Phillips Edison & Company (PECO) investor relations material

Executive summary

• Net income attributable to stockholders rose to $41.1 million for Q2 2026, up from $12.8 million in Q2 2025, with $71.5 million for the first half of 2026, up from $39.1 million year-over-year.

• Nareit FFO per diluted share grew 8.1% year-over-year to $0.67; Core FFO per diluted share rose 7.8% to $0.69.

• Portfolio comprised 330 grocery-anchored centers, 97% leased, with record-high inline occupancy of 95.5% and 304 leases executed in Q2 2026.

• High demand for necessity-based retail drove occupancy gains, rent spreads, and operational excellence.

• Moody’s revised outlook to positive, reflecting strong operating performance and disciplined balance sheet management.

Financial highlights

• Q2 2026 net income: $41.1 million ($0.33/share); Nareit FFO: $93.7 million ($0.67/share); Core FFO: $95.5 million ($0.69/share), all up year-over-year.

• Same-center NOI increased 3.8% year-over-year, driven by higher average rents and economic occupancy.

• Record-high 95.5% leased and economic inline occupancy in Q2 2026.

• Gross acquisitions YTD totaled $278 million, with $119.9 million in dispositions.

• Net debt to annualized Adjusted EBITDAre was 5.1x as of June 30, 2026.

Outlook and guidance

• Raised full-year 2026 guidance: Nareit FFO per share midpoint up 6.3%, Core FFO per share midpoint up 6.2% year-over-year.

• Net income per share guidance raised to $0.95–$0.97.

• Same-center NOI growth guidance midpoint increased to 3.7%.

• Gross acquisitions guidance increased to $500–$600 million for 2026.

• No additional equity issuance assumed in current guidance.