Company Structure and Operations - As of December 31, 2025, the company had approximately 320 associates located in 23 states, primarily in Cincinnati, Ohio[24]. - Approximately 70% of the company's Annual Base Rent (ABR) was generated from Neighbors providing necessity-based goods and services to local communities as of December 31, 2025[26]. Financial Performance - The company issued no common stock during the year ended December 31, 2025, while in 2024, it issued 1.9 million shares for net proceeds of $73.8 million[246]. - Cash used for distributions to common stockholders and OP unit holders increased by $24.7 million during the year ended December 31, 2025, compared to the same period in 2024[246]. Interest Rate Management - As of December 31, 2025, the company had one interest rate swap that fixed SOFR on $200 million of its unsecured term loan facilities[248]. - The company had not fixed the interest rate on $376.8 million of its unsecured debt, exposing it to potential rising interest rates, which could increase annual interest expense by approximately $3.8 million for a one percentage point increase[249]. - The company entered into an interest rate swap in January 2024 with a notional amount of $150 million, swapping SOFR for a fixed rate of approximately 3.45% effective from September 2024[248]. Environmental and Corporate Responsibility - The company’s environmental management strategy includes initiatives for greenhouse gas emissions reduction, resource efficiency, and climate risk assessment[25]. - The company’s Corporate Responsibility and Sustainability Program is based on four pillars: People & Culture, Environmental Management, Centers & Economic Impact, and Oversight & Ethics[23]. Regulatory Environment - The company is subject to various governmental regulations that can materially impact its capital expenditures and earnings[21].

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Core Insights - PECO reported strong demand for necessity-based retail, achieving record-high occupancy rates and strong leasing activity in 2025 [1][4] - The company anticipates continued mid-single-digit growth in earnings for 2026, with specific guidance on net income and FFO growth [2][3][7] Leasing and Occupancy - In 2025, PECO executed 1,026 leases totaling approximately 6 million square feet, ending the year with a portfolio occupancy of 97.3%, anchor occupancy at 98.7%, and inline occupancy at a record 95.1% [1][6] - The company reported renewal rent spreads of 20% and new leasing rent spreads of 34.3% for the fourth quarter [7] Financial Guidance - CFO John Caulfield provided 2026 guidance of net income between $0.74 and $0.77 per share, with same-center NOI growth projected at 3% to 4% and Nareit FFO per share growth of 5.5% at the midpoint [2][7] - Management expects core FFO per share to grow by 5.4% year-over-year at the midpoint, without assuming any equity issuance [2][7] Capital Deployment and Strategy - PECO plans to prioritize acquisitions and redevelopment, with 2026 acquisition guidance set at $400 million to $500 million and redevelopment spending of approximately $70 million [5][12] - The company aims for an unlevered IRR of 9% for grocery-anchored acquisitions and above 10% for everyday retail centers [12] Market Conditions and Competitive Landscape - PECO is experiencing increased competition for grocery-anchored assets but also sees a rise in available opportunities, with a 200% increase in new potential opportunities in 2025 compared to 2024 [14] - Management believes there is still potential for occupancy growth, with expectations of inline occupancy rising by 100 to 150 basis points [8] Financial Health and Liquidity - PECO ended 2025 with approximately $925 million in liquidity and a net debt to adjusted EBITDA ratio of 5.2x [18] - The company sold about $145 million in assets in 2025 and plans to sell an additional $100 million to $200 million in 2026 to reinvest in higher-return opportunities [17] Overall Outlook - PECO's grocery-anchored, necessity-based portfolio is expected to provide both growth and stability moving into 2026, with a focus on acquisitions and redevelopment [20]

