Phillips Edison & Company Inc (PECO) financial statements: income statement, balance sheet and cash flow
Phillips Edison & Company Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Phillips Edison & Company Inc reported revenue of $726.6M (+9.9% year on year) and net income of $123.0M (+76.4% year on year).
Income statement
Phillips Edison & Company Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Rental income
$709.2M
$647.6M
$597.5M
$560.5M
Fees and management income
$12.8M
$10.7M
$9.6M
$11.5M
Other property income
$4.7M
$3.1M
$3.0M
$3.3M
Total revenues
$726.6M
$661.4M
$610.1M
$575.4M
Property operating
$123.6M
$112.6M
$102.3M
$95.4M
Real estate taxes
$86.1M
$77.7M
$72.8M
$67.9M
General and administrative
$51.6M
$45.6M
$44.4M
$45.2M
Depreciation and amortization
$266.4M
$253.0M
$236.4M
$236.2M
Total operating expenses
$527.7M
$488.9M
$455.9M
$445.0M
Interest expense, net
($110.3M)
($97.0M)
($84.2M)
($71.2M)
Gain (loss) on disposal of property, net
$38.8M
($30.0K)
$1.1M
$7.5M
Other expense, net
($4.3M)
($5.7M)
($7.3M)
($12.2M)
Net income attributable to stockholders
$111.3M
$62.7M
$56.8M
$48.3M
Net income per share attributable to stockholders - basic (in dollars per share)
$0.89
$0.51
$0.48
$0.42
Net income per share attributable to stockholders - diluted (in dollars per share)
$0.89
$0.51
$0.48
$0.42
Net income
$123.0M
$69.7M
$63.8M
$54.5M
Change in unrealized value on interest rate swaps
($4.4M)
($7.0M)
($11.8M)
$51.3M
Comprehensive income
$118.6M
$62.7M
$51.9M
—
Net income attributable to noncontrolling interests
($11.7M)
($7.0M)
($6.9M)
($6.2M)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests
$409.0K
$701.0K
$1.3M
($5.7M)
Reallocation of comprehensive income upon conversion of noncontrolling interests
$3.0K
$42.0K
$71.0K
$273.0K
Comprehensive income attributable to stockholders
$107.4M
$56.5M
$46.4M
$94.1M
Phillips Edison & Company Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Rental income
$184.5M
$186.3M
$178.3M
$173.5M
Fees and management income
$4.1M
$3.4M
$3.3M
$3.3M
Other property income
$1.1M
$1.0M
$1.1M
$970.0K
Total revenues
$189.6M
$190.7M
$182.7M
$177.8M
Property operating
$32.1M
$33.0M
$30.2M
$29.3M
Real estate taxes
$22.5M
$22.1M
$22.2M
$21.3M
General and administrative
$13.6M
$11.9M
$12.8M
$12.9M
Depreciation and amortization
$66.8M
$65.5M
$65.6M
$71.2M
Total operating expenses
$135.0M
$132.5M
$130.8M
$134.7M
Interest expense, net
($29.4M)
($29.8M)
($28.5M)
($27.7M)
Gain (loss) on disposal of property, net
$19.4M
$6.8M
$4.3M
($66.0K)
Other income (expense), net
$650.0K
($2.0M)
($374.0K)
($990.0K)
Net income attributable to stockholders
$41.1M
$30.4M
$24.7M
$12.8M
Net income per share attributable to stockholders - basic (in dollars per share)
$0.33
$0.24
$0.20
$0.10
Net income per share attributable to stockholders - diluted (in dollars per share)
$0.33
$0.24
$0.20
$0.10
Net income
$45.3M
$33.2M
$27.2M
$14.3M
Change in unrealized value on interest rate swaps
($145.0K)
$64.0K
($1.1M)
($795.0K)
Comprehensive income
$45.1M
$33.3M
$26.1M
$13.5M
Net income attributable to noncontrolling interests
($4.1M)
($2.9M)
($2.5M)
($1.5M)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests
$14.0K
($6.0K)
$103.0K
$75.0K
