Phillips Edison (NASDAQ: PECO) lifts 2025 guidance and sets 2026 outlook

Rhea-AI Filing Summary

Phillips Edison & Company, Inc. is hosting a virtual Business Update and has raised its full-year 2025 outlook. The company now expects net income per share of $0.80–$0.81, up from $0.62–$0.65, Nareit FFO per share of $2.53–$2.54 and Core FFO per share of $2.59–$2.60. Guidance for same-center NOI growth remains 3.10%–3.60%, with planned gross acquisitions of +/- $400,000 including interests in unconsolidated joint ventures.

The company also issued preliminary 2026 guidance, targeting net income per share of $0.74–$0.77, Nareit FFO per share of $2.65–$2.71 and Core FFO per share of $2.71–$2.77. For 2026 it currently projects same-center NOI growth of 3.00%–4.00%, gross acquisitions of $400,000–$500,000 and net interest expense of $117,000–$127,000, along with G&A expense of $49,000–$53,000 and non-cash revenue items of $19,000–$21,000.

Positive

• Raised 2025 earnings outlook, with net income per share guidance increased to $0.80–$0.81 from $0.62–$0.65 and slightly higher Nareit and Core FFO ranges.
• Introduced 2026 growth framework with projected same-center NOI growth of 3.00%–4.00% and planned gross acquisitions of $400,000–$500,000.

Negative

• None.

Insights

REIT equity analyst

Raised 2025 outlook and new 2026 targets signal constructive guidance.

Phillips Edison has meaningfully increased its 2025 earnings expectations. Net income per share guidance moves to $0.80–$0.81 from $0.62–$0.65, while Nareit FFO per share is now guided to $2.53–$2.54 and Core FFO per share to $2.59–$2.60. Same-center NOI growth remains at 3.10%–3.60%, and planned gross acquisitions of +/- $400,000 suggest continued external growth activity.

The new 2026 framework extends this outlook, with net income per share of $0.74–$0.77, Nareit FFO per share of $2.65–$2.71 and Core FFO per share of $2.71–$2.77. Management is targeting same-center NOI growth of 3.00%–4.00%, gross acquisitions of $400,000–$500,000, and net interest expense of $117,000–$127,000, along with G&A of $49,000–$53,000. These ranges outline a steady-growth profile with defined spending and financing assumptions.

The company emphasizes that these are forward-looking estimates based on current market conditions and notes numerous risks, including economic trends, tenant health, interest rates and refinancing, and environmental and technology factors. Outcomes will depend on how these conditions evolve relative to the assumptions embedded in the 2025 and 2026 guidance ranges and on execution of the planned acquisition program.

☐000147620400014762042025-12-172025-12-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 17, 2025

Phillips Edison & Company, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-40594

27-1106076

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

11501 Northlake Drive Cincinnati, Ohio						45249
(Address of principal executive offices)						(Zip Code)

(513) 554-1110

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $0.01 par value per share

PECO

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

Virtual Business Update

As previously announced, Phillips Edison & Company, Inc. (the “Company”) will host a virtual Business Update on Wednesday, December 17, 2025, beginning at 12:00 p.m. Eastern Time. Interested parties can access the webcast at https://app.webinar.net/Lbx8EankOrM. For those unable to listen to the live broadcast, an archive of the webcast will be available on the Company’s investor relations website. A copy of the slides that will be used in the presentation at the virtual Business Update are also available on the Company’s investor relations website.

2025 Guidance

In connection with its virtual Business Update, the Company is updating its previously announced guidance for the 2025 fiscal year, summarized in the table below, which is based on the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2025. These statements are forward-looking and actual results could differ materially depending on market conditions.

