cik0001476204-20240425
000147620400014762042024-04-252024-04-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2024

https://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-pecohorizontallogobluea26.jpg
Phillips Edison & Company, Inc.
(Exact name of registrant as specified in its charter)


Maryland000-5469127-1106076
(State or other jurisdiction
of incorporation)
(Commission File Number)(IRS Employer
Identification No.)
11501 Northlake Drive
Cincinnati, Ohio
45249
(Address of principal executive offices)(Zip Code)
(513) 554-1110
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
$0.01 par value per share
PECOThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02   Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

On April 25, 2024, Phillips Edison & Company, Inc. (the “Company”) issued a press release announcing its results for the quarter ended March 31, 2024. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. A copy of the Company’s First Quarter 2024 Supplemental Disclosure is attached hereto as Exhibit 99.2 and incorporated herein by reference. The Company will host a conference call on Friday, April 26, 2024, at 12:00 p.m. Eastern Time to discuss the first quarter results and provide commentary on its business performance and guidance. The conference call can be accessed by dialing (888) 210-4659 (domestic) or (646) 960-0383 (international). A live webcast of the presentation can be accessed by visiting https://events.q4inc.com/attendee/784518733, and a replay of the webcast will be available approximately one hour after the conclusion of the live webcast at the webcast link above.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, are being furnished to the Securities and Exchange Commission (“SEC”), and shall not be deemed to be “filed” with the SEC for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any other filing with the SEC except as expressly set forth by specific reference in such filing.

Item  9.01   Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberDescription of Exhibit
99.1
99.2
104Cover Page Interactive Data File (formatted as inline XBRL)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
   
 PHILLIPS EDISON & COMPANY, INC.
   
Dated: April 25, 2024By:/s/ Jennifer L. Robison
  Jennifer L. Robison
  Chief Accounting Officer and Senior Vice President
(Principal Accounting Officer)



Document

Phillips Edison & Company Reports
First Quarter 2024 Results and
Affirms Full Year Earnings Guidance

CINCINNATI - April 25, 2024 - Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended March 31, 2024 and affirmed full year 2024 earnings guidance. For the three months ended March 31, 2024, net income attributable to stockholders was $17.7 million, or $0.14 per diluted share.

Highlights for the First Quarter Ended March 31, 2024
Reported Nareit FFO of $80.1 million, or $0.59 per diluted share
Reported Core FFO of $81.7 million, or $0.60 per diluted share
Affirmed 2024 Nareit FFO and Core FFO guidance ranges of $2.34 to $2.41 per diluted share and $2.37 to $2.45 per diluted share, respectively
The midpoint of full year 2024 Nareit FFO guidance represents 6.0% year-over-year growth
The midpoint of full year 2024 Core FFO guidance represents 3.0% year-over-year growth
Increased same-center NOI year-over-year by 3.7%
Reported leased portfolio occupancy of 97.2% and same-center leased portfolio occupancy of 97.5%
Leased inline occupancy increased 50 basis points year-over-year to 94.8%; same-center leased inline occupancy increased 50 basis points year-over-year to 94.9%
Executed portfolio comparable new leases at a rent spread of 29.1% and inline comparable new leases at a record-high rent spread of 37.4% during the quarter
Executed portfolio comparable renewal leases at a rent spread of 16.9% and inline comparable renewal leases at a rent spread of 19.2% during the quarter
Acquired two shopping centers and one land parcel for a total of $55.9 million

Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team delivered another solid quarter of growth with same-center NOI increasing by 3.7%. Nareit FFO increased 4.9%, and Core FFO increased 4.5%. The continued strength of our operating performance is attributable to our differentiated and focused strategy of owning grocery-anchored neighborhood shopping centers anchored by the #1 or #2 grocer by sales in a market, the PECO team’s ability to drive results at the property level and the many advantages of the suburban markets where we operate our centers. Based on the continued strong operating environment and health of our Neighbors, we are pleased to affirm our full year 2024 earnings guidance for Nareit and Core FFO, which represents year-over-year growth of 6% and 3% at the midpoints, respectively.”

Financial Results for the First Quarter Ended March 31, 2024
Net Income
First quarter 2024 net income attributable to stockholders totaled $17.7 million, or $0.14 per diluted share, compared to net income of $16.6 million, or $0.14 per diluted share, during the first quarter of 2023.

Nareit FFO
First quarter 2024 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 4.9% to $80.1 million, or $0.59 per diluted share, compared to $76.3 million, or $0.58 per diluted share, during the first quarter of 2023.

Core FFO
First quarter 2024 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 4.5% to $81.7 million, or $0.60 per diluted share, compared to $78.2 million, or $0.59 per diluted share, during the first quarter of 2023.
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Same-Center NOI
First quarter 2024 same-center net operating income (“NOI”) increased 3.7% to $106.7 million, compared to $102.9 million during the first quarter of 2023.

Portfolio Overview for the First Quarter Ended March 31, 2024
Portfolio Statistics
As of March 31, 2024, PECO’s wholly-owned portfolio consisted of 284 properties, totaling approximately 32.4 million square feet, located in 31 states. This compares to 275 properties, totaling approximately 31.5 million square feet, located in 31 states as of March 31, 2023.
Leased portfolio occupancy was 97.2% as of March 31, 2024, compared to 97.5% as of March 31, 2023. Same-center leased portfolio occupancy was 97.5% as of March 31, 2024, compared to 97.6% as of March 31, 2023.
Leased anchor occupancy was 98.4% as of March 31, 2024, compared to 99.3% as of March 31, 2023. Leased inline occupancy increased 50 basis points to 94.8% as of March 31, 2024, compared to 94.3% as of March 31, 2023. Same-center leased anchor occupancy was 98.8% as of March 31, 2024, compared to 99.3% as of March 31, 2023. Same-center leased inline occupancy increased 50 basis points to 94.9% as of March 31, 2024, compared to 94.4% as of March 31, 2023.

Leasing Activity
During the first quarter of 2024, 245 leases were executed totaling 1.3 million square feet. This compared to 263 leases executed totaling 1.1 million square feet during the first quarter of 2023.
Comparable rent spreads during the first quarter of 2024, which compare the percentage increase of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 29.1% for new leases, 16.9% for renewal leases and 20.0% combined.

Transaction Activity
During the three months ended March 31, 2024, the Company acquired two shopping centers and one land parcel for a total of $55.9 million. The Company expects to drive growth in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces. There were no dispositions in the quarter. The first quarter 2024 acquisitions consisted of:
Shoppes at Lake Mary, a 74,234 square foot shopping center anchored by Publix located in an Orlando, Florida suburb.
Memorial at Kirkwood, a 104,887 square foot shopping center located in a Houston, Texas suburb.

Balance Sheet Highlights
As of March 31, 2024, the company had approximately $571 million of total liquidity, comprised of $10.1 million of cash, cash equivalents and restricted cash, plus $560.6 million of borrowing capacity available on its $800 million revolving credit facility.
PECO’s net debt to annualized adjusted EBITDAre was unchanged from 5.1x at December 31, 2023. As of March 31, 2024, the Company’s outstanding debt had a weighted-average interest rate of 4.3% and a weighted-average maturity of 3.8 years when including all extension options, and 75.8% of total debt was fixed-rate debt.
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2024 Guidance
PECO has updated its 2024 earnings guidance, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2024. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
(in thousands, except per share amounts)Q1 YTD
Updated Full Year
2024 Guidance
Previous Full Year
2024 Guidance
Net income per share$0.14$0.51 - $0.55$0.53 - $0.58
Nareit FFO per share$0.59$2.34 - $2.41$2.34 - $2.41
Core FFO per share$0.60$2.37 - $2.45$2.37 - $2.45
Same-Center NOI growth3.7%3.25% - 4.25%3.25% - 4.25%
Portfolio Activity:
Acquisitions, net$55,902$200,000 - $300,000$200,000 - $300,000
Other:
Interest expense, net$23,335$98,000 - $106,000$95,000 - $105,000
G&A expense$11,813$45,000 - $49,000$45,000 - $49,000
Non-cash revenue items(1)
$3,785$14,500 - $18,500$14,500 - $18,500
Adjustments for collectibility$1,837$4,000 - 5,000$4,000 - 5,000
(1)Represents straight-line rental income and net amortization of above- and below-market leases.
The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results without unreasonable effort.
The following table provides a reconciliation of the range of the Company's 2024 estimated net income to estimated Nareit FFO and Core FFO:
(Unaudited)Low EndHigh End
Net income per share$0.51 $0.55 
Depreciation and amortization of real estate assets1.81 1.83 
Gain on sale of real estate assets— — 
Adjustments related to unconsolidated joint ventures0.02 0.03 
Nareit FFO per share$2.34 $2.41 
Depreciation and amortization of corporate assets0.01 0.01 
Transaction costs and other0.02 0.03 
Core FFO per share$2.37 $2.45 



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Conference Call Details
PECO plans to host a conference call and webcast on Friday, April 26, 2024 at 12:00 p.m. Eastern Time to discuss first quarter 2024 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

First Quarter 2024 Earnings Conference Call Details:
Date: Friday, April 26, 2024
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (888) 210-4659
International Dial-In Number: (646) 960-0383
Conference ID: 2035308
Webcast: First Quarter 2024 Webcast Link
An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above.
For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended March 31, 2024.

Connect with PECO
For additional information, please visit https://www.phillipsedison.com/
Follow PECO on:
Twitter at https://twitter.com/PhillipsEdison
Facebook at https://www.facebook.com/phillipsedison.co
Instagram at https://www.instagram.com/phillips.edison/; and
Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2024, PECO managed 304 shopping centers, including 284 wholly-owned centers comprising 32.4 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
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PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
(Condensed and Unaudited)
(In thousands, except per share amounts)
  March 31, 2024December 31, 2023
ASSETS    
Investment in real estate:    
Land and improvements$1,789,539 $1,768,487 
Building and improvements3,860,003 3,818,184 
In-place lease assets500,918 495,525 
Above-market lease assets74,499 74,446 
Total investment in real estate assets6,224,959 6,156,642 
Accumulated depreciation and amortization(1,598,743)(1,540,551)
Net investment in real estate assets4,626,216 4,616,091 
Investment in unconsolidated joint ventures24,656 25,220 
Total investment in real estate assets, net4,650,872 4,641,311 
Cash and cash equivalents5,631 4,872 
Restricted cash4,466 4,006 
Goodwill29,066 29,066 
Other assets, net196,474 186,411 
Total assets$4,886,509 $4,865,666 
LIABILITIES AND EQUITY    
Liabilities:    
Debt obligations, net$2,015,554 $1,969,272 
Below-market lease liabilities, net110,774 108,223 
Accounts payable and other liabilities102,162 116,461 
Deferred income20,621 18,359 
Total liabilities2,249,111 2,212,315 
Equity:    
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 122,323 and 122,024 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
1,223 1,220 
Additional paid-in capital3,551,678 3,546,838 
Accumulated other comprehensive income13,144 10,523 
Accumulated deficit(1,266,541)(1,248,273)
Total stockholders’ equity2,299,504 2,310,308 
Noncontrolling interests337,894 343,043 
Total equity2,637,398 2,653,351 
Total liabilities and equity$4,886,509 $4,865,666 










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PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(Condensed and Unaudited)
(In thousands, except per share amounts)
Three Months Ended March 31,
  20242023
Revenues:
Rental income$158,068 $147,728 
Fees and management income2,565 2,478 
Other property income669 858 
Total revenues161,302 151,064 
Operating Expenses:
Property operating26,534 25,062 
Real estate taxes18,854 18,056 
General and administrative11,813 11,533 
Depreciation and amortization60,206 58,498 
Total operating expenses117,407 113,149 
Other:
Interest expense, net(23,335)(19,466)
(Loss) gain on disposal of property, net(5)942 
Other expense, net(929)(755)
Net income19,626 18,636 
Net income attributable to noncontrolling interests(1,956)(2,017)
Net income attributable to stockholders$17,670 $16,619 
Earnings per share of common stock:
Net income per share attributable to stockholders - basic and diluted
$0.14 $0.14 


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Discussion and Reconciliation of Non-GAAP Measures
Same-Center Net Operating Income
The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items, less property operating expenses and real estate taxes. For the three months ended March 31, 2024 and 2023, Same-Center NOI represents the NOI for the 270 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods. The Company believes Same-Center NOI provides useful information to its investors about its financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss). Because Same-Center NOI excludes the change in NOI from properties acquired or disposed of after December 31, 2022, it highlights operating trends such as occupancy levels, rental rates, and operating costs on properties that were operational for all comparable periods. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, PECO’s Same-Center NOI may not be comparable to other REITs.
Same-Center NOI should not be viewed as an alternative measure of the Company’s financial performance as it does not reflect the operations of its entire portfolio, nor does it reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties that could materially impact its results from operations.
Nareit Funds from Operations and Core Funds from Operations
Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; and (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Nareit FFO on the same basis. The Company calculates Nareit FFO in a manner consistent with the Nareit definition.
Core FFO is an additional financial performance measure used by the Company as Nareit FFO includes certain non-comparable items that affect its performance over time. The Company believes that Core FFO is helpful in assisting management and investors with the assessment of the sustainability of operating performance in future periods, and that it is more reflective of its core operating performance and provides an additional measure to compare PECO’s performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). To arrive at Core FFO, the Company adjusts Nareit FFO to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) amortization of unconsolidated joint venture basis differences; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income.
Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its business plan in the manner currently contemplated.
Accordingly, Nareit FFO and Core FFO should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate and Adjusted EBITDAre
Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.
Adjusted EBITDAre is an additional performance measure used by the Company as EBITDAre includes certain non-comparable items that affect the Company’s performance over time. To arrive at Adjusted EBITDAre, the Company excludes certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i)
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changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) amortization of basis differences in the Company’s investments in its unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.
The Company uses EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (loss), as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Accordingly, EBITDAre and Adjusted EBITDAre should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to amounts calculated by other REITs.
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Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):
Three Months Ended March 31,Favorable (Unfavorable)
20242023$ Change% Change
Revenues:
Rental income(1)
$112,756 $108,122 $4,634 
Tenant recovery income36,097 35,486 611 
Reserves for uncollectibility(2)
(1,772)(906)(866)
Other property income603 848 (245)
Total revenues147,684 143,550 4,134 2.9 %
Operating expenses:
Property operating expenses23,188 22,421 (767)
Real estate taxes17,753 18,241 488 
Total operating expenses40,941 40,662 (279)(0.7)%
Total Same-Center NOI$106,743 $102,888 $3,855 3.7 %
(1)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.
(2)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.
Same-Center Net Operating Income Reconciliation—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):
Three Months Ended March 31,
20242023
Net income
$19,626 $18,636 
Adjusted to exclude:
Fees and management income(2,565)(2,478)
Straight-line rental income(1)
(2,365)(2,580)
Net amortization of above- and below- market leases(1,419)(1,228)
Lease buyout income(246)(355)
General and administrative expenses11,813 11,533 
Depreciation and amortization60,206 58,498 
Interest expense, net23,335 19,466 
Loss (gain) on disposal of property, net(942)
Other expense, net929 755 
Property operating expenses related to fees and management income1,026 315 
NOI for real estate investments110,345 101,620 
Less: Non-same-center NOI(2)
(3,602)1,268 
Total Same-Center NOI$106,743 $102,888 
Period-end Same-Center Leased Occupancy %97.5 %97.6 %
(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.
(2)Includes operating revenues and expenses from non-same-center properties which includes properties acquired or sold and corporate activities.


