Phillips Edison & Company, Inc.

PECO 10-K · FY 2025
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PECO FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 709,186 647,589 +9.5%
Revenue 12,751 10,731 +18.8%
Show Counterparty Name breakouts
Necessity Retail Partners, LLC · Performance target Achievements 30,000 — —
Show Related Party Transaction breakouts
Insurance premiums 4,931 3,831 +28.7%
Realized performance income · Related Party 30 — —
Recurring fees · Related Party 4,707 4,091 +15.1%
Transactional revenue and reimbursements · Related Party 3,083 2,809 +9.8%
Other Operating Income 4,657 3,072 +51.6%
Revenue 726,594 661,392 +9.9%
Operating Costs And Expenses 123,649 112,633 +9.8%
Real Estate Tax Expense 86,087 77,684 +10.8%
General & Administrative 51,638 45,611 +13.2%
Depreciation And Amortization 266,374 253,016 +5.3%
Operating Expenses 527,748 488,944 +7.9%
Interest Income Expense Nonoperating Net -110,338 -96,990 -13.8%
Gain Loss On Sale Of Properties 38,790 -30 +129400.0%
Other Non-Operating Income (Expense) -4,330 -5,732 +24.5%
Net Income 122,968 69,696 +76.4%
Show Equity Components breakouts
Noncontrolling Interest 11,665 7,011 +66.4%
Parent 111,303 62,685 +77.6%
Retained Earnings 111,303 62,685 +77.6%
Net Income Loss Attributable To Noncontrolling Interest -11,665 -7,011 -66.4%
Net Income 111,303 62,685 +77.6%
EPS (Basic) 0.89 0.51 +74.5%
EPS (Diluted) 0.89 0.51 +74.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax -4,359 -6,961 +37.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -3,950 -6,260 +36.9%
Noncontrolling Interest -409 -701 +41.7%
Parent -3,950 -6,260 +36.9%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 118,609 62,735 +89.1%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Noncontrolling Interest 409 701 -41.7%
Other Comprehensive Income Loss Reallocation Conversion Of Noncontrolling Interest Net Of Tax 3 42 -92.9%
Comprehensive Income 107,356 56,467 +90.1%
Income Tax Expense (Benefit) 1.3 1.8 -27.8%
Wtd Avg Shares (Basic) 125,544 122,722 +2.3%
Wtd Avg Shares (Diluted) 138,899 136,821 +1.5%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 3,756 4,328 -13.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 310 8,400 -96.3%
Income Loss From Equity Method Investments 0.1 -0.2 +150.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Grocery Retail Partners I 772 348 +121.8%
Necessity Retail Partners, LLC -463 -21 -2104.8%
Neighborhood Grocery Catalyst Fund LLC ("NGCF") -189 -9 -2000.0%
NRV -342 -47 -627.7%
Labor And Related Expense 35,279 28,013 +25.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,544 4,881 -27.4%
Non-Current Assets
Goodwill 29,066 29,066 0.0%
Total Assets 5,286,438 5,046,223 +4.8%
Other Assets
Investment Building And Building Improvements 4,305,174 4,085,713 +5.4%
Finite Lived Intangible Asset Acquired In Place Leases 538,324 523,209 +2.9%
Finite Lived Intangible Asset Off Market Lease Favorable Gross 77,551 76,359 +1.6%
Real Estate Investment Property At Cost 6,884,784 6,552,508 +5.1%
Real Estate Investment Property Accumulated Depreciation -1,957,569 -1,771,052 -10.5%
Real Estate Investment Property Net 4,927,215 4,781,456 +3.0%
Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures 42,561 31,724 +34.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Grocery Retail Partners I 21,664 22,950 -5.6%
Neighborhood Grocery Catalyst Fund LLC ("NGCF") 7,605 4,326 +75.8%
NRV 13,292 3,950 +236.5%
Real Estate Investments 4,969,776 4,813,180 +3.3%
Restricted Cash And Cash Equivalents 39,768 3,768 +955.4%
Other Assets 244,284 195,328 +25.1%
Non-Current Liabilities
Total Liabilities 2,697,060 2,412,238 +11.8%
Long-Term Debt 2,375,328 2,109,543 +12.6%
Show Credit Facility breakouts
Revolving Credit Facility 92,000 40,000 +130.0%
Show Long-Term Debt Type breakouts
Line Of Credit 393,012 393,056 -0.0%
Mortgages 30,534 67,770 -54.9%
Senior unsecured notes due 2031 345,157 344,417 +0.2%
Senior unsecured notes due 2032 346,529 — —
