PECO

Phillips Edison is a pure-play grocery-anchored shopping-center REIT — 324 properties across 31 states, 97.3% leased, with necessity-based 'Neighbors' that make the cash flows highly defensive. The portfolio is well diversified (top markets Atlanta, Chicago, Dallas, Sacramento) and the grocery anchor drives recurring foot traffic that insulates it from much of the e-commerce pressure on other retail formats.

The operating trend is solidly positive. Same-Center NOI grew 3.8% and total property revenues rose to $628M, with leased occupancy holding at a very high 97.3-97.6%. GAAP net income grew 77.6% to $111M (EPS $0.89, +74.5%), and Nareit FFO — the more meaningful REIT metric — rose to $353M from $324M. Operating cash flow of $348M (+4.0%) comfortably funded the $157M dividend, which the company raised 17.4%. Note the XBRL 'revenue' line of $12.8M reflects only management-fee income, not the REIT's rental revenue, so the headline P/E and P/S are not the right valuation lenses here; FFO and NOI are.