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Dec 31, 2025
Phillips Edison Q4 2025 Earnings Report
Phillips Edison & Company reported its financial and operating results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Phillips Edison & Company concluded 2025 with strong momentum, reporting a net income attributable to stockholders of $47.5 million for the fourth quarter, a significant increase from the previous year. The company also achieved robust growth in Nareit FFO and Core FFO per share, alongside a healthy increase in same-center NOI, driven by strong retailer demand for grocery-anchored shopping centers.
Net income attributable to stockholders for Q4 2025 was $47.5 million, or $0.38 per diluted share, a substantial increase from $18.1 million in Q4 2024.
Nareit FFO for the fourth quarter increased by 5.9% to $88.8 million, or $0.64 per diluted share.
Core FFO for the fourth quarter increased by 6.2% to $91.1 million, or $0.66 per diluted share.
Same-center NOI grew by 3.2% year-over-year for the fourth quarter, reaching $115.9 million.
Revenue by Segment
Forward Guidance
Phillips Edison & Company provided strong guidance for 2026, anticipating continued growth in Same-Center NOI, Nareit FFO per share, and Core FFO per share, consistent with their long-term targets. The company expects to maintain strong retailer demand and deliver solid growth.
Positive Outlook
- Expected Same-Center NOI growth between 3.00% and 4.00%.
- Projected Nareit FFO per share between $2.65 and $2.71.
- Anticipated Core FFO per share between $2.71 and $2.77.
- Gross acquisitions projected between $400 million and $500 million.
- Confidence in delivering solid growth well beyond 2026.
Challenges Ahead
- Net income per share guidance is between $0.74 and $0.77, which is lower than the FY 2025 actual.
- Interest expense, net, is projected to be between $117 million and $127 million, indicating potential higher financing costs.
- G&A expense is expected to be between $49 million and $53 million, representing ongoing operational costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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