Senior unsecured notes due 2034 342,564 341,919 +0.2%
Senior unsecured notes due 2035 342,117 341,453 +0.2%
Term loans 483,415 580,928 -16.8%
Other Liabilities
Debt And Capital Lease Obligations 2,375,328 2,109,543 +12.6%
Below Market Lease Net 118,356 116,096 +1.9%
Accounts Payable And Other Accrued Liabilities 180,332 163,692 +10.2%
Deferred Revenue 23,044 22,907 +0.6%
Stockholders' Equity
Common Stock 1,258 1,251 +0.6%
Additional Paid-In Capital 3,664,205 3,646,801 +0.5%
Accumulated Other Comprehensive Income 358 4,305 -91.7%
Retained Earnings -1,379,252 -1,332,435 -3.5%
Total Stockholders' Equity 2,286,569 2,319,922 -1.4%
Minority Interest 302,809 314,063 -3.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 2,589,378 2,633,985 -1.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 358 4,305 -91.7%
Additional Paid In Capital 3,664,205 3,646,801 +0.5%
Common Stock · Common Stock 1,258 1,251 +0.6%
Noncontrolling Interest 302,809 314,063 -3.6%
Parent 2,286,569 2,319,922 -1.4%
Retained Earnings -1,379,252 -1,332,435 -3.5%
Total Liabilities & Equity 5,286,438 5,046,223 +4.8%
Land And Land Improvements 1,963,735 1,867,227 +5.2%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Cost Of Goods And Services Sold Depreciation And Amortization 264,834 251,250 +5.4%
Other Depreciation And Amortization 1,540 1,766 -12.8%
Amortization Of Above And Below Market Leases -8,643 -6,587 -31.2%
Amortization of Financing Costs 4,886 4,474 +9.2%
Amortization Of Debt Discount Premium 2,428 3,184 -23.7%
Gains Losses On Extinguishment Of Debt 90 1,290 -93.0%
Straight Line Rent -10,692 -9,650 -10.8%
Stock-Based Compensation 11,681 9,697 +20.5%
Equity Method Investment Dividends Or Distributions 772 348 +121.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Grocery Retail Partners I 2,058 2,099 -2.0%
Necessity Retail Partners, LLC 35 — —
Neighborhood Grocery Catalyst Fund LLC ("NGCF") 547 — —
Other Non-Cash Items -243 -529 +54.1%
Increase Decrease In Accounts Receivable And Other Operating Assets -17,508 -16,623 -5.3%
Increase Decrease In Accounts Payable And Accrued Liabilities 14,826 26,364 -43.8%
Net Cash from Operations 348,149 334,710 +4.0%
Investing Activities
Payments To Acquire Commercial Real Estate -360,211 -296,268 -21.6%
Payments To Develop Real Estate Assets -136,144 -95,084 -43.2%
Proceeds From Payments For Sale Of Real Estate 121,655 -17 +715717.6%
Payments To Acquire Interest In Joint Venture -13,699 -8,371 -63.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Neighborhood Grocery Catalyst Fund LLC ("NGCF") -4 -4.2 +4.8%
NRV -9.7 -3.2 -203.1%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 1,868 1,791 +4.3%
Payments To Acquire Marketable Securities -8,312 -4,081 -103.7%
Proceeds From Sale And Maturity Of Marketable Securities 133 5,848 -97.7%
Proceeds From Insurance Settlement Investing Activities 2,420 3,238 -25.3%
Net Cash from Investing -392,290 -392,944 +0.2%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 1,089 57 +1810.5%
Secured Loan Receivables 17,395 — —
Change In Distributions Payable 845 12,829 -93.4%
Change In Distributions Payable Noncontrolling Interests 143 1,693 -91.6%
Financing Activities
Proceeds From Lines Of Credit 747,000 474,000 +57.6%
Repayments Of Lines Of Credit -695,000 -615,000 -13.0%
Proceeds From Notes Payable 346,297 683,047 -49.3%
Repayments Of Long Term Debt -145,584 -408,466 +64.4%
Show Long-Term Debt Type breakouts
Mortgages -37.6 -28.1 -33.8%
Payments Of Dividends Common Stock -157,275 -134,018 -17.4%
Payments Of Dividends Minority Interest -16,634 -15,174 -9.6%
Net Cash from Financing 78,804 58,005 +35.9%
Supplemental
Interest Paid 97,685 75,042 +30.2%
Income Taxes Paid 1,606 922 +74.2%
Unpaid Capital Expenditures 13,363 15,934 -16.1%
Other Cash Flow
Net Change in Cash 34,663 -229 +15236.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 43,312 8,649 +400.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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