Reallocation of comprehensive income upon conversion of noncontrolling interests
$1.0K
$0
$0
$3.0K
Comprehensive income attributable to stockholders
$41.0M
$30.4M
$23.7M
$12.1M
Balance sheet
Phillips Edison & Company Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Land and improvements
$2.0B
$1.9B
$1.8B
$1.7B
Building and improvements
$4.3B
$4.1B
$3.8B
$3.6B
In-place lease assets
$538.3M
$523.2M
$495.5M
$471.5M
Above-market lease assets
$77.6M
$76.4M
$74.4M
$72.0M
Total investment in real estate assets
$6.9B
$6.6B
$6.2B
$5.8B
Accumulated depreciation and amortization
($2.0B)
($1.8B)
($1.5B)
($1.3B)
Net investment in real estate assets
$4.9B
$4.8B
$4.6B
$4.5B
Investment in unconsolidated joint ventures
$42.6M
$31.7M
$25.2M
$27.2M
Total investment in real estate assets, net
$5.0B
$4.8B
$4.6B
$4.5B
Cash and cash equivalents
$3.5M
$4.9M
$4.9M
$5.5M
Restricted cash
$39.8M
$3.8M
$4.0M
$11.9M
Goodwill
$29.1M
$29.1M
$29.1M
$29.1M
Other assets, net
$244.3M
$195.3M
$186.4M
$188.9M
Total assets
$5.3B
$5.0B
$4.9B
$4.7B
Debt obligations, net
$2.4B
$2.1B
$2.0B
$1.9B
Below-market lease liabilities, net
$118.4M
$116.1M
$108.2M
$109.8M
Accounts payable and other liabilities
$180.3M
$163.7M
$116.5M
$113.2M
Deferred income
$23.0M
$22.9M
$18.4M
$18.5M
Total liabilities
$2.7B
$2.4B
$2.2B
$2.1B
Commitments and contingencies (see Note 11)
$0
$0
$0
$0
Preferred stock
$0
$0
$0
$0
Common stock
$1.3M
$1.3M
$1.2M
$1.2M
Additional paid-in capital (“APIC”)
$3.7B
$3.6B
$3.5B
$3.4B
Accumulated other comprehensive income (“AOCI”)
$358.0K
$4.3M
$10.5M
$21.0M
Accumulated deficit
($1.4B)
($1.3B)
($1.2B)
($1.2B)
Total stockholders’ equity
$2.3B
$2.3B
$2.3B
$2.2B
Noncontrolling interests
$302.8M
$314.1M
$343.0M
$360.9M
Total equity
$2.6B
$2.6B
$2.7B
$2.6B
Total liabilities and equity
$5.3B
$5.0B
$4.9B
$4.7B
Phillips Edison & Company Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Land and improvements
$2.0B
$2.0B
$2.0B
$1.9B
Building and improvements
$4.4B
$4.4B
$4.3B
$4.3B
In-place lease assets
$549.1M
$546.5M
$540.6M
$542.4M
Above-market lease assets
$78.6M
$78.8M
$77.6M
$77.7M
Total investment in real estate assets
$7.1B
$7.0B
$6.9B
$6.8B
Accumulated depreciation and amortization
($2.0B)
($2.0B)
($1.9B)
($1.9B)
Net investment in real estate assets
$5.0B
$5.0B
$4.9B
$5.0B
Investment in unconsolidated joint ventures
$47.7M
$43.0M
$36.6M
$33.7M
Total investment in real estate assets, net
$5.1B
$5.1B
$5.0B
$5.0B
Cash and cash equivalents
$7.1M
$3.1M
$4.1M
$5.6M
Restricted cash
$22.8M
$19.2M
$1.7M
$3.6M
Goodwill
$29.1M
$29.1M
$29.1M
$29.1M
Other assets, net
$256.2M
$247.7M
$246.2M
$236.8M
Real estate investments and other assets held for sale
$39.4M
—
$8.3M
—
Total assets
$5.4B
$5.4B
$5.3B
$5.3B
Debt obligations, net
$2.5B
$2.5B
$2.4B
$2.4B
Below-market lease liabilities, net
$134.0M
$123.1M
$117.3M
$121.1M
Accounts payable and other liabilities
$155.3M
$135.3M
$156.8M
$136.0M
Deferred income
$35.6M
$23.2M
$22.7M
$24.9M
Liabilities of real estate investments held for sale
$1.1M
—
$461.0K
—
Total liabilities
$2.8B
$2.8B
$2.7B
$2.7B
Commitments and contingencies (see Note 8)
$0
$0
$0
$0
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at June 30, 2026 and December 31, 2025
$0.00
$0.00
$0.00
