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olivLaw · US equity research

Phillips Edison & Company, Inc. PECO

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

41.14USD+3.94% · 1 dayClose 04 Nov 2026

Phillips Edison & Company is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States, with a portfolio that is almost fully leased. In 2026 it raised its FFO guidance, in a context where renewal rent growth remains high and the acquisition strategy depends on access to capital.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Phillips Edison & Company, Inc. (PECO) stock was 41.14 USD (+3.94% on the day), with market capitalisation 5.3 bn USD, P/E 29.3 on diluted EPS of 1.40 USD over the last 12 months, dividend yield 5.55%, beta 0.30, 52-week range 34.12–44.01 USD. Latest reported quarter (Q3 2026): revenue of 193.1 m USD (+5.7% YoY), net income of 62.7 m USD (+153.9% YoY), diluted EPS 0.49 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.3 bn USD
shares as of 20 Oct 2026
P/E (TTM)
29.3
Diluted EPS TTM 1.40 · TTM to 30 Sept 2026
E/P (TTM)
3.41%
TTM to 30 Sept 2026
Dividend yield
5.55%
DPS 12m 2.28
Beta (2y)
0.30
Volatility (1y) 16%
52-week range
34.1244.01

Price history

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Technical reading

RSI (14)
71.5
overbought (≥ 70)
Bollinger (20, 2)
36.51 – 40.14
above the upper band · %B 1.28 · band width 9.5%
SMA 50 / 200
38.16 / 39.27
mixed trend
MACD (12, 26, 9)
0.48 / 0.17
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+10.1%−1.1%+11.2 pp—
3 months−1.1%−0.5%−0.6 pp—
6 months+2.1%+4.4%−2.3 pp—
Year to date+15.7%+12.3%+3.3 pp—
1 year+20.9%+13.5%+7.3 pp+7.5%
3 years+17.2%+76.4%−59.2 pp+19.0%
5 years+22.3%+63.7%−41.3 pp—
Max drawdown (1y)
−16.6%
17 Jul 2026 → 23 Sept 2026
Max drawdown (5y)
−24.2%
21 Apr 2022 → 29 Sept 2022
Compound annual growth (5y)
+4.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
193.1 m USD
+5.7% YoY
Net income
62.7 m USD
+153.9% YoY
Diluted EPS
0.49
+145.0% YoY
net / operating
32.5% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue173.0 m178.3 m177.8 m182.7 m187.9 m190.7 m189.6 m193.1 m
Depreciation & amortisation63.3 m65.3 m71.2 m65.6 m64.3 m65.5 m66.8 m68.9 m
Interest expense25.0 m25.7 m27.7 m—————
Income tax800.0 k100.0 k200.0 k200.0 k700.0 k200.0 k200.0 k200.0 k
Net income18.1 m26.3 m12.8 m24.7 m47.5 m30.4 m41.1 m62.7 m
Diluted EPS0.13 ≈0.210.100.200.34 ≈0.240.330.49
Operating cash flow84.0 m60.5 m96.1 m ≈95.4 m ≈96.1 m55.6 m118.0 m ≈85.5 m ≈
Dividends paid25.4 m51.5 m38.8 m ≈39.5 m ≈27.4 m54.7 m41.2 m ≈42.9 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 5 percentile of its own 22-quarter history (min 26.6, median 76.5, max 343.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue430.4 m536.7 m498.0 m532.8 m575.4 m610.1 m661.4 m726.6 m
Revenue YoY+38.1%+24.7%−7.2%+7.0%+8.0%+6.0%+8.4%+9.9%
Net income39.1 m-63.5 m4.8 m15.1 m48.3 m56.8 m62.7 m111.3 m
Net income YoYunavailable−262.3%unavailable+216.9%+219.6%+17.6%+10.3%+77.6%
Diluted EPSunavailable-0.670.050.150.420.480.510.89
Diluted EPS YoYunavailableunavailableunavailable+200.0%+180.0%+14.3%+6.3%+74.5%
net %9.1%-11.8%1.0%2.8%8.4%9.3%9.5%15.3%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.5 m USD
Financial debt
2.4 bn USD
Net debt
2.4 bn USD
Equity
2.6 bn USD
Total assets
5.3 bn USD
Debt / equity
0.92x
Current ratio
unavailable
ROE
4.3%
ROA
2.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
610.1 m
2024
661.4 m
2025
726.6 m

SEC (XBRL)· 10 Feb 2026verified

Depreciation & amortisation
2023
236.4 m
2024
253.0 m
2025
266.4 m

SEC (XBRL)· 10 Feb 2026verified

Interest expense
2023
84.2 m
2024
97.0 m
2025
—

SEC (XBRL)· 11 Feb 2025verified

Income tax
2023
400.0 k
2024
1.8 m
2025
1.3 m

SEC (XBRL)· 10 Feb 2026verified

Net income
2023
56.8 m
2024
62.7 m
2025
111.3 m

SEC (XBRL)· 10 Feb 2026verified

Diluted EPS
2023
0.48
2024
0.51
2025
0.89

SEC (XBRL)· 10 Feb 2026verified

Weighted average diluted shares
2023
133.0 m
2024
136.8 m
2025
138.9 m

SEC (XBRL)· 10 Feb 2026verified

Dividend per share
2023
1.14
2024
1.19
2025
1.25

SEC (XBRL)· 10 Feb 2026verified

Balance sheet · USD

Cash
2023
4.9 m
2024
4.9 m
2025
3.5 m

SEC (XBRL)· 10 Feb 2026verified

Goodwill
2023
29.1 m
2024
29.1 m
2025
29.1 m

SEC (XBRL)· 10 Feb 2026verified

Total assets
2023
4.9 bn
2024
5.0 bn
2025
5.3 bn

SEC (XBRL)· 10 Feb 2026verified

Long-term debt
2023
2.0 bn
2024
2.1 bn
2025
2.4 bn

SEC (XBRL)· 10 Feb 2026verified

Total liabilities
2023
2.2 bn
2024
2.4 bn
2025
2.7 bn

SEC (XBRL)· 10 Feb 2026verified

Equity
2023
2.7 bn
2024
2.6 bn
2025
2.6 bn

SEC (XBRL)· 10 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
291.0 m
2024
334.7 m
2025
348.1 m

SEC (XBRL)· 10 Feb 2026verified

Investing cash flow
2023
-353.4 m
2024
-392.9 m
2025
-392.3 m

SEC (XBRL)· 10 Feb 2026verified

Financing cash flow
2023
53.9 m
2024
58.0 m
2025
78.8 m

SEC (XBRL)· 10 Feb 2026verified

Dividends paid
2023
135.7 m
2024
134.0 m
2025
157.3 m

SEC (XBRL)· 10 Feb 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 12 Feb 2024verified

Computed indicators

Growth

Revenue growth (YoY)
9.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
77.6%
computed by olivLawFY 2025
Net income CAGR 3Y
32.1%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
87.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
74.5%
computed by olivLawFY 2025
EPS CAGR 3Y
28.4%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
77.9%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
23.9%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
7.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
3.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
162.7%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
355.1 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
5.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
7.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
29.2x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
29.3x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
3.4%
computed by olivLawTTM to 30 Sept 2026
P/B
2.2x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
7.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
10.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
5.5%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 54 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

41.14 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.3 bn USD

Key indicators

Market capitalisation
5.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
29.3x
computed by olivLawTTM to 30 Sept 2026
P/B
2.2x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
7.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
23.9%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
9.9%
computed by olivLawFY 2025
Dividend yield
5.5%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

19/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 20 Oct 2026
Source: SEC (XBRL)published 27 Oct 2026
verified 1626derived 117

