Q1 2025 Phillips Edison & Co Inc Earnings Call Transcript
Key Points
- Phillips Edison & Co Inc (PECO) reported a strong quarter with a 3.9% increase in same-center NOI.
- High occupancy rates were maintained, with portfolio occupancy at 97.1% and anchor occupancy at 98.4%.
- The company achieved record high in-line renewal rent spreads of 21.7% and new leasing rent spreads of 28.1%.
- PECO's focus on necessity-based goods and services, which make up 71% of ABR, provides insulation from potential tariff disruptions.
- The company has a strong acquisition pipeline and affirmed its guidance for $350 million to $450 million in gross acquisitions for the year.
- There are concerns about the impact of tariffs and potential economic recession on PECO's operations.
- The company faces challenges with upcoming swap expirations, which could increase variable rate exposure.
- Despite strong leasing activity, there is uncertainty in the capital markets that could affect future growth.
- The economic environment remains volatile, which could impact consumer behavior and retailer demand.
- PECO's stock is trading at a cap rate that is higher than the cap rates of recent acquisitions, indicating tighter investment spreads.
Good day, and welcome to Phillips Edison & Company's first quarter 2025 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After today's call, an archived version will be published on our website.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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