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Phillips Edison & Company, Inc. (PECO) 10-Year Financial Performance & Capital Metrics

PECO • • REIT / Real Estate
Real EstateRetail REITsGrocery-Anchored Shopping CentersNational Grocery-Anchored REITs
AboutPhillips Edison & Company, Inc. (PECO), an internally-managed REIT, is one of the nation's largest owners and operators of grocery-anchored shopping centers. PECO's diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically-integrated operating platform, the Company manages a portfolio of 309 properties, including 283 wholly-owned properties comprising approximately 31.7 million square feet across 31 states (as of September 30, 2020). PECO has generated strong operating results over its 29+ year history and has partnered with leading institutional commercial real estate investors, including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The Company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time.Show more
  • Revenue $661M +8.4%
  • FFO $301M +6.4%
  • FFO/Share 2.20 +3.4%
  • FFO Payout 44.49% -7.2%
  • FFO per Share 2.20 +3.4%
  • NOI Margin 71.22% -0.1%
  • FFO Margin 45.54% -1.8%
  • ROE 2.37% +9.5%
  • ROA 1.26% +6.8%
  • Debt/Assets 41.9% -1.9%
  • Net Debt/EBITDA 3.18 -5.5%
  • Book Value/Share 19.25 -3.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 14.1% TTM
  • ✓Sustainable FFO payout ratio of 44.5%
  • ✓High NOI margin of 71.2%
  • ✓Healthy dividend yield of 2.8%

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.1%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.39%
5Y4.27%
3Y7.47%
TTM28.13%

Profit (Net Income) CAGR

10Y-
5Y-
3Y60.64%
TTM48.38%

EPS CAGR

10Y-
5Y-
3Y50.37%
TTM40.37%

ROCE

10Y Avg7.07%
5Y Avg7.91%
3Y Avg8.58%
Latest9.05%

Peer Comparison

National Grocery-Anchored REITs
Select Columns
Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
IVTInvenTrust Properties Corp.2.23B28.67150.895.91%40.59%6.55%4.53%0.42
PECOPhillips Edison & Company, Inc.4.44B35.2669.148.4%10.46%3.34%5.4%0.80
KIMKimco Realty Corporation14.07B20.7837.7814.22%26.51%5.32%4.84%0.79
REGRegency Centers Corporation12.78B69.8533.109.74%26.36%5.83%6.19%0.73

