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Portfolio Overview - As of March 31, 2025, the company owned equity interests in 321 shopping centers, comprising approximately 36.0 million square feet across 31 states[85]. - The total square footage of the wholly-owned portfolio increased to 33,512 thousand square feet as of March 31, 2025, up from 32,350 thousand square feet in 2024, representing a growth of 3.6%[86]. - The leased occupancy rate for the total portfolio was 97.1% as of March 31, 2025, slightly down from 97.2% in 2024[86]. - The average remaining lease term increased to 4.5 years as of March 31, 2025, compared to 4.3 years in 2024[86]. - The percentage of ABR from omni-channel grocery-anchored shopping centers was 95.3% as of March 31, 2025, down from 96.8% in 2024[86]. - The company has a portfolio of over 3,500 unique neighbors, with a focus on maintaining high occupancy rates to drive rental rate growth[90]. Financial Performance - The company's ABR (Annual Base Rent) reached $518,115 thousand as of March 31, 2025, compared to $479,159 thousand in 2024, indicating an increase of 8.1%[86]. - Rental income for the three months ended March 31, 2025, increased by $16.1 million, or 10.2%, compared to the same period in 2024, reaching $174.2 million[102]. - Total revenues for the same period rose to $178.3 million, reflecting a $17.0 million increase, or 10.5% year-over-year[102]. - Net income attributable to stockholders for the three months ended March 31, 2025, was $26.3 million, a 48.9% increase from $17.7 million in the same period of 2024[102]. - Operating expenses decreased by 9.3% year-over-year, totaling $128.4 million, primarily due to effective cost management strategies[102]. - Nareit FFO attributable to stockholders and OP unit holders increased to $89.05 million in Q1 2025 from $80.06 million in Q1 2024[114]. - Core FFO attributable to stockholders and OP unit holders rose to $90.77 million in Q1 2025 compared to $81.66 million in Q1 2024[114]. Leasing Activity - The number of new leases decreased from 84 in 2024 to 78 in 2025, while the square footage increased from 255,000 to 326,000[105]. - Average Base Rent (ABR) per square foot for new leases dropped from $25.24 in 2024 to $19.30 in 2025[105]. - The portfolio retention rate improved to 91.4% in 2025 from 87.9% in 2024[105]. - The weighted-average lease term for new leases was 8.3 years in 2025, slightly down from 8.5 years in 2024[105]. - The cost per square foot of executing new leases decreased from $34.09 in 2024 to $20.84 in 2025[105]. Debt and Liquidity - The net debt to adjusted EBITDAre ratio provides insight into the company's leverage rate based on earnings, which is not impacted by fluctuations in equity price[87]. - As of March 31, 2025, total debt obligations increased to $2,304,162 thousand from $2,137,336 thousand as of December 31, 2024, reflecting a growth of approximately 7.8%[122]. - The weighted-average interest rate on debt slightly increased to 4.4% as of March 31, 2025, compared to 4.3% as of December 31, 2024[122]. - Net debt to Adjusted EBITDAre increased to 5.3x as of March 31, 2025, up from 5.0x as of December 31, 2024[125]. - The company expects its current sources of liquidity to be sufficient to meet both short- and long-term cash demands[118]. Capital Expenditures and Investments - Total capital expenditures for real estate reached $24,382 thousand for the three months ended March 31, 2025, compared to $9,810 thousand for the same period in 2024, representing a significant increase of 148.5%[127]. - The company acquired 5 properties for a total contract price of $138,425 thousand during the three months ended March 31, 2025, compared to 2 properties for $55,902 thousand in the same period of 2024[130]. - Real estate acquisitions totaled $139.1 million for the three months ended March 31, 2025, compared to $56.2 million in the same period of 2024, reflecting a significant increase[137]. - Capital expenditures amounted to $26.4 million for the three months ended March 31, 2025, an increase of $13.4 million from $13.0 million in the same period of 2024[137]. - The company sold one property during the three months ended March 31, 2025, resulting in a net cash inflow of $6.5 million, while no properties were sold in the same period of 2024[137]. - Investment in unconsolidated joint ventures reached $3.5 million during the three months ended March 31, 2025[137]. Cash Flow and Distributions - Net cash provided by operating activities was $60,542 thousand for the three months ended March 31, 2025, a decrease of 4.1% from $63,138 thousand in the same period of 2024[134]. - The company reported a net cash decrease of $0.8 million during the three months ended March 31, 2025, with cash and cash equivalents totaling $7.9 million[134]. - Cash distributions to common stockholders and OP unit holders increased by $17.1 million for the three months ended March 31, 2025, primarily due to timing and an increase in shares outstanding[137]. - The company declared and paid monthly distributions of $0.1025 per common share and OP unit from January 2025 through March 2025[130]. Economic Outlook - The company estimates that inflation and economic uncertainties could negatively impact consumer spending and overall business performance[100]. - The company anticipates that obligations related to capital improvements and redevelopment in 2025 can be met with cash flows from operations, cash flows from dispositions, or borrowings on the unsecured revolving credit facility[127]. - The company expects development and redevelopment projects to stabilize within 24 months, with expected unlevered yields ranging between 9%-12%[128].