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Nareit FFO and Core FFO—The following table presents the Company’s calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):
  Three Months Ended March 31,
  20242023
Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders
Net income
$19,626 $18,636 
Adjustments:
Depreciation and amortization of real estate assets59,776 57,953 
Loss (gain) on disposal of property, net(942)
Adjustments related to unconsolidated joint ventures649 698 
Nareit FFO attributable to stockholders and OP unit holders$80,056 $76,345 
Calculation of Core FFO Attributable to Stockholders and OP Unit Holders
Nareit FFO attributable to stockholders and OP unit holders$80,056 $76,345 
Adjustments:
Depreciation and amortization of corporate assets430 545 
Transaction and acquisition expenses1,174 1,338 
Amortization of unconsolidated joint venture basis differences
Realized performance income(1)
— (75)
Core FFO attributable to stockholders and OP unit holders$81,663 $78,154 
Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per Diluted Share
Weighted-average shares of common stock outstanding - diluted136,404 131,943 
Nareit FFO attributable to stockholders and OP unit holders per share - diluted$0.59 $0.58 
Core FFO attributable to stockholders and OP unit holders per share - diluted$0.60 $0.59 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.
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EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):
Three Months Ended
 March 31,
Year Ended December 31,
202420232023
Calculation of EBITDAre
Net income
$19,626 $18,636 $63,762 
Adjustments:
Depreciation and amortization60,206 58,498 236,443 
Interest expense, net23,335 19,466 84,232 
Loss (gain) on disposal of property, net(942)(1,110)
Federal, state, and local tax expense137 118 438 
Adjustments related to unconsolidated joint ventures928 966 3,721 
EBITDAre
$104,237 $96,742 $387,486 
Calculation of Adjusted EBITDAre
EBITDAre
$104,237 $96,742 $387,486 
Adjustments:
Impairment of investment in third parties— — 3,000 
Transaction and acquisition expenses1,174 1,338 5,675 
Amortization of unconsolidated joint venture basis differences17 
Realized performance income(1)
— (75)(75)
Adjusted EBITDAre
$105,414 $98,006 $396,103 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.
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Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of March 31, 2024 allow it access to future borrowings as needed in the near term. The following table presents the Company’s calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Net debt:
Total debt, excluding discounts, market adjustments, and deferred financing expenses$2,056,059 $2,011,093 
Less: Cash and cash equivalents5,813 5,074 
Total net debt$2,050,246 $2,006,019 
Enterprise value:
Net debt$2,050,246 $2,006,019 
Total equity market capitalization(1)(2)
4,880,652 4,955,480 
Total enterprise value$6,930,898 $6,961,499 
(1)Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 136.1 million and 135.8 million diluted shares as of March 31, 2024 and December 31, 2023, respectively, and the closing market price per share of $35.87 and $36.48 as of March 31, 2024 and December 31, 2023, respectively.
(2)Fully diluted shares include common stock and OP units.
The following table presents the Company’s calculation of net debt to Adjusted EBITDAre and net debt to total enterprise value as of March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024December 31, 2023
Net debt to Adjusted EBITDAre - annualized:
Net debt$2,050,246$2,006,019
Adjusted EBITDAre - annualized(1)
403,511396,103
Net debt to Adjusted EBITDAre - annualized
5.1x5.1x
Net debt to total enterprise value:
Net debt$2,050,246$2,006,019
Total enterprise value6,930,8986,961,499
Net debt to total enterprise value29.6%28.8%
(1)Adjusted EBITDAre is based on a trailing twelve month period.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings release. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without
12


limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of inflation on the Company and on its tenants. Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 12, 2024, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Therefore, such statements are not intended to be a guarantee of the Company’s performance in future periods.
Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Investors:
Kimberly Green, Head of Investor Relations
(513) 692-3399
kgreen@phillipsedison.com

Hannah Harper, Manager of Investor Relations
(513) 824-7122
hharper@phillipsedison.com




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Document


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Table of Contents
Earnings Release
Joint Venture Summary and Financials
Summary of Outstanding Debt
Covenant Disclosures
INVESTOR INFORMATION


Phillips Edison & Company
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Introductory Notes
SUPPLEMENTAL INFORMATION
Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” “us,” or "PECO") is one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers. The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”).

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS
This supplemental disclosure contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental disclosure. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of inflation on the Company and on its tenants.

Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 12, 2024, which is accessible on the SEC’s website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this supplement to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting such forward-looking statements.

NOTICE REGARDING NON-GAAP FINANCIAL MEASURES
In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental disclosure on pages 15-19 and definitions of our non-GAAP measures are included in our Glossary of Terms beginning on page 61.




Phillips Edison & Company
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Introductory Notes
PRO RATA FINANCIAL INFORMATION
We may present our consolidated financial information inclusive of our prorated portion owned through unconsolidated joint ventures. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro-rata interest. Accordingly, pro-rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP.



Phillips Edison & Company
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FINANCIAL RESULTS
Quarter Ended March 31, 2024




Earnings Release
Unaudited

Phillips Edison & Company Reports
First Quarter 2024 Results and
Affirms Full Year Earnings Guidance

CINCINNATI - April 25, 2024 - Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended March 31, 2024 and affirmed full year 2024 earnings guidance. For the three months ended March 31, 2024, net income attributable to stockholders was $17.7 million, or $0.14 per diluted share.

Highlights for the First Quarter Ended March 31, 2024
Reported Nareit FFO of $80.1 million, or $0.59 per diluted share
Reported Core FFO of $81.7 million, or $0.60 per diluted share
Affirmed 2024 Nareit FFO and Core FFO guidance ranges of $2.34 to $2.41 per diluted share and $2.37 to $2.45 per diluted share, respectively
The midpoint of full year 2024 Nareit FFO guidance represents 6.0% year-over-year growth
The midpoint of full year 2024 Core FFO guidance represents 3.0% year-over-year growth
Increased same-center NOI year-over-year by 3.7%
Reported leased portfolio occupancy of 97.2% and same-center leased portfolio occupancy of 97.5%
Leased inline occupancy increased 50 basis points year-over-year to 94.8%; same-center leased inline occupancy increased 50 basis points year-over-year to 94.9%
Executed portfolio comparable new leases at a rent spread of 29.1% and inline comparable new leases at a record-high rent spread of 37.4% during the quarter
Executed portfolio comparable renewal leases at a rent spread of 16.9% and inline comparable renewal leases at a rent spread of 19.2% during the quarter
Acquired two shopping centers and one land parcel for a total of $55.9 million

Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team delivered another solid quarter of growth with same-center NOI increasing by 3.7%. Nareit FFO increased 4.9%, and Core FFO increased 4.5%. The continued strength of our operating performance is attributable to our differentiated and focused strategy of owning grocery-anchored neighborhood shopping centers anchored by the #1 or #2 grocer by sales in a market, the PECO team’s ability to drive results at the property level and the many advantages of the suburban markets where we operate our centers. Based on the continued strong operating environment and health of our Neighbors, we are pleased to affirm our full year 2024 earnings guidance for Nareit and Core FFO, which represents year-over-year growth of 6% and 3% at the midpoints, respectively.”

Financial Results for the First Quarter Ended March 31, 2024
Net Income
First quarter 2024 net income attributable to stockholders totaled $17.7 million, or $0.14 per diluted share, compared to net income of $16.6 million, or $0.14 per diluted share, during the first quarter of 2023.

Nareit FFO
First quarter 2024 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 4.9% to $80.1 million, or $0.59 per diluted share, compared to $76.3 million, or $0.58 per diluted share, during the first quarter of 2023.



Phillips Edison & Company
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Earnings Release
Unaudited

Core FFO
First quarter 2024 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 4.5% to $81.7 million, or $0.60 per diluted share, compared to $78.2 million, or $0.59 per diluted share, during the first quarter of 2023.

Same-Center NOI
First quarter 2024 same-center net operating income (“NOI”) increased 3.7% to $106.7 million, compared to $102.9 million during the first quarter of 2023.

Portfolio Overview for the First Quarter Ended March 31, 2024
Portfolio Statistics
As of March 31, 2024, PECO’s wholly-owned portfolio consisted of 284 properties, totaling approximately 32.4 million square feet, located in 31 states. This compares to 275 properties, totaling approximately 31.5 million square feet, located in 31 states as of March 31, 2023.
Leased portfolio occupancy was 97.2% as of March 31, 2024, compared to 97.5% as of March 31, 2023. Same-center leased portfolio occupancy was 97.5% as of March 31, 2024, compared to 97.6% as of March 31, 2023.
Leased anchor occupancy was 98.4% as of March 31, 2024, compared to 99.3% as of March 31, 2023. Leased inline occupancy increased 50 basis points to 94.8% as of March 31, 2024, compared to 94.3% as of March 31, 2023. Same-center leased anchor occupancy was 98.8% as of March 31, 2024, compared to 99.3% as of March 31, 2023. Same-center leased inline occupancy increased 50 basis points to 94.9% as of March 31, 2024, compared to 94.4% as of March 31, 2023.

Leasing Activity
During the first quarter of 2024, 245 leases were executed totaling 1.3 million square feet. This compared to 263 leases executed totaling 1.1 million square feet during the first quarter of 2023.
Comparable rent spreads during the first quarter of 2024, which compare the percentage increase of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 29.1% for new leases, 16.9% for renewal leases and 20.0% combined.

Transaction Activity
During the three months ended March 31, 2024, the Company acquired two shopping centers and one land parcel for a total of $55.9 million. The Company expects to drive growth in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces. There were no dispositions in the quarter. The first quarter 2024 acquisitions consisted of:
Shoppes at Lake Mary, a 74,234 square foot shopping center anchored by Publix located in an Orlando, Florida suburb.
Memorial at Kirkwood, a 104,887 square foot shopping center located in a Houston, Texas suburb.

Balance Sheet Highlights
As of March 31, 2024, the company had approximately $571 million of total liquidity, comprised of $10.1 million of cash, cash equivalents and restricted cash, plus $560.6 million of borrowing capacity available on its $800 million revolving credit facility.
PECO’s net debt to annualized adjusted EBITDAre was unchanged from 5.1x at December 31, 2023. As of March 31, 2024, the Company’s outstanding debt had a weighted-average interest rate of 4.3% and a weighted-average maturity of 3.8 years when including all extension options, and 75.8% of total debt was fixed-rate debt.

Phillips Edison & Company
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Earnings Release
Unaudited

2024 Guidance
PECO has updated its 2024 earnings guidance, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2024. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
(in thousands, except per share amounts)Q1 YTD
Updated Full Year
2024 Guidance
Previous Full Year
2024 Guidance
Net income per share$0.14$0.51 - $0.55$0.53 - $0.58
Nareit FFO per share$0.59$2.34 - $2.41$2.34 - $2.41
Core FFO per share$0.60$2.37 - $2.45$2.37 - $2.45
Same-Center NOI growth3.7%3.25% - 4.25%3.25% - 4.25%
Portfolio Activity:
Acquisitions, net$55,902$200,000 - $300,000$200,000 - $300,000
Other:
Interest expense, net$23,335$98,000 - $106,000$95,000 - $105,000
G&A expense$11,813$45,000 - $49,000$45,000 - $49,000
Non-cash revenue items(1)
$3,785$14,500 - $18,500$14,500 - $18,500
Adjustments for collectibility$1,837$4,000 - 5,000$4,000 - 5,000
(1)Represents straight-line rental income and net amortization of above- and below-market leases.
The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results without unreasonable effort.
The following table provides a reconciliation of the range of the Company's 2024 estimated net income to estimated Nareit FFO and Core FFO:
(Unaudited)Low EndHigh End
Net income per share$0.51 $0.55 
Depreciation and amortization of real estate assets1.81 1.83 
Gain on sale of real estate assets— — 
Adjustments related to unconsolidated joint ventures0.02 0.03 
Nareit FFO per share$2.34 $2.41 
Depreciation and amortization of corporate assets0.01 0.01 
Transaction costs and other0.02 0.03 
Core FFO per share$2.37 $2.45 




Phillips Edison & Company
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Earnings Release
Unaudited

Conference Call Details
PECO plans to host a conference call and webcast on Friday, April 26, 2024 at 12:00 p.m. Eastern Time to discuss first quarter 2024 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

First Quarter 2024 Earnings Conference Call Details:
Date: Friday, April 26, 2024
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (888) 210-4659
International Dial-In Number: (646) 960-0383
Conference ID: 2035308
Webcast: First Quarter 2024 Webcast Link
An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above.
For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended March 31, 2024.

Connect with PECO
For additional information, please visit https://www.phillipsedison.com/
Follow PECO on:
Twitter at https://twitter.com/PhillipsEdison
Facebook at https://www.facebook.com/phillipsedison.co
Instagram at https://www.instagram.com/phillips.edison/; and
Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2024, PECO managed 304 shopping centers, including 284 wholly-owned centers comprising 32.4 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.





Phillips Edison & Company
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Overview of Results
Unaudited, in thousands (excluding per share and per square foot amounts)
Three Months Ended
 March 31,
20242023
SUMMARY FINANCIAL RESULTS
Total revenues (page 13)
$161,302 $151,064 
Net income attributable to stockholders (page 13)
17,670 16,619 
Net income per share - basic and diluted (page 13)
$0.14 $0.14 
Same-Center NOI (page 19)
106,743 102,888 
Adjusted EBITDAre (page 17)
105,414 98,006 
Nareit FFO (page 15)
80,056 76,345 
Nareit FFO per share - diluted (page 15)
$0.59 $0.58 
Core FFO (page 15)
81,663 78,154 
Core FFO per share - diluted (page 15)
$0.60 $0.59 
 
SUMMARY OF FINANCIAL AND OPERATING RATIOS
Same-Center NOI margin (page 19)
72.3 %71.7 %
Same-Center NOI change (page 19)(1)
3.7 %4.9 %
LEASING RESULTS
Comparable rent spreads - new leases (page 39)(2)
29.1 %27.4 %
Comparable rent spreads - renewals (page 39)(2)
16.9 %16.1 %
Portfolio retention rate (page 33)(2)
87.9 %94.7 %
As of March 31,
20242023
OUTSTANDING STOCK AND PARTNERSHIP UNITS
Common stock outstanding122,323117,259
Operating Partnership (OP) units outstanding13,74214,298
SUMMARY PORTFOLIO STATISTICS(2)
Number of properties284 275 
GLA (page 33)
32,350 31,456 
Leased occupancy (page 35)
97.2 %97.5 %
Economic occupancy (page 35)
96.8 %96.7 %
Leased ABR PSF (page 35)
$15.24 $14.52 
Leased Anchor ABR PSF (page 35)
$10.20 $9.95 
Leased Inline ABR PSF (page 35)
$24.99 $23.66 
Same-Center leased occupancy (page 35)
97.5 %97.6 %
Same-Center economic occupancy (page 35)
97.0 %96.7 %
(1)Reflects Same-Center NOI change as initially reported for the specified period.
(2)Statistics represent our wholly-owned properties.


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FINANCIAL SUMMARY
Quarter Ended March 31, 2024
























Consolidated Balance Sheets
Condensed and Unaudited, in thousands (excluding per share amounts)
March 31, 2024December 31, 2023
ASSETS  
Investment in real estate:    
Land and improvements$1,789,539 $1,768,487 
Building and improvements3,860,003 3,818,184 
In-place lease assets500,918 495,525 
Above-market lease assets74,499 74,446 
Total investment in real estate assets6,224,959 6,156,642 
Accumulated depreciation and amortization(1,598,743)(1,540,551)
Net investment in real estate assets4,626,216 4,616,091 
Investment in unconsolidated joint ventures24,656 25,220 
Total investment in real estate assets, net4,650,872 4,641,311 
Cash and cash equivalents5,631 4,872 
Restricted cash4,466 4,006 
Goodwill29,066 29,066 
Other assets, net196,474 186,411 
Total assets$4,886,509 $4,865,666 
LIABILITIES AND EQUITY    
Liabilities:    
Debt obligations, net$2,015,554 $1,969,272 
Below-market lease liabilities, net110,774 108,223 
Accounts payable and other liabilities102,162 116,461 
Deferred income20,621 18,359 
Total liabilities2,249,111 2,212,315 
Equity:    
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 122,323 and 122,024 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
1,223 1,220 
Additional paid-in capital3,551,678 3,546,838 
Accumulated other comprehensive income13,144 10,523 
Accumulated deficit(1,266,541)(1,248,273)
Total stockholders’ equity2,299,504 2,310,308 
Noncontrolling interests337,894 343,043 
Total equity2,637,398 2,653,351 
Total liabilities and equity$4,886,509 $4,865,666 

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Consolidated Statements of Operations
Condensed and Unaudited, in thousands (excluding per share amounts)
  Three Months Ended March 31,
  20242023
REVENUES    
Rental income$158,068 $147,728 
Fees and management income2,565 2,478 
Other property income669 858 
Total revenues161,302 151,064 
OPERATING EXPENSES    
Property operating26,534 25,062 
Real estate taxes18,854 18,056 
General and administrative11,813 11,533 
Depreciation and amortization60,206 58,498 
Total operating expenses117,407 113,149 
OTHER    
Interest expense, net(23,335)(19,466)
(Loss) gain on disposal of property, net(5)942 
Other expense, net
(929)(755)
Net income
19,626 18,636 
Net income attributable to noncontrolling interests
(1,956)(2,017)
Net income attributable to stockholders
$17,670 $16,619 
EARNINGS PER SHARE OF COMMON STOCK    
Net income per share attributable to stockholders - basic and diluted
$0.14 $0.14 

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Consolidated Statements of Operations
Condensed and Unaudited, in thousands (excluding per share amounts)
  Three Months Ended
   March 31,
2024
 December 31,
2023
September 30, 2023 June 30,
2023
 March 31,
2023
REVENUES
Rental income$158,068 $151,227 $149,566 $148,980 $147,728 
Fees and management income2,565 2,454 2,168 2,546 2,478 
Other property income669 768 740 611 858 
Total revenues161,302 154,449 152,474 152,137 151,064 
OPERATING EXPENSES
Property operating26,534 28,293 24,274 24,674 25,062 
Real estate taxes18,854 17,335 19,028 18,397 18,056 
General and administrative11,813 10,762 10,385 11,686 11,533 
Depreciation and amortization60,206 59,572 58,706 59,667 58,498 
Total operating expenses117,407 115,962 112,393 114,424 113,149 
OTHER  
Interest expense, net(23,335)(22,569)(21,522)(20,675)(19,466)
(Loss) gain on disposal of property, net(5)40 53 75 942 
Other expense, net(929)(770)(4,883)(904)(755)
Net income19,626 15,188 13,729 16,209 18,636 
Net income attributable to noncontrolling interests(1,956)(1,655)(1,484)(1,758)(2,017)
Net income attributable to stockholders$17,670 $13,533 $12,245 $14,451 $16,619 
EARNINGS PER SHARE OF COMMON STOCK  
Net income per share attributable to stockholders - basic and diluted$0.14 $0.11 $0.10 $0.12 $0.14 













































