Phillips Edison & Company, Inc. (NASDAQ:PECO) Q3 2024 Earnings Conference Call October 25, 2024 12:00 PM ET

Company Participants

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

Conference Call Participants

Jeffrey Spector - Bank of America Merrill Lynch
Caitlin Burrows - Goldman Sachs
Ravi Vaidya - Mizuho
Dori Kesten - Wells Fargo
Omotayo Okusanya - Deutsche Bank
Todd Thomas - KeyBanc Capital
Floris Van Dijkum - Compass Point
Juan Sanabria - BMO Capital Markets
Michael Mueller - JPMorgan
Ronald Kamden - Morgan Stanley
Paulina Rojas - Green Street

Operator

Good day and welcome to Phillips Edison & Company's Third Quarter 2024 Earnings Call.

Please note that 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After today's call, an archived version will be published on our website.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.

In our discussion today, we'll 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 3.2%, Nareit FFO per share growth increased 9.1%, and Core FFO per share growth increased 6.9%. The ongoing strength of our performance is attributable to our differentiated and focused strategy.

PECO owns right-sized, high-quality, grocery-anchored neighborhood shopping centers. These centers are anchored by the Number #1 or #2 grocer by sales in a market. Our results are generated at the property level. They are driven by our integrated operating platform and our exceptional, locally smart, and cycle-tested team. The entire PECO team continues to drive significant value at the property level. You can see that reflected in our sector leading operating metrics. The experience and talent on PECO's team is significant.