Phillips Edison & Company (PECO) investor relations material

Executive summary

• Net income attributable to stockholders rose 15.5% year-over-year to $30.4 million for Q1 2026, or $0.24 per diluted share, with total revenues up 7.0% to $190.7 million, driven by higher rental income and acquisitions.

• NAREIT FFO per share increased 4.7% to $0.67, and Core FFO per share rose 6.2% to $0.69, with same-center NOI up 3.5% year-over-year.

• Portfolio consists of 326 grocery-anchored neighborhood centers, 97%+ leased, with $7.8B enterprise value as of March 31, 2026.

• Strategic focus on necessity-based retail, with 74% of ABR from such tenants and strong presence in Sun Belt and high-growth U.S. cities.

• Acquired $125.5M–$185M in assets during the quarter, completed a $350M public debt offering, and executed 246 new and renewal leases with robust rent spreads.

Financial highlights

• Q1 2026 NAREIT FFO: $92.9M ($0.67/share); Core FFO: $96.4M ($0.69/share); net income per share: $0.24.

• Same-center NOI grew 3.5% year-over-year to $122.3M, driven by higher rents and occupancy.

• Rental income increased by $12.1M (6.9%) year-over-year, with $6.4M from same-center growth and $5.7M from acquisitions.

• Portfolio occupancy at 97.1% overall, with anchor occupancy at 98.4% and inline at 95%.

• Dividend yield of 3.5% as of March 31, 2026, based on an annualized rate of $1.30 per share.

Outlook and guidance

• Raised full-year 2026 NAREIT FFO guidance midpoint to $2.69 per share (5.9% growth), and Core FFO to $2.75 per share (5.8% growth).

• Same-center NOI growth for 2026 expected between 3.0% and 4.0%.

• Gross acquisitions guidance for 2026: $400M–$500M.

• Net income per share guidance for 2026: $0.79–$0.81.

• Long-term targets: 3%-4% same-center NOI growth and mid to high single-digit Core FFO per share growth.