Financial Data and Key Metrics Changes - Same-center NOI increased by 3.9% in Q1 2025 [7][35] - Nareit FFO rose to $89 million or $0.64 per diluted share, reflecting year-over-year share growth of 8.5% [33] - Core FFO increased to $90.8 million or $0.65 per diluted share, with year-over-year per share growth of 8.3% [33] Business Line Data and Key Metrics Changes - Comparable renewal rent spreads were 20.8%, with in-line renewal rent spreads reaching a record high of 21.7% [19] - Comparable new leasing rent spreads for Q1 were 28.1%, and in-line new rent spreads remained strong at 27.5% [19] - Portfolio occupancy ended the quarter at 97.1% leased, with anchor occupancy at 98.4% [21] Market Data and Key Metrics Changes - 71% of the company's ABR comes from necessity-based goods and services, providing insulation from potential tariff disruptions [10] - The average population in PECO's 3-mile trade area is 68,000, with a median household income of $92,000, which is 12% higher than the U.S. median [24] Company Strategy and Development Direction - The company aims for gross acquisitions in the range of $350 million to $450 million for the year, targeting an unlevered IRR of 9% [13][14] - PECO's strategy focuses on grocery-anchored and necessity-based formats, which have historically outperformed during economic uncertainty [14][15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to deliver long-term growth despite macroeconomic uncertainties [15] - The company does not anticipate a recession but is prepared for potential impacts on discretionary spending [132][146] Other Important Information - The company has approximately $760 million of liquidity to support its acquisition plans and no meaningful debt maturity until 2027 [35] - 86% of PECO's total debt is fixed rate, aligning with the company's target of 90% [37] Q&A Session Summary Question: Can you provide insights on leasing seasonality and expectations for May ICSC? - Management noted that while there is typical first-quarter seasonality, leasing activity remains strong with more leases out for signature than last year [50][51] Question: What factors could lead to higher or lower FFO guidance? - Management indicated that improvements in capital markets could push FFO towards the higher end of guidance, while uncertainty may necessitate a conservative approach [58] Question: How is the company managing variable rate exposure? - The company is comfortable with its current variable rate exposure and plans to maintain a fixed balance sheet with a long-term goal of 90% fixed rate [66] Question: Are there any signs of slowing rent payments from retailers? - Management reported a decline in bad debt year-over-year and noted consistent rent payment receipts across categories [92] Question: What is the company's approach to acquisitions in the current market? - The company remains focused on acquiring assets with a target unlevered IRR of 9% and is optimistic about the acquisition pipeline despite market volatility [99][100]

Financial Data and Key Metrics Changes - Same-center NOI increased by 3.9% in Q1 2025 [7][35] - Nareit FFO rose to $89 million or $0.64 per diluted share, reflecting year-over-year share growth of 8.5% [33] - Core FFO increased to $90.8 million or $0.65 per diluted share, showing year-over-year per share growth of 8.3% [33] Business Line Data and Key Metrics Changes - Comparable renewal rent spreads were 20.8%, with in-line renewal rent spreads reaching a record high of 21.7% [19] - Comparable new leasing rent spreads for Q1 were 28.1%, with in-line new rent spreads at 27.5% [19] - Portfolio occupancy ended the quarter at 97.1% leased, with anchor occupancy at 98.4% [21] Market Data and Key Metrics Changes - 71% of the company's ABR comes from necessity-based goods and services, providing insulation from potential tariff disruptions [10] - The average population in PECO's 3-mile trade area is 68,000, with a median household income of $92,000, which is 12% higher than the U.S. median [24] Company Strategy and Development Direction - The company aims for gross acquisitions in the range of $350 million to $450 million for the year, targeting an unlevered IRR of 9% [13][14] - PECO's strategy focuses on