CINCINNATI, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, will host a PECO GROW Update for financial advisors and retail investors on Tuesday, February 25, 2025, at 12:00 p.m. ET. During the webcast, PECO will discuss the business and answer questions from financial advisors and retail investors. Chairman and Chief Executive Officer J ...

CINCINNATI, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (NASDAQ:PECO) ("PECO" or the "Company"), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that its Board of Directors declared monthly dividend distributions of $0.1025 per share of the Company's common stock payable on April 1, 2025 and May 1, 2025 to stockholders of record as of March 17, 2025 and April 15, 2025, respectively. Operating partnership ...

CINCINNATI, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced that its Board of Directors declared monthly dividend distributions of $0.1025 per share of the Company’s common stock payable on April 1, 2025 and May 1, 2025 to stockholders of record as of March 17, 2025 and April 15, 2025, respectively. Operating partnership ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-40594 PHILLIPS EDISON & COMPANY, INC. (Exact name of registrant as specified in its charter) Maryland 27-1106076 (State o ...

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Financial Data and Key Metrics Changes - Phillips Edison & Company reported a core FFO per share growth of nearly 4% in 2024, which would have been 6% if adjusted for increased interest rates [8][43] - The fourth quarter NAREIT FFO increased to $83.8 million or $0.61 per diluted share, reflecting year-over-year per share growth of 8.9% [43] - The same-center NOI growth in the fourth quarter was 6.5% [43] Business Line Data and Key Metrics Changes - The company achieved comparable new rent spreads of 30.2% and renewal rent spreads of 20.8% in the fourth quarter [27][28] - Portfolio occupancy remained high at 98% leased, with anchor occupancy at 99% and in-line occupancy at 95% [30] - The average annual contractual rent bumps for new and renewal in-line leases were 2% and 3%, respectively [29] Market Data and Key Metrics Changes - The average three-mile trade area demographics include an average population of 67,000 and a median household income of $88,000, which is 12% higher than the US median [33] - The company has low exposure to distressed retailers, with the top ten neighbors on the watch list representing less than 2% of ABR [35] Company Strategy and Development Direction - The company aims to achieve $350 to $450 million in gross acquisitions in 2025, with a strong pipeline already in place [17][50] - Phillips Edison & Company focuses on acquiring neighborhood shopping centers anchored by top grocers, which drives consistent foot traffic and cash flow [11][12] - The company is committed to a disciplined acquisition strategy, targeting high-quality assets with better initial yields and growth opportunities [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong retailer demand and the ability to deliver mid to high single-digit core FFO and AFFO per share growth on a long-term basis [23][52] - The company anticipates that the actions taken in 2024 to improve merchandising and capture mark-to-market rent growth will be a slight headwind to 2025 growth [49] - Management noted that the overall demand environment and the health of in-line neighbors provide confidence in delivering strong growth in 2025 [42] Other Important Information - The company has approximately $948 million of liquidity to support acquisition plans and no meaningful maturities until 2027 [44] - The weighted average interest rate on debt is 4.3%, with 93% of total debt being fixed rate [46] Q&A Session Summary Question: How does the current tenant demand and external opportunities compare to last year? - Management feels more optimistic about the current year due to a larger pipeline of projects under contract compared to last year [56] Question: How is the company balancing high occupancy with tenant retention? - Management is taking a more aggressive approach to merchandising, which may temporarily lower occupancy but aims to improve long-term property value [60] Question: What role will dispositions play in funding acquisitions? - Dispositions will be considered selectively to ensure better returns on new acquisitions compared to sold assets [67] Question: What is the company's bad debt experience and outlook? - The bad debt experience in 2024 was around 75 basis points, with guidance for 2025 set at 60 to 120 basis points [75] Question: What are the plans for joint ventures and acquisitions? - Joint ventures are expected to represent about 10% of anticipated acquisitions, with ongoing discussions for more opportunities [109]

February 2025 Investor Presentation GROCERY CENTERED. COMMUNITY FOCUSED PECO | NASDAQ LISTED GROCERY CENTERED. COMMUNITY FOCUSED | 2 Safe Harbor and Non-GAAP Disclosures PECO's Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forwar ...

