NASDAQ$PECO
Phillips Edison & Company Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported solid first quarter 2023 results, with same-center NOI increasing and leased portfolio occupancy reaching a record high.
Phillips Edison & Company reported a strong first quarter in 2023, marked by a 4.9% increase in same-center NOI and a record-high leased portfolio occupancy of 97.5%. The company acquired four Publix-anchored neighborhood shopping centers for $78.7 million and executed a forward-starting interest rate swap to manage interest rate exposure.
- Nareit FFO was reported at $76.3 million, or $0.58 per diluted share.
- Core FFO reached $78.2 million, or $0.59 per diluted share.
- Same-center NOI increased by 4.9% year-over-year.
- Leased portfolio occupancy increased to a record-high 97.5%.
Headline financials
Revenue & EPS history
Phillips Edison · Revenue · Quarterly
$151M
Revenue by segment
Phillips Edison · $151M total across 3 segments · Q1 2023
- Rental Income$148M+6.5%97.8%
- Fees and Management Income$2.48M+0.7%1.6%
- Other Property Income$858K-10.1%0.6%
Forward guidance
The company reaffirmed its full-year earnings guidance based on current market conditions and assumptions, with revisions to net interest expense and non-cash revenue items.
Tailwinds
- Net income per share is projected to be $0.47 - $0.52.
- Nareit FFO per share is expected to be $2.23 - $2.29.
- Core FFO per share is anticipated to be $2.28 - $2.34.
- Same-Center NOI growth is forecasted at 3.0% - 4.0%.
- Acquisitions (net of dispositions) are planned for $200 million - $300 million.
Headwinds
- Net interest expense is expected to be $85 million - $90 million.
- G&A expense is projected to be $44 million - $48 million.
- Non-cash revenue items are estimated at $14 million - $19 million.
- Adjustments for collectibility are forecasted at $3.5 million - $4.5 million.
- The forward-looking statements are subject to market conditions and other factors that could cause actual results to differ materially.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.3%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.2%
Avg return
30 days after
43%
9 / 21 earnings
Positive
+5.7%
Q2 2021
Best reaction
-4.0%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | +2.0% | +3.2% | |
| Q4 2025 | -0.8% | -0.3% | +2.4% | |
| Q3 2025 | +0.6% | -1.0% | +2.5% | |
| Q2 2025 | -0.3% | +0.9% | +5.0% | |
| Q1 2025 | -0.4% | -1.5% | -3.6% | |
| Q3 2024 | -1.9% | +0.4% | +6.3% | |
| Q2 2024 | -0.1% | +5.2% | +7.1% | |
| Q1 2024 | -1.9% | -1.6% | -5.4% | |
| Q4 2023 | +0.7% | -0.7% | +3.6% | |
| Q3 2023 | +0.9% | +2.6% | +3.0% | |
| Q2 2023 | +1.6% | +0.6% | -4.1% | |
| Q1 2023 | -3.0% | -1.8% | -7.4% | |
| Q4 2022 | +2.1% | +3.6% | -4.9% | |
| Q3 2022 | +5.0% | +3.5% | +9.9% | |
| Q2 2022 | +0.4% | +0.9% | -0.4% | |
| Q1 2022 | -4.0% | -8.8% | -1.3% | |
| Q4 2021 | -1.7% | +0.2% | +3.6% | |
| Q3 2021 | +4.4% | +3.4% | +2.0% | |
| Q2 2021 | +5.7% | +8.0% | +7.6% | |
| Q1 2021 | +0.0% | +0.0% | +17.9% | |
| Q4 2020 | +0.0% | +0.0% | +0.0% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro