📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Phillips Edison & Company, Inc. (PECO) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. PECO has generated strong results through its vertically integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of June 30, 2026, PECO managed 330 shopping centers, including 302 wholly owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. PECO is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time. Phillips Edison & Company, Inc. was incorporated in 1991 and is based in Cincinnati, Ohio.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding PECO

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	393.0K	$14.7M	0.02%	Mar 2026
Steve Cohen Point72 Asset Management	55.2K	$2.1M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management repeatedly highlighted strong operational metrics (same-center NOI growth 4.2%, core FFO per share growth 8.5%), raised full-year guidance, and explicitly used phrases like 'solid growth', 'confident', and 'unique competitive advantages' supported by concrete data on rent spreads, occupancy, and acquisition volumes.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'pleased to report strong results', 'confident in our ability', 'outlook remains unchanged', and provides specific figures such as 7.2% Nareit FFO growth, 7% Core FFO growth, and 3.8% same-center NOI growth.

Q1 2026 latest

Confident Specific

Management repeatedly used positive framing ('strong results', 'pleased to increase guidance', 'resilient consumer') and provided specific numerical achievements (4.7% NAREIT FFO growth, 6.2% core FFO growth, 21.2% renewal spreads, 36.2% new rent spreads).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. PECO delivered strong Q1 operating metrics (21.2% renewal spreads, 97.1% occupancy) and raised 2026 FFO guidance, signaling confidence despite macro headwinds. The management team explicitly frames the portfolio as resilient and necessity-based, which differentiates PECO in a volatile environment. The active acquisition pace ($185M closed, $150M in pipeline) indicates robust external growth, though the discount to private market valuations (50-75 bps) highlights the challenge of funding growth efficiently. The everyday retail strategy is an incremental positive with higher expected returns (10-11% unlevered). Key items to watch next quarter: leasing spreads momentum, acquisition close volumes, and any signs of tenant stress in the inline/local segment.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED PECO Q1 2026: core FFO per share $0.69, same center NOI growth 3.5%

Revenue & Profitability

NAREIT FFO was $92.9 million ($0.67 per share), and core FFO was $96.4 million ($0.69 per share). Same center NOI grew 3.5%. Full year 2026 NAREIT FFO per share growth is guided at 5.9% and core FFO per share growth at 5.8% at the midpoint. Net debt to EBITDA stood at 5.3 times, with 94% of total debt fixed at a weighted average interest rate of 4.4%.

Outlook

Management sees a resilient consumer and strong retailer demand with no current signs of slowing. They note macro uncertainties including interest rate volatility, global trade shifts, and geopolitical conflicts, but believe PECO's necessity-based focus provides stability. The company observes ample acquisition opportunities with increased competition, yet remains confident in its growth trajectory.

Growth Drivers

Growth is driven by impressive leasing spreads (renewal 21.2%, new 36.2%) and inline rent bumps averaging 2.7%. Development and redevelopment projects (19 active, $74 million total) yield 9%-12%. Acquisitions of $185 million year-to-date with a $150 million pipeline, including everyday retail centers with higher return potential, support external growth.

Balance Sheet & CapEx

CapEx includes $74 million in development and redevelopment projects under active construction. Full year acquisition guidance is $400-$500 million, and dispositions are planned at $100-$200 million. A recent $350 million bond offering was used to repay term loans and part of the revolver.

Margins

Margin trajectory is not explicitly discussed, but same center NOI growth of 3.5% and low bad debt (60 basis points of revenue) indicate healthy profitability. Management notes that a higher weighting towards renewal activity improves AFFO growth over the long term.

Key Risks

Management highlights macro risks including interest rate volatility, global trade uncertainties, geopolitical conflicts, and high energy costs. Bad debt is expected to remain in line with 2025 (78 basis points of revenue). No signs of retailer distress were observed, and the necessity-based focus mitigates cyclical risks.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q2 2026 Q2 2026 2026-07-24

Second quarter results showed robust FFO and NOI growth, record occupancy, and strong rent spreads, driven by high demand for necessity-based retail. Guidance for 2026 was raised across key metrics, with a disciplined approach to acquisitions and capital allocation supporting long-term growth.

Q1 2026 Q1 2026 2026-04-24

Q1 2026 saw robust FFO and NOI growth, high occupancy, and strong leasing spreads, prompting raised full-year guidance. Capital allocation remains disciplined amid macro uncertainty, with a focus on necessity-based retail and accretive acquisitions.

Q4 2025 Q4 2025 2026-02-06

Delivered strong 2025 results with high occupancy, robust leasing spreads, and 7% Core FFO/share growth. 2026 guidance calls for mid-single-digit FFO/share increases, $400–$500M in acquisitions, and continued capital recycling into higher IRR assets.

Q2 2025 Q2 2025 2025-07-25

Q2 saw strong growth in NOI and FFO per share, with high occupancy and robust leasing spreads. 2025 guidance was raised for NOI and FFO, supported by disciplined acquisitions, a strong balance sheet, and limited tariff risk.

📊 Analysis Methodology

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