$0.00
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 128,425 and 125,788 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
$1284000.00
$1259000.00
$1257000.00
$1256000.00
Additional paid-in capital (“APIC”)
$3.8B
$3.7B
$3.7B
$3.7B
Accumulated other comprehensive income (“AOCI”)
$286.0K
$416.0K
$980.0K
$2.0M
Accumulated deficit
($1.4B)
($1.4B)
($1.4B)
($1.4B)
Total stockholders’ equity
$2.4B
$2.3B
$2.3B
$2.3B
Noncontrolling interests
$293.9M
$301.2M
$301.9M
$304.1M
Total equity
$2.7B
$2.6B
$2.6B
$2.6B
Total liabilities and equity
$5.4B
$5.4B
$5.3B
$5.3B
Cash flow statement
Phillips Edison & Company Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$123.0M
$69.7M
$63.8M
$54.5M
Depreciation and amortization of real estate assets
$264.8M
$251.3M
$234.3M
$232.6M
Depreciation and amortization of corporate assets
$1.5M
$1.8M
$2.2M
$3.7M
Net amortization of above- and below-market leases
($8.6M)
($6.6M)
($5.2M)
($4.3M)
Amortization of deferred financing expenses
$4.9M
$4.5M
$4.2M
$3.4M
Amortization of debt and derivative adjustments
$2.4M
$3.2M
$2.9M
$2.5M
Loss on extinguishment or modification of debt, net
$90.0K
$1.3M
$368.0K
($95.0K)
(Gain) loss on disposal of property, net
($38.8M)
$30.0K
($1.1M)
($7.5M)
Impairment of investment in third parties
$0
$0
$3.0M
—
Straight-line rent, net
($10.7M)
($9.7M)
($10.1M)
($12.3M)
Share-based compensation
$11.7M
$9.7M
$6.9M
$15.4M
Return on investment in unconsolidated joint ventures
$772.0K
$348.0K
$271.0K
$1.3M
Other
($243.0K)
($529.0K)
($1.0M)
($107.0K)
Other assets, net
($17.5M)
($16.6M)
($11.5M)
($10.1M)
Accounts payable and other liabilities
$14.8M
$26.4M
$2.1M
$10.0M
Net cash provided by operating activities
$348.1M
$334.7M
$291.0M
$290.9M
Real estate acquisitions, net
($360.2M)
($296.3M)
($270.3M)
($282.0M)
Capital expenditures
($136.1M)
($95.1M)
($95.3M)
($104.5M)
Proceeds (payments) from sale of real estate, net
$121.7M
($17.0K)
—
—
Investment in unconsolidated joint ventures
($13.7M)
($8.4M)
—
—
Return of investment in unconsolidated joint ventures
$1.9M
$1.8M
$2.0M
$4.2M
Investment in marketable securities
($8.3M)
($4.1M)
$0
($3.0M)
Proceeds from sale of marketable securities
$133.0K
$5.8M
$400.0K
—
Insurance proceeds for property damage claims
$2.4M
$3.2M
$2.6M
$2.1M
Net cash used in investing activities
($392.3M)
($392.9M)
($353.4M)
($331.2M)
Proceeds from the issuance of common stock
$0
$74.5M
$149.1M
$90.1M
Payment of offering costs
$0
($929.0K)
($1.9M)
($1.1M)
Proceeds from revolving credit facility
$747.0M
$474.0M
$503.0M
$376.0M
Payments on revolving credit facility
($695.0M)
($615.0M)
($401.0M)
($297.0M)
Proceeds from notes and loans payable, net
$346.3M
$683.0M
—
—
Payments on mortgages and loans payable
($145.6M)
($408.5M)
($101.5M)
($81.9M)
Distributions paid
($157.3M)
($134.0M)
($135.7M)
($127.1M)
Distributions to noncontrolling interests
($16.6M)
($15.2M)
($16.0M)
($16.9M)
Net cash provided by financing activities
$78.8M
$58.0M
$53.9M
($57.8M)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
$34.7M
($229.0K)
($8.5M)
($98.2M)
Beginning of year
$8.6M
$8.9M
$17.3M
$115.5M
End of year
$43.3M
$8.6M
$8.9M
$17.3M
Cash and cash equivalents
$3.5M
$4.9M
$4.9M
$5.5M
Restricted cash
$39.8M
$3.8M