Phillips Edison & Company, Inc. (PECO) reported $173.05 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 12%. EPS of $0.62 for the same period compares to $0.11 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $170.91 million, representing a surprise of +1.25%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.62.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Phillips Edison & Company, Inc. (PECO) came out with quarterly funds from operations (FFO) of $0.62 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.58 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post FFO of $0.61 per share when it actually produced FFO of $0.62, delivering a surprise of 1.64%.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Phillips Edi ...

[Introductory Notes](index=3&type=section&id=Introductory%20Notes) [Company Overview and Disclosures](index=3&type=section&id=Company%20Overview%20and%20Disclosures) PECO, a major owner of grocery-anchored shopping centers, provides cautionary notes on forward-looking statements and non-GAAP financial measures - PECO is one of the largest US owners and operators of high-quality, grocery-anchored neighborhood shopping centers[5](index=5&type=chunk) - The report contains forward-looking statements concerning plans, strategies, and future results, which are subject to significant risks and uncertainties such as economic changes, tenant financial stability, and interest rate fluctuations[6](index=6&type=chunk) - The document utilizes non-GAAP financial measures, with reconciliations to GAAP measures provided on pages 16-20 and definitions in the Glossary[8](index=8&type=chunk) - The company may present consolidated financial information inclusive of its prorated portion from unconsolidated joint ventures, noting the limitations of this analytical tool[10](index=10&type=chunk) [Financial Results](index=5&type=section&id=Financial%20Results) [Earnings Release Overview](index=6&type=section&id=Earnings%20Release%20Overview) PECO reported strong 2024 growth and anticipates accelerated Core FFO per share growth in 2025 through internal growth and expanded acquisitions - Management highlights strong 2024 growth and anticipates accelerated Core FFO per share growth in 2025, driven by internal growth and an expanded acquisition strategy[15](index=15&type=chunk) Full Year 2024 Key Performance Highlights | Metric | FY 2024 Result | YoY Growth | | :--- | :--- | :--- | | Nareit FFO per share | $2.37 | 5.3% | | Core FFO per share | $2.43 | 3.8% | | Same-Center NOI | $430.4M | 3.8% | | Leased Portfolio Occupancy | 97.7% | +30 bps | - The company acquired **14 shopping centers** and **four land parcels** for a total of **$305.7 million** during the full year 2024[16](index=16&type=chunk) - At year-end, **93.0%** of the company's total debt was fixed-rate, and the revolving credit facility was extended to 2029 and upsized to **$1.0 billion**[16](index=16&type=chunk) [Financial Performance](index=7&type=section&id=Financial%20Performance) Solid financial growth in Q4 and FY2024, with increases in net income, Nareit FFO, Core FFO, and Same-Center NOI Q4 2024 Financial Performance (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Stockholders | $18.1M | $13.5M | +34.0% | | Nareit FFO | $83.8M | $74.8M | +12.0% | | Core FFO | $85.8M | $77.9M | +10.2% | | Same-Center NOI | $110.4M | $103.7M | +6.5% | Full Year 2024 Financial Performance (vs. FY 2023) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income Attributable to Stockholders | $62.7M | $56.8M | +10.4% | | Nareit FFO | $323.8M | $299.5M | +8.1% | | Core FFO | $331.8M | $310.7M | +6.8% | | Same-Center NOI | $430.4M | $414.6M | +3.8% | [Portfolio and Leasing Activity](index=7&type=section&id=Portfolio%20and%20Leasing%20Activity) Portfolio expanded to 294 properties with high occupancy and strong comparable rent spreads, indicating significant pricing power - As of December 31, 2024, the wholly-owned portfolio consisted of **294 