Phillips Edison (PECO)
Market Price (9/29/2026): $37.46 | Market Cap: $4.7 BilSector: Real Estate | Industry: Retail REITs
Phillips Edison (PECO)
Market Price (9/29/2026): $37.46Market Cap: $4.7 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 3.4%, FCF Yield is 5.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% Low stock price volatilityVol 12M is 15% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, E-commerce & DTC Adoption, and Smart Buildings & Proptech. Themes include ESG REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -54% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Key risksPECO key risks include [1] accelerated e-commerce adoption undermining its grocery-anchored model and [2] the potential for financial difficulties at a major grocery anchor. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 3.4%, FCF Yield is 5.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Low stock price volatilityVol 12M is 15% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, E-commerce & DTC Adoption, and Smart Buildings & Proptech. Themes include ESG REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -54% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Key risksPECO key risks include [1] accelerated e-commerce adoption undermining its grocery-anchored model and [2] the potential for financial difficulties at a major grocery anchor. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/23/2026
Phillips Edison (PECO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss. Phillips Edison & Company (PECO) reported its fiscal second quarter 2026 earnings on July 23, 2026, with an Earnings Per Share (EPS) of $0.33. This significantly missed the consensus analyst estimate of $0.68 by $0.35. Despite revenue surpassing expectations and the company raising its full-year 2026 guidance for Nareit FFO per share and Core FFO per share, the substantial EPS miss likely contributed to negative investor sentiment.
2. Rising Interest Rates and Hawkish Federal Reserve Outlook. A significant macroeconomic headwind for Real Estate Investment Trusts (REITs) like PECO has been the Federal Reserve's stance on interest rates. In September 2026, the Federal Reserve increased the federal funds target rate by 0.25% to a range of 3.75% to 4.00%, with expectations of at least one additional hike by the end of 2026 to combat inflation. Concurrently, longer-dated U.S. Treasury yields, such as the 30-year and 10-year, reached recent highs during fiscal Q3 2026 (July-September). This environment generally increases borrowing costs for REITs and can make their dividend yields comparatively less attractive to investors seeking income from fixed-income alternatives, thereby pressuring stock valuations.
Show more
Phillips Edison (PECO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss. Phillips Edison & Company (PECO) reported its fiscal second quarter 2026 earnings on July 23, 2026, with an Earnings Per Share (EPS) of $0.33. This significantly missed the consensus analyst estimate of $0.68 by $0.35. Despite revenue surpassing expectations and the company raising its full-year 2026 guidance for Nareit FFO per share and Core FFO per share, the substantial EPS miss likely contributed to negative investor sentiment.
2. Rising Interest Rates and Hawkish Federal Reserve Outlook. A significant macroeconomic headwind for Real Estate Investment Trusts (REITs) like PECO has been the Federal Reserve's stance on interest rates. In September 2026, the Federal Reserve increased the federal funds target rate by 0.25% to a range of 3.75% to 4.00%, with expectations of at least one additional hike by the end of 2026 to combat inflation. Concurrently, longer-dated U.S. Treasury yields, such as the 30-year and 10-year, reached recent highs during fiscal Q3 2026 (July-September). This environment generally increases borrowing costs for REITs and can make their dividend yields comparatively less attractive to investors seeking income from fixed-income alternatives, thereby pressuring stock valuations.
Show more
Updated on 9/23/2026
Phillips Edison (PECO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss. Phillips Edison & Company (PECO) reported its fiscal second quarter 2026 earnings on July 23, 2026, with an Earnings Per Share (EPS) of $0.33. This significantly missed the consensus analyst estimate of $0.68 by $0.35. Despite revenue surpassing expectations and the company raising its full-year 2026 guidance for Nareit FFO per share and Core FFO per share, the substantial EPS miss likely contributed to negative investor sentiment.
2. Rising Interest Rates and Hawkish Federal Reserve Outlook. A significant macroeconomic headwind for Real Estate Investment Trusts (REITs) like PECO has been the Federal Reserve's stance on interest rates. In September 2026, the Federal Reserve increased the federal funds target rate by 0.25% to a range of 3.75% to 4.00%, with expectations of at least one additional hike by the end of 2026 to combat inflation. Concurrently, longer-dated U.S. Treasury yields, such as the 30-year and 10-year, reached recent highs during fiscal Q3 2026 (July-September). This environment generally increases borrowing costs for REITs and can make their dividend yields comparatively less attractive to investors seeking income from fixed-income alternatives, thereby pressuring stock valuations.