Phillips Edison & Company
14



Nareit FFO, Core FFO, and Adjusted FFO
Unaudited, in thousands (excluding per share amounts)
  Three Months Ended
 March 31,
  20242023
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income
$19,626 $18,636 
Adjustments:
Depreciation and amortization of real estate assets59,776 57,953 
Loss (gain) on disposal of property, net(942)
Adjustments related to unconsolidated joint ventures649 698 
Nareit FFO attributable to stockholders and OP unit holders$80,056 $76,345 
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders$80,056 $76,345 
Adjustments:    
Depreciation and amortization of corporate assets430 545 
Transaction and acquisition expenses1,174 1,338 
Amortization of unconsolidated joint venture basis differences
Realized performance income(1)
— (75)
Core FFO attributable to stockholders and OP unit holders$81,663 $78,154 
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders$81,663 $78,154 
Adjustments:
Straight-line rent and above- and below-market leases and contracts(3,910)(3,919)
Non-cash debt adjustments1,901 1,563 
Capital expenditures and leasing commissions(2)
(10,422)(13,141)
Non-cash share-based compensation expense1,947 2,005 
Adjustments related to unconsolidated joint ventures(95)(138)
Adjusted FFO attributable to stockholders and OP unit holders$71,084 $64,524 
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted136,404 131,943 
Nareit FFO attributable to stockholders and OP unit holders per share - diluted$0.59 $0.58 
Core FFO attributable to stockholders and OP unit holders per share - diluted$0.60 $0.59 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.
(2)Excludes development and redevelopment projects.
Phillips Edison & Company
15



Nareit FFO, Core FFO, and Adjusted FFO
Unaudited, in thousands (excluding per share amounts)
Three Months Ended
   March 31,
2024
 December 31,
2023
 September 30,
 2023
 June 30,
2023
 March 31,
 2023
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income$19,626 $15,188 $13,729 $16,209 $18,636 
Adjustments:
Depreciation and amortization of real estate assets59,776 59,048 58,144 59,115 57,953 
Loss (gain) on disposal of property, net(40)(53)(75)(942)
Adjustments related to unconsolidated joint ventures649 647 646 645 698 
Nareit FFO attributable to stockholders and OP unit holders$80,056 $74,843 $72,466 $75,894 $76,345 
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders$80,056 $74,843 $72,466 $75,894 $76,345 
Adjustments:
Depreciation and amortization of corporate assets430 524 562 552 545 
Impairment of investment in third parties— — 3,000 — — 
Transaction and acquisition expenses1,174 2,496 580 1,261 1,338 
Loss (gain) on extinguishment or modification of debt and other, net— 375 (9)— 
Amortization of unconsolidated joint venture basis differences
Realized performance income(1)
— — — — (75)
Core FFO attributable to stockholders and OP unit holders$81,663 $77,870 $76,987 $77,705 $78,154 
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders$81,663 $77,870 $76,987 $77,705 $78,154 
Adjustments:
Straight-line rent and above- and below-market leases and contracts(3,910)(3,575)(3,683)(4,645)(3,919)
Non-cash debt adjustments1,901 1,934 1,992 1,632 1,563 
Capital expenditures and leasing commissions(2)
(10,422)(12,691)(18,497)(15,533)(13,141)
Non-cash share-based compensation expense1,947 2,088 1,048 2,700 2,005 
Adjustments related to unconsolidated joint ventures(95)(124)(144)(256)(138)
Adjusted FFO attributable to stockholders and OP unit holders$71,084 $65,502 $57,703 $61,603 $64,524 
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted136,404 134,667 132,800 131,887 131,943 
Nareit FFO attributable to stockholders and OP unit holders per share - diluted$0.59 $0.56 $0.55 $0.58 $0.58 
Core FFO attributable to stockholders and OP unit holders per share - diluted$0.60 $0.58 $0.58 $0.59 $0.59 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.
(2)Excludes development and redevelopment projects.

Phillips Edison & Company
16



EBITDAre Metrics
Unaudited, in thousands
Three Months Ended
 March 31,
20242023
CALCULATION OF EBITDAre
Net income
$19,626 $18,636 
Adjustments:
Depreciation and amortization60,206 58,498 
Interest expense, net23,335 19,466 
Loss (gain) on disposal of property, net(942)
Federal, state, and local tax expense137 118 
Adjustments related to unconsolidated joint ventures928 966 
EBITDAre
$104,237 $96,742 
CALCULATION OF ADJUSTED EBITDAre
EBITDAre
$104,237 $96,742 
Adjustments:
Transaction and acquisition expenses1,174 1,338 
Amortization of unconsolidated joint venture basis differences
Realized performance income(1)
— (75)
Adjusted EBITDAre
$105,414 $98,006 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.

Phillips Edison & Company
17



EBITDAre Metrics
Unaudited, in thousands
Three Months Ended
 March 31,
2024
 December 31,
 2023
 September 30,
 2023
 June 30,
 2023
 March 31,
 2023
CALCULATION OF EBITDAre
Net income$19,626 $15,188 $13,729 $16,209 $18,636 
Adjustments:
Depreciation and amortization60,206 59,572 58,706 59,667 58,498 
Interest expense, net23,335 22,569 21,522 20,675 19,466 
Loss (gain) on disposal of property, net(40)(53)(75)(942)
Federal, state, and local tax expense 137 81 120 119 118 
Adjustments related to unconsolidated joint ventures928 919 918 918 966 
EBITDAre
$104,237 $98,289 $94,942 $97,513 $96,742 
CALCULATION OF ADJUSTED EBITDAre
EBITDAre
$104,237 $98,289 $94,942 $97,513 $96,742 
Adjustments:
Impairment of investment in third parties— — 3,000 — — 
Transaction and acquisition expenses1,174 2,496 580 1,261 1,338 
Amortization of unconsolidated joint venture basis differences
Realized performance income(1)
— — — — (75)
Adjusted EBITDAre
$105,414 $100,790 $98,526 $98,781 $98,006 
(1)Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.
Phillips Edison & Company
18



Same-Center Net Operating Income
Unaudited, in thousands
Three Months Ended
 March 31,
Favorable (Unfavorable)
% Change
20242023
SAME-CENTER NOI(1)
Revenues:
Rental income(2)
$112,756$108,122
Tenant recovery income36,09735,486
Reserves for uncollectibility(3)
(1,772)(906)
Other property income603848
Total revenues147,684143,5502.9 %
Operating expenses:
Property operating expenses23,18822,421
Real estate taxes17,75318,241
Total operating expenses40,94140,662(0.7)%
Total Same-Center NOI$106,743$102,8883.7 %
Same-Center NOI margin72.3%71.7%
(1)Same-Center NOI represents the NOI for the 270 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods.
(2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.
(3)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or we deem it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.
Three Months Ended
 March 31,
20242023
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI
Net income
$19,626 $18,636 
Adjusted to exclude:
Fees and management income(2,565)(2,478)
Straight-line rental income(1)
(2,365)(2,580)
Net amortization of above- and below-market leases(1,419)(1,228)
Lease buyout income(246)(355)
General and administrative expenses11,813 11,533 
Depreciation and amortization60,206 58,498 
Interest expense, net23,335 19,466 
Loss (gain) on disposal of property, net(942)
Other expense, net
929 755 
Property operating expenses related to fees and management income1,026 315 
NOI for real estate investments110,345 101,620 
Less: Non-same-center NOI(2)
(3,602)1,268 
Total Same-Center NOI$106,743 $102,888 
(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.
(2)Includes operating revenues and expenses from non-same-center properties which includes properties acquired or sold and corporate activities.
Phillips Edison & Company
19



Joint Venture Portfolio and Financial Summary
Unaudited, dollars and square feet in thousands
UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY
As of March 31, 2024
Joint VentureInvestment PartnerOwnership PercentageNumber of Shopping CentersABRGLA
 Grocery Retail Partners I LLC ("GRP I")The Northwestern Mutual Life Insurance Company14%20$31,8912,213


UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY
As of March 31, 2024
GRP I
NRP(1)
Total assets$359,725 $591 
Gross debt174,026 — 
Pro rata share of debt24,358 — 
Three Months Ended
 March 31, 2024
GRP I
NRP(1)
Pro rata share of Nareit FFO(2)
$715 $(1)
Pro rata share of NOI(2)
1,044 — 
(1)In 2022, the final property in the NRP joint venture was sold, and the outstanding debt balance was repaid. PECO's ownership percentage of the joint venture is 20%.
(2)PECO's shares of our unconsolidated joint ventures' Nareit FFO and NOI results are all calculated based upon the respective ownership percentages presented in Unconsolidated Joint Venture Portfolio Summary table above.

Phillips Edison & Company
20



Supplemental Balance Sheets Detail
Unaudited, in thousands
March 31, 2024December 31, 2023
OTHER ASSETS, NET
Deferred leasing commissions and costs$54,001 $53,379 
Deferred financing expenses(1)
8,984 8,984 
Office equipment, capital lease assets, and other24,352 24,073 
Corporate intangible assets6,686 6,686 
Total depreciable and amortizable assets94,023 93,122 
Accumulated depreciation and amortization(53,816)(53,205)
Net depreciable and amortizable assets40,207 39,917 
Accounts receivable, net(2)
49,164 44,548 
Accounts receivable - affiliates989 803 
Deferred rent receivable, net(3)
64,658 62,288 
Derivative assets15,271 12,669 
Prepaid expenses and other10,394 10,745 
Investment in third parties6,888 6,875 
Investment in marketable securities8,903 8,566 
Total other assets, net$196,474 $186,411 
ACCOUNTS PAYABLE AND OTHER LIABILITIES
Accounts payable trade and other accruals$32,600 $30,682 
Accrued real estate taxes28,484 33,379 
Security deposits 15,888 15,426 
Distribution accrual932 1,093 
Accrued compensation 6,421 15,983 
Accrued interest12,038 9,684 
Capital expenditure accrual 5,263 9,892 
Accrued income taxes and deferred tax liabilities, net536 322 
Total accounts payable and other liabilities$102,162 $116,461 
(1)Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability.
(2)Net of $2.4 million and $1.9 million of general reserves for uncollectible amounts as of March 31, 2024 and December 31, 2023, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $6.3 million and $6.0 million as of March 31, 2024 and December 31, 2023, respectively.
(3)Net of $4.9 million and $4.6 million of receivables removed as of March 31, 2024 and December 31, 2023, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.

Phillips Edison & Company
21



Supplemental Statements of Operations Detail
Unaudited, in thousands
Three Months Ended March 31,
20242023
REVENUES
Rental income(1)
$118,059 $108,883 
Recovery income(1)
38,201 35,744 
Straight-line rent amortization 1,993 2,443 
Amortization of lease assets1,406 1,216 
Lease buyout income246 355 
Adjustments for collectibility(2)(3)
(1,837)(913)
Fees and management income 2,565 2,478 
Other property income 669 858 
Total revenues$161,302 $151,064 
(1)Includes income related to lease payments before assessing for collectibility.
(2)Includes revenue adjustments for non-creditworthy Neighbors.
(3)Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved.
INTEREST EXPENSE, NET
Interest on unsecured term loans and senior notes, net$13,657 $11,292 
Interest on secured debt4,506 4,888 
Interest on revolving credit facility, net3,159 1,568 
Non-cash amortization and other(1)
2,013 1,718 
Total interest expense, net $23,335 $19,466 
(1)Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net.
OTHER EXPENSE, NET
Transaction and acquisition expenses$(1,174)$(1,338)
Federal, state, and local income tax expense(137)(118)
Equity in net income of unconsolidated investments29 90 
Other income353 611 
Total other expense, net
$(929)$(755)

Phillips Edison & Company
22



Capital Expenditures
Unaudited, in thousands
Three Months Ended
 March 31,
20242023
CAPITAL EXPENDITURES FOR REAL ESTATE(1)(2)
Capital improvements$1,263 $3,709 
Tenant improvements5,413 6,419 
Redevelopment and development3,134 11,977 
Total capital expenditures for real estate$9,810 $22,105 
Corporate asset capital expenditures186 365 
Capitalized indirect costs(3)
1,011 1,214 
Total capital spending activity$11,007 $23,684 
Cash paid for leasing commissions$2,709 $1,306 
(1)Includes landlord work.
(2)Amounts reported are net of insurance proceeds for property damage claims for all periods presented.
(3)Amount includes internal salaries and related benefits of personnel who work directly on capital projects as well as capitalized interest expense.

Phillips Edison & Company
23



Active Capital Projects
Unaudited, dollars in thousands
Project
Location
Description
Target Stabilization Quarter(1)
Incurred to DateFuture SpendTotal Estimated Costs
Estimated Project Yield (2,3,4)
GROUND UP EXPANSION DEVELOPMENT
Oak Mill PlazaNiles, ILConstruction of a 5K SF multi-tenant outparcel 74% leased with Starbucks and Buffalo Wild Wings GoQ1-2024$3,386 $83 $3,469 
Hamilton RidgeBuford, GAConstruction of a 6K SF multi-tenant outparcel 50% leased with bb.q Chicken and Vitality BowlsQ3-20242,873 428 3,302 
Northstar MarketplaceRamsey, MNConstruction of a 7K SF multi-tenant outparcelQ3-20242,433 701 3,134 
Roxborough MarketplaceLittleton, COConstruction of a 2K SF single tenant outparcel 100% leased with StarbucksQ4-20241,338 652 1,990 
The Shoppes at Windmill PlaceBatavia, ILConstruction of 2K SF single tenant outparcel 100% leased with Dave's Hot ChickenQ4-2024340 1,533 1,873 
Total: Ground Up$10,370 $3,397 $13,768 6%-8%
Phillips Edison & Company
24



Active Capital Projects
Unaudited, dollars in thousands
Project
Location
Description
Target Stabilization Quarter(1)
Incurred to DateFuture SpendTotal Estimated Costs
Estimated Project Yield (2,3,4)
REDEVELOPMENT
The OaksHudson, FLSecond phase of Center Repositioning project on multiple units with Skechers, Bealls and multiple inline unitsQ3-2024$2,677 $1,565 $4,242 
Wheat Ridge MarketplaceWheat Ridge, CORedevelop former Boston Market with StarbucksQ4-2024254 682 936 
North Pointe PlazaNorth Charleston, SCAnchor Redevelopment with FIT Life Health ClubsQ1-2025102 1,475 1,578 
Hampton VillageTaylors, SCRedevelop former Tuesday Morning with Five BelowQ2-2025130 1,031 1,161 
Total: Redevelopment $3,163 $4,753 $7,917 11%-19%
Active Projects Total$13,533 $8,150 $21,685 9%-12%
2024 STABILIZED PROJECTS (4)
4$16,92214%
(1)The timing of our projects and the targeted stabilization quarter may be impacted by factors outside of our control.
(2)Project yield range for Active Projects Total is a weighted average.
(3)Project yield ranges for Ground Up Expansion Development and Redevelopment are weighted averages.
(4)Project yield on Stabilized Projects is a weighted average.


Phillips Edison & Company
25



Capitalization and Debt Ratios
Unaudited, in thousands (excluding per share amounts and leverage ratios)
 March 31,
 2024
December 31,
 2023
EQUITY CAPITALIZATION
Common stock outstanding122,323122,024
OP units outstanding13,74213,817
Total shares and units outstanding136,065135,841
Share price
$35.87$36.48
Total equity market capitalization$4,880,652$4,955,480
DEBT
Debt obligations, net$2,015,554$1,969,272
Add: Discount on notes payable6,1246,302
Add: Market debt adjustments, net630858
Add: Deferred financing expenses, net9,39310,303
Total debt - gross2,031,7011,986,735
Less: Cash and cash equivalents5,6314,872
Total net debt - consolidated2,026,0701,981,863
Add: Prorated share from unconsolidated joint ventures24,17624,156
Total net debt$2,050,246$2,006,019
ENTERPRISE VALUE
Total net debt$2,050,246$2,006,019
Total equity market capitalization4,880,6524,955,480
Total enterprise value$6,930,898$6,961,499
FINANCIAL LEVERAGE RATIOS
Net debt to Adjusted EBITDAre - annualized:
Net debt$2,050,246$2,006,019
Adjusted EBITDAre - annualized(1)
403,511396,103
Net debt to Adjusted EBITDAre - annualized
5.1x5.1x
Net debt to total enterprise value:
Net debt$2,050,246$2,006,019
Total enterprise value6,930,8986,961,499
Net debt to total enterprise value29.6%28.8%
(1)Adjusted EBITDAre is based on a trailing twelve month period.


Phillips Edison & Company
26



Summary of Outstanding Debt
Unaudited, dollars in thousands
Outstanding BalanceContractual
Interest Rate
Maturity DatePercent of Total Indebtedness
SECURED DEBT
Individual property mortgages$94,713  3.45% - 6.43%  2024 - 2031 5%
Secured pool due 2027 (15 assets)195,000 3.52%202710%
Secured pool due 2030 (16 assets)200,000 3.35%203010%
Total secured debt$489,713 24%
UNSECURED DEBT
Revolving credit facility(1)(2)
$227,000 SOFR + 1.14%202611%
Term loan due 2025(1)
240,000 SOFR + 1.29%202512%
Term loan due 2026(2)
161,750 SOFR + 1.35%20268%
Term loan due 2026(1)
240,000 SOFR + 1.29%202612%
Term loan due 2027158,000 SOFR + 1.35%20278%
Term loan due 2027165,000 SOFR + 1.35%20278%
Senior unsecured note due 2031350,000 2.63%203117%
Total unsecured debt(2)
$1,541,750 76%
Finance leases, net238 
Total debt obligations(2)
$2,031,701 
Assumed market debt adjustments, net$(630)
Discount on notes payable(6,124)
Deferred financing expenses, net(9,393)
Debt obligations, net$2,015,554 

Notional AmountFixed Rate
INTEREST RATE SWAPS(3)
Interest rate swap expiring September 2024200,000 2.09 %
Interest rate swap expiring October 2024175,000 2.07 %
Interest rate swap expiring November 2025125,000 2.84 %
Interest rate swap expiring September 2026200,000 3.36 %
Total notional amount$700,000 
(1) Reflects a 1 basis point reduction due to the achievement of certain sustainability metric targets.
(2) Excludes the impact of options to extend debt maturities. The revolving line of credit has two six month extension options with an outside date of 2027 and the unsecured term loan has two one year options with an outside date of 2028.
(3)Excludes the $150 million SOFR swap with a fixed SOFR rate of approximately 3.45% that becomes effective September 25, 2024 and expires December 31, 2025.