properties** totaling **33.3 million square feet**, up from 281 properties and 32.2 million square feet a year prior[22](index=22&type=chunk) - Portfolio occupancy remained strong with leased portfolio occupancy at **97.7%** and same-center leased portfolio occupancy at **97.8%**; leased inline occupancy increased to **95.0%** from 94.7% YoY[23](index=23&type=chunk)[24](index=24&type=chunk) Comparable Rent Spreads | Period | New Leases % | Renewal Leases % | Combined % | | :--- | :--- | :--- | :--- | | **Q4 2024** | 30.2% | 20.8% | 23.5% | | **FY 2024** | 35.7% | 19.4% | 23.7% | [Transaction Activity & Balance Sheet](index=8&type=section&id=Transaction%20Activity%20%26%20Balance%20Sheet) Active acquisitions totaling $305.7 million for FY2024, supported by a strong balance sheet with $747.6 million liquidity and 93.0% fixed-rate debt - In Q4 2024, PECO acquired **five shopping centers** for **$94.6 million**; for the full year, acquisitions totaled **fourteen shopping centers** and **four land parcels** for **$305.7 million**[28](index=28&type=chunk)[29](index=29&type=chunk) - Subsequent to year-end, the company sold a shopping center in Albuquerque, NM for **$24.9 million**, providing **$17.4 million** in secured financing for the sale[30](index=30&type=chunk) - As of December 31, 2024, total liquidity was **$747.6 million**, including **$738.9 million** available on its revolving credit facility[31](index=31&type=chunk) Key Balance Sheet Metrics (as of Dec 31, 2024) | Metric | Value | YoY Change | | :--- | :--- | :--- | | Net Debt to Annualized Adj. EBITDAre | 5.0x | from 5.1x | | Weighted-Average Interest Rate | 4.3% | N/A | | Weighted-Average Maturity (inc. extensions) | 5.8 years | N/A | | Fixed-Rate Debt Percentage | 93.0% | N/A | [2025 Guidance](index=9&type=section&id=2025%20Guidance) PECO projects continued growth in 2025, with Core FFO per share guidance of $2.52-$2.59 and Same-Center NOI growth of 3.00%-3.50% 2025 Full Year Guidance | Metric | 2025 Guidance Range | | :--- | :--- | | Net income per share | $0.54 - $0.59 | | Nareit FFO per share | $2.47 - $2.54 | | Core FFO per share | $2.52 - $2.59 | | Same-Center NOI growth | 3.00% - 3.50% | | Gross Acquisitions | $350M - $450M | - The midpoint of the 2025 Nareit FFO guidance (**$2.505**) represents **5.7% YoY growth**, while the midpoint of Core FFO guidance (**$2.555**) represents **5.1% YoY growth** over 2024 actuals[16](index=16&type=chunk)[36](index=36&type=chunk) [Financial Summary](index=12&type=section&id=Financial%20Summary) [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show increased total assets to $5.05 billion and total liabilities to $2.41 billion, with revenue and net income growth in FY2024 Consolidated Balance Sheet Highlights (as of Dec 31) | Account | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | Net Investment in Real Estate Assets | $4,781.5 | $4,616.1 | | Total Assets | $5,046.2 | $4,865.7 | | Debt Obligations, net | $2,109.5 | $1,969.3 | | Total Liabilities | $2,412.2 | $2,212.3 | | Total Stockholders' Equity | $2,319.9 | $2,310.3 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | Total Revenues | $661.4 | $610.1 | | Total Operating Expenses | $488.9 | $455.9 | | Net Income | $69.7 | $63.8 | | Net Income Attributable to Stockholders | $62.7 | $56.8 | [Non-GAAP Reconciliations](index=16&type=section&id=Non-GAAP%20Reconciliations) Detailed reconciliations from GAAP Net Income to non-GAAP metrics, including Nareit FFO, Core FFO, and Adjusted EBITDAre for FY2024 Key Non-GAAP Metrics (Year Ended Dec 31, 2024) | Metric | FY 2024 ($M) | FY 2023 ($M) | YoY Growth | | :--- | :--- | :--- | :--- | | Nareit FFO | $323.8 | $299.5 | +8.1% | | Core FFO | $331.8 | $310.7 | +6.8% | | Adjusted FFO | $273.2 | $249.3 | +9.6% | EBITDAre Reconciliation (Year Ended Dec 31, 2024) | Metric | FY 2024 ($M) | FY 2023 ($M) | YoY Growth | | :--- | :--- | :--- | :--- | | EBITDAre | $425.6 | $387.5 | +9.8% | | Adjusted EBITDAre | $430.6 | $396.1 | +8.7% | - Same-Center NOI increased by **6.5%** in Q4 2024 and **3.8%** for the full year 2024, driven by a **6.2%** and **3.7%** increase in total same-center revenues for the respective periods[54](index=54&type=chunk) [Capital Expenditures and Projects](index=24&type=section&id=Capital%20Expenditures%20and%20Projects) Capital expenditures for real estate totaled $86.1 million in 2024, with active development projects estimated at $41.3 million and yields of 9%-12% Capital Expenditures for Real Estate (Year Ended Dec 31) | Category | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | Capital improvements | $21.8 | $22.8 | | Tenant improvements | $25.2 | $26.7 | | Redevelopment and development | $39.1 | $38.2 | | **Total** | **$86.1** | **$87.6** | - The company has active ground-up expansion and redevelopment projects with total estimated costs of **$18.2 million** and **$23.2 million**, respectively[66](index=66&type=chunk)[67](index=67&type=chunk) - The total active project pipeline has an estimated cost of **$41.3 million**, with **$25.4 million** incurred to date, and a weighted-average estimated project yield of **9%-12%**[67](index=67&type=chunk) [Capitalization and Debt](index=27&type=section&id=Capitalization%20and%20Debt) PECO's total enterprise value was $7.3 billion at year-end 2024, maintaining a conservative leverage profile with 91.7% fixed-rate debt Financial Leverage Ratios (as of Dec 31) | Ratio | 2024 | 2023 | | :--- | :--- | :--- | | Net Debt to Adjusted EBITDAre - annualized | 5.0x | 5.1x | | Net Debt to Total Enterprise Value | 29.5% | 28.8% | - Total gross debt outstanding was **$2.14 billion**, comprised of **22% secured debt** and **78% unsecured debt**[70](index=70&type=chunk) - The company's debt portfolio is primarily fixed-rate (**91.7%**) with a weighted-average interest rate of **4.3%** and a weighted-average maturity of **5.8 years**, including extension options[72](index=72&type=chunk) - PECO was in compliance with all debt covenants for its unsecured credit facility and senior unsecured notes as of December 31, 2024[73](index=73&type=chunk) [Transactional Summary](index=31&type=section&id=Transactional%20Summary) [Acquisition and Disposition Summary](index=32&type=section&id=Acquisition%20and%20Disposition%20Summary) PECO acquired 18 properties for $305.7 million in 2024 at a 7.0% weighted-average cap rate, with no dispositions - During 2024, the company acquired **18 properties**, including land parcels, for a total of **$305.7 million**[77](index=77&type=chunk) - The weighted-average cap rate for the 2024 acquisitions was **7.0%**, excluding non-income producing assets[78](index=78&type=chunk) - There were no property dispositions during the twelve months ended December 31, 2024[78](index=78&type=chunk) [Portfolio Summary](index=33&type=section&id=Portfolio%20Summary) [Portfolio Overview](index=34&type=section&id=Portfolio%20Overview) PECO's portfolio includes 294 shopping centers across 31 states, with 33.3 million square feet GLA, high occupancy, and a focus on necessity-based retail - The portfolio consists of **294 shopping centers** with **33.3 million square feet** of GLA[81](index=81&type=chunk) - Necessity-based goods and services tenants account for **69.4%** of total ABR, with grocery tenants alone contributing **29.9%**[81](index=81&type=chunk) - **84.0%** of ABR comes from centers with grocery anchors that rank 1 or 2 by sales in their respective markets[81](index=81&type=chunk) Portfolio Occupancy and Lease Term | Metric | Total Portfolio | Anchor Spaces | Inline Spaces | | :--- | :--- | :--- | :--- | | Leased Occupancy | 97.7% | 99.1% | 95.0% | | Avg. Remaining Lease Term (Yrs) | 4.4 | 4.4 (Grocery) | 4.0 | [Neighbor (Tenant) Analysis](index=35&type=section&id=Neighbor%20%28Tenant%29%20Analysis) Tenant base is diversified and dominated by necessity-based retailers, with grocery as the largest category and top tenants providing a stable income stream - The top 5 neighbor