Phillips Edison & Company, Inc. reported a notable increase in financial performance for the first quarter of 2025, with total revenues reaching $178.3 million, a 10.5% rise from $161.3 million in the same period last year. The growth was primarily driven by a $16.1 million increase in rental income, which amounted to $174.2 million, reflecting a 10.2% increase year-over-year. The company also reported net income of $28.9 million, or $0.21 per share, compared to $19.6 million, or $0.14 per share, in the prior year, marking a 47.2% increase in net income attributable to stockholders.
In terms of operational metrics, Phillips Edison expanded its portfolio, acquiring five properties for a total of $139.1 million during the quarter, compared to two properties acquired for $56.2 million in the same period last year. The company also sold one property for $24.9 million, resulting in a net gain of $5.6 million. As of March 31, 2025, the company owned 298 wholly-owned properties and had a total of 321 shopping centers, including those held through joint ventures, across 31 states.
The company’s total assets increased to $5.2 billion, up from $5.0 billion at the end of 2024, driven by higher investments in real estate. Total liabilities also rose to $2.5 billion, primarily due to increased debt obligations, which reached $2.3 billion, up from $2.1 billion at the end of the previous fiscal year. The weighted average interest rate on debt was reported at 4.4%, slightly up from 4.3% in the prior quarter.
Looking ahead, Phillips Edison remains focused on its strategy of investing in grocery-anchored shopping centers, which are expected to provide stable cash flows. The company anticipates that its ongoing investments in real estate and capital expenditures will continue to enhance its portfolio and operational performance. Management expressed confidence in the company’s ability to navigate potential economic challenges, including inflation and interest rate fluctuations, while maintaining its REIT status and meeting distribution requirements to shareholders.
About Phillips Edison & Company, Inc.
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