Phillips Edison & Company
27



Debt Overview and Schedule of Maturities
Unaudited, dollars in thousands
Secured Debt
Unsecured Debt(2)
Maturity YearScheduled Mortgage Principal PaymentsMortgage LoansSecured Portfolio LoansUnsecured Term LoansSenior Unsecured NotesRevolving Line of CreditTotal Consolidated DebtPro Rata Share of JV DebtTotal Debt
Weighted-Average Interest Rate(1)(2)
20242,028 25,130 — — — — 27,158 — 27,158 5.1 %
20251,956 35,680 — 240,000 — — 277,636 — 277,636 3.4 %
20261,908 — — 240,000 — — 241,908 24,358 266,266 3.6 %
20271,905 3,690 195,000 323,000 — 227,000 750,595 — 750,595 5.2 %
2028767 16,600 — 161,750 — — 179,117 — 179,117 6.5 %
2029805 — — — — — 805 — 805 — %
2030844 — 200,000 — — — 200,844 — 200,844 3.4 %
2031560 2,840 — — 350,000 — 353,400 — 353,400 2.7 %
Net debt market adjustments / discounts / issuance costs— — — — — — (16,147)(497)(16,644)N/A
Finance leases— — — — — — 238 — 238 N/A
Total$10,773 $83,940 $395,000 $964,750 $350,000 $227,000 $2,015,554 $23,861 $2,039,415 4.3 %
Weighted-Average
Total DebtPercent of Total Indebtedness
Effective Interest Rate(1)
Years to
Maturity(2)
Fixed rate debt$1,539,713 74.9%3.5%5.6
Variable rate debt491,750 23.9%6.6%2.6
Net debt market adjustments / discounts / issuance costs(16,147)N/AN/AN/A
Finance leases238 N/AN/AN/A
Total consolidated debt$2,015,554 98.8%4.3%3.8
Pro rata share of JV Debt24,358 1.2%3.6%2.6
Net debt market adjustments / discounts / issuance costs of JV Debt(497)N/AN/AN/A
Total consolidated + JV debt$2,039,415 100.0%4.3%3.8
(1)Includes the impact of $700 million of interest rate swaps with a weighted-average SOFR swap rate of 2.6%; see detail on previous page.
(2)Includes the impact of options to extend debt maturities. The revolving line of credit has two six month extension options with an outside date of 2027 and the $161.6 million unsecured term loan has two one year options with an outside date of 2028.
Phillips Edison & Company
28



Debt Covenants
Unaudited, dollars in thousands
UNSECURED CREDIT FACILITY AND TERM LOANS DUE 2025, 2026, AND 2027
Covenant March 31,
2024
LEVERAGE RATIO
Total Indebtedness$2,054,170
Total Asset Value$6,901,435
Leverage Ratio=<60%29.8%
SECURED LEVERAGE RATIO
Total Secured Indebtedness$514,309
Total Asset Value$6,901,435
Secured Leverage Ratio=<35%7.5%
FIXED CHARGE COVERAGE RATIO
Adjusted EBITDA$381,793
Total Fixed Charges$86,814
Fixed Charge Coverage Ratio=>1.5x4.40x
MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE
Total Unsecured Indebtedness$1,555,132
Unencumbered Asset Value$5,581,160
Unsecured Indebtedness to Unencumbered Asset Value=<60%27.9%
MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE
Unencumbered NOI$363,155
Interest Expense for Unsecured Indebtedness$63,203
Unencumbered NOI to Interest Expense>=1.75x5.75x
DIVIDEND PAYOUT RATIO
Distributions$154,734
Funds From Operations$315,895
Dividend Payout Ratio<95%49.0%
SENIOR UNSECURED NOTES DUE 2031
Covenant March 31,
2024
AGGREGATE DEBT TEST
Total Indebtedness$2,044,151
Total Asset Value$6,144,875
Aggregate Debt Test=<65%33.3%
SECURED DEBT TEST
Total Secured Indebtedness$489,951
Total Asset Value$6,144,875
Secured Debt Test=<40%8.0%
DEBT SERVICE TEST
Consolidated EBITDA$401,189
Annual Debt Service Charge$80,978
Debt Service Test=>1.5x4.95x
MAINTENANCE OF TOTAL UNENCUMBERED ASSETS
Unencumbered Asset Value$5,121,681
Total Unsecured Indebtedness$1,554,200
MAINTENANCE OF TOTAL UNENCUMBERED ASSETS=<150%330%
Note: Calculations are per covenant definitions as set forth in the applicable debt agreements.
Phillips Edison & Company
29












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TRANSACTIONAL SUMMARY
Quarter Ended March 31, 2024























Acquisition Summary
Unaudited, dollars in thousands
DateProperty NameLocationTotal GLAContract PriceLeased Occupancy at AcquisitionGrocery Anchor
2/14/2024Shoppes at Lake MaryLake Mary, FL74,234$26,10095.7%Publix
3/7/2024Goolsby Pointe Development
Land
Riverview, FLN/A2,027N/AN/A
3/27/2024Memorial at KirkwoodHouston, TX104,88727,77597.0%N/A
Total acquisitions179,121$55,902
Weighted-average cap rate(1)
6.8 %
(1) Weighted-average cap rate excludes non-income producing assets.



Disposition Summary
Unaudited, dollars in thousands
There were no dispositions during the three months ended March 31, 2024.

Phillips Edison & Company
31










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PORTFOLIO SUMMARY
Quarter Ended March 31, 2024


























Wholly-Owned Portfolio Summary
Unaudited, dollars and square feet in thousands (excluding per square foot amounts)
As of
March 31, 2024
PORTFOLIO OVERVIEW:
Number of shopping centers284 
Number of states31 
Total GLA32,350 
Average shopping center GLA114 
Total ABR$479,159 
Total ABR from necessity-based goods and services(1)
69.9 %
Percent of ABR from non-grocery anchors13.3 %
Percent of ABR from inline spaces55.6 %
GROCERY METRICS:
Percent of ABR from omni-channel grocery-anchored shopping centers
96.8 %
Percent of ABR from grocery anchors31.1 %
Percent of occupied GLA leased to grocery Neighbors46.8 %
Grocer health ratio(2)
2.4 %
Percent of ABR from centers with grocery anchors that are #1 or #2 by sales85.2 %
Average annual sales per square foot of reporting grocers$705 
LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET:
Total portfolio97.2 %
Anchor spaces98.4 %
Inline spaces94.8 %
AVERAGE REMAINING LEASE TERM (IN YEARS):(3)
Total portfolio4.3 
Grocery anchor spaces4.4 
Non-grocery anchor spaces4.9 
Inline spaces4.0 
PORTFOLIO RETENTION RATE:(4)
Total portfolio87.9 %
Anchor spaces89.4 %
Inline spaces83.3 %
AVERAGE ABR PER SQUARE FOOT:
Total portfolio$15.24 
Anchor spaces$10.20 
Inline spaces$24.99 
(1)Inclusive of our prorated portion of shopping centers owned through our unconsolidated joint venture.
(2)Based on the most recently reported sales data available.
(3)The average remaining lease term in years is as of March 31, 2024. Including future options to extend the term of the lease, the average remaining lease term in years for our total portfolio, grocery anchors, non-grocery anchors and inline spaces is 20.3, 31.1, 15.8, and 8.0, respectively.
(4)For the three months ended March 31, 2024.
Phillips Edison & Company
33



ABR by Neighbor Category
Unaudited
  As of March 31, 2024
NECESSITY RETAIL AND SERVICES
Grocery31.1 %
Quick service - Restaurant11.2 %
Medical6.3 %
Beauty & Hair Care5.2 %
Banks, insurance, and government services3.6 %
Pet Supply2.4 %
Dollar Stores1.8 %
Education & Training1.6 %
Hardware/automotive1.4 %
Telecommunications/cell phone services1.4 %
Wine, Beer, & Liquor1.3 %
Pharmacy0.7 %
Other Necessity-based1.9 %
Total ABR from Necessity-based goods and services69.9 %
OTHER RETAIL STORES
Soft goods(1)
13.1 %
Full service - restaurant7.4 %
Fitness and lifestyle services(2)
6.0 %
Other retail(3)
3.6 %
Total ABR from other retail stores30.1 %
Total ABR100.0 %
(1)Includes ABR contributions of 2% from each of apparel/shoes/accessories, department stores, and home furnishings Neighbors.
(2)Includes ABR contribution of 4% from fitness Neighbors.
(3)Includes ABR contribution of 1% from entertainment Neighbors.
Phillips Edison & Company
34



Wholly-Owned Occupancy and ABR
Unaudited
Quarter Ended
 March 31,
2024
 December 31,
 2023
 September 30,
 2023
 June 30,
 2023
 March 31,
 2023
OCCUPANCY
Leased Basis
Anchor98.4 %98.9 %99.3 %99.4 %99.3 %
Inline94.8 %94.7 %94.9 %94.8 %94.3 %
Total leased occupancy97.2 %97.4 %97.8 %97.8 %97.5 %
Economic Basis
Anchor98.1 %98.5 %99.3 %99.0 %98.4 %
Inline94.3 %94.2 %94.4 %93.8 %93.5 %
Total economic occupancy96.8 %97.0 %97.6 %97.2 %96.7 %
ABR
Leased Basis - $
Anchor$211,286 $209,985 $203,904 $203,645 $203,525 
Inline267,873 260,834 249,124 245,669 242,086 
Total ABR$479,159 $470,819 $453,028 $449,314 $445,611 
Leased Basis - PSF
Anchor$10.20 $10.12 $9.98 $9.97 $9.95 
Inline$24.99 $24.66 $24.19 $23.95 $23.66 
Total ABR PSF$15.24 $15.03 $14.74 $14.64 $14.52 
SAME-CENTER
Same-Center Leased Basis
Anchor98.8 %99.3 %99.3 %99.4 %99.3 %
Inline94.9 %94.9 %95.0 %94.9 %94.4 %
Total same-center leased occupancy97.5 %97.8 %97.8 %97.9 %97.6 %
Same-Center Economic Basis
Anchor98.4 %99.0 %99.3 %99.1 %98.4 %
Inline94.3 %94.5 %94.5 %94.0 %93.6 %
Total same-center economic occupancy97.0 %97.4 %97.7 %97.3 %96.7 %
Phillips Edison & Company
35



Top 25 Neighbors by ABR
Dollars and square footage amounts in thousands
Number of Locations
NeighborBanners Leased at PECO CentersWholly-OwnedJoint Ventures
ABR(1)
% ABR(1)
Leased SF(1)
1KrogerKroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Ralphs, Mariano's, Food 4 Less, Metro Market576$28,495 5.9 %3,474 
2PublixPublix52926,572 5.5 %2,519 
3AlbertsonsSafeway, Market Street United, Randalls, Tom Thumb, Jewel-Osco, Vons, United Supermarkets, Shaw's Supermarket, Albertsons30219,470 4.0 %1,777 
4Ahold DelhaizeMartin's, Giant, Stop & Shop, Food Lion2317,829 3.7 %1,249 
5WalmartWalmart Neighborhood Market, Walmart138,952 1.9 %1,770 
6Giant EagleGiant Eagle917,390 1.5 %759 
7Sprouts Farmers MarketSprouts Farmers Market146,715 1.3 %421 
8TJX CompaniesSierra Trading Co., HomeGoods, T.J.Maxx, Marshalls176,045 1.2 %492 
9Raley'sRaley's54,599 1.0 %288 
10Dollar TreeDollar Tree, Family Dollar, Dollar Tree Family Dollar3544,034 0.8 %386 
11UNFI (SuperValu)Cub Foods53,476 0.7 %336 
12Starbucks CorporationStarbucks353,280 0.7 %70 
13Trader Joe'sTrader Joe's92,727 0.6 %122 
14H-E-BH-E-B22,492 0.5 %164 
15Lowe'sLowe's312,469 0.5 %369 
16Subway GroupSubway5822,442 0.5 %87 
17Pet Supplies PlusPet Supplies Plus202,423 0.5 %156 
18United Parcel ServiceThe UPS Store, WeShip Store5882,354 0.5 %83 
19Anytime Fitness, Inc.Anytime Fitness2622,351 0.5 %136 
20Food 4 Less (PAQ)Food 4 Less22,305 0.5 %118 
21H&R Block, Inc.H&R Block5422,283 0.5 %96 
22Office DepotOffice Depot, OfficeMax82,275 0.5 %179 
23Great Clips, Inc.Great Clips6372,248 0.5 %80 
24Kohl's CorporationKohl's42,241 0.5 %365 
25Inspire Brands - Roark CapitalArby's, Baskin Robbins, Jimmy John's, Buffalo Wild Wings, Buffalo Wild Wings Go, Dunkin'3422,208 0.4 %86 
Total63646$167,675 34.7 %15,582 
(1)Includes the prorated portion owned through our unconsolidated joint venture.
Phillips Edison & Company
36



Neighbors by Type and Industry(1)(2)
Unaudited
https://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-chart-9483a01d5acf4f46af2a.jpghttps://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-chart-bb29a75283c0435bbf3a.jpg
https://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-chart-ccd5ac03621542dfb76a.jpghttps://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-chart-28d24eb692fb48f59ada.jpg
(1)We define national Neighbors as those Neighbors that operate in at least three states. Regional Neighbors are defined as those Neighbors that have at least three locations in fewer than three states.
(2)Includes the prorated portion owned through our unconsolidated joint venture.
Phillips Edison & Company
37



Properties by State(1)
Dollars and square footage amounts in thousands (excluding per square foot amounts)
StateABR% ABRABR / Leased SFGLA% GLA% LeasedNumber of Properties
Florida$61,040 12.6 %$15.00 4,163 12.7 %97.8 %53
California52,477 10.9 %21.78 2,505 7.7 %96.2 %26
Texas45,043 9.3 %18.35 2,578 7.9 %95.2 %21
Georgia41,816 8.6 %13.95 3,035 9.3 %98.7 %31
Illinois28,631 5.9 %16.87 1,812 5.6 %93.6 %16
Ohio25,446 5.3 %11.08 2,336 7.2 %98.3 %19
Colorado25,358 5.3 %18.74 1,403 4.3 %96.5 %12
Virginia22,723 4.7 %17.39 1,359 4.2 %96.1 %13
Minnesota19,785 4.1 %15.64 1,329 4.1 %95.1 %13
Massachusetts17,049 3.5 %15.30 1,149 3.5 %97.0 %9
Nevada15,006 3.1 %24.69 623 1.9 %97.5 %5
Pennsylvania12,262 2.6 %12.56 1,000 3.1 %97.6 %6
Wisconsin12,069 2.5 %11.57 1,057 3.2 %98.7 %9
Arizona10,861 2.3 %14.91 735 2.3 %99.1 %6
South Carolina10,397 2.1 %12.09 863 2.6 %99.7 %8
Maryland9,786 2.0 %21.26 463 1.4 %99.5 %4
North Carolina8,352 1.7 %13.07 659 2.0 %97.0 %10
Tennessee8,190 1.7 %10.25 802 2.5 %99.6 %5
Indiana7,283 1.5 %8.91 832 2.5 %98.2 %5
Kentucky6,914 1.4 %11.26 616 1.9 %99.7 %4
Michigan6,813 1.4 %9.81 723 2.2 %96.0 %5
New Mexico5,929 1.2 %14.87 404 1.2 %98.8 %3
Connecticut5,876 1.2 %15.24 421 1.3 %91.6 %4
Oregon5,060 1.0 %16.71 316 1.0 %95.8 %4
Kansas4,704 1.0 %12.63 374 1.1 %99.6 %3
New Jersey4,256 0.9 %25.11 169 0.5 %100.0 %1
Washington2,890 0.6 %16.71 173 0.5 %100.0 %2
Iowa2,836 0.6 %8.06 360 1.1 %97.9 %3
Missouri2,599 0.5 %11.94 222 0.7 %98.2 %2
New York1,711 0.4 %11.69 163 0.5 %89.6 %1
Utah461 0.1 %31.70 15 — %100.0 %1
Total $483,623 100.0 %$15.24 32,659 100.0 %97.2 %304
(1)Includes the prorated portion owned through our unconsolidated joint venture.
Phillips Edison & Company
38



