8-K
Phillips Edison & Company, Inc. (PECO)
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): February 8, 2024
Phillips Edison & Company, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 000-54691 | 27-1106076 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 11501 Northlake Drive<br><br>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 class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock<br>$0.01 par value per share | PECO | The 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 February 8, 2024, Phillips Edison & Company, Inc. (the “Company”) issued a press release announcing its results for the quarter and year ended December 31, 2023 and provided its full year 2024 guidance. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. A copy of the Company’s Fourth Quarter 2023 Supplemental Disclosure is attached hereto as Exhibit 99.2 and incorporated herein by reference. The Company will host a conference call on Friday, February 9, 2024, at 12:00 p.m. Eastern Time to discuss the fourth quarter and year-end 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/222360532, 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 Number | Description of Exhibit |
|---|---|
| 99.1 | Press Release dated February 8, 2024 |
| 99.2 | Fourth Quarter 2023 Supplemental Disclosure |
| 104 | Cover 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: February 8, 2024 | By: | /s/ Jennifer L. Robison |
| Jennifer L. Robison | ||
| Chief Accounting Officer and Senior Vice President<br>(Principal Accounting Officer) |
Document
Phillips Edison & Company Reports Fourth Quarter
and Full Year 2023 Results; Increases 2024 Guidance
CINCINNATI - February 8, 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 December 31, 2023 and increased full year 2024 earnings guidance. For the fourth quarter and year ended December 31, 2023, net income attributable to stockholders was $13.5 million, or $0.11 per diluted share, and $56.8 million, or $0.48 per diluted share, respectively.
Highlights for the Fourth Quarter Ended December 31, 2023
•Reported Nareit FFO of $74.8 million, or $0.56 per diluted share, representing 6.0% year-over-year growth
•Reported Core FFO of $77.9 million, or $0.58 per diluted share, representing 4.9% year-over-year growth
•Increased full year 2024 Nareit FFO and Core FFO guidance to a range 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 Core FFO guidance represents 3.0% year-over-year growth
•Increased same-center NOI by 3.6%
•Reported leased portfolio occupancy of 97.4% and leased inline occupancy of 94.7%
•Executed comparable renewal leases during the quarter at a rent spread of 14.2%
•Executed comparable new leases during the quarter at a rent spread of 21.9%
•Generated net proceeds of $77.5 million through the issuance of 2.2 million common shares at a gross weighted average price of $35.92 per common share through the Company’s ATM program
•Acquired six shopping centers and two outparcels for a total of $186.4 million
Highlights for the Year Ended December 31, 2023
•Reported Nareit FFO of $299.5 million, or $2.25 per diluted share, representing 6.7% year-over-year growth
•Reported Core FFO of $310.7 million, or $2.34 per diluted share, representing 5.2% year-over-year growth
•Increased same-center NOI by 4.2%
•Executed comparable renewal leases during the year at a rent spread of 16.2%
•Executed comparable new leases during the year at a rent spread of 25.2%
•Generated net proceeds of $147.6 million through the issuance of 4.2 million common shares at a gross weighted average price of $35.76 per common share through the Company’s ATM program
•Acquired 11 shopping centers, two outparcels and one land parcel for a total of $278.5 million, and sold three assets for a total of $6.3 million, for net acquisitions totaling $272.2 million
Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team continued our track record of delivering strong growth with same-center NOI increasing by 4.2% in 2023. The continued strong performance of our portfolio is driven by our high occupancy, strong leasing spreads, high retention and the many advantages of the suburban markets where we operate our grocery-anchored neighborhood shopping centers. Based on the continued strong operating environment and health of our Neighbors, we are pleased to increase our full year 2024 earnings guidance for Nareit and Core FFO.”
Financial Results for the Fourth Quarter and Year Ended December 31, 2023
Net Income
Fourth quarter 2023 net income attributable to stockholders totaled $13.5 million, or $0.11 per diluted share, compared to net income of $13.7 million, or $0.12 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, net income attributable to stockholders totaled $56.8 million, or $0.48 per diluted share, compared to $48.3 million, or $0.42 per diluted share, during the year ended December 31, 2022.
Nareit FFO
Fourth quarter 2023 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 6.0% to $74.8 million, or $0.56 per diluted share, from $70.6 million, or $0.54 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, Nareit FFO increased 6.7% to $299.5 million, or $2.25 per diluted share, from $280.7 million, or $2.15 per diluted share, during the year ended December 31, 2022.
Core FFO
Fourth quarter 2023 core funds from operations (“Core FFO”) increased 4.9% to $77.9 million, or $0.58 per diluted share, compared to $74.3 million, or $0.56 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, Core FFO increased 5.2% to $310.7 million, or $2.34 per diluted share, compared to $295.3 million, or $2.27 per diluted share, during the year ended December 31, 2022.
Same-Center NOI
Fourth quarter 2023 same-center net operating income (“NOI”) increased 3.6% to $99.3 million, compared to $95.8 million during the fourth quarter of 2022.
For the year ended December 31, 2023, same-center NOI improved 4.2% to $396.6 million, compared to $380.5 million during the year ended December 31, 2022.
Portfolio Overview for the Fourth Quarter and Year Ended December 31, 2023
Portfolio Statistics
As of December 31, 2023, PECO’s wholly-owned portfolio consisted of 281 properties, totaling approximately 32.2 million square feet, located in 31 states. This compared to 271 properties, totaling approximately 31.1 million square feet, located in 31 states as of December 31, 2022.
Leased portfolio occupancy remained high at 97.4% at December 31, 2023, compared to 97.4% at December 31, 2022.
Leased anchor occupancy totaled 98.9%, compared to 99.3% at December 31, 2022, and leased inline occupancy increased to 94.7%, compared to 93.8% at December 31, 2022.
Leasing Activity
During the fourth quarter of 2023, 217 leases were executed totaling 1.1 million square feet. This compared to 252 leases executed totaling 1.2 million square feet during the fourth quarter of 2022.
For the year ended December 31, 2023, 996 leases were executed totaling 4.7 million square feet. This compared to 1,001 leases executed totaling 4.8 million square feet during the same period in 2022.
Comparable rent spreads during the fourth quarter of 2023, which compare the percentage increase (or decrease) of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 21.9% for new leases, 14.2% for renewal leases and 15.4% combined.
Comparable rent spreads during the year ended December 31, 2023 were 25.2% for new leases, 16.2% for renewal leases and 17.9% combined.
Transaction Activity
During the fourth quarter ended December 31, 2023, the Company acquired six grocery-anchored shopping centers and two outparcels for a total of $186.4 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 fourth quarter 2023 shopping center acquisitions consisted of:
•Mansell Village, an 89,688 square foot shopping center anchored by Kroger located in an Atlanta, Georgia suburb.
•Riverpark Shopping Center, a 317,331 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.
•Apache Shoppes, a 60,665 square foot shopping center anchored by Trader Joe’s located in Rochester, Minnesota.
•Maple View, a 114,668 square foot shopping center anchored by Jewel-Osco located in a Chicago, Illinois suburb.
•Quail Pointe, a 98,366 square foot shopping center anchored by Trader Joe’s located in Sacramento, California.
•Glenbrook Marketplace, a 47,832 square foot shopping center located in a Chicago, Illinois suburb.
During the year ended December 31, 2023, the Company acquired eleven shopping centers, two outparcels and one land parcel for a total of $278.5 million. During the same period, one property and two outparcels were sold for a total of $6.3 million, resulting in net acquisitions totaling $272.2 million.
Balance Sheet Highlights
As of December 31, 2023, the Company had approximately $615 million of total liquidity, comprised of $8.9 million of cash, cash equivalents and restricted cash, plus $606.6 million of borrowing capacity available on its $800.0 million revolving credit facility.
As of December 31, 2023, the Company’s net debt to annualized adjusted EBITDAre was 5.1x. This compared to 5.3x at December 31, 2022.
As of December 31, 2023, the Company’s outstanding debt had a weighted-average interest rate of 4.2% and a weighted-average maturity of 4.1 years when including all extension options, and 77.6% of its total debt was fixed-rate debt.
During the year ended December 31, 2023, the Company generated net proceeds of $147.6 million after commissions through the issuance of 4.2 million common shares at a gross weighted average price of $35.76 per common share through its ATM program.
As previously announced, on January 12, 2024, the Company’s Operating Partnership entered into an interest rate swap pursuant to an International Swaps and Derivatives Association Master Agreement. The swap has a notional amount of $150.0 million and swaps the daily Secured Overnight Financing Rate for a fixed rate of approximately 3.45% effective September 25, 2024 and maturing December 31, 2025.
2024 Guidance
The Company updated its full year 2024 earnings guidance from its preliminary guidance provided in connection with its Investment Community Day.
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.
| Updated 2024 Guidance | Previous 2024 Guidance | |
|---|---|---|
| (in thousands, except per share amounts) | ||
| Net income per share | $0.53 - $0.58 | $0.50 - $0.55 |
| Nareit FFO per share | $2.34 - $2.41 | $2.33 - $2.40 |
| Core FFO per share | $2.37 - $2.45 | $2.36 - $2.44 |
| Same-Center NOI growth | 3.25% - 4.25% | 3.25% - 4.25% |
| Portfolio Activity: | ||
| Acquisitions, net | $200,000 - $300,000 | $200,000 - $300,000 |
| Other: | ||
| Interest expense, net | $95,000 - $105,000 | $104,000 - $112,000 |
| G&A expense | $45,000 - $49,000 | $45,000 - $49,000 |
| Non-cash revenue items(1) | $14,500 - $18,500 | $14,500 - $18,500 |
| Adjustments for collectibility | $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 End | High End | ||
|---|---|---|---|---|
| Net income per common share | $ | 0.53 | $ | 0.58 |
| Depreciation and amortization of real estate assets | 1.79 | 1.81 | ||
| Gain on sale of real estate assets | — | — | ||
| Adjustments related to unconsolidated joint ventures | 0.02 | 0.02 | ||
| Nareit FFO per common share | $ | 2.34 | $ | 2.41 |
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | ||
| Transaction costs and other | 0.02 | 0.03 | ||
| Core FFO per common share | $ | 2.37 | $ | 2.45 |
Conference Call Details
PECO will host a conference call and webcast on Friday, February 9, 2024 at 12:00 p.m. Eastern Time to discuss fourth quarter and full year 2023 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers, Chief Financial Officer John Caulfield and Managing Director of Investment Management Devin Murphy will host the conference call and webcast. Dial-in and webcast information is below.
