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Mar 31
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.
Phillips Edison
Phillips Edison
Phillips Edison Revenue by Segment
Phillips Edison Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comFees and Management Income Revenue
CapyFin.comOther Property Income Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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.
- Increased leverage may limit future financial flexibility.