categories by ABR are Grocery (**29.9%**), Quick Service Restaurants (**11.3%**), Medical (**6.6%**), Beauty & Hair Care (**5.3%**), and Banks/Insurance/Government (**3.7%**)[82](index=82&type=chunk) - The top 3 tenants by ABR are **Kroger (5.7%)**, **Publix (5.2%)**, and **Albertsons (3.8%)**[86](index=86&type=chunk) - National tenants represent **70%** of the portfolio's ABR, while regional and local tenants account for **16%** and **14%**, respectively[87](index=87&type=chunk)[88](index=88&type=chunk) [Occupancy and Leasing Metrics](index=36&type=section&id=Occupancy%20and%20Leasing%20Metrics) High and stable occupancy at 97.7% in 2024, with strong comparable rent spreads and well-laddered lease expirations - Total leased occupancy was **97.7%** as of Q4 2024, a slight increase from 97.4% in Q4 2023; same-center leased occupancy remained stable at **97.8%**[85](index=85&type=chunk) Q4 2024 Comparable Rent Spreads | Lease Type | Rent Spread % | | :--- | :--- | | New Leases | 30.2% | | Renewal Leases | 20.8% | | Option Leases | 5.3% | - Lease expirations are manageable, with **8.7% of GLA (8.2% of ABR)** expiring in 2025 and **13.7% of GLA (14.0% of ABR)** expiring in 2026[92](index=92&type=chunk) [Geographic Diversification and Property List](index=39&type=section&id=Geographic%20Diversification%20and%20Property%20List) Portfolio is geographically diversified across 31 states, with top concentrations in Florida, California, and Texas, and a detailed property list provided - The portfolio has significant concentration in Florida (**12.2% of ABR**), California (**10.6%**), Texas (**10.1%**), and Georgia (**8.7%**)[89](index=89&type=chunk) - The report provides a comprehensive list of **316 properties**, including wholly-owned and joint venture assets, with details on GLA, occupancy, ABR, and anchor tenants for each[94](index=94&type=chunk)[109](index=109&type=chunk) [Additional Disclosures](index=58&type=section&id=Additional%20Disclosures) [Earnings Guidance and NAV Components](index=59&type=section&id=Earnings%20Guidance%20and%20NAV%20Components) Reiterates 2025 earnings guidance with FFO reconciliations and provides key components for Net Asset Value (NAV) calculation as of Q4 2024 2025 Guidance Reconciliation (per share) | Metric | Low End | High End | | :--- | :--- | :--- | | Net income | $0.54 | $0.59 | | Nareit FFO | $2.47 | $2.54 | | Core FFO | $2.52 | $2.59 | - Key data points for NAV calculation as of Q4 2024 include: NOI for real estate investments (**$115.4M**), total debt obligations (**$2.14B**), and total common shares and OP units outstanding (**138.2M**)[114](index=114&type=chunk) [Glossary of Terms](index=61&type=section&id=Glossary%20of%20Terms) Provides definitions for key financial and operational terms, including non-GAAP measures like FFO, EBITDAre, NOI, and portfolio metrics - Defines Nareit FFO as net income excluding gains/losses from property sales and real estate depreciation[116](index=116&type=chunk) - Defines Core FFO by adjusting Nareit FFO for items like corporate asset depreciation, transaction costs, and other non-recurring items to provide a measure of sustainable operating performance[116](index=116&type=chunk) - Defines Same-Center as properties owned and operational for the entirety of all comparable reporting periods (since January 1, 2023)[116](index=116&type=chunk) [Investor Information](index=64&type=section&id=Investor%20Information) [Analyst Coverage and Contacts](index=64&type=section&id=Analyst%20Coverage%20and%20Contacts) Lists investment banks and analysts providing research coverage on PECO, along with contact information for Investor Relations - The company is covered by analysts from major firms including BofA Securities, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo[120](index=120&type=chunk) - Contact information for the Head of Investor Relations, Kimberly Green, and the Manager of Investor Relations, Hannah Harper, is provided[121](index=121&type=chunk)