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Mar 31, 2023
Phillips Edison Q1 2023 Earnings Report
Reported solid first quarter 2023 results, with same-center NOI increasing and leased portfolio occupancy reaching a record high.
Key Takeaways
Phillips Edison & Company reported a strong first quarter in 2023, marked by a 4.9% increase in same-center NOI and a record-high leased portfolio occupancy of 97.5%. The company acquired four Publix-anchored neighborhood shopping centers for $78.7 million and executed a forward-starting interest rate swap to manage interest rate exposure.
Nareit FFO was reported at $76.3 million, or $0.58 per diluted share.
Core FFO reached $78.2 million, or $0.59 per diluted share.
Same-center NOI increased by 4.9% year-over-year.
Leased portfolio occupancy increased to a record-high 97.5%.
Revenue by Segment
Forward Guidance
The company reaffirmed its full-year earnings guidance based on current market conditions and assumptions, with revisions to net interest expense and non-cash revenue items.
Positive Outlook
- Net income per share is projected to be $0.47 - $0.52.
- Nareit FFO per share is expected to be $2.23 - $2.29.
- Core FFO per share is anticipated to be $2.28 - $2.34.
- Same-Center NOI growth is forecasted at 3.0% - 4.0%.
- Acquisitions (net of dispositions) are planned for $200 million - $300 million.
Challenges Ahead
- Net interest expense is expected to be $85 million - $90 million.
- G&A expense is projected to be $44 million - $48 million.
- Non-cash revenue items are estimated at $14 million - $19 million.
- Adjustments for collectibility are forecasted at $3.5 million - $4.5 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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