Jeff Edison, chairman and CEO of Phillips Edison & Company, Inc. (Nasdaq: PECO), sat down for a video interview at Nareit's REITweek: 2024 Investor Conference, held in New York June 3-6.
Edison discussed the company's strategic positioning in the current macroeconomic landscape. Specializing in grocery anchored shopping centers, PECO benefits from strong consumer resilience and minimal new supply, which Edison highlighted as key drivers of their favorable operating environment. “The macro environment today is about as good in our space as it's been in a long time."
Investor inquiries often revolve around consumer behavior and its impact on retail trends. Edison noted that despite ongoing shifts, consumer confidence and spending remain robust, bolstered by strong employment figures. "As long as they are confident that they can get another job if they lose their job, you're going to see the consumer stay strong."
Looking ahead, Edison expressed enthusiasm for PECO's external growth initiatives, particularly in acquiring grocery anchored shopping centers—a strategy the REIT has successfully executed for over two decades. Despite challenges in the acquisition market last year, improving conditions now offer PECO opportunities to expand the portfolio strategically. "We're excited about the external growth opportunities that lie ahead and remain optimistic about our prospects for the year."