NASDAQ : PECO
Phillips Edison & Company, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 38.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.45B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 742.92M | 709.19M | 647.59M | 597.50M | 560.54M | 519.50M |
| Other Revenue | 18.39M | 17.41M | 13.80M | 12.62M | 14.83M | 13.35M |
| Total Revenue | 761.31M | 726.59M | 661.39M | 610.12M | 575.37M | 532.85M |
| Property Expenses | 219.89M | 209.74M | 190.32M | 175.12M | 163.22M | 158.29M |
| Selling, General & Administrative | 51.30M | 51.64M | 45.61M | 44.37M | 45.23M | 48.82M |
| Depreciation & Amortization | 265.52M | 266.37M | 253.02M | 236.44M | 236.22M | 221.43M |
| Total Operating Expenses | 536.71M | 527.75M | 488.94M | 455.93M | 444.68M | 428.55M |
| Operating Income | 224.60M | 198.85M | 172.45M | 154.20M | 130.69M | 104.30M |
| Interest Expense | -107.61M | -102.48M | -87.58M | -84.23M | -71.20M | -76.37M |
| Income (Loss) on Equity Investments | -87.00K | -77.00K | 86.00K | |||
| Other Non-Operating Income | -10.24M | -10.71M | -12.12M | -4.31M | -10.35M | -34.36M |
| EBT Excluding Unusual Items | 106.67M | 85.58M | 72.84M | 65.65M | 49.14M | -6.43M |
| Gain (Loss) on Sale of Investments | -3.00M | |||||
| Gain (Loss) on Sale of Assets | 95.80M | 38.79M | -30.00K | 1.11M | 7.52M | 30.42M |
| Asset Writedown | -322.00K | -6.75M | ||||
| Other Unusual Items | -1.32M | -90.00K | -1.29M | -1.81M | ||
| Pretax Income | 201.15M | 124.28M | 71.52M | 63.76M | 54.53M | 17.23M |
| Income Tax Expense | 1.43M | 1.31M | 1.82M | |||
| Earnings From Continuing Operations | 199.72M | 122.97M | 69.70M | 63.76M | 54.53M | 17.23M |
| Minority Interest in Earnings | -18.02M | -11.66M | -7.01M | -6.91M | -6.21M | -2.11M |
| Net Income | 181.70M | 111.30M | 62.69M | 56.85M | 48.32M | 15.12M |
| Net Income to Common | 181.70M | 111.30M | 62.69M | 56.85M | 48.32M | 15.12M |
| Basic Shares Outstanding | 126.68M | 125.54M | 122.72M | 118.28M | 115.40M | 102.40M |
| Diluted Shares Outstanding | 139.67M | 138.90M | 136.82M | 132.97M | 130.33M | 116.67M |
| EPS (Basic) | 1.43 | 0.89 | 0.51 | 0.48 | 0.42 | 0.15 |
| EPS (Diluted) | 1.43 | 0.89 | 0.51 | 0.48 | 0.42 | 0.15 |
| Dividend Per Share | 1.31 | 1.25 | 1.19 | 1.14 | 1.09 | 1.03 |
| Operating Margin | 29.50% | 27.37% | 26.07% | 25.27% | 22.71% | 19.57% |
| Profit Margin | 23.87% | 15.32% | 9.48% | 9.32% | 8.40% | 2.84% |
| EBITDA | 471.58M | 448.10M | 410.97M | 380.33M | 355.62M | 322.15M |
| EBITDA Margin | 61.94% | 61.67% | 62.14% | 62.34% | 61.81% | 60.46% |
| D&A For Ebitda | 246.99M | 249.25M | 238.52M | 226.14M | 224.93M | 217.85M |