Fourth Quarter and Full Year 2023 Earnings Conference Call Details:
Date: Friday, February 9, 2024
Time: 12:00 p.m. Eastern Time
Toll-Free Dial-In Number: (888) 210-4659
International Dial-In Number: (646) 960-0383
Conference ID: 2035308
Webcast: Fourth Quarter and Full Year 2023 Webcast Link
An audio replay of the webcast 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 2023 Annual Report on Form 10-K, to be filed with the SEC on or around February 12, 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 December 31, 2023, PECO managed 301 shopping centers, including 281 wholly-owned centers comprising 32.2 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture. PECO is exclusively 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, INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
(In thousands, except per share amounts)
| 2023 | 2022 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Investment in real estate: | ||||
| Land and improvements | $ | 1,768,487 | $ | 1,674,133 |
| Building and improvements | 3,818,184 | 3,572,146 | ||
| In-place lease assets | 495,525 | 471,507 | ||
| Above-market lease assets | 74,446 | 71,954 | ||
| Total investment in real estate assets | 6,156,642 | 5,789,740 | ||
| Accumulated depreciation and amortization | (1,540,551) | (1,316,743) | ||
| Net investment in real estate assets | 4,616,091 | 4,472,997 | ||
| Investment in unconsolidated joint ventures | 25,220 | 27,201 | ||
| Total investment in real estate assets, net | 4,641,311 | 4,500,198 | ||
| Cash and cash equivalents | 4,872 | 5,478 | ||
| Restricted cash | 4,006 | 11,871 | ||
| Goodwill | 29,066 | 29,066 | ||
| Other assets, net | 186,411 | 188,879 | ||
| Total assets | $ | 4,865,666 | $ | 4,735,492 |
| LIABILITIES AND EQUITY | ||||
| Liabilities: | ||||
| Debt obligations, net | $ | 1,969,272 | $ | 1,896,594 |
| Below-market lease liabilities, net | 108,223 | 109,799 | ||
| Accounts payable and other liabilities | 116,461 | 113,185 | ||
| Deferred income | 18,359 | 18,481 | ||
| Total liabilities | 2,212,315 | 2,138,059 | ||
| Commitments and contingencies | — | — | ||
| Equity: | ||||
| Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2023 and 2022 | — | — | ||
| Common stock, $0.01 par value per share, 1,000,000 shares authorized, 122,024 and 117,126 shares issued and outstanding at December 31, 2023 and 2022, respectively | 1,220 | 1,171 | ||
| Additional paid-in capital | 3,546,838 | 3,383,978 | ||
| Accumulated other comprehensive income | 10,523 | 21,003 | ||
| Accumulated deficit | (1,248,273) | (1,169,665) | ||
| Total stockholders’ equity | 2,310,308 | 2,236,487 | ||
| Noncontrolling interests | 343,043 | 360,946 | ||
| Total equity | 2,653,351 | 2,597,433 | ||
| Total liabilities and equity | $ | 4,865,666 | $ | 4,735,492 |
PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands, except per share amounts)
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||
| Revenues: | ||||||||
| Rental income | $ | 151,227 | $ | 141,703 | $ | 597,501 | $ | 560,538 |
| Fees and management income | 2,454 | 2,218 | 9,646 | 11,541 | ||||
| Other property income | 768 | 1,118 | 2,977 | 3,293 | ||||
| Total revenues | 154,449 | 145,039 | 610,124 | 575,372 | ||||
| Operating Expenses: | ||||||||
| Property operating | 28,293 | 26,098 | 102,303 | 95,359 | ||||
| Real estate taxes | 17,335 | 15,859 | 72,816 | 67,864 | ||||
| General and administrative | 10,762 | 11,484 | 44,366 | 45,235 | ||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||
| Total operating expenses | 115,962 | 111,979 | 455,928 | 445,004 | ||||
| Other: | ||||||||
| Interest expense, net | (22,569) | (18,301) | (84,232) | (71,196) | ||||
| Gain on disposal of property, net | 40 | 3,366 | 1,110 | 7,517 | ||||
| Other expense, net | (770) | (2,422) | (7,312) | (12,160) | ||||
| Net income | 15,188 | 15,703 | 63,762 | 54,529 | ||||
| Net income attributable to noncontrolling interests | (1,655) | (2,025) | (6,914) | (6,206) | ||||
| Net income attributable to stockholders | $ | 13,533 | $ | 13,678 | $ | 56,848 | $ | 48,323 |
| Earnings per share of common stock: | ||||||||
| Net income per share attributable to stockholders - basic and diluted | $ | 0.11 | $ | 0.12 | $ | 0.48 | $ | 0.42 |
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 and years ended December 31, 2023 and 2022, Same-Center NOI represents the NOI for the 262 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, 2021, 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)
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.
Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):
| Three Months Ended<br> December 31, | Favorable (Unfavorable) | Year Ended<br> December 31, | Favorable (Unfavorable) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||
| Revenues: | ||||||||||||||
| Rental income(1) | $ | 104,874 | $ | 100,834 | $ | 415,152 | $ | 398,507 | ||||||
| Tenant recovery income | 33,434 | 32,205 | 1,229 | 134,860 | 127,776 | 7,084 | ||||||||
| Reserves for uncollectibility(2) | (1,351) | (1,328) | (23) | (3,409) | (1,918) | (1,491) | ||||||||
| Other property income | 711 | 917 | (206) | 2,717 | 2,967 | (250) | ||||||||
| Total revenues | 137,668 | 132,628 | 5,040 | 3.8 | % | 549,320 | 527,332 | 21,988 | 4.2 | % | ||||
| Operating expenses: | ||||||||||||||
| Property operating expenses | 22,041 | 21,407 | (634) | 83,669 | 80,683 | (2,986) | ||||||||
| Real estate taxes | 16,374 | 15,451 | (923) | 69,035 | 66,184 | (2,851) | ||||||||
| Total operating expenses | 38,415 | 36,858 | (1,557) | (4.2) | % | 152,704 | 146,867 | (5,837) | (4.0) | % | ||||
| Total Same-Center NOI | $ | 99,253 | $ | 95,770 | 3.6 | % | $ | 396,616 | $ | 380,465 | 4.2 | % |
All values are in US Dollars.
(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 December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 |
| Adjusted to exclude: | ||||||||
| Fees and management income | (2,454) | (2,218) | (9,646) | (11,541) | ||||
| Straight-line rental income(1) | (2,056) | (3,205) | (10,185) | (12,265) | ||||
| Net amortization of above- and below-market leases | (1,394) | (1,163) | (5,178) | (4,324) | ||||
| Lease buyout income | (206) | (52) | (1,222) | (2,414) | ||||
| General and administrative expenses | 10,762 | 11,484 | 44,366 | 45,235 | ||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||
| Interest expense, net | 22,569 | 18,301 | 84,232 | 71,196 | ||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | ||||
| Other expense, net | 770 | 2,422 | 7,312 | 12,160 | ||||
| Property operating expenses (income) related to fees and management income | 384 | (15) | 2,059 | 3,046 | ||||
| NOI for real estate investments | 103,095 | 96,429 | 410,833 | 384,651 | ||||
| Less: Non-same-center NOI(2) | (3,842) | (659) | (14,217) | (4,186) | ||||
| Total Same-Center NOI | $ | 99,253 | $ | 95,770 | $ | 396,616 | $ | 380,465 |
(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.
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 December 31, | Year Ended December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||||
| Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders | |||||||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 | |
| Adjustments: | |||||||||
| Depreciation and amortization of real estate assets | 59,048 | 57,266 | 234,260 | 232,571 | |||||
| Impairment of real estate assets | — | 322 | — | 322 | |||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | |||||
| Adjustments related to unconsolidated joint ventures | 647 | 661 | 2,636 | 842 | |||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 74,843 | $ | 70,586 | $ | 299,548 | $ | 280,747 | |
| Calculation of Core FFO Attributable to Stockholders and OP Unit Holders | |||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 74,843 | $ | 70,586 | $ | 299,548 | $ | 280,747 | |
| Adjustments: | |||||||||
| Depreciation and amortization of corporate assets | 524 | 950 | 2,183 | 3,653 | |||||
| Change in fair value of earn-out liability | — | — | — | 1,809 | |||||
| Impairment of investment in third parties | — | — | 3,000 | — | |||||
| Transaction and acquisition expenses | 2,496 | 2,731 | 5,675 | 10,551 | |||||
| Loss on extinguishment or modification of debt and other, net | 2 | — | 368 | — | 1,025 | ||||
| Amortization of unconsolidated joint venture basis differences | 5 | — | 17 | 220 | |||||
| Realized performance income(1) | — | — | (75) | (2,742) | |||||
| Core FFO attributable to stockholders and UP unit holders | $ | 77,870 | $ | 74,267 | $ | 310,716 | $ | 295,263 | |
| Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per diluted share | |||||||||
| Weighted-average shares of common stock outstanding - diluted | 134,667 | 131,781 | 132,970 | 130,332 | |||||
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.56 | $ | 0.54 | $ | 2.25 | $ | 2.15 | |
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.58 | $ | 0.56 | $ | 2.34 | $ | 2.27 |
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.
EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||
| Calculation of EBITDAre | ||||||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 |
| Adjustments: | ||||||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||
| Interest expense, net | 22,569 | 18,301 | 84,232 | 71,196 | ||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | ||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||
| Federal, state, and local tax expense | 81 | 433 | 438 | 806 | ||||
| Adjustments related to unconsolidated joint ventures | 919 | 926 | 3,721 | 1,987 | ||||
| EBITDAre | $ | 98,289 | $ | 90,535 | $ | 387,486 | $ | 357,547 |
| Calculation of Adjusted EBITDAre | ||||||||
| EBITDAre | $ | 98,289 | $ | 90,535 | $ | 387,486 | $ | 357,547 |
| Adjustments: | ||||||||
| Impairment of investment in third parties | — | — | 3,000 | — | ||||
| Change in fair value of earn-out liability | — | — | — | 1,809 | ||||
| Transaction and acquisition expenses | 2,496 | 2,731 | 5,675 | 10,551 | ||||
| Amortization of unconsolidated joint venture basis differences | 5 | — | 17 | 220 | ||||
| Realized performance income(1) | — | — | (75) | (2,742) | ||||
| Adjusted EBITDAre | $ | 100,790 | $ | 93,266 | $ | 396,103 | $ | 367,385 |
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.
Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of December 31, 2023 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 December 31, 2023 and 2022 (in thousands):
| 2023 | 2022 | |||
|---|---|---|---|---|
| Net debt: | ||||
| Total debt, excluding discounts, market adjustments, and deferred financing expenses | $ | 2,011,093 | $ | 1,937,142 |
| Less: Cash and cash equivalents | 5,074 | 5,740 | ||
| Total net debt | $ | 2,006,019 | $ | 1,931,402 |
| Enterprise value: | ||||
| Net debt | $ | 2,006,019 | $ | 1,931,402 |
| Total equity market capitalization(1)(2) | 4,955,480 | 4,178,204 | ||
| Total enterprise value | $ | 6,961,499 | $ | 6,109,606 |
(1)Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 135.8 million and 131.2 million diluted shares as of December 31, 2023 and 2022, respectively, and the closing market price per share of $36.48 and $31.84 as of December 31, 2023 and 2022, 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 December 31, 2023 and 2022 (dollars in thousands):
| 2023 | 2022 | |||
|---|---|---|---|---|
| Net debt to Adjusted EBITDAre - annualized: | ||||
| Net debt | $ | 2,006,019 | $ | 1,931,402 |
| Adjusted EBITDAre - annualized(1) | 396,103 | 367,385 | ||
| Net debt to Adjusted EBITDAre - annualized | 5.1x | 5.3x | ||
| Net debt to total enterprise value: | ||||
| Net debt | $ | 2,006,019 | $ | 1,931,402 |
| Total enterprise value | 6,961,499 | 6,109,606 | ||
| Net debt to total enterprise value | 28.8% | 31.6% |
(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 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 or around 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
14
Document
| Table of Contents | ||
|---|---|---|
| INTRODUCTORY NOTES | 3 | |
| FINANCIAL RESULTS | ||
| Earnings Release | 6 | |
| Overview of Results | 11 | |
| FINANCIAL SUMMARY | ||
| Consolidated Balance Sheets | 13 | |
| Consolidated Statements of Operations | 14 | |
| Consolidated Statements of Operations (Quarterly) | 15 | |
| FFO, Core FFO, and Adjusted FFO | 16 | |
| FFO, Core FFO, and Adjusted FFO(Quarterly) | 17 | |
| EBITDAre Metrics | 18 | |
| EBITDAreMetrics (Quarterly) | 19 | |
| Same-Center NOI Analysis | 20 | |
| Joint Venture Summary and Financials | 21 | |
| Supplemental Balance Sheet Detail | 22 | |
| Supplemental Statement of Operations Detail | 23 | |
| Capital Expenditures | 24 | |
| Capital Projects | 25 | |
| Capitalization and Debt Ratios | 27 | |
| Summary of Outstanding Debt | 28 | |
| Debt Overview & Schedule of Maturities | 29 | |
| Covenant Disclosures | 30 | |
| TRANSACTIONAL SUMMARY | ||
| Acquisition and Disposition Summary | 32 | |
| PORTFOLIO SUMMARY | ||
| Wholly-Owned Portfolio Summary | 34 | |
| ABR by Neighbor Category | 35 | |
| Occupancy and ABR | 36 | |
| Top 25 Neighbors by ABR | 37 | |
| Neighbors by Type and Industry | 38 | |
| Properties by State | 39 | |
| New, Renewal, and Option Lease Summary | 40 | |
| Lease Expirations | 41 | |
| Property List | 42 | |
| ADDITIONAL INFORMATION | ||
| Earnings Guidance | 59 | |
| Components of NAV | 60 | |
| Glossary of Terms | 61 | |
| INVESTOR INFORMATION | 64 | |
| Phillips Edison & Company | 2 | |
| --- | --- | |
| 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 or around 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 16-20 and definitions of our non-GAAP measures are included in our Glossary of Terms on page 61.
| Phillips Edison & Company | 3 | |
|---|---|---|
| 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 | 4 |
|---|
| FINANCIAL RESULTS |
|---|
| Quarter Ended December 31, 2023 |
| Earnings Release<br><br>Unaudited |
| --- |
Phillips Edison & Company Reports Fourth Quarter
and Full Year 2023 Results; Increases 2024 Guidance
CINCINNATI - February 8, 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 December 31, 2023 and increased full year 2024 earnings guidance. For the fourth quarter and year ended December 31, 2023, net income attributable to stockholders was $13.5 million, or $0.11 per diluted share, and $56.8 million, or $0.48 per diluted share, respectively.
Highlights for the Fourth Quarter Ended December 31, 2023
•Reported Nareit FFO of $74.8 million, or $0.56 per diluted share, representing 6.0% year-over-year growth
•Reported Core FFO of $77.9 million, or $0.58 per diluted share, representing 4.9% year-over-year growth
•Increased full year 2024 Nareit FFO and Core FFO guidance to a range 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 Core FFO guidance represents 3.0% year-over-year growth
•Increased same-center NOI by 3.6%
•Reported leased portfolio occupancy of 97.4% and leased inline occupancy of 94.7%
•Executed comparable renewal leases during the quarter at a rent spread of 14.2%
•Executed comparable new leases during the quarter at a rent spread of 21.9%
•Generated net proceeds of $77.5 million through the issuance of 2.2 million common shares at a gross weighted average price of $35.92 per common share through the Company’s ATM program
•Acquired six shopping centers and two outparcels for a total of $186.4 million
Highlights for the Year Ended December 31, 2023
•Reported Nareit FFO of $299.5 million, or $2.25 per diluted share, representing 6.7% year-over-year growth
•Reported Core FFO of $310.7 million, or $2.34 per diluted share, representing 5.2% year-over-year growth
•Increased same-center NOI by 4.2%
•Executed comparable renewal leases during the year at a rent spread of 16.2%
•Executed comparable new leases during the year at a rent spread of 25.2%
•Generated net proceeds of $147.6 million through the issuance of 4.2 million common shares at a gross weighted average price of $35.76 per common share through the Company’s ATM program
•Acquired 11 shopping centers, two outparcels and one land parcel for a total of $278.5 million, and sold three assets for a total of $6.3 million, for net acquisitions totaling $272.2 million
Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “The PECO team continued our track record of delivering strong growth with same-center NOI increasing by 4.2% in 2023. The continued strong performance of our portfolio is driven by our high occupancy, strong leasing spreads, high retention and the many advantages of the suburban markets where we operate our grocery-anchored neighborhood shopping centers. Based on the continued strong operating environment and health of our Neighbors, we are pleased to increase our full year 2024 earnings guidance for Nareit and Core FFO.”
| Phillips Edison & Company | 6 |
|---|---|
| Earnings Release<br><br>Unaudited | |
| --- |
Financial Results for the Fourth Quarter and Year Ended December 31, 2023
Net Income
Fourth quarter 2023 net income attributable to stockholders totaled $13.5 million, or $0.11 per diluted share, compared to net income of $13.7 million, or $0.12 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, net income attributable to stockholders totaled $56.8 million, or $0.48 per diluted share, compared to $48.3 million, or $0.42 per diluted share, during the year ended December 31, 2022.
Nareit FFO
Fourth quarter 2023 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 6.0% to $74.8 million, or $0.56 per diluted share, from $70.6 million, or $0.54 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, Nareit FFO increased 6.7% to $299.5 million, or $2.25 per diluted share, from $280.7 million, or $2.15 per diluted share, during the year ended December 31, 2022.
Core FFO
Fourth quarter 2023 core funds from operations (“Core FFO”) increased 4.9% to $77.9 million, or $0.58 per diluted share, compared to $74.3 million, or $0.56 per diluted share, during the fourth quarter of 2022.
For the year ended December 31, 2023, Core FFO increased 5.2% to $310.7 million, or $2.34 per diluted share, compared to $295.3 million, or $2.27 per diluted share, during the year ended December 31, 2022.
Same-Center NOI
Fourth quarter 2023 same-center net operating income (“NOI”) increased 3.6% to $99.3 million, compared to $95.8 million during the fourth quarter of 2022.
For the year ended December 31, 2023, same-center NOI improved 4.2% to $396.6 million, compared to $380.5 million during the year ended December 31, 2022.
Portfolio Overview for the Fourth Quarter and Year Ended December 31, 2023
Portfolio Statistics
As of December 31, 2023, PECO’s wholly-owned portfolio consisted of 281 properties, totaling approximately 32.2 million square feet, located in 31 states. This compared to 271 properties, totaling approximately 31.1 million square feet, located in 31 states as of December 31, 2022.
Leased portfolio occupancy remained high at 97.4% at December 31, 2023, compared to 97.4% at December 31, 2022.
Leased anchor occupancy totaled 98.9%, compared to 99.3% at December 31, 2022, and leased inline occupancy increased to 94.7%, compared to 93.8% at December 31, 2022.
Leasing Activity
During the fourth quarter of 2023, 217 leases were executed totaling 1.1 million square feet. This compared to 252 leases executed totaling 1.2 million square feet during the fourth quarter of 2022.
For the year ended December 31, 2023, 996 leases were executed totaling 4.7 million square feet. This compared to 1,001 leases executed totaling 4.8 million square feet during the same period in 2022.
Comparable rent spreads during the fourth quarter of 2023, which compare the percentage increase (or decrease) of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 21.9% for new leases, 14.2% for renewal leases and 15.4% combined.
| Phillips Edison & Company | 7 |
|---|---|
| Earnings Release<br><br>Unaudited | |
| --- |
Comparable rent spreads during the year ended December 31, 2023 were 25.2% for new leases, 16.2% for renewal leases and 17.9% combined.
Transaction Activity
During the fourth quarter ended December 31, 2023, the Company acquired six grocery-anchored shopping centers and two outparcels for a total of $186.4 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 fourth quarter 2023 shopping center acquisitions consisted of:
•Mansell Village, an 89,688 square foot shopping center anchored by Kroger located in an Atlanta, Georgia suburb.
•Riverpark Shopping Center, a 317,331 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.
•Apache Shoppes, a 60,665 square foot shopping center anchored by Trader Joe’s located in Rochester, Minnesota.
•Maple View, a 114,668 square foot shopping center anchored by Jewel-Osco located in a Chicago, Illinois suburb.
•Quail Pointe, a 98,366 square foot shopping center anchored by Trader Joe’s located in Sacramento, California.
•Glenbrook Marketplace, a 47,832 square foot shopping center located in a Chicago, Illinois suburb.
During the year ended December 31, 2023, the Company acquired eleven shopping centers, two outparcels and one land parcel for a total of $278.5 million. During the same period, one property and two outparcels were sold for a total of $6.3 million, resulting in net acquisitions totaling $272.2 million.
Balance Sheet Highlights
As of December 31, 2023, the Company had approximately $615 million of total liquidity, comprised of $8.9 million of cash, cash equivalents and restricted cash, plus $606.6 million of borrowing capacity available on its $800.0 million revolving credit facility.
As of December 31, 2023, the Company’s net debt to annualized adjusted EBITDAre was 5.1x. This compared to 5.3x at December 31, 2022.
As of December 31, 2023, the Company’s outstanding debt had a weighted-average interest rate of 4.2% and a weighted-average maturity of 4.1 years when including all extension options, and 77.6% of its total debt was fixed-rate debt.
During the year ended December 31, 2023, the Company generated net proceeds of $147.6 million after commissions through the issuance of 4.2 million common shares at a gross weighted average price of $35.76 per common share through its ATM program.
As previously announced, on January 12, 2024, the Company’s Operating Partnership entered into an interest rate swap pursuant to an International Swaps and Derivatives Association Master Agreement. The swap has a notional amount of $150.0 million and swaps the daily Secured Overnight Financing Rate for a fixed rate of approximately 3.45% effective September 25, 2024 and maturing December 31, 2025.
| Phillips Edison & Company | 8 |
|---|---|
| Earnings Release<br><br>Unaudited | |
| --- |
2024 Guidance
The Company updated its full year 2024 earnings guidance from its preliminary guidance provided in connection with its Investment Community Day.
