PREP Property Group

What PREP Property Group does

PREP Property Group, LLC is a privately held, fully integrated U.S. retail real estate investment and operating company founded in 2015 and headquartered in Cincinnati, Ohio with a secondary office in Park City, Utah. The firm was established by Michael C. Phillips, co-founder of Phillips Edison & Company, as a specialized platform to continue growing the strategic-investment and net-lease businesses previously operated inside Phillips Edison. PREP operates two core real estate verticals: Strategic Investments, which targets opportunistic and value-add repositioning of power centers, enclosed malls, and mixed-use assets of 150,000+ square feet in infill U.S. locations; and Single Tenant Net Lease, which acquires and manages non-institutional-grade necessity retail (auto parts, convenience stores, pharmacies, dollar stores, QSR). The firm also provides in-house acquisitions, redevelopment, leasing, and property management services. Its portfolio spans 80+ retail properties across more than 30 states, including The Kenwood Collection (557,000 SF mixed-use, Cincinnati), Shadow Lake Towne Center (654,666 SF, Papillion NE), Hillside Village (611,232 SF, Cedar Hill TX), Pacific Coast Plaza (501,299 SF, Oceanside CA), and Hanover Crossing (Hanover, MA), with national tenants such as Walgreens, Family Dollar, Bass Pro Shops, Macy's, BJ's Wholesale, Food Lion, and Shaw's.

In December 2025 PREP formed PREP Exchange LLC, a wholly-owned affiliate operating a Delaware Statutory Trust (DST) platform that offers accredited investors fractional ownership of institutional-quality net-leased retail assets for 1031 exchange purposes. The platform launched its first fractional offering in March 2026 anchored by a Shaw's Supermarket property in Berlin, Vermont. PREP generates revenue from property management fees, acquisition/disposition fees, leasing commissions, and asset management fees on owned and third-party assets, supplemented by offering and ongoing management fees from the PREP Exchange DST platform. The company employs 51–100 people and has historically raised institutional capital, including a $300 million facility from Almanac Realty Investors in 2017 to fund its net-lease and strategic acquisitions.

Name

PREP Property Group

Legal name

PREP Property Group, LLC

Website

https://preppg.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

PREP Property Group is a privately held, fully integrated U.S. retail real estate investment and management firm that acquires, repositions, and manages necessity-based retail assets — including power centers, malls, mixed-use properties, and single-tenant net lease — for its own portfolio and, via PREP Exchange, for accredited investors through DST-based 1031 exchanges.

Ownership category

akta.pro rank

Product category

Retail Real Estate Investment & Management

NAICS

Nonresidential Property Managers (531312), Lessors of Real Estate (5311), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Property Management Advisory & Leasing Administration (FSAEAJAN)

Keywords

• Retail real estate investment
• Net lease acquisitions
• Property management services
• Retail asset redevelopment
• 1031 exchange platform

Headquarters

HQ city

Park City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Investment Management: PREP Property Group generates revenue through acquisition, management, and disposition of retail real estate properties. Revenue is derived from property management fees, acquisition fees, and value creation through redevelopment and lease restructuring.
2. DST Platform (PREP Exchange): PREP Exchange offers fractional ownership in institutional-quality real estate through Delaware Statutory Trusts, enabling investors to defer capital gains taxes via 1031 exchanges. Revenue is generated through offering fees and ongoing management of DST investments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

PREP Property Group is a fully integrated retail real estate company that acquires, redevelops, leases, and manages retail properties — from single-tenant net lease assets to power centers, enclosed malls, and mixed-use developments. The firm also operates PREP Exchange, a Delaware Statutory Trust (DST) platform that allows accredited investors to acquire fractional ownership in net lease retail properties for 1031 exchange and capital gains tax deferral purposes.

Product overview

PREP Property Group is a fully integrated real estate company built on the strategic investment and net lease divisions of Phillips Edison & Company. The company operates two primary divisions: Strategic Investments targeting opportunistic and value-add retail assets (power centers, malls, mixed-use properties) and Single Tenant Net Lease acquisitions. In December 2025, PREP launched PREP Exchange, a dedicated 1031 exchange platform offering accredited investors fractional ownership in institutional-quality real estate through Delaware Statutory Trusts (DSTs). The platform enables investors to defer capital gains taxes by exchanging appreciated real estate into pre-packaged, debt-structured, and immediately income-producing necessity-driven net leased retail properties. The company manages a portfolio of retail properties across the United States including The Kenwood Collection, Hanover Crossing, Shadow Lake Towne Center, Hillside Village, and Pacific Coast Plaza.

Differentiator

Problem solved

Functional benefit

Brands

• PREP Exchange: A dedicated 1031 exchange platform offering accredited investors fractional ownership in institutional-quality real estate through Delaware Statutory Trusts (DSTs).