Score by group

  • Returns52
  • Growth81
  • Valuation47
  • Quality51

Estimated value range

Low
18.38
USD per share
Mid
27.13
USD per share
High
37.66
USD per share
Price: 41.14 USD
The price is above the range
Potential to the central value: -34.0% (value / price − 1)
Margin of safety: -51.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.47 – 53.17 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)16.47 – 22.15 (Mid 18.89)
  • Peers: P/B20.29 – 53.17 (Mid 35.38)
    32 companies used · median multiple 1.9x · quartiles 1.1x – 2.8x
    AKR, ALX, BRX, CHCT, COLD, DLR, DOC, EPR, ESS, EXR, FPI, FRT, GNL, HST, IRT, JBGS, KIM, LXP, NHI, O, PLD, PSA, RLJ, SELF, SITC, SLG, STAG, UDR, VICI, VMRK, VTR, WELL
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 54/100

FactorValueScoreWeight used
ROE · Quality7.8%51 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth8.1%81 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation2.2x47 (vs peers)31%
P/E (TTM) · Valuation29.3x47 (vs peers)14%
Dividend yield · Returns5.5%67 (vs peers)24%
Payout ratio (EPS) · Returns162.7%0 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth81/100 · 1/1 factors with a value
  • Quality· partial51/100 · 1/2 factors with a value
  • Returns52/100 · 2/2 factors with a value
  • Valuation47/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PHILLIPS EDISON & COMPANY, INC. (PECO). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 726.6 m USD in 2025; YoY growth 9.9%; net margin 23.9%; ROE 7.8%.

The estimated value range is 18.38–37.66 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.13 USD, the price of 41.14 USD leaves a potential of -34.0% (value / price − 1) and a margin of safety of -51.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 8.1%

What contradicts it

  • Payout ratio (EPS): 162.7%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
29.3x
vertical median 28.8x
at median
EV/EBITDA
—
vertical median 15.8x
P/S
7.0x
vertical median 6.9x
at median
P/B
2.2x
vertical median 2.0x
above median (+10.4%)
ROE
7.8%
vertical median 7.6%
at median
Net margin
23.9%
vertical median 22.8%
at median
EBIT margin
—
vertical median 37.9%
Revenue YoY
9.9%
vertical median 4.7%
above median (+111.0%)
Net debt/EBITDA
—
vertical median 4.8x
Dividend yield
5.5%
vertical median 4.5%
above median (+22.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.181.9 bn106.24.0%12.7%+35.6%+19% / +178%
PLDPrologis, Inc.122.5 bn33.17.1%42.5%+7.2%+2% / +14%
EQIXEquinix Inc104.3 bn63.311.5%16.4%+5.4%+40% / +29%
AMTAmerican Tower Corporation90.4 bn27.390.6%30.7%+5.1%+7% / −7%
DLRDigital Realty Trust, Inc.65.0 bn48.36.2%21.7%+10.0%+15% / +33%
PSAPublic Storage64.0 bn34.916.0%37.8%+2.7%+25% / +32%
ORealty Income Corporation56.3 bn40.83.6%22.9%+9.1%+3% / +10%
VTRVentas, Inc.47.2 bn167.81.9%4.0%+18.5%+11% / +95%
CCICrown Castle Inc.39.2 bn48.6—20.1%−4.4%+1% / −21%
IRMIron Mountain Inc35.3 bn84.0—5.7%+12.2%+37% / +85%
EXRExtra Space Storage Inc.33.6 bn32.77.9%29.9%+3.7%+21% / +24%
VICIVICI Properties Inc.27.8 bn11.68.3%56.5%+4.1%−12% / −16%
VMRKVivmark Residential23.9 bn27.98.1%—+4.8%+3% / +12%
SBACSba Communications Corporation20.7 bn21.1—34.5%+5.1%+1% / −21%
HSTHost Hotels & Resorts, Inc.17.9 bn17.515.8%16.5%+7.6%+48% / +49%
ESSEssex Property Trust, Inc.17.5 bn41.78.0%22.7%+6.4%+3% / +27%
KIMKimco Realty Corporation17.4 bn28.65.8%27.8%+5.1%+25% / +34%
DOCHealthpeak Properties, Inc.13.9 bn37.14.9%12.3%+4.5%+10% / +16%
UDRUDR, Inc.11.8 bn17.521.8%40.8%+2.4%+2% / +11%
FRTFederal Realty Investment Trust9.9 bn19.915.6%38.6%+6.4%+16% / +20%
BRXBrixmor Property Group Inc.9.3 bn22.014.2%30.0%+6.7%+16% / +40%
STAGSTAG Industrial, Inc.7.3 bn27.17.6%29.9%+10.1%−4% / +6%
PECOPhillips Edison & Company, Inc.5.3 bn29.37.8%23.9%+9.9%+21% / +17%
EPREpr Properties4.7 bn16.812.7%38.8%+2.9%+16% / +36%
COLDAmericold Realty Trust, Inc.4.3 bn—-16.5%-17.4%−2.4%+40% / −46%

