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PHILLIPS EDISON & COMPANY ' Phillips Edison & Company Reports Third Quarter 2021 Results ; Raises Core FFO and Acquisitions Guidance November 4 , 2021 CINCINNATI , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- 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 $ 14.6 million , or $ 0.13 per diluted share , for the three months ended September 30 , 2021 . Highlights for the Third Quarter Ended September 30 , 2021 • Nareit FFO totaled $ 56.9 million , or $ 0.46 per diluted share • Core FFO totaled $ 66.4 million , or $ 0.54 per diluted share • Same - center NOI increased 8.7 % versus the third quarter ended September 30 , 2020 • Same - center NOI increased 4.3 % versus the comparable same - center NOI for the quarter ended September 30 , 2019 • Leased portfolio occupancy increased to 95.6 % , demonstrating a return to pre - COVID - 19 levels • Comparable new and renewal rent spreads were 14.1 % and 8.9 % , respectively • Acquired two grocery - anchored shopping centers for $ 48.3 million during the quarter ; subsequent to quarter end , acquired an additional two grocery - anchored shopping centers for $ 91.2 million • Issued 19,550,000 shares of common stock in an underwritten IPO , including the full exercise of the underwriters ' over - allotment option , at $ 28.00 per share , generating $ 547.4 million of gross proceeds • Closed a new $ 980 million senior unsecured credit facility • Net debt to annualized adjusted EBITDAre was 5.4x compared to 7.3x at December 31 , 2020 • Increased monthly distributions by 6 % to $ 0.09 per share for the distribution payable in November 2021 Subsequent Highlights • Completed upsized debut public offering of $ 350 million aggregate principal amount of 2.625 % senior notes due in 2031 • Issued 2020 Corporate Social Responsibility report • Authorized monthly distributions of $ 0.09 per share payable in December 2021 , January 2022 , and February 2022 Guidance Update ( see " Updated 2021 Guidance " section for more details ) • Raised full year 2021 core FFO guidance range to $ 2.14 - $ 2.18 per share from $ 2.10 - $ 2.16 per share • Raised full year 2021 same center NOI growth guidance range to 6.5 % - 7.0 % from 5.6 % - 6.8 % • Raised second half 2021 acquisition guidance range to $ 200 million - $ 270 million , and disposition guidance to $ 95 million $ 105 million Management Commentary " Our successful underwritten IPO during the quarter marks a significant milestone in PECO's 30 - year history , " stated Jeff Edison , chairman and chief executive officer of PECO . " The IPO , coupled with our recent capital markets activity , gives PECO one of the strongest balance sheets in the sector and positions us to meaningfully grow our portfolio through property acquisitions . " " Leased portfolio occupancy and collections have returned to pre - COVID levels , demonstrating the return to normal operations for PECO . We continue to experience healthy demand for our well - located retail space as new and renewal rent spreads were strong , and our portfolio retention was over 91 % for the quarter . We are confident that our experienced and cycle - tested team , together with our differentiated strategy of owning small format grocery anchored neighborhood centers , will continue to drive superior operational and financial results . "