Phillips Edison reports Q1 core FFO 65c, consensus 63c

Reports Q1 revenue $178.31M, consensus $174.23M. Jeff Edison, chairman and CEO stated: “We are pleased to report another solid quarter of results, driven by strong retailer demand and significant value creation across our grocery-anchored shopping center portfolio. Same-center NOI increased by 3.9%, reflecting the stability and strength of our high-quality cash flows and our unique competitive advantages. Our centers are anchored by the #1 or #2 grocer by sales in the market, and 71% of our rents are from necessity-based goods and services. These advantages, combined with continued strong retailer demand, provide earnings stability and strong internal and external growth opportunities. PECO‘s focused strategy and disciplined approach position us well for sustained growth in an ever-changing macroeconomic environment.”