Phillips Edison's third quarter revenue of $193.1M beat estimates while same-center NOI grew 5.3%

Phillips Edison & Company reported third quarter 2026 results featuring total revenues of $193.1 million, surpassing analyst expectations, and Nareit FFO per diluted share of $0.69, which met estimates. The company demonstrated strong internal growth driven by record-high rent spreads and continued high occupancy across its grocery-anchored portfolio. Following these results, management increased the midpoint of its full-year 2026 Core FFO and same-center NOI guidance.

Key Highlights

• Same-center Net Operating Income (NOI) grew 5.3% year-over-year to $122.4 million, significantly exceeding the 3.5% growth estimate.
• Comparable portfolio renewal leases achieved a record rent spread of 25.2%, while new and inline leases achieved a spread of 26.3%.
• Total leased portfolio occupancy remained robust at 97.5%, with same-center leased anchor occupancy reaching 99.2%.
• Management raised the midpoint of 2026 Core FFO guidance to $2.77 per diluted share and narrowed its same-center NOI growth outlook to a range of 3.50% to 4.00%.