1- and 3-year price returns: for PECO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
25.31
Total return -36% · Per year -36%
44.66
Total return 12% · Per year 12%
67.17
Total return 68% · Per year 68%
3 years
26.36
Total return -27% · Per year -10%
52.18
Total return 39% · Per year 12%
85.91
Total return 124% · Per year 31%
5 years
27.46
Total return -19% · Per year -4%
60.96
Total return 70% · Per year 11%
109.87
Total return 196% · Per year 24%
What moves the 3-year price the most
  • Exit P/E± 13.05
  • Net margin± 9.13
  • Annual revenue growth± 7.25
  • Annual dilution± 0.77

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

In brief

Phillips Edison & Company is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States, with a portfolio that is almost fully leased. In 2026 it raised its FFO guidance, in a context where renewal rent growth remains high and the acquisition strategy depends on access to capital 13.

SWOT

Strengths

  • A nearly fully leased portfolio with grocery anchors and necessity tenants supports stable revenue 13.
  • Strong renewal rent increases and high occupancy show the strength of the internal operating platform 3.
  • An investment-grade rating and access to several capital sources, including a revolving credit facility and unsecured loans 13.

Weaknesses

  • Reliance on a few anchor tenants could affect revenue if one reduces operations or leaves 1.
  • Real estate assets are hard to sell quickly, and sales can trigger significant tax payments 1.
  • The debt level, measured as net debt to EBITDAre, limits flexibility in case of financial shocks 3.

Opportunities

  • External growth through acquisitions of anchored centers and everyday retail centers could expand the revenue base 13.
  • Institutional partnerships and management fees could generate extra revenue without large equity commitments 13.
  • Outparcel development and redevelopment projects could raise returns on existing properties 1.

Threats

  • A drop in demand for retail space or an economic slowdown could reduce occupancy and rent pressure 1.
  • Higher financing costs could hold back acquisitions and compress returns 13.
  • Changes to tax rules on Section 1031 exchanges could make asset sales more costly 1.

Risks

  • Difficulty selling assetsmedium

    Properties cannot easily be converted to cash, and a sale at an attractive price is not assured 1.

  • Risks in unconsolidated joint venturesmedium

    Without exclusive control of the partnerships, conflicts with institutional partners could arise and make it harder to protect the company's interests 1.

  • Impairment and asset value declinemedium

    Real estate valuations are subjective, and an asset impairment could significantly reduce net income in the period it occurs 1.

  • Development and redevelopment riskslow

    Projects can be delayed, exceed budget or deliver returns below expectations, especially in difficult markets 1.

Investment thesis

What would need to be true (bull case)

  • The portfolio mix of grocery anchors and necessity tenants could provide stability even in weaker economic periods 1.
  • Access to financing and the expansion of institutional partnerships could allow growth without heavily diluting shareholders 13.

