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REIT owning grocery-anchored neighborhood shopping centers across the US, mostly anchored by leading grocers.
REIT owning grocery-anchored neighborhood shopping centers across the US, mostly anchored by leading grocers.
Collects rent from leases to grocers and the smaller everyday-service tenants around them, with tenants also reimbursing property costs and rents rising through built-in annual increases. It began as a non-traded fund sold to individual investors and listed on the stock market in 2021.
Moat: narrow (scale, installed base). Necessity-retail centers anchored by top grocers draw resilient traffic, but the format is otherwise commoditized.
Headquarters: Cincinnati, Ohio, United States · Founded: 1991 · Employees: 320
Size Phillips Edison & (PECO) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $5.72B, the 1096th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.56 on 6 Nov 2026.
Performance Over six months the shares gained 2.1%, against -4.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +3.5%); the operating margin is 29.3% (peer median 39.7%).
Valuation It trades at 2.17× book value against a peer median of 1.20× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 12.9%; Phillips Edison & delivers 7.8%, so the price asks more than the business earns today.
Credit Phillips Edison & has 5 bonds outstanding ($1.75B), rated BBB by the agencies and trading like BBB at a weighted spread of 98 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $767M | $732M | $666M | $614M | $577M |
| Revenue growth | — | +10% | +9% | +6% | — |
| Gross profit | $281M | $256M | $223M | $202M | $178M |
| EBITDA | $490M | $465M | $425M | $391M | $367M |
| Net income | $182M | $111M | $62.7M | $56.8M | $48.3M |
| Free cash flow | $228M | $214M | $241M | $198M | $191M |
| Capital expenditure | $128M | $136M | $95.1M | $95.3M | $104M |
| Total debt | $2.66B | $2.50B | $2.23B | $2.09B | $2.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Phillips Edison & PECO | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% |
| Kimco Realty KIM | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% |
| Brixmor Property BRX | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% |
| Regency Centers REG | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% |
| Federal Realty Investment Trust FRT | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PECO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.5% | +7.5% | 10th highest of 21 |
| 6-month return | +2.1% | -4.6% | 8th highest of 21 |
| Return on equity | 7.8% | 6.1% | 6th highest of 21 |
| Price / book | 2.17× | 1.20× | 3rd most expensive of 21 |
| Trailing P/E | 29.1× | 21.8× | 6th most expensive of 19 |
| ROE the price implies | 12.9% | 11.1% | 6th most demanding of 21 |
| ROE delivered | 7.8% | 6.1% | 5th highest of 21 |
| Bond spread | 98 bp | 111 bp | 3rd tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
Phillips Edison & has 5 bonds outstanding with $1.75B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.71%, a spread of 98 bp over government bonds.