New, Renewal, and Option Lease Summary
Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts)
Comparable Only
Number of Leases SignedGLAABR
ABR PSF(1)
Weighted-Average Lease Term (Years)
Cost of TI/TIA PSF(2)
Number of LeasesIncrease in ABR PSFRent Spread %
TOTAL - NEW, RENEWAL, AND OPTION LEASES
Q1 2024245 1,307 $23,585 $18.05 5.5 $4.86 203 $1.97 12.9 %
Q4 2023217 1,146 19,391 16.92 5.9 7.62 174 1.77 12.4 %
Q3 2023231 939 18,333 19.52 6.3 6.76 192 2.37 13.9 %
Q2 2023285 1,568 24,160 15.40 5.3 4.16 224 1.54 11.5 %
Total978 4,960 $85,469 $17.23 5.7 $5.64 793 $1.86 12.6 %
NEW LEASES
Q1 202484 255 $6,443 $25.24 8.5 $24.08 43 $5.78 29.1 %
Q4 202374 248 5,882 23.73 7.9 32.94 31 5.41 21.9 %
Q3 202382 279 5,676 20.36 10.3 21.93 43 4.32 26.3 %
Q2 202394 286 5,709 19.98 6.8 21.02 33 4.71 25.1 %
Total334 1,068 $23,710 $22.20 8.4 $24.76 150 $5.02 26.2 %
RENEWAL LEASES
Q1 2024118 381 $8,935 $23.47 4.8 $0.54 117 $3.40 16.9 %
Q4 2023107 488 8,962 18.37 5.8 1.17 107 2.28 14.2 %
Q3 2023109 266 6,878 25.87 3.9 0.88 109 3.75 16.9 %
Q2 2023143 382 8,824 23.12 4.5 1.35 143 3.48 17.7 %
Total477 1,517 $33,599 $22.15 4.9 $1.01 476 $3.12 16.4 %
OPTION LEASES
Q1 202443 671 $8,207 $12.23 4.9 $— 43 $0.42 3.6 %
Q4 202336 410 4,547 11.08 4.9 — 36 0.63 6.0 %
Q3 202340 394 5,779 14.65 5.0 — 40 0.75 5.4 %
Q2 202348 901 9,627 10.69 5.2 — 48 0.43 4.2 %
Total167 2,376 $28,160 $11.85 5.0 $ 167 $0.51 4.5 %
(1)Per square foot amounts may not recalculate exactly based on other amounts presented within the table due to rounding.
(2)Excludes landlord work.
Phillips Edison & Company
39



Lease Expirations(1)(2)
Unaudited, square footage amounts in thousands
Number of LeasesGLA Expiring
% of Leased GLA(3)
ABR PSF% of ABR
TOTAL LEASES
MTM68 1890.6 %$17.96 0.7 %
2024475 1,7505.5 %15.74 5.7 %
2025774 4,58514.4 %13.81 13.1 %
2026915 4,72114.9 %15.57 15.2 %
2027865 4,37513.8 %15.20 13.8 %
2028823 5,01815.8 %15.38 16.0 %
2029553 4,04112.7 %14.48 12.1 %
2030202 1,4524.6 %16.61 5.0 %
2031233 1,3494.3 %17.00 4.7 %
2032188 1,4744.6 %14.27 4.3 %
2033174 9433.0 %18.20 3.5 %
2034+209 1,8405.8 %15.45 5.9 %
Total leases5,479 31,737 100.0 %$15.24 100.0 %
ANCHOR LEASES
MTM69 0.2 %$11.04 0.2 %
202420 783 2.5 %8.70 1.4 %
202582 3,211 10.1 %9.51 6.3 %
202678 2,949 9.3 %10.14 6.2 %
202780 2,698 8.5 %9.40 5.2 %
202882 3,414 10.7 %10.21 7.2 %
202980 2,943 9.3 %10.44 6.3 %
203024 1,004 3.2 %12.81 2.7 %
203130 821 2.6 %11.58 2.0 %
203225 1,023 3.2 %8.94 1.9 %
203317 563 1.8 %12.06 1.4 %
2034+41 1,440 4.5 %11.18 3.3 %
Anchor leases564 20,918 65.9 %$10.20 44.1 %
INLINE LEASES
MTM63 120 0.4 %$21.95 0.5 %
2024455 967 3.0 %21.43 4.3 %
2025692 1,374 4.3 %23.86 6.8 %
2026837 1,772 5.6 %24.62 9.0 %
2027785 1,677 5.3 %24.53 8.6 %
2028741 1,604 5.1 %26.38 8.8 %
2029473 1,098 3.4 %25.32 5.8 %
2030178 448 1.4 %25.12 2.3 %
2031203 528 1.7 %25.43 2.7 %
2032163 451 1.4 %26.36 2.4 %
2033157 380 1.2 %27.30 2.1 %
2034+168 400 1.3 %30.85 2.6 %
Inline leases4,915 10,819 34.1 %$24.98 55.9 %
(1)Statistics include our wholly-owned properties and the prorated portion owned through our unconsolidated joint venture.
(2)Statistics are based on current terms and assume no exercise of renewal options.
(3)Percentage amounts may not recalculate exactly based on other amounts presented within the table due to rounding.
Phillips Edison & Company
40



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
51st & Olive SquareGlendale, AZ100 %Phoenix-Mesa-Chandler, AZ1975 / 200788,225100.0 %$972 $11.02 Fry's Food StoresN/A
Alameda CrossingAvondale, AZ100 %Phoenix-Mesa-Chandler, AZ2006 / 2021141,721100.0 %$2,660 $18.77 Sprouts Farmers Market Uptown Jungle; Big 5 Sporting Goods
Arcadia PlazaPhoenix, AZ100 %Phoenix-Mesa-Chandler, AZ1980 / 201863,637100.0 %$1,498 $23.54 Sprouts Farmers MarketN/A
Broadway PlazaTucson, AZ100 %Tucson, AZ1982 / 200384,29897.3 %$1,465 $17.87 Sprouts Farmers MarketN/A
Southern PalmsTempe, AZ100 %Phoenix-Mesa-Chandler, AZ1982 / 2018257,12399.2 %$3,378 $13.24 Sprouts Farmers MarketGoodwill; Southwest Institute of Healing Arts; Habitat for Humanity ReStore; Planet Fitness; AutoZone
Sunburst PlazaGlendale, AZ100 %Phoenix-Mesa-Chandler, AZ1970 / 202299,91398.0 %$888 $9.07 Fry's Food StoresDaiso Japan
Atwater MarketplaceAtwater, CA100 %Merced, CA20232,082 100.0 %$138 $66.28 N/AN/A
Boronda PlazaSalinas, CA100 %Salinas, CA2003 / 202193,07195.4 %$2,242 $25.25 Food 4 LessN/A
Broadway PavilionSanta Maria, CA100 %Santa Maria-Santa Barbara, CA1987142,94489.2 %$2,070 $16.24 Food MaxxIdler's Home
Central Valley MarketplaceCeres, CA100 %Modesto, CA200581,897100.0 %$1,849 $22.58 Food 4 LessN/A
Commonwealth SquareFolsom, CA100 %Sacramento-Roseville-Folsom, CA1987141,31099.3 %$2,308 $16.44 Raley'sN/A
Contra Loma PlazaAntioch, CA100 %San Francisco-Oakland-Berkeley, CA1989 / 202274,61696.1 %$888 $12.38 Lucky SupermarketsN/A
Del Paso MarketplaceSacramento, CA100 %Sacramento-Roseville-Folsom, CA2006 / 201659,796100.0 %$1,647 $27.54 Sprouts Farmers MarketN/A
Driftwood VillageOntario, CA100 %Riverside-San Bernardino-Ontario, CA198595,42190.8 %$1,749 $20.19 Food 4 LessN/A
Herndon PlaceFresno, CA100 %Fresno, CA200595,37097.8 %$1,595 $17.09 Save Mart SupermarketsN/A
Laguna 99 PlazaElk Grove, CA100 %Sacramento-Roseville-Folsom, CA1992 / 201589,18898.9 %$1,863 $21.11 Walmart Neighborhood MarketCalifornia Backyard
North Point LandingModesto, CA100 %Modesto, CA1964 / 2008152,76997.1 %$2,387 $16.09 WalmartN/A
Quail PointeFair Oaks, CA100 %Sacramento-Roseville-Folsom, CA198798,36693.8 %$2,905 $31.50 Trader Joe'sLamps Plus
Quartz Hill Towne CentreLancaster, CA100 %Los Angeles-Long Beach-Anaheim, CA1991 / 2012110,306100.0 %$1,938 $17.57 VonsCVS
Red Maple VillageTracy, CA100 %Stockton, CA200997,591100.0 %$2,634 $27.00 Raley'sN/A
Riverlakes VillageBakersfield, CA100 %Bakersfield, CA1997 / 202294,012100.0 %$2,047 $21.77 VonsN/A
Phillips Edison & Company
41



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Rocky Ridge Town CenterRoseville, CA100 %Sacramento-Roseville-Folsom, CA1996 / 201593,337100.0 %$2,920 $31.28 Sprouts Farmers MarketBevMo!
Shasta CrossroadsRedding, CA100 %Redding, CA1989 / 2016114,56589.4 %$2,076 $20.28 Food MaxxN/A
Sierra Del Oro Towne CentreCorona, CA100 %Riverside-San Bernardino-Ontario, CA1991 / 2017110,627100.0 %$2,281 $20.62 RalphsDollar Tree
Sierra Vista PlazaMurrieta, CA100 %Riverside-San Bernardino-Ontario, CA1991 / 202180,25993.5 %$1,976 $26.33 Stater Bros Markets (shadow)CVS
Sterling Pointe CenterLincoln, CA100 %Sacramento-Roseville-Folsom, CA2004 / 2017136,020100.0 %$3,065 $22.53 Raley'sN/A
Sunridge PlazaRancho Cordova, CA100 %Sacramento-Roseville-Folsom, CA201787,81596.2 %$2,751 $32.55 Raley'sN/A
Town & Country VillageSacramento, CA100 %Sacramento-Roseville-Folsom, CA1950 / 2022216,25986.7 %$3,914 $20.86 Sprouts Farmers Market; Trader Joe'sRoss Dress for Less; T.J.Maxx; Royal Flooring; Ulta
Village One PlazaModesto, CA100 %Modesto, CA2007105,658100.0 %$2,529 $23.94 Raley'sN/A
Vineyard CenterTempleton, CA100 %San Luis Obispo-Paso Robles, CA200721,117100.0 %$688 $32.57 Trader Joe'sN/A
West Acres Shopping CenterFresno, CA100 %Fresno, CA1990 / 201583,414100.0 %$950 $11.39 Food MaxxN/A
Windmill MarketplaceClovis, CA100 %Fresno, CA200127,486100.0 %$1,070 $38.92 Save Mart (shadow)N/A
Arapahoe MarketplaceGreenwood Village, CO100 %Denver-Aurora-Lakewood, CO1977 / 2022191,65286.3 %$4,295 $25.96 Sprouts Farmers MarketThe Tile Shop; Molly's Spirits; Office Depot
Broadlands MarketplaceBroomfield, CO100 %Denver-Aurora-Lakewood, CO2002103,883100.0 %$1,444 $13.90 SafewayN/A
Fairfield CommonsLakewood, CO100 %Denver-Aurora-Lakewood, CO1985 / 2014143,276100.0 %$2,802 $19.56 Sprouts Farmers MarketT.J.Maxx; Planet Fitness; Aaron's
Foxridge PlazaCentennial, CO100 %Denver-Aurora-Lakewood, CO1983 / 202253,97096.6 %$1,311 $25.13 Kings Soopers (shadow)N/A
Golden Town CenterGolden, CO100 %Denver-Aurora-Lakewood, CO1993 / 2003117,88297.0 %$1,849 $16.16 King SoopersN/A
Kipling MarketplaceLittleton, CO100 %Denver-Aurora-Lakewood, CO1983 / 200990,124100.0 %$1,364 $15.14 SafewayN/A
Meadows on the ParkwayBoulder, CO100 %Boulder, CO1989208,31992.6 %$3,622 $18.77 SafewayWalgreens; Dollar Tree; Regus
Nor'Wood Shopping CenterColorado Springs, CO100 %Colorado Springs, CO2003 / 200773,082100.0 %$1,151 $15.75 SafewayN/A
Roxborough MarketplaceLittleton, CO100 %Denver-Aurora-Lakewood, CO2005 / 2021101,622100.0 %$1,593 $15.68 SafewayN/A
Thompson Valley Towne CenterLoveland, CO100 %Fort Collins, CO1999125,12297.7 %$2,273 $18.59 King SoopersN/A
Westwoods Shopping CenterArvada, CO100 %Denver-Aurora-Lakewood, CO2003 / 201190,855100.0 %$1,445 $15.91 King SoopersN/A
Phillips Edison & Company
42



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Wheat Ridge MarketplaceWheat Ridge, CO100 %Denver-Aurora-Lakewood, CO1996 / 2019103,438100.0 %$2,209 $21.35 SafewayN/A
Everybody's PlazaCheshire, CT100 %New Haven-Milford, CT1960 / 201449,975100.0 %$964 $19.28 Big YN/A
Montville CommonsMontville, CT100 %Norwich-New London, CT2007116,91696.6 %$1,799 $15.93 Stop & ShopN/A
Stop & Shop PlazaEnfield, CT100 %Hartford-East Hartford-Middletown, CT1988 / 1998124,218100.0 %$2,115 $17.02 Stop & ShopN/A
Willimantic PlazaWillimantic, CT100 %Worcester, MA-CT1968 / 2024129,78175.8 %$999 $10.15 BJ's Wholesale ClubN/A
Alico CommonsFort Myers, FL100 %Cape Coral-Fort Myers, FL2009 / 2020100,734100.0 %$1,811 $17.98 PublixNon Stop Fitness
Bloomingdale HillsRiverview, FL100 %Tampa-St. Petersburg-Clearwater, FL2002 / 201278,442100.0 %$797 $10.16 Walmart Neighborhood MarketN/A
Breakfast Point MarketplacePanama City Beach, FL100 %Panama City, FL2009 / 201097,93898.6 %$1,469 $15.22 PublixOffice Depot
Broadway PromenadeSarasota, FL100 %North Port-Sarasota-Bradenton, FL200749,271100.0 %$991 $20.11 PublixN/A
ChampionsGate VillageDavenport, FL100 %Orlando-Kissimmee-Sanford, FL200162,699100.0 %$1,021 $16.28 PublixN/A
Cocoa CommonsCocoa, FL100 %Palm Bay-Melbourne-Titusville, FL1986 / 200090,11698.7 %$1,213 $13.64 PublixN/A
Colonial PromenadeWinter Haven, FL100 %Lakeland-Winter Haven, FL1986 / 2008280,22899.0 %$2,595 $9.35 WalmartN/A
Coquina PlazaSouthwest Ranches, FL100 %Miami-Fort Lauderdale-Pompano Beach, FL199891,12098.8 %$1,924 $21.36 PublixN/A
Crosscreek VillageSt. Cloud, FL100 %Orlando-Kissimmee-Sanford, FL200869,660100.0 %$1,150 $16.51 PublixN/A
Crystal Beach PlazaPalm Harbor, FL100 %Tampa-St. Petersburg-Clearwater, FL201059,015100.0 %$1,101 $18.66 PublixN/A
Deerwood Lake CommonsJacksonville, FL14 %Jacksonville, FL200367,528100.0 %$1,251 $18.52 PublixN/A
French Golden GateBartow, FL100 %Lakeland-Winter Haven, FL1960 / 2011140,276100.0 %$1,896 $13.52 PublixBealls Outlet; Walgreens
Golden Eagle VillageClermont, FL100 %Orlando-Kissimmee-Sanford, FL201164,05197.6 %$1,037 $16.58 PublixN/A
Goolsby PointeRiverview, FL14 %Tampa-St. Petersburg-Clearwater, FL200075,525100.0 %$1,222 $16.17 PublixN/A
Phillips Edison & Company
43