3. Announcement of up to $400 Million Equity Offering Program. On August 10, 2026, Phillips Edison established a continuous equity offering program, allowing the company to offer and sell shares of common stock with an aggregate offering price of up to $400 million. While providing capital for future investments, the announcement of a large equity offering can lead to concerns among existing shareholders regarding potential share dilution, which often puts downward pressure on the stock price.
Show less
Phillips Edison (PECO) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Q2 2026 Earnings Per Share Miss. Phillips Edison & Company (PECO) reported its fiscal second quarter 2026 earnings on July 23, 2026, with an Earnings Per Share (EPS) of $0.33. This significantly missed the consensus analyst estimate of $0.68 by $0.35. Despite revenue surpassing expectations and the company raising its full-year 2026 guidance for Nareit FFO per share and Core FFO per share, the substantial EPS miss likely contributed to negative investor sentiment.
2. Rising Interest Rates and Hawkish Federal Reserve Outlook. A significant macroeconomic headwind for Real Estate Investment Trusts (REITs) like PECO has been the Federal Reserve's stance on interest rates. In September 2026, the Federal Reserve increased the federal funds target rate by 0.25% to a range of 3.75% to 4.00%, with expectations of at least one additional hike by the end of 2026 to combat inflation. Concurrently, longer-dated U.S. Treasury yields, such as the 30-year and 10-year, reached recent highs during fiscal Q3 2026 (July-September). This environment generally increases borrowing costs for REITs and can make their dividend yields comparatively less attractive to investors seeking income from fixed-income alternatives, thereby pressuring stock valuations.
3. Announcement of up to $400 Million Equity Offering Program. On August 10, 2026, Phillips Edison established a continuous equity offering program, allowing the company to offer and sell shares of common stock with an aggregate offering price of up to $400 million. While providing capital for future investments, the announcement of a large equity offering can lead to concerns among existing shareholders regarding potential share dilution, which often puts downward pressure on the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.4% change in PECO stock from 5/31/2026 to 9/28/2026 was primarily driven by a -23.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.72 | 37.59 | -5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 739 | 751 | 1.6% |
| Net Income Margin (%) | 15.6% | 19.1% | 22.6% |
| P/E Multiple | 43.3 | 33.0 | -23.8% |
| Shares Outstanding (Mil) | 126 | 126 | -0.3% |
| Cumulative Contribution | -5.4% |
Market Drivers
5/31/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PECO | -5.4% | |
| Market (SPY) | 1.5% | -20.9% |
| Sector (XLRE) | -5.2% | 66.6% |
Fundamental Drivers
The -2.4% change in PECO stock from 2/28/2026 to 9/28/2026 was primarily driven by a -24.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.53 | 37.59 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 727 | 751 | 3.3% |
| Net Income Margin (%) | 15.3% | 19.1% | 24.9% |
| P/E Multiple | 43.5 | 33.0 | -24.1% |
| Shares Outstanding (Mil) | 126 | 126 | -0.4% |
| Cumulative Contribution | -2.4% |
Market Drivers
2/28/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PECO | -2.4% | |
| Market (SPY) | 12.2% | 0.1% |
| Sector (XLRE) | -4.2% | 63.9% |
Fundamental Drivers
The 10.9% change in PECO stock from 8/31/2025 to 9/28/2026 was primarily driven by a 93.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.89 | 37.59 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 695 | 751 | 8.1% |
| Net Income Margin (%) | 9.9% | 19.1% | 93.1% |
| P/E Multiple | 61.8 | 33.0 | -46.5% |
| Shares Outstanding (Mil) | 126 | 126 | -0.6% |
| Cumulative Contribution | 10.9% |
Market Drivers
8/31/2025 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PECO | 10.9% | |
| Market (SPY) | 20.0% | -2.1% |
| Sector (XLRE) | 1.1% | 56.8% |
Fundamental Drivers
The 23.4% change in PECO stock from 8/31/2023 to 9/28/2026 was primarily driven by a 103.7% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.47 | 37.59 | 23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 594 | 751 | 26.4% |
| Net Income Margin (%) | 9.4% | 19.1% | 103.7% |
| P/E Multiple | 64.1 | 33.0 | -48.4% |
| Shares Outstanding (Mil) | 117 | 126 | -7.1% |
| Cumulative Contribution | 23.4% |
Market Drivers
8/31/2023 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PECO | 23.4% | |
