Phillips Edison & Company, Inc. (Nasdaq: PECO) announced on October 1, 2026, an amended and restated joint venture with Northwestern Mutual that extends Grocery Retail Partners I LLC by 10 years to 2036 and adds 13 grocery-anchored neighborhood shopping centers across eight states, valued at approximately $377.5 million. Northwestern Mutual will retain an approximately 86% interest and PECO approximately 14%; PECO will continue leasing, asset management and property management services and earn recurring fees. The expansion is expected to create investment capacity for acquisitions, development and redevelopment, with approximately half the assets seeded initially and additional transfers expected by early 2027. On the same date, PECO raised its 2026 gross acquisitions guidance to $600 million-$700 million from $500 million-$600 million, increased dispositions guidance to $200 million-$250 million from $100 million-$200 million, and introduced expected net joint-venture contributions of $200 million-$250 million. Through September 30, PECO had acquired $459.7 million and sold $174.0 million at its total prorated share, while reaffirming diluted Nareit FFO guidance of $2.67-$2.72 per share, Core FFO guidance of $2.73-$2.79 and same-center NOI growth of 3.40%-4.00%.