Phillips Edison & Company (PECO) is a REIT that owns and operates grocery-anchored neighborhood shopping centers across the U.S. As of year-end 2025, PECO wholly owned 297 shopping centers totaling roughly 36.7M square feet across 31 states, with additional exposure through unconsolidated joint ventures. PECO's centers are organized around a grocery anchor — about 83% of annualized base rent (ABR) comes from centers anchored by the #1 or #2 grocer by sales in their trade area. The grocery anchor drives consistent foot traffic, which in turn supports demand from inline tenants (quick-service restaurants, health and beauty, personal services, and other necessity-based retailers) that make up roughly 70% of ABR. PECO targets "right-sized" neighborhood centers averaging about 112,000 square feet, deliberately avoiding large-format big-box exposure. PECO makes money primarily by leasing space to tenants, with revenue almost entirely derived from rent. The key earnings drivers are occupancy, rent spreads on lease rollovers, and embedded annual rent escalators averaging ~2.7% on new and renewal deals. PECO also grows externally through acquisitions targeting ~$350M–$500M annually, recycling lower-IRR assets into higher-returning ones, and a growing sub-portfolio of unanchored strip centers called Everyday Retail. PECO operates through institutional joint ventures with partners including Northwestern Mutual and Cohen & Steers, which expand acquisition capacity and generate management fees. PECO is internally managed and targets mid-to-high single-digit core FFO per share growth annually.