Financial Data and Key Metrics Changes - The company reported a Nareit FFO per share growth of 7.2% and core FFO per share growth of 7% for 2025, with same-center NOI growth of 3.8% [5][18] - For 2026, guidance indicates mid-single digit growth rates for Nareit FFO and core FFO per share [5][20] Business Line Data and Key Metrics Changes - The company executed 1,026 leases totaling approximately 6 million square feet in 2025, with portfolio occupancy ending the year at 97.3% leased [12][18] - Comparable renewal rent spreads were reported at 20% in Q4, while comparable new leasing rent spreads were at 34.3% [13][18] Market Data and Key Metrics Changes - The company noted strong demand for necessity-based retail, with no signs of slowing, and high retention rates of 93% [11][12] - The company anticipates bad debt in 2026 to be in line with 2025, which was approximately 78 basis points of revenue [14][56] Company Strategy and Development Direction - The core business focuses on grocery-anchored shopping centers, with a disciplined acquisition strategy targeting an unlevered IRR of 9% for grocery-anchored acquisitions and above 10% for everyday retail centers [8][10] - The company plans to continue its development and redevelopment projects, with 20 projects under active construction and an estimated total investment of approximately $70 million [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the consumer and the strength of their portfolio, despite market concerns regarding consumer health and tariffs [5][18] - The company believes it can consistently deliver 3%-4% same-center NOI growth and achieve mid to high single-digit core FFO per share growth on a long-term basis [22] Other Important Information - The company has approximately $925 million of liquidity to support acquisition plans and aims to sell between $100 million and $200 million in assets in 2026 [20][21] - The company is focused on maintaining a high-quality portfolio while improving its long-term growth profile through strategic dispositions [21][70] Q&A Session Summary Question: Acquisition strategy and competition for grocery-anchored assets - Management acknowledged increased competition but noted a high level of confidence in reaching acquisition targets due to a balanced market [25][26] Question: Update on the Ocala development parcel - Management highlighted the growth in the Ocala market and expected unlevered returns above 9.5%-10% on the project [28][29] Question: Portfolio occupancy and leverage in renewal negotiations - Management indicated that high occupancy levels provide leverage in negotiations, with expectations for continued growth in inline stores [33][35] Question: Everyday retail acquisition strategy - Management sees everyday retail as a unique opportunity but emphasizes a disciplined approach to ensure high returns [39][40] Question: Capital deployment alternatives - Management discussed the potential for ground-up development and share buybacks, noting that acquisitions remain a priority [44][46] Question: Impact of Amazon's store closures on grocery demand - Management expressed that Amazon's struggles in brick-and-mortar retail do not significantly impact their grocery demand [49][50] Question: Bad debt expectations for 2026 - Management confirmed that bad debt levels are expected to remain consistent with 2025, with no significant concerns [56][57] Question: Credit rating and cost of debt - Management believes they are an underrated credit and is focused on increasing scale to improve their credit rating [60][61] Question: Disposition strategy and cap rates - Management outlined a strategy of trading out stabilized assets for higher return opportunities, with expectations for cap rates in the 5.5% to sub-5 range [68][70]

