Phillips Edison & Co. Delivers Strong 2025 Results

Robust leasing activity and record-high occupancy levels position the retail REIT for continued momentum in 2026.

February 06, 2026

PECO Reports Solid 2025 Performance Across Key Metrics

Phillips Edison & Company, Inc. (PECO) closed out 2025 with strong financial and operational results, backed by consistent leasing activity and steady demand for grocery-anchored retail centers. Earnings, occupancy, and acquisitions all trended upward, reinforcing the company’s position heading into 2026.

Net income attributable to stockholders rose to $111.3 million, up from $62.7 million in 2024. On a per-share basis, earnings came in at $0.89, reflecting meaningful growth over the prior year. The fourth quarter alone delivered $47.5 million in net income, more than doubling the year-ago period.

FFO growth remained a central theme. PECO generated $2.54 per share in Nareit FFO for the year, a 9.1% increase over 2024. Core FFO followed a similar path, up 8.7% to $2.60 per share. These gains aligned closely with the company’s stated targets and helped set expectations for another year of solid performance.

On the operations side, Same-Center Net Operating Income (NOI) reached $454.7 million, a 3.8% increase from the previous year. Portfolio-wide occupancy remained strong at 97.3%, with inline occupancy hitting a new high of 95.1%. These figures reflect consistent tenant demand and execution across PECO’s footprint.

Leasing and Acquisitions Continued to Drive Results

Leasing remained active throughout the year. PECO executed over 1,000 leases in 2025, covering six million square feet. That volume translated to healthy rent spreads:

• 30.9% for new leases


• 20.7% on renewals, a record high

In Q4 alone, the company signed 246 leases totaling 1.4 million square feet.

The acquisition strategy stayed focused on necessity-based retail. PECO deployed nearly $396 million(at its prorated share) to acquire 18 shopping centers, development parcels, and an outparcel. It also sold nine shopping centers and land parcels for $145 million, rotating capital into higher-growth opportunities. Recently acquired centers include locations anchored by Safeway, Sprouts, and H-E-B—grocers that continue to anchor traffic and stability.

PECO also grew its joint venture holdings, adding five shopping centers across the year through partnerships. Two of the largest were added in the fourth quarter: one near Richmond, Virginia and another in Fort Myers, Florida.

Positioned for Growth in 2026

As of year-end, PECO held $925 million in total liquidity, supported by a revolving credit facility with $882 million of available borrowing capacity. Net debt to annualized adjusted EBITDAre landed at 5.2x, while 84.7% of debt remained fixed rate. These figures reflect a balanced capital structure built to withstand market shifts.

The company’s 2026 outlook reflects more of the same. Guidance calls for:

• Core FFO per share between $2.71 and $2.77


• Same-Center NOI growth between 3.0% and 4.0%


• Gross acquisitions projected between $400 million and $500 million

With solid fundamentals, a healthy balance sheet, and a clear strategy focused on necessity-based retail, PECO enters the new year with the tools to keep building on its 2025 results.