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.
| Updated 2024 Guidance | Previous 2024 Guidance | |
|---|---|---|
| (in thousands, except per share amounts) | ||
| Net income per share | $0.53 - $0.58 | $0.50 - $0.55 |
| Nareit FFO per share | $2.34 - $2.41 | $2.33 - $2.40 |
| Core FFO per share | $2.37 - $2.45 | $2.36 - $2.44 |
| Same-Center NOI growth | 3.25% - 4.25% | 3.25% - 4.25% |
| Portfolio Activity: | ||
| Acquisitions, net | $200,000 - $300,000 | $200,000 - $300,000 |
| Other: | ||
| Interest expense, net | $95,000 - $105,000 | $104,000 - $112,000 |
| G&A expense | $45,000 - $49,000 | $45,000 - $49,000 |
| Non-cash revenue items(1) | $14,500 - $18,500 | $14,500 - $18,500 |
| Adjustments for collectibility | $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 End | High End | ||
|---|---|---|---|---|
| Net income per common share | $ | 0.53 | $ | 0.58 |
| Depreciation and amortization of real estate assets | 1.79 | 1.81 | ||
| Gain on sale of real estate assets | — | — | ||
| Adjustments related to unconsolidated joint ventures | 0.02 | 0.02 | ||
| Nareit FFO per common share | $ | 2.34 | $ | 2.41 |
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | ||
| Transaction costs and other | 0.02 | 0.03 | ||
| Core FFO per common share | $ | 2.37 | $ | 2.45 |
| Phillips Edison & Company | 9 | |||
| --- | --- | |||
| Earnings Release<br><br>Unaudited | ||||
| --- |
Conference Call Details
PECO will host a conference call and webcast on Friday, February 9, 2024 at 12:00 p.m. Eastern Time to discuss fourth quarter and full year 2023 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers, Chief Financial Officer John Caulfield and Managing Director of Investment Management Devin Murphy will host the conference call and webcast. Dial-in and webcast information is below.
Fourth Quarter and Full Year 2023 Earnings Conference Call Details:
Date: Friday, February 9, 2024
Time: 12:00 p.m. Eastern Time
Toll-Free Dial-In Number: (888) 210-4659
International Dial-In Number: (646) 960-0383
Conference ID: 2035308
Webcast: Fourth Quarter and Full Year 2023 Webcast Link
An audio replay of the webcast 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 2023 Annual Report on Form 10-K, to be filed with the SEC on or around February 12, 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 December 31, 2023, PECO managed 301 shopping centers, including 281 wholly-owned centers comprising 32.2 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture. PECO is exclusively 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 | 10 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Overview of Results<br><br>Unaudited, in thousands (excluding per share and per square foot amounts) | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| SUMMARY FINANCIAL RESULTS | ||||||||||||
| Total revenues (page 14) | $ | 154,449 | $ | 145,039 | $ | 610,124 | $ | 575,372 | ||||
| Net income attributable to stockholders (page 14) | 13,533 | 13,678 | 56,848 | 48,323 | ||||||||
| Net income per share - basic and diluted (page 14) | $ | 0.11 | $ | 0.12 | $ | 0.48 | $ | 0.42 | ||||
| Same-Center NOI (page 20) | 99,253 | 95,770 | 396,616 | 380,465 | ||||||||
| Adjusted EBITDAre (page 18) | 100,790 | 93,266 | 396,103 | 367,385 | ||||||||
| Nareit FFO (page 16) | 74,843 | 70,586 | 299,548 | 280,747 | ||||||||
| Nareit FFO per share - diluted (page 16) | $ | 0.56 | $ | 0.54 | $ | 2.25 | $ | 2.15 | ||||
| Core FFO (page 16) | 77,870 | 74,267 | 310,716 | 295,263 | ||||||||
| Core FFO per share - diluted (page 16) | $ | 0.58 | $ | 0.56 | $ | 2.34 | $ | 2.27 | ||||
| SUMMARY OF FINANCIAL AND OPERATING RATIOS | ||||||||||||
| Same-Center NOI margin (page 20) | 72.1 | % | 72.2 | % | 72.2 | % | 72.1 | % | ||||
| Same-Center NOI change (page 20)(1) | 3.6 | % | 2.8 | % | 4.2 | % | 4.5 | % | ||||
| LEASING RESULTS | ||||||||||||
| Comparable rent spreads - new leases (page 40)(2) | 21.9 | % | 36.3 | % | 25.2 | % | 32.2 | % | ||||
| Comparable rent spreads - renewals (page 40)(2) | 14.2 | % | 13.9 | % | 16.2 | % | 14.6 | % | ||||
| Portfolio retention rate | 93.3 | % | 91.7 | % | 93.9 | % | 90.7 | % | ||||
| As of December 31, | ||||||||||||
| 2023 | 2022 | |||||||||||
| OUTSTANDING STOCK AND PARTNERSHIP UNITS | ||||||||||||
| Common stock outstanding | 122,024 | 117,126 | ||||||||||
| Operating Partnership (OP) units outstanding | 13,817 | 14,099 | ||||||||||
| SUMMARY PORTFOLIO STATISTICS(2) | ||||||||||||
| Number of properties | 281 | 271 | ||||||||||
| GLA (page 42) | 32,153 | 31,093 | ||||||||||
| Leased occupancy (page 36) | 97.4 | % | 97.4 | % | ||||||||
| Economic occupancy (page 36) | 97.0 | % | 96.4 | % | ||||||||
| Leased ABR PSF (page 36) | $ | 15.03 | $ | 14.39 | ||||||||
| Leased Anchor ABR PSF (page 36) | $ | 10.12 | $ | 9.92 | ||||||||
| Leased Inline ABR PSF (page 36) | $ | 24.66 | $ | 23.39 |
(1)Reflects Same-Center NOI change as initially reported for the specified period.
(2)Statistics represent our wholly-owned properties.
| Phillips Edison & Company | 11 |
|---|
| FINANCIAL SUMMARY | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Ended December 31, 2023 | ||||||||||
| Consolidated Balance Sheets<br><br>Condensed and Unaudited, in thousands (excluding per share amounts) | ||||||||||
| --- | --- | --- | --- | --- | ||||||
| December 31, | ||||||||||
| 2023 | 2022 | |||||||||
| ASSETS | ||||||||||
| Investment in real estate: | ||||||||||
| Land and improvements | $ | 1,768,487 | $ | 1,674,133 | ||||||
| Building and improvements | 3,818,184 | 3,572,146 | ||||||||
| In-place lease assets | 495,525 | 471,507 | ||||||||
| Above-market lease assets | 74,446 | 71,954 | ||||||||
| Total investment in real estate assets | 6,156,642 | 5,789,740 | ||||||||
| Accumulated depreciation and amortization | (1,540,551) | (1,316,743) | ||||||||
| Net investment in real estate assets | 4,616,091 | 4,472,997 | ||||||||
| Investment in unconsolidated joint ventures | 25,220 | 27,201 | ||||||||
| Total investment in real estate assets, net | 4,641,311 | 4,500,198 | ||||||||
| Cash and cash equivalents | 4,872 | 5,478 | ||||||||
| Restricted cash | 4,006 | 11,871 | ||||||||
| Goodwill | 29,066 | 29,066 | ||||||||
| Other assets, net | 186,411 | 188,879 | ||||||||
| Total assets | $ | 4,865,666 | $ | 4,735,492 | ||||||
| LIABILITIES AND EQUITY | ||||||||||
| Liabilities: | ||||||||||
| Debt obligations, net | $ | 1,969,272 | $ | 1,896,594 | ||||||
| Below-market lease liabilities, net | 108,223 | 109,799 | ||||||||
| Accounts payable and other liabilities | 116,461 | 113,185 | ||||||||
| Deferred income | 18,359 | 18,481 | ||||||||
| Total liabilities | 2,212,315 | 2,138,059 | ||||||||
| Equity: | ||||||||||
| Preferred stock, $0.01 par value per share, 10,000 shares authorized | — | — | ||||||||
| Common stock, $0.01 par value per share, 1,000,000 shares authorized as of December 31, 2023 and 2022, respectively | 1,220 | 1,171 | ||||||||
| Additional paid-in capital | 3,546,838 | 3,383,978 | ||||||||
| Accumulated other comprehensive income | 10,523 | 21,003 | ||||||||
| Accumulated deficit | (1,248,273) | (1,169,665) | ||||||||
| Total stockholders’ equity | 2,310,308 | 2,236,487 | ||||||||
| Noncontrolling interests | 343,043 | 360,946 | ||||||||
| Total equity | 2,653,351 | 2,597,433 | ||||||||
| Total liabilities and equity | $ | 4,865,666 | $ | 4,735,492 | ||||||
| Phillips Edison & Company | 13 | |||||||||
| --- | --- | |||||||||
| Consolidated Statements of Operations<br><br>Condensed and Unaudited, in thousands (excluding per share amounts) | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||
| REVENUES | ||||||||||
| Rental income | $ | 151,227 | $ | 141,703 | $ | 597,501 | $ | 560,538 | ||
| Fees and management income | 2,454 | 2,218 | 9,646 | 11,541 | ||||||
| Other property income | 768 | 1,118 | 2,977 | 3,293 | ||||||
| Total revenues | 154,449 | 145,039 | 610,124 | 575,372 | ||||||
| OPERATING EXPENSES | ||||||||||
| Property operating | 28,293 | 26,098 | 102,303 | 95,359 | ||||||
| Real estate taxes | 17,335 | 15,859 | 72,816 | 67,864 | ||||||
| General and administrative | 10,762 | 11,484 | 44,366 | 45,235 | ||||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||||
| Total operating expenses | 115,962 | 111,979 | 455,928 | 445,004 | ||||||
| OTHER | ||||||||||
| Interest expense, net | (22,569) | (18,301) | (84,232) | (71,196) | ||||||
| Gain on disposal of property, net | 40 | 3,366 | 1,110 | 7,517 | ||||||
| Other expense, net | (770) | (2,422) | (7,312) | (12,160) | ||||||
| Net income | 15,188 | 15,703 | 63,762 | 54,529 | ||||||
| Net income attributable to noncontrolling interests | (1,655) | (2,025) | (6,914) | (6,206) | ||||||
| Net income attributable to stockholders | $ | 13,533 | $ | 13,678 | $ | 56,848 | $ | 48,323 | ||
| EARNINGS PER SHARE OF COMMON STOCK | ||||||||||
| Net income per share attributable to stockholders -<br><br>basic and diluted | $ | 0.11 | $ | 0.12 | $ | 0.48 | $ | 0.42 | ||
| Phillips Edison & Company | 14 | |||||||||
| --- | --- | |||||||||
| Consolidated Statements of Operations<br><br>Condensed and Unaudited, in thousands (excluding per share amounts) | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended | ||||||||||
| December 31,<br>2023 | September 30,<br>2023 | June 30,<br>2023 | March 31,<br>2023 | December 31,<br>2022 | ||||||
| REVENUES | ||||||||||
| Rental income | $ | 151,227 | $ | 149,566 | $ | 148,980 | $ | 147,728 | $ | 141,703 |
| Fees and management income | 2,454 | 2,168 | 2,546 | 2,478 | 2,218 | |||||
| Other property income | 768 | 740 | 611 | 858 | 1,118 | |||||
| Total revenues | 154,449 | 152,474 | 152,137 | 151,064 | 145,039 | |||||
| OPERATING EXPENSES | ||||||||||
| Property operating | 28,293 | 24,274 | 24,674 | 25,062 | 26,098 | |||||
| Real estate taxes | 17,335 | 19,028 | 18,397 | 18,056 | 15,859 | |||||
| General and administrative | 10,762 | 10,385 | 11,686 | 11,533 | 11,484 | |||||
