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- **Revenue Growth and Guidance**: Increased 2025 NAREIT FFO and core FFO per share guidance to $3.40 midpoint, up 6.8% and 6.6% year-over-year, driven by 23.2% renewal and 24.5% new leasing spreads.
- **Strategic Acquisitions**: Year-to-date $376 million in acquisitions, targeting 9%+ unlevered returns on unanchored centers. 2026 plans to sell $100 million to $200 million of lower IRR assets.
- **Development Momentum**: 22 projects under construction with $75.9 million invested, 14 stabilized YTD generating $4.3 million annual NOI. Ocala, FL land acquisition for potential grocery-anchored development.
- **Financial Strength**: $977 million liquidity, 5.1x net debt-to-EBITDA, and no debt maturities until 2027. Bad debt at 70-80 basis points, stable at 97.6% portfolio occupancy.
- **Long-Term Growth**: Aims for 3% to 4% same-center NOI growth through disciplined recycling, with unanchored centers offering 10%+ unlevered returns. December 17 update to detail 2026 strategy and unanchored center pipeline.

**【CEO Summary Section】**
- Delivered strong third-quarter results with increased full-year 2025 guidance for NAREIT FFO and core FFO per share, reflecting solid internal and external growth.
- Emphasized the company's ability to deliver mid- to high single-digit core FFO per share growth annually through its grocery-anchored shopping center model, which mitigates downside risk and drives high-quality cash flows.
- Highlighted strategic land acquisition in Ocala, Florida, and the potential for ground-up development in everyday retail centers, with a focus on necessity-based goods and services.
- Noted the importance of disciplined underwriting and selective acquisitions to maintain a strong balance sheet, with net debt-to-EBITDA at 5.1x as of September 2025.

**【CFO Financial Commentary】**
- Third-quarter NAREIT FFO was $89.3 million ($0.64 per diluted share), up 6.7% year-over-year, and core FFO was $90.6 million ($0.65 per diluted share), up 4.8% year-over-year.
- Increased full-year 2025 guidance for NAREIT FFO to a range of $3.35 to $3.45 per share (midpoint of $3.40, +6.8% vs. 2024) and core FFO to $3.35 to $3.45 per share (midpoint of $3.40, +6.6% vs. 2024).
- Projected 2025 same-center NOI growth of 3.35% at the midpoint, driven by strong leasing spreads (23.2% renewal, 24.5% new leasing) and stable occupancy (97.6% portfolio, 99.2% anchor).
- Maintained liquidity of $977 million, with no meaningful debt maturities until 2027, and reaffirmed long-term target of 5.5x net debt-to-EBITDA.
- Discussed plans to sell $100 million to $200 million of lower IRR assets in 2026, targeting unlevered returns of 9%+ on acquisitions and 3% to 4% long-term same-center NOI growth.

**【Q&A Highlights】**
- **Acquisition Strategy**: Year-to-date acquisitions of $376 million (vs. $350 million to $450 million guidance), with a focus on unanchored centers offering 10%+ unlevered returns. 2026 pipeline includes $100 million to $200 million of dispositions to recycle into higher IRR assets.
- **Development Pipeline**: 22 projects under construction with $75.9 million invested, targeting 9% to 12% unlevered returns. 14 projects stabilized YTD, generating $4.3 million annual NOI.
- **Bad Debt Management**: Bad debt at 70-80 basis points, well within guidance, supported by 94% tenant retention and necessity-based tenant mix (70% ABR from grocery-anchored centers).
- **Cap Rate Dynamics**: Stabilized assets trading at 6.3% to 6.8% cap rates, with disciplined underwriting to avoid overpaying for growth.
- **Leverage and Funding**: No plans for stock buybacks; prioritize acquisitions and development. Interest expense decrease due to lower rates, with 5% floating debt expected to rise to 15% post-swap expirations, but no immediate plans to issue long-term debt.
- **Unanchored Centers**: 8 acquisitions at 6.7% cap rate, targeting 3% to 4% same-center NOI growth. December 17 business update will provide details on 2026 guidance and unanchored center strategy.
- **Grocery Sector Health**: Grocers report resilient demand, ability to pass through costs, and no material trip decline, supporting 23.2% renewal and 24.5% new leasing spreads.


Phillips Edison & Company, Inc. (PECO) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Same-center NOI up 4.2% YoY, core FFO per share +8.5%. 2025 guidance raised for NOI (3.1%-3.6%), NAREIT FFO (+6.3%), and core FFO (+6%).
- **Strategic Acquisitions**: $287M year-to-date, targeting $350M-$450M. 50% of 2025 acquisitions are shadow-anchored, with 11 unanchored centers leased at 84%+ occupancy.
- **Financial Strength**: $972M liquidity, 5.4x debt/EBITDAre, 95% fixed-rate debt. Match-funded acquisitions with 5.25% bond issuance.
- **Leasing Momentum**: 19.1% renewal spreads, 34.6% new leasing spreads. 94% neighbor retention with minimal TI costs ($0.49/sqft).
- **Tariff Resilience**: 85% of neighbors have limited exposure; retailers pass 80% of costs to suppliers.

**【CEO Summary Section】**
- **Revenue Growth**: Same-center NOI increased 4.2% YoY, core FFO per share rose 8.5%. Full-year 2025 guidance raised for same-center NOI (3.1%-3.6%), NAREIT FFO per share (+6.3% at midpoint), and core FFO per share (+6% at midpoint).
- **Strategic Focus**: Grocery-anchored portfolio with 70% ABR from necessity-based goods; 85% of neighbors have limited tariff exposure. Acquired $287M in 2025 (year-to-date), targeting $350M-$450M for the year.
- **Acquisition Strategy**: 70% of 2025 acquisitions are shadow-anchored or unanchored, offering 100-200bps wider IRRs. 11 unanchored centers (3.5% of portfolio) leased at 84%+ occupancy, with 43% new leasing spreads.

