In This Article:
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Net Income: Reported at $17.7 million for Q1 2024, surpassing estimates of $16.63 million.
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Earnings Per Share (EPS): Achieved $0.14 per diluted share, exceeding the estimated $0.13.
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Revenue: Totalled $158.07 million, slightly above the forecast of $157.80 million.
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Same-Center Net Operating Income (NOI): Increased by 3.7% year-over-year to $106.7 million.
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Portfolio Occupancy: Reported at 97.2%, with same-center leased portfolio occupancy at 97.5%.
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Acquisitions: Acquired two shopping centers and one land parcel for a total of $55.9 million.
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2024 Full Year Guidance: Affirmed, with Nareit FFO per share expected to range from $2.34 to $2.41 and Core FFO per share from $2.37 to $2.45.
On April 25, 2024, Phillips Edison & Co Inc (NASDAQ:PECO), a leading real estate investment trust specializing in grocery-anchored shopping centers, disclosed its financial results for the first quarter ended March 31, 2024. The company reported a net income of $17.7 million, or $0.14 per diluted share, surpassing the analyst's net income estimate of $16.63 million. This performance aligns with the estimated earnings per share (EPS) of $0.13, demonstrating a robust operational stance. For detailed insights, refer to the company's 8-K filing.
Company Overview
Phillips Edison & Co Inc is a real estate investment trust that invests primarily in grocery-anchored neighborhood and community shopping centers. With a portfolio that includes properties across 31 states, PECO leverages its integrated in-house operating platform to optimize property value and deliver a superior shopping experience.
Financial Highlights and Performance Metrics
The first quarter of 2024 saw PECO achieve a net income attributable to stockholders of $17.7 million, or $0.14 per diluted share, a slight increase from the $16.6 million reported in the same period last year. The company's revenue for the quarter stood at $158.07 million, closely aligning with the estimated $157.80 million, reflecting consistent operational efficiency.
Significant growth was noted in the company's Nareit Funds from Operations (FFO), which increased by 4.9% to $80.1 million, or $0.59 per diluted share. Core FFO also saw a rise of 4.5%, amounting to $81.7 million, or $0.60 per diluted share. These metrics are critical for REITs as they provide a clearer picture of the company's operational performance excluding the effects of depreciation and property sales.
PECO's portfolio occupancy remains robust at 97.2%, with a notable increase in leased inline occupancy which rose 50 basis points year-over-year to 94.8%. The company's focus on leasing to leading grocers in their respective markets has contributed to this high occupancy rate and underscores the resilience of PECOs business model amidst varying economic conditions.