NASDAQ$PECO
Phillips Edison & Company Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported solid growth driven by strong operating performance and strategic acquisitions.
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%.
Headline financials
Revenue & EPS history
Phillips Edison · Revenue · Quarterly
$152M
Revenue by segment
Phillips Edison · $152M total across 3 segments · Q3 2023
- Rental Income$150M+4.7%98.1%
- Fees and Management Income$2.17M+4.2%1.4%
- Other Property Income$740K+3.4%0.5%
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.
Tailwinds
- 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
Headwinds
- 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
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 Q3 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% | |
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