Phillips Edison & Company, Inc. (NASDAQ:PECO) Q1 2023 Earnings Conference Call May 3, 2023 12:00 PM ET

Company Participants

Kimberly Green - Head, IR

Jeff Edison - Chairman & CEO

Devin Murphy - President

John Caulfield - CFO

Conference Call Participants

Craig Schmidt - Bank of America

Caitlin Burrows - Goldman Sachs

Tayo Okusanya - Credit Suisse

Mike Mueller - JP Morgan

Haendel St. Juste - Mizuho

Ronald Kamdem - Morgan Stanley

Juan Sanabria - BMO Capital Markets

Todd Thomas - KeyBanc Capital Markets

Floris van Dijkum - Compass Point

Paulina Rojas - Green Street

Operator

Good day, and welcome to Phillips Edison & Company's First Quarter 2023 Earnings Conference Call. Please note that this call is being recorded.

I'll now turn the conference over to Kimberly Green, Head of Investor Relations. Kimberly, you may begin.

Kimberly Green

Thank you, Operator. I'm joined on today’s call by our Chairman and Chief Executive Officer, Jeff Edison; our President, Devin Murphy; and our Chief Financial Officer, John Caulfield. Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be available on our Investor Relations website.

As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties as described in our SEC filings, specifically in our most recent Form 10-K and 10-Q.

In our discussion today, we will reference certain non-GAAP financial measures. Information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in our earnings press release and supplemental information packet, which are on our website. Please note that we have also posted a presentation with additional information. Our caution on forward-looking statements also applies to these materials.

Now, I'd like to turn the call over to Jeff Edison, our Chief Executive Officer. Jeff?

Jeff Edison

Thank you, Kim, and thank you, everyone, for joining us today.

The PECO team delivered another solid quarter of growth with same-center NOI increasing by 4.9% and achieving record highs in occupancy, renewal leasing spreads, and retention. The consistent strength of our operating performance is attributed to both our differentiated focus strategy of exclusively owning grocery-anchored neighborhood shopping centers and our team's ability to drive results at the property level.