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EX - 99.1 2 pecopressreleaseex991q22021.htm EX - 99.1 Phillips Edison & Company Reports Second Quarter 2021 Results CINCINNATI - August 5 , 2021 - Phillips Edison & Company , Inc. ( Nasdaq : PECO ) ( " PECO " or the " Company " ) , one of the nation's largest owners and operators of grocery - anchored omni - channel neighborhood shopping centers , reported net income attributable to common stockholders of $ 5.6 million , or $ 0.06 per diluted share , and $ 5.7 million , or $ 0.06 per diluted share , for the three and six months ended June 30 , 2021 , respectively . All share and per share amounts have been adjusted to give retrospective effect to the one - for - three reverse stock split that was executed on July 2 , 2021 . Highlights for the second quarter ended June 30 , 2021 ( vs. the second quarter ended June 30 , 2020 ) • • • • • • • • • Rent and recovery collections from tenants ( " Neighbors " ) totaled over 98 % of monthly billings for the quarter Total revenues increased 11.8 % to $ 133.1 million Funds from operations attributable to stockholders and OP unit holders as defined by Nareit ( " Nareit FFO " ) increased 19.9 % to $ 59.9 million , or $ 0.56 per diluted share Core funds from operations ( " Core FFO " ) increased 24.3 % to $ 64.3 million , or $ 0.60 per diluted share Same - center net operating income ( " NOI " ) increased 10.5 % to $ 87.7 million Same - center NOI was 4.5 % higher than the comparable same - center NOI in Q2 2019 , illustrating growth since prior to the onset of the COVID - 19 pandemic Leased portfolio occupancy totaled 94.7 % , compared to 95.6 % at June 30 , 2020 Executed 124 new and 174 renewal and option leases totaling 1.4 million square feet Comparable new and renewal rent spreads were 18.5 % and 8.0 % , respectively ; combined rent spreads ( excluding options ) were 10.4 % Highlights for the six months ended June 30 , 2021 ( vs. the six months ended June 30 , 2020 ) • Total revenues increased 5.1 % to $ 263.5 million • ● • • Nareit FFO decreased 11.3 % to $ 104.9 million , or $ 0.98 per diluted share , primarily driven by the non - cash increase in the earn - out liability Core FFO increased 14.2 % to $ 127.8 million , $ 1.19 per diluted share Same - center NOI increased 4.6 % to $ 173.1 million Executed 277 new and 337 renewal and option leases totaling 2.8 million square feet Comparable new and renewal rent spreads were 15.3 % and 8.0 % , respectively ; combined rent spreads ( excluding options ) were 9.9 % Underwritten Initial Public Offering and Nasdaq Listing • • Subsequent to quarter - end , PECO completed its underwritten IPO of 19,550,000 shares of common stock , including the underwriters ' full exercise of the over - allotment option , at a price to the public of $ 28.00 per share , generating $ 547.4 million of gross proceeds PECO's common stock began trading on the Nasdaq Global Select Market under the ticker symbol " PECO " on July 15 , 2021 Subsequent Highlights • Closed a new $ 980 million senior unsecured credit facility comprised of a $ 500 million revolving credit facility and two separate $ 240 million unsecured variable rate term loans • With a portion of the offering proceeds , PECO repaid its $ 375 million term loan maturing in 2022 1