| Depreciation and amortization | 59,572 | 58,706 | 59,667 | 58,498 | 58,216 | |||||
| Impairment of real estate assets | — | — | — | — | 322 | |||||
| Total operating expenses | 115,962 | 112,393 | 114,424 | 113,149 | 111,979 | |||||
| OTHER | ||||||||||
| Interest expense, net | (22,569) | (21,522) | (20,675) | (19,466) | (18,301) | |||||
| Gain on disposal of property, net | 40 | 53 | 75 | 942 | 3,366 | |||||
| Other expense, net | (770) | (4,883) | (904) | (755) | (2,422) | |||||
| Net income | 15,188 | 13,729 | 16,209 | 18,636 | 15,703 | |||||
| Net income attributable to noncontrolling interests | (1,655) | (1,484) | (1,758) | (2,017) | (2,025) | |||||
| Net income attributable to stockholders | $ | 13,533 | $ | 12,245 | $ | 14,451 | $ | 16,619 | $ | 13,678 |
| EARNINGS PER SHARE OF COMMON STOCK | ||||||||||
| Net income per share attributable to stockholders - basic and diluted | $ | 0.11 | $ | 0.10 | $ | 0.12 | $ | 0.14 | $ | 0.12 |
| Phillips Edison & Company | 15 | |||||||||
| --- | --- | |||||||||
| Nareit FFO, Core FFO, and Adjusted FFO<br><br>Unaudited, in thousands (excluding per share amounts) | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||
| CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 | ||
| Adjustments: | ||||||||||
| Depreciation and amortization of real estate assets | 59,048 | 57,266 | 234,260 | 232,571 | ||||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | ||||||
| Adjustments related to unconsolidated joint ventures | 647 | 661 | 2,636 | 842 | ||||||
| Nareit FFO attributable to stockholders and OP unit<br> holders | $ | 74,843 | $ | 70,586 | $ | 299,548 | $ | 280,747 | ||
| CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 74,843 | $ | 70,586 | $ | 299,548 | $ | 280,747 | ||
| Adjustments: | ||||||||||
| Depreciation and amortization of corporate assets | 524 | 950 | 2,183 | 3,653 | ||||||
| Change in fair value of earn-out liability | — | — | — | 1,809 | ||||||
| Impairment of investment in third parties | — | — | 3,000 | — | ||||||
| Transaction and acquisition expenses | 2,496 | 2,731 | 5,675 | 10,551 | ||||||
| Loss on extinguishment or modification of debt and<br><br>other, net | 2 | — | 368 | 1,025 | ||||||
| Amortization of unconsolidated joint venture basis differences | 5 | — | 17 | 220 | ||||||
| Realized performance income(1) | — | — | (75) | (2,742) | ||||||
| Core FFO attributable to stockholders and OP unit<br> holders | $ | 77,870 | $ | 74,267 | $ | 310,716 | $ | 295,263 | ||
| CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 77,870 | $ | 74,267 | $ | 310,716 | $ | 295,263 | ||
| Adjustments: | ||||||||||
| Straight-line rent and above- and below-market leases and<br> contracts | (3,575) | (4,377) | (15,822) | (16,625) | ||||||
| Non-cash debt adjustments | 1,934 | 1,529 | 7,121 | 5,884 | ||||||
| Capital expenditures and leasing commissions(2) | (12,691) | (13,512) | (59,862) | (56,482) | ||||||
| Non-cash share-based compensation expense | 2,088 | 2,488 | 7,841 | 9,228 | ||||||
| Adjustments related to unconsolidated joint ventures | (124) | (146) | (662) | (613) | ||||||
| Adjusted FFO attributable to stockholders and OP unit<br> holders | $ | 65,502 | $ | 60,249 | $ | 249,332 | $ | 236,655 | ||
| NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE | ||||||||||
| Weighted-average shares of common stock outstanding -<br> diluted | 134,667 | 131,781 | 132,970 | 130,332 | ||||||
| Nareit FFO attributable to stockholders and OP<br> unit holders per share - diluted | $ | 0.56 | $ | 0.54 | $ | 2.25 | $ | 2.15 | ||
| Core FFO attributable to stockholders and OP<br> unit holders per share - diluted | $ | 0.58 | $ | 0.56 | $ | 2.34 | $ | 2.27 |
(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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Nareit FFO, Core FFO, and Adjusted FFO<br><br>Unaudited, in thousands (excluding per share amounts) | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended | ||||||||||
| December 31,<br>2023 | September 30,<br>2023 | June 30,<br>2023 | March 31,<br>2023 | December 31,<br>2022 | ||||||
| CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Net income | $ | 15,188 | $ | 13,729 | $ | 16,209 | $ | 18,636 | $ | 15,703 |
| Adjustments: | ||||||||||
| Depreciation and amortization of real estate assets | 59,048 | 58,144 | 59,115 | 57,953 | 57,266 | |||||
| Impairment of real estate assets | — | — | — | — | 322 | |||||
| Gain on disposal of property, net | (40) | (53) | (75) | (942) | (3,366) | |||||
| Adjustments related to unconsolidated joint ventures | 647 | 646 | 645 | 698 | 661 | |||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 74,843 | $ | 72,466 | $ | 75,894 | $ | 76,345 | $ | 70,586 |
| CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 74,843 | $ | 72,466 | $ | 75,894 | $ | 76,345 | $ | 70,586 |
| Adjustments: | ||||||||||
| Depreciation and amortization of corporate assets | 524 | 562 | 552 | 545 | 950 | |||||
| Impairment of investment in third parties | — | 3,000 | — | — | — | |||||
| Transaction and acquisition expenses | 2,496 | 580 | 1,261 | 1,338 | 2,731 | |||||
| Loss (gain) on extinguishment or modification of debt and other, net | 2 | 375 | (9) | — | — | |||||
| Amortization of unconsolidated joint venture basis differences | 5 | 4 | 7 | 1 | — | |||||
| Realized performance income(1) | — | — | — | (75) | — | |||||
| Core FFO attributable to stockholders and OP unit holders | $ | 77,870 | $ | 76,987 | $ | 77,705 | $ | 78,154 | $ | 74,267 |
| CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | ||||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 77,870 | $ | 76,987 | $ | 77,705 | $ | 78,154 | $ | 74,267 |
| Adjustments: | ||||||||||
| Straight-line rent and above- and below-market leases and contracts | (3,575) | (3,683) | (4,645) | (3,919) | (4,377) | |||||
| Non-cash debt adjustments | 1,934 | 1,992 | 1,632 | 1,563 | 1,529 | |||||
| Capital expenditures and leasing commissions(2) | (12,691) | (18,497) | (15,533) | (13,141) | (13,512) | |||||
| Non-cash share-based compensation expense | 2,088 | 1,048 | 2,700 | 2,005 | 2,488 | |||||
| Adjustments related to unconsolidated joint ventures | (124) | (144) | (256) | (138) | (146) | |||||
| Adjusted FFO attributable to stockholders and OP unit holders | $ | 65,502 | $ | 57,703 | $ | 61,603 | $ | 64,524 | $ | 60,249 |
| NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE | ||||||||||
| Weighted-average shares of common stock outstanding - diluted | 134,667 | 132,800 | 131,887 | 131,943 | 131,781 | |||||
| Nareit FFO attributable to stockholders and OP unit holders <br> per share - diluted | $ | 0.56 | $ | 0.55 | $ | 0.58 | $ | 0.58 | $ | 0.54 |
| Core FFO attributable to stockholders and OP unit holders <br> per share - diluted | $ | 0.58 | $ | 0.58 | $ | 0.59 | $ | 0.59 | $ | 0.56 |
(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 | 17 | |||||||
|---|---|---|---|---|---|---|---|---|
| EBITDAre Metrics<br><br>Unaudited, in thousands | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| CALCULATION OF EBITDAre | ||||||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 |
| Adjustments: | ||||||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||
| Interest expense, net | 22,569 | 18,301 | 84,232 | 71,196 | ||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | ||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||
| Federal, state, and local tax expense | 81 | 433 | 438 | 806 | ||||
| Adjustments related to unconsolidated joint ventures | 919 | 926 | 3,721 | 1,987 | ||||
| EBITDAre | $ | 98,289 | $ | 90,535 | $ | 387,486 | $ | 357,547 |
| CALCULATION OF ADJUSTED EBITDAre | ||||||||
| EBITDAre | $ | 98,289 | $ | 90,535 | $ | 387,486 | $ | 357,547 |
| Adjustments: | ||||||||
| Impairment of investment in third parties | — | — | 3,000 | — | ||||
| Change in fair value of earn-out liability | — | — | — | 1,809 | ||||
| Transaction and acquisition expenses | 2,496 | 2,731 | 5,675 | 10,551 | ||||
| Amortization of unconsolidated joint venture basis differences | 5 | — | 17 | 220 | ||||
| Realized performance income(1) | — | — | (75) | (2,742) | ||||
| Adjusted EBITDAre | $ | 100,790 | $ | 93,266 | $ | 396,103 | $ | 367,385 |
(1) Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.
| Phillips Edison & Company | 18 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDAre Metrics<br><br>Unaudited, in thousands | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended | ||||||||||
| December 31,<br>2023 | September 30,<br>2023 | June 30,<br>2023 | March 31,<br>2023 | December 31,<br>2022 | ||||||
| CALCULATION OF EBITDAre | ||||||||||
| Net income | $ | 15,188 | $ | 13,729 | $ | 16,209 | $ | 18,636 | $ | 15,703 |
| Adjustments: | ||||||||||
| Depreciation and amortization | 59,572 | 58,706 | 59,667 | 58,498 | 58,216 | |||||
| Interest expense, net | 22,569 | 21,522 | 20,675 | 19,466 | 18,301 | |||||
| Gain on disposal of property, net | (40) | (53) | (75) | (942) | (3,366) | |||||
| Impairment of real estate assets | — | — | — | — | 322 | |||||
| Federal, state, and local tax expense | 81 | 120 | 119 | 118 | 433 | |||||
| Adjustments related to unconsolidated joint ventures | 919 | 918 | 918 | 966 | 926 | |||||
| EBITDAre | $ | 98,289 | $ | 94,942 | $ | 97,513 | $ | 96,742 | $ | 90,535 |
| CALCULATION OF ADJUSTED EBITDAre | ||||||||||
| EBITDAre | $ | 98,289 | $ | 94,942 | $ | 97,513 | $ | 96,742 | $ | 90,535 |
| Adjustments: | ||||||||||
| Impairment of investment in third parties | — | 3,000 | — | — | — | |||||
| Transaction and acquisition expenses | 2,496 | 580 | 1,261 | 1,338 | 2,731 | |||||
| Amortization of unconsolidated joint venture basis differences | 5 | 4 | 7 | 1 | — | |||||
| Realized performance income(1) | — | — | — | (75) | — | |||||
| Adjusted EBITDAre | $ | 100,790 | $ | 98,526 | $ | 98,781 | $ | 98,006 | $ | 93,266 |
(1) Realized performance income includes fees received related to the achievement of certain performance targets in our NRP joint venture.
