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Phillips Edison & Company, Inc. 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 December 31, 2025, PECO managed 324 shopping centers, including 297 wholly owned centers comprising 33.5 million square feet across 31 states and 27 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time. Phillips Edison & Company, Inc. was incorporated in 1991.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $727M | $500M | $111M | $212M | 4.9% | 9.9% | 77.6% |
| 2024 | $661M | $418M | $63M | $240M | 2.7% | 8.4% | 10.3% |
| 2023 | $610M | $384M | $57M | $196M | 2.5% | 6.0% | 17.6% |
| 2022 | $575M | $362M | $48M | $186M | 2.2% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 575.37 | 610.12 | 661.39 | 726.59 |
| Operating Revenue | - | 572.08 | 607.15 | 658.32 | 721.94 |
| Cost Of Revenue | - | 163.22 | 175.12 | 190.32 | 209.74 |
| Gross Profit | - | 412.15 | 435 | 471.08 | 516.86 |
| Operating Expense | - | 281.46 | 280.81 | 300.45 | 319.32 |
| Selling General And Administration | - | 45.24 | 44.37 | 45.61 | 51.64 |
| Total Expenses | - | 444.68 | 455.93 | 490.76 | 529.05 |
| Operating Income | - | 130.69 | 154.20 | 170.63 | 197.54 |
| EBITDA | - | 361.95 | 384.44 | 418.41 | 499.59 |
| Normalized EBITDA | - | 354.75 | 383.33 | 424.72 | 466.41 |
| EBIT | - | 125.72 | 147.99 | 165.40 | 233.22 |
| Interest Expense | - | 71.20 | 84.23 | 95.70 | 110.25 |
| Net Interest Income | - | -71.20 | -84.23 | -95.70 | -110.25 |
| Other Non Operating Income Expenses | - | -12.16 | -7.31 | 1 | 2.58 |
| Other Income Expense | - | -4.96 | -6.20 | -5.23 | 35.68 |
| Interest Expense Non Operating | - | 71.20 | 84.23 | 95.70 | 110.25 |
| Net Non Operating Interest Income Expense | - | -71.20 | -84.23 | -95.70 | -110.25 |
| Pretax Income | - | 54.53 | 63.76 | 69.70 | 122.97 |
| Tax Provision | 0.33 | - | - | - | - |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.51 | 0.23 | -1.33 | 6.97 |
| Net Income Continuous Operations | - | 54.53 | 63.76 | 69.70 | 122.97 |
| Net Income From Continuing And Discontinued Operation | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Net Income | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Net Income Common Stockholders | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Net Income Including Noncontrolling Interests | - | 54.53 | 63.76 | 69.70 | 122.97 |
| Normalized Income | - | 42.64 | 55.97 | 67.67 | 85.09 |
| Diluted NI Availto Com Stockholders | - | 54.53 | 63.76 | 69.70 | 122.97 |
| Basic Average Shares | - | 115.05 | 118.43 | 122.91 | 125.06 |
| Diluted Average Shares | - | 130.33 | 132.97 | 136.82 | 138.90 |
| Reconciled Depreciation | - | 231.90 | 231.26 | 246.43 | 257.73 |
| Reconciled Cost Of Revenue | - | 167.55 | 180.30 | 196.90 | 218.38 |
| Total Unusual Items | - | 7.20 | 1.11 | -6.31 | 33.18 |
| Total Unusual Items Excluding Goodwill | - | 7.20 | 1.11 | -6.31 | 33.18 |
| Minority Interests | - | -6.21 | -6.91 | -7.01 | -11.66 |
| Special Income Charges | - | 7.20 | 1.11 | -6.31 | 33.18 |
| Other Special Charges | - | 1.02 | 0.37 | 1.29 | 0.09 |
| Write Off | - | 0 | 3 | 0 | - |
| Impairment Of Capital Assets | 6.75 | 0.32 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | 12.36 | 5.68 | 4.99 | 5.52 |
| Depreciation Amortization Depletion Income Statement | - | 236.22 | 236.44 | 253.02 | 266.37 |
| Depreciation And Amortization In Income Statement | - | 236.22 | 236.44 | 253.02 | 266.37 |
| General And Administrative Expense | - | 45.24 | 44.37 | 45.61 | 51.64 |
| Other Gand A | - | 45.24 | 44.37 | 45.61 | 51.64 |
| Gain On Sale Of Ppe | - | 7.52 | 1.11 | -0.03 | 38.79 |
| Total Other Finance Cost | 6.76 | - | - | - | - |
| Earnings From Equity Interest | - | 1.28 | 0.37 | 0.09 | -0.08 |
| Average Dilution Earnings | - | 6.21 | 6.91 | 7.01 | 11.66 |
| Other Taxes | - | 0.81 | 0.44 | 1.82 | 1.31 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Phillips Edison & Company, Inc.this co. | PECO | $5.4B | 48.83↑ premium | 2.38 | 4.9% | 15.86 |
| The Macerich Company | MAC | $6.8B | -34.74 | 2.80 | -8.1% | 26.10 |
| Terreno Realty Corporation | TRNO | $6.8B | 16.99 | 1.64 | 9.7% | 13.88 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.4B | 25.43 | 1.53 | 6.0% | 17.24 |
| OUTFRONT Media Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| OUT |
| $5.5B |
| 37.55 |
| 7.77 |
| 20.7% |
| 21.08 |
| Rithm Capital Corp. | RITM | $5.1B | 7.51 | 0.73 | 9.7% | - |
| Millrose Properties, Inc. | MRP | $4.8B | 12.59 | 0.82 | 6.5% | 13.94 |
| Tanger Inc. | SKT | $4.2B | 36.39 | 5.91 | 16.2% | 17.38 |
| Broadstone Net Lease, Inc. | BNL | $4.0B | 41.92 | 1.39 | 3.3% | 18.16 |
| Peer Median | - | 21.21 | 1.59 | 8.1% | 17.38 | |