Phillips Edison (PECO)
Market Price (11/14/2026): $41.195 | Market Cap: $5.3 BilSector: Real Estate | Industry: Retail REITs
Phillips Edison (PECO)
Market Price (11/14/2026): $41.195Market Cap: $5.3 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 6.6%, Dividend Yield is 3.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% Low stock price volatilityVol 12M is 16% 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 -14%, 3Y Excs Rtn is -38% | 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 6.6%, Dividend Yield is 3.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Low stock price volatilityVol 12M is 16% |
| 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 -14%, 3Y Excs Rtn is -38% |
| 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
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Up 12.6% from its Sep 23 low to Nov 12 (S&P 500 down 1.4%)
The run occurred largely without specific company news, as two of its biggest days saw no relevant headlines and the market moved down. The largest single day's gain followed the November 3 announcement of a virtual business update.
Oct 27: down 1.1% the day after its Oct 26 earnings report (S&P 500 up 0.6%)
The stock declined following the release of its Third Quarter 2026 results and the announcement of a $350 million unsecured term loan. This occurred despite reported revenue, net income, and diluted EPS increasing significantly year-over-year.
Up 12.6% from its Sep 23 low to Nov 12 (S&P 500 down 1.4%)
The run occurred largely without specific company news, as two of its biggest days saw no relevant headlines and the market moved down. The largest single day's gain followed the November 3 announcement of a virtual business update.
Oct 27: down 1.1% the day after its Oct 26 earnings report (S&P 500 up 0.6%)
The stock declined following the release of its Third Quarter 2026 results and the announcement of a $350 million unsecured term loan. This occurred despite reported revenue, net income, and diluted EPS increasing significantly year-over-year.
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Stock Movement Drivers
Fundamental Drivers
The -2.2% change in PECO stock from 7/31/2026 to 11/13/2026 was primarily driven by a -21.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.12 | 41.19 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 761 | 1.4% |
| Net Income Margin (%) | 19.1% | 23.9% | 24.7% |
| P/E Multiple | 37.0 | 29.2 | -21.1% |
| Shares Outstanding (Mil) | 126 | 129 | -1.9% |
| Cumulative Contribution | -2.2% |
Market Drivers
7/31/2026 to 11/13/2026| Return | Correlation | |
|---|---|---|
| PECO | -2.2% | |
| Market (SPY) | 1.2% | -2.0% |
| Sector (XLRE) | -1.6% | 71.9% |
Fundamental Drivers
The 4.3% change in PECO stock from 4/30/2026 to 11/13/2026 was primarily driven by a 52.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.50 | 41.19 | 4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 739 | 761 | 3.0% |
| Net Income Margin (%) | 15.6% | 23.9% | 52.9% |
| P/E Multiple | 43.1 | 29.2 | -32.3% |
| Shares Outstanding (Mil) | 126 | 129 | -2.2% |
| Cumulative Contribution | 4.3% |
Market Drivers
4/30/2026 to 11/13/2026| Return | Correlation | |
|---|---|---|
| PECO | 4.3% | |
| Market (SPY) | 5.5% | -8.3% |
| Sector (XLRE) | 0.8% | 72.4% |
Fundamental Drivers
The 26.0% change in PECO stock from 10/31/2025 to 11/13/2026 was primarily driven by a 107.4% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.69 | 41.19 | 26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 712 | 761 | 7.0% |
| Net Income Margin (%) | 11.5% | 23.9% | 107.4% |
| P/E Multiple | 50.1 | 29.2 | -41.8% |
| Shares Outstanding (Mil) | 126 | 129 | -2.4% |
| Cumulative Contribution | 26.0% |
Market Drivers
10/31/2025 to 11/13/2026| Return | Correlation | |
|---|---|---|
| PECO | 26.0% | |
| Market (SPY) | 11.8% | -5.7% |
| Sector (XLRE) | 11.4% | 62.2% |
Fundamental Drivers
The 29.3% change in PECO stock from 10/31/2023 to 11/13/2026 was primarily driven by a 154.1% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11132026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.85 | 41.19 | 29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 594 | 761 | 28.2% |
| Net Income Margin (%) | 9.4% | 23.9% | 154.1% |
| P/E Multiple | 67.0 | 29.2 | -56.4% |
| Shares Outstanding (Mil) | 117 | 129 | -8.9% |
| Cumulative Contribution | 29.3% |
Market Drivers
10/31/2023 to 11/13/2026| Return | Correlation | |
|---|---|---|
| PECO | 29.3% | |
| Market (SPY) | 87.0% | 28.7% |
| Sector (XLRE) | 47.3% | 70.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PECO Return | 20% | -0% | 19% | 6% | -2% | 19% | 77% |
| Peers Return | 278% | -13% | 9% | 18% | -5% | 19% | 380% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| PECO Win Rate | 83% | 42% | 58% | 67% | 42% | 73% | |
| Peers Win Rate | 72% | 37% | 55% | 58% | 42% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| PECO Max Drawdown | - | -23% | -17% | -14% | -10% | -16% | |
| Peers Max Drawdown | -11% | -32% | -20% | -11% | -18% | -17% | |
| 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 11/13/2026 (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.