Financial Data and Key Metrics Changes - The company reported Nareit FFO per share growth of 7.2% and Core FFO per share growth of 7% for 2025, with same-center NOI growth of 3.8% [5][18] - For 2026, guidance indicates mid-single digit growth rates for Nareit FFO and Core FFO per share [5][20] Business Line Data and Key Metrics Changes - The company executed 1,026 leases totaling approximately 6 million square feet in 2025, with portfolio occupancy ending the year at 97.3% leased [12][13] - Comparable renewal rent spreads were reported at 20% in Q4, while new leasing rent spreads were strong at 34.3% [13] Market Data and Key Metrics Changes - The company noted strong demand for necessity-based retail, with no signs of slowing, and high retention rates of 93% [11][12] - The company anticipates bad debt in 2026 to be in line with 2025, which was approximately 78 basis points of revenue [14][56] Company Strategy and Development Direction - The core business focuses on grocery-anchored shopping centers, with a disciplined acquisition strategy targeting an unlevered IRR of 9% for grocery-anchored acquisitions and above 10% for everyday retail centers [8][10] - The company plans to continue its development and redevelopment projects, with 20 projects under active construction and an estimated total investment of approximately $70 million [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the consumer and the strength of their portfolio, despite market concerns about consumer health and tariffs [5][9] - The company believes it can consistently deliver 3%-4% same-center NOI growth and achieve mid to high single-digit core FFO per share growth on a long-term basis [22] Other Important Information - The company has approximately $925 million of liquidity to support acquisition plans and aims to sell between $100 million and $200 million in assets in 2026 [18][20] - The company sold approximately $145 million of assets in 2025 at PECO share [20] Q&A Session Summary Question: Expectations for acquisition volume and competition for grocery-anchored assets - Management acknowledged increased competition but noted a high level of confidence in reaching acquisition targets due to a balanced market [25][26] Question: Update on the Ocala development parcel and timing - Management expressed excitement about the Ocala market, with expectations for unlevered returns above 9.5%-10% on the project [28][29] Question: Occupancy levels and leverage in renewal negotiations - Management indicated that high occupancy levels provide leverage in negotiations, with expectations for continued growth in inline stores [32][35] Question: Capital deployment and stock buybacks - Management stated that while they consider share buybacks, they believe better returns can be achieved through acquisitions and redevelopment [45][46] Question: Impact of Amazon's store closures on grocery demand - Management noted that Amazon's struggles with brick-and-mortar retail do not significantly impact their grocery demand, as traditional grocers maintain strong market positions [49][50] Question: Bad debt expectations and visibility - Management confirmed that bad debt levels are consistent with previous expectations, with no significant concerns moving into 2026 [56][57] Question: Credit rating and cost of debt - Management believes they are an underrated credit and that scale will help improve their credit rating, which could lower their cost of debt [60][61] Question: Disposition strategy and cap rates - Management outlined a strategy focused on trading out stabilized assets for higher return opportunities, with expectations for cap rates in the 5.5% to sub-5 range [68][70]

Financial Data and Key Metrics Changes - The company reported Nareit FFO per share growth of 7.2% and core FFO per share growth of 7% for 2025, with same-center NOI growth of 3.8% [3][11] - For 2026, guidance indicates mid-single digit growth rates for Nareit FFO and core FFO per share [3][12] - Fourth quarter Nareit FFO increased to $88.8 million or $0.64 per diluted share, while Core FFO increased to $91.1 million or $0.66 per diluted share [11] Business Line Data and Key Metrics Changes - The core business remains focused on grocery-anchored shopping centers, with a strong operating platform driving rent and NOI growth [5] - The company executed 1,026 leases totaling approximately 6 million square feet in 2025, with portfolio occupancy ending the year at 97.3% leased [7][9] - Comparable renewal rent spreads were 20% in Q4, and new leasing rent spreads were strong at 34.3% [8] Market Data and Key Metrics Changes - The company noted high demand for necessity-based retail with no signs of slowing, contributing to strong leasing activity [6] - The portfolio retention rate remained high at 93% at year-end, indicating strong tenant stability [8] - The company expects bad debt in 2026 to be in line with 2025, which was approximately 78 basis points of revenue [9] Company Strategy and Development Direction - The company aims to deliver gross acquisitions guidance of $400-$500 million in 2026, focusing on grocery-anchored opportunities and under-managed retail centers [4][10] - The company is committed to maintaining a disciplined acquisition strategy with targeted unlevered IRR of 9% for grocery-anchored acquisitions and above 10% for everyday retail centers [4][10] - Development and redevelopment projects are a key growth driver, with 20 projects under active construction and an estimated investment of $70 million [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the consumer and the strength of the grocery-anchored portfolio despite market uncertainties [3][12] - The company anticipates continued solid earnings growth, projecting net income guidance for 2026 in the range of $0.74-$0.77 per share [12][14] - Management believes that the company can consistently deliver 3%-4% same-center NOI growth and achieve mid to high single-digit core FFO per share growth on a long-term basis [14] Other Important Information - The company has approximately $925 million of liquidity to support acquisition plans as of December 31, 2025 [11] - The company sold approximately $145 million of assets in 2025 and plans to sell between $100 and $200 million in 2026 [13] - The company is focused on maintaining a high-quality portfolio while improving long-term growth profiles through strategic dispositions [14] Q&A Session Summary Question: Expectations for acquisition volume and competition for grocery-anchored assets - Management noted increased competition but also a high level of product on the market, maintaining confidence in reaching acquisition targets [16][17] Question: Update on the Ocala development parcel and other strategic land acquisitions - Management highlighted the growth in the Ocala market and the potential for strong returns on the project, with ongoing discussions for larger grocery-scale developments [20][21] Question: Insights on portfolio occupancy and leverage in renewal negotiations - Management indicated that high occupancy levels provide leverage in negotiations, with expectations for continued demand and potential for further increases in inline occupancy [24][25] Question: Capital deployment strategies beyond acquisitions - Management discussed the potential for ground-up development and share buybacks, emphasizing a focus on acquisitions and dispositions to manage capital effectively [35][38] Question: Impact of Amazon's store closures on grocery demand - Management acknowledged Amazon's challenges in brick-and-mortar retail but emphasized the strength of traditional grocers in the market [40][41] Question: Discussion on bad debt and expectations for 2026 - Management confirmed that bad debt levels are consistent with previous expectations, with no significant concerns noted [47][49] Question: Credit rating and cost of debt considerations - Management believes they are an underrated credit and is focused on increasing scale to improve credit ratings and reduce borrowing costs [52][54] Question: Insights on disposition strategy and market conditions - Management outlined a strategy focused on trading out stabilized assets for higher-return opportunities, with expectations for continued strong pricing in the disposition market [63][64]

