PECO · Phillips Edison & Company Q2 FY2026 earnings call record财报电话会记录

“Our centers generated 2% year-over-year traffic growth in June and 2% traffic growth year-to-date.”

“Given the strength of our first half performance and the opportunities we continue to see, we're pleased to increase our full year guidance for gross acquisitions to a range of $500 million-$600 million.”

“PECO's portfolio is built around the daily needs of the consumer, supported by grocer stability, necessity-based demand, and a national operating platform that has delivered consistent growth through multiple economic cycles.”

“The investments we're making today are anticipated to support long-term earnings growth, not simply near-term volume.”

“Our net debt to trailing 12-month annualized adjusted EBITDAre was 5.1x at quarter end and was 5.0x on a last quarter annualized basis.”

“As Jeff mentioned, we also increased our full year 2026 guidance for gross acquisitions to a range of $500 million-$600 million.”

“Our dispositions are ahead of pace, but we view that as a positive given the strength of our acquisition pipeline that Bob talked about and the opportunity to reinvest that capital at higher spreads.”

“We've been very focused on buying acquisitions that are still solving, either between a 9.5, 10 or better.”

“The pipeline right now, Floris is, if you look at what we have under contract or been awarded, I would say it's 40% everyday retail, 60 grocery.”

“They're reinvesting in price, and they're doing that specifically because they are sensing some consumer weakness, and they know it in real time because they're looking at them trading to private label from a branded, more expensive product.”

“Our pipeline is still real close to 6.5 for the second half, and we're still solving for the returns that we wanted between 9% and 11% unlevered.”

“Our acquisitions, we increased our guidance by $100 million.”