Phillips Edison & Company, Inc. - PECO STOCK NEWS

Phillips Edison & Company (PECO), a major owner of grocery-anchored shopping centers, announced its participation in the BofA Securities 2024 Global Real Estate Conference. Chairman and CEO Jeff Edison will present on September 10, 2024, at 2:15 p.m. Eastern Time. The presentation will also feature President Bob Myers and CFO John Caulfield.

A live webcast of the roundtable presentation will be available, with a replay posted within 24 hours on PECO's investor relations website. This event provides an opportunity for investors to gain insights into PECO's strategies and performance in the real estate sector.

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.