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Goolsby Pointe Outparcel(1)
Riverview, FL100 %Tampa-St. Petersburg-Clearwater, FLN/A0— %$— $— N/AN/A
Harbour VillageJacksonville, FL100 %Jacksonville, FL2006 / 2021113,069100.0 %$2,131 $18.85 The Fresh MarketCrunch Fitness; Lionshare Cowork
Heath Brook CommonsOcala, FL100 %Ocala, FL200279,59098.7 %$1,069 $13.61 PublixN/A
Heron Creek Towne CenterNorth Port, FL100 %North Port-Sarasota-Bradenton, FL200164,664100.0 %$914 $14.13 PublixN/A
Island Walk Shopping CenterFernandina Beach, FL100 %Jacksonville, FL1987 / 2012213,65698.1 %$2,200 $10.50 PublixBealls; Bealls Outlet/Home Centric; Gretchen's Hallmark Shop; Staples
Kings CrossingSun City Center, FL100 %Tampa-St. Petersburg-Clearwater, FL2000 / 201875,020100.0 %$1,291 $17.20 PublixN/A
Lake Washington CrossingMelbourne, FL100 %Palm Bay-Melbourne-Titusville, FL1987 / 2023122,91292.6 %$2,152 $18.91 PublixBPC Plasma
Lakewood PlazaSpring Hill, FL14 %Tampa-St. Petersburg-Clearwater, FL1993 / 1997106,999100.0 %$1,585 $14.82 PublixN/A
Lutz Lake CrossingLutz, FL100 %Tampa-St. Petersburg-Clearwater, FL200264,986100.0 %$991 $15.25 PublixN/A
MetroWest VillageOrlando, FL100 %Orlando-Kissimmee-Sanford, FL1990106,85793.4 %$1,745 $17.48 PublixN/A
Oakhurst PlazaSeminole, FL100 %Tampa-St. Petersburg-Clearwater, FL1974 / 200151,50294.8 %$619 $12.68 PublixN/A
Ocean Breeze PlazaOcean Breeze, FL100 %Port St. Lucie, FL1993 / 201096,192100.0 %$1,762 $18.31 PublixRISE Center IRC
Orange Grove Shopping CenterNorth Fort Myers, FL100 %Cape Coral-Fort Myers, FL199968,86596.5 %$841 $12.65 PublixN/A
Ormond Beach MallOrmond Beach, FL100 %Deltona-Daytona Beach-Ormond Beach, FL1967 / 2018101,55284.9 %$1,180 $13.69 PublixBealls Outlet; Dollar Tree
Park Place PlazaPort Orange, FL100 %Deltona-Daytona Beach-Ormond Beach, FL1984 / 201287,05696.8 %$1,079 $12.80 N/ABealls
Parsons VillageSeffner, FL100 %Tampa-St. Petersburg-Clearwater, FL1983 / 199478,041100.0 %$1,053 $13.50 Winn-Dixie (shadow)City Buffet; Family Dollar
Publix at NorthridgeSarasota, FL14 %North Port-Sarasota-Bradenton, FL200365,320100.0 %$1,279 $19.58 PublixN/A
Publix at Seven HillsSpring Hill, FL100 %Tampa-St. Petersburg-Clearwater, FL1991 / 200672,59097.5 %$920 $13.00 PublixN/A
Phillips Edison & Company
44



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Publix at St. CloudSt. Cloud, FL14 %Orlando-Kissimmee-Sanford, FL200378,779100.0 %$1,279 $16.24 PublixN/A
Rockledge SquareRockledge, FL100 %Palm Bay-Melbourne-Titusville, FL1985 / 202278,879100.0 %$1,321 $16.75 PublixHealth First Medical Group
Sanibel Beach PlaceFort Myers, FL100 %Cape Coral-Fort Myers, FL2003 / 202274,28698.1 %$1,084 $14.87 PublixN/A
Shoppes at AvalonSpring Hill, FL100 %Tampa-St. Petersburg-Clearwater, FL2009 / 202262,786100.0 %$1,010 $16.08 PublixN/A
Shoppes at Glen LakesWeeki Wachee, FL100 %Tampa-St. Petersburg-Clearwater, FL200866,601100.0 %$986 $14.80 PublixN/A
Shoppes at Lake MaryLake Mary, FL100 %Orlando-Kissimmee-Sanford, FL200074,23497.3 %$1,900 $26.31 Publix (shadow)HomeSense
Shoppes of Lake VillageLeesburg, FL100 %Orlando-Kissimmee-Sanford, FL1987 / 2021132,92793.5 %$1,970 $15.86 PublixSproutfitters
Shoppes of Paradise LakesMiami, FL100 %Miami-Fort Lauderdale-Pompano Beach, FL199983,597100.0 %$1,450 $17.35 PublixN/A
Shops at Sunset LakesMiramar, FL100 %Miami-Fort Lauderdale-Pompano Beach, FL199970,274100.0 %$1,097 $15.62 PublixN/A
South Oaks Shopping CenterLive Oak, FL100 %N/A1976 / 2022102,81691.9 %$733 $7.76 N/ABig Lots; Bealls Outlet; Farmers Home Furniture
St. Charles PlazaDavenport, FL100 %Lakeland-Winter Haven, FL200765,000100.0 %$1,110 $17.08 PublixN/A
St. Johns PlazaTitusville, FL14 %Palm Bay-Melbourne-Titusville, FL1985 / 2023119,48991.1 %$1,294 $11.90 PublixBealls Outlet; Dollar Tree
The OaksHudson, FL100 %Tampa-St. Petersburg-Clearwater, FL1981 / 2022176,577100.0 %$2,200 $12.46 Save-A-LotEoS Fitness; Bealls; Ross Dress for Less; Five Below; Dollar Tree
Town Center at Jensen BeachJensen Beach, FL100 %Port St. Lucie, FL2000109,32690.0 %$1,386 $14.08 PublixParty City
Towne Centre at Wesley ChapelWesley Chapel, FL100 %Tampa-St. Petersburg-Clearwater, FL200069,425100.0 %$1,036 $14.93 Winn-DixieN/A
Valrico CommonsValrico, FL100 %Tampa-St. Petersburg-Clearwater, FL1986 / 2021137,316100.0 %$2,266 $16.50 PublixRoss Dress for Less; Five Below
Vineyard Shopping CenterTallahassee, FL100 %Tallahassee, FL200262,821100.0 %$775 $12.34 PublixN/A
Phillips Edison & Company
45



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
West Creek CommonsCoconut Creek, FL14 %Miami-Fort Lauderdale-Pompano Beach, FL200358,53795.8 %$876 $15.61 PublixN/A
West Creek PlazaCoconut Creek, FL100 %Miami-Fort Lauderdale-Pompano Beach, FL2006 / 201337,61690.1 %$988 $29.15 Publix (shadow)N/A
Windover SquareMelbourne, FL100 %Palm Bay-Melbourne-Titusville, FL1984 / 201081,51697.9 %$1,252 $15.69 PublixDollar Tree
Winter Springs Town CenterWinter Springs, FL14 %Orlando-Kissimmee-Sanford, FL2002117,97098.2 %$2,104 $18.17 PublixThe Zoo Health Club
Bartow MarketplaceCartersville, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1995375,067100.0 %$2,824 $7.53 WalmartLowe's
Bethany VillageAlpharetta, GA100 %Atlanta-Sandy Springs-Alpharetta, GA200181,674100.0 %$1,209 $14.80 PublixN/A
Butler CreekAcworth, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1989 / 2021101,597100.0 %$1,564 $15.40 KrogerN/A
Dean Taylor CrossingSuwanee, GA14 %Atlanta-Sandy Springs-Alpharetta, GA200092,318100.0 %$1,309 $14.18 KrogerN/A
Evans Towne CentreEvans, GA100 %Augusta-Richmond County, GA-SC1995 / 201775,668100.0 %$1,112 $14.70 PublixN/A
Everson PointeSnellville, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199981,42898.3 %$1,092 $13.64 KrogerN/A
Fairview OaksEllenwood, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199677,052100.0 %$1,064 $13.81 KrogerN/A
Flynn CrossingAlpharetta, GA14 %Atlanta-Sandy Springs-Alpharetta, GA200495,00294.6 %$1,798 $20.00 PublixN/A
Grassland CrossingAlpharetta, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199690,90696.8 %$961 $10.92 KrogerN/A
Grayson VillageLoganville, GA100 %Atlanta-Sandy Springs-Alpharetta, GA2002 / 201987,15596.3 %$1,262 $15.04 PublixN/A
Hamilton Mill VillageDacula, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1996 / 201688,710100.0 %$1,413 $15.93 PublixN/A
Hamilton RidgeBuford, GA100 %Atlanta-Sandy Springs-Alpharetta, GA200298,14290.1 %$1,342 $15.19 KrogerN/A
Hickory Flat CommonsCanton, GA100 %Atlanta-Sandy Springs-Alpharetta, GA2008 / 2020113,995100.0 %$1,610 $14.12 KrogerN/A
Phillips Edison & Company
46



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Loganville Town CenterLoganville, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1997 / 202384,978100.0 %$1,373 $16.16 PublixN/A
Mableton CrossingMableton, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199786,81995.5 %$1,120 $13.51 KrogerN/A
Macland PointeMarietta, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199279,699100.0 %$1,005 $12.60 PublixN/A
Mansell VillageRoswell, GA100 %Atlanta-Sandy Springs-Alpharetta, GA2003 / 201389,68893.0 %$1,136 $13.63 KrogerN/A
Market WalkSavannah, GA100 %Savannah, GA2014 / 2022263,829100.0 %$4,019 $15.23 KrogerDick's Sporting Goods; Guitar Center; West Marine
Mountain CrossingDacula, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199793,396100.0 %$1,288 $13.79 KrogerN/A
Mountain Park PlazaRoswell, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1988 / 200380,511100.0 %$1,095 $13.60 PublixN/A
Old Alabama SquareJohns Creek, GA100 %Atlanta-Sandy Springs-Alpharetta, GA2000102,867100.0 %$2,403 $23.36 The Fresh MarketWalgreens
Paradise CrossingLithia Springs, GA100 %Atlanta-Sandy Springs-Alpharetta, GA200067,470100.0 %$986 $14.61 PublixN/A
Richmond PlazaAugusta, GA14 %Augusta-Richmond County, GA-SC1979 / 2020174,07594.4 %$1,778 $10.82 N/AAshley HomeStore and Ashley Outlet; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill
Rivermont StationJohns Creek, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1996 / 2022128,123100.0 %$2,054 $16.03 KrogerKids Empire
Shiloh Square Shopping CenterKennesaw, GA100 %Atlanta-Sandy Springs-Alpharetta, GA1996 / 2003136,92098.5 %$1,836 $13.62 KrogerYou Fit Health Clubs
Shops at WestridgeMcDonough, GA100 %Atlanta-Sandy Springs-Alpharetta, GA2006 / 202072,420100.0 %$1,239 $17.11 PublixN/A
Southampton VillageTyrone, GA100 %Atlanta-Sandy Springs-Alpharetta, GA200380,94991.5 %$954 $12.88 PublixN/A
Spivey JunctionStockbridge, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199881,475100.0 %$1,117 $13.70 KrogerN/A
Village At Glynn PlaceBrunswick, GA100 %Brunswick, GA1992 / 2009123,437100.0 %$1,612 $13.06 PublixGoodwill
Villages at Eagles LandingStockbridge, GA100 %Atlanta-Sandy Springs-Alpharetta, GA199567,019100.0 %$947 $14.13 PublixN/A
Phillips Edison & Company
47



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Village Shoppes at WindermereSuwanee, GA100 %Atlanta-Sandy Springs-Alpharetta, GA200873,442100.0 %$1,494 $20.34 PublixN/A
CitiCentre PlazaCarroll, IA100 %Carroll, IA1991 / 201863,51893.5 %$488 $8.22 Hy-VeeN/A
Duck Creek PlazaBettendorf, IA100 %Davenport-Moline-Rock Island, IA-IL2005 / 2022134,22997.4 %$1,391 $10.64 N/AMalibu Jack's
Southgate Shopping CenterDes Moines, IA100 %Des Moines-West Des Moines, IA1972 / 2014161,792100.0 %$957 $5.92 Hy-VeePlanet Fitness; Jay's CD & Hobby; BioLife Plasma Services; Dollar General
Baker HillGlen Ellyn, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1998 / 2018135,35597.1 %$2,180 $16.59 Pete's Fresh MarketN/A
Brentwood CommonsBensenville, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1981 / 2015125,497100.0 %$1,767 $14.08 Jewel-OscoDollar Tree
Burbank PlazaBurbank, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1972 / 201899,453100.0 %$1,163 $11.69 Jewel-Oscodd's Discounts
College PlazaNormal, IL100 %Bloomington, IL2002 / 2018175,74182.8 %$1,794 $12.33 N/ARoss Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra Trading Co.; Petco
Glenbrook MarketplaceGlenview, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1992 / 201447,83288.4 %$1,040 $24.61 N/AN/A
Heritage PlazaCarol Stream, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1988 / 2018128,870100.0 %$1,874 $14.54 Jewel-OscoCharter Fitness
Hilander VillageRoscoe, IL100 %Rockford, IL1994 / 2022120,69493.1 %$1,238 $11.01 SchnucksN/A
Hoffman VillageHoffman Estates, IL14 %Chicago-Naperville-Elgin, IL-IN-WI1987 / 2021159,70895.9 %$2,883 $18.83 Mariano'sGoodwill; Los Fernandez Taqueria
Maple ViewGrayslake, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1999114,66894.0 %$2,017 $18.72 Jewel-OscoN/A
Naperville CrossingsNaperville, IL100 %Chicago-Naperville-Elgin, IL-IN-WI2007 / 2021151,203100.0 %$4,671 $30.89 ALDIN/A
Oak Mill PlazaNiles, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1977 / 2023165,51688.6 %$2,165 $14.76 Jewel-OscoN/A
Rolling Meadows Shopping CenterRolling Meadows, IL14 %Chicago-Naperville-Elgin, IL-IN-WI2010 / 2016130,21299.6 %$1,511 $11.65 Jewel-OscoNorthwest Community Hospital; Dollar Tree
Savoy PlazaSavoy, IL100 %Champaign-Urbana, IL1999 / 2015140,62486.5 %$1,621 $13.33 SchnucksGoodwill
Phillips Edison & Company
48



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Shorewood CrossingShorewood, IL100 %Chicago-Naperville-Elgin, IL-IN-WI2001 / 2020173,98196.2 %$2,608 $15.58 Mariano'sMarshalls; Staples; Petco; Party City
The Shoppes at Windmill PlaceBatavia, IL100 %Chicago-Naperville-Elgin, IL-IN-WI1991 / 1997122,17696.7 %$2,036 $17.24 Jewel-OscoN/A
The Shops of UptownPark Ridge, IL100 %Chicago-Naperville-Elgin, IL-IN-WI200670,40284.7 %$1,843 $30.88 Trader Joe'sN/A
Dyer Town CenterDyer, IN100 %Chicago-Naperville-Elgin, IL-IN-WI2004 / 2005102,415100.0 %$1,923 $18.78 Jewel-OscoN/A
Lafayette SquareLafayette, IN100 %Lafayette-West Lafayette, IN1963 / 2022250,50695.2 %$1,596 $6.69 N/ARural King Supply; Big Lots; Humble Home; Dollar Tree Family Dollar; Harvest Chapel
Riverplace CentreNoblesville, IN100 %Indianapolis-Carmel-Anderson, IN1992 / 202074,189100.0 %$786 $10.60 KrogerN/A
The Village Shopping CenterMooresville, IN100 %Indianapolis-Carmel-Anderson, IN1965 / 2019155,50297.9 %$949 $6.23 KrogerBlack Friday - The Shopping Network; Mooresville Discount Mattress Outlet & More; Family Dollar; Player's Performance Factory
Town & Country Shopping CenterNoblesville, IN100 %Indianapolis-Carmel-Anderson, IN1998 / 2023249,833100.0 %$2,028 $8.12 WalmartStaples; Dollar Tree
Falcon ValleyLenexa, KS100 %Kansas City, MO-KS2008 / 200976,784100.0 %$1,054 $13.73 Price ChopperN/A
Quivira CrossingsOverland Park, KS100 %Kansas City, MO-KS1996 / 2015123,19898.9 %$1,619 $13.29 Price ChopperN/A
Wyandotte PlazaKansas City, KS100 %Kansas City, MO-KS1961 / 2015173,757100.0 %$2,031 $11.69 Price ChopperMarshalls; PetSmart; Dollar Tree
Central StationLouisville, KY100 %Louisville/Jefferson County, KY-IN2005 / 2018152,463100.0 %$1,706 $11.19 KrogerPlanet Fitness
Chinoe CenterLexington, KY100 %Lexington-Fayette, KY1984 / 2023111,78198.5 %$1,317 $11.96 KrogerExceptional Living Centers
Meadowthorpe Manor ShoppesLexington, KY100 %Lexington-Fayette, KY1989 / 2022117,126100.0 %$1,204 $10.28 KrogerN/A
Town Fair CenterLouisville, KY100 %Louisville/Jefferson County, KY-IN1988 / 2019234,291100.0 %$2,686 $11.47 N/AMalibu Jack's; Staples; Michaels; Petco; Five Below
Atlantic PlazaNorth Reading, MA100 %Boston-Cambridge-Newton, MA-NH1959 / 2014126,384100.0 %$2,396 $18.96 Stop & ShopCowabungas; One Stop Liquors
Carriagetown MarketplaceAmesbury, MA100 %Boston-Cambridge-Newton, MA-NH200096,47296.5 %$1,744 $18.73 Stop & ShopN/A
Phillips Edison & Company
49