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+242.1M257.73M311.54M430.39M536.71M498.02M532.85M575.37M610.12M661.39M
Revenue Growth %0.29%0.06%0.21%0.38%0.25%-0.07%0.07%0.08%0.06%0.08%
Property Operating Expenses79.09M78.52M97.28M132.54M161.06M154.51M158.29M163.22M175.12M190.32M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+15.83M36.31M60.91M50.41M48.52M41.38M48.82M45.23M44.37M45.61M
G&A Expenses15.83M36.31M60.91M50.41M48.52M41.38M48.82M45.23M44.37M45.61M
EBITDA+244.73M244.98M281.42M434.77M559.8M523.63M543.58M591.85M616.78M663.99M
EBITDA Margin %----------
Depreciation & Amortization+97.55M102.07M128.07M187.33M232.69M221.51M217.85M224.93M226.14M238.52M
D&A / Revenue %----------
Operating Income+147.18M142.91M153.35M247.44M327.12M302.13M325.73M366.91M390.64M425.46M
Operating Margin %----------
Interest Expense+32.39M32.46M45.66M72.64M103.17M85.3M76.37M71.2M83.86M95.7M
Interest Coverage4.54x4.40x3.36x3.41x3.17x3.54x4.27x5.15x4.66x4.45x
Non-Operating Income101.48M106.09M130.67M191.28M236.87M224.68M221.43M236.22M236.44M253.02M
Pretax Income+13.56M9.04M-41.72M46.98M-72.83M5.46M17.23M54.53M64.2M71.52M
Pretax Margin %----------
Income Tax+00000000438K1.82M
Effective Tax Rate %----------
Net Income+13.36M8.93M-38.39M39.14M-63.53M4.77M15.12M48.32M56.85M62.69M
Net Margin %----------
Net Income Growth %1.59%-0.33%-5.3%2.02%-2.62%1.08%2.17%2.2%0.18%0.1%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %1.05%0%-0.19%1.53%-0.25%0.34%0.03%0.17%0.04%0.06%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.220.15-0.640.59-0.670.050.150.420.480.51
EPS Growth %1.56%-0.32%-5.27%1.92%-2.14%1.07%2.05%1.8%0.14%0.06%
EPS (Basic)0.220.15-0.630.60-0.670.050.150.420.480.51
Diluted Shares Outstanding62.13M62.22M65.5M80.46M109.04M111.16M116.67M130.33M132.97M136.82M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+2.23B2.38B3.53B5.16B4.83B4.68B4.67B4.74B4.87B5.05B
Asset Growth %0.04%0.07%0.48%0.46%-0.06%-0.03%-0%0.01%0.03%0.04%
Real Estate & Other Assets+-164.19M37.55M37.41M-209.88M126.25M4.37B4.37B4.52B4.65B43.89M
PP&E (Net)2.12B2.25B10.31M14.31M19.43M21.58M24.82M23.05M24.07M4.58B
Investment Securities22K-1000K902K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets+47.51M49.95M97.19M106.79M101.15M211.67M200.32M115.07M125.08M145.59M
Cash & Equivalents40.68M8.22M5.72M16.79M17.82M104.3M92.58M5.48M4.87M4.88M
Receivables001000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets6.83M44.71M21.73M67.51M1.14M18.95M11.29M-2.7M4.01M21.35M
Intangible Assets233.55M43.03M55.1M14.05M2.44M6.8M6.71M6.69M6.69M206.65M
Total Liabilities943.02M1.16B2.05B2.75B2.66B2.66B2.19B2.14B2.21B2.41B
Total Debt+854.08M1.06B1.81B2.51B2.47B2.39B2B2.01B2.08B2.11B
Net Debt813.4M1.05B1.8B2.5B2.45B2.29B1.91B2B2.07B2.11B
Long-Term Debt845.96M879.19M1.81B2.44B2.35B2.29B1.89B1.82B1.79B2.07B
Short-Term Borrowings001000K1000K0001000K1000K1000K
Capital Lease Obligations39.78M43.03M90.62M131.56M112.32M101.91M108.29M110.38M108.53M4.75M
Total Current Liabilities+49.16M56.21M149.78M126.67M140.01M191.52M116.66M210.67M315.82M195.64M
Accounts Payable49.16M56.21M102.64M123.04M124.05M176.94M97.23M113.19M116.46M145.38M
Deferred Revenue-141M-176.97M014.03M15.96M14.58M19.14M18.48M18.36M0
Other Liabilities0181.57M90.62M38.4M37.02M76.76M76.53M00140.44M
Total Equity+1.29B1.22B1.48B2.41B2.17B2.02B2.48B2.6B2.65B2.63B
Equity Growth %-0.06%-0.05%0.21%0.63%-0.1%-0.07%0.23%0.05%0.02%-0.01%
Shareholders Equity1.27B1.2B1.05B2B1.81B1.69B2.15B2.24B2.31B2.32B
Minority Interest25.18M23.41M432.44M414.91M354.79M325.57M326.81M360.95M343.04M314.06M
Common Stock1.81M1.85M1.85M2.8M2.89M2.8M1.13M1.17M1.22M1.25M
Additional Paid-in Capital1.59B1.63B1.63B2.67B2.78B2.74B3.26B3.38B3.55B3.65B
Retained Earnings-323.76M-438.15M-601.24M-692.04M-947.25M-999.49M-1.09B-1.17B-1.25B-1.33B
Preferred Stock0000000000
Return on Assets (ROA)0.01%0%-0.01%0.01%-0.01%0%0%0.01%0.01%0.01%
Return on Equity (ROE)0.01%0.01%-0.03%0.02%-0.03%0%0.01%0.02%0.02%0.02%
Debt / Assets0.38%0.44%0.51%0.49%0.51%0.51%0.43%0.42%0.43%0.42%
Debt / Equity0.66x0.86x1.22x1.04x1.14x1.19x0.81x0.77x0.78x0.80x
Net Debt / EBITDA3.32x4.28x6.40x5.74x4.37x4.37x3.51x3.38x3.36x3.18x
Book Value per Share20.7919.6822.5829.9919.8918.1421.2219.9319.9519.25

