INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Unconsolidated Joint Ventures

The following table summarizes balances on the consolidated balance sheets related to our unconsolidated joint ventures as of December 31, 2025 and 2024 (dollars in thousands):


	2025					2024
Joint Venture	Ownership Percentage		Number of Shopping Centers	Investment Balance		Ownership Percentage		Number of Shopping Centers	Investment Balance
GRP I	14	%	20	$	21,664	14	%	20	$	22,950
NRV	20	%	4	13,292		20	%	1	3,950
NGCF	31	%	3	7,605		31	%	1	4,326
NRP(1)	20	%	—	—		20	%	—	498

(1)The NRP joint venture was dissolved in December 2025.

Schedule of Equity Method Investments in Unconsolidated Joint Ventures, Investment Income

The following table summarizes the activity on the consolidated statements of operations related to our unconsolidated joint ventures as of December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Distributions to PECO After Formation or Assumption
GRP I	$	2,058	$	2,099	$	2,156
NRV	—		40		—
NGCF	547		—		—
NRP	35		—		84

Gain (Loss) from Unconsolidated Joint Ventures(1)
GRP I	$	772	$	348	$	281
NRV	(342)		(47)		—
NGCF	(189)		(9)		—
NRP	(463)		(21)		(21)

(1)Recorded in Other Expense, Net in the consolidated statements of operations.

Phillips Edison & Company, Inc. 10-K