Phillips Edison & Company (PECO) Q3 2026 earnings summary

Executive summary

• Q3 same-center NOI grew 5.3%; Core FFO/share rose 9.2% and Nareit FFO/share rose 7.8%. Midpoint 2026 guidance increased for NOI and both FFO measures.

• Portfolio spans 328 properties and 37.4M sq. ft.; 94% of ABR comes from grocery-anchored centers and 74% from necessity-based tenants.

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

Financial highlights

• Q3 revenue rose 5.7% YoY to $193.1M; rental income increased 6.0% to $188.9M.

• Q3 Nareit FFO was $98.0M, or $0.69/share, and Core FFO was $100.7M, or $0.71/share; per-share growth was 7.8% and 9.2%, respectively.

• Q3 net income attributable to stockholders was $62.7M versus $24.7M, including a $40.6M property-disposal gain versus $4.3M a year earlier.

• 9M revenue was $573.4M, up 6.4%; diluted EPS was $1.05 versus $0.51, and Core FFO/share was $2.09 versus $1.94.

• 9M same-center NOI increased 4.3% to $361.8M; Q3 same-center NOI rose 5.3% to $122.4M.

Outlook and guidance

• Updated FY26 guidance: diluted EPS $1.21-$1.24, Nareit FFO/share $2.68-$2.72, and Core FFO/share $2.75-$2.79.

• FY26 same-center NOI guidance is 3.50%-4.00%, with 3.75% midpoint growth; midpoint Nareit and Core FFO/share growth is 6.3% and 6.5%.

• Gross acquisition guidance is $600M-$700M; disposition guidance is $175M-$210M, lowered from $200M-$250M.

• Q4 NOI growth is expected to reflect recovery-income timing; healthy rent growth is expected to continue, with higher Q4 G&A than Q3.

• 2027 priorities include internal growth, disciplined investment, cost-efficient capital raising and balance-sheet flexibility; further detail planned for Dec. 16.