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Cushing PlazaCohasset, MA14 %Boston-Cambridge-Newton, MA-NH1997 / 200071,210100.0 %$1,356 $19.05 Shaw's SupermarketWalgreens
Five Town PlazaSpringfield, MA100 %Springfield, MA1970 / 2019327,30397.3 %$4,274 $13.42 Big YBurlington Coat Factory; Big Lots; Best Fitness
Northwoods CrossingTaunton, MA100 %Providence-Warwick, RI-MA2003 / 2022158,978100.0 %$2,133 $13.42 BJ's Wholesale ClubTractor Supply; Dollar Tree
Shaw's Plaza EastonEaston, MA100 %Providence-Warwick, RI-MA1984 / 2004104,92395.4 %$1,289 $12.87 Shaw's SupermarketWalgreens
Shaw's Plaza HanoverHanover, MA100 %Boston-Cambridge-Newton, MA-NH1994 / 200057,181100.0 %$832 $14.54 Shaw's SupermarketN/A
Shaw's Plaza RaynhamRaynham, MA100 %Providence-Warwick, RI-MA1965 / 2022177,82897.0 %$2,843 $16.48 Shaw's SupermarketMarshalls; PetSmart; CVS
Sudbury CrossingSudbury, MA100 %Boston-Cambridge-Newton, MA-NH1984 / 202189,95286.1 %$1,348 $17.40 Sudbury Farms (shadow)T.J.Maxx; The Goddard School; Dollar Tree
Burwood Village CenterGlen Burnie, MD100 %Baltimore-Columbia-Towson, MD1971101,144100.0 %$1,860 $18.39 Food LionDollar General; CVS
Collington PlazaBowie, MD100 %Washington-Arlington-Alexandria, DC-VA-MD-WV1996121,932100.0 %$2,753 $22.58 GiantN/A
LaPlata PlazaLa Plata, MD100 %Washington-Arlington-Alexandria, DC-VA-MD-WV2003 / 2019123,560100.0 %$2,707 $21.91 SafewayPetco
Rosewick CrossingLa Plata, MD100 %Washington-Arlington-Alexandria, DC-VA-MD-WV2008116,05798.0 %$2,465 $21.67 GiantN/A
Bear Creek PlazaPetoskey, MI100 %N/A1998 / 2018311,933100.0 %$2,110 $6.76 WalmartMarshalls; OfficeMax; HomeGoods; Five Below
Cherry Hill MarketplaceWestland, MI100 %Detroit-Warren-Dearborn, MI1992 / 2017120,56897.7 %$1,510 $12.81 KrogerAce Hardware; CVS
Livonia PlazaLivonia, MI100 %Detroit-Warren-Dearborn, MI1988 / 2014137,20582.7 %$1,549 $13.66 KrogerN/A
Milan PlazaMilan, MI100 %Ann Arbor, MI1960 / 201861,35797.8 %$360 $5.99 KrogerAce Hardware
Orchard SquareWashington Township, MI100 %Detroit-Warren-Dearborn, MI1999 / 201192,45098.7 %$1,285 $14.08 KrogerN/A
Phillips Edison & Company
50



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
12 West MarketplaceLitchfield, MN100 %N/A1989 / 201082,911100.0 %$378 $4.56 Family FareRunning's Farm and Fleet
Albertville CrossingAlbertville, MN14 %Minneapolis-St. Paul-Bloomington, MN-WI2002 / 201899,01398.4 %$1,434 $14.73 Coborn'sN/A
Apache ShoppesRochester, MN100 %Rochester, MN200557,49167.8 %$672 $17.26 Trader Joe'sN/A
Cahill PlazaInver Grove Heights, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1995 / 202069,000100.0 %$724 $10.50 Cub FoodsN/A
Centennial Lakes PlazaEdina, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1989 / 2022193,82696.5 %$4,443 $23.76 Whole Foods MarketHomeGoods; La-Z-Boy Furniture Galleries; Office Depot; JUUT SalonSpa
Crossroads of ShakopeeShakopee, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1998140,94997.1 %$2,134 $15.59 Cub FoodsN/A
Hastings MarketplaceHastings, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI200297,53596.7 %$1,282 $13.60 Cub FoodsN/A
New Prague CommonsNew Prague, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI2008 / 201973,41598.4 %$1,212 $16.78 Coborn'sN/A
Normandale VillageBloomington, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1973 / 2017140,40095.4 %$1,853 $13.83 Lunds & ByerlysAce Hardware
Northstar MarketplaceRamsey, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI2004 / 2023103,42889.1 %$1,445 $15.68 Coborn'sN/A
Savage Town SquareSavage, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI200387,181100.0 %$1,349 $15.48 Cub FoodsN/A
Waterford Park PlazaPlymouth, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1989 / 2023127,57290.9 %$1,681 $14.49 Cub FoodsN/A
West Village CenterChanhassen, MN100 %Minneapolis-St. Paul-Bloomington, MN-WI1994 / 2021141,77299.2 %$2,409 $17.13 Lunds & ByerlysOfficeMax
South Oaks PlazaSt. Louis, MO100 %St. Louis, MO-IL1969 / 2021112,300100.0 %$986 $8.78 N/AKloss Furniture; Michaels; Walgreens
Southfield CenterSt. Louis, MO100 %St. Louis, MO-IL1987 / 2021109,39796.3 %$1,613 $15.30 SchnucksN/A
Chapel Hill North CenterChapel Hill, NC100 %Durham-Chapel Hill, NC199896,29096.7 %$1,563 $16.79 Harris TeeterN/A
Crossroads PlazaAsheboro, NC100 %Greensboro-High Point, NC1984 / 201651,440100.0 %$418 $8.13 Food LionN/A
Cureton Town CenterWaxhaw, NC100 %Charlotte-Concord-Gastonia, NC-SC2006 / 201895,577100.0 %$2,081 $21.77 Harris TeeterN/A
Edgecombe SquareTarboro, NC100 %Rocky Mount, NC1990 / 201381,070100.0 %$493 $6.08 Food LionFarmers Home Furniture
Phillips Edison & Company
51



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Harrison PointeCary, NC14 %Raleigh-Cary, NC2002 / 2016136,447100.0 %$2,113 $15.49 Harris TeeterStaples
Lumina CommonsWilmington, NC100 %Wilmington, NC1974 / 200780,772100.0 %$1,329 $16.45 Harris TeeterN/A
Northside PlazaClinton, NC100 %N/A1982 / 201579,86595.0 %$604 $7.95 Food LionFarmers Home Furniture
The Shoppes at Ardrey KellCharlotte, NC14 %Charlotte-Concord-Gastonia, NC-SC200882,119100.0 %$1,500 $18.26 Harris TeeterN/A
Tramway CrossingSanford, NC100 %Sanford, NC199662,382100.0 %$751 $12.04 Food LionN/A
Windsor CenterDallas, NC100%Charlotte-Concord-Gastonia, NC-SC1974 / 201580,54084.5 %$609 $8.95 N/ASouthern States Cooperative; Desirable Dynamics
Plaza 23Pompton Plains, NJ100 %New York-Newark-Jersey City, NY-NJ-PA1963 / 2021169,478100.0 %$4,256 $25.11 Stop & ShopT.J.Maxx; HomeGoods
Coronado CenterSanta Fe, NM100 %Santa Fe, NM1964 / 2019116,005100.0 %$2,071 $17.85 Trader Joe'sNew Mexico Bike N Sport; Party City; Empire Sushi Buffet; Dollar Tree
Pavilions at San MateoAlbuquerque, NM100 %Albuquerque, NM1997 / 2012148,74996.7 %$2,405 $16.72 Walmart Neighborhood MarketShoe Dept.; Old Navy; Boofys Best for Pets; Dollar Tree
Plaza FarmingtonFarmington, NM100 %Farmington, NM2004138,955100.0 %$1,453 $10.45 SafewayT.J.Maxx; Best Buy; Petco
Crossroads Towne CenterNorth Las Vegas, NV100 %Las Vegas-Henderson-Paradise, NV2007 / 2021148,71991.9 %$4,446 $32.53 Walmart (shadow)Planet Fitness; Salon Boutique
Green Valley PlazaHenderson, NV100 %Las Vegas-Henderson-Paradise, NV1978 / 198289,332100.0 %$2,024 $22.65 Trader Joe'sDollar Tree; Big 5 Sporting Goods
Rainbow PlazaLas Vegas, NV100 %Las Vegas-Henderson-Paradise, NV1989 / 2022144,845100.0 %$2,573 $17.76 AlbertsonsRoss Dress for Less; Home Depot (Shadow)
Southwest MarketplaceLas Vegas, NV100 %Las Vegas-Henderson-Paradise, NV2008 / 2017127,85297.3 %$3,657 $29.39 Smith'sN/A
Sprouts PlazaLas Vegas, NV100 %Las Vegas-Henderson-Paradise, NV1995 / 2022112,580100.0 %$2,307 $20.49 Sprouts Farmers MarketGoodwill; Advance Auto Parts; Home Depot (Shadow)
University PlazaAmherst, NY100 %Buffalo-Cheektowaga, NY1980 / 2020163,38889.6 %$1,711 $11.69 Tops MarketsAmherst Theatre; DaVita Dialysis; NAPA Auto Parts
Beavercreek Towne CenterBeavercreek, OH100 %Dayton-Kettering, OH1994 / 2019366,41699.6 %$3,623 $9.93 Fresh ThymeLowe's; Kohl's; Ashley Furniture HomeStore; T.J.Maxx; Shoe Carnival
East Side SquareSpringfield, OH100 %Springfield, OH20078,400100.0 %$164 $19.49 Walmart (shadow)N/A
Phillips Edison & Company
52



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Fairfield CrossingBeavercreek, OH100 %Dayton-Kettering, OH199471,170100.0 %$1,456 $20.45 Walmart (shadow)Office Depot; Pet Supplies Plus
Fairlawn Town CentreFairlawn, OH100 %Akron, OH1962 / 2012339,06795.9 %$4,510 $13.86 Giant Eagle; Marc'sU.S. Post Office; Ashley Furniture HomeStore; HomeGoods; Lucky Shoes; Chuck E. Cheese; Pet Supplies Plus
Flag City StationFindlay, OH100 %Findlay, OH1992 / 2020250,449100.0 %$1,474 $5.89 WalmartT.J.Maxx; PetSmart
Forest Park SquareCincinnati, OH100 %Cincinnati, OH-KY-IN1988 / 201892,824100.0 %$1,021 $11.00 KrogerN/A
Georgesville SquareColumbus, OH14 %Columbus, OH1996 / 2017270,04597.8 %$2,442 $9.25 KrogerLowe's
Glenwood CrossingCincinnati, OH100 %Cincinnati, OH-KY-IN1999 / 2015101,02197.6 %$709 $7.19 KrogerDollar Tree
Goshen StationGoshen, OH100 %Cincinnati, OH-KY-IN1973 / 200353,802100.0 %$592 $11.00 KrogerN/A
Hartville CentreHartville, OH100 %Canton-Massillon, OH1988 / 2008106,05196.9 %$1,296 $12.61 Giant EagleN/A
Harvest PlazaAkron, OH100 %Akron, OH1974 / 201575,866100.0 %$759 $10.00 Giant EagleN/A
Lakewood City CenterLakewood, OH100 %Cleveland-Elyria, OH1991 / 201167,280100.0 %$1,170 $17.40 Marc'sPet Supplies Plus
Monfort HeightsCincinnati, OH100 %Cincinnati, OH-KY-IN1987 / 201554,920100.0 %$505 $9.20 KrogerN/A
Sheffield CrossingSheffield Village, OH100 %Cleveland-Elyria, OH1989 / 2013113,68892.3 %$1,411 $13.45 Giant EagleN/A
Shoregate Town CenterWillowick, OH100 %Cleveland-Elyria, OH1958 / 2022289,43199.1 %$2,734 $9.53 Giant Eagle; Marc'sGoodwill; Planet Fitness; Ace Hardware; Aaron's; Dollar General; Pet Supplies Plus
Sidney Towne CenterSidney, OH100 %Sidney, OH1981 / 2007115,776100.0 %$614 $5.31 KrogerN/A
Snow View PlazaParma, OH100 %Cleveland-Elyria, OH198197,14793.8 %$1,248 $13.69 Giant EagleKumo Japanese
Sulphur GroveHuber Heights, OH100 %Dayton-Kettering, OH200419,570100.0 %$336 $17.18 Walmart (shadow)N/A
Trader Joe's CenterDublin, OH100 %Columbus, OH198675,506100.0 %$1,481 $19.62 Trader Joe'sN/A
East Burnside PlazaPortland, OR100 %Portland-Vancouver-Hillsboro, OR-WA1955 / 199938,36397.1 %$731 $19.63 Quality Food CentersN/A
Highland FairGresham, OR100 %Portland-Vancouver-Hillsboro, OR-WA1984 / 201372,19595.3 %$1,060 $15.40 SafewayN/A
Phillips Edison & Company
53



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Hilfiker Shopping CenterSalem, OR100 %Salem, OR1984 / 201138,558100.0 %$778 $20.17 Trader Joe'sPetco; Ulta
Sunset Shopping CenterCorvallis, OR100 %Corvallis, OR1998 / 2023166,87394.8 %$2,491 $15.75 SafewayBI-MART; The Car Pool Car Wash
Edgewood Towne CenterEdgewood, PA100 %Pittsburgh, PA1990 / 2021342,61095.4 %$4,116 $12.59 Giant EagleGiant Eagle; Planet Fitness; Aaron's; BioLife Plasma Services; Citi Trends; Fox Beauty Supply
Fairview PlazaNew Cumberland, PA100 %York-Hanover, PA1992 / 199971,979100.0 %$994 $13.81 Giant Food StoresN/A
Northtowne SquareGibsonia, PA14 %Pittsburgh, PA1993 / 2003113,37296.9 %$1,039 $9.46 Giant EagleN/A
Palmer Town CenterEaston, PA100 %Allentown-Bethlehem-Easton, PA-NJ2005153,02094.7 %$2,650 $18.28 Giant Food StoresMarshalls
Townfair CenterIndiana, PA100 %Indiana, PA1995 / 2016218,610100.0 %$2,130 $9.74 Giant EagleLowe's; Michaels
Yorktown CentreMillcreek Township, PA100 %Erie, PA1989 / 2020198,418100.0 %$2,226 $11.22 Giant EagleSaint Vincent Hospital; A Bridge to Independence
CenterpointEasley, SC100 %Greenville-Anderson, SC200272,287100.0 %$951 $13.15 PublixN/A
Hampton VillageTaylors, SC100 %Greenville-Anderson, SC1959 / 2019129,188100.0 %$1,784 $13.81 PublixBurkes Outlet
Murray LandingColumbia, SC100 %Columbia, SC2003 / 201668,798100.0 %$1,122 $16.31 PublixN/A
North Pointe PlazaNorth Charleston, SC100 %Charleston-North Charleston, SC1989 / 2022373,52099.3 %$3,074 $8.29 WalmartCarpet To Go Flooring; FIT Life Health Clubs; Dollar Tree; Atlantic Bedding & Furniture; Petco; City Gear
Palmetto PavilionNorth Charleston, SC100 %Charleston-North Charleston, SC200366,428100.0 %$1,021 $15.36 PublixN/A
Stockbridge CommonsFort Mill, SC14 %Charlotte-Concord-Gastonia, NC-SC2003 / 201299,473100.0 %$1,837 $18.47 Harris TeeterN/A
Summerville GalleriaSummerville, SC100 %Charleston-North Charleston, SC1989 / 2014106,390100.0 %$1,491 $14.02 Food LionN/A
The Fresh Market CommonsPawleys Island, SC100 %Georgetown, SC2011 / 201432,325100.0 %$697 $21.56 The Fresh MarketN/A
Hamilton VillageChattanooga, TN100 %Chattanooga, TN-GA1989 / 2021429,325100.0 %$3,365 $7.84 ALDI; WalmartUrban Air Adventure Park; Gabe's; Big Lots; Boot Barn
Phillips Edison & Company
54



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Hickory PlazaNashville, TN100 %Nashville-Davidson--Murfreesboro--Franklin, TN1974 / 202072,136100.0 %$884 $12.25 KrogerN/A
Lynnwood PlaceJackson, TN100 %Jackson, TN1986 / 201396,66696.9 %$889 $9.49 KrogerFitness 1440
Providence CommonsMt. Juliet, TN100 %Nashville-Davidson--Murfreesboro--Franklin, TN2009110,137100.0 %$2,041 $18.53 PublixFive Below
Willowbrook CommonsNashville, TN100 %Nashville-Davidson--Murfreesboro--Franklin, TN200593,600100.0 %$1,011 $10.80 KrogerN/A
Cinco Ranch at Market CenterKaty, TX100 %Houston-The Woodlands-Sugar Land, TX2007 / 2023104,79494.3 %$2,155 $21.82 Super Target (shadow)HomeGoods; Michaels; OfficeMax
Commerce SquareBrownwood, TX100 %Brownwood, TX1969 / 2022162,39396.8 %$1,461 $9.71 ALDIT.J.Maxx; Burkes Outlet; Boot Barn Western and Work Wear; Harbor Freight Tools
Coppell Market CenterCoppell, TX100 %Dallas-Fort Worth-Arlington, TX200890,225100.0 %$1,549 $17.17 Market Street UnitedN/A
Hickory Creek PlazaDenton, TX100 %Dallas-Fort Worth-Arlington, TX200728,13289.0 %$677 $27.05 Kroger (shadow)N/A
Kirkwood Market PlaceHouston, TX100 %Houston-The Woodlands-Sugar Land, TX1979 / 201280,22098.5 %$1,621 $20.52 N/A
Kleinwood CenterSpring, TX100 %Houston-The Woodlands-Sugar Land, TX2003152,900100.0 %$3,393 $22.19 H-E-BN/A
Lake Pointe MarketRowlett, TX100 %Dallas-Fort Worth-Arlington, TX200240,60896.8 %$1,033 $26.30 Tom Thumb (shadow)N/A
Mansfield Market CenterMansfield, TX100 %Dallas-Fort Worth-Arlington, TX201555,353100.0 %$1,410 $25.47 Sprouts Farmers MarketN/A
Mayfair VillageHurst, TX100 %Dallas-Fort Worth-Arlington, TX1981 / 2022230,77898.4 %$2,734 $12.04 Tom ThumbOllie's Bargain Outlet; Bealls; Planet Fitness
McKinney Market StreetMckinney, TX100 %Dallas-Fort Worth-Arlington, TX2003 / 201796,83098.7 %$2,018 $21.10 Market Street UnitedN/A
Memorial at KirkwoodHouston, TX100 %Houston-The Woodlands-Sugar Land, TX1979 / 2018104,887100.0 %$2,080 $19.83 N/ADollar Tree
Murphy MarketplaceMurphy, TX100 %Dallas-Fort Worth-Arlington, TX2008 / 2021227,203100.0 %$5,377 $23.67 Sprouts Farmers Market24 Hour Fitness; Michaels
Northpark VillageLubbock, TX100 %Lubbock, TX199070,47998.0 %$755 $10.92 United SupermarketsN/A
Oak Meadows MarketplaceGeorgetown, TX100 %Austin-Round Rock-Georgetown, TX201878,84198.1 %$1,550 $20.03 RandallsN/A
Phillips Edison & Company
55



