Short answer
Phillips Edison & Company, Inc. (PECO) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $13M (+18.8% year over year) and net income of $111M.
- Top risk flagged: Legal risk: potential modification or repeal of IRC Section 1031 Exchanges affecting tax-deferred property sales strategy
FY2025 key financial metrics · XBRL
- Revenue
- $13M
- +18.8% YoY
- Net income
- $111M
- +77.6% YoY
- EPS (diluted)
- $0.89
- +74.5% YoY
- ROE
- 4.9%
- +2.2 pp YoY
- Operating cash flow
- $348M
- +4.0% YoY
Source: XBRL data from the Phillips Edison & Company, Inc. (PECO) FY2025 10-K on SEC EDGAR. USD.
Phillips Edison & Company, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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