Business
Phillips Edison & Company Reports Fourth Quarter and Full Year 2022 Results; Provides 2023 Guidance
CINCINNATI, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and
About this update from Phillips Edison & Company, Inc.
[{"type":"text","content":"CINCINNATI, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored omni-channel neighborhood shopping centers, reported net income attributable to stockholders of $13.7 million, or $0.12 per diluted share, for the three months ended December 31, 2022, and net income attributable to stockholders of $48.3 million, or $0.42 per diluted share, for the full year ended December 31, 2022. Highlights for the Fourth Quarter Ended December 31, 2022 Nareit FFO totaled $70.6 million, or $0.54 per diluted shareCore FFO totaled $74.3 million, or $0.56 per diluted shareSame-center NOI increased 2.8% versus the three months ended December 31, 2021Leased portfolio occupancy increased by 30 basis points over the prior quarter to a record 97.4%Comparable new and renewal rent spreads were 36.3% and 13.9%, respectivelyAcquired two grocery-anchored shopping centers and one outparcel for $51.7 million and sold one property and one outparcel for $25.3 millionSubsequent to quarter end, acquired one additional grocery-anchored shopping center for $27.1 million Highlights for the Full Year Ended December 31, 2022 Nareit FFO totaled $280.7 million, or $2.15 per diluted shareCore FFO totaled $295.3 million, or $2.27 per diluted shareSame-center NOI increased 4.5% versus the full year ended December 31, 2021Comparable new and renewal leasing spreads were 32.2% and 14.6%, respectivelyAcquired seven properties and four outparcels for a total of $280.5 million, and sold $54.0 million, for net acquisitions of $226.5 million Management Commentary Jeff Edison, chairman and chief executive officer of PECO stated: “In 2022 our team delivered same-center NOI growth of 4.5% and grew occupancy to a record level of 97.4%. Our continued growth is a testament to our differentiated and focused strategy of exclusively owning grocery-anchored neighborhood shopping centers, our integrated operating platform, and the strength and resilience of our Neighbors.” “We continue to benefit from structural and macroeconomic trends that create strong tailwinds and retailer demand. These include population shifts from urban to suburban communities; the increase in hybrid work; the renewed importance of physical locations in last mile delivery; wage growth and low une...