Phillips Edison & Company
Phillips Edison & Company (PECO) is a leading owner and operator of grocery-anchored shopping centers in the United States, managing nearly 300 properties nationwide.
Company History
Phillips Edison & Company (PECO) was founded in 1991 and purchased its first shopping center, Nordan Shopping Center in Danville, Virginia, in the early 1990s. The company has since grown to become one of the nation’s largest owners and operators of grocery-anchored shopping centers, with a portfolio that includes nearly 300 properties across the United States. Significant milestones include launching Phillips Edison Grocery Center REITs I and II in the 2010s, completing substantial mergers in 2017 and 2018, and going public in 2021.
Services
Phillips Edison & Company specializes in owning and operating grocery-anchored, necessity-based neighborhood and community shopping centers. Their services include the development and redevelopment of shopping centers, focusing on selecting and developing sites in close collaboration with grocery partners. The company also has an Outparcel Development program that encompasses multi-tenant development, build-to-suit projects, acquisitions, and joint ventures. PECO's National Accounts and Emerging Trends initiative aims to expand retailer relationships, providing a comprehensive service portfolio to support their tenants.
Public Offerings and Financial Milestones
Phillips Edison & Company has achieved significant financial milestones, including raising nearly $3 billion through Phillips Edison Grocery Center REITs I and II. In 2017, PECO's Grocery Center REIT I, Inc. acquired real estate assets and asset management business from Phillips Edison Limited Partnership. The company merged with Phillips Edison Grocery Center REIT II, Inc. in 2018, obtaining 86 grocery-anchored shopping centers. PECO made a public offering in 2021, raising $547.4 million in gross proceeds and began trading on the Nasdaq under the symbol 'PECO'. In 2023, the company was listed on the S&P 600.
Sustainability Initiatives
PECO places a strong emphasis on sustainability through its corporate responsibility framework, PECO-ECO Promise™. The company has priorities in water conservation and energy efficiency. As of 2022, PECO had 147 active EV charging stations and 17 solar array systems. In 2022, their energy consumption was 39,707,150 kWh. PECO has set a goal to upgrade landlord-controlled parking lot lighting to LED at 100% of their properties by 2025, furthering their commitment to environmental responsibility.
Joint Ventures and Partnerships
In 2018, Phillips Edison & Company entered into two joint ventures with Northwestern Mutual, forming Grocery Retail Partners I and II to invest in a total of 20 centers valued at $415 million. This strategic partnership highlights PECO's approach to collaborative investment to grow and enhance their portfolio of grocery-anchored shopping centers. These joint ventures are a testament to PECO's commitment to expanding through significant and strategic partnerships.