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Jun 30, 2023
Phillips Edison Q2 2023 Earnings Report
Reported solid growth in Q2 2023, driven by same-center NOI increase and record-high occupancy and renewal rent spreads. The company raised full year earnings guidance.
Key Takeaways
Phillips Edison & Company reported a strong second quarter in 2023, with net income attributable to stockholders totaling $14.5 million, or $0.12 per diluted share. Same-center NOI increased by 5.3%, and the leased portfolio occupancy reached a record-high of 97.8%. The company raised its full year earnings guidance, reflecting confidence in continued performance.
Nareit FFO was reported at $75.9 million, or $0.58 per diluted share.
Core FFO was reported at $77.7 million, or $0.59 per diluted share.
Same-center NOI increased by 5.3% year-over-year.
Leased portfolio occupancy increased by 100 basis points year-over-year to 97.8%.
Revenue by Segment
Forward Guidance
PECO updated its 2023 earnings guidance, based on the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2023.
Positive Outlook
- Net income per share guidance updated to $0.51 - $0.55
- Nareit FFO per share guidance updated to $2.27 - $2.32
- Core FFO per share guidance updated to $2.30 - $2.36
- Same-Center NOI growth guidance updated to 3.75% - 4.50%
- Acquisitions (net of dispositions) guidance maintained at $200,000,000 - $300,000,000
Challenges Ahead
- Development and redevelopment spend guidance lowered to $35,000,000 - $45,000,000
- Interest expense, net guidance maintained at $85,000,000 - $90,000,000
- G&A expense guidance maintained at $44,000,000 - $48,000,000
- Non-cash revenue items guidance updated to $16,000,000 - $19,000,000
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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