Products and services

• PREP Exchange A dedicated 1031 exchange platform that allows accredited investors to acquire fractional ownership in institutional-quality, necessity-driven net leased retail properties through Delaware Statutory Trusts (DSTs), enabling deferral of capital gains taxes via 1031 exchanges into pre-packaged, debt-structured, immediately income-producing assets.
• Strategic Investments Acquisition, repositioning, and management of opportunistic and value-add retail real estate assets, targeting power centers, enclosed malls, and mixed-use properties with a minimum size of 150,000 square feet in infill locations nationwide.
• Single Tenant Net Lease Acquisition and management of well-located, primarily non-institutional-grade single-tenant net leased retail properties, including auto parts, convenience stores, pharmacies, casual dining, quick-service restaurants, banks, and dollar stores.
• Property Management Fully-integrated property management providing onsite and regional oversight across PREP's owned retail portfolio, fully incentivized to maximize property income and value.
• Acquisitions Identification and acquisition of underperforming or non-institutional quality net lease, power centers, lifestyle, mixed-use, and enclosed malls in prime retail sites nationwide, with a focus on creating value through lease restructuring or tenant upgrades.
• Redevelopment Construction and redevelopment of complex retail sites, working closely with leasing and operations teams to create enhanced value in the underlying asset.
• Leasing Leasing service that creates optimal tenant mix through deep industry relationships and close tracking of tenant performance and markets, providing current and relevant positioning for each property.

Quantifiable outcome

• 30 years of retail real estate performance

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• PREP Exchange LLCcoreStrategic or Co-development Partner · 1 December 2025PREP Exchange LLC is a dedicated 1031 exchange platform and affiliate of PREP Property Group, offering accredited investors fractional ownership in institutional-quality real estate through Delaware Statutory Trusts (DSTs). The platform enables investors to defer capital gains taxes by exchanging appreciated real estate into pre-packaged, debt-structured, and immediately income-producing necessity-driven net leased retail properties.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Brixmor Property Group: Brixmor is a publicly traded retail REIT that owns and operates open-air shopping centers across the US. Comparable to PREP's power center and grocery-anchored portfolio, with overlapping tenant base and similar value-add repositioning capability, though at substantially greater scale and as a public REIT.
• W. P. Carey: W. P. Carey is a diversified net lease REIT with a sizable retail portfolio across the US and Europe. Comparable to PREP's net lease strategy in offering structures and tenant diversification approach, though W. P. Carey operates at much larger scale and across industrial and office segments.
• Realty Income Corporation: Realty Income (including its Spirit Realty acquisition) is the largest net lease REIT globally, focusing on single-tenant retail and other necessity-based properties. Directly comparable to PREP's single-tenant net lease division in tenant profiles, lease structures, and focus on long-duration cash flow.
• Kite Realty Group: Kite Realty is a publicly traded open-air grocery-anchored shopping center REIT. Comparable in asset class and tenant strategy to PREP's strategic investments platform, particularly around infill necessity retail and tenant credit underwriting.
• Regency Centers: Regency Centers is a national grocery-anchored shopping center REIT with deep tenant relationships across necessity-based retail. Multiple PREP executives (e.g., Mark Wilhoite) previously worked at Regency, and the operating philosophy of necessity-anchored retail is directly comparable to PREP's net lease and strategic investments strategy.
• Federal Realty Investment Trust: Federal Realty owns and operates high-quality retail and mixed-use properties in major US markets. Comparable to PREP's mixed-use repositioning projects (e.g., Kenwood Collection, Hanover Crossing) in product type and value-add philosophy, though focused on coastal/gateway markets and operating as a public REIT.
• Kimco Realty: Kimco is one of the largest publicly traded retail REITs, owning and operating open-air shopping centers and mixed-use properties across the US. Comparable to PREP's strategic investments division in asset class, tenant mix, and redevelopment orientation, though at vastly larger scale and public-market cost of capital.

Direct peers

• Four Corners Property Trust: Four Corners is a publicly traded net lease REIT focused on restaurants and retail. Comparable in scale and asset type to PREP's single-tenant net lease division, particularly PREP's exposure to quick-service restaurants, casual dining, and small-format retail tenants.
• Phillips Edison & Company: Phillips Edison is the public REIT (PECO) from which PREP was spun out in 2015. Same founder (Michael C. Phillips), overlapping retail real estate focus (necessity-based, net lease, grocery-anchored), and shared operating DNA—PECO is the most direct comp in business model, tenant profile, and acquisition strategy.

Emerging players

• DLC Management Corp. DLC Management is a privately held retail real estate owner/operator specializing in open-air shopping centers across the US. Comparable to PREP in private ownership, retail focus, value-add repositioning strategy, and scale (mid-sized institutional owner/operator with regional portfolios).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PREP Property Group