Business
Phillips Edison & Company Reports Third Quarter 2021 Results; Raises Core FFO and Acquisitions Guidance
CINCINNATI, Nov. 04, 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, Nov. 04, 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 $14.6 million, or $0.13 per diluted share, for the three months ended September 30, 2021. Highlights for the Third Quarter Ended September 30, 2021 Nareit FFO totaled $56.9 million, or $0.46 per diluted shareCore FFO totaled $66.4 million, or $0.54 per diluted shareSame-center NOI increased 8.7% versus the third quarter ended September 30, 2020Same-center NOI increased 4.3% versus the comparable same-center NOI for the quarter ended September 30, 2019Leased portfolio occupancy increased to 95.6%, demonstrating a return to pre-COVID-19 levelsComparable new and renewal rent spreads were 14.1% and 8.9%, respectivelyAcquired two grocery-anchored shopping centers for $48.3 million during the quarter; subsequent to quarter end, acquired an additional two grocery-anchored shopping centers for $91.2 millionIssued 19,550,000 shares of common stock in an underwritten IPO, including the full exercise of the underwriters’ over-allotment option, at $28.00 per share, generating $547.4 million of gross proceedsClosed a new $980 million senior unsecured credit facilityNet debt to annualized adjusted EBITDAre was 5.4x compared to 7.3x at December 31, 2020Increased monthly distributions by 6% to $0.09 per share for the distribution payable in November 2021 Subsequent Highlights Completed upsized debut public offering of $350 million aggregate principal amount of 2.625% senior notes due in 2031Issued 2020 Corporate Social Responsibility reportAuthorized monthly distributions of $0.09 per share payable in December 2021, January 2022, and February 2022 Guidance Update (see “Updated 2021 Guidance” section for more details) Raised full year 2021 core FFO guidance range to $2.14 - $2.18 per share from $2.10 - $2.16 per shareRaised full year 2021 same center NOI growth guidance range to 6.5% - 7.0% from 5.6% - 6.8%Raised second half 2021 acquisition guidance range to $200 million - $270 million, and disposition guidance to $95 million - $105 million Management Commentary “Our successful underwritten IPO during the quarter marks a significant milestone in PECO’s 30-ye...