Phillips Edison & Company, Inc. (PECO) Stock Price & How to Invest
Last updated July 2026
Short answer
PECO (Phillips Edison & Company) is a REIT that owns and operates grocery-anchored neighborhood shopping centers, so investors typically approach it as a defensive, income-oriented way to own necessity-based retail real estate through the public markets.
PECO stock price
As of 2026-07-16, Phillips Edison & Company, Inc. (PECO) last closed at $42.77, up 22.9% over the past year. Over the past 52 weeks it has traded between $33.04 and $42.77.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Phillips Edison & Company, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Phillips Edison & Company, Inc. (PECO) do?
Phillips Edison & Company, founded in 1991 and headquartered in Cincinnati, is one of the largest owners and operators of grocery-anchored neighborhood shopping centers in the United States. As of early 2026 the company managed roughly 326 centers, including about 299 wholly owned properties totaling around 33.7 million square feet across 31 states, plus additional centers held in institutional joint ventures. Its portfolio is deliberately anchored by leading grocers such as Kroger, Publix, Albertsons, and Ahold Delhaize, and it leans on necessity-based, everyday retail tenants (restaurants, services, and small-format shops) rather than enclosed malls or office space. PECO listed publicly on Nasdaq in 2021 after years as a non-traded REIT and pays a monthly dividend.
The investment picture centers on stability and modest, compounding growth. Leased occupancy sits near 97%, rent spreads on new and renewal leases have been strong, and same-center net operating income has grown in the low-to-mid single digits. For 2026 management raised Core FFO per share guidance to roughly $2.72 to $2.78, implying mid-single-digit growth, while net debt runs around 5.3x adjusted EBITDAre. The trade-off is that grocery-anchored retail is a mature, competitive property type, so returns tend to come from durable cash flow and dividends more than from dramatic upside, and the shares carry the usual REIT sensitivity to interest rates and cap rates.
What's driving Phillips Edison & Company, Inc. (PECO)?
1. Necessity-based, grocery-anchored demand
PECO's centers are anchored by high-volume grocers that drive recurring foot traffic, which tends to hold up across economic cycles better than discretionary retail. This supports high occupancy and steady leasing demand from service-oriented small-shop tenants. The necessity focus is the core reason the portfolio is often described as defensive.
2. Rent growth and high occupancy
Leased portfolio occupancy near 97% combined with strong lease spreads (new leases well above 30% and renewals above 20% in recent quarters) has driven same-center NOI growth in the low-to-mid single digits. Constrained new supply of grocery-anchored centers gives PECO pricing leverage on renewals. This is the main organic engine behind Core FFO growth.
3. Acquisitions and external growth
PECO actively acquires grocery-anchored centers, funded through its balance sheet, dispositions, and institutional joint ventures. In early 2026 it deployed over $125 million on acquisitions in a single quarter and issued senior notes to term out debt. Accretive buying at attractive cap rates is how the company layers external growth on top of organic rent gains.
4. Monthly dividend and income profile
The company pays a monthly dividend (roughly $1.30 annualized, a yield around 3%) supported by growing FFO, giving it an income-focused profile. A conservative payout ratio relative to Core FFO leaves room for dividend increases over time. This income orientation is central to how many investors view the REIT.
What are the risks to Phillips Edison & Company, Inc. (PECO)?
As a retail REIT, PECO is sensitive to interest rates: higher rates raise borrowing costs and can pressure property valuations and the stock's relative yield appeal. Tenant health is a real exposure, since a large grocery anchor closing or a wave of small-shop bankruptcies could dent occupancy and rent. Consolidation among grocers (for example merger activity involving Kroger and Albertsons) could reshape anchor demand. The company carries net debt around 5.3x adjusted EBITDAre, so leverage and refinancing conditions matter. Finally, e-commerce and shifting consumer habits remain a structural headwind for physical retail, even for the necessity-based niche PECO occupies.
How is Phillips Edison & Company, Inc. (PECO) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Phillips Edison & Company, Inc.'s investor relations page or your broker.
