Business
Phillips Edison & Company Reports Second Quarter 2021 Results
CINCINNATI, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and
About this update from Phillips Edison & Company, Inc.
[{"type":"text","content":"CINCINNATI, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored omni-channel neighborhood shopping centers, reported net income attributable to common stockholders of $5.6 million, or $0.06 per diluted share, and $5.7 million, or $0.06 per diluted share, for the three and six months ended June 30, 2021, respectively. All share and per share amounts have been adjusted to give retrospective effect to the one-for-three reverse stock split that was executed on July 2, 2021. Highlights for the second quarter ended June 30, 2021 (vs. the second quarter ended June 30, 2020) Rent and recovery collections from tenants (“Neighbors”) totaled over 98% of monthly billings for the quarterTotal revenues increased 11.8% to $133.1 millionFunds from operations attributable to stockholders and OP unit holders as defined by Nareit (“Nareit FFO”) increased 19.9% to $59.9 million, or $0.56 per diluted shareCore funds from operations (“Core FFO”) increased 24.3% to $64.3 million, or $0.60 per diluted shareSame-center net operating income (“NOI”) increased 10.5% to $87.7 millionSame-center NOI was 4.5% higher than the comparable same-center NOI in Q2 2019, illustrating growth since prior to the onset of the COVID-19 pandemicLeased portfolio occupancy totaled 94.7%, compared to 95.6% at June 30, 2020Executed 124 new and 174 renewal and option leases totaling 1.4 million square feetComparable new and renewal rent spreads were 18.5% and 8.0%, respectively; combined rent spreads (excluding options) were 10.4% Highlights for the six months ended June 30, 2021 (vs. the six months ended June 30, 2020) Total revenues increased 5.1% to $263.5 millionNareit FFO decreased 11.3% to $104.9 million, or $0.98 per diluted share, primarily driven by the non-cash increase in the earn-out liabilityCore FFO increased 14.2% to $127.8 million, $1.19 per diluted shareSame-center NOI increased 4.6% to $173.1 millionExecuted 277 new and 337 renewal and option leases totaling 2.8 million square feetComparable new and renewal rent spreads were 15.3% and 8.0%, respectively; combined rent spreads (excluding options) were 9.9% Underwritten Initial Public Offering and Nasdaq Listing Subsequent to quarter-end, PECO completed its underwritten IPO of 19,550,000 s...