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Jun 30, 2025
Phillips Edison Q2 2025 Earnings Report
Phillips Edison reported solid Q2 2025 results with high occupancy and increased Core FFO.
Key Takeaways
Phillips Edison posted $177.8 million in revenue and $12.8 million net income for Q2 2025, driven by strong leasing activity, 97.4% leased occupancy, and strategic acquisitions of grocery-anchored shopping centers.
Revenue rose to $177.8 million, up from $161.5 million YoY
Net income attributable to stockholders reached $12.8 million with EPS of $0.10
Same-center NOI grew 4.2% YoY, totaling $114.5 million
Acquired six shopping centers for $133.3 million during the quarter
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Phillips Edison raised its 2025 earnings guidance, expecting continued NOI growth, stable occupancy, and additional acquisitions.
Positive Outlook
- Raised Core FFO guidance midpoint to $2.58 per share
- Same-center NOI growth guidance increased to 3.35%
- Strong leasing spreads of 34.6% on new leases
- Acquisitions guidance reaffirmed at $350M–$450M for 2025
- Maintains high fixed-rate debt at 95% of total
Challenges Ahead
- Net income guidance remains below prior-year levels
- Increased net debt to Adjusted EBITDAre ratio to 5.4x
- Leased inline occupancy slightly declined to 94.8%
- Rising interest expense with $350M new senior notes at 5.25%
- Macro uncertainty may affect transaction market
Historical Earnings Impact
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Avg. Return Before/After Earnings
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