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+106.07M103.08M108.86M153.29M226.88M210.58M262.9M290.89M290.97M334.71M
Operating CF Growth %0.4%-0.03%0.06%0.41%0.48%-0.07%0.25%0.11%0%0.15%
Operating CF / Revenue %----------
Net Income13.56M9.04M-41.72M46.98M-72.83M5.46M17.23M54.53M56.85M62.69M
Depreciation & Amortization98.37M103.28M128.94M187.33M232.69M221.51M217.85M231.9M236.44M253.02M
Stock-Based Compensation0027.44M5.1M7.72M5.86M16.39M15.41M9.4M9.7M
Other Non-Cash Items1.64M-5.31M20.61M-66.23M71.58M5.38M26.39M-10.75M-2.31M-429K
Working Capital Changes-7.5M-3.94M1.03M-19.88M-12.28M-15.89M4.01M-192K-9.41M9.74M
Cash from Investing+-110.77M-226.22M-620.75M-258.87M64.18M-44.09M-180.49M-331.25M-353.39M-392.94M
Acquisitions (Net)00-456.7M-201.67M-11.69M3.45M5.04M4.15M00
Purchase of Investments-91.17M-201.11M-159.7M-87.07M0-41.48M-8.51M-3M00
Sale of Investments1000K1000K1000K1000K01000K1000K1000K01000K
Other Investing2.24M1.01M37.8M-8.21M151.36M0-177.02M-279.92M-258.12M-303.71M
Cash from Financing+29.73M90.69M509.38M162.44M-280.25M-129.66M-98.82M-57.83M53.95M58.01M
Dividends Paid-59.39M-64.27M-74.2M-80.73M-123.14M-49.33M-106.7M-127.08M-135.75M-134.02M
Common Dividends-59.39M-64.27M-74.2M-80.73M-123.14M-49.33M-106.7M-127.08M-135.75M-134.02M
Debt Issuance (Net)1000K1000K1000K1000K-1000K-1000K-1000K-1000K1000K1000K
Share Repurchases-74.47M-20.3M-46.54M-53.15M-34.67M-5.27M-77.77M000
Other Financing-8.39M-4.84M-26.1M-36.3M-29.68M-10.08M-15.01M-17.95M-17.93M-16.1M
Net Change in Cash+25.03M-32.46M-2.51M56.86M10.8M36.83M-16.41M-98.18M-8.47M-229K
Exchange Rate Effect0000000000
Cash at Beginning15.65M40.68M8.22M27.45M84.3M95.11M131.94M115.53M17.35M8.88M
Cash at End40.68M8.22M5.72M84.3M95.11M131.94M115.53M17.35M8.88M8.65M
Free Cash Flow+-6.94M-124.15M-92.98M104.31M151.38M146.61M187.87M186.4M195.71M239.63M
FCF Growth %0.99%-16.89%0.25%2.12%0.45%-0.03%0.28%-0.01%0.05%0.22%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share1.791.781.372.811.552.0422.12.132.2
FFO Payout Ratio53.55%57.9%82.73%35.65%72.8%21.8%45.8%46.51%47.97%44.49%
NOI Margin67.33%69.54%68.77%69.2%69.99%68.98%70.29%71.63%71.3%71.22%
Net Debt / EBITDA3.32x4.28x6.40x5.74x4.37x4.37x3.51x3.38x3.36x3.18x
Debt / Assets38.22%44.37%51.25%48.65%51.08%51.18%42.82%42.37%42.7%41.9%
Interest Coverage4.54x4.40x3.36x3.41x3.17x3.54x4.27x5.15x4.66x4.45x
Book Value / Share20.7919.6822.5829.9919.8918.1421.2219.9319.9519.25
Revenue Growth28.63%6.46%20.88%38.15%24.7%-7.21%6.99%7.98%6.04%8.4%

Revenue by Segment

2017
Owned Real Estate303.41M
Owned Real Estate Growth-
Investment Management8.13M
Investment Management Growth-

Frequently Asked Questions

Valuation & Price

Phillips Edison & Company, Inc. (PECO) has a price-to-earnings (P/E) ratio of 69.1x. This suggests investors expect higher future growth.

Growth & Financials

Phillips Edison & Company, Inc. (PECO) reported $823.6M in revenue for fiscal year 2024. This represents a 4593% increase from $17.6M in 2012.

Phillips Edison & Company, Inc. (PECO) grew revenue by 8.4% over the past year. This is steady growth.

Yes, Phillips Edison & Company, Inc. (PECO) is profitable, generating $86.2M in net income for fiscal year 2024 (9.5% net margin).

Dividend & Returns

Yes, Phillips Edison & Company, Inc. (PECO) pays a dividend with a yield of 2.78%. This makes it attractive for income-focused investors.

Phillips Edison & Company, Inc. (PECO) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Industry Metrics

Phillips Edison & Company, Inc. (PECO) generated Funds From Operations (FFO) of $337.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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