Phillips Edison Expands Northwestern Mutual JV, Lifts 2026 Acquisitions Guidance

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3▲1 ▼0Impact / 5
Summary · why it matters

Phillips Edison & Company is expanding its joint venture with Northwestern Mutual to include 13 grocery-anchored shopping centers valued at approximately $377.5 million, while raising its full-year 2026 gross acquisitions guidance to $600 million to $700 million from a previous $500 million to $600 million. The amended Grocery Retail Partners I LLC joint venture extends the venture's term by 10 years to 2036, with Northwestern Mutual holding approximately 86% of the expanded venture and PECO retaining about 14%. Separately, the company increased its disposition expectations to $200 million to $250 million from $100 million to $200 million. Phillips Edison also reaffirmed its full-year 2026 earnings guidance, including Nareit FFO per diluted share of $2.67 to $2.72 and Core FFO per diluted share of $2.73 to $2.79, against a consensus of $2.77, with same-center NOI growth guidance unchanged at 3.4% to 4.0%.

Impact on assets 1

Real Estate▲ · 1 stocks
Phillips Edison & Co Inc
PECO
▲ PositiveCapitalrelevance

PECO expands its Northwestern Mutual JV with 13 grocery-anchored centers worth ~$377.5M and raises 2026 gross acquisitions guidance to $600-700M.

Off-coverage companies 2

Northwestern MutualPrivate▲ Positive
Capitalrelevance

Northwestern Mutual expands its Grocery Retail Partners I JV, holding ~86% of the enlarged $377.5M venture and extending its term to 2036.

PECO Energy CompanyPrivate± Mixed
relevance

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