| Market (SPY) | 76.5% | 31.5% |
| Sector (XLRE) | 23.7% | 70.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PECO Return | 20% | -0% | 19% | 6% | -2% | 8% | 60% |
| Peers Return | 278% | -13% | 9% | 18% | -5% | 11% | 349% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PECO Win Rate | 83% | 42% | 58% | 67% | 42% | 67% | |
| Peers Win Rate | 72% | 37% | 55% | 58% | 42% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PECO Max Drawdown | - | -23% | -17% | -14% | -10% | -16% | |
| Peers Max Drawdown | -11% | -32% | -20% | -11% | -18% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: REG, KIM, BRX, FRT, IVT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)
How Low Can It Go
| Event | PECO | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.9% | -6.7% |
| % Gain to Breakeven | 20.3% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.8% | -24.5% |
| % Gain to Breakeven | 20.2% | 32.4% |
| Time to Breakeven | 74 days | 427 days |
In The Past
Phillips Edison's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
Phillips Edison's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Phillips Edison (PECO)
Phillips Edison & Company (PECO) is an internally-managed Real Estate Investment Trust (REIT) specializing in the ownership and operation of grocery-anchored shopping centers. The company is one of the nation's largest in this sector, generating revenue primarily through leasing commercial space within its properties.
PECO manages a diversified portfolio of well-occupied neighborhood shopping centers across the United States. As of September 2020, this portfolio encompassed 309 properties, including 283 wholly-owned centers, spanning approximately 31.7 million square feet across 31 states. Its main customers are national and regional retailers who lease space to sell necessity-based goods and services. PECO's core strategy is exclusively focused on creating and improving these grocery-anchored shopping experiences in fundamentally strong markets.
AI Analysis | Feedback
Analogy 1: Think of PECO as the Simon Property Group for everyday necessity shopping. Instead of grand regional malls, PECO owns and operates the neighborhood centers anchored by your local grocery store.
AI Analysis | Feedback
- Leasing of Grocery-Anchored Retail Space: Phillips Edison provides rental units in its portfolio of grocery-anchored shopping centers to various national and regional retailers.
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Jeffrey S. Edison, Chairman and Chief Executive Officer
Co-founded Phillips Edison & Company in 1995, serving as a principal since its inception and as Chairman and CEO since December 2009. Prior to co-founding PECO, he gained experience at NationsBank's South Charles Realty Corporation (Senior Vice President 1993-1995, Vice President 1991-1993), Morgan Stanley Realty Incorporated (1987-1990), and The Taubman Company (1984-1987). Mr. Edison also served as Chairman and CEO of Phillips Edison Grocery Center REIT III, Inc. and Phillips Edison Grocery Center REIT II, Inc. until their mergers with PECO in 2019 and 2018, respectively.
John P. Caulfield, Executive Vice President, Chief Financial Officer and Treasurer
Joined Phillips Edison in March 2014 as Vice President of Treasury and Investor Relations, rising to Senior Vice President of Finance in January 2016, and assuming the role of Chief Financial Officer and Treasurer in August 2019. Before his tenure at PECO, he was Vice President of Treasury and Investor Relations at CyrusOne Inc. from 2012 to 2014, where he played a key role in the company's successful spinoff and IPO from Cincinnati Bell. He also held various treasury, finance, and accounting positions at Cincinnati Bell for seven years, including Assistant Treasurer and Director of Investor Relations. Mr. Caulfield is a Certified Public Accountant.
Robert F. Myers, President
Appointed President of Phillips Edison & Company on January 1, 2024. His previous roles at PECO include Chief Operating Officer (from October 2010) and Executive Vice President (from August 2020). He began his career with PECO in 2003 as a Senior Leasing Manager and advanced through various leasing and operations management positions. Prior to joining Phillips Edison, Mr. Myers spent six years with Equity Investment Group, starting as a Property Manager in 1997.
Tanya E. Brady J.D., Executive Vice President, Chief Legal and Administrative Officer
Ms. Brady serves as Executive Vice President, Chief Legal and Administrative Officer for Phillips Edison & Company. She is also listed as General Counsel and Secretary.