Company Overview - Phillips Edison & Company, Inc. (PECO) is headquartered in Cincinnati and has experienced a price change of 6.33% this year [3] - The company currently pays a dividend of $0.33 per share, resulting in a dividend yield of 3.44%, which is lower than the REIT and Equity Trust - Retail industry's yield of 4.25% and higher than the S&P 500's yield of 1.36% [3] Dividend Performance - The current annualized dividend of PECO is $1.30, reflecting a 3.8% increase from the previous year [4] - Over the past 5 years, PECO has increased its dividend 5 times, achieving an average annual increase of 4.79% [4] - The company's current payout ratio is 51%, indicating that it pays out 51% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - PECO is projected to see earnings growth this fiscal year, with the Zacks Consensus Estimate for 2026 at $2.74 per share, representing a year-over-year growth rate of 5.38% [5] Investment Appeal - PECO is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [6]

Shoppes of Paradise Lakes | Miami, FL Suburb February 2026 Q4 2025 Earnings Presentation Safe Harbor and Non-GAAP Disclosures PECO's Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Privat ...

Core Insights - Phillips Edison & Company, Inc. (PECO) reported a revenue of $187.86 million for the quarter ended December 2025, marking an 8.6% year-over-year increase and exceeding the Zacks Consensus Estimate of $186.5 million by 0.73% [1] - The company achieved an EPS of $0.66, significantly higher than the $0.15 reported a year ago, also surpassing the consensus EPS estimate by 0.73% [1] Revenue Breakdown - Rental income was reported at $183.24 million, exceeding the average estimate of $181.23 million by analysts, reflecting an 8.1% year-over-year increase [4] - Other property income reached $1.24 million, compared to the estimated $0.9 million, representing a substantial 54% increase year-over-year [4] - Fees and management income totaled $3.38 million, surpassing the average estimate of $3.26 million, with a year-over-year growth of 21.2% [4] Stock Performance - Shares of Phillips Edison & Company have returned +5.7% over the past month, outperforming the Zacks S&P 500 composite, which saw a +0.5% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

分组1 - Phillips Edison & Company reported quarterly funds from operations (FFO) of $0.66 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.62 per share a year ago, with a surprise of +0.73% [1] - The company achieved revenues of $187.86 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 0.73%, and up from $173.05 million year-over-year [2] - The stock has gained approximately 4.6% since the beginning of the year, outperforming the S&P 500, which has gained 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.67 on revenues of $187.27 million, and for the current fiscal year, it is $2.74 on revenues of $765.76 million [7] - The REIT and Equity Trust - Retail industry, to which Phillips Edison & Company belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook [8] - The estimate revisions trend for Phillips Edison & Company was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6]