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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.
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- 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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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
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PECO | Phillips Edison | 8.2% | 29.2x | 22.9% | 30.3% | 45.4% | — |
| SKT | Tanger | 11.3% | 35.2x | 20.8% | 72.4% | 140.7% | +95pp |
| SPG | Simon Property | 9.1% | 16.7x | 32.8% | 123.4% | 84.4% | +39pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.6% | 58.8% | 74.3% | WELL 223% · OHI 141% · CTRE 134% |
| Retail REITs ← | 23 | 14.8% | 37.2% | 35.3% | SKT 141% · SPG 84% · BRX 55% |
| Hotel & Resort REITs | 16 | 53.6% | 46.9% | 16.0% | HST 83% · RHP 75% · APLE 66% |
| Other Specialized REITs | 11 | 2.7% | 20.9% | 13.7% | IRM 189% · LAMR 77% · OUT 69% |
| Real Estate Development | 6 | -8.9% | 25.0% | 6.6% | JOE 38% |
| Industrial REITs | 11 | 13.2% | 29.6% | 0.2% | EGP 14% · STAG 6% · FR 5% |
| Single-Family Residential REITs | 4 | -0.7% | -1.5% | -18.4% | AMH -6% · ELS -15% · INVH -22% |
| Multi-Family Residential REITs | 12 | -1.9% | 16.0% | -28.4% | ESS -5% · VMRK -9% · UDR -20% |
| Diversified REITs | 12 | 0.3% | 6.0% | -28.9% | EPRT 19% · WPC 15% |
| Office REITs | 19 | 0.3% | 34.2% | -32.8% | CDP 47% · CUZ -6% · HIW -7% |
| Telecom Tower REITs | 3 | 5.4% | 5.3% | -35.6% | AMT -17% · CCI -36% · SBAC -40% |
| Real Estate Services | 27 | -24.6% | -23.3% | -38.3% | JLL 39% · CBRE 26% · COMP -11% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.36 |
| Mkt Cap | 9.5 |
| Rev LTM | 1,387 |
| Op Inc LTM | 500 |
| FCF LTM | 340 |
| FCF 3Y Avg | 328 |
| CFO LTM | 652 |
| CFO 3Y Avg | 606 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 9.8% |
| Op Inc Chg 3Y Avg | 9.9% |
| Op Mgn LTM | 34.8% |
| Op Mgn 3Y Avg | 34.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 48.4% |
| CFO/Rev 3Y Avg | 48.0% |
| FCF/Rev LTM | 37.7% |
| FCF/Rev 3Y Avg | 36.7% |
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
| Market Price | $41.19 | |
| Market Cap ($ Bil) | 5.3 | |
| First Trading Date | 07/15/2021 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $38.34 | $39.00 |
| DMA Trend | down | up |
| Distance from DMA | 7.4% | 5.6% |
| 3M | 1YR | |
| Volatility | 17.1% | 16.5% |
| Downside Capture | -20.63 | -20.99 |
| Upside Capture | -10.19 | 5.32 |
| Correlation (S&P 500) | -0.3% | -5.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.75 | -0.46 | -0.34 | -0.26 | -0.13 | 0.34 |
| Up Beta | 0.12 | -0.46 | -0.72 | -0.35 | -0.18 | 0.41 |
| Down Beta | -0.59 | -0.73 | -0.88 | -0.42 | -0.15 | 0.38 |
| Up Capture | -51% | -34% | -27% | -13% | 0% | 8% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 21 | 28 | 59 | 120 | 368 |
| Down Capture | -116% | -44% | 18% | -21% | -35% | 50% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 20 | 34 | 65 | 129 | 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 | 20.5% | 16.5% | 0.95 | - |
| Sector ETF (XLRE) | 10.2% | 14.6% | 0.43 | 63.0% |
| Equity (SPY) | 11.6% | 13.7% | 0.54 | -4.1% |
| Gold (GLD) | -7.9% | 28.9% | -0.29 | -1.9% |
| Commodities (DBC) | 33.8% | 21.3% | 1.26 | -24.7% |
