As of September 30, 2024, Phillips Edison & Company, Inc. reported total assets of $6.41 billion, reflecting an increase from $6.16 billion at the end of 2023. The company's net investment in real estate assets also rose to $4.70 billion, up from $4.62 billion in the previous fiscal period. However, total liabilities increased to $2.37 billion from $2.21 billion, with debt obligations climbing to $2.10 billion, compared to $1.97 billion at the end of 2023. This resulted in a decrease in total stockholders’ equity to $2.25 billion from $2.31 billion.
For the three months ended September 30, 2024, Phillips Edison reported rental income of $161.78 million, an increase from $149.57 million in the same period of 2023. Total revenues for this quarter were $165.53 million, up from $152.47 million year-over-year. However, net income for the quarter decreased to $12.90 million from $13.73 million in 2023, with net income attributable to stockholders falling to $11.60 million from $12.25 million.
For the nine months ended September 30, 2024, rental income increased to $478.13 million, compared to $446.27 million in 2023. Total revenues for this period were $488.34 million, up from $455.68 million in the previous year. Net income for the nine months slightly increased to $49.52 million from $48.57 million, while net income attributable to stockholders rose to $44.54 million from $43.32 million.
The company owned 290 real estate properties as of September 30, 2024, and held a 14% interest in Grocery Retail Partners I LLC, which owns 20 properties. During the nine months ended September 30, 2024, Phillips Edison acquired eight properties for a total of $205.00 million, significantly higher than the five properties acquired for $83.07 million in 2023.
Net cash provided by operating activities for the nine months was $250.71 million, an increase from $218.99 million in 2023. However, net cash used in investing activities rose to $(259.62 million) from $(146.34 million) in the previous year. Proceeds from the revolving credit facility increased to $372.00 million in 2024, up from $296.00 million in 2023. As of September 30, 2024, total debt obligations stood at $2.13 billion, compared to $1.99 billion at the end of 2023.
About Phillips Edison & Company, Inc.
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