Fri, Oct 25, 8:10 PM (69 days ago)
Phillips Edison & Company, Inc. (PECO) reported its financial results for the third quarter of 2024, showing a revenue increase to $165.5 million, up 8.6% year-over-year, primarily driven by higher rental income from acquisitions and existing properties. Net income attributable to stockholders declined slightly to $11.6 million, reflecting increased operating expenses, particularly in property operations and depreciation, which rose 12.6% to $126.5 million. Interest expenses also increased by 16.2% to $25.0 million due to higher debt levels and interest rates. As of September 30, 2024, total assets stood at $4.95 billion, with total liabilities at $2.37 billion, resulting in a debt-to-equity ratio of approximately 0.83. The company maintained a strong liquidity position with cash and equivalents of $9.3 million. PECO's portfolio consisted of 290 properties across 31 states, with a leased occupancy of 97.8%. The firm continues to focus on growth through acquisitions, having spent $205 million on new properties in 2024. Looking ahead, PECO faces potential challenges from inflation and market conditions but aims to leverage its grocery-anchored retail strategy to mitigate risks.