Phillips Edison Q3 2021 Earnings Report
Key Takeaways
Phillips Edison & Company reported a net income of $14.6 million, core FFO of $66.4 million, and an increase in same-center NOI by 8.7% compared to the third quarter of 2020. The company also raised its full-year 2021 core FFO and same-center NOI growth guidance.
Nareit FFO totaled $56.9 million, or $0.46 per diluted share
Core FFO totaled $66.4 million, or $0.54 per diluted share
Leased portfolio occupancy increased to 95.6%, demonstrating a return to pre-COVID-19 levels
Acquired two grocery-anchored shopping centers for $48.3 million during the quarter
Phillips Edison
Phillips Edison
Phillips Edison Revenue by Segment
Forward Guidance
PECO raised full year 2021 core FFO guidance range to $2.14 - $2.18 per share from $2.10 - $2.16 per share. PECO raised full year 2021 same center NOI growth guidance range to 6.5% - 7.0% from 5.6% - 6.8%. PECO raised second half 2021 acquisition guidance range to $200 million - $270 million, and disposition guidance to $95 million - $105 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income