Joseph G. Schlosser, Chief Operating Officer and Executive Vice President
Mr. Schlosser holds the titles of Chief Operating Officer and Executive Vice President at Phillips Edison & Company.
Co-founded Phillips Edison & Company in 1995, serving as a principal since its inception and as Chairman and CEO since December 2009. Prior to co-founding PECO, he gained experience at NationsBank's South Charles Realty Corporation (Senior Vice President 1993-1995, Vice President 1991-1993), Morgan Stanley Realty Incorporated (1987-1990), and The Taubman Company (1984-1987). Mr. Edison also served as Chairman and CEO of Phillips Edison Grocery Center REIT III, Inc. and Phillips Edison Grocery Center REIT II, Inc. until their mergers with PECO in 2019 and 2018, respectively.
John P. Caulfield, Executive Vice President, Chief Financial Officer and Treasurer
Joined Phillips Edison in March 2014 as Vice President of Treasury and Investor Relations, rising to Senior Vice President of Finance in January 2016, and assuming the role of Chief Financial Officer and Treasurer in August 2019. Before his tenure at PECO, he was Vice President of Treasury and Investor Relations at CyrusOne Inc. from 2012 to 2014, where he played a key role in the company's successful spinoff and IPO from Cincinnati Bell. He also held various treasury, finance, and accounting positions at Cincinnati Bell for seven years, including Assistant Treasurer and Director of Investor Relations. Mr. Caulfield is a Certified Public Accountant.
Robert F. Myers, President
Appointed President of Phillips Edison & Company on January 1, 2024. His previous roles at PECO include Chief Operating Officer (from October 2010) and Executive Vice President (from August 2020). He began his career with PECO in 2003 as a Senior Leasing Manager and advanced through various leasing and operations management positions. Prior to joining Phillips Edison, Mr. Myers spent six years with Equity Investment Group, starting as a Property Manager in 1997.
Tanya E. Brady J.D., Executive Vice President, Chief Legal and Administrative Officer
Ms. Brady serves as Executive Vice President, Chief Legal and Administrative Officer for Phillips Edison & Company. She is also listed as General Counsel and Secretary.
Joseph G. Schlosser, Chief Operating Officer and Executive Vice President
Mr. Schlosser holds the titles of Chief Operating Officer and Executive Vice President at Phillips Edison & Company.
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1. Dependence on Anchor Tenants
Phillips Edison's business model is highly reliant on its grocery anchor tenants. A significant risk lies in the potential loss, failure, or bankruptcy of these major tenants, such as Kroger, Publix, and Ahold Delhaize. The departure of an anchor tenant can trigger co-tenancy clauses in leases, allowing other smaller tenants to demand reduced rent or even terminate their leases, thereby eroding PECO's rental income. Re-leasing large anchor spaces can be a costly and time-consuming endeavor. While a high percentage of revenue from grocery anchors provides stability, it also increases concentration risk.
2. Macroeconomic Headwinds and Retail Sector Challenges
PECO is exposed to broader macroeconomic uncertainties and evolving retail dynamics. This includes the impact of higher interest rates, which can increase the company's borrowing costs for existing debt and make future acquisitions and development projects more expensive. Inflationary pressures can also raise operating costs and potentially strain consumers' discretionary spending, even for necessity-based goods. Although grocery-anchored centers are generally considered resilient to e-commerce, the ongoing growth of online shopping remains a competitive pressure on brick-and-mortar retail and could impact foot traffic and tenant retention in the long term.
3. Tenant Health and Increased Bad Debt
The financial health of PECO's tenant base, including both anchor and smaller inline tenants, presents a key risk. Concerns about increasing bad debt and potential tenant bankruptcies or store closures directly threaten the company's occupancy rates and rental income stability. Higher levels of bad debt can negatively impact cash flow and profitability and may signal broader financial instability among tenants, potentially leading to a cycle of declining occupancy and reduced foot traffic across the shopping centers.
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The primary addressable market for Phillips Edison (PECO), an owner and operator of grocery-anchored shopping centers, is the United States grocery retail market.