| Phillips Edison & Company | 19 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Same-Center Net Operating Income<br><br>Unaudited, in thousands | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended<br> December 31, | Favorable (Unfavorable)<br>% | Year Ended<br> December 31, | Favorable (Unfavorable)<br>% | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| SAME-CENTER NOI(1) | ||||||||||||||
| Revenues: | ||||||||||||||
| Rental income(2) | $ | 104,874 | $ | 100,834 | $ | 415,152 | $ | 398,507 | ||||||
| Tenant recovery income | 33,434 | 32,205 | 134,860 | 127,776 | ||||||||||
| Reserves for uncollectibility(3) | (1,351) | (1,328) | (3,409) | (1,918) | ||||||||||
| Other property income | 711 | 917 | 2,717 | 2,967 | ||||||||||
| Total revenues | 137,668 | 132,628 | 3.8 | % | 549,320 | 527,332 | 4.2 | % | ||||||
| Operating expenses: | ||||||||||||||
| Property operating expenses | 22,041 | 21,407 | 83,669 | 80,683 | ||||||||||
| Real estate taxes | 16,374 | 15,451 | 69,035 | 66,184 | ||||||||||
| Total operating expenses | 38,415 | 36,858 | (4.2) | % | 152,704 | 146,867 | (4.0) | % | ||||||
| Total Same-Center NOI | $ | 99,253 | $ | 95,770 | 3.6 | % | $ | 396,616 | $ | 380,465 | 4.2 | % | ||
| Same-Center NOI margin | 72.1% | 72.2% | 72.2% | 72.1% | ||||||||||
| (1)Same-Center NOI represents the NOI for the 262 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods.<br><br>(2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><br>(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<br> December 31, | Year Ended<br> December 31, | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI | ||||||||||||||
| Net income | $ | 15,188 | $ | 15,703 | $ | 63,762 | $ | 54,529 | ||||||
| Adjusted to exclude: | ||||||||||||||
| Fees and management income | (2,454) | (2,218) | (9,646) | (11,541) | ||||||||||
| Straight-line rental income(1) | (2,056) | (3,205) | (10,185) | (12,265) | ||||||||||
| Net amortization of above- and below-market leases | (1,394) | (1,163) | (5,178) | (4,324) | ||||||||||
| Lease buyout income | (206) | (52) | (1,222) | (2,414) | ||||||||||
| General and administrative expenses | 10,762 | 11,484 | 44,366 | 45,235 | ||||||||||
| Depreciation and amortization | 59,572 | 58,216 | 236,443 | 236,224 | ||||||||||
| Impairment of real estate assets | — | 322 | — | 322 | ||||||||||
| Interest expense, net | 22,569 | 18,301 | 84,232 | 71,196 | ||||||||||
| Gain on disposal of property, net | (40) | (3,366) | (1,110) | (7,517) | ||||||||||
| Other expense, net | 770 | 2,422 | 7,312 | 12,160 | ||||||||||
| Property operating expenses (income) related to fees and <br> management income | 384 | (15) | 2,059 | 3,046 | ||||||||||
| NOI for real estate investments | 103,095 | 96,429 | 410,833 | 384,651 | ||||||||||
| Less: Non-same-center NOI(2) | (3,842) | (659) | (14,217) | (4,186) | ||||||||||
| Total Same-Center NOI | $ | 99,253 | $ | 95,770 | $ | 396,616 | $ | 380,465 | ||||||
| (1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><br>(2)Includes operating revenues and expenses from non-same-center properties which includes properties acquired or sold and corporate activities. | ||||||||||||||
| Phillips Edison & Company | 20 | |||||||||||||
| --- | --- | |||||||||||||
| Joint Venture Portfolio and Financial Summary<br><br>Unaudited, dollars and square feet in thousands | ||||||||||||||
| --- | ||||||||||||||
| UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY | As of December 31, 2023 | |||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||
| Joint Venture | Investment Partner | Ownership Percentage | Number of Shopping Centers | ABR | GLA | |||||||||
| Grocery Retail Partners I LLC ("GRP I") | The Northwestern Mutual Life Insurance Company | 14% | 20 | $31,908 | 2,213 | |||||||||
| UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY | ||||||||||||||
| --- | As of December 31, 2023 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| GRP I | NRP(1) | |||||||||||||
| Total assets | $ | 363,544 | $ | 613 | ||||||||||
| Gross debt | 174,026 | — | ||||||||||||
| Pro rata share of debt | 24,358 | — | ||||||||||||
| Year Ended<br> December 31, 2023 | ||||||||||||||
| GRP I | NRP(1) | |||||||||||||
| Pro rata share of Nareit FFO(2) | $ | 2,908 | $ | (16) | ||||||||||
| Pro rata share of NOI(2) | 4,152 | — |
(1)During the second quarter of 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 Joint Venture Portfolio Summary table above.
| Phillips Edison & Company | 21 | |||
|---|---|---|---|---|
| Supplemental Balance Sheets Detail<br><br>Unaudited, in thousands | ||||
| --- | --- | --- | --- | --- |
| As of December 31, | ||||
| 2023 | 2022 | |||
| OTHER ASSETS, NET | ||||
| Deferred leasing commissions and costs | $ | 53,379 | $ | 49,687 |
| Deferred financing expenses(1) | 8,984 | 8,984 | ||
| Office equipment, capital lease assets, and other | 24,073 | 23,051 | ||
| Corporate intangible assets | 6,686 | 6,692 | ||
| Total depreciable and amortizable assets | 93,122 | 88,414 | ||
| Accumulated depreciation and amortization | (53,205) | (47,483) | ||
| Net depreciable and amortizable assets | 39,917 | 40,931 | ||
| Accounts receivable, net(2) | 44,548 | 37,274 | ||
| Accounts receivable - affiliates | 803 | 513 | ||
| Deferred rent receivable, net(3) | 62,288 | 52,141 | ||
| Derivative assets | 12,669 | 25,853 | ||
| Prepaid expenses and other | 10,745 | 14,575 | ||
| Investment in third parties(4) | 6,875 | 9,800 | ||
| Investment in marketable securities | 8,566 | 7,792 | ||
| Total other assets, net | $ | 186,411 | $ | 188,879 |
| ACCOUNTS PAYABLE AND OTHER LIABILITIES | ||||
| Accounts payable trade and other accruals | $ | 30,682 | $ | 34,431 |
| Accrued real estate taxes | 33,379 | 30,979 | ||
| Security deposits | 15,426 | 14,170 | ||
| Distribution accrual | 1,093 | 1,048 | ||
| Accrued compensation | 15,983 | 14,210 | ||
| Accrued interest | 9,684 | 8,192 | ||
| Capital expenditure accrual | 9,892 | 9,834 | ||
| Accrued income taxes and deferred tax liabilities, net | 322 | 321 | ||
| Total accounts payable and other liabilities | $ | 116,461 | $ | 113,185 |
(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 $1.9 million and $3.0 million of general reserves for uncollectible amounts as of December 31, 2023 and 2022, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $6.0 million and $6.2 million as of December 31, 2023 and 2022, respectively.
(3)Net of $4.6 million and $4.2 million of receivables removed as of December 31, 2023 and 2022, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.
(4)We recorded an impairment of our investment in a third-party company of $3.0 million in Other Expense, Net on our consolidated statement of operations for the year ended December 31, 2023.
| Phillips Edison & Company | 22 | |||||||
|---|---|---|---|---|---|---|---|---|
| Supplemental Statements of Operations Detail<br><br>Unaudited, in thousands | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| REVENUES | ||||||||
| Rental income(1) | $ | 112,723 | $ | 105,193 | $ | 440,771 | $ | 411,820 |
| Recovery income(1) | 36,544 | 33,620 | 144,496 | 132,361 | ||||
| Straight-line rent amortization | 1,853 | 3,051 | 9,539 | 11,668 | ||||
| Amortization of lease assets | 1,380 | 1,153 | 5,126 | 4,266 | ||||
| Lease buyout income | 206 | 52 | 1,222 | 2,414 | ||||
| Adjustments for collectibility(2)(3) | (1,479) | (1,366) | (3,653) | (1,991) | ||||
| Fees and management income | 2,454 | 2,218 | 9,646 | 11,541 | ||||
| Other property income | 768 | 1,118 | 2,977 | 3,293 | ||||
| Total revenues | $ | 154,449 | $ | 145,039 | $ | 610,124 | $ | 575,372 |
| (1)Includes income related to lease payments before assessing for collectibility.<br><br>(2)Includes revenue adjustments for non-creditworthy Neighbors.<br><br>(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 | $ | 13,757 | $ | 11,055 | $ | 48,803 | $ | 40,975 |
| Interest on secured debt | 4,524 | 5,010 | 18,614 | 20,768 | ||||
| Interest on revolving credit facility, net | 2,249 | 858 | 8,785 | 2,069 | ||||
| Non-cash amortization and other(1) | 2,037 | 1,378 | 7,662 | 6,359 | ||||
| Loss on extinguishment or modification of debt and other, net(2) | 2 | — | 368 | 1,025 | ||||
| Total interest expense, net | $ | 22,569 | $ | 18,301 | $ | 84,232 | $ | 71,196 |
| (1)Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net.<br><br>(2)Includes defeasance fees related to early repayments of debt. | ||||||||
| OTHER EXPENSE, NET | ||||||||
| Transaction and acquisition expenses | $ | (2,496) | $ | (2,731) | $ | (5,675) | $ | (10,551) |
| Impairment of investment in third parties | — | — | (3,000) | — | ||||
| Federal, state, and local income tax expense | (81) | (433) | (438) | (806) | ||||
| Equity in net income of unconsolidated investments | 62 | 77 | 372 | 1,280 | ||||
| Increase in fair value of earn-out liability | — | — | — | (1,809) | ||||
| Other | 1,745 | 665 | 1,429 | (274) | ||||
| Total other expense, net | $ | (770) | $ | (2,422) | $ | (7,312) | $ | (12,160) |
| Phillips Edison & Company | 23 | |||||||
| --- | --- | |||||||
| Capital Expenditures<br><br>Unaudited, in thousands | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended<br> December 31, | Year Ended<br> December 31, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| CAPITAL EXPENDITURES FOR REAL ESTATE(1)(2) | ||||||||
| Capital improvements | $ | 4,430 | $ | 5,402 | $ | 22,766 | $ | 17,828 |
| Tenant improvements | 6,179 | 5,498 | 26,663 | 24,194 | ||||
| Redevelopment and development | 8,930 | 16,228 | 38,206 | 53,671 | ||||
| Total capital expenditures for real estate | $ | 19,539 | $ | 27,128 | $ | 87,635 | $ | 95,693 |
| Corporate asset capital expenditures | 146 | 535 | 963 | 3,292 | ||||
| Capitalized indirect costs(3) | 1,025 | 404 | 4,103 | 3,430 | ||||
| Total capital spending activity | $ | 20,710 | $ | 28,067 | $ | 92,701 | $ | 102,415 |
| Cash paid for leasing commissions | $ | 2,330 | $ | 2,381 | $ | 8,249 | $ | 8,199 |
(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 | 24 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Active Capital Projects<br><br>Unaudited, dollars in thousands | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| Project | Location | Description | Target Stabilization Quarter(1) | Incurred to Date | Future Spend | Total Estimated Costs | Estimated Project Yield | ||||||
| GROUND UP EXPANSION DEVELOPMENT | |||||||||||||
| Southern Palms | Tempe, AZ | Construction of a 2K SF single tenant outparcel 100% leased with Starbucks | Q1 2024 | $ | 1,822 | $ | 109 | $ | 1,930 | ||||
| Oak Mill Plaza | Niles, IL | Construction of a 5K SF multi-tenant outparcel 74% leased with Starbucks, Buffalo Wild Wings Go | Q1 2024 | 3,374 | 158 | 3,532 | |||||||
| Roxborough Marketplace | Littleton, CO | Construction of a 2K SF single tenant outparcel 100% leased with Starbucks | Q3 2024 | 724 | 1,283 | 2,007 | |||||||
| Hamilton Ridge | Buford, GA | Construction of a 6K SF multi-tenant outparcel 100% leased and/or leases out with bb.q Chicken, Vitality Bowls, Allcare | Q4 2024 | 2,837 | 641 | 3,478 | |||||||
| Northstar Marketplace | Ramsey, MN | Construction of a 7K SF multi-tenant outparcel | Q4 2024 | 2,549 | 586 | 3,135 | |||||||
| Total: Ground Up | $ | 11,306 | $ | 2,777 | $ | 14,082 | 6%-8% | Phillips Edison & Company | 25 | ||||
| --- | --- | ||||||||||||
| Active Capital Projects<br><br>Unaudited, dollars in thousands | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Project | Location | Description | Target Stabilization Quarter(1) | Incurred to Date | Future Spend | Total Estimated Costs | Estimated Project Yield | ||||||
| REDEVELOPMENT | |||||||||||||
| The Oaks | Hudson, FL | First phase of Center Repositioning project with EOS Fitness, Ross Dress for Less, Five Below | Q4 2023 | $ | 7,931 | $ | 2,600 | ||||||
| Duck Creek Plaza | Bettendorf, IA | Remerchandise former Schnucks and Malibu Jack's | Q1 2024 | 1,664 | 1,900 | 3,564 | |||||||
| The Oaks | Hudson, FL | Second phase of Center Repositioning project on multiple units with leases out on Skechers, Bealls and multiple inline units | Q3 2024 | 2,675 | 1,782 | 4,457 | |||||||
| Providence Commons | Mt. Juliet, TN | Remerchandise former Tuesday Morning with Five Below | Q4 2024 | 779 | 320 | 1,099 | |||||||
| Total: Redevelopment | $ | 13,049 | $ | 6,602 | 11%-20% | ||||||||
| Active Projects Total | $ | 24,355 | $ | 9,379 | 9%-12% | ||||||||
| 2023 STABILIZED PROJECTS | 13 | 35,948 | 9% |
All values are in US Dollars.
