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Phillips Edison & Company
Phillips Edison & Company (PECO) investor relations material
Phillips Edison & Company Citi’s Miami Global Property CEO Conference 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Citi’s Miami Global Property CEO Conference 2026 summary2 Mar, 2026
Business strategy and portfolio overview
Focus on necessity-based, grocery-anchored neighborhood shopping centers with a stable, high-quality portfolio and disciplined acquisition strategy, supporting both internal and external growth engines.
Portfolio includes approximately 330 centers, with high occupancy rates: 97.3% overall, 95.1% inline, and 98.7% anchor occupancy.
Leasing spreads are strong, with renewal spreads over 20% and new leasing spreads between 30%-35%, supported by high tenant retention and low capital expenditure for renewals.
Inline tenant health ratios average 10%, with plans to gradually increase to 11-13% while maintaining profitability.
Growth is primarily driven by small store spaces, as grocery anchor rents are flat and long-term; focus remains on delivering mid to high single-digit FFO per share growth and a 3%-4% dividend.
Acquisition, capital allocation, and market dynamics
Targeting $400-$500 million in acquisitions for the year, with $300 million achievable without new equity; disciplined approach to match funding with high-return investments.
Acquisition market is competitive, with private buyers aggressive on pricing; company remains selective, seeking 9% unlevered IRR for grocery-anchored and 10% for Everyday Retail assets.
Cap rates for acquisitions have averaged 6.6% in 2023, with Everyday Retail assets showing strong leasing and renewal spreads and occupancy improvements.
Dispositions are ongoing, with $145 million sold last year and $100-$200 million expected this year, recycling capital from stabilized assets into higher-growth opportunities.
Leverage is maintained at a mid to low 5%-5.5% debt-to-EBITDA, prioritizing a low beta risk profile despite private competitors using higher leverage.
Operational performance, guidance, and risk management
Guidance for the year is supported by strong consumer trends, high leasing spreads, and robust acquisition activity; upside depends on continued economic strength and occupancy gains.
Bad debt remains low, with a watch list that is not concentrated outside of grocery anchors; largest non-grocery tenant is only 1.3% of rent.
Same-store growth is expected at 4% for the next year, with long-term annual same-store growth guidance of 3%-4%.
Everyday Retail expansion is expected to enhance growth while maintaining a low risk profile and manageable bad debt.
M&A activity in the sector is expected to decrease, with fewer companies anticipated next year.
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Next Phillips Edison & Company earnings date
Q1 202624 Apr, 2026
Phillips Edison & Company
Next Phillips Edison & Company earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Grocery-Anchored Shopping Centers
Phillips Edison & Company (PECO) is a prominent name within the retail real estate sector, having been operational since 1991. Specializing in grocery-anchored shopping centers the company has 300 locations under its ownership across the United States, Phillips Edison's influence and market share in the country is vast. PECO is, like many similar companies, run as a Real Estate Investment Trust.
Origins and Expansion
Established in the early '90s by Jeffrey Edison and Michael Phillips, PECO's initial objective was to acquire and manage retail properties with potential for growth. The company's strategy largely revolved around identifying undervalued assets and enhancing their market value. In a market with other noteworthy competitors such as Simon Property Group and Kimco Realty, PECO carved a distinct path for itself by focusing primarily on properties that were anchored by grocery stores. Even if they’re not unique in this, it's an area that PECO has managed to perform well in over the years. One consistent aspect of PECO's growth trajectory has been its willingness to enter partnerships and perform acquisitions.
The Properties
PECO’s properties span a vast geographical footprint in the United States. Typically, the shopping centers they own and manage are strategically located in areas with high visibility and easy access, often at the intersection of major roads. The centers are typically a bustling environment with lots of traffic from both cars and pedestrians, with grocery stores being the primary draw, supplemented by an assortment of other retail establishments – from cafes and restaurants to fitness centers and specialty shops. Major grocery chains such as Kroger and similar establishments can lease their locations without needing to own the properties outright.
Peco Is a REIT
A Real Estate Investment Trust (REIT) is a company that specializes in owning, overseeing, or financing income-producing properties in diverse real estate segments. Designed to provide regular income streams, possible asset appreciation, and tax benefits, REITs issue shares to the public which can be traded on major stock exchanges. By law, they must distribute at least 90% of their taxable income to shareholders in the form of dividends.
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