分组1 - Phillips Edison & Company reported quarterly funds from operations (FFO) of $0.64 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.59 per share a year ago, representing an FFO surprise of +1.59% [1] - The company achieved revenues of $177.75 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.43%, compared to $161.51 million in the same quarter last year [2] - Over the last four quarters, Phillips Edison & Company has exceeded consensus FFO estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 7.1% since the beginning of the year, while the S&P 500 gained 8.1% [3] - The current consensus FFO estimate for the coming quarter is $0.64 on revenues of $179.82 million, and for the current fiscal year, it is $2.55 on revenues of $718.36 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

F I N A N C I A L R E S U L T S Table of Contents INTRODUCTORY NOTES T R A N S A C T I O N A L S U M M A RY P O R T F O L I O S U M M A RY P hillip s E dis o n & C o m p a n y | W h olly - O w n e d P o r t f olio S u m m a r y | 3 4 | | --- | --- | | A B R b y N eig h b o r C a t e g o r y | 3 5 | | O c c u p a n c y a n d A B R | 3 6 | | To p 2 5 N eig h b o r s b y A B R | 3 7 | | N eig h b o r s b y Ty p e a n d I n d u s t r y | 3 8 | | P r o p e r tie s b y S t a t e | 3 9 | | N e w , R e n e w al, a ...

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) reported solid financial and operational results for Q2 2025, with an increase in full-year earnings guidance, reflecting strong demand in its grocery-anchored portfolio [1][3][21]. Financial Results - For Q2 2025, net income attributable to stockholders was $12.8 million, or $0.10 per diluted share, compared to $15.3 million, or $0.12 per diluted share in Q2 2024 [4]. - For the six months ended June 30, 2025, net income attributable to stockholders totaled $39.1 million, or $0.31 per diluted share, up from $32.9 million, or $0.27 per diluted share in the same period of 2024 [4]. - Nareit FFO for Q2 2025 increased by 9.8% to $86.0 million, or $0.62 per diluted share, compared to $78.4 million, or $0.57 per diluted share in Q2 2024 [5][6]. - Core FFO for Q2 2025 rose by 10.3% to $88.2 million, or $0.64 per diluted share, compared to $80.0 million, or $0.59 per diluted share in Q2 2024 [7]. Operational Highlights - Same-center NOI grew by 4.2% to $114.5 million in Q2 2025, compared to $109.8 million in Q2 2024 [8]. - The company reported a strong leased portfolio occupancy of 97.4% as of June 30, 2025, slightly down from 97.5% a year earlier [10]. - The company executed 276 leases totaling approximately 1.4 million square feet in Q2 2025, compared to 277 leases totaling approximately 1.7 million square feet in Q2 2024 [12]. Portfolio Overview - As of June 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties totaling approximately 34.0 million square feet, an increase from 286 properties totaling approximately 32.6 million square feet a year earlier [9]. - The company completed $287 million in acquisitions to date in 2025, with a full-year acquisition guidance range of $350 million to $450 million [3][5]. Balance Sheet Highlights - As of June 30, 2025, PECO had approximately $972 million in total liquidity, including $9.2 million in cash and cash equivalents [18]. - The company's outstanding debt had a weighted-average interest rate of 4.4% and 95.0% of total debt was fixed-rate [19]. 2025 Guidance - PECO increased its 2025 earnings guidance, projecting net income per share of $0.61 to $0.64, Nareit FFO per share of $2.50 to $2.54, and Core FFO per share of $2.55 to $2.60 [21][22].

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) is set to announce its Second Quarter 2025 earnings results on July 24, 2025, after market close, with a conference call scheduled for July 25, 2025, at 12:00 p.m. ET [1][2][6] Company Overview - PECO is one of the largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers in the United States, founded in 1991 [4] - As of March 31, 2025, PECO managed 321 shopping centers, including 298 wholly-owned centers totaling 33.5 million square feet across 31 states [4] - The company focuses on creating omni-channel shopping experiences and improving communities through its shopping centers [4] Earnings Conference Call Details - The earnings conference call will be hosted by Chairman and CEO Jeff Edison, President Bob Myers, and CFO John Caulfield [1] - A webcast replay will be available approximately one hour after the presentation [3] - Investors can access the call via a toll-free dial-in number and a toll dial-in number, with a specific conference ID provided [6]