**【CFO Financial Commentary】**
- **Financial Performance**: Q2 NAREIT FFO of $86M ($0.62/share), core FFO $88.2M ($0.64/share). Same-center NOI growth 4.2%.
- **Balance Sheet**: $972M liquidity, 5.4x net debt/EBITDAre, 95% fixed-rate debt. Match-funded $287M in acquisitions with $350M bond issuance at 5.25%.
- **Guidance**: 2025 core FFO per share growth 6% at midpoint. No equity issuance assumed in guidance.

**【Q&A Key Highlights】**
- **Acquisition Activity**: 1H25 acquisitions ($287M) driven by disciplined, market-by-market approach. Shadow-anchored centers (50% of 2025 acquisitions) offer strong grocer-driven demand.
- **Occupancy & Leasing**: In-line occupancy 94.8%, anchor occupancy 98.9%. Q2 renewal spreads 19.1%, new leasing spreads 34.6%. Tenant improvement costs $0.49/sqft for renewals.
- **Tariff Impact**: 85% of neighbors have limited tariff exposure. Retailers pass 80% of costs to suppliers, with minor profit impact.
- **Dispositions**: Expect $50M-$100M in 2025, targeting 7%-7.5% cap rates to reinvest in higher IRR projects.
- **Debt Strategy**: 90%+ fixed-rate target; recent 5.25% bond issuance extends maturity ladder. No plans for additional swaps unless aligned with term loan maturities.

Phillips Edison & Company, Inc. (PECO) Q2 2025 Earnings Call Transcript

- **Record Leasing Performance**: Q1 in-line renewal spreads 21.7%, new leasing 28.1%, highest on record.
- **Strong Financials**: NAREIT FFO up 8.5% YoY to $0.64, balanced by $0.01 one-time lease fee.
- **Acquisition Discipline**: $350M-$450M 2025 target, 9%+ IRR threshold maintained.
- **Macro Resilience**: 71% ABR in necessity goods, 30% tied to top grocers, 2% exposure to at-risk retailers.
- **Balance Sheet Strength**: 86% fixed-rate debt, $760M liquidity, net debt/EBITDAre 5.3x.

**【CEO Summary Section】**
- Q1 2025 same-center NOI growth of 3.9%, driven by strong retailer demand and high rent spreads.
- Affirmed full-year guidance for NAREIT FFO per share growth of 5.7% at midpoint, reflecting confidence in necessity-based retail resilience.
- 71% of ABR from necessity-based goods, with 30% tied to top grocers, providing insulation from macroeconomic volatility.
- $350M-$450M gross acquisitions target maintained, with disciplined focus on 9%+ unlevered IRR.

**【CFO Financial Commentary】**
- Q1 2025 NAREIT FFO of $0.64 per share, up 8.5% YoY, supported by one-time lease termination fee of $0.01 per share.
- Balance sheet strength with $760M liquidity, net debt/EBITDAre of 5.3x, and 86% fixed-rate debt.
- 2025 core FFO per share guidance at 5.1% growth (midpoint), reflecting cautious optimism amid uncertain macro environment.

**【Q&A Key Takeaways】**
- **Leasing Momentum**: In-line renewal spreads hit record 21.7%, new leasing spreads 28.1%, with 91% tenant retention.
- **Acquisition Pipeline**: $146M Q1 acquisitions at >9% IRR, strong backlog for 2025 despite market volatility.
- **Interest Rate Strategy**: No immediate plans for swaps; targeting 90% fixed-rate debt over time.
- **Tariff Impact**: Minimal exposure to at-risk retailers (2% of ABR), focus on necessity-based tenants.
- **Economic Resilience**: Grocery-anchored portfolio outperformed in past recessions, with 2.5% occupancy drop vs. peers' 5.5% in 2008 crisis.

Phillips Edison & Company (PECO)-25 Apr 25-2025 Q1 Earnings call transcript

- **Market-Beating Growth**: 6% core FFO growth in 2024, 5.1%+ expected in 2025
- **Strong Leasing**: 30.2% new lease spreads, 20.8% renewals, 98% occupancy
- **$350M+ Acquisitions**: Aggressive 2025 plan with $150M+ pipeline
- **Resilient Portfolio**: 70% ABR from groceries, 3-mile trade areas with 88k median income
- **Financial Strength**: 93% fixed-rate debt, 5.8-year WAM, $948M liquidity

**【CEO Summary Section】**
- Delivered market-leading 2024 results with core FFO per share growth of 6% (adjusted for interest rate impact). 
- Strong retail demand driven by 98% portfolio occupancy, 30.2% new lease spreads, and 20.8% renewal spreads.
- 2025 acquisition target of $350M-$450M, with $150M+ pipeline under contract.
- Focus on high-quality, necessity-based retailers (70% ABR from groceries) and disciplined capital allocation.

**【CFO Financial Commentary】**
- Q4 2024 NAREIT FFO: $0.61/share (8.9% YoY growth)
- 2025 Guidance: 
  - Core FFO: $2.52-$2.59/share (5.1% growth)
  - Same-center NOI: 3-3.5% growth
  - Acquisitions: $350M-$450M
- Balanced capital structure with 93% fixed-rate debt, 5.8-year WAM
- $948M liquidity, no maturities until 2027

**【Q&A Highlights】**
- 2025 acquisition pipeline stronger than 2024, but cautious on pricing
- Bad debt guidance: 75-100bps (Q4 2024: 45bps)
- Snow (signed but unoccupied) at 100bps, expected to normalize
- JV strategy: 10% of acquisitions via joint ventures
- 2025 FFO growth >5% despite interest rate headwinds

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