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About Phillips Edison & Company, Inc. (PECO)
Phillips Edison & Company, Inc. (PECO) is a leading real estate investment trust (REIT) specializing in the ownership and operation of grocery-anchored neighborhood and community shopping centers. Established in 1991, the company has built a robust, vertically integrated operating platform that spans acquisition, redevelopment, leasing, and property management. This comprehensive approach enables PECO to optimize property value and deliver consistent, high-quality shopping experiences.
Core Business Model and Operations
PECO’s primary focus is on grocery-anchored retail centers, which are anchored by market-leading grocery chains such as Kroger, Publix, Albertsons, and Ahold Delhaize. These tenants provide essential goods and services, ensuring a steady flow of foot traffic and stable rental income. The company’s portfolio comprises hundreds of properties across 31 states, with a total footprint exceeding 30 million square feet. By concentrating on necessity-based retail, PECO has positioned itself as a resilient player in the commercial real estate sector.
Market Position and Competitive Advantages
PECO operates in a niche segment of the retail real estate market, focusing on suburban and community-centric locations. This strategy is supported by demographic trends favoring suburban living and the enduring demand for grocery-anchored retail. The company’s properties often feature a mix of national and regional retailers, creating a diverse and balanced tenant base. Its emphasis on high-occupancy rates and long-term leases with top-tier grocery chains provides a stable revenue foundation.
Integrated Operating Platform
PECO’s vertically integrated platform is a cornerstone of its success. The company manages all aspects of its operations in-house, from property acquisition and redevelopment to leasing and day-to-day management. This integration enhances efficiency and allows for greater control over asset performance. Additionally, PECO operates a third-party investment management business, offering property management and advisory services to institutional joint ventures and private funds.
Portfolio Insights
As of the latest data, PECO’s wholly-owned portfolio includes nearly 300 properties, with occupancy rates consistently exceeding 97%. The company’s leasing strategy emphasizes long-term agreements with market-leading tenants, ensuring financial stability. PECO also engages in selective acquisitions and redevelopment projects to drive growth and enhance portfolio quality. Its properties are strategically located in fundamentally strong markets, further solidifying its competitive position.
Revenue Streams and Financial Metrics
PECO generates revenue primarily through rental income from its grocery-anchored centers. The company also earns income from its third-party investment management business, which includes advisory and property management fees. Key performance metrics such as Net Operating Income (NOI) and Funds From Operations (FFO) underscore its operational efficiency and financial health. These metrics are widely recognized as benchmarks for evaluating REIT performance.
Industry Context
PECO operates within the broader commercial real estate sector, specifically focusing on retail properties. The grocery-anchored segment is considered more resilient compared to other retail categories, given the essential nature of its tenants’ services. As consumer preferences evolve, PECO’s focus on omni-channel retail experiences and community-centric locations positions it well to adapt to changing market dynamics.
Conclusion
Phillips Edison & Company, Inc. (PECO) stands out as a leader in the grocery-anchored retail space, leveraging its vertically integrated platform and strategic focus on necessity-based retail to deliver consistent performance. With a well-diversified portfolio, strong tenant relationships, and a commitment to operational excellence, PECO continues to play a pivotal role in shaping the grocery-anchored shopping center landscape in the United States.
Phillips Edison & Company (PECO) will announce its first quarter earnings on May 2, 2023, post-market close. The earnings conference call, featuring CEO Jeff Edison and CFO John Caulfield, is scheduled for May 3, 2023, at 12:00 p.m. ET. The call will be available via a webcast on their Investor Relations site. PECO, a leading owner and operator of grocery-anchored shopping centers, manages 291 shopping centers with a footprint of 31.1 million square feet across 31 states. Top grocery anchors include Kroger and Publix, emphasizing PECO's commitment to providing essential goods in strong markets.
Phillips Edison & Company (Nasdaq: PECO) will have its CEO, Jeff Edison, participate in a roundtable presentation at Citi’s 2023 Global Property CEO Conference on March 8, 2023, from 10:35 a.m. to 11:10 a.m. Eastern Time. This event is an opportunity for PECO to showcase its leadership in the grocery-anchored shopping center sector. The conference can be accessed via a webcast. A replay will be available on the company’s investor relations website.
