Phillips Edison & Company announced strong financial and operating results for the second quarter and first half of 2025, leading to an increase in its full-year earnings guidance. Core FFO for Q2 2025 increased by 10.3% to $88.2 million, or $0.64 per diluted share, reflecting robust growth opportunities within its grocery-anchored portfolio.
Same-Center Net Operating Income (NOI) grew by 4.2% in Q2 2025 to $114.5 million, and by 4.1% for the first half of the year, reaching $229.6 million. This consistent internal growth is supported by strong retailer demand and PECO's market-leading operating metrics, including a leased portfolio occupancy of 97.4% as of June 30, 2025.
The company continued to demonstrate strong leasing momentum, with comparable new lease spreads at 34.6% and renewal spreads at 19.1% in Q2 2025. PECO also maintained an active acquisition strategy, completing $287 million in acquisitions to date at its share, including five wholly-owned shopping centers for $128.0 million in Q2.
PECO's balance sheet remains strong, with approximately $972 million in total liquidity and 95.0% of its total debt fixed-rate as of June 30, 2025. The recent $350 million senior notes offering in June further bolstered its financial flexibility, providing capital for continued growth and debt management.
Management increased its full-year 2025 guidance, now projecting Same-Center NOI growth between 3.1% and 3.6%. NAREIT FFO per share and Core FFO per share are expected to increase by 6.3% and 6% respectively over 2024 at the midpoint, underscoring confidence in sustained earnings growth and market-leading operating performance.
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