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Jun 30, 2022
Phillips Edison Q2 2022 Earnings Report
Phillips Edison reported second quarter 2022 results, highlighted by a record-high leased portfolio occupancy and increased same-center NOI.
Key Takeaways
Phillips Edison & Company reported a net income attributable to stockholders of $13.5 million, or $0.12 per diluted share, for the three months ended June 30, 2022. The company achieved a record-high leased portfolio occupancy of 96.8% and increased same-center NOI by 4.3% compared to the second quarter of 2021. Given these accomplishments, the company is raising its guidance for Net Income, Core FFO, and same-center NOI.
Nareit FFO totaled $71.1 million, or $0.55 per diluted share.
Core FFO totaled $71.8 million, or $0.56 per diluted share.
Leased portfolio occupancy as of June 30, 2022 increased to a record-high 96.8%.
Same-center NOI increased 4.3% versus the second quarter ended June 30, 2021.
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
PECO has updated earnings guidance for the year ending December 31, 2022 to reflect accelerated same-center NOI growth due to favorable leasing activity, favorable bad debt and straight-line rent impacts, the issuance to-date of common shares through the Company’s ATM program, and updated acquisition activity and debt transactions
Positive Outlook
- Accelerated same-center NOI growth due to favorable leasing activity
- Favorable bad debt impacts
- Favorable straight-line rent impacts
- The issuance to-date of common shares through the Company’s ATM program
- Net income per share is expected to be between $0.34 - $0.40
Challenges Ahead
- Updated acquisition activity
- Updated debt transactions
- Nareit FFO per share is expected to be between $2.09 - $2.15
- Core FFO per share is expected to be between $2.19 - $2.25
- Acquisitions (net of dispositions) are expected to be between $200 - $300 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income