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Plano Market StreetPlano, TX100 %Dallas-Fort Worth-Arlington, TX2009166,97896.4 %$3,633 $22.56 Market Street UnitedToni & Guy Academy
Riverpark Shopping CenterSugar Land, TX100 %Houston-The Woodlands-Sugar Land, TX2003317,33179.7 %$5,482 $21.67 H-E-BLA Fitness; Dollar Tree; Walgreens
Seville CommonsArlington, TX100 %Dallas-Fort Worth-Arlington, TX1987 / 2022112,42198.1 %$1,629 $14.77 Walmart Neighborhood MarketN/A
Spring Cypress VillageHouston, TX100 %Houston-The Woodlands-Sugar Land, TX1982 / 2012102,75891.8 %$1,867 $19.80 Sprouts Farmers MarketSpec's Liquor; Lumiere Nail Studios & Salon Park
Stone Gate PlazaCrowley, TX100 %Dallas-Fort Worth-Arlington, TX200390,67598.5 %$1,072 $12.00 KrogerN/A
Suntree SquareSouthlake, TX100 %Dallas-Fort Worth-Arlington, TX200099,26997.1 %$1,574 $16.33 Tom ThumbN/A
Towne Crossing Shopping CenterMesquite, TX100 %Dallas-Fort Worth-Arlington, TX1984 / 2016165,41995.9 %$1,974 $12.44 KrogerWSS; Citi Trends; Kids Empire; CSL Plasma
Hillside - WestHillside, UT100 %Salt Lake City, UT200614,550100.0 %$461 $31.68 N/AWalgreens
Ashburn Farm Market CenterAshburn, VA100 %Washington-Arlington-Alexandria, DC-VA-MD-WV200091,90597.6 %$2,786 $31.08 GiantN/A
Birdneck Shopping CenterVirginia Beach, VA100 %Virginia Beach-Norfolk-Newport News, VA-NC1987 / 201765,55498.2 %$608 $9.45 Food LionN/A
Cascades OverlookSterling, VA100 %Washington-Arlington-Alexandria, DC-VA-MD-WV2016150,84195.8 %$4,434 $30.69 Harris TeeterN/A
Courthouse MarketplaceVirginia Beach, VA100 %Virginia Beach-Norfolk-Newport News, VA-NC2005102,56395.1 %$1,683 $17.25 Harris TeeterN/A
Dunlop VillageColonial Heights, VA100 %Richmond, VA1987 / 201277,315100.0 %$810 $10.48 Food LionAce Hardware
Lakeside PlazaSalem, VA100 %Roanoke, VA198882,894100.0 %$936 $11.29 KrogerNAPA Auto Parts
Nordan Shopping CenterDanville, VA100 %Danville, VA1961 / 2015135,35881.4 %$870 $7.89 Walmart Neighborhood MarketIt's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections
Statler SquareStaunton, VA100 %Staunton, VA1989 / 1997134,66096.0 %$1,252 $9.68 KrogerStaples; Petco
Staunton PlazaStaunton, VA100 %Staunton, VA200680,266100.0 %$1,460 $18.20 Martin'sN/A
Stonewall PlazaWinchester, VA100 %Winchester, VA-WV2007118,58497.1 %$2,548 $22.14 Martin'sDollar Tree
Phillips Edison & Company
56



Property List
Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated)
Property NameLocationOwnership PercentageCBSAYear Constructed/ RenovatedGLA% Leased ABR ABR PSFGrocery AnchorAdditional Anchors
Village at WaterfordMidlothian, VA100 %Richmond, VA1991 / 201678,61198.0 %$807 $10.48 Food LionN/A
Waynesboro PlazaWaynesboro, VA100 %Staunton, VA200576,534100.0 %$1,364 $17.82 Martin'sN/A
Winchester GatewayWinchester, VA100 %Winchester, VA-WV2006163,58598.8 %$3,164 $19.58 Martin'sEast Coast Gymnastics and Cheer; Ridgeside K9 Winchester
Claremont VillageEverett, WA100 %Seattle-Tacoma-Bellevue, WA1994 / 201286,497100.0 %$1,534 $17.74 Quality Food CentersAce Hardware
The OrchardsYakima, WA100 %Yakima, WA200286,407100.0 %$1,355 $15.69 Rosauers SupermarketsN/A
Fairacres Shopping CenterOshkosh, WI100 %Oshkosh-Neenah, WI1992 / 201685,523100.0 %$1,018 $11.90 Pick 'n SaveO-Town Iron
Franklin CentreFranklin, WI100 %Milwaukee-Waukesha, WI1994 / 2018120,068100.0 %$1,187 $9.88 Pick 'n SaveGalleria Furniture
Glenwood CrossingsKenosha, WI100 %Chicago-Naperville-Elgin, IL-IN-WI1992 / 201887,11596.1 %$1,079 $12.89 Pick 'n SaveDollar Tree
Greentree CentreRacine, WI100 %Racine, WI1989 / 201878,011100.0 %$1,144 $14.67 Pick 'n SaveN/A
Kohl's OnalaskaOnalaska, WI100 %La Crosse-Onalaska, WI-MN1992 / 202186,432100.0 %$581 $6.72 N/AKohl's
Market Place at Pabst FarmsOconomowoc, WI100 %Milwaukee-Waukesha, WI2005 / 2020109,438100.0 %$2,103 $19.21 Metro MarketN/A
Point LoomisMilwaukee, WI100 %Milwaukee-Waukesha, WI1965 / 2022167,533100.0 %$1,063 $6.35 Pick 'n SaveKohl's
Village CenterRacine, WI100 %Racine, WI2002 / 2021240,84798.1 %$2,690 $11.39 Festival FoodsKohl's; Ulta
Village Square of DelafieldDelafield, WI100 %Milwaukee-Waukesha, WI2007 / 201781,63993.4 %$1,205 $15.80 Pick 'n SaveN/A
Total34,562,67797.2 %$511,050 $15.21 

(1)During the three months ended March 31, 2024, we acquired an outparcel adjacent to a property that is owned by our unconsolidated joint venture, GRP I. Therefore, the outparcel is an addition to our total property count.
Phillips Edison & Company
57










https://cdn.kscope.io/91f8a98b6568d03b9704c9a903fc2864-image8.jpg
ADDITIONAL DISCLOSURES
Quarter Ended March 31, 2024























Phillips Edison & Company
58



Earnings Guidance
Unaudited, in thousands (excluding per share amounts)
The following guidance is based upon PECO’s current view of existing market conditions and assumptions for the year ending December 31, 2024. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
1Q YTD2024E
 Three Months Ended March 31, 2024UpdatedPrevious
Net income per share$0.14$0.51 - $0.55$0.53 - $0.58
Nareit FFO per share$0.59$2.34 - $2.41$2.34 - $2.41
Core FFO per share$0.60$2.37 - $2.45$2.37 - $2.45
Same-Center NOI growth(1)
3.7%3.25% - 4.25%3.25% - 4.25%
Portfolio Activity
Acquisition activity, net$55,902$200,000 - $300,000$200,000 - $300,000
Other
Interest expense, net$23,335$98,000 - $106,000$95,000 - $105,000
G&A expense$11,813$45,000 - $49,000$45,000 - $49,000
Non-cash revenue items(2)
$3,785$14,500 - $18,500$14,500 - $18,500
Adjustments for collectibility$1,837$4,000 - 5,000$4,000 - 5,000
2024E
Lower RangeUpper Range
Reconciliation
Net income per common share$0.51 $0.55 
Depreciation and amortization of real estate assets1.81 1.83 
Gain on sale of real estate assets— — 
Adjustments related to unconsolidated joint ventures0.02 0.03 
Nareit FFO per common share$2.34 $2.41 
Depreciation and amortization of corporate assets0.01 0.01 
Transaction costs and other0.02 0.03 
Core FFO per common share$2.37 $2.45 
1)The Company does not provide a reconciliation for Same-Center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to our results without unreasonable effort.
2)Represents straight-line rental income and net amortization of above- and below-market leases.






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Components of Net Asset Value
Unaudited, dollars and shares in thousands
Three Months Ended
 March 31, 2024
Supplement Page As of
 March 31, 2024
Supplement Page
NOI FOR REAL ESTATE INVESTMENTS(1)
$110,345 OTHER ASSETS
Cash and cash equivalents$5,631 
ADJUSTMENTS TO NOIRestricted cash4,466 
NOI adjustments for Q1 acquisitions/dispositions(2)
$837 Accounts receivable, net49,164 
Prepaid expenses and other assets11,383 
Quarterly impact of ABR from leases signed but not yet paying rent as of March 31, 2024
2,121 Derivative assets15,271 
Investment in third parties6,888 
Pro rata NOI from Joint Ventures1,044 Investment in marketable securities8,903 
Total value of other assets$101,706 
INVESTMENT MANAGEMENT BUSINESS
Fees and management income$2,565 LIABILITIES
Property operating expenses related to fees and management income1,026 Debt obligations$2,031,701 
Accounts payable and other liabilities102,162 
Share of joint venture income recorded in Other Expense, Net29 Total value of liabilities$2,133,863 
EQUITY
    Common shares and OP units outstanding136,065 
JOINT VENTURES
Pro rata share of debt$24,358 
DEVELOPMENT AND REDEVELOPMENT
Costs incurred to date$13,533 
Estimated remaining costs to be incurred8,150 
Underwritten incremental unlevered yield9%-12%
(1)Represents total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes for all real estate properties.
(2)Removes NOI related to disposed properties and adjusts NOI for acquired properties to represent a full period.


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Glossary of Terms
TermDefinition
Anchor space
A space greater than or equal to 10,000 square feet of gross leasable area (GLA).
Annualized base rent (ABR)Refers to the monthly contractual base rent as of the end of the applicable reporting period multiplied by twelve months.
ABR Per Square Foot (PSF)ABR divided by leased GLA. Increases in ABR PSF can be an indication of our ability to create rental rate growth in our centers, as well as an indication of demand for our spaces, which generally provides us with greater leverage during lease negotiations.
Cap rateEstimated in-place NOI for the property divided by the property’s contractual purchase or sale price.
Comparable leaseRefers to a lease with consistent terms that is executed for substantially the same space that has been vacant less than twelve months.
Comparable rent spread
Calculated as the percentage increase or decrease in first-year ABR (excluding any free rent or escalations) on new, renewal, and option leases where the lease was considered a comparable lease. This metric provides an indication of our ability to generate revenue growth through leasing activity.
Cost of executing new leases
Refers to certain costs associated with new leasing, namely, tenant improvement costs and tenant concessions.
EBITDAre, and Adjusted EBITDAre (collectively, “EBITDAre metrics”)(1)
Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.

To arrive at Adjusted EBITDAre, we exclude certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i) changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) amortization of basis differences in our investments in our unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.

We use EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow us to compare earnings independent of capital structure and evaluate debt leverage and fixed cost coverage.
Equity market capitalizationThe total dollar value of all outstanding shares using the closing price for the applicable date.
Grocer health ratioAmount of annual rent and expense recoveries paid by the Neighbor as a percentage of gross sales. Low grocer health ratios provide us with the knowledge to manage our rents effectively while seeking to ensure the financial stability of our grocery anchors.
Gross leasable area (GLA)
The total occupied and unoccupied square footage of a building that is available for Neighbors or other retailers to lease.
Inline spaceA space containing less than 10,000 square feet of GLA.
Leased occupancy
Calculated as the percentage of total GLA for which a lease has been signed regardless of whether the lease has commenced or the Neighbor has taken possession. High occupancy is an indicator of demand for our spaces, which generally provides us with greater leverage during lease negotiations.
NareitNational Association of Real Estate Investment Trusts.
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Glossary of Terms
Nareit Funds from Operations Attributable to Stockholders and OP Unit Holders (Nareit FFO), Core FFO Attributable to Stockholders and OP Unit Holders (Core FFO), and Adjusted FFO Attributable to Stockholders and OP Unit Holders (Adjusted FFO)(1)
Nareit defines Funds from Operations ("FFO") as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures; and (iv) adjustments for unconsolidated partnerships and joint ventures, calculated to reflect FFO on the same basis. We believe FFO provides insight into our operating performance as it excludes certain items that are not indicative of such performance.

Core FFO is calculated as Nareit FFO adjusted to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) amortization of unconsolidated joint venture basis differences; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income. Core FFO provides further insight into the sustainability of our operating performance and provides an additional measure to compare our performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss).

Adjusted FFO is calculated as Core FFO adjusted to exclude: (i) straight-line rent and non-cash adjustments, such as amortization of market lease adjustments, debt discounts, deferred financing costs, and market debt adjustments; (ii) recurring capital expenditures, tenant improvement costs, and leasing commissions; (iii) non-cash share-based compensation expenses; and (iv) our prorated share of the aforementioned adjustments for our unconsolidated joint ventures. Adjusted FFO provides further insight into our portfolio performance by focusing on the revenues and expenditures directly involved in our operations and the management of our entire real estate portfolio. Recurring property-related capital expenditures are costs to maintain properties and their common areas, including new roofs, paving of parking lots, and other general upkeep items, and recurring corporate capital expenditures are primarily costs for computer software and equipment.
NeighborIn reference to one of our tenants.
Net debtTotal debt, excluding discounts, market adjustments, and deferred financing expenses, less cash and cash equivalents.
Net debt to adjusted EBITDAre(1)
Calculated by dividing net debt by Adjusted EBITDAre (included on an annualized basis within the calculation). It provides insight into our leverage rate based on earnings and is not impacted by fluctuations in our equity price.
Net debt to total enterprise value(1)
Ratio is calculated by dividing net debt by total enterprise value. It provides insight into our capital structure and usage of debt.
Net operating income (NOI)(1)
Calculated as total operating revenues, adjusted to exclude non-cash revenue items, less property operating expenses and real estate taxes. NOI provides insight about our financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss).
Portfolio retention rate
Calculated by dividing (i) the total square feet of retained Neighbors with current period lease expirations by (ii) the total square feet of leases expiring during the period. The portfolio retention rate provides insight into our ability to retain Neighbors at our shopping centers as their leases approach expiration. Generally, the costs to retain an existing Neighbor are lower than costs to replace with a new Neighbor.
Recovery rate
Calculated by dividing (i) total recovery income by (ii) total recoverable expenses during the period. A high recovery rate is an indicator of our ability to recover certain property operating expenses and capital costs from our Neighbors.
RedevelopmentLarger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects typically are accompanied with new construction and site infrastructure costs.
Same-Center
Refers to a property, or portfolio of properties, that has been owned and operational for the entirety of each reporting period (i.e., since January 1, 2023).
Total enterprise valueNet debt plus equity market capitalization on a fully diluted basis.
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Glossary of Terms
Underwritten incremental unlevered yieldReflects the yield we target to generate from a project upon expected stabilization and is calculated as the estimated incremental NOI for a project at stabilization divided by its estimated net project investment. The estimated incremental NOI is the difference between the estimated annualized NOI we target to generate by a project upon stabilization and the estimated annualized NOI without the planned improvements. Underwritten incremental unlevered yield does not include peripheral impacts, such as lease rollover risk or the impact on the long term value of the property upon sale or disposition. Actual incremental yields may vary from our underwritten incremental yield range based on the actual total cost to complete a project and its actual incremental NOI at stabilization.
(1)Supplemental, non-GAAP performance measures. See the "Introductory Notes" section above for more information on the limitations of non-GAAP performance measures.


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Investor Information
ANALYST COVERAGE
BofA SecuritiesJeff Spectorjeff.spector@bofa.com
BMO Capital MarketsJuan SanabriaJuan.sanabria@bmo.com
Compass Point Research & TradingFloris van Dijkum
fvandijkum@compasspointllc.com
Deutsche BankTayo Okusanyaomotayo.okusanya@db.com
Goldman SachsCaitlin Burrowscaitlin.burrows@gs.com
Green Street AdvisorsPaulina Rojas-Schmidtprojasschmidt@greenstreet.com
JPMorganMichael Muellermichael.w.mueller@jpmorgan.com
KeyBancTodd Thomastthomas@key.com
Mizuho Securities USAHaendel St. JusteHaendel.St.Juste@mizuhogroup.com
Morgan StanleyRonald KamdemRonald.Kamdem@morganstanley.com
Wells FargoDori KestenDori.Kesten@wellsfargo.com
Wolfe ResearchAndrew RosivachARosivach@wolferesearch.com
CONTACT INFORMATION
Investor Relations
Kimberly GreenHannah Harper
Head of Investor RelationsManager of Investor Relations
kgreen@phillipsedison.comhharper@phillipsedison.com
(513) 538-4380(513) 824-7122


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