Fri, Jul 26, 8:11 PM (43 days ago)
Phillips Edison & Company, Inc. (PECO) reported a 6.2% increase in total revenues to $161.5 million for Q2 2024, driven by a 6.6% rise in rental income. Property operating expenses rose by 11.0%, while real estate taxes increased by 5.9%. Interest expense surged 14.2% due to higher interest rates. Net income attributable to stockholders grew by 5.7% to $15.3 million. For the first half of 2024, total revenues increased by 6.5% to $322.8 million. Operating expenses rose by 4.0%, with notable increases in property operating expenses and real estate taxes. Interest expense jumped 17.0%, reflecting higher borrowing costs. Net income attributable to stockholders was up 6.0% to $32.9 million. PECO completed a $350 million bond offering in May 2024 with a 5.750% interest rate due in 2034. The company acquired four properties and two outparcels for $116.2 million and maintained a high leased occupancy rate of 97.5%. Cash flow from operating activities was $141.6 million, up 8.6%, while investing activities used $143.2 million. Net debt to Adjusted EBITDA re stood at 5.1x, and net debt to total enterprise value was 31.9%.