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Sep 30, 2023
Phillips Edison Q3 2023 Earnings Report
Reported solid growth driven by strong operating performance and strategic acquisitions.
Key Takeaways
Phillips Edison & Company reported a net income of $12.2 million, or $0.10 per diluted share, for the third quarter of 2023. The company saw a 3.2% increase in same-center NOI and maintained a high leased portfolio occupancy of 97.8%.
Reported Nareit FFO of $72.5 million, or $0.55 per diluted share.
Reported Core FFO of $77.0 million, or $0.58 per diluted share.
Increased same-center NOI year-over-year by 3.2%.
Increased leased portfolio occupancy by 70 basis points year-over-year to 97.8%.
Phillips Edison
Phillips Edison
Phillips Edison Revenue by Segment
Forward Guidance
PECO has updated its 2023 earnings guidance, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2023.
Positive Outlook
- Net income per share is expected to be $0.46 - $0.50
- Nareit FFO per share is expected to be $2.23 - $2.27
- Core FFO per share is expected to be $2.31 - $2.35
- Same-Center NOI growth is expected to be 3.75% - 4.50%
- Acquisitions (net of dispositions) are expected to be $250 million - $300 million
Challenges Ahead
- Interest expense, net is expected to be $85 million - $88 million
- G&A expense is expected to be $44 million - $47 million
- Non-cash revenue items are expected to be $15.5 million - $18.5 million
- Adjustments for collectibility are expected to be $3 million - $4 million
- Actual results could differ materially depending on market conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income