Core View - Phillips Edison & Company, Inc. (PECO) reported strong financial results for Q3 2025, with net income attributable to stockholders of $24.7 million, or $0.20 per diluted share, reflecting significant growth compared to the same period in 2024 [1][4] - The company increased its full-year 2025 earnings guidance, indicating confidence in continued growth driven by strong retailer demand for grocery-anchored shopping centers [3][20] Financial Results - For Q3 2025, net income attributable to stockholders was $24.7 million, up from $11.6 million in Q3 2024, representing a 112% increase [4] - Year-to-date net income for the nine months ended September 30, 2025, was $63.8 million, compared to $44.5 million for the same period in 2024, marking a 43% increase [4] - Nareit FFO for Q3 2025 increased by 9.4% to $89.3 million, or $0.64 per diluted share, compared to $81.6 million, or $0.60 per diluted share, in Q3 2024 [5][6] - Core FFO for Q3 2025 rose 7.3% to $90.6 million, or $0.65 per diluted share, compared to $84.4 million, or $0.62 per diluted share, in Q3 2024 [7] Operational Highlights - Same-center net operating income (NOI) for Q3 2025 increased by 3.3% to $115.5 million, compared to $111.8 million in Q3 2024 [8] - The company reported a strong leased portfolio occupancy of 97.6% and same-center leased portfolio occupancy of 97.9% as of September 30, 2025 [10] - The company executed 270 leases totaling approximately 1.7 million square feet in Q3 2025, compared to 268 leases totaling approximately 1.6 million square feet in Q3 2024 [12] Portfolio Overview - As of September 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties totaling approximately 34.0 million square feet, an increase from 290 properties totaling approximately 32.9 million square feet as of September 30, 2024 [9] - The company reported strong retention rates, with total portfolio retention at 93.9% for the quarter [5] Transaction Activity - PECO completed $376 million in acquisitions to date in 2025, with a full-year gross acquisitions guidance range of $350 million to $450 million [3][5] - Subsequent to the quarter end, the company acquired $74.2 million in assets, including two shopping centers and land for future development [5][16] Balance Sheet Highlights - As of September 30, 2025, PECO had approximately $977 million in total liquidity, including $5.8 million in cash and $970.8 million in borrowing capacity [18] - The company's trailing twelve-month net debt to annualized adjusted EBITDAre was 5.3x, compared to 5.0x at the end of 2024 [19]