The U.S. grocery retail market is projected to exceed $1.5 trillion by 2027, growing at a compound annual growth rate (CAGR) of 3.1%. This figure represents the sales generated by the grocery businesses that serve as anchors for PECO's properties, highlighting the significant economic activity driving demand for their real estate. Investments in grocery-anchored retail spaces accounted for approximately 22% of all retail center acquisitions in 2023. Furthermore, multi-tenant, grocery-anchored retail transactions totaled $7.0 billion in 2024.
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Phillips Edison & Company (PECO) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from its focus on grocery-anchored shopping centers and strategic capital allocation.
- Strong Leasing Spreads and High Occupancy: PECO consistently demonstrates its ability to achieve significant rent growth on both new and renewal leases due to robust demand for space in its grocery-anchored centers. The company reported comparable new lease spreads of 30.2% and renewal lease spreads of 20.8% in Q4 2024. Similarly, in Q2 2025, new lease spreads were 34.6% and renewal lease spreads were 19.1%. This pricing power, coupled with high leased portfolio occupancy (97.7% in Q4 2024) and strong inline leased occupancy, ensures a steady and increasing stream of rental income.
- Strategic Acquisitions of Grocery-Anchored and Everyday Retail Centers: External growth through strategic acquisitions is a significant driver. PECO actively acquires high-quality, necessity-based retail properties. In 2023, the company acquired 11 shopping centers for $272 million. For 2024, PECO targeted $275 million to $325 million in acquisitions, and completed $396 million in gross acquisitions by December 2025. The company has set a target of $400 million to $500 million in gross acquisitions for 2026, including a focus on "everyday retail centers" as a natural complement to its core grocery-anchored portfolio.
- Development and Redevelopment Activities: PECO also drives revenue growth through internal development and redevelopment projects within its existing portfolio. For instance, in Q2 2025, the company highlighted a robust development pipeline with 21 projects under active construction, expected to generate yields between 9% and 12%. The company anticipates investing $40 million to $50 million annually in these projects to contribute to Net Operating Income (NOI) growth.
- Portfolio Optimization and Recycling: The company actively manages its portfolio by recycling capital from lower-performing or stabilized assets into higher-growth opportunities. This strategy involves dispositions, with plans to sell $100 million to $200 million in assets in 2026, to fund acquisitions and development activities, thereby enhancing the overall quality and growth potential of the portfolio.
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Share Repurchases
- Phillips Edison is always evaluating share repurchases but currently prioritizes property acquisitions and redevelopments over buying back stock.
- In late 2020, PECO intended to launch a voluntary tender offer to repurchase up to 4.5 million shares of common stock at $5.75 per share, totaling approximately $26 million.
- The company expected to recommence repurchases under its DDI portion of the amended and restated SRP in January 2021.
Share Issuance
- In July 2021, Phillips Edison completed its underwritten IPO, which was priced at $28.00 per share, generating approximately $547 million in total gross proceeds, including the overallotment.
- Phillips Edison is open to future equity issuance, contingent on identifying quality investments.
- The company's growth plans are not dependent on access to the equity capital markets.
Outbound Investments
- In 2025, PECO acquired approximately $400 million in assets at its share, including $356.9 million in wholly-owned assets and $38.6 million in unconsolidated joint venture assets, while also selling $145.4 million in assets.
- In 2024, PECO acquired over $300 million (approximately $306 million) in 14 shopping centers and four land parcels.
- For 2026, Phillips Edison targets gross acquisitions of $400 million to $500 million and plans to dispose of $100 million to $200 million of assets.
Capital Expenditures
- In 2025, PECO completed 23 development and redevelopment projects, investing $53.8 million across 0.4 million square feet.
- For 2026, the company expects capital expenditures to be between $140 million and $160 million, with $70 million to $90 million specifically allocated to development and redevelopment projects.
- Capital expenditures, particularly for 2025 and 2026, are expected to be around $70 million annually, with an average of $50 million per year, due to several significant teardown rebuild projects for Publix.