- Market cap: ~$5.6 billion
- Revenue (TTM): ~$740 million
- Core FFO per share (2026 guidance): ~$2.72 to $2.78
- Dividend yield: ~3.2%
- Leased occupancy: ~97%
- Net debt / adjusted EBITDAre: ~5.3x
For REITs, funds from operations (FFO) and its adjusted variants are more meaningful than GAAP net income because they add back real estate depreciation. PECO trades on a Core FFO multiple in the mid-teens, roughly in line with grocery-anchored peers, reflecting its steady growth and defensive positioning. Same-center NOI growth in the low-to-mid single digits and mid-single-digit FFO-per-share growth frame it as a stable compounder rather than a high-growth name.
Who competes with Phillips Edison & Company, Inc. (PECO)?
Grocery-anchored and open-air retail REITs
Regency Centers, Kimco Realty, and Brixmor Property Group are the closest public peers, all owning open-air and grocery-anchored shopping centers. They compete with PECO for acquisitions, tenants, and investor capital, and are the natural benchmarks for occupancy, rent spreads, and FFO growth.
Broader retail and shopping-center REITs
Larger diversified retail landlords such as Federal Realty and Site Centers operate overlapping open-air and mixed-use portfolios. They compete less directly on the pure grocery-anchored niche but draw from the same pool of income-focused REIT investors and retail tenants.
Private and institutional real estate buyers
Private equity real estate funds, non-traded REITs, and institutional joint-venture partners bid on the same grocery-anchored centers PECO wants to acquire. This private capital sets cap rates in the market and can make accretive acquisitions harder when competition for assets is intense.
How to invest in Phillips Edison & Company, Inc. (PECO)
There are three common ways to get PECO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so PECO sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where PECO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Phillips Edison & Company, Inc. (PECO)
PECO is a focused grocery-anchored retail REIT whose appeal rests on steady occupancy, mid-single-digit Core FFO growth, and a monthly dividend rather than rapid capital appreciation.
More on Phillips Edison & Company, Inc. (PECO)
Whether PECO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PECO a buy?, and where the stock could go from here in the PECO stock forecast.
For income investors, whether PECO pays a dividend and how the payout looks is covered in does PECO pay a dividend?
Build a basket around PECO with Walnut
Use Phillips Edison & Company, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Phillips Edison & Company (PECO) do?
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PECO is a real estate investment trust that owns and operates grocery-anchored neighborhood shopping centers across the United States. Its centers are anchored by major grocers like Kroger, Publix, and Albertsons, with surrounding small-shop tenants such as restaurants and service businesses.
Is PECO a REIT, and does it pay a dividend?
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Yes, PECO is a REIT and pays a monthly dividend, currently around $1.30 per share annualized for a yield near 3%. As a REIT it distributes most of its taxable income to shareholders, so income is a central part of the investment profile.
Why do investors look at FFO instead of earnings for PECO?
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REITs report large non-cash depreciation charges on real estate that depress GAAP earnings. Funds from operations (FFO) and Core FFO add depreciation back, giving a clearer picture of cash-generating ability. PECO guided to roughly $2.72 to $2.78 of Core FFO per share for 2026.
What makes PECO considered defensive?
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Its centers are anchored by grocery stores that draw steady, necessity-driven foot traffic in most economic conditions. That supports high occupancy (near 97%) and consistent rent collection, which tends to make cash flow more resilient than discretionary or mall-based retail during downturns.
How large is Phillips Edison & Company?
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PECO has a market capitalization of roughly $5.6 billion and generates around $740 million in annual revenue. It manages roughly 326 shopping centers totaling tens of millions of square feet across more than 30 states, making it one of the largest grocery-anchored center owners in the country.
What are the main risks of owning PECO?
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Key risks include rising interest rates pressuring valuations and borrowing costs, tenant or grocery-anchor bankruptcies, grocer consolidation reshaping anchor demand, leverage around 5.3x adjusted EBITDAre, and the longer-term e-commerce headwind facing physical retail. These are typical exposures for a retail REIT.
Who are PECO's main competitors?
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Its closest public peers are Regency Centers, Kimco Realty, and Brixmor Property Group, all open-air and grocery-anchored shopping center REITs. It also competes with broader retail landlords like Federal Realty and with private real estate buyers for acquisitions.
How does PECO grow its funds from operations?
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Growth comes from two sources: organic rent increases on new and renewal leases at high occupancy, and external acquisitions of additional grocery-anchored centers funded through its balance sheet and joint ventures. Together these have driven mid-single-digit Core FFO per share growth.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Phillips Edison & Company, Inc.'s investor relations page or your broker before making investment decisions.