Phillips Edison & Company (PECO) Q2 2025 Earnings Call July 25, 2025 12:00 PM ET Company ParticipantsKimberly Green - SVP & Head - IRJeffrey Edison - Chairman & CEORobert Myers - PresidentJohn Caulfield - CFO, Executive VP & TreasurerCaitlin Burrows - Vice PresidentSamir Khanal - Director - US REITsRonald Kamdem - MD & Head - US REITs and CRE ResearchMichael Muller. - Venture CapitalistJuan Sanabria - Managing DirectorRich Hightower - MD - U.S. REIT ResearchCooper Clark - VP - Equity ResearchFloris van Dijk ...

Company Overview - PECO's total enterprise value is $7.3 billion[7] - The company's dividend yield is 3.5%, based on an annualized rate of $1.23 per share[7] - PECO retains 94% of its portfolio[7] Portfolio Composition & Strategy - 70% of PECO's ABR (Annual Base Rent) comes from necessity-based neighbors[7] - 85% of PECO's ABR is anchored by 1 or 2 grocery sales[7] - Grocery/Pharmacy/Liquor account for 23% of imported COGS (Cost of Goods Sold)[34] Financial Performance & Guidance - PECO's Q2 2025 Net Income per Share is $0.31[54] - The company's Core FFO (Funds From Operations) per share for Q2 2025 is $1.29[54] - PECO projects a full-year 2025 Core FFO per share between $2.55 and $2.60[54] - Same-Center NOI (Net Operating Income) growth is guided between 3.10% and 3.60% for full-year 2025[54] Acquisition Activity - PECO's 2025 YTD (Year-to-Date) acquisitions total $279.7 million[54] - The company anticipates total acquisitions between $350 million and $450 million for full-year 2025[54] - PECO has acquired 1,173,733 GLA (Gross Leasable Area) in 2025 YTD acquisitions[52]

Key Takeaways KIM's Q2 FFO per share is projected to rise 2.4% year over year to 42 cents.Premium grocery-anchored centers are likely to support top-line growth and stable occupancy.Interest expenses are estimated to rise 7.5% Y/Y, potentially weighing on earnings.Kimco Realty Corporation (KIM) is slated to report second-quarter 2025 results on July 31, before the opening bell. The company’s quarterly results are likely to display year-over-year growth in revenues and funds from operations (FFO) per share.I ...

Investor Presentation July 2025 1 Disclaimer This presentation contains 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. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in the market for s ...

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION July 2025 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical ...

Key Takeaways Regency is expected to post year-over-year growth in Q2 revenues and FFO per share. The company's suburban, grocery-anchored portfolio likely supported rental income stability. Higher e-commerce adoption and interest expenses may offset some of Regency's Q2 performance.Regency Centers Corp. (REG) is slated to report second-quarter 2025 results on July 29, after the closing bell. The company’s quarterly results are likely to display year-over-year growth in revenues and funds from operations ...

Group 1 - The report by CBRE highlights that in the first half of 2025, Beijing's non-core business districts delivered two urban renewal projects, resulting in only 240,000 square meters of new commercial space [1] - In the second half of 2025, over 390,000 square meters of retail properties are expected to open in secondary business districts, including partially operational projects like Zhongguancun Daluocheng and Longfusi Phase II [1] - Despite a 3.7% decline in restaurant revenue from January to May 2025, the restaurant sector accounted for 48% of new store openings, indicating strong demand for dining establishments [1] Group 2 - The sports and outdoor retail category showed strong performance, with Anta's flagship store opening in Changping Super Extreme He Shenghui West District, contributing to a 4 percentage point increase in overall apparel retail store openings to 31% [2] - The overall net absorption of retail space in the city reached 162,000 square meters, with the vacancy rate rising by 0.2 percentage points to 7.5% [2] - Average rent for first-floor shopping centers continued to decline, dropping 0.7% to 30.8 yuan per square meter per day, particularly in secondary business districts due to intense competition and adjustments in projects [2]

Group 1 - The Macerich Company (MAC) shares have increased by 15.8% over the past three months, outperforming the industry's growth of 7.4% [1][8] - The company focuses on premium shopping centers located in affluent U.S. markets, which provides a solid opportunity for generating cash flows [2][8] - Macerich is enhancing asset quality and customer relationships through the adoption of an omnichannel retail model, which is crucial for fulfilling orders from mall-based stores [3] Group 2 - The company is implementing an aggressive capital-recycling program that involves divesting non-core assets and using the proceeds to invest in higher-growth properties, which will also reduce leverage [4][8] - The strategic plan includes business simplification through selective consolidation of joint ventures over time [4] - The positive trend in MAC's stock price is expected to continue in the near term due to these factors [5] Group 3 - The growing trend of online shopping may negatively impact Macerich's market share for brick-and-mortar stores [9] - Tenant bankruptcies, such as those filed by Forever 21 and Express, could affect the company's performance in upcoming quarters [9] - An elevated interest rate environment may lead to higher borrowing costs, impacting the company's ability to purchase or develop real estate [9]

Core Insights - Simon Property Group (SPG) has acquired Swire Properties' stake in Brickell City Centre's open-air shopping center, gaining full ownership and management of the asset, which is expected to enhance leasing and revenue growth, thereby creating shareholder value [1][9] Group 1: Acquisition Details - The acquisition includes a 500,000-square-foot retail asset within Brickell City Centre, which features over 90 retail stores and 15 dining locations across three city blocks [2][3][9] - Previously, SPG held a 25% non-managing interest in the retail space at Brickell City Centre [1] Group 2: Property Overview - Brickell City Centre is a mixed-use destination covering five million square feet, known for its architectural sophistication and completed in 2016 [2] - The shopping center is anchored by a Saks Fifth Avenue and includes a Casa Tua Cucina location, providing a diverse dining and entertainment experience [3] Group 3: Company Strategy - Simon Property has been restructuring its portfolio to focus on premium acquisitions and transformative redevelopments, including the complete takeover of The Mall Luxury Outlets from Kering and a multimillion-dollar redevelopment at Smith Haven Mall [4][5] - The company has been investing billions to enhance its properties and drive footfall [4] Group 4: Market Challenges - The company faces challenges from growing e-commerce adoption and a high debt burden, which may strain retailers' balance sheets amid macroeconomic uncertainty [6] - SPG's shares have declined by 3.4% over the past three months, slightly worse than the industry's decline of 3.1% [6]

Portfolio Highlights - The portfolio is concentrated in the DC to Boston corridor, the most densely populated region in the U S, with an average 3-mile population density of 200,000 people[1] - Grocers anchor 80% of the assets, generating sales of $900/ft[1,30] - Leased occupancy is 96 6%[7,10] - 90% of portfolio NOI is generated from properties situated in the D C to Boston corridor[19] Financial Performance and Growth - Targeting a long-term, annual growth rate of 4-5% per share in Funds from Operations as Adjusted[1] - A sector-leading pipeline of signed but not opened leases accounting for 9% of net operating income[4,68] - Redevelopment initiatives totaling $156 million, expected to deliver a 14% return[4,15,74,77] - Same-property NOI Growth with Redevelopment was 3 8% in 1Q25[9,15] - The company projects FFO as Adjusted to be between $1 37 and $1 42 per diluted common share for 2025[16,138] Strategic Capital Recycling - Since October 2023, the company acquired $552 million of high-quality shopping centers at a 7 2% cap rate and sold $452 million of non-core, low growth assets at a 5 2% cap rate[4,80,99]