Phillips Edison Q1 Core FFO Up 6.2% to $0.69, Raises 2026 Guidance
Phillips Edison reported Q1 net income of $30.4 million ($0.24 per share) with Core FFO up 6.2% year-over-year to $0.69 per diluted share and same-center NOI rising 3.5%. The REIT raised 2026 guidance by 5.8%–5.9% and acquired $125.5 million in shopping-center assets.
1. Q1 Financial Performance
Phillips Edison generated net income of $30.4 million, or $0.24 per diluted share, compared to $26.3 million, or $0.21 per share, in Q1 2025. Nareit FFO rose 4.7% to $0.67 per share and Core FFO increased 6.2% to $0.69, while same-center NOI climbed 3.5% to $122.3 million.
2. Updated 2026 Guidance
The company raised the midpoint of its full year 2026 Nareit FFO guidance by 5.9% and Core FFO guidance by 5.8% year-over-year, reflecting confidence in portfolio stability and continued growth opportunities within grocery-anchored shopping centers.
3. Leasing and Occupancy
Leased portfolio occupancy remained strong at 97.1%, with same-center occupancy at 97.3%. Renewal leases achieved a 21.2% rent spread, new leases delivered a 36.2% portfolio-wide spread and a record-high 37.9% inline spread during the quarter.
4. Acquisition and Capital Activities
During Q1 the company acquired $125.5 million in five shopping centers and development land, and post-quarter added $59.1 million in three centers and one outparcel. It also completed a $350 million 4.75% senior notes offering due 2033 to fund future growth.