The company highlighted increased acquisitions and steady NOI growth amid evolving market conditions.

December 18, 2025

2025 Guidance Moves Higher

Phillips Edison & Company has revised its 2025 forecast upward and released a first look at its 2026 expectations. Both sets of numbers point to a strategy that remains steady—focused on growth, operational efficiency, and continued investment in its portfolio of grocery-anchored centers.

Here’s what changed for 2025: the company now expects net income per share between $0.80 and $0.81, a notable step up from its earlier range of $0.62 to $0.65. Core FFO per share is also moving slightly higher, now projected between $2.59 and $2.60. These updates reflect stronger fundamentals heading into year-end, as the company holds to its prior NOI growth range of 3.10% to 3.60%.

Acquisition activity for the year is expected to land around $400 million —tightening toward the middle of its earlier $350 to $450 million estimate. Operating assumptions such as interest expense and G&A costs remain consistent with prior guidance, suggesting stability across the capital structure and corporate operations.

2026 Forecast Builds on Momentum

The outlook for 2026 builds on this foundation. Net income per share is forecasted in the $0.74 to $0.77 range, while Core FFO is expected to rise to between $2.71 and $2.77. That points to continued earnings momentum, even with modest shifts in net income. Same-Center NOI growth is projected to come in between 3.00% and 4.00%, signaling confidence in rent collections and tenant retention across the portfolio.

The company is also planning to step up acquisition activity in 2026, targeting $400 to $500 million in gross transactions. Interest expense is expected to increase modestly, landing between $117 million and $127 million, while G&A is projected to range from $49 million to $53 million.

As with any forward-looking guidance, Phillips Edison has called out that market conditions could shift. These figures reflect what the company sees today and are tied to its assumptions about leasing activity, capital markets, and operating performance. Supporting materials are available through the company’s investor relations site following its December 17 virtual business update.

For now, both the updated 2025 guidance and the early read on 2026 show a business staying focused on execution—scaling the portfolio, keeping expenses in check, and maintaining consistent NOI growth across the board.