Phillips Edison & Company, Inc. (NASDAQ:PECO) Q4 2022 Earnings Conference Call February 10, 2023 12:00 PM ET

Company Participants

Kimberly Green - Head of IR

Jeffrey Edison - Chairman and CEO

Devin Murphy - President

John Caulfield - CFO

Conference Call Participants

Craig Schmidt - Bank of America Merrill Lynch

Ravi Vaidya - Mizuho

Tayo Okusanya - Credit Suisse

Juan Sanabria - BMO Capital Markets

Todd Thomas - KeyBanc Capital Markets

Floris van Dijkum - compass point

Paulina Rojas - Green Street

Michael Mueller - JPMorgan

Ronald Kamdem - Morgan Stanley

Operator

Good day, ladies and gentlemen, and welcome to Phillips Edison & Company's Fourth Quarter and Full Year 2022 Earnings Conference Call. Please note that this call is being recorded. I would now like to turn the call over to Ms. Kimberly Green, Head of Investor Relations. Please go ahead, ma'am.

Kimberly Green

Thank you, operator. I'm joined on this call by our Chairman and Chief Executive Officer, Jeff Edison; our President, Devin Murphy; and our Chief Financial Officer, John Caulfield. Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our Investor Relations website.

As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties as described in our SEC filings, specifically in our most recent Form 10-K and 10-Q.

In our discussion today, we will reference certain non-GAAP financial measures. Information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in our earnings press release and supplemental information packet, which have been posted to our website.

Please note that we have also posted a presentation with additional information. Our caution on forward-looking statements also applies to these materials.

Now I'd like to turn the call over to Jeff Edison, our Chief Executive Officer. Jeff?

Jeffrey Edison

Thank you, Kim, and thank you, everyone, for joining us today.

The PECO team in 2022 delivered another year of strong growth with same-center NOI increasing by 4.5%. We continue to benefit from a number of positive macroeconomic trends that drive neighbor demand and support our growth, including hybrid work, migration to the Sunbelt and population shifts that favor suburban markets. These demand factors are further amplified because limited new supply is being delivered to the market. We accomplished a great deal in 2022 and have a lot to be proud of. At the macroeconomic level, the year presented many challenges with record inflation, rising interest rates and global conflict.