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Phillips Edison's Q3 Core FFO per share up; lifts FY forecast on strong leasing and occupancy

By Reuters News


Overview

  • US grocery-anchored shopping center REIT's Q3 Core FFO per share rose 9.2% yr/yr

  • Q3 same-center NOI increased 5.3% from a year earlier

  • Company raised full-year 2026 earnings guidance, citing strong leasing and occupancy


Outlook

  • Company raises 2026 net income guidance to $1.21-$1.24 per diluted share

  • Company lifts 2026 Nareit FFO guidance to $2.68-$2.72 per diluted share

  • Phillips Edison maintains 2026 acquisition guidance at $600 mln-$700 mln


Result Drivers

  • RECORD RENT SPREADS - Co said record renewal and new lease rent spreads contributed to Q3 results

  • HIGH OCCUPANCY - Co reported leased portfolio occupancy of 97.5% and same-center leased portfolio occupancy of 97.8%

  • ACQUISITIONS - Co acquired three shopping centers and land parcels totaling $181.8 mln in Q3, expecting value from occupancy increases and rent growth


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.49

Q3 Net Income

$62.7 mln

Q3 Core FFO Per Share

$0.71


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy"

  • Wall Street's median 12-month price target for Phillips Edison & Company, Inc. is $43.00, about 12.1% above its October 23 closing price of $38.36

  • The stock recently traded at 46 times the next 12-month earnings vs. a P/E of 52 three months ago


Reuters Recommended Reads

  • Oct 26 - Brixmor Property Group Q3 FFO rises, dividend up 7.3%

  • Oct 26 - Welltower Q3 normalized FFO per share rises 25%, guidance raised

  • Oct 26 - Easterly Government Properties Q3 Core FFO tops estimates


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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