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Phillips Edison & Company, Inc. (PECO), established in 1991, is a leading real estate investment trust (REIT) that specializes in grocery-anchored shopping centers. With a diversified portfolio of 284 properties across 31 states as of March 31, 2024, PECO offers a stable and essential retail environment that attracts both national and regional retailers. The company's core business revolves around the acquisition, redevelopment, leasing, and management of these shopping centers, ensuring they remain well-occupied and generate consistent cash flows.
Led by an experienced management team, PECO has built a fully integrated in-house operating platform, which is designed to optimize property value and enhance the shopping experience. This approach has resulted in a high occupancy rate of 97.2% and strong lease renewal rates, with a recent increase in same-center NOI by 3.7% for the first quarter of 2024.
PECO's top grocery anchors include industry giants like Kroger, Publix, Albertsons, and Ahold Delhaize. The company's strategic focus on grocery-anchored centers ensures a resilient revenue stream, even during economic downturns, as these centers provide essential goods and services.
The financial health of PECO is reinforced by its robust liquidity position, with $571 million in total liquidity as of the first quarter of 2024. The company's net debt to annualized adjusted EBITDAre remains stable at 5.1x, underpinning its capacity to manage debt efficiently.
Recent achievements include the acquisition of two shopping centers and one land parcel for $55.9 million in the first quarter of 2024, expanding its footprint and potential for future growth. PECO continues to see strong retailer demand, reflected in comparable rent spreads of 20.0% combined for new and renewal leases during the same period.
Forward-looking statements suggest PECO's commitment to maintaining its growth trajectory, with updated 2024 earnings guidance indicating positive momentum. The company actively engages with investors through regular updates and conference calls, ensuring transparency and alignment with investor expectations.
Phillips Edison & Company (PECO) has received a credit rating upgrade from S&P Global Ratings to 'BBB' from 'BBB-' with a stable outlook. This upgrade reflects PECO's solid operating performance, conservative balance sheet management, and reduced exposure to floating-rate debt. S&P expects PECO's fixed-charge coverage ratio to improve due to anticipated interest rate cuts.
PECO's financial policy is supported by a prudent investment strategy, with annual net acquisitions between $200-300 million and redevelopment spending of $40-50 million. The company has funded investments in a leverage-neutral manner using free cash flow, dispositions, equity, and debt. PECO's CEO, Jeff Edison, attributes the company's success to its focused strategy of owning high-quality, grocery-anchored neighborhood shopping centers in suburban markets.
Phillips Edison & Company (Nasdaq: PECO), a major owner and operator of grocery-anchored neighborhood shopping centers, has announced a monthly dividend distribution of $0.0975 per share of common stock. This dividend will be payable on September 4, 2024, to stockholders of record as of August 15, 2024. Operating partnership unit holders will receive distributions at the same rate as common stockholders, subject to required tax withholding.
PECO, known for its significant presence in the grocery-anchored retail space, continues to demonstrate its commitment to providing regular returns to its investors through this dividend declaration. This announcement reflects the company's ongoing financial stability and shareholder value creation strategy in the real estate investment trust (REIT) sector.
Phillips Edison & Company (Nasdaq: PECO) reported second-quarter 2024 results, recording net income of $15.3 million, or $0.12 per diluted share. For the first half of 2024, net income was $32.9 million, or $0.27 per diluted share. Nareit FFO increased 3.3% to $78.4 million, or $0.57 per diluted share, while Core FFO rose 2.9% to $80.0 million, or $0.59 per diluted share. The company reaffirmed its full-year earnings guidance, projecting Nareit FFO per share between $2.34 and $2.41, and Core FFO per share between $2.37 and $2.45. Same-center NOI for Q2 increased by 1.9% year-over-year to $105.6 million. The company maintained high occupancy rates, with leased portfolio occupancy at 97.5% and record-high inline occupancy at 95.1%. PECO executed 277 leases in Q2, achieving significant rent spreads. Recent acquisitions include shopping centers and land parcels worth $59.5 million. The company also launched a joint venture with Cohen & Steers targeting $300 million in equity. As of June 30, 2024, PECO had approximately $743 million in liquidity and completed a $350 million debt offering.
