S&P Upgrades Phillips Edison & Company’s Rating Outlook to ‘Positive’ from ‘Stable’

CINCINNATI, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today announced that S&P Global Ratings (“S&P”) revised its rating outlook for PECO to ‘Positive’ from ‘Stable’ and affirmed the Company’s ratings, including the ‘BBB-’ Issuer Credit Rating.

In its public announcement, S&P stated: “Phillips Edison's solid operating results are a byproduct of its strategy to invest in omnichannel grocery-anchored centers and having the top or second-ranked grocer within target markets. Additionally, approximately 71% of the company's annualized based rent (ABR) is from necessity-based good and services. This focus on strong grocers and necessity-based retailers has helped drive consistent foot traffic and tenant interest in Phillips Edison's centers.”

In addition, S&P stated: “The company further displayed its commitment to operating with a conservative balance sheet by revising its long-term leverage target to 5.5x from 6.0x. Its leverage profile is supported by its well-laddered debt maturity profile, with no significant maturities until November 2025. The company has been operating with leverage below that target, supported by solid operating performance and external growth funded in a relatively leverage-neutral manner. The positive outlook reflects our expectation for continued solid operating performance.”

Connect with PECO
For additional information, please visit https://www.phillipsedison.com/

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About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored 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 September 30, 2023, PECO managed 295 shopping centers, including 275 wholly-owned centers comprising 31.4 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture. PECO is exclusively focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.