| EBIT | 224.60M | 198.85M | 172.45M | 154.20M | 130.69M | 104.30M |
| EBIT Margin | 29.50% | 27.37% | 26.07% | 25.27% | 22.71% | 19.57% |
| Funds From Operations (FFO) | 373.40M | 353.09M | 323.77M | 299.55M | 280.75M | 211.20M |
| FFO Per Share | 2.67 | 2.54 | 2.37 | 2.25 | 2.15 | 1.81 |
| Adjusted Funds From Operations (AFFO) | 309.81M | 294.45M | 273.19M | 299.55M | 280.75M | 211.20M |
| AFFO Per Share | 2.26 | 2.12 | 2.00 | 2.25 | 2.15 | 1.81 |
| FFO Payout Ratio | 44.50% | 44.54% | 41.39% | 45.32% | 45.27% | 50.52% |
| Effective Tax Rate | 0.71% | 1.05% | 2.55% | |||
| Revenue as Reported | 761.31M | 726.59M | 661.39M | 610.12M | 575.37M | 532.85M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 5.06B | 4.73B | 4.58B | 4.40B | 4.24B | 4.11B |
| Cash & Equivalents | 8.90M | 3.54M | 4.88M | 4.87M | 5.48M | 92.58M |
| Accounts Receivable | 141.53M | 158.31M | 119.36M | 107.64M | 89.93M | 77.69M |
| Investment In Debt and Equity Securities | 27.68M | 23.23M | 14.15M | 15.44M | 17.59M | 8.55M |
| Goodwill | 29.07M | 29.07M | 29.07M | 29.07M | 29.07M | 29.07M |
| Other Intangible Assets | 6.70M | 194.31M | 206.65M | 216.74M | 229.64M | 246.36M |
| Restricted Cash | 9.02M | 39.77M | 3.77M | 4.01M | 11.87M | 22.94M |
| Other Current Assets | 175.41M | 14.21M | 17.58M | 23.41M | 40.43M | 13.21M |
| Deferred Long-Term Charges | 16.28M | 16.31M | 9.04M | 8.98M | 8.98M | 4.90M |
| Other Long-Term Assets | 80.62M | 74.78M | 66.57M | 55.46M | 58.09M | 65.17M |
| Total Assets | 5.55B | 5.29B | 5.05B | 4.87B | 4.74B | 4.67B |
| Current Portion of Long-Term Debt | 1.90M | |||||
| Current Portion of Leases | 716.00K | |||||
| Long-Term Debt | 2.52B | 2.37B | 2.11B | 1.97B | 1.90B | 1.92B |
| Long-Term Leases | 342.00K | 4.78M | 4.75M | 5.40M | 5.29M | 6.08M |
| Accounts Payable | 153.10M | 161.52M | 146.88M | 99.96M | 98.87M | 91.92M |
| Other Current Liabilities | 6.08M | 13.30M | 288.00K | |||
| Long-Term Unearned Revenue | 32.73M | 23.04M | 22.91M | 18.36M | 18.48M | 19.14M |
| Other Long-Term Liabilities | 138.39M | 118.86M | 128.19M | 119.63M | 119.41M | 159.96M |
| Total Liabilities | 2.85B | 2.70B | 2.41B | 2.21B | 2.14B | 2.19B |
| Common Stock | 1.29M | 1.26M | 1.25M | 1.22M | 1.17M | 1.13M |
| Additional Paid-In Capital | 3.78B | 3.66B | 3.65B | 3.55B | 3.38B | 3.26B |
| Retained Earnings | -1.37B | -1.38B | -1.33B | -1.25B | -1.17B | -1.09B |
| Comprehensive Income & Other | 181.00K | 358.00K | 4.30M | 10.52M | 21.00M | -24.82M |
| Total Common Equity | 2.41B | 2.29B | 2.32B | 2.31B | 2.24B | 2.15B |
| Minority Interest | 289.52M | 302.81M | 314.06M | 343.04M | 360.95M | 326.81M |
| Shareholders' Equity | 2.70B | 2.59B | 2.63B | 2.65B | 2.60B | 2.48B |
