Phillips Edison reports Q2 EPS 12c, consensus 13c

Reports Q2 revenue $161.5M, consensus $162.02M.Reported Core FFO of $80M, or 59c per diluted share vs. consensus 60c…Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team delivered another solid quarter of growth and market-leading operating metrics. Year to date, same-center NOI increased by 2.8%, Nareit FFO increased 4.1% and Core FFO increased 3.7%. The continued strength of our operating performance is attributable to our differentiated and focused strategy of owning right-sized, grocery-anchored neighborhood shopping centers anchored by the #1 or #2 grocer by sales in a market, the PECO team’s ability to drive results at the property level and the many advantages of the suburban markets where we operate our centers. Based on the continued strong operating environment and health of our Neighbors, we are pleased to reaffirm our full year 2024 earnings guidance for Nareit and Core FFO per share, which represents year-over-year growth of 6.0% and 3.0% at the midpoints, respectively. In addition, we reaffirmed our full year 2024 earnings guidance for same-center NOI, which represents year-over-year growth of 3.75% at the midpoint.”