| Real Estate (VNQ) | 10.7% | 14.2% | 0.47 | 67.1% |
| Bitcoin (BTCUSD) | -30.9% | 43.5% | -0.73 | -13.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PECO | |
|---|---|---|---|---|
| PECO | 7.3% | 22.1% | 0.26 | - |
| Sector ETF (XLRE) | 1.6% | 19.2% | -0.02 | 69.3% |
| Equity (SPY) | 11.5% | 17.3% | 0.49 | 42.7% |
| Gold (GLD) | 15.9% | 19.2% | 0.66 | 9.1% |
| Commodities (DBC) | 7.8% | 19.6% | 0.28 | 7.7% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 72.0% |
| Bitcoin (BTCUSD) | 2.8% | 51.5% | 0.24 | 15.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PECO | |
|---|---|---|---|---|
| PECO | 5.7% | 22.2% | 0.41 | - |
| Sector ETF (XLRE) | 7.6% | 20.4% | 0.32 | 67.6% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 41.9% |
| Gold (GLD) | 11.1% | 16.6% | 0.54 | 7.8% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 8.0% |
| Real Estate (VNQ) | 6.3% | 20.7% | 0.26 | 70.5% |
| Bitcoin (BTCUSD) | 58.8% | 66.2% | 0.99 | 15.1% |
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Returns Analyses
Earnings Returns History
Updated 11/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -1.1% | 2.8% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 12 |
| # Negative | 9 | 7 | 9 |
| Median Positive | 1.6% | 2.9% | 3.7% |
| Median Negative | -1.1% | -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 |
| 10/26/2026 | -1.1% | 2.8% | |
| 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 | 15 | 12 |
| # Negative | 9 | 7 | 9 |
| Median Positive | 1.6% | 2.9% | 3.7% |
| Median Negative | -1.1% | -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 |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Nareit FFO per share - diluted | Reported | 2.68 | 2.7 | 2.72 | 0.2% | Raised | Guidance: 2.7 for 2026 | |
| 2026 Core FFO per share - diluted | Reported | 2.75 | 2.77 | 2.79 | 0.4% | Raised | Guidance: 2.76 for 2026 | |
| 2026 Same-Center NOI growth | Reported | 3.5% | 3.75% | 4.0% | 0.0% | Raised | Guidance: 3.7% for 2026 | |
| 2026 Acquisitions, gross | Reported | 600.00 Mil | 650.00 Mil | 700.00 Mil | 18.2% | Raised | Guidance: 550.00 Mil for 2026 | |
| 2026 Dispositions | Reported | 175.00 Mil | 192.50 Mil | 210.00 Mil | ||||
| 2026 Contributions to joint ventures, net | Reported | 200.00 Mil | 225.00 Mil | 250.00 Mil | ||||
| 2026 G&A expense | Reported | 51.00 Mil | 52.00 Mil | 53.00 Mil | 2.0% | Raised | Guidance: 51.00 Mil for 2026 | |
| 2026 Adjustments for collectibility | Reported | 4.50 Mil | 5.25 Mil | 6.00 Mil | ||||
| 2026 Nareit FFO per diluted share growth | Reported | 6.3% | ||||||
| 2026 Core FFO per diluted share growth | Reported | 6.5% | ||||||
| 2026 Non-cash revenue items | Reported | 22.00 Mil | 23.00 Mil | 24.00 Mil | ||||
| 2026 Interest expense, net | Reported | 116.00 Mil | 118.00 Mil | 120.00 Mil | -3.3% | Lowered | Guidance: 122.00 Mil for 2026 | |
| 2026 Net income per share - diluted | Reported | 1.21 | 1.23 | 1.24 | 27.6% | Raised | Guidance: 0.96 for 2026 | |
Prior: 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 | |
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 | |
Investor Activity (13F)
Updated Nov 14, 2026Active 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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