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Phillips Edison & Company
Phillips Edison & Company (PECO) investor relations material
Phillips Edison & Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Reported strong 2025 results with Nareit FFO per share growth of 7.2%, Core FFO per share up 7%, and same-center NOI growth of 3.8% year-over-year.
Operates 324 grocery-anchored neighborhood centers across 31 states, with 95% of ABR from such centers and 97% portfolio occupancy as of December 31, 2025.
Focuses on necessity-based retail, with 70% of ABR from essential goods and services and 83% from #1 or #2 grocers by sales in each market.
Portfolio occupancy ended 2025 at 97.3%, with anchor occupancy at 98.7% and inline occupancy at a record 95.1%.
Retention rate remained high at 93%, supporting strong economics and low tenant improvement costs.
Financial highlights
Fourth quarter Nareit FFO: $88.8 million ($0.64 per diluted share); Core FFO: $91.1 million ($0.66 per diluted share).
2025 acquisitions totaled $395.5 million across 1.9 million sq. ft. at 92.5% occupancy; 2025 dispositions totaled $145.4 million across 947K sq. ft.
Net debt to trailing 12-month adjusted EBITDA was 5.2x at year-end.
Liquidity at year-end 2025 was approximately $925 million.
Grocer sales PSF grew 4.9% in 2025 to $750, up 43% since 2019.
Outlook and guidance
2026 Nareit FFO per share guidance: $2.65–$2.71 (5.5% growth at midpoint); Core FFO per share: $2.71–$2.77 (5.4% growth at midpoint).
Net income guidance for 2026: $0.74–$0.77 per share; same-center NOI growth projected at 3–4%.
Targeting $400–$500 million in gross acquisitions and $100–$200 million in dispositions for 2026.
2026 guidance assumes no equity issuance; growth plans not dependent on equity capital markets.
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Next Phillips Edison & Company earnings date
Q1 202624 Apr, 2026
Phillips Edison & Company
Next Phillips Edison & Company earnings date
Q1 202624 Apr, 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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