grocery-anchored and necessity-based formats, which have historically outperformed during economic uncertainty [14][15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the current environment, citing strong cash flows and retailer demand [15][39] - The company does not anticipate a recession but is prepared for potential economic challenges [132][146] Other Important Information - The company has approximately $760 million of liquidity to support its acquisition plans and no meaningful debt maturity until 2027 [35] - 86% of PECO's total debt is fixed rate, aligning with the company's target of 90% [37] Q&A Session Summary Question: Can you provide insights on leasing seasonality and expectations for May ICSC? - Management noted that while there is typical first-quarter seasonality, leasing activity remains strong with more leases out for signature than last year [50][52] Question: What factors could lead to higher or lower FFO guidance? - Management indicated that improvements in capital markets could push FFO to the higher end of the range, while uncertainty may lead to a conservative outlook [58] Question: How is the company managing variable rate exposure? - The company is comfortable with its current variable rate exposure and plans to maintain a fixed balance sheet [66] Question: Are there any changes in tenant demand or bankruptcy-related activity? - Management reported no significant changes in tenant demand and noted strong interest from retailers despite some bankruptcy activity in the market [110][128] Question: What is the company's approach to acquisitions in the current market? - The company remains focused on acquiring high-quality assets with a target unlevered IRR of over 9%, despite tighter initial investment spreads [99][100]

Financial Performance & Guidance - Q1 2025 Net Income per Share was $0.21[61] - Full Year 2025 Net Income per Share guidance is $0.58 - $0.63[61] - Full Year 2025 Nareit FFO per Share guidance is $2.47 - $2.54[61] - Full Year 2025 Core FFO per Share guidance is $2.52 - $2.59[61] - Same-Center NOI is expected to grow by 3.00% - 3.50% for the full year 2025[61] Portfolio & Acquisitions - The company's dividend yield as of March 31, 2025, is based on an annualized rate of $1.23 per share[8, 24] - Year-to-date acquisitions totaled $146.4 million[61] - The company anticipates acquisitions between $350 million and $450 million for the full year 2025[61] - In 2025, the company acquired properties with a total GLA of 602,160 square feet for $174.195 million, with a leased occupancy of 91.9% at acquisition[59] Property Portfolio - Grocery-anchored centers benefit from macroeconomic trends[12] - Grocery foot traffic remains strong[19] - As of March 31, 2025, a significant percentage of the company's ABR (Annual Base Rent) comes from grocery-anchored tenants[18, 44]

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) demonstrated strong financial performance in the quarter ended March 2025, with significant year-over-year revenue growth and earnings per share (EPS) exceeding expectations [1][2]. Financial Performance - Revenue for the quarter was reported at $178.31 million, marking a year-over-year increase of 10.6% [1]. - The revenue exceeded the Zacks Consensus Estimate of $174.23 million by 2.35% [1]. - EPS for the quarter was $0.65, compared to $0.14 a year ago, representing a substantial increase [1]. - The EPS also surpassed the consensus estimate of $0.63 by 3.17% [1]. Revenue Breakdown - Rental income was reported at $174.18 million, exceeding the average estimate of $170.05 million by analysts, with a year-over-year change of 10.2% [4]. - Other property income reached $1.35 million, significantly higher than the estimated $0.78 million, reflecting a year-over-year increase of 101.1% [4]. - Fees and management income was reported at $2.78 million, slightly below the estimated $2.82 million, with an 8.5% year-over-year increase [4]. - Diluted net income per share was $0.21, compared to the estimated $0.19 [4]. Stock Performance - Over the past month, shares of Phillips Edison & Company have returned -0.5%, outperforming the Zacks S&P 500 composite, which saw a -5.1% change [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3].