(1)The timing of our projects and the targeted stabilization quarter may be impacted by factors outside of our control.
(2)Project yield on Stabilized Projects is a weighted average.
(3)Project yield range for Active Projects Total is a weighted average.
(4)Project yield ranges for Ground Up Expansion Development and Redevelopment are weighted averages.
| Phillips Edison & Company | 26 | |||
|---|---|---|---|---|
| Capitalization and Debt Ratios<br><br>Unaudited, in thousands (excluding per share amounts and leverage ratios) | ||||
| --- | --- | --- | ||
| December 31, | ||||
| 2023 | 2022 | |||
| EQUITY CAPITALIZATION | ||||
| Common stock outstanding | 122,024 | 117,126 | ||
| OP units outstanding | 13,817 | 14,099 | ||
| Total shares and units outstanding | 135,841 | 131,225 | ||
| Share price | $ | 36.48 | $ | 31.84 |
| Total equity market capitalization | $ | 4,955,480 | $ | 4,178,204 |
| DEBT | ||||
| Debt obligations, net | $ | 1,969,272 | $ | 1,896,594 |
| Add: Discount on notes payable | 6,302 | 7,001 | ||
| Add: Market debt adjustments, net | 858 | 1,226 | ||
| Add: Deferred financing expenses, net | 10,303 | 7,963 | ||
| Total debt - gross | 1,986,735 | 1,912,784 | ||
| Less: Cash and cash equivalents | 4,872 | 5,478 | ||
| Total net debt - consolidated | 1,981,863 | 1,907,306 | ||
| Add: Prorated share from unconsolidated joint ventures | 24,156 | 24,096 | ||
| Total net debt | $ | 2,006,019 | $ | 1,931,402 |
| ENTERPRISE VALUE | ||||
| Total net debt | $ | 2,006,019 | $ | 1,931,402 |
| Total equity market capitalization | 4,955,480 | 4,178,204 | ||
| Total enterprise value | $ | 6,961,499 | $ | 6,109,606 |
| FINANCIAL LEVERAGE RATIOS | ||||
| Net debt to Adjusted EBITDAre - annualized: | ||||
| Net debt | $ | 2,006,019 | $ | 1,931,402 |
| Adjusted EBITDAre - annualized(1) | 396,103 | 367,385 | ||
| Net debt to Adjusted EBITDAre - annualized | 5.1x | 5.3x | ||
| Net debt to total enterprise value: | ||||
| Net debt | $ | 2,006,019 | $ | 1,931,402 |
| Total enterprise value | 6,961,499 | 6,109,606 | ||
| Net debt to total enterprise value | 28.8% | 31.6% |
(1)Adjusted EBITDAre is based on a trailing twelve month period.
| Phillips Edison & Company | 27 | ||||
|---|---|---|---|---|---|
| Summary of Outstanding Debt<br><br>Unaudited, dollars in thousands | |||||
| --- | --- | --- | --- | --- | --- |
| Outstanding Balance | Contractual<br>Interest Rate | Maturity Date | Percent of Total Indebtedness | ||
| SECURED DEBT | |||||
| Individual property mortgages | $ | 95,677 | 3.45% - 6.43% | 2024 - 2031 | 5% |
| Secured pool due 2027 (15 assets) | 195,000 | 3.52% | 2027 | 10% | |
| Secured pool due 2030 (16 assets) | 200,000 | 3.35% | 2030 | 10% | |
| Total secured debt | $ | 490,677 | 25% | ||
| UNSECURED DEBT | |||||
| Revolving credit facility(1)(2) | $ | 181,000 | SOFR + 1.14% | 2026 | 9% |
| Term loan due 2025(1) | 240,000 | SOFR + 1.29% | 2025 | 12% | |
| Term loan due 2026(2) | 161,750 | SOFR + 1.35% | 2026 | 8% | |
| Term loan due 2026(1) | 240,000 | SOFR+ 1.29% | 2026 | 12% | |
| Term loan due 2027 | 158,000 | SOFR + 1.35% | 2027 | 8% | |
| Term loan due 2027 | 165,000 | SOFR + 1.35% | 2027 | 8% | |
| Senior unsecured note due 2031 | 350,000 | 2.63% | 2031 | 18% | |
| Total unsecured debt | $ | 1,495,750 | 75% | ||
| Finance leases, net | 308 | ||||
| Total debt obligations | $ | 1,986,735 | |||
| Assumed market debt adjustments, net | $ | (858) | |||
| Discount on notes payable | (6,302) | ||||
| Deferred financing expenses, net | (10,303) | ||||
| Debt obligations, net | $ | 1,969,272 | |||
| Notional Amount | Fixed SOFR | ||||
| --- | --- | --- | --- | --- | |
| INTEREST RATE SWAPS(3) | |||||
| Interest rate swap expiring September 2024 | 200,000 | 2.09 | % | ||
| Interest rate swap expiring October 2024 | 175,000 | 2.07 | % | ||
| Interest rate swap expiring November 2025 | 125,000 | 2.84 | % | ||
| Interest rate swap expiring September 2026 | 200,000 | 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)Does not include 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 | 28 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt Overview and Schedule of Maturities<br><br>Unaudited, dollars in thousands | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Secured Debt | Unsecured Debt(2) | |||||||||||||||||||
| Maturity Year | Scheduled Mortgage Principal Payments | Mortgage Loans | Secured Portfolio Loans | Unsecured Term Loans | Senior Unsecured Notes | Revolving Line of Credit | Total Consolidated Debt | Pro Rata Share of JV Debt | Total Debt | Weighted-Average Interest Rate(1)(2) | ||||||||||
| 2024 | 2,993 | 25,130 | — | — | — | 28,123 | — | 28,123 | 5.1 | % | ||||||||||
| 2025 | 1,956 | 35,680 | — | 240,000 | — | — | 277,636 | — | 277,636 | 3.4 | % | |||||||||
| 2026 | 1,908 | — | — | 240,000 | — | — | 241,908 | 24,358 | 266,266 | 3.6 | % | |||||||||
| 2027 | 1,905 | 3,690 | 195,000 | 323,000 | — | 181,000 | 704,595 | — | 704,595 | 5.0 | % | |||||||||
| 2028 | 767 | 16,600 | — | 161,750 | — | — | 179,117 | — | 179,117 | 6.5 | % | |||||||||
| 2029 | 804 | — | — | — | — | — | 804 | — | 804 | — | % | |||||||||
| 2030 | 844 | — | 200,000 | — | — | — | 200,844 | — | 200,844 | 3.4 | % | |||||||||
| 2031 | 560 | 2,840 | — | — | 350,000 | — | 353,400 | — | 353,400 | 2.7 | % | |||||||||
| Net debt market adjustments / discounts / issuance costs | — | — | — | — | — | — | (17,463) | (546) | (18,009) | N/A | ||||||||||
| Finance leases | — | — | — | — | — | — | 308 | — | 308 | N/A | ||||||||||
| Total | $ | 11,737 | $ | 83,940 | $ | 395,000 | $ | 964,750 | $ | 350,000 | $ | 181,000 | $ | 1,969,272 | $ | 23,812 | $ | 1,993,084 | 4.2 | % |
| Weighted-Average | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | |||||||||||||||
| Total Debt | Percent of Total Indebtedness | Effective Interest Rate(1) | Years to Maturity(2) | |||||||||||||||||
| Fixed rate debt | $ | 1,540,677 | 76.6% | 3.5% | 5.9 | |||||||||||||||
| Variable rate debt | 445,750 | 22.2% | 6.6% | 2.8 | ||||||||||||||||
| Net debt premiums / issuance costs | (17,463) | N/A | N/A | N/A | ||||||||||||||||
| Finance leases | 308 | N/A | N/A | N/A | ||||||||||||||||
| Total consolidated debt | $ | 1,969,272 | 98.8% | 4.2% | 4.1 | |||||||||||||||
| Pro rata share of JV Debt | 24,358 | 1.2% | 3.6% | 2.8 | ||||||||||||||||
| Net debt premiums / issuance costs of JV Debt | (546) | N/A | N/A | N/A | ||||||||||||||||
| Total consolidated + JV debt | $ | 1,993,084 | 100.0% | 4.2% | 4.1 |
(1)Includes the impact of $700,000 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 unsecured term loan has two one year options with an outside date of 2028.
