Business
Phillips Edison & Company Reports Second Quarter 2024 Results and Reaffirms Full Year Earnings Guidance
CINCINNATI, July 25, 2024 (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, July 25, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended June 30, 2024 and reaffirmed full year 2024 earnings guidance. For the three and six months ended June 30, 2024, net income attributable to stockholders was $15.3 million, or $0.12 per diluted share, and $32.9 million, or $0.27 per diluted share, respectively. Highlights for the Second Quarter Ended June 30, 2024 Reported Nareit FFO of $78.4 million, or $0.57 per diluted shareReported Core FFO of $80.0 million, or $0.59 per diluted shareReaffirmed 2024 Nareit FFO and Core FFO guidance ranges of $2.34 to $2.41 per diluted share and $2.37 to $2.45 per diluted share, respectivelyThe midpoint of full year 2024 Nareit FFO guidance represents 6.0% year-over-year growthThe midpoint of full year 2024 Core FFO guidance represents 3.0% year-over-year growthIncreased same-center NOI year-over-year by 1.9%Reaffirmed 2024 same-center NOI guidance range of 3.25% to 4.25%The midpoint of full year 2024 same-center NOI guidance represents 3.75% year-over-year growthReported leased portfolio occupancy of 97.5% and same-center leased portfolio occupancy of 97.8%Increased leased inline occupancy by 30 basis points year-over-year to a record-high 95.1%; increased same-center leased inline occupancy by 20 basis points year-over-year to a record-high 95.1%Executed portfolio comparable new leases at a rent spread of 34.4% and inline comparable new leases at a rent spread of 31.9% during the quarterExecuted portfolio comparable renewal leases at a record-high rent spread of 20.5% and inline comparable renewal leases at a rent spread of 19.7% during the quarterAs previously announced, completed a public debt offering of $350 million aggregate principal amount of 5.750% senior notes due in 2034, and 91.4% of total debt was fixed-rate at quarter endAcquired two shopping centers and one land parcel for a total of $59.5 millionSubsequent to quarter end, acquired one property and one land parcel for a total of $11.3 millionAs previously announced and subsequent to quarter end, acquired one grocery-anchored shopping center in partnership with Cohen & Steers Income Opportunities...