NASDAQ$PECO
Phillips Edison & Company Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported solid growth in Q2 2023, driven by same-center NOI increase and record-high occupancy and renewal rent spreads. The company raised full year earnings guidance.
Phillips Edison & Company reported a strong second quarter in 2023, with net income attributable to stockholders totaling $14.5 million, or $0.12 per diluted share. Same-center NOI increased by 5.3%, and the leased portfolio occupancy reached a record-high of 97.8%. The company raised its full year earnings guidance, reflecting confidence in continued performance.
- Nareit FFO was reported at $75.9 million, or $0.58 per diluted share.
- Core FFO was reported at $77.7 million, or $0.59 per diluted share.
- Same-center NOI increased by 5.3% year-over-year.
- Leased portfolio occupancy increased by 100 basis points year-over-year to 97.8%.
Headline financials
Revenue & EPS history
Phillips Edison · Revenue · Quarterly
$152M
Revenue by segment
Phillips Edison · $152M total across 3 segments · Q2 2023
- Rental Income$149M+8.6%97.9%
- Fees and Management Income$2.55M-46.7%1.7%
- Other Property Income$611K+21.0%0.4%
Forward guidance
PECO updated its 2023 earnings guidance, based on the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2023.
Tailwinds
- Net income per share guidance updated to $0.51 - $0.55
- Nareit FFO per share guidance updated to $2.27 - $2.32
- Core FFO per share guidance updated to $2.30 - $2.36
- Same-Center NOI growth guidance updated to 3.75% - 4.50%
- Acquisitions (net of dispositions) guidance maintained at $200,000,000 - $300,000,000
Headwinds
- Development and redevelopment spend guidance lowered to $35,000,000 - $45,000,000
- Interest expense, net guidance maintained at $85,000,000 - $90,000,000
- G&A expense guidance maintained at $44,000,000 - $48,000,000
- Non-cash revenue items guidance updated to $16,000,000 - $19,000,000
- Adjustments for collectibility guidance updated to $3,000,000 - $4,000,000
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 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 |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| 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% | |
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| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — |
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