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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%.
Phillips Edison
Phillips Edison
Phillips Edison Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comFees and Management Income Revenue
CapyFin.comOther Property Income Revenue
CapyFin.com 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.
- The forward-looking statements are subject to market conditions and other factors that could cause actual results to differ materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income