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Phillips Edison & Company (PECO) investor relations material
Phillips Edison & Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Delivered another quarter of solid growth, raising full-year 2025 guidance for NAIRI and Core FFO per share, with midpoints representing 6.8% and 6.6% year-over-year growth, respectively.
Net income attributable to stockholders rose 42.1% year-over-year to $63.8 million for the nine months ended September 30, 2025, driven by higher rental income and acquisitions.
Maintains the highest ownership percentage of grocery-anchored neighborhood shopping centers in its peer group, with 70% of annual base rent from necessity-based goods and services.
Strong leasing activity, high retention rates, and robust demand from retailers drive continued internal growth and portfolio stability, with record-high renewal rent spreads of 23.2% and a retention rate of 94% in Q3 2025.
Recognized for innovation, winning the 2025 Digie Award for Best Use of AI, and maintaining a robust corporate responsibility and sustainability program.
Financial highlights
Third quarter NAIRI FFO was $89.3 million ($0.64 per diluted share), up 9.4% year-over-year; Core FFO was $90.6 million ($0.65 per share), up 7.3%.
Nareit FFO per share guidance for 2025 is $2.51–$2.55, with 6.8% growth at the midpoint year-over-year; Core FFO per share guidance for 2025 is $2.57–$2.61, with 6.6% growth at the midpoint.
Portfolio occupancy ended the quarter at 97.6%, with anchor occupancy at 99.2% and same-store inline occupancy at 95%.
Same-center NOI for Q3 2025 increased 3.3% to $115.5 million; nine-month same-center NOI rose 3.8% to $344.8 million.
Dividend yield stands at 3.8% as of September 30, 2025, with a 27.5% dividend per share growth since IPO.
Outlook and guidance
Increased 2025 NAIRI and Core FFO per share guidance to 6.8% and 6.6% growth at the midpoint, respectively.
Reaffirmed 2025 same-center NOI growth guidance at 3.35% midpoint; expects 1%-2% growth in Q4 2025 due to prior year comparables.
Full-year gross acquisitions guidance reaffirmed; expects to remain within $350-$450 million range.
Management expects current sources of liquidity to be sufficient for both short- and long-term cash demands.
Interest expense expected at $110M–$120M, and G&A expense at $46M–$51M for the year.
Unanchored centers: What's the long-term plan?
How will dispositions impact portfolio growth?
Beyond occupancy, what drives NOI growth?
Detail the strategy for unanchored retail centers
Describe the disposition strategy for 2026
Outline inline occupancy upside potential
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Next Phillips Edison & Company earnings date
Status Update17 Dec, 2025
Next Phillips Edison & Company earnings date
Status Update17 Dec, 2025
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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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