Phillips Edison: 2Q CFFO/share slightly ahead; Acquisition traction continues

研报英文原文证据摘录

Phillips Edison: 2Q CFFO/share slightly ahead; Acquisition traction continues

J P M O R G A N North America Equity Research

23 July 2026

Phillips Edison Neutral

PECO, PECO US

2Q CFFO/share slightly ahead; Acquisition traction Price (23 Jul 26):$42.68

continues

REITs

After Thursday’s close, PECO reported 2Q results that were slightly higher than Michael W. Mueller, CFA AC

JPM/Street, and it raised the FY CFFO/share outlook by $0.01. Operationally, it (1-212) 622-6689

was a strong quarter with the company’s already high leased/occupied rates edging michael.w.mueller@jpmorgan.com

higher, and the company posting double-digit blended cash rent spreads. On the Anthony Paolone, CFA

investment front, momentum continued with acquisition activity and management (1-212) 622-6682

raised FY guidance by $100 million (more below). We expect investment activity anthony.paolone@jpmorgan.com

and the strong on-the-ground retail fundamentals to be the focal points of Nahom Tesfazghi

tomorrow’s call. (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

Daniella De Armas Rosales2Q CFFO print was slightly ahead. PECO reported 2Q CFFO of $0.69/share,

(1-212) 622-0050

which was slightly ahead of both JPM and the Bloomberg consensus at $0.68. daniella.dearmasrosales@jpmchase.com

Versus our model, the quarter was directionally in-line across the major line items, J.P. Morgan Securities LLC

with the upside to the 2Q CFFO print largely being the result of a netting of several

small variances rather than any single driver. Management raised 2026 CFFO/

share guidance to $2.73–2.79 from $2.72–2.78, driven primarily by higher SS NOI

growth guidance (3.4%–4.0% vs. 3.0%–4.0% previously), higher acquisition

guidance ($500–600mm vs. $400–500mm previously), and a modest $1mm