What would break the thesis

  • Dependence on a few anchor tenants and on the grocery sector could expose revenue to problems specific to some retailers 1.
  • Leverage and the cost of financing could limit acquisitions or reduce profitability if credit conditions worsen 3.
  • Growth may depend on favorable acquisition prices, and institutional competition could make deals more expensive 1.

What to watch

  • Delivery of the 600 to 700 million dollar gross acquisitions guidance for 20262026
  • Trend in occupancy and renewal rent spreadsQ4 2026
  • Net debt to EBITDAre ratio and effect of the new unsecured term loan2027
  • Core FFO guidance and full-year results for 2027next 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

The business

The company, formed as a REIT in Maryland, directly owns grocery-anchored shopping centers and manages, through institutional partnerships, other centers in which it holds partial stakes 1. More than 95% of annualized base rent comes from grocery-anchored centers, and the strategy targets smaller-format, right-sized centers in suburban areas with strong household incomes 1. Besides rental income, PECO earns revenue from property management and advisory services for third-party investment vehicles 1.

Segments

Wholly-owned properties

The core activity is owning and operating neighborhood shopping centers, reported as a single operating segment 1. At December 31, 2025 the portfolio consisted of 297 centers, and by September 30, 2026 the count had reached 300 properties 13.

Institutional partnerships and management

The company manages three unconsolidated institutional joint ventures and one private fund, in which it holds partial interests, earning fee revenue 1. The partnership with Northwestern Mutual was extended by 10 years in October 2026, with a portfolio of 13 centers 3.

Market context

The company estimates a target market of approximately 5,800 grocery-anchored centers and 50,000 everyday retail centers across the United States, which suggests a long runway for external growth 1. The market remains fragmented, and competition for acquisitions comes from REITs and institutional investors 1.

Trends

  • Steady demand for necessity goodstailwind

    Retailers of necessity goods and services account for a large share of rent, which has supported occupancy and renewal rent growth 13. If this demand holds, it could support long-term revenue.

  • Renewal rent increasestailwind

    Comparable rent spreads on renewals reached record levels in the third quarter of 2026, indicating the landlord's negotiating strength 3. This trend could weaken if the commercial space market deteriorates.

  • Cost of capital and financing accessmixed

    The company is refinancing debt and lowering its interest cost through new loans, but acquisitions depend on the cost and availability of capital 3. Higher financing costs could compress returns on new investments.

  • Sales of stabilized assetsmixed

    The company sells stabilized centers to reinvest in properties with greater growth potential, a portfolio recycling strategy 13. Success depends on sale prices and reinvestment opportunities.

Competitive position

The company competes for properties and tenants with other REITs, institutional investors and local, regional or national owner-operators 1. In attracting and retaining tenants it also competes with malls, lifestyle centers, power centers and main street retail 1. The quality of the grocery anchor, location and trade area demographics are the main competitive factors 1.

  • Other retail REITs

    The company cites other REITs as rivals for acquisitions and tenants, without naming them 1.

  • Institutional investors

    Funds and institutional investors compete for the same properties, which can raise purchase prices 1.

  • Local, regional and national owner-operators

    Shopping center operators of various sizes compete for tenants and transactions 1.

  • Malls, lifestyle and power centers

    Alternative retail formats compete with neighborhood centers for tenants, especially national retailers 1.

News & filings

In the press

The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Quarterly report27 Oct 2026
  • Current report26 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report02 Oct 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report01 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report10 Aug 2026
    Other events · Financial statements and exhibits
  • Current report05 Aug 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report24 Jul 2026
  • Current report23 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report12 May 2026
    Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report24 Apr 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Phillips Edison & Company, Inc. · 10 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Phillips Edison & Company, Inc. · 24 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Phillips Edison & Company, Inc. · 26 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.