Phillips Edison & Company (Nasdaq: PECO) reported robust financial results for the fourth quarter and full year of 2022. The company achieved a net income of $13.7 million ($0.12 per diluted share) for Q4 and $48.3 million ($0.42 per diluted share) for the full year. Nareit FFO soared by 42.9% in Q4 to $70.6 million ($0.54 per diluted share) and increased 32.9% for the year, totaling $280.7 million ($2.15 per diluted share). The company also exhibited a record occupancy of 97.4% and strong leasing spreads. PECO continued its acquisition strategy, adding properties worth $51.7 million in Q4 and $280.5 million throughout the year, resulting in net acquisitions of $226.5 million.
Phillips Edison & Company (Nasdaq: PECO) has released its tax reporting information for 2022 distributions to common stockholders. The key details include:
- Total Distribution per Share: $0.090000
- Ordinary Dividends: $0.069630
- Record Dates: Various dates from 12/15/2021 to 11/15/2022
- Payable Dates: January 3, 2022, to December 1, 2022
The company manages 291 shopping centers, featuring major grocery anchors such as Kroger and Publix. For tax purposes, details will be reported on Form 1099-DIV.
Phillips Edison & Company (NASDAQ: PECO) highlights key shopping center trends for 2023 in a recent report. Despite economic uncertainties, retailers plan to expand, opting for smaller store footprints. Grocery, service, restaurant, and health/fitness categories are dominating this expansion. The trend of 'medtail' continues as healthcare providers increasingly occupy shopping centers. Demand for neighborhood shopping centers is rising, with national retailers enhancing their local presence. PECO has seen a 40% increase in national retailers in its portfolio since 2018, reflecting strong performance in these centers.
Phillips Edison & Company (Nasdaq: PECO) will release its fourth quarter earnings on February 9, 2023, after market close. The earnings will be discussed in a conference call on February 10, 2023, at 12:00 p.m. ET, hosted by CEO Jeff Edison and other executives. PECO owns and operates a portfolio of grocery-anchored shopping centers across the U.S., managing 290 centers as of September 30, 2022. The company focuses on enhancing grocery-anchored experiences and community development.
Phillips Edison Company (PECO) reported a third-quarter net income of $11 million, translating to $0.09 per diluted share, down from $14.6 million in Q3 2021. Nareit FFO rose 26.4% to $72 million ($0.55/share), and Core FFO increased 15.4% to $76.6 million ($0.58/share). Same-center NOI grew by 4.3%, and occupancy reached a record high of 97.1%. PECO acquired one shopping center for $59.5 million. Monthly distributions increased by 3.7% to $0.0933 per share. Updated 2022 guidance projects net income per share between $0.36 and $0.39, reflecting continued strong performance amid macroeconomic trends.
CINCINNATI, Oct. 19, 2022 – Phillips Edison & Company (Nasdaq: PECO), a leading owner and operator of grocery-anchored shopping centers, will host a conference call on November 7, 2022, at 4:00 p.m. Eastern Time. The call will feature Chairman Jeff Edison, CFO John Caulfield, and VP of Investor Relations Kimberly Green.
Participants can join via a toll-free dial-in number or through a webcast, with a replay available shortly after. PECO manages 289 centers, providing essential services in strong markets, featuring major grocery anchors such as Kroger and Publix.
Phillips Edison & Company (Nasdaq: PECO) will announce its third quarter earnings results on November 3, 2022, post-market. The earnings release will be accessible on their Investor Relations website. An earnings conference call featuring key executives will take place on November 4, 2022, at 12:00 p.m. ET, allowing investors to discuss the results. PECO is a significant owner and operator of grocery-anchored neighborhood shopping centers, managing 289 centers as of June 30, 2022, and focusing on enhancing shopping experiences in communities across the U.S.
Phillips Edison & Company (Nasdaq: PECO) announced its participation in the BofA Securities 2022 Global Real Estate Conference on September 13, 2022, at 2:10 p.m. Eastern Time. The roundtable will feature key executives, including Jeff Edison (CEO), Devin Murphy (President), and John Caulfield (CFO). A webcast of the presentation will be available here, with a replay accessible on the company's investor website. PECO is recognized for its extensive network of grocery-anchored shopping centers across the U.S.
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