Business
Phillips Edison & Company Reports Second Quarter 2023 Results and Raises Full Year Earnings Guidance
CINCINNATI, Aug. 01, 2023 (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. 01, 2023 (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, today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three and six months ended June 30, 2023, net income attributable to stockholders was $14.5 million, or $0.12 per diluted share, and $31.1 million, or $0.26, per diluted share, respectively. Highlights for the Second Quarter Ended June 30, 2023 Reported Nareit FFO of $75.9 million, or $0.58 per diluted shareReported Core FFO of $77.7 million, or $0.59 per diluted shareRaised 2023 Nareit FFO and Core FFO guidance to a range of $2.27 to $2.32 per diluted share and $2.30 to $2.36 per diluted share, respectivelyIncreased same-center NOI year-over-year by 5.3%Raised 2023 same-center NOI guidance to a range of 3.75% to 4.50%Increased leased portfolio occupancy by 100 basis points year-over-year to a record-high 97.8%Executed comparable renewal leases during the quarter at a record-high rent spread of 17.7% Executed comparable new leases during the quarter at a rent spread of 25.1% Closed on amendments to extend the maturities on its 2024 term loans Management Commentary Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team delivered another solid quarter of growth with same-center NOI increasing by 5.3%, and our portfolio reached new record highs in occupancy and renewal rent spreads. The continued strength of our operating performance is attributed to our differentiated and focused strategy of exclusively owning grocery-anchored neighborhood shopping centers and our ability to drive results at the property level through our integrated and cycle-tested operating platform, as evidenced by our Neighbor retention rate of 94% during the second quarter. We continue to see strong retailer demand, which we are converting into higher rents, with no current signs of slowing.” Financial Results for the Second Quarter and Six Months Ended June 30, 2023 Net Income Second quarter 2023 net income attributable to stockholders totaled $14.5 million, or $0.12 per diluted share, compared to net income of $13.5 million, or $0.12 per diluted share, during the second ...