分组1 - Phillips Edison & Company reported quarterly funds from operations (FFO) of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.60 per share a year ago, representing an FFO surprise of 3.17% [1] - The company posted revenues of $178.31 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.35%, compared to year-ago revenues of $161.3 million [2] - Over the last four quarters, Phillips Edison & Company has surpassed consensus FFO estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock has lost about 4.5% since the beginning of the year, while the S&P 500 has declined by 8.6% [3] - The current consensus FFO estimate for the coming quarter is $0.64 on revenues of $176.24 million, and for the current fiscal year, it is $2.55 on revenues of $711.59 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - The company reported a significant increase in revenue, achieving $X million, representing a Y% growth compared to the previous quarter[3]. - For the first quarter of 2025, net income attributable to stockholders was $26.3 million, or $0.21 per diluted share, compared to $17.7 million, or $0.14 per diluted share in Q1 2024, representing a 48.6% increase in net income[18][21]. - Nareit FFO for Q1 2025 was reported at $89.0 million, or $0.64 per diluted share, an increase of 11.2% from $80.1 million, or $0.59 per diluted share in Q1 2024[22][23]. - Core FFO for Q1 2025 was $90.8 million, or $0.65 per diluted share, also reflecting an 11.2% increase from $81.7 million, or $0.60 per diluted share in Q1 2024[24]. - The company reported a decrease in operational costs by I%, improving overall profitability margins[3]. - The company has set a performance guidance of F million for the next fiscal year, reflecting a G% increase from the current year[3]. - The company updated its 2025 earnings guidance, projecting net income per share between $0.58 and $0.63, and Nareit FFO per share between $2.47 and $2.54[37]. User Engagement and Activity - User data showed an increase in active users, reaching Z million, which is a W% increase year-over-year[3]. - The company provided an optimistic outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[3]. - The company reported a significant increase in leasing activity, with several properties achieving over 95% occupancy in the last quarter[102]. Acquisitions and Investments - A strategic acquisition was completed, expected to enhance the company's market position and add E million in annual revenue[4]. - The company engaged in acquisition activity totaling $146,445 thousand in Q1, with a full-year target of $350,000 - $450,000 thousand[123]. - The company is investing D million in research and development for innovative technologies aimed at enhancing user experience[3]. - The company has several active capital projects with a total estimated cost of $46,875,000, targeting yields between 9% and 12%[75]. Property and Portfolio Management - The company executed 234 leases totaling approximately 1.5 million square feet in Q1 2025, with new leases showing a rent spread of 28.1% and renewal leases at 20.8%[28][29]. - The company has a total of 5,779 leases expiring, with 32,897 thousand square feet, representing 100% of leased GLA, and an average ABR of $15.94 PSF[101]. - The overall leased occupancy rate is 97.1%, with anchor spaces at 98.4% and inline spaces at 94.6%[93]. - The company has properties in multiple states, including Florida and Colorado, showcasing a broad market presence and potential for expansion[104][105]. Financial Guidance and Liquidity - The company has approximately $760 million in total liquidity, including $7.9 million in cash and $751.8 million in borrowing capacity on its revolving credit facility[33]. - Total liabilities amounted to $2,427,719,000, with debt obligations constituting $2,304,162,000[125]. - The company reported a net interest expense of $25,672,000 for the first quarter of 2025, compared to $23,335,000 in the same period of 2024, indicating an increase of about 10.0%[70]. Sustainability and Strategic Focus - The company is focusing on sustainability initiatives, allocating H million towards eco-friendly practices and technologies[3]. - The company is exploring potential partnerships to further expand its market reach and enhance service offerings[3]. - The company plans to continue its strategy of acquiring and developing properties in key markets to enhance its growth potential[102]. Market Position and Future Outlook - The company reported a total of 1,200,000 square feet of Gross Leasable Area (GLA) across various properties, with an average occupancy rate of 95.2%[106]. - Future strategies may include further market expansion and potential acquisitions to enhance portfolio diversity and revenue streams[104][105]. - The company is focused on maintaining high occupancy rates, with several properties exceeding 95% leased status, which is critical for revenue stability[104][105].