| Total Liabilities & Equity | 5.55B | 5.29B | 5.05B | 4.87B | 4.74B | 4.67B |
| Total Debt | 2.52B | 2.38B | 2.11B | 1.97B | 1.90B | 1.92B |
| Net Cash (Debt) | -2.51B | -2.38B | -2.11B | -1.97B | -1.90B | -1.83B |
| Net Cash Per Share | -17.99 | -17.11 | -15.42 | -14.81 | -14.55 | -15.67 |
| Filing Date Shares Outstanding | 129.00M | 125.80M | 125.20M | 122.20M | 117.30M | 113.40M |
| Total Common Shares Outstanding | 128.91M | 125.79M | 125.12M | 122.02M | 117.13M | 113.22M |
| Book Value Per Share | 18.69 | 18.18 | 18.54 | 18.93 | 19.09 | 18.99 |
| Tangible Book Value | 2.37B | 2.06B | 2.08B | 2.06B | 1.98B | 1.87B |
| Tangible Book Value Per Share | 18.42 | 16.40 | 16.66 | 16.92 | 16.89 | 16.55 |
| Land | 1.99B | 1.96B | 1.87B | 1.77B | 1.67B | 1.59B |
| Buildings | 4.47B | 4.31B | 4.09B | 3.82B | 3.57B | 3.36B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 181.70M | 111.30M | 62.69M | 56.85M | 48.32M | 15.12M |
| Depreciation & Amortization | 255.47M | 257.73M | 245.03M | 231.26M | 229.20M | 217.85M |
| Other Amortization | 3.66M | 4.89M | 4.47M | 4.24M | 3.41M | 4.42M |
| Gain (Loss) on Sale of Assets | -95.80M | -38.79M | 30.00K | -1.11M | -7.52M | -30.42M |
| Gain (Loss) on Sale of Investments | 3.00M | |||||
| Asset Writedown | 1.40M | 3.02M | 6.75M | |||
| Stock-Based Compensation | 12.43M | 11.68M | 9.70M | 6.87M | 15.41M | 16.39M |
| Income (Loss) on Equity Investments | 793.00K | 772.00K | 348.00K | 271.00K | 1.25M | 2.70M |
| Change in Accounts Payable | 8.71M | 14.83M | 26.36M | 2.11M | 9.96M | 8.51M |
| Change in Other Net Operating Assets | -21.67M | -17.51M | -16.62M | -11.52M | -10.15M | -4.50M |
| Other Operating Activities | 9.84M | 3.25M | 1.31M | -997.00K | -2.02M | 26.08M |
| Operating Cash Flow | 355.12M | 348.15M | 334.71M | 290.97M | 290.89M | 262.90M |
| Acquisition of Real Estate Assets | -660.53M | -496.36M | -391.37M | -365.52M | -386.50M | -383.39M |
| Sale of Real Estate Assets | 274.36M | 121.66M | 7.21M | 52.02M | 206.38M | |
| Net Sale / Acq. of Real Estate Assets | -386.17M | -374.70M | -391.37M | -358.32M | -334.48M | -177.02M |
| Investment in Marketable & Equity Securities | -16.05M | -20.01M | -4.81M | 2.37M | 1.15M | -3.48M |
| Other Investing Activities | 2.71M | 2.42M | 3.24M | 2.56M | 2.08M | |
| Investing Cash Flow | -382.12M | -392.29M | -392.94M | -353.39M | -331.25M | -180.49M |
| Long-Term Debt Issued | 1.09B | 1.16B | 561.00M | 376.00M | 831.02M | |
| Long-Term Debt Repaid | -840.58M | -1.02B | -502.50M | -378.92M | -1.24B | |
| Net Debt Issued (Repaid) | 130.73M | 252.71M | 133.58M | 58.50M | -2.92M | -407.70M |
