class B units to American Realty Capital II Advisors, LLC and Phillips Edison NTR LLC equal to: (i) the excess of the product of (x) the cost of the operating partnership's assets multiplied by (y)0.25%; divided by (ii) the value of one share of the Company's common stock as of the last day of such calendar quarter net of the selling commissions and dealer manager fees payable on shares of our common stock in the Company's initial public offering. Phillips Edison NTR LLC received 85% of such Class B units. The termination of the Company's advisory agreement with American Realty Capital II Advisors, LLC on December 3, 2014
caused those Class B units issued as compensation for asset management services provided through the termination to vest, subject to confirmation by the Company's independent directors that the value of the operating partnership's assets plus all distributions made equaled or exceeded the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon as of December 3, 2014. The
independent directors confirmed that such economic hurdle had been met on February 19, 2015.  Phillips Edison NTR LLC assigned 6% of the vested Class B units it owned to the reporting person on the date that vesting was confirmed.</footnote>
        <footnote id="F2">The Class B units are exchangeable for cash or, at the option of the operating partnership shares of the Company's common stock on a one-to-one basis. Class B units are exchangeable, except under certain limited circumstances, beginning one year from the date of issuance and have no expiration date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ R. Mark Addy</signatureName>
        <signatureDate>2015-03-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
