PECO raises 2026 acquisitions guidance to $600-700M; expands Northwestern Mutual JV by $377.5M

Phillips Edison & Company, Inc.

Expanded JV with Northwestern Mutual (Grocery Retail Partners I LLC) adds 13 grocery-anchored centers across eight states valued at ~$377.5M; venture term extended 10 years to 2036.
Northwestern Mutual holds ~86% and PECO ~14%; PECO continues providing leasing, asset management and property management services and earns recurring fees.
FY2026 gross acquisitions guidance raised to $600-700M (from $500-600M); dispositions raised to $200-250M (from $100-200M); net JV contributions guided at $200-250M.
Year to date through Sept. 30, 2026: $459.7M acquired and $174.0M sold at PECO's prorated share.
FY2026 Nareit FFO per share reaffirmed at $2.67-$2.72 and Core FFO at $2.73-$2.79 (midpoints +6.3% and +6.2% YoY); same-center NOI growth 3.4-4.0%.

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