Phillips Edison & Company, Inc. (NASDAQ: PECO)

Phillips Edison & Company Inc is a real estate investment trust that owns and operates grocery anchored shopping centers across the United States.

The company focuses on neighborhood centers that are anchored by the leading grocers in their respective trade areas and provides property management services to unconsolidated joint ventures and a private fund.

The company generates revenue primarily from lease payments received from tenants of its owned shopping centers.

It also earns fees from property management and advisory services provided to three unconsolidated institutional joint ventures and one private fund.

The tenant base consists of national regional and local retailers that sell necessity based goods and services.

The company operates through the following segments.

• Community and Neighborhood Shopping Centers This segment involves the acquisition ownership and management of grocery anchored neighborhood shopping centers and the provision of property management and advisory services to unconsolidated joint ventures and a private fund.

The company operates in a highly fragmented sector that includes other REITs private investors and local owners of retail properties.

Its competitive advantages stem from a focus on necessity based retailers high occupancy levels and strong rent spreads driven by grocery anchored locations in favorable demographic markets.

Key competitors include other owners of neighborhood and community shopping centers as well as alternative retail formats such as malls power centers and lifestyle centers.

The company serves a mix of national regional and local retailers that offer necessity based goods and services such as grocery stores pharmacies and discount retailers.