$4.0M
$11.9M
Cash, cash equivalents, and restricted cash at end of year
$43.3M
$8.6M
$8.9M
$17.3M
Cash paid for interest
$97.7M
$75.0M
$76.5M
$65.1M
Cash paid for income taxes, net
$1.6M
$922.0K
$689.0K
$194.0K
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities
$1.1M
$57.0K
$887.0K
$36.0K
Secured loan receivable
$17.4M
—
—
—
Accrued capital expenditures
$13.4M
$15.9M
$9.9M
$9.8M
Phillips Edison & Company Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$78.5M
$33.2M
$70.4M
$43.1M
Depreciation and amortization of real estate assets
$131.7M
$65.2M
$200.9M
$135.7M
Depreciation and amortization of corporate assets
$718.0K
$349.0K
$1.2M
$774.0K
Net amortization of above- and below-market leases
($5.1M)
($2.5M)
($6.3M)
($4.1M)
Amortization of deferred financing expenses
$1.7M
$982.0K
$3.7M
$2.4M
Amortization of debt and derivative adjustments
$1.3M
$638.0K
$1.8M
$1.3M
Loss on extinguishment or modification of debt, net
$1.1M
$1.1M
$1.0K
$1.0K
Gain on disposal of property, net
($26.2M)
($6.8M)
($9.8M)
($5.5M)
Straight-line rent, net
($6.1M)
($2.9M)
($7.8M)
($4.9M)
Share-based compensation
$5.8M
$2.2M
$8.5M
$5.4M
Return on investment in unconsolidated joint ventures
$347.0K
$136.0K
$505.0K
$361.0K
Other
($464.0K)
$246.0K
($615.0K)
($396.0K)
Other assets, net
($15.1M)
($8.2M)
($18.4M)
($11.6M)
Accounts payable and other liabilities
$5.4M
($28.1M)
$8.1M
($5.8M)
Net cash provided by operating activities
$173.6M
$55.6M
$252.1M
$156.7M
Real estate acquisitions, net
($268.4M)
($126.4M)
($282.0M)
($268.1M)
Capital expenditures
($50.5M)
($26.5M)
($95.7M)
($59.4M)
Proceeds from sale of real estate, net
$83.4M
$20.9M
$15.2M
$6.4M
Proceeds from secured loan receivable
$3.8M
$3.8M
—
—
Investment in unconsolidated joint ventures
($6.1M)
($894.0K)
($7.0M)
($3.5M)
Return of investment in unconsolidated joint ventures
$786.0K
$367.0K
$1.8M
$1.3M
Investment in marketable securities
($1.3M)
($164.0K)
($8.2M)
($6.0M)
Proceeds from sale of marketable securities
$963.0K
$963.0K
—
—
Insurance proceeds for property damage claims
$801.0K
$50.0K
$653.0K
$122.0K
Net cash used in investing activities
($236.6M)
($127.8M)
($375.3M)
($329.1M)
Proceeds from issuance of common stock
$84.2M
—
—
—
Payment of offering costs
($1.1M)
—
—
—
Proceeds from revolving credit facility
$333.0M
$190.0M
$540.0M
$488.0M
Payments on revolving credit facility
($283.0M)
($101.0M)
($577.0M)
($517.0M)
Proceeds from notes and loans payable, net
$346.5M
$346.5M
$346.2M
$346.2M
Payments on mortgages and loans payable
($324.2M)
($323.6M)
($45.1M)
($44.0M)
Distributions paid
($95.9M)
($54.7M)
($129.9M)
($90.3M)
Distributions to noncontrolling interests
($9.9M)
($5.8M)
($13.8M)
($9.8M)
Net cash provided by financing activities
$49.6M
$51.3M
$120.4M
$173.0M
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
($13.4M)
($21.0M)
($2.8M)
$527.0K
Beginning of period
$43.3M
$43.3M
$8.6M
$8.6M
End of period
$30.0M
$22.4M
$5.8M
$9.2M
Cash and cash equivalents
$7.1M
$3.1M
$4.1M
$5.6M
Restricted cash
$22.8M
$19.2M
$1.7M
$3.6M
Cash, cash equivalents, and restricted cash at end of period
$30.0M
$22.4M
$5.8M
$9.2M
Cash paid for interest
$55.1M
$42.3M
$81.5M
$50.7M
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities