Phillips Edison & Company, Inc. (NASDAQ:PECO) Q1 2024 Earnings Conference Call April 26, 2024 ET

Company Participants

Kimberly Green - Head of IR
Jeff Edison - CEO
Bob Myers - President
John Caulfield - CFO

Conference Call Participants

Caitlin Burrows - Goldman Sachs
Lizzy Doykan - Bank of America
Ronald Kamden - Morgan Stanley
Ravi Vaidya - Mizuho
Michael Mueller - JPMorgan
Juan Sanabria - BMO Capital Markets
Dori Kesten - Wells Fargo
Tayo Okusanya - Deutsche Bank
Todd Thomas - KeyBanc Capital

Operator

Good day, and welcome to Phillips Edison & Company First Quarter 2024 Earnings Call. Please note this call is being recorded.

I will now turn the call over to Kimberly Green, Head of Investor Relations. Kimberly, you may begin.

Kimberly Green

Thank you, operator. I'm joined on this call by our Chairman and Chief Executive Officer, Jeff Edison; President, Bob Myers; and 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 Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our website. As a reminder, today's discussion may contain forward-looking statements about the company's view 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. And our discussion today 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 have been posted 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 3.7%, NAREIT FFO increased 4.9%, and core FFO increased 4.5%. The continued strength of our operating performance is attributable to our differentiated and focused strategy of owning grocer-anchored neighborhood shopping centers anchored by the number one or two grocer by sales in the market, the PECO team's ability to drive results at the property level, and the many advantages of the suburban markets where we operate our centers.