Q3 2024 Phillips Edison & Co Inc Earnings Call Transcript
Key Points
- Phillips Edison & Co Inc (PECO) reported a 3.2% increase in same-center NOI and a 9.1% growth in NAREIT FFO per share.
- The company maintains a high occupancy rate of 97.8%, with anchor occupancy at 99.4%.
- PECO has a strong acquisition pipeline, having acquired nine shopping centers and several land parcels for $211 million year-to-date.
- The company has a robust balance sheet with $752 million in liquidity and no significant debt maturities until 2027.
- PECO achieved a 19.8% increase in comparable renewal rent spreads, reflecting strong leasing demand and pricing power.
- The company faces higher interest expenses, which partially offset revenue gains from higher occupancy levels.
- There is a potential risk associated with the Kroger-Albertsons merger, which could impact Albertsons-anchored centers.
- In-line occupancy slightly decreased to 95%, indicating potential challenges in maintaining tenant retention.
- The company anticipates being at the high end of its uncollectible reserves range, suggesting potential bad debt concerns.
- Despite strong acquisition activity, the company may need to raise additional equity if acquisitions exceed $250 million.
Good day, and welcome to Phillips Edison & Company's third quarter 2024, earnings call. Please note that this call is being recorded.
I will now turn the call over to Kimberly Green, Head of Investor Relations. Kimberly, you may begin.
Thank you, operator. I'm joined on this call by our Chairman and Chief Executive Officer, Jeff Edison; President, Bob Myers; and Chief Financial Officer, John Caulfield. Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our website.
As a reminder, today's discussion may contain forward-looking statements about the company's view of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties as described in our SEC filings, specifically in our most recent Form 10-K and 10-Q.
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