Q4 2025 Phillips Edison & Co Inc Earnings Call Transcript
Key Points
- Phillips Edison & Co Inc (PECO) reported strong 2025 results with NAREIT FFO per share growth of 7.2% and core FFO per share growth of 7%.
- The company achieved a high portfolio occupancy rate of 97.3%, with anchor occupancy at 98.7% and in-line leased occupancy at a record high of 95.1%.
- PECO's leasing activity was robust, with 1,026 leases executed totaling approximately 6 million square feet in 2025.
- The company has a strong liquidity position with approximately $925 million available to support acquisition plans.
- PECO's development and redevelopment projects are expected to yield between 9% and 12%, contributing to long-term growth.
- The market remains nervous about the health of the consumer and the impact of tariffs on retailers, which could affect PECO's outlook.
- PECO's shares are trading at a discount to its long-term growth profile, indicating potential undervaluation concerns.
- The company faces increased competition in the acquisition market for high-quality grocery-anchored assets.
- PECO's variable rate debt is higher than some peers, which could be a concern in a rising interest rate environment.
- Bad debt levels were slightly elevated in the fourth quarter, although they remain consistent with the company's expectations.
Good afternoon, and welcome to Phillips Edison & Company's Fourth Quarter 2025 Earnings Call. Please note that this call is being recorded. I will now turn the call over to Kimberly Green, Head of Investor Relations. Kimberly, you may begin.
Thank you. I'm joined today by our Chairman and CEO, Jeff Edison; President, Bob Myers; and CFO, John Caulfield. Following our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our Investor Relations website.
As a reminder, today's discussion may contain forward-looking statements about the company's view of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties, as described in our SEC filings. And our discussion today will reference certain non-GAAP financial measures. Information regarding our use of these
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