Phillips Edison & Company, Inc.
- Open
- 43.98
- Day high
- 44.26
- Day low
- 43.71
- Prev close
- 44.01
- Volume
- 610K
- Mkt cap
- $5.5B
- P/E (TTM)
- 47.6
- EPS (TTM)
- $0.92
- P/B
- 2.4
- P/S
- 7.5
- Yield
- 2.96%
- Per share
- $1.29
Phillips Edison & Company, Inc. (PECO) is a Real Estate company listed on NASDAQ. The stock is up 26% over the past year.
Phillips Edison & Company, Inc. (PECO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PECO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.17 | $0.24 | +39.1% | $186M | +1.4% |
| Feb 5, 2026 | $0.66 | $0.38 | -42.4% | $188M | +1.2% |
| Oct 23, 2025 | $0.64 | $0.20 | -68.8% | $294M | +60.8% |
| Jul 24, 2025 | $0.63 | $0.10 | -84.1% | $178M | +0.9% |
| Apr 24, 2025 | $0.63 | $0.21 | -66.7% | $178M | +4.6% |
| Feb 6, 2025 | $0.12 | $0.15 | +25.0% | $173M | +2.9% |
| Oct 24, 2024 | $0.14 | $0.09 | -35.7% | $166M | -2.3% |
| Jul 25, 2024 | $0.14 | $0.12 | -14.3% | $162M | -1.5% |
| Apr 25, 2024 | $0.13 | $0.14 | +7.7% | $163M | +1.1% |
| Feb 8, 2024 | $0.10 | $0.11 | +10.0% | $154M | -2.2% |
| Oct 31, 2023 | $0.11 | $0.12 | +9.1% | $153M | +1.2% |
| Aug 1, 2023 | $0.10 | $0.12 | +20.0% | $153M | +3.7% |
PECO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | Wood Gregory S.director | Grant | 2,901 | — |
| May 14, 2026 | CHAO LESLIE Tdirector | Grant | 2,901 | — |
| May 14, 2026 | Terry Anthony Edirector | Grant | 2,901 | — |
| May 14, 2026 | Silfen Janedirector | Grant | 2,901 | — |
| May 14, 2026 | Fischer Elizabethdirector | Grant | 2,901 | — |
| May 14, 2026 | Murphy Devin Ignatiusdirector | Grant | 2,901 | — |
| May 14, 2026 | Strong John A.director | Grant | 2,901 | — |
| May 14, 2026 | QUAZZO STEPHEN Rdirector | Grant | 2,901 | — |
| May 14, 2026 | Wang Parilee Edisondirector | Grant | 2,901 | — |
| May 4, 2026 | Murphy Devin Ignatiusdirector | Option | 3,290 | — |
| May 4, 2026 | Wang Parilee Edisondirector | Option | 3,290 | — |
| Feb 6, 2026 | Edison Jeffreydirector, officer: Chairman and CEO | Grant | 30,235 | — |
| Feb 6, 2026 | Edison Jeffreydirector, officer: Chairman and CEO | Grant | 4,481 | — |
| Feb 6, 2026 | Murphy Devin Ignatiusdirector | Grant | 15,543 | — |
| Feb 6, 2026 | Brady Tanyaofficer: EVP, GC & Secretary | Grant | 502 | — |
Source: PECO SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full PECO insider & 13F page →Phillips Edison & Company, Inc. company profile
Overview
Phillips Edison & Company, Inc. (NYSE:PECO) is a publicly traded real estate investment trust (REIT) that went public in February 2021. Founded in 1991, the company has built a 30+ year track record as one of the nation's largest owners and operators of grocery-anchored shopping centers. The company operates through a vertically-integrated platform, managing a portfolio of over 300 properties across 31 states, comprising approximately 31.7 million square feet of retail space. PECO has established partnerships with leading institutional investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company, and maintains an exclusive focus on creating neighborhood shopping experiences centered around grocery stores.
Business
Phillips Edison & Company operates in the retail real estate sector, specifically focusing on grocery-anchored neighborhood shopping centers. These are typically strip mall-style developments where a major grocery store serves as the primary tenant, or "anchor," drawing consistent foot traffic that benefits smaller retailers in the same center. The company's core business involves acquiring, owning, leasing, and managing these shopping centers. A grocery-anchored shopping center is a retail property where a supermarket occupies the largest space and serves as the main traffic driver. These centers typically range from 50,000 to 150,000 square feet and include a mix of other tenants such as restaurants, pharmacies, dry cleaners, banks, and personal service providers. The grocery anchor is crucial because it generates frequent, recurring visits from local residents who need to shop for food and household necessities regularly. PECO's portfolio strategy centers on necessity-based retail, with approximately 70% of their annual base rent coming from tenants that provide essential goods and services. This includes grocery stores (which represent about 30% of total rents), pharmacies, restaurants, medical services, and other day-to-day service providers. The remaining 30% comes from discretionary retail and services. The company operates through a single business segment focused exclusively on these grocery-anchored properties, differentiating itself from diversified REITs that might own malls, office buildings, or other property types. This specialization allows PECO to develop deep expertise in understanding grocery store performance, neighborhood demographics, and the unique leasing dynamics of necessity-based retail.
