Phillips Edison & Company, Inc. Earnings Summary — Q3 FY2026

• Core FFO per diluted share grew 7.8% year-over-year to $0.69, driven by strong operational execution and leasing spreads.
• Reported record-high leased inline occupancy of 95.5%, demonstrating robust demand for small-shop space.
• Executed new leases with a significant 33.7% rent spread, while renewal spreads remained strong at 21.2%.
• Same-center Net Operating Income (NOI) increased 3.8% year-over-year, supported by occupancy gains and contractual rent growth.
• The company was active in the capital markets, issuing 2.0 million shares via its ATM program for net proceeds of $85.3 million.
• Acquisition guidance was significantly raised to a range of $500 million to $600 million, up from the previous $400 million to $500 million range.

Management raised the midpoint for full-year 2026 Core FFO per diluted share to $2.76, representing 6.2% year-over-year growth. They also raised same-center NOI growth expectations to 3.4%–4.0% and increased gross acquisition targets by $100 million at the midpoint.

Improving

Management's decision to raise guidance for acquisitions and Core FFO, combined with record-high inline occupancy, signals increasing confidence in the resilient grocery-anchored model.

The company anticipates continued positive momentum in 2027 through a combination of organic rent growth, occupancy gains, and an accelerated acquisition pipeline funded by a healthy balance sheet.