Phillips Edison & Company, Inc. (PECO) FY2025 10-K Annual Report
Phillips Edison & Company, Inc. (PECO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Phillips Edison & Company, Inc. FY2025 10-K Analysis
Management Discussion & Analysis
- • Revenue total Same-Center NOI $454.7M, up 3.8% YoY from $438.1M in 2024; rental income $475.3M, up $14.6M YoY
- • Operating expenses $173.5M in 2025, down 3.1% YoY from $168.2M; same-center NOI margin growth implied by expenses decline
- • Best segment: Same-Center NOI portfolio with $16.6M increase; no worst segment explicitly detailed
- • Capital expenditures $133.7M in 2025 vs $91.8M in 2024; acquisitions $360.2M vs $296.3M; dispositions $121.7M with $38.8M gain; distributions raised 5.7% to $0.1083/share; share buyback program authorized up to $250M but no repurchases yet
- • Management guidance: 2026 capital expenditures $140M–$160M with $70M–$90M in development; incremental unlevered yields expected 9%–12%; liquidity sufficient; net debt/Adjusted EBITDA 5.2x up from 5.0x; net debt to enterprise value 33.2% up from 29.5%
Risk Factors
- • Legal risk: potential modification or repeal of IRC Section 1031 Exchanges affecting tax-deferred property sales strategy
- • Macroeconomic threat: Florida and California exposure representing 22.8% of ABR, vulnerable to regional economic or retail downturns
- • Operational risk: dependence on anchor Neighbors occupying ≥10,000 sq ft driving rent and foot traffic, with costly re-leasing challenges if anchors default or downsize
- • Competitive risk: competition from capitalized REITs and institutional investors raising acquisition costs and limiting property growth opportunities
- • Financial risk: substantial indebtedness of $2.4B including $2.0B unsecured debt and $0.4B secured loans potentially impacting distributions and financing flexibility
Phillips Edison & Company, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$13M
▲ +18.8% YoY
Net Income
$111M
▲ +77.6% YoY
Net Margin
872.9%
▲ +28875bp YoY
ROE
4.9%
▲ +217bp YoY
Total Assets
$5.3B
▲ +4.8% YoY
EPS (Diluted)
$0.89
▲ +74.5% YoY
Operating Cash Flow
$348M
▲ +4.0% YoY
Source: XBRL data from Phillips Edison & Company, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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