Peer Outperformance in Retail REITs
PECO has outperformed 71% of its 21 Retail REITs peers over 5Y. Among the peers that beat it are IVT, SKT and SPG. Retail REITs ranks 2nd of 12 industries in Real Estate by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Retail REITs constituents that PECO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
61%
of 23 industry peers · 12.8% return
3Y
14%
of 22 industry peers · 24.2% return
5Y
71%
of 21 industry peers · 43.8% return
Retail REITs peers with revenue growth within 4pp of PECO's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PECO | Phillips Edison | 8.1% | 33.0x | 12.8% | 24.2% | 43.8% | — |
| IVT | InvenTrust Properties | 8.6% | 157.1x | 9.4% | 41.3% | 1500.0% | +1,456pp |
| SKT | Tanger | 11.0% | 31.3x | 6.9% | 71.7% | 148.5% | +105pp |
| SPG | Simon Property | 8.6% | 14.3x | 15.4% | 119.3% | 99.3% | +56pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Retail REITs is PECO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 13.4% | 56.1% | 62.3% | WELL 213% · DHC 150% · CTRE 129% |
| Retail REITs ← | 22 | 8.0% | 38.6% | 30.1% | IVT 1500% · SKT 148% · SPG 99% |
| Real Estate Development | 6 | -16.7% | 15.0% | 18.4% | JOE 61% · AXR 43% · FOR 38% |
| Other Specialized REITs | 11 | 3.4% | 18.0% | 13.8% | IRM 203% · EPR 62% · LAMR 60% |
| Hotel & Resort REITs | 16 | 35.5% | 33.8% | 5.6% | HST 73% · RHP 66% · DRH 49% |
| Industrial REITs | 11 | 16.9% | 27.9% | 3.0% | EGP 39% · FR 32% · PLD 21% |
| Diversified REITs | 12 | 9.0% | 33.8% | -7.1% | CTO 71% · LXP 21% · WPC 19% |
| Single-Family Residential REITs | 4 | -4.9% | 1.2% | -16.6% | AMH -9% · ELS -14% · INVH -19% |
| Multi-Family Residential REITs | 13 | -5.9% | 4.5% | -22.4% | ESS 0% · AIV 0% · BRT -7% |
| Real Estate Services | 26 | -22.4% | -2.7% | -29.4% | REAX 781% · MDRR 578% · CHCI 291% |
| Office REITs | 18 | -13.0% | 21.2% | -33.9% | PSTL 65% · CDP 50% · SLG -5% |
| Telecom Tower REITs | 3 | -13.7% | -13.1% | -46.6% | AMT -28% · SBAC -47% · CCI -51% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.22 |
| Mkt Cap | 9.0 |
| Rev LTM | 1,369 |
| Op Inc LTM | 491 |
| FCF LTM | 507 |
| FCF 3Y Avg | 481 |
| CFO LTM | 658 |
| CFO 3Y Avg | 619 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 10.1% |
| Op Inc Chg 3Y Avg | 8.7% |
| Op Mgn LTM | 34.5% |
| Op Mgn 3Y Avg | 34.2% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 49.7% |
| CFO/Rev 3Y Avg | 49.4% |
| FCF/Rev LTM | 43.4% |
| FCF/Rev 3Y Avg | 42.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Properties | 727 | 661 | 610 | ||
| Fees and management income | 12 | 10 | |||
| Other property income | 3 | 3 | |||
| Rental income | 561 | 519 | |||
| Total | 727 | 661 | 610 | 575 | 533 |
| $ Mil | 2017 |
|---|---|
| Owned Real Estate | 206 |
| Investment Management | 2 |
| Corporate general and administrative expenses | -30 |
| Depreciation and amortization | -131 |
| Total | 47 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Real Estate Properties | 111 | 63 | 57 |
| Total | 111 | 63 | 57 |
| $ Mil | 2017 |
|---|---|
| Owned Real Estate | 3,388 |
| Investment Management | 90 |
| Restricted cash | 22 |
| Corporate headquarters and other assets | 20 |
| Cash and cash equivalents | 6 |
| Total | 3,526 |
Price Behavior
Price Behavior
| Market Price | $37.59 | |
| Market Cap ($ Bil) | 4.7 | |
| First Trading Date | 07/15/2021 | |
| Distance from 52W High | -14.1% | |
