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Phillips Edison & Company Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary17 Dec, 2025
Strategic growth initiatives and portfolio focus
Emphasizes long-term growth through internal and external opportunities, targeting 3-4% same-center NOI growth and mid- to high single-digit core FFO per share growth annually.
Core business remains grocery-anchored neighborhood shopping centers, with 95% of ABR from such assets and a focus on top grocers in strong suburban markets.
Everyday retail centers are a complementary growth area, aiming to reach 7-10% of the portfolio and $700 million-$1 billion in value over the next five years.
High neighbor satisfaction and retention rates (93% in 2025) support portfolio stability and lower tenant improvement costs.
Financial guidance and performance outlook
2025 guidance midpoints raised: NAREIT FFO per share up 7.0%, core FFO per share up 6.8%.
2026 guidance: same-center NOI growth of 3-4%, NAREIT FFO per share $2.65-$2.71 (up 5.7%), core FFO per share $2.71-$2.77 (up 5.6%).
Net income per share guidance for 2025 raised to $0.80–$0.81, and for 2026 set at $0.74–$0.77.
AFFO and FFO growth primarily driven by same-store NOI, with acquisitions contributing up to 75 basis points to annual growth.
Dividend yield targeted at 3.8%, with total shareholder returns of 10%+ on a long-term basis.
Leasing, occupancy, and rent growth dynamics
Occupancy among the highest in the sector, with potential for 100-150 basis points of inline occupancy growth over 2-3 years.
Rent spreads remain strong: new leases averaging 30%+ increases, renewals at 22-23% with 3-3.5% annual CAGRs.
Embedded rent bumps now contribute 100 basis points to NOI growth, expected to rise to 120-140 basis points over time.
Everyday retail centers show new leasing spreads of 45-46% and renewal spreads of 30%.
Grocery rebuilds' impact on rent growth
Everyday Retail target portfolio scale
Local Neighbors' Q3 2025 renewal spreads
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Next Phillips Edison & Company earnings date
Q4 20256 Feb, 2026
Next Phillips Edison & Company earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Grocery-Anchored Shopping Centers
Phillips Edison & Company (PECO) is a prominent name within the retail real estate sector, having been operational since 1991. Specializing in grocery-anchored shopping centers the company has 300 locations under its ownership across the United States, Phillips Edison's influence and market share in the country is vast. PECO is, like many similar companies, run as a Real Estate Investment Trust.
Origins and Expansion
Established in the early '90s by Jeffrey Edison and Michael Phillips, PECO's initial objective was to acquire and manage retail properties with potential for growth. The company's strategy largely revolved around identifying undervalued assets and enhancing their market value. In a market with other noteworthy competitors such as Simon Property Group and Kimco Realty, PECO carved a distinct path for itself by focusing primarily on properties that were anchored by grocery stores. Even if they’re not unique in this, it's an area that PECO has managed to perform well in over the years. One consistent aspect of PECO's growth trajectory has been its willingness to enter partnerships and perform acquisitions.
The Properties
PECO’s properties span a vast geographical footprint in the United States. Typically, the shopping centers they own and manage are strategically located in areas with high visibility and easy access, often at the intersection of major roads. The centers are typically a bustling environment with lots of traffic from both cars and pedestrians, with grocery stores being the primary draw, supplemented by an assortment of other retail establishments – from cafes and restaurants to fitness centers and specialty shops. Major grocery chains such as Kroger and similar establishments can lease their locations without needing to own the properties outright.
Peco Is a REIT
A Real Estate Investment Trust (REIT) is a company that specializes in owning, overseeing, or financing income-producing properties in diverse real estate segments. Designed to provide regular income streams, possible asset appreciation, and tax benefits, REITs issue shares to the public which can be traded on major stock exchanges. By law, they must distribute at least 90% of their taxable income to shareholders in the form of dividends.
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