Phillips Edison & Company Inc · Q1 2022 earnings

Briefing

Phillips Edison reported strong first quarter results and raised its 2022 core FFO per share guidance.

Phillips Edison & Company reported net income attributable to stockholders of $10.1 million, or $0.09 per diluted share, for the three months ended March 31, 2022. The company achieved robust same-center NOI growth of 6.8%, executed leases with combined new and renewal lease spreads of 18.7%, and expanded its portfolio by acquiring over $100 million of grocery-anchored real estate. As a result, the company raised the low end of its guidance for 2022 Core FFO per share from $2.16 to $2.18 while reaffirming the high end of $2.24.

• Nareit FFO totaled $67.1 million, or $0.52 per diluted share.
• Core FFO totaled $72.6 million, or $0.56 per diluted share.
• Same-center NOI increased 6.8% versus the first quarter ended March 31, 2021.
• Leased portfolio occupancy as of March 31, 2022 was 96.2%.

Headline financials

Revenue & EPS history

PECO has updated certain components of its guidance for the year ending December 31, 2022, and the Company is reaffirming its guidance on net acquisitions. The 2022 guidance has been updated to reflect the following: Strong new and renewal leasing spreads; Accelerated timing of acquisition activity for the year; and Anticipated increases in borrowing costs.