PECO
Phillips Edison & Company, Inc.35.31
-0.26-0.73%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A adds acquisition pipeline surge
Q&A reinforced prepared remarks on resilient leasing and $400M-$500M acquisitions but added pipeline surge—70% more opportunities YTD 2026 versus 2025—and 100-150 bps in-line occupancy upside via targeted leasing incentives. Everyday Retail emerges as a higher-return kicker, targeting $1B assets over three years at >10% unlevered IRRs through remerchandising to necessity-based tenants. Management favors property buys over buybacks, recycling $100M-$150M dispositions (e.g., 5.7% caps) into 9-10%+ deals; bad debt holds at 78 bps. Pipeline is surging. Positive tone persists; watch Everyday Retail execution and JV ramp.
Key Stats
Market Cap
4.89BP/E (TTM)
53.50Basic EPS (TTM)
0.66Dividend Yield
0.03%Recent Filings
8-K
Closes $350M notes offering
Phillips Edison's operating partnership closed a $350 million 4.750% senior notes offering due 2033 on February 26, 2026, fully guaranteed by the company. Net proceeds of ~$346.5 million will repay revolving credit, term loans, and fund property acquisitions and capex. Notes rank senior unsecured but subordinate to secured debt. Covenants limit new borrowing.
8-K
Declares $0.1083 monthly distributions
Phillips Edison & Company declared monthly distributions of $0.1083 per common share for March, April, and May 2026, payable April 1, May 1, and June 2 to record holders on March 16, April 15, and May 15. Board approved the payouts on February 12. Same rate applies to operating partnership units, with tax withholding.
10-K
FY2025 results
Phillips Edison capped FY2025 with a rock-solid portfolio at 97.3% leased, up from 97.7% occupancy last year, as inline spaces ticked higher to 95.1%. Same-center NOI climbed 3.8% annually, fueled by 23.3% comparable rent spreads (30.9% new, 20.7% renewals) and grocery anchors driving 95% of ABR. Q4 leasing momentum held firm with 92.9% retention; acquisitions totaled $361M while dispositions netted $122M for recycling. Liquidity swelled to $925M amid $2.4B debt (5.2x net debt/Adjusted EBITDAre). Q4 accelerated distributions 5.7% to $1.30 annualized. Tenant distress could stall leasing spreads.
8-K
PECO crushes 2025, guides higher
Phillips Edison crushed 2025 with Core FFO per share up 7.0% to $2.60 and same-center NOI surging 3.8%, fueled by record inline occupancy at 95.1% and new lease spreads of 34.3%. Net debt ticked to 5.2x annualized adjusted EBITDAre, yet liquidity holds at $925M. Guidance eyes Core FFO $2.71-$2.77. Momentum intact.
8-K
Updates 2025 guidance, adds 2026
Phillips Edison updated 2025 guidance ahead of its December 17 virtual Business Update, lifting net income per share to $0.80-$0.81 from $0.62-$0.65 while holding Core FFO per share steady at $2.59-$2.60. It unveiled 2026 prelims showing Nareit FFO per share at $2.65-$2.71 and same-center NOI growth of 3.00%-4.00%, with gross acquisitions eyed at $400,000-$500,000. Guidance hinges on market conditions.
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