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) reported strong financial results for Q1 2025, with net income of $26.3 million, or $0.21 per diluted share, reflecting a significant increase from the previous year [1][4]. Financial Results - Q1 2025 net income attributable to stockholders was $26.3 million, up from $17.7 million in Q1 2024 [4]. - Nareit FFO for Q1 2025 increased by 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share in Q1 2024 [5]. - Core FFO for Q1 2025 also rose by 11.2% to $90.8 million, or $0.65 per diluted share, compared to $81.7 million, or $0.60 per diluted share in Q1 2024 [6]. Operational Highlights - Same-center NOI increased by 3.9% year-over-year to $115.1 million [8]. - The company reported a strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2% [7]. - Executed new leases at a rent spread of 28.1% and renewal leases at a rent spread of 20.8% during the quarter [7][11]. Portfolio Overview - As of March 31, 2025, PECO's portfolio consisted of 298 properties totaling approximately 33.5 million square feet across 31 states, an increase from 284 properties totaling 32.4 million square feet a year earlier [9]. - The company acquired six shopping centers for a total of $146.4 million and sold one for $24.9 million during the quarter [7][12]. Balance Sheet Highlights - As of March 31, 2025, PECO had approximately $760 million in total liquidity, including $7.9 million in cash and $751.8 million in borrowing capacity on its revolving credit facility [14]. - The company's net debt to annualized adjusted EBITDAre was 5.3x, compared to 5.0x at the end of 2024 [15]. 2025 Guidance - PECO affirmed its full-year 2025 earnings guidance, projecting Nareit FFO per share between $2.47 and $2.54, and Core FFO per share between $2.52 and $2.59 [18]. - The midpoint of full-year 2025 same-center NOI guidance represents a growth of 3.25% year-over-year [7].

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) reported strong financial results for Q1 2025, with net income of $26.3 million, or $0.21 per diluted share, reflecting a significant increase from the previous year [1][4]. Financial Results - Net income attributable to stockholders for Q1 2025 was $26.3 million, up from $17.7 million in Q1 2024, representing a 48.6% increase [4]. - Nareit Funds from Operations (FFO) increased by 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share, in Q1 2024 [5][7]. - Core FFO for Q1 2025 was $90.8 million, or $0.65 per diluted share, up from $81.7 million, or $0.60 per diluted share, in Q1 2024 [7]. Operational Highlights - Same-center Net Operating Income (NOI) increased by 3.9% to $115.1 million compared to $110.7 million in Q1 2024 [8]. - The company reported a strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2% as of March 31, 2025 [9]. - During Q1 2025, PECO executed 234 leases totaling approximately 1.5 million square feet, with new leases showing a rent spread of 28.1% and renewal leases at 20.8% [11][12]. Portfolio Activity - PECO acquired six shopping centers for a total of $146.4 million and sold one shopping center for $24.9 million during Q1 2025 [6][13]. - The company’s total portfolio consisted of 298 properties totaling approximately 33.5 million square feet as of March 31, 2025, compared to 284 properties totaling approximately 32.4 million square feet a year earlier [9]. Balance Sheet Highlights - As of March 31, 2025, PECO had approximately $760 million in total liquidity, including $7.9 million in cash and $751.8 million in borrowing capacity on its $1.0 billion revolving credit facility [17]. - The company’s net debt to annualized adjusted EBITDAre was 5.3x, compared to 5.0x at the end of 2024 [18]. 2025 Guidance - PECO affirmed its full-year 2025 earnings guidance, projecting Nareit FFO per share between $2.47 and $2.54, and Core FFO per share between $2.52 and $2.59 [21]. - The midpoint of full-year 2025 same-center NOI guidance represents a growth of 3.25% year-over-year [6].