PECO Q2 Core FFO $0.59/share; launches $300M JV with Cohen & Steers

Phillips Edison & Company, Inc.

2024-Q2 EPS reported $0.27 revenue$322,817,000

Q2 net income $15.3M ($0.12 diluted EPS); Nareit FFO $0.57, Core FFO $0.59 per share.
Same-center NOI +1.9% YoY; reaffirmed FY2024 Core FFO guidance $2.37-$2.45, same-center NOI +3.25%-4.25%.
Record leased inline occupancy 95.1%; portfolio new lease spreads +34.4%, renewal spreads +20.5%.
Completed $350M 5.750% senior notes due 2034; net debt/EBITDAre 5.1x; 91.4% fixed-rate debt.
Launched JV with Cohen & Steers (80/20 PECO) targeting $300M equity; first acquisition: Des Peres Corners anchored by Schnucks.

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