Phillips Edison & Company Upgraded by Moody’s to ‘Baa2’ with Stable Outlook
09 Setembro 2024 - 8:00AM
Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the
“Company”), one of the nation’s largest owners and operators of
high-quality, grocery-anchored neighborhood shopping centers, today
announced that Moody's Ratings ("Moody's") upgraded its issuer
credit rating for PECO and the Company’s operating partnership,
Phillips Edison Grocery Center Operating Partnership I L.P., to
‘Baa2’ from ‘Baa3’, with a stable outlook.
In its public announcement, Moody’s noted:
“PECO's Baa2 ratings reflect its high-quality portfolio of open-air
neighborhood and community shopping centers, the resilient
operating cash flows generated by its grocery-anchored centers,
moderate leverage metrics, sound fixed charge coverage and good
liquidity.”
Moody’s added: “PECO's portfolio lease rate has
been consistently high, averaging 97.5% in the last four quarters,
and leasing spreads averaged a solid 28% in the same period. We
expect that PECO will continue to report good operating performance
over the next few quarters despite the slowing macroeconomic
environment because of its portfolio mix. The stable outlook
reflects our expectation that PECO's operating performance and
financial metrics including net debt to EBITDA and fixed charge
coverage will remain strong despite the slowing macroeconomic
environment.”
Jeff Edison, Chairman and Chief Executive
Officer of PECO stated: “The PECO team is pleased with the recent
upgrades from both Moody’s and S&P, which speak to the
continued strength of our operating performance. The PECO team is
well positioned to continue to deliver strong earnings growth,
market-leading operating metrics and long-term value creation.”
Connect with PECOFor additional
information, please visit https://www.phillipsedison.com/
Follow PECO on:Twitter at
https://twitter.com/PhillipsEdison Facebook at
https://www.facebook.com/phillipsedison.co Instagram at
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LinkedIn at
https://www.linkedin.com/company/phillipsedison&company
About Phillips Edison &
CompanyPhillips Edison & Company, Inc. (“PECO”) is one
of the nation’s largest owners and operators of grocery-anchored
neighborhood shopping centers. Founded in 1991, PECO has generated
strong results through its vertically-integrated operating platform
and national footprint of well-occupied shopping centers. PECO’s
centers feature a mix of national and regional retailers providing
necessity-based goods and services in fundamentally strong markets
throughout the United States. PECO’s top grocery anchors include
Kroger, Publix, Albertsons and Ahold Delhaize. As of June 30, 2024,
PECO managed 306 shopping centers, including 286 wholly-owned
centers comprising 32.6 million square feet across 31 states and
shopping centers owned in two institutional joint ventures. PECO is
focused on creating great omni-channel, grocery-anchored shopping
experiences and improving communities, one neighborhood shopping
center at a time.
PECO uses, and intends to continue to use, its
Investors website, which can be found at
https://investors.phillipsedison.com, as a means of disclosing
material nonpublic information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking StatementsThis
press release may contain certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements can generally be identified
by the Company’s use of forward-looking terminology such as “may,”
“will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,”
“continue,” “seek,” “objective,” “goal,” “strategy,” “plan,”
“focus,” “priority,” “should,” “could,” “potential,” “possible,”
“look forward,” “optimistic,” or other similar words. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Such statements are subject to known and unknown risks and
uncertainties, which could cause actual results to differ
materially from those projected or anticipated, including the risk
factors and other risks and uncertainties described in the
Company’s 2023 Annual Report on Form 10-K, filed with the SEC on
February 12, 2024, as updated from time to time in the Company’s
periodic and/or current reports filed with the SEC, which are
accessible on the SEC’s website at www.sec.gov. Except as required
by law, the Company does not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
InvestorsKimberly Green, Head
of Investor Relations(513) 692-3399, kgreen@phillipsedison.com
Phillips Edison (NASDAQ:PECO)
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