Phillips Edison & Company Reports First Quarter 2025 Results and Affirms Full Year Earnings Guidance

Core Viewpoint - Phillips Edison & Company, Inc. (PECO) reported strong financial results for Q1 2025, with net income of $26.3 million, or $0.21 per diluted share, reflecting a significant increase from the previous year [1][4]. Financial Results - Q1 2025 net income attributable to stockholders was $26.3 million, up from $17.7 million in Q1 2024 [4]. - Nareit FFO for Q1 2025 increased by 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share in Q1 2024 [5]. - Core FFO for Q1 2025 also rose by 11.2% to $90.8 million, or $0.65 per diluted share, compared to $81.7 million, or $0.60 per diluted share in Q1 2024 [6]. Operational Highlights - Same-center NOI increased by 3.9% year-over-year to $115.1 million [8]. - The company reported a strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2% [7]. - Executed new leases at a rent spread of 28.1% and renewal leases at a rent spread of 20.8% during the quarter [7][11]. Portfolio Overview - As of March 31, 2025, PECO's portfolio consisted of 298 properties totaling approximately 33.5 million square feet across 31 states, an increase from 284 properties totaling 32.4 million square feet a year earlier [9]. - The company acquired six shopping centers for a total of $146.4 million and sold one for $24.9 million during the quarter [7][12]. Balance Sheet Highlights - As of March 31, 2025, PECO had approximately $760 million in total liquidity, including $7.9 million in cash and $751.8 million in borrowing capacity on its revolving credit facility [14]. - The company's net debt to annualized adjusted EBITDAre was 5.3x, compared to 5.0x at the end of 2024 [15]. 2025 Guidance - PECO affirmed its full-year 2025 earnings guidance, projecting Nareit FFO per share between $2.47 and $2.54, and Core FFO per share between $2.52 and $2.59 [18]. - The midpoint of full-year 2025 same-center NOI guidance represents a growth of 3.25% year-over-year [7].