| 50 Days | 200 Days | |
| DMA Price | $39.77 | $38.41 |
| DMA Trend | up | down |
| Distance from DMA | -5.5% | -2.1% |
| 3M | 1YR | |
| Volatility | 15.2% | 15.3% |
| Downside Capture | 35.78 | -14.64 |
| Upside Capture | -26.73 | 2.01 |
| Correlation (SPY) | -14.9% | -3.5% |
PECO Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.06 | -0.21 | -0.32 | 0.01 | -0.02 | 0.39 |
| Up Beta | -0.89 | -0.77 | -0.54 | -0.20 | -0.03 | 0.43 |
| Down Beta | -0.14 | -0.37 | -0.49 | -0.05 | 0.00 | 0.42 |
| Up Capture | -18% | -19% | -20% | 8% | 4% | 11% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 17 | 30 | 57 | 119 | 369 |
| Down Capture | 211% | 42% | -10% | 16% | -16% | 58% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 25 | 34 | 70 | 131 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PECO | |
|---|---|---|---|---|
| PECO | 13.6% | 15.3% | 0.63 | - |
| Sector ETF (XLRE) | 2.4% | 14.1% | -0.07 | 56.7% |
| Equity (SPY) | 17.4% | 13.0% | 0.96 | -3.8% |
| Gold (GLD) | 9.7% | 29.6% | 0.31 | -5.1% |
| Commodities (DBC) | 42.7% | 20.7% | 1.60 | -19.2% |
| Real Estate (VNQ) | 4.3% | 13.6% | 0.06 | 60.8% |
| Bitcoin (BTCUSD) | -23.0% | 44.8% | -0.46 | -12.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PECO | |
|---|---|---|---|---|
| PECO | 8.7% | 22.3% | 0.32 | - |
| Sector ETF (XLRE) | 1.0% | 19.1% | -0.05 | 67.9% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 43.0% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 8.8% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 8.9% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 70.8% |
| Bitcoin (BTCUSD) | 14.4% | 52.4% | 0.45 | 15.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PECO | |
|---|---|---|---|---|
| PECO | 4.9% | 22.3% | 0.36 | - |
| Sector ETF (XLRE) | 6.1% | 20.4% | 0.25 | 67.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 42.8% |
| Gold (GLD) | 11.7% | 16.4% | 0.58 | 7.7% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 9.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 70.2% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 2.0% | -0.6% | -7.7% |
| 4/23/2026 | 1.1% | 2.9% | 3.5% |
| 2/5/2026 | -0.8% | 0.1% | 2.4% |
| 10/23/2025 | 0.7% | -1.3% | 2.8% |
| 7/24/2025 | -0.6% | -2.8% | 0.5% |
| 4/24/2025 | -0.4% | -0.7% | -3.4% |
| 2/6/2025 | 1.9% | 1.7% | -2.7% |
| 10/24/2024 | -1.9% | 2.2% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 12 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 1.6% | 3.3% | 3.7% |
| Median Negative | -1.2% | -2.8% | -2.9% |
| Max Positive | 4.6% | 7.4% | 9.0% |
| Max Negative | -2.3% | -5.6% | -7.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 2.0% | -0.6% | -7.7% |
| 4/23/2026 | 1.1% | 2.9% | 3.5% |
| 2/5/2026 | -0.8% | 0.1% | 2.4% |
| 10/23/2025 | 0.7% | -1.3% | 2.8% |
| 7/24/2025 | -0.6% | -2.8% | 0.5% |
| 4/24/2025 | -0.4% | -0.7% | -3.4% |
| 2/6/2025 | 1.9% | 1.7% | -2.7% |
| 10/24/2024 | -1.9% | 2.2% | 6.6% |
| 7/25/2024 | 0.5% | 4.2% | 8.0% |
| 4/25/2024 | -1.0% | 0.4% | -4.3% |
| 2/8/2024 | 0.5% | 1.1% | 3.9% |
| 10/31/2023 | -2.3% | -4.6% | 0.1% |
| 8/1/2023 | 1.0% | 1.4% | -2.8% |
| 5/2/2023 | -2.0% | -4.1% | -6.2% |
| 2/9/2023 | 3.9% | 6.0% | -2.6% |
| 11/3/2022 | 4.5% | 7.4% | 9.0% |
| 8/5/2022 | 1.6% | 4.4% | -0.6% |
| 5/5/2022 | -1.4% | -5.6% | -2.9% |
| 2/10/2022 | 1.1% | 3.7% | 5.2% |
| 11/4/2021 | 4.3% | 6.0% | 0.9% |