Revenue model
Phillips Edison & Company generates revenue primarily through rental income from leasing space to retail tenants in their shopping centers. The company operates under the traditional REIT business model where tenants pay base rent plus additional charges for property taxes, insurance, and common area maintenance (often called "triple net" leases). The company's revenue streams include: 1. Base rental income from anchor tenants (primarily grocery stores) and in-line tenants (smaller retailers), 2. Percentage rent from tenants based on sales performance above certain thresholds, 3. Tenant reimbursements for operating expenses, property taxes, and insurance, 4. Fees from property management and development services. PECO's customers are retail tenants, ranging from national grocery chains like Kroger and Albertsons to regional grocers, as well as national and local retailers in categories like quick-service restaurants, pharmacies, and personal services. The company benefits from having tenants that provide necessity-based goods and services, as these businesses tend to maintain stable sales even during economic downturns. Several factors influence the company's profitability margins. Positive factors include: the limited supply of new grocery-anchored centers being built, which reduces competition; demographic trends favoring suburban shopping; high barriers to entry for new grocery stores due to capital requirements and market saturation; and the essential nature of grocery shopping, which provides recession-resistant cash flows. Negative factors include: rising interest rates, which increase borrowing costs for acquisitions and refinancing; potential economic recession reducing discretionary spending at non-grocery tenants; e-commerce growth potentially affecting certain tenant categories; and inflation increasing operating costs faster than rent growth. The company's focus on necessity-based retail and strong grocery anchors helps insulate it from many retail industry headwinds, though it remains sensitive to broader economic conditions and interest rate movements.
Competitive moat
Phillips Edison & Company possesses a moderate economic moat based on several competitive advantages, though it faces meaningful competitive pressures. The company's primary moat stems from the locational advantages of its grocery-anchored shopping centers. Once established, these properties benefit from high switching costs for customers who prefer to shop at convenient, nearby locations for their regular grocery and service needs. The company's moat is strengthened by its focus on dominant grocery anchors - typically the #1 or #2 grocery store in their respective markets. These grocers have invested heavily in their locations and have established customer loyalty, making it difficult and expensive for competitors to displace them. The necessity-based nature of grocery shopping creates consistent foot traffic that benefits the entire shopping center, providing a stable foundation for the property's performance. PECO's operational expertise in grocery-anchored retail provides additional competitive advantages. With over 30 years of experience, the company has developed specialized knowledge in site selection, tenant mix optimization, and understanding the unique dynamics of grocery-anchored properties. This expertise helps in both acquiring superior properties and maximizing their performance through strategic leasing and property management. However, the moat has limitations. The retail real estate sector is highly competitive, with numerous public and private REITs competing for the same high-quality properties. Potential threats include the continued growth of e-commerce and grocery delivery services, which could reduce foot traffic over time. Additionally, the company faces competition from other retail formats, including lifestyle centers, power centers, and mixed-use developments that might attract tenants and customers away from traditional strip centers. The company's moat is also constrained by the capital-intensive nature of real estate investing, where access to low-cost capital often determines competitive success. While PECO has established relationships with institutional partners, it must continually compete for attractive acquisition opportunities in a market where many well-capitalized players are pursuing similar strategies.
Risks & safety
Phillips Edison & Company demonstrates a moderate margin of safety with manageable financial risks but some concerns around valuation and leverage. • **Liquidity and Solvency**: Strong liquidity position with $948 million available as of Q4 2024, minimal cash burn risk given positive operating cash flows of $335 million annually, and no meaningful debt maturities until 2027 • **Debt Management**: Net debt-to-EBITDA ratio of 5.1x is reasonable for a REIT but on the higher end of conservative ranges; 93% of debt is fixed-rate, providing protection against interest rate volatility; debt-to-equity ratio of 0.96x indicates moderate leverage • **Valuation Concerns**: Trading at 16.0x EV/EBITDA and 73x P/E ratio, which appears expensive relative to cash flow generation; current ratio of 0.60x indicates working capital constraints, though typical for REITs given their operating structure • **Operational Stability**: High portfolio occupancy of 98% and strong tenant retention rates provide stable cash flow foundation; focus on necessity-based retail offers some recession protection; however, same-store NOI growth of 3-4% is modest for the valuation multiple • **Other Considerations**: REIT structure provides some downside protection through dividend requirements and tax advantages, but also limits financial flexibility; exposure to retail real estate sector creates vulnerability to structural changes in consumer behavior and e-commerce growth
Recent development
Over the past several years, Phillips Edison & Company has pursued a focused growth strategy centered on expanding its grocery-anchored shopping center portfolio while maintaining operational excellence. The company has consistently targeted $200-450 million in annual acquisitions, with 2024 seeing acquisitions totaling over $300 million and 2025 guidance calling for $350-450 million in gross acquisitions. A significant strategic development has been PECO's expansion into joint venture partnerships to increase acquisition capacity. In 2024, the company announced a joint venture with Cohen & Steers involving $300 million in committed equity, targeting total investments of $600-700 million. This partnership allows PECO to pursue larger opportunities while maintaining balance sheet discipline. The company also maintains ongoing joint ventures with Northwestern Mutual, with approximately 10% of 2025 acquisitions expected through these partnerships. The company has demonstrated strong operational execution with portfolio occupancy reaching record levels of 98% by late 2024, including 99% anchor occupancy and 95% in-line occupancy. Management has focused on proactive tenant management and "remerchandising" strategies, selectively replacing tenants to improve long-term cash flows and capture higher rent spreads. This approach has generated impressive leasing spreads, with new lease spreads reaching 30% and renewal spreads around 20%. PECO has also invested in technology and operational efficiency, receiving recognition for AI implementation in property management. The company continues to pursue ground-up development and repositioning projects, targeting $40-50 million annually in development activities with expected cash yields of 9-12%. These initiatives focus on developing outparcels and pad sites within existing shopping centers, leveraging their existing grocery anchor relationships to create additional value. Throughout this period, management has maintained a disciplined approach to acquisitions, consistently targeting unlevered internal rates of return of 9% or higher, and has shown willingness to adjust underwriting assumptions based on changing economic conditions while maintaining their return thresholds.
PECO company profile · for informational purposes only — not investment advice.
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