Phillips Edison & Company (Nasdaq: PECO) has partnered with Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) to acquire Des Peres Corners, a grocery-anchored shopping center in Des Peres, Missouri. This acquisition is part of a $300 million equity joint venture, with CNSREIT owning 80% and PECO 20%. The 121,000 square foot center, built in 2009, is 90% occupied and anchored by a 74,000 square foot Schnucks grocer.
The joint venture aims to leverage PECO's expertise in acquiring open-air, grocery-anchored shopping centers. Des Peres, a St. Louis suburb, is noted for its strong retail market and proximity to key employers and educational institutions. The partnership is expected to generate attractive returns and increase PECO's access to growth capital and acquisition opportunities.
Phillips Edison & Company (Nasdaq: PECO) has been awarded the inaugural Best Use of AI Digie Award at the 2024 Realcomm Conference in Tampa. This prestigious recognition highlights PECO's achievements in integrating artificial intelligence into its business operations, enhancing productivity, collaboration, and supporting growth initiatives.
The award acknowledges PECO's in-house developed AI solutions, demonstrating the company's commitment to innovation and automation in the commercial real estate sector. PECO's IT team has been praised for pioneering AI advancements that foster cross-functional collaboration and cultivate a culture where AI acts as a catalyst for growth.
This marks PECO's third Digie Award, further solidifying its position as an industry leader in technological advancements. The company's custom AI solutions have improved organizational productivity, automation across the enterprise, and communications, while also enhancing reporting solutions through machine learning and predictive analytics.
Phillips Edison & Company (Nasdaq: PECO), a key player in grocery-anchored neighborhood shopping centers, announced the appointment of Devin Murphy to its Board of Directors, effective July 2, 2024. The Board increased its size from nine to ten members. Murphy has been instrumental in PECO's growth, serving as President from 2019 to 2023 and as CFO from 2013 to 2019. His extensive background in investment banking, notably with Morgan Stanley and Deutsche Bank, includes executing over 500 transactions worth more than $400 billion. Murphy's expertise spans public company management, corporate finance, and strategic planning.
His various roles at Morgan Stanley included Vice Chairman and Co-Head of US Real Estate Investment Banking. Murphy currently chairs the board of Apartment Income REIT Corp and serves on multiple committees at both AIRC and CoreCivic. Despite his retirement from PECO on July 1, 2024, he will not be considered
Phillips Edison & Company (Nasdaq: PECO), a major owner and operator of grocery-anchored neighborhood shopping centers, will release its Second Quarter 2024 earnings results on July 25, 2024, after the market closes.
The company's Chairman and CEO, Jeff Edison, President Bob Myers, and CFO John Caulfield, will host an earnings conference call on July 26, 2024, at 12:00 p.m. ET. The call will be webcast and can be accessed on the Investor Relations section of PECO's website.
The earnings release and supplemental information package will also be available on the same section of the website. A replay of the webcast will be accessible approximately one hour after the conference concludes.
For more information and updates, visit PECO's official website and their social media pages on Twitter, Facebook, Instagram, and LinkedIn.
Phillips Edison & Company (Nasdaq: PECO), a leading owner and operator of grocery-anchored neighborhood shopping centers, will present at the Nareit REITweek 2024 Investor Conference. Jeff Edison, Chairman and CEO, will present on June 5, 2024, from 3:30 p.m. to 4:00 p.m. Eastern Time. The presentation will be webcast live with a replay available one hour after the event. For more information, visit the company's official website or follow their social media channels.
Phillips Edison & Company, Inc. announced a public offering of $350 million aggregate principal amount of 5.750% senior unsecured notes due 2034 through its operating partnership. The offering is expected to settle on May 13, 2024, and the net proceeds will be used for general corporate purposes, property acquisitions, and to temporarily repay borrowings.
Phillips Edison & Company, a major grocery-anchored shopping center owner, declared monthly dividend distributions of $0.0975 per share of common stock payable in June, July, and August 2024. The company also held its annual meeting, re-electing all directors and approving resolutions on executive officer compensation and future say-on-pay proposals.
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