Phillips Edison & Company, Inc. (PECO) Earnings
Phillips Edison & Company, Inc. is expected to report next earnings on July 24, 2026 (in NaN days), with a consensus EPS estimate of $0.18. PECO has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -39.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.17 | $0.24 | +39.1% | $186M | +1.4% |
| Feb 5, 2026 | $0.66 | $0.38 | -42.4% | $188M | +1.2% |
| Oct 23, 2025 | $0.64 | $0.20 | -68.8% | $294M | +60.8% |
| Jul 24, 2025 | $0.63 | $0.10 | -84.1% | $178M | +0.9% |
| Apr 24, 2025 | $0.63 | $0.21 | -66.7% | $178M | +4.6% |
| Feb 6, 2025 | $0.12 | $0.15 | +25.0% | $173M | +2.9% |
| Oct 24, 2024 | $0.14 | $0.09 | -35.7% | $166M | -2.3% |
| Jul 25, 2024 | $0.14 | $0.12 | -14.3% | $162M | -1.5% |
| Apr 25, 2024 | $0.13 | $0.14 | +7.7% | $163M | +1.1% |
| Feb 8, 2024 | $0.10 | $0.11 | +10.0% | $154M | -2.2% |
| Oct 31, 2023 | $0.11 | $0.12 | +9.1% | $153M | +1.2% |
| Aug 1, 2023 | $0.10 | $0.12 | +20.0% | $153M | +3.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 24, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jeff Edison mentioned strong first quarter results reflecting the strength of the high-quality portfolio and consistency of execution. PICO offers resilience in necessity-based retail. Bob Myers talked about solid leasing activity, high retailer demand, low bad debt, development and redevelopment projects with 19 under active construction and $74 million investment, and stabilized projects delivering incremental NOI. John Caulfield discussed balance sheet strength, increased 2026 guidance, and plans for acquisitions and dispositions
Guidance
Increased full-year 2026 guidance with NAREIT FFO and core FFO per share in mid to high single digits. Reiterated 3% to 4% same-center NOI growth. Full-year 2026 gross acquisitions target of $400 to $500 million at PicoShare
Segment performance
PICO team delivered NAREIT FFO per share growth of 4.7 percent, core FFO per share growth of 6.2 percent, and same-center NOI growth of 3.5 percent. 74% of PECOS rents come from necessity-based goods and services. Lease portfolio occupancy remained high at 97.1%, leased anchor occupancy at 98.4%, and leased inline occupancy at 95%. Comparable renewal rent spreads were 21.2%, comparable new rent spreads at 36.2%, and in-line leasing deals achieved average annual rent bumps of 2.7%
Risks & headwinds
Ongoing uncertainties including volatile interest rates, shifting global trade, overseas conflicts, active election cycle, high energy costs, and gap between private and public market pricing of assets
Analyst Q&A
Q: Andrew Reel asks about conversations with discretionary or off-price mom-and-pop tenants.
A: Bob Myers says visibility shows best renewal and leasing pipeline, 28 deals approved in 9 days, strong retention and spreads.
Q: Handel St. Juice asks about transactions.
A: Jeff Edison and Bob Myers say ample supply of product, strong appetite from buyers, 185 million in deals year-to-date, $150 million under negotiation.
Q: Michael Griffin asks about leasing pipeline renewals.
A: Bob Myers talks about bounty targeted space approach, 28 deals executed in April, 24 at LOI or lease out.
Q: Caitlin Burrows asks about development and redevelopment.
A: Bob Myers says about $70 million of development work, purchased land near grocers with pre-lease.
Q: Ronald Camden asks about in-line occupancy and local neighbor exposure.
A: Bob Myers says 95% in-line occupancy, targeted space approach to increase, local neighbor exposure 25%-26% static.
Q: Cooper Clark asks about retention.
A: Bob Myers says retention rate 88% due to one large box vacating, excluding it 92.4% retention.
Q: Michael Goldsmith asks about FFO guidance drivers.
A: John Caulfield says strong operating environment, year-to-date acquisitions, bond offering, lower bad debt and interest rate.
Q: Todd Thomas asks about private and public market valuations.
A: Jeff Edison says 50-75 basis points difference, focus on cheapest capital source.
Q: Floris Van Dijkum asks about unanchored centers.
A: Jeff Edison and Bob Myers say excited about everyday retail opportunities, exceptional demos, 5% CAGRs.
Q: Ron Senebria asks about new greenfield development.
A: Bob Myers says small amount, specific grocery store growth in Sunbelt.
Q: Sydney Rome asks about collectability adjustments.
A: John Caulfield says diversification, lower volume, positive sign.
Q: Paulina Rojas asks about health ratio.
A: Bob Myers says health ratio varies by retailer type, 10% static with renewal spreads, room to increase.
Q: Mike Mueller asks about JV investments.
A: Jeff Edison says JV strategy to expand buying, not highly sensitive to equity cost change