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) has announced a public offering of $350 million in senior unsecured notes with a 5.250% interest rate, maturing in 2032, to support various corporate purposes [1][2]. Group 1: Offering Details - The public offering is priced at 99.832% of the principal amount and is expected to settle on June 17, 2025, pending customary closing conditions [1]. - The notes will be fully and unconditionally guaranteed by PECO [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including repaying borrowings, acquiring additional properties, capital expenditures, and property improvements [2]. Group 3: Underwriters - The offering is managed by a consortium of financial institutions including J.P. Morgan, Fifth Third Securities, and Morgan Stanley, among others [3]. Group 4: Company Overview - PECO is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the U.S., managing 321 shopping centers as of March 31, 2025, with a total of 33.5 million square feet across 31 states [6]. - The company focuses on providing necessity-based goods and services through a mix of national and regional retailers, with top grocery anchors including Kroger and Publix [6].

Summary of Phillips Edison & Company (PECO) 2025 Conference Call Company Overview - **Company**: Phillips Edison & Company (PECO) - **Industry**: Real Estate Investment Trusts (REITs), specifically focused on necessity-based retail properties Key Points and Arguments Market Environment - The market has experienced significant volatility, particularly influenced by tariff updates [3][4] - PECO emphasizes a long-term business approach, focusing on stability rather than short-term fluctuations [5][6] Portfolio and Business Strategy - PECO operates in the necessity-based retail sector, which is less volatile compared to discretionary retail [6][7] - The company has a strong position due to its focus on essential services, such as grocery stores and health and beauty retailers [6][14] - PECO's strategy includes maintaining relationships with top grocers to drive foot traffic and support tenant success [14][20] Retailer Sentiment and Demand - At the recent ICSC conference, 85% of PECO's retailers reported low to minimal impact from tariffs, leading to a generally positive outlook [11][12] - The company had over 400 meetings at ICSC, indicating strong engagement with retailers and a positive sentiment towards expansion [9][10] Leasing Environment - New leasing spreads were reported at 28.1%, with renewal spreads at 20% and retention rates around 90% [16][17] - The occupancy rate is at its highest level, driven by strong demand and a lack of new construction in the sector [20][21] - PECO anticipates continued growth in occupancy and leasing activity, with a strong pipeline for the remainder of the year [17][22] Financial Metrics - Foot traffic in April increased by 6% year-over-year, indicating strong consumer engagement [28] - Renewal spreads are among the highest in the industry, with potential for further growth in rental rates [29][31] Challenges and Opportunities - PECO has limited exposure to larger box retailers, focusing instead on necessity-based retail [33][34] - The company is actively managing its portfolio to address potential headwinds from specific retailers like Party City and Big Lots, with plans for replacement and reopening [32][35] Acquisition Strategy - PECO aims for $350 million to $450 million in acquisitions, targeting properties with a 9% unlevered IRR [51][53] - The company has already closed on approximately $267 million in acquisitions this year, with a focus on grocery-anchored projects [53][54] Redevelopment Initiatives - PECO invests $40 million to $50 million annually in redevelopment, focusing on smaller buildings in existing shopping centers [60][61] - The company has a strong partnership with Publix for store rebuilds, enhancing its portfolio's value [62] Financial Health and Future Outlook - PECO maintains a strong balance sheet and flexibility in accessing debt and equity markets [57][58] - The company is optimistic about achieving 3% to 4% same-center NOI growth in the coming years [55] Conclusion - PECO is well-positioned to navigate market uncertainties due to its focus on necessity-based retail, strong tenant relationships, and strategic acquisition and redevelopment plans [65][66]

