Phillips Edison & Company, Inc.

Phillips Edison & Company, Inc. is a U.S.-based real estate investment trust focused on owning and operating grocery-anchored shopping centers. Its portfolio is concentrated in neighborhood centers across the United States, and it also runs a third-party property management and advisory business for select joint ventures and private funds.

15,3 %

+9,9 %

— Phillips Edison & Company, Inc.
%
Shopping Center Ownership75% Ownership and operation of grocery-anchored neighborhood shopping centers.
Rental Income70% Base rent and related lease income from retail tenants.
Tenant Recovery Income24% Recoveries of common area maintenance, taxes, and other reimbursables.
Property Management Services4% Management services provided to joint ventures and private funds.
Other Property Income1% Ancillary property-level income such as fees and miscellaneous revenue.

Phillips Edison’s core customers are grocery operators and the national, regional, and local retailers that lease space...

  • Grocery anchor tenantsprimary

    Supermarket operators that anchor centers and generate traffic for the rest of the property.

  • Inline retail tenantsprimary

    National, regional, and local retailers leasing smaller spaces for necessity-based goods and services.

  • Outparcel tenantssecondary

    Users of standalone pads and outparcels, often restaurants, banks, or service businesses.

  • Managed funds and joint venturessecondary

    Institutional owners that buy property management and advisory services.

The company’s real estate portfolio is concentrated in the United States, with properties in 31 states and a focus on...

  • •Portfolio spans 31 U.S. states
  • •Centers are concentrated in suburban trade areas
  • •Markets are chosen for household income and population growth
  • •Grocery-anchored locations benefit from recurring local traffic
  • •No material international operating footprint disclosed

Phillips Edison’s strategy centers on owning grocery-anchored centers, maintaining high occupancy, and using...

01
Acquire grocery-anchored shopping centersmedium-term

These assets fit the company’s core model and support durable traffic and leasing demand.

02
Maximize occupancy and tenant retentionshort-term

Stable occupancy supports rent collection, spreads, and lower downtime between leases.

03
Selective redevelopment and outparcel developmentmedium-term

Repositioning and ground-up projects can increase property value and future rent potential.

04
Maintain balance sheet flexibilitylong-term

Access to multiple capital sources supports acquisitions and portfolio management.

The business depends on the stability of grocery anchors and smaller tenants, so tenant failures, vacancies, or weak...

high

Tenant concentration and tenant failure

Revenue depends on grocery anchors and a broad base of smaller tenants; losses can hurt occupancy and rent collection.

Scope
Anchor stores and necessity-based retailers
Materiality
high
high

Interest rate and financing risk

REIT acquisition and refinancing economics are sensitive to debt costs and capital market access.

Scope
Debt-funded acquisitions and refinancing
Materiality
high
medium

Regulatory and legal compliance

ADA, fire, safety, and other property regulations can require capital spending and create liability.

Scope
Shopping center operations
Materiality
medium
medium

Cybersecurity and IT disruption

Operational systems and tenant data exposure can lead to service interruptions, remediation costs, and litigation.

Scope
Property management and tenant-facing systems
Materiality
medium
Lease revenue recognition and straight-line rent
Affects reported revenue and comparability across periods
Tenant recovery income and uncollectible reserves
Affects operating revenue and NOI
Real estate valuation and purchase price allocation
Affects balance sheet carrying values and earnings
Tax protection agreement liabilities
Creates contingent tax-related exposure

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: 29/04/2026