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Sep 30
Phillips Edison Q3 2025 Earnings Report
Phillips Edison delivered solid growth in Q3 2025 driven by higher rental income, strong occupancy, and record-high leasing spreads.
Key Takeaways
Phillips Edison & Company reported strong third-quarter 2025 results with net income of $24.7 million, Core FFO of $90.6 million, and record-high rent spreads. The company maintained high occupancy across its portfolio and raised its full-year 2025 earnings guidance, citing continued demand for grocery-anchored neighborhood shopping centers.
Net income increased to $24.7 million, or $0.20 per share, up from $11.6 million a year earlier.
Core FFO rose 7.3% year-over-year to $90.6 million, or $0.65 per diluted share.
Leased portfolio occupancy remained high at 97.6%, with same-center occupancy at 97.9%.
Executed new and renewal leases at record rent spreads exceeding 23%.
Phillips Edison
Phillips Edison
Phillips Edison Revenue by Segment
Phillips Edison Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comFees & Mgmt. Income Revenue
CapyFin.comOther Property Income Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Phillips Edison raised its full-year 2025 guidance, reflecting confidence in continued leasing momentum and solid same-center NOI growth.
Positive Outlook
- Raised full-year 2025 Core FFO per share guidance to $2.57–$2.61.
- Projected same-center NOI growth between 3.10% and 3.60%.
- Maintained strong balance sheet with $977 million in liquidity.
- Continued acquisition guidance of $350–$450 million in gross assets.
- Strong tenant demand for grocery-anchored centers supports stability.
Challenges Ahead
- Net debt to Adjusted EBITDAre increased slightly to 5.3x from 5.0x.
- Interest expense expected to rise to $108–$116 million for FY2025.
- G&A expenses projected to increase to $48–$52 million.
- Portfolio retention slightly below 94%, indicating moderate tenant turnover.
- Potential margin pressure from higher financing and operating costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income