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Dec 31, 2022
Phillips Edison Q4 2022 Earnings Report
Reported an increase in net income and same-center NOI, with leased portfolio occupancy reaching a record high.
Key Takeaways
Phillips Edison & Company reported Q4 2022 results, featuring a net income of $13.7 million, or $0.12 per diluted share. Nareit FFO totaled $70.6 million, or $0.54 per diluted share and Core FFO totaled $74.3 million, or $0.56 per diluted share. Same-center NOI increased by 2.8% and leased portfolio occupancy reached a record 97.4%.
Nareit FFO totaled $70.6 million, or $0.54 per diluted share.
Core FFO totaled $74.3 million, or $0.56 per diluted share.
Same-center NOI increased 2.8% versus the three months ended December 31, 2021.
Leased portfolio occupancy increased by 30 basis points over the prior quarter to a record 97.4%
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 provided initial guidance for 2023, with net income per share expected to be between $0.47 and $0.52, Nareit FFO per share between $2.23 and $2.29, and Core FFO per share between $2.28 and $2.34. Same-Center NOI growth is projected to be between 3.0% and 4.0%.
Positive Outlook
- Net income per share is projected to be between $0.47 and $0.52.
- Nareit FFO per share is expected to range from $2.23 to $2.29.
- Core FFO per share is anticipated to be between $2.28 and $2.34.
- Same-Center NOI growth is forecasted to be between 3.0% and 4.0%.
- The company anticipates net acquisitions between $200 million and $300 million.
Challenges Ahead
- Interest expense, net, is projected to be between $83 million and $89 million.
- G&A expense is expected to be between $44 million and $48 million.
- Non-cash revenue items are projected to be between $15 million and $20 million.
- Adjustments for uncollectibility are expected to be between $3.5 million and $4.5 million.
- Future results could differ materially depending on market conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income