| 8/5/2021 | 4.6% | 7.1% | 6.8% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 12 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 1.6% | 3.3% | 3.7% |
| Median Negative | -1.2% | -2.8% | -2.9% |
| Max Positive | 4.6% | 7.4% | 9.0% |
| Max Negative | -2.3% | -5.6% | -7.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Nareit FFO per share - diluted | Reported | 2.67 | 2.7 | 2.72 | 0.4% | Raised | Guidance: 2.69 for 2026 | |
| 2026 Core FFO per share - diluted | Reported | 2.73 | 2.76 | 2.79 | 0.4% | Raised | Guidance: 2.75 for 2026 | |
| 2026 Same-Center NOI growth | Reported | 3.4% | 3.7% | 4.0% | 0.2% | Raised | Guidance: 3.5% for 2026 | |
| 2026 Acquisitions, gross | Reported | 500.00 Mil | 550.00 Mil | 600.00 Mil | 22.2% | Raised | Guidance: 450.00 Mil for 2026 | |
| 2026 G&A expense | Reported | 49.00 Mil | 51.00 Mil | 53.00 Mil | 0 | Affirmed | Guidance: 51.00 Mil for 2026 | |
| 2026 Interest expense, net | Reported | 117.00 Mil | 122.00 Mil | 127.00 Mil | 0 | Affirmed | Guidance: 122.00 Mil for 2026 | |
| 2026 Net income per share - diluted | Reported | 0.95 | 0.96 | 0.97 | 20.0% | Raised | Guidance: 0.8 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Nareit FFO per share | Reported | 2.66 | 2.69 | 2.71 | 0.2% | Raised | Guidance: 2.68 for 2026 | |
| 2026 Core FFO per share | Reported | 2.72 | 2.75 | 2.78 | 0.4% | Raised | Guidance: 2.74 for 2026 | |
| 2026 Same-Center NOI growth | Reported | 3.0% | 3.5% | 4.0% | 0 | Affirmed | Guidance: 3.5% for 2026 | |
| 2026 Acquisitions, gross | Reported | 400.00 Mil | 450.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 450.00 Mil for 2026 | |
| 2026 G&A expense | Reported | 49.00 Mil | 51.00 Mil | 53.00 Mil | ||||
| 2026 Interest expense, net | Reported | 117.00 Mil | 122.00 Mil | 127.00 Mil | ||||
| 2026 Net income per share | Reported | 0.79 | 0.8 | 0.81 | 6.0% | Raised | Guidance: 0.76 for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Nareit FFO per share | Reported | 2.65 | 2.68 | 2.71 | 5.9% | Higher New | Actual: 2.53 for 2025 | |
| 2026 Core FFO per share | Reported | 2.71 | 2.74 | 2.77 | 5.8% | Higher New | Actual: 2.59 for 2025 | |
| 2026 Same-Center NOI growth | Reported | 3.0% | 3.5% | 4.0% | 0.2% | Higher New | Actual: 3.35% for 2025 | |
| 2026 Acquisitions, gross | Reported | 400.00 Mil | 450.00 Mil | 500.00 Mil | 12.5% | Higher New | Actual: 400.00 Mil for 2025 | |
| 2026 Net income per share | Reported | 0.74 | 0.76 | 0.77 | 18.9% | Higher New | Actual: 0.64 for 2025 | |
Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Nareit FFO per share | Reported | 2.51 | 2.53 | 2.55 | 0.4% | Raised | Guidance: 2.52 for 2025 | |
| 2025 Core FFO per share | Reported | 2.57 | 2.59 | 2.61 | 0.6% | Raised | Guidance: 2.58 for 2025 | |
| 2025 Same-Center NOI growth | Reported | 3.1% | 3.35% | 3.6% | 0.0% | Affirmed | Guidance: 3.35% for 2025 | |
| 2025 Acquisitions, gross | Reported | 350.00 Mil | 400.00 Mil | 450.00 Mil | 0.0% | Affirmed | Guidance: 400.00 Mil for 2025 | |
| 2025 G&A expense | Reported | 48.00 Mil | 50.00 Mil | 52.00 Mil | 3.1% | Raised | Guidance: 48.50 Mil for 2025 | |
| 2025 Interest expense, net | Reported | 108.00 Mil | 112.00 Mil | 116.00 Mil | -2.6% | Lowered | Guidance: 115.00 Mil for 2025 | |
| 2025 Net income per share | Reported | 0.62 | 0.64 | 0.65 | 1.6% | Raised | Guidance: 0.63 for 2025 | |
Investor Activity (13F)
Updated Sep 29, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/28/2026