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Mar 31, 2022
Phillips Edison Q1 2022 Earnings Report
Phillips Edison reported strong first quarter results and raised its 2022 core FFO per share guidance.
Key Takeaways
Phillips Edison & Company reported net income attributable to stockholders of $10.1 million, or $0.09 per diluted share, for the three months ended March 31, 2022. The company achieved robust same-center NOI growth of 6.8%, executed leases with combined new and renewal lease spreads of 18.7%, and expanded its portfolio by acquiring over $100 million of grocery-anchored real estate. As a result, the company raised the low end of its guidance for 2022 Core FFO per share from $2.16 to $2.18 while reaffirming the high end of $2.24.
Nareit FFO totaled $67.1 million, or $0.52 per diluted share.
Core FFO totaled $72.6 million, or $0.56 per diluted share.
Same-center NOI increased 6.8% versus the first quarter ended March 31, 2021.
Leased portfolio occupancy as of March 31, 2022 was 96.2%.
Revenue by Segment
Forward Guidance
PECO has updated certain components of its guidance for the year ending December 31, 2022, and the Company is reaffirming its guidance on net acquisitions. The 2022 guidance has been updated to reflect the following: Strong new and renewal leasing spreads; Accelerated timing of acquisition activity for the year; and Anticipated increases in borrowing costs.
Positive Outlook
- Net income per share between $0.29 - $0.35
- Nareit FFO per share between $2.07 - $2.13
- Core FFO per share between $2.18 - $2.24
- Same-Center NOI growth between 3.25% - 4.0%
- Acquisitions (net of dispositions) between $300 - $400 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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