(in thousands, except per share amounts)						Updated Full Year 2025 Guidance						Previous Full Year 2025 Guidance
Net income per share						$0.80 - $0.81						$0.62 - $0.65
Nareit FFO per share						$2.53 - $2.54						$2.51 - $2.55
Core FFO per share						$2.59 - $2.60						$2.57 - $2.61
Same-Center NOI growth						3.10% - 3.60%						3.10% - 3.60%
Portfolio Activity:
Acquisitions, gross(1)						+/- $400,000						$350,000 - $450,000
Other:
Interest expense, net						$110,000 - $112,000						$108,000 - $116,000
G&A expense						$48,000 - $52,000						$48,000 - $52,000
Non-cash revenue items(2)						$19,000 - $21,000						$19,000 - $21,000
Adjustments for collectibility						$5,000 - $7,000						$5,000 - $7,000

(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.

(2)Represents straight-line rental income and net amortization of above- and below-market leases.

A reconciliation of the range of the Company’s estimated net income to estimated Nareit FFO and Core FFO can be found in the Non-GAAP Reconciliations section of the virtual Business Update presentation available on the Company’s investor relations website. The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to its results without unreasonable effort.

2026 Guidance

In connection with its virtual Business Update, the Company is announcing preliminary guidance for the 2026 fiscal year, summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. These statements are forward-looking and actual results could differ materially depending on market conditions.

(in thousands, except per share amounts)						Preliminary Full Year 2026 Guidance
Net income per share						$0.74 - $0.77
Nareit FFO per share						$2.65 - $2.71
Core FFO per share						$2.71 - $2.77
Same-Center NOI growth						3.00% - 4.00%
Portfolio Activity:
Acquisitions, gross(1)						$400,000 - $500,000
Other:
Interest expense, net						$117,000 - $127,000
G&A expense						$49,000 - $53,000
Non-cash revenue items(2)						$19,000 - $21,000
Adjustments for collectibility						$5,000 - $8,000

(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.

(2)Represents straight-line rental income and net amortization of above- and below-market leases.

A reconciliation of the range of the Company’s estimated net income to estimated Nareit FFO and Core FFO can be found in the Non-GAAP Reconciliations section of the virtual Business Update presentation available on the Company’s investor relations website. The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to its results without unreasonable effort.

The information in this Item 7.01 of this Current Report on Form 8-K is being furnished to the SEC, and shall not be deemed to be “filed” with the SEC for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any other filing with the SEC except as expressly set forth by specific reference in such filing.

Forward-Looking Statements

This current report 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 Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this current report. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment.

Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 11, 2025, which is accessible on the SEC’s website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this current report to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting such forward-looking statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

			PHILLIPS EDISON & COMPANY, INC.
Dated: December 17, 2025			By:			/s/ Jennifer L. Robison
						Jennifer L. Robison
						Chief Accounting Officer and Senior Vice President (Principal Accounting Officer)

FAQ

What 2025 net income per share guidance did Phillips Edison (PECO) provide?

For full-year 2025, Phillips Edison now expects net income per share of $0.80–$0.81, compared with its previous range of $0.62–$0.65.

How did Phillips Edison (PECO) change its 2025 FFO guidance?

The company now guides to Nareit FFO per share of $2.53–$2.54 versus $2.51–$2.55 previously, and Core FFO per share of $2.59–$2.60 versus $2.57–$2.61.

What same-center NOI growth is Phillips Edison (PECO) targeting for 2025 and 2026?

For 2025, guidance is same-center NOI growth of 3.10%–3.60%. Preliminary 2026 guidance calls for same-center NOI growth of 3.00%–4.00%.

What acquisition activity does Phillips Edison (PECO) expect in 2025 and 2026?

For 2025, the company targets gross acquisitions of +/- $400,000, including interests via joint ventures. For 2026, it guides to $400,000–$500,000 of gross acquisitions.

What are Phillips Edison’s (PECO) preliminary 2026 FFO per share targets?

Preliminary 2026 guidance includes Nareit FFO per share of $2.65–$2.71 and Core FFO per share of $2.71–$2.77.

How can investors access Phillips Edison (PECO)’s virtual Business Update webcast and slides?

The virtual Business Update can be accessed via webcast at https://app.webinar.net/Lbx8EankOrM, with an archive and slides available on the company’s investor relations website.