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Mar 31, 2025
Phillips Edison Q1 2025 Earnings Report
reported solid Q1 results with strong leasing activity and stable occupancy, reaffirming its full-year guidance.
Key Takeaways
Phillips Edison delivered a strong Q1 2025 driven by robust leasing spreads, steady occupancy, and acquisition activity, while maintaining its full-year earnings guidance.
Net income rose to $26.3 million, reflecting higher rental income and efficient operations.
Core FFO reached $90.8 million, with $0.65 per diluted share.
Same-center NOI grew 3.9% year-over-year to $115.1 million.
Acquired six shopping centers totaling $146.4 million and sold one for $24.9 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reaffirmed its full-year 2025 guidance, expecting stable growth supported by leasing momentum and property acquisitions.
Positive Outlook
- Midpoint Core FFO guidance of $2.56 per share reflects strong operating performance.
- Same-center NOI growth expected to range between 3.00% and 3.50%.
- Planned acquisitions of $350M to $450M support external growth.
- Extended and upsized revolving credit facility to $1.0 billion.
- High leased occupancy (97.1%) provides earnings stability.
Challenges Ahead
- Net debt to adjusted EBITDAre increased to 5.3x from 5.0x in Q4 2024.
- Leased inline occupancy slightly declined from 94.8% to 94.6%.
- Interest expense increased to $25.7 million from $23.3 million YoY.
- G&A expenses rose to $12.1 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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