Phillips Edison & Company Stock Price, News & Analysis
Company Description
Phillips Edison & Company, Inc. (Nasdaq: PECO) is a real estate investment trust (REIT) focused on grocery-anchored retail properties in the United States. The company describes itself as one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, emphasizing necessity-based retail in fundamentally strong markets.
Founded in 1991, Phillips Edison & Company has built a vertically-integrated operating platform and a national footprint of well-occupied shopping centers. According to company disclosures, its centers feature a mix of national and regional retailers that provide necessity-based goods and services. The company highlights top grocery anchors such as Kroger, Publix, Albertsons and Ahold Delhaize across its portfolio.
As of September 30, 2025, PECO reports that it managed 328 shopping centers, including 303 wholly-owned centers comprising approximately 34.0 million square feet across 31 states, and 25 shopping centers owned in three institutional joint ventures. This scale, together with a focus on grocery-anchored formats, defines the company’s role within the retail real estate segment of the finance and insurance sector.
Business model and operations
Phillips Edison & Company operates as a REIT with a primary focus on owning and operating grocery-anchored neighborhood and community shopping centers. The company’s public statements emphasize a strategy centered on well-occupied properties anchored by grocery tenants, with inline space leased to national and regional retailers that offer everyday goods and services.
The company describes its operating platform as vertically integrated, meaning that key functions related to owning and operating its shopping centers are handled within the organization. This structure is presented as a way to support consistent property performance across its national footprint of grocery-anchored centers.
In addition to its wholly-owned portfolio, Phillips Edison & Company participates in institutional joint ventures. As of September 30, 2025, it reported managing 25 shopping centers through three institutional joint ventures, alongside its wholly-owned centers. Earlier descriptions also note that the company operates a third-party investment management business providing property management and advisory services to unconsolidated institutional joint ventures and a private fund, in which it holds partial ownership interests.
Property focus: grocery-anchored neighborhood centers
The company consistently highlights its specialization in grocery-anchored neighborhood shopping centers. These centers are described as open-air properties anchored by grocery stores and complemented by other retailers that provide necessity-based goods and services. Phillips Edison & Company states that it invests in well-occupied, grocery-anchored neighborhood and community shopping centers located in fundamentally strong markets throughout the United States.
PECO’s disclosures emphasize that its centers are designed to support great shopping experiences and omni-channel grocery-anchored retail. The company notes that it is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
Scale and portfolio characteristics
Based on company statements as of September 30, 2025, Phillips Edison & Company’s managed portfolio included:
- 328 shopping centers under management
- 303 wholly-owned centers
- Approximately 34.0 million square feet of gross leasable area
- Properties located across 31 U.S. states
- 25 shopping centers owned in three institutional joint ventures
Company communications describe this portfolio as well-occupied, with an emphasis on grocery anchors and inline tenants that provide necessity-based goods and services. The firm’s joint venture activity includes programmatic partnerships, such as those referenced in acquisitions of grocery-anchored open-air shopping centers through institutional joint ventures.
Capital markets and corporate structure
Phillips Edison & Company is incorporated in Maryland and files reports with the U.S. Securities and Exchange Commission (SEC) under Commission File Number 001-40594. Its common stock trades on Nasdaq under the ticker symbol PECO. As a REIT, the company makes regular distributions to stockholders, and its Board of Directors has approved monthly dividend distributions, as reflected in multiple Form 8-K filings and related press releases.
The company has a credit agreement with a syndicate of lenders, and in August 2025 it entered into a third amendment to this agreement. The amendment modified the applicable interest rate by removing the credit spread adjustment to the Secured Overnight Financing Rate and established key performance indicators related to certain sustainability targets, which can affect the applicable interest rate margin. Phillips Edison & Company also maintains a revolving credit facility that contributes to its overall liquidity, as described in its earnings releases.
Earnings reporting and guidance
Phillips Edison & Company provides regular financial and operating updates through quarterly earnings releases, supplemental disclosures, and investor webcasts. For the quarter ended September 30, 2025, the company reported net income attributable to stockholders, Nareit funds from operations (FFO), and Core FFO, along with same-center net operating income (NOI) and detailed portfolio occupancy metrics.
The company also issues annual guidance ranges for net income per share, Nareit FFO per share, Core FFO per share, same-center NOI growth, gross acquisitions, interest expense, general and administrative expense, non-cash revenue items, and adjustments for collectibility. In connection with a virtual Business Update, Phillips Edison & Company updated its full-year 2025 guidance and provided preliminary guidance for 2026, as disclosed in a Form 8-K filing.
Leasing, acquisitions and joint ventures
Company disclosures provide detail on leasing activity, including the number of leases executed, total leased square footage, portfolio occupancy, and rent spreads on new and renewal leases. For the nine months ended September 30, 2025, Phillips Edison & Company reported executing hundreds of leases covering several million square feet, with comparable rent spreads on new and renewal leases.
The company also reports on transaction activity for both its wholly-owned portfolio and joint ventures. During the nine months ended September 30, 2025, it acquired multiple shopping centers and land parcels, and disposed of certain assets. Subsequent to quarter end, it acquired additional shopping centers and land for future development. Joint venture activity has included acquisitions of grocery-anchored shopping centers through institutional vehicles such as Neighborhood Grocery Catalyst Fund LLC and Grocery Retail Partners I LLC.
Risk factors and regulatory disclosures
Phillips Edison & Company’s press releases and SEC filings include extensive discussions of risk factors and forward-looking statements. The company identifies potential risks related to economic conditions, local market dynamics, vacancies, rental rates, tenant financial stability, refinancing and debt costs, environmental matters, catastrophic weather and climate-related impacts, REIT qualification, changes in tax and real estate laws, information technology security, portfolio concentration, health crises, leasing and re-leasing risks, property dispositions, and macroeconomic factors such as tariffs and trade disruptions.
These risk discussions are incorporated by reference to the company’s Annual Report on Form 10-K and periodic reports filed with the SEC. Phillips Edison & Company also notes that it uses its investors website as a channel for disclosing material nonpublic information and for complying with Regulation FD.
Investor communications
The company regularly hosts earnings conference calls, investor webcasts, and virtual business updates. These events typically include prepared remarks on financial results, portfolio performance, acquisitions, and guidance, followed by question-and-answer sessions. The company archives replays of these webcasts for later access.
Phillips Edison & Company also participates in real estate and investor conferences, where members of senior management provide overviews of the business and discuss strategy and market conditions. The company highlights these events in press releases and Form 8-K filings.
Summary
In summary, Phillips Edison & Company, Inc. (PECO) is a U.S. REIT that focuses on owning and operating grocery-anchored neighborhood shopping centers. Founded in 1991, it reports a large, nationally distributed portfolio of well-occupied centers anchored by major grocery brands and complemented by necessity-based retailers. Through its vertically-integrated operating platform, institutional joint ventures, and public company reporting practices, PECO positions itself as a specialized participant in the grocery-anchored retail real estate segment within the broader finance and insurance sector.