| Issuance of Common Stock | 92.62M | 74.55M | 149.13M | 90.12M | 547.40M | |
| Repurchase of Common Stock | -77.77M | |||||
| Common Dividends Paid | -166.17M | -157.28M | -134.02M | -135.75M | -127.08M | -106.70M |
| Other Financing Activities | -18.07M | -16.63M | -16.10M | -17.93M | -17.95M | -54.06M |
| Net Cash Flow | 12.11M | 34.66M | -229.00K | -8.47M | -98.18M | -16.41M |
| Levered Free Cash Flow | 71.79M | 154.76M | 259.03M | 201.62M | 158.99M | 193.90M |
| Unlevered Free Cash Flow | 135.38M | 213.92M | 309.29M | 250.03M | 200.07M | 237.21M |
| Cash Interest Paid | 115.79M | 97.69M | 75.04M | 76.48M | 65.10M | 68.09M |
| Cash Income Tax Paid | 1.61M | 1.61M | 922.00K | 689.00K | 194.00K | 559.00K |
| Change in Working Capital | -12.96M | -2.68M | 9.74M | -9.41M | -192.00K | 4.01M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.59B | 4.47B | 4.59B | 4.36B | 3.73B | 3.74B |
| Enterprise Value | 8.10B | 7.15B | 7.02B | 6.58B | 5.96B | 5.78B |
| Last Close Price | 38.83 | 34.58 | 35.14 | 33.09 | 27.92 | 28.01 |
| Price/FFO Ratio | 13.92 | 13.62 | 14.83 | 14.71 | 12.98 | 15.47 |
| Price/AFFO Ratio | 16.50 | 16.31 | 17.60 | 14.69 | 12.96 | 15.47 |
| PE Ratio | 27.75 | 40.17 | 73.27 | 76.73 | 77.15 | 247.38 |
| PS Ratio | 7.36 | 6.15 | 6.95 | 7.15 | 6.48 | 7.02 |
| PB Ratio | 2.08 | 1.73 | 1.74 | 1.64 | 1.44 | 1.51 |
| P/OCF Ratio | 15.78 | 12.84 | 13.72 | 14.99 | 12.82 | 14.23 |
| EV/Sales Ratio | 10.66 | 9.85 | 10.62 | 10.78 | 10.35 | 10.85 |
| EV/EBITDA Ratio | 17.21 | 15.97 | 17.09 | 17.30 | 16.75 | 17.95 |
| EV/EBIT Ratio | 36.14 | 35.98 | 40.72 | 42.67 | 45.58 | 55.43 |
| Debt / Equity Ratio | 0.93 | 0.92 | 0.80 | 0.74 | 0.73 | 0.78 |
| Debt / EBITDA Ratio | 5.35 | 5.31 | 5.14 | 5.19 | 5.35 | 5.96 |
| Net Debt / Equity Ratio | 0.93 | 0.92 | 0.80 | 0.74 | 0.73 | 0.74 |
| Net Debt / EBITDA Ratio | 5.33 | 5.30 | 5.13 | 5.18 | 5.33 | 5.68 |
| Asset Turnover | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.11 |
| Quick Ratio | 0.94 | 0.91 | 0.85 | 1.13 | 0.96 | 1.85 |
| Current Ratio | 2.10 | 1.22 | 0.99 | 1.40 | 1.49 | 2.24 |
| Return on Equity (ROE) | 7.57% | 4.71% | 2.64% | 2.43% | 2.15% | 0.77% |
| Return on Assets (ROA) | 2.60% | 2.41% | 2.17% | 2.01% | 1.74% | 1.40% |
| Return on Invested Capital (ROIC) | 4.31% | 4.05% | 3.58% | 3.38% | 2.94% | 2.38% |
| Earnings Yield | 3.60% | 2.49% | 1.36% | 1.30% | 1.30% | 0.40% |
| Dividend Yield | 3.48% | 3.52% | 3.24% | 3.18% | 3.44% | 3.13% |
| Payout Ratio | 96.51% | 141.30% | 213.80% | 238.79% | 262.99% | 705.63% |
| Buyback Yield / Dilution | -0.72% | -1.52% | -2.90% | -2.02% | -11.71% | -4.96% |
| Total Shareholder Return | 2.75% | 2.01% | 0.35% | 1.16% | -8.27% | -1.83% |