Investment Ratings - Cold Storage REITs: Lineage Inc. (LINE, Buy) [5] - Industrial REITs: Prologis Inc. (PLD, Neutral) [16] - Industrial REITs: Terreno Realty Corp (TRNO, Buy) [31] - Self Storage REITs: Extra Space Storage Inc. (EXR, Buy) [44] - Self Storage REITs: Public Storage Inc. (PSA, Buy) [54] - Retail REITs: Brixmor Property Group (BRX, Buy) [63] - Retail REITs: Phillips Edison & Co (PECO, Buy) [74] Core Insights - The report highlights a mixed outlook across various REIT sectors, with some companies like LINE, TRNO, EXR, PSA, BRX, and PECO receiving "Buy" ratings, while PLD is rated "Neutral" [5][16][31][44][54][63][74] - Economic occupancy for LINE decreased by 290 basis points sequentially and 260 basis points year-over-year in Q1 2025, indicating potential challenges in maintaining occupancy levels [5] - Prologis Inc. is focusing on the implications of tariff policies on global supply chains, which may disrupt tenant activities and leasing demand [16] - Terreno Realty Corp is observing a shift in leasing dynamics post-tariff announcements, with domestic customers becoming more active compared to those operating across borders [31] - Extra Space Storage Inc. is prioritizing occupancy over rent in the current environment, reflecting a strategic shift in response to market conditions [44] - Public Storage Inc. is experiencing a significant impact from regional events, such as fires in Los Angeles, which account for 15% of its NOI [54] - Brixmor Property Group is seeing a steady increase in billed occupancy, which has risen by an average of 100 basis points over the last four years [63] Summary by Sections Cold Storage REITs - Lineage Inc. (LINE) reported a decline in economic occupancy and revenue per occupied pallet, with management expressing confidence in maintaining AFFO/share and EBITDA guidance for 2025 [5][6][7] Industrial REITs - Prologis Inc. (PLD) is navigating the complexities of global supply chains and tariff impacts, with expectations for occupancy and rent growth improvements in the second half of 2025 [16][20] - Terreno Realty Corp (TRNO) is adapting to changes in leasing activity and tenant retention amid tariff uncertainties, focusing on domestic customer engagement [31][36] Self Storage REITs - Extra Space Storage Inc. (EXR) is adjusting its strategy to prioritize occupancy over rent, with a focus on counter-cyclical demand drivers [44][46] - Public Storage Inc. (PSA) is managing its rent versus occupancy strategy while facing challenges from regional disruptions [54][56] Retail REITs - Brixmor Property Group (BRX) is experiencing a positive trend in occupancy and leasing spreads, with a focus on tenant credit and market dynamics [63][66] - Phillips Edison & Co (PECO) is observing volatility in the market due to tariff updates, impacting leasing velocity and transaction activity [74]

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States, and it will present at Nareit REITweek on June 3, 2025 [1][2]. Company Overview - PECO was founded in 1991 and has established a strong operating platform with a national footprint of well-occupied shopping centers [3]. - As of March 31, 2025, PECO manages 321 shopping centers, including 298 wholly-owned centers totaling 33.5 million square feet across 31 states [3]. - The company focuses on necessity-based goods and services, featuring top grocery anchors such as Kroger, Publix, Albertsons, and Ahold Delhaize [3]. Presentation Details - The presentation at Nareit REITweek will take place on June 3, 2025, from 8:45 a.m. to 9:15 a.m. ET, featuring Chairman and CEO Jeff Edison, President Bob Myers, and CFO John Caulfield [2]. - A webcast replay will be available approximately one hour after the presentation [2]. Investor Relations - For further information, PECO encourages investors to visit its investor website [4]. - The Head of Investor Relations is Kimberly Green, who can be contacted at (513) 692-3399 or via email [7].

Core Points - Phillips Edison & Company, Inc. (PECO) announced monthly dividend distributions of $0.1025 per share for June, July, and August 2025 [1] - PECO held its annual stockholders meeting, where all directors were re-elected and the appointment of Deloitte & Touche LLP as the independent auditor for 2025 was ratified [3] Company Overview - PECO is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the U.S., managing 321 shopping centers as of March 31, 2025, with a total of 33.5 million square feet across 31 states [4] - The company focuses on necessity-based goods and services, featuring top grocery anchors such as Kroger, Publix, Albertsons, and Ahold Delhaize [4] - PECO aims to enhance community experiences through its omni-channel shopping centers [4]

Group 1 - The article provides a buy rating for Phillips Edison (NASDAQ: PECO), highlighting its strong positioning in the current uncertain environment, with 71% of its rent derived from necessity-driven tenants [1] - The investment approach focuses on fundamental and valuation-driven analysis, emphasizing the importance of understanding a business's core economics, competitive moat, unit economics, reinvestment runway, and management quality [1] - The author aims to share investment insights and foster feedback from fellow investors, emphasizing the importance of long-term equity value drivers [1]