| Phillips Edison & Company | 29 | |
|---|---|---|
| Debt Covenants<br><br>Unaudited, dollars in thousands | ||
| --- | --- | --- |
| UNSECURED CREDIT FACILITY AND TERM LOANS DUE 2025, 2026, and 2027 | ||
| Covenant | December 31, 2023 | |
| LEVERAGE RATIO | ||
| Total Indebtedness | $2,011,968 | |
| Total Asset Value | $6,781,787 | |
| Leverage Ratio | =<60% | 29.7% |
| SECURED LEVERAGE RATIO | ||
| Total Secured Indebtedness | $515,344 | |
| Total Asset Value | $6,781,787 | |
| Secured Leverage Ratio | =<35% | 7.6% |
| FIXED CHARGE COVERAGE RATIO | ||
| Adjusted EBITDA | $374,238 | |
| Total Fixed Charges | $83,586 | |
| Fixed Charge Coverage Ratio | >1.5x | 4.48x |
| MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE | ||
| Total Unsecured Indebtedness | $1,509,293 | |
| Unencumbered Asset Value | $5,469,905 | |
| Unsecured Indebtedness to Unencumbered Asset Value | =<60% | 27.6% |
| MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE | ||
| Unencumbered NOI | $357,778 | |
| Interest Expense for Unsecured Indebtedness | $59,387 | |
| Unencumbered NOI to Interest Expense | >=1.75x | 6.02x |
| DIVIDEND PAYOUT RATIO | ||
| Distributions | $151,745 | |
| Funds From Operations | $312,174 | |
| Dividend Payout Ratio | <95% | 48.6% |
| SENIOR UNSECURED NOTES DUE 2031 | ||
| Covenant | December 31, 2023 | |
| AGGREGATE DEBT TEST | ||
| Total Indebtedness | $1,999,186 | |
| Total Asset Value | $6,079,376 | |
| Aggregate Debt Test | <65% | 32.9% |
| SECURED DEBT TEST | ||
| Total Secured Indebtedness | $490,985 | |
| Total Asset Value | $6,079,376 | |
| Secured Debt Test | <40% | 8.1% |
| DEBT SERVICE TEST | ||
| Consolidated EBITDA | $393,808 | |
| Annual Debt Service Charge | $77,443 | |
| Debt Service Test | >1.5x | 5.09x |
| MAINTENANCE OF TOTAL UNENCUMBERED ASSETS | ||
| Unencumbered Asset Value | $5,055,910 | |
| Total Unsecured Indebtedness | $1,508,200 | |
| Maintenance of Total Unencumbered Assets | >150% | 335% |
| Note: Calculations are per covenant definitions as set forth in the applicable debt agreements. | ||
| Phillips Edison & Company | 30 | |
| --- | --- |
| TRANSACTIONAL SUMMARY | ||||||
|---|---|---|---|---|---|---|
| Quarter Ended December 31, 2023 | ||||||
| Acquisition Summary<br><br>Unaudited, dollars in thousands | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Date | Property Name | Location | Total GLA | Contract Price | Grocery Anchor | |
| 1/19/2023 | Providence Commons | Mt. Juliet, TN | 110,137 | 27,100 | Publix | |
| 3/16/2023 | Village Shoppes at Windermere | Suwanee, GA | 73,442 | 19,550 | Publix | |
| 3/27/2023 | Town Center at Jensen Beach | Jensen Beach. FL | 109,326 | 17,200 | Publix | |
| 3/27/2023 | Shops at Sunset Lakes | Miramar, FL | 70,274 | 14,800 | Publix | |
| 8/15/2023 | Oconomowoc Development Land | Oconomowoc, WI | N/A | 510 | N/A | |
| 8/16/2023 | Lake Pointe Market | Rowlett, TX | 40,608 | 12,900 | Tom Thumb (Shadow) | |
| 10/19/2023 | Leesburg Bank OP at Shoppes of Lake Village | Leesburg, FL | 4,887 | 3,100 | N/A | |
| 10/30/2023 | Mansell Village | Roswell, GA | 89,688 | 16,250 | Kroger | |
| 11/13/2023 | Riverpark Shopping Center | Sugar Land, TX | 317,331 | 79,000 | H-E-B | |
| 12/4/2023 | Apache Shoppes | Rochester, MN | 60,665 | 6,400 | Trader Joe's | |
| 12/4/2023 | Maple View | Grayslake, IL | 114,668 | 23,120 | Jewel-Osco | |
| 12/5/2023 | Quail Pointe | Fair Oaks, CA | 98,366 | 44,300 | Trader Joe's | |
| 12/11/2023 | Southampton Village OP | Tyrone, GA | 3,055 | 950 | N/A | |
| 12/11/2023 | Glenbrook Marketplace | Chicago, IL | 47,832 | 13,300 | N/A | |
| Total acquisitions | 1,140,279 | 278,480 | ||||
| Weighted-average cap rate (1) | 6.6 | % | ||||
| (1) Weighted average cap rates exclude non-income producing assets |
All values are in US Dollars.
| Disposition Summary<br><br>Unaudited, dollars in thousands | ||||||
|---|---|---|---|---|---|---|
| Date | Property Name | Location | Total GLA | Contract Price | Grocery Anchor | |
| 5/9/2023 | Greentree McDonald's | Racine, WI | 4,130 | 1,000 | N/A | |
| 6/9/2023 | Towne & Country (B&O) | Hamilton, OH | 79,896 | 4,800 | N/A | |
| 6/16/2023 | Broadway Promenade Condo Unit 2102 | Sarasota, FL | 2,417 | 450 | N/A | |
| Total dispositions | 86,443 | 6,250 | ||||
| Weighted-average cap rate | 8.6 | % |
All values are in US Dollars.
| Phillips Edison & Company | 32 |
|---|
| PORTFOLIO SUMMARY | |||
|---|---|---|---|
| Quarter Ended December 31, 2023 | |||
| Wholly-Owned Portfolio Summary<br><br>Unaudited, dollars and square feet in thousands (excluding per square foot amounts) | |||
| --- | --- | --- | --- |
| As of<br> December 31, 2023 | |||
| PORTFOLIO OVERVIEW: | |||
| Number of shopping centers | 281 | ||
| Number of states | 31 | ||
| Total GLA | 32,153 | ||
| Average shopping center GLA | 114 | ||
| Total ABR | $ | 470,819 | |
| Total ABR from necessity-based goods and services(1) | 70.4 | % | |
| Percent of ABR from non-grocery anchors | 13.4 | % | |
| Percent of ABR from inline spaces | 55.0 | % | |
| GROCERY METRICS: | |||
| Percent of ABR from omni-channel grocery-anchored shopping centers | 97.2 | % | |
| Percent of ABR from grocery anchors | 31.6 | % | |
| Percent of occupied GLA leased to grocery Neighbors | 47.0 | % | |
| Grocer health ratio(2) | 2.3 | % | |
| Percent of ABR from centers with grocery anchors that are #1 or #2 by sales | 85.4 | % | |
| Average annual sales per square foot of reporting grocers | $ | 681 | |
| LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET: | |||
| Total portfolio | 97.4 | % | |
| Anchor spaces | 98.9 | % | |
| Inline spaces | 94.7 | % | |
| AVERAGE REMAINING LEASE TERM (IN YEARS):(3) | |||
| Total portfolio | 4.4 | ||
| Grocery anchor spaces | 4.4 | ||
| Non-grocery anchor spaces | 4.9 | ||
| Inline spaces | 4.0 | ||
| PORTFOLIO RETENTION RATE:(4) | |||
| Total portfolio | 93.3 | % | |
| Anchor spaces | 98.5 | % | |
| Inline spaces | 83.1 | % | |
| AVERAGE ABR PER SQUARE FOOT: | |||
| Total portfolio | $ | 15.03 | |
| Anchor spaces | $ | 10.12 | |
| Inline spaces | $ | 24.66 |
(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 December 31, 2023. 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 20.4, 31.3, 15.6, and 8.0, respectively.
(4)For the three months ended December 31, 2023.
| Phillips Edison & Company | 34 | |
|---|---|---|
| ABR by Neighbor Category<br><br>Unaudited | ||
| --- | --- | --- |
| As of<br> December 31, 2023 | ||
| NECESSITY RETAIL AND SERVICES | ||
| Grocery | 31.6 | % |
| Quick service - Restaurant | 11.1 | % |
| Medical | 6.3 | % |
| Beauty & Hair Care | 5.2 | % |
| Banks, insurance, and government services | 3.5 | % |
| Pet supply | 2.4 | % |
| Dollar stores | 1.8 | % |
| Education & Training | 1.6 | % |
| Hardware/automotive | 1.4 | % |
| Telecommunications/cell phone services | 1.4 | % |
| Wine, Beer, & Liquor | 1.4 | % |
| Pharmacy | 0.8 | % |
| Other necessity-based | 1.9 | % |
| Total ABR from necessity-based goods and services | 70.4 | % |
| OTHER RETAIL STORES | ||
| Soft goods(1) | 12.9 | % |
| Full service - restaurant | 7.2 | % |
| Fitness and lifestyle services(2) | 6.0 | % |
| Other retail(3) | 3.5 | % |
| Total ABR from other retail stores | 29.6 | % |
| Total ABR | 100.0 | % |
(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 | 35 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Occupancy and ABRUnaudited | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30,<br>2023 | June 30,<br>2023 | March 31,<br>2023 | December 31,<br>2022 | |||||||||||
| OCCUPANCY | ||||||||||||||
| Leased Basis | ||||||||||||||
| Anchor | % | 99.3 | % | 99.4 | % | 99.3 | % | 99.3 | % | |||||
| Inline | % | 94.9 | % | 94.8 | % | 94.3 | % | 93.8 | % | |||||
| Total leased occupancy | % | 97.8 | % | 97.8 | % | 97.5 | % | 97.4 | % | |||||
| Economic Basis | ||||||||||||||
| Anchor | % | 99.3 | % | 99.0 | % | 98.4 | % | 98.4 | % | |||||
| Inline | % | 94.4 | % | 93.8 | % | 93.5 | % | 92.5 | % | |||||
| Total economic occupancy | % | 97.6 | % | 97.2 | % | 96.7 | % | 96.4 | % | |||||
| ABR | ||||||||||||||
| Leased Basis - | ||||||||||||||
| Anchor | 209,985 | $ | 203,904 | $ | 203,645 | $ | 203,525 | $ | 200,926 | |||||
| Inline | 249,124 | 245,669 | 242,086 | 234,786 | ||||||||||
| Total ABR | 470,819 | $ | 453,028 | $ | 449,314 | $ | 445,611 | $ | 435,712 | |||||
| Leased Basis - PSF | ||||||||||||||
| Anchor | 10.12 | $ | 9.98 | $ | 9.97 | $ | 9.95 | $ | 9.92 | |||||
| Inline | 24.19 | 23.95 | 23.66 | 23.39 | ||||||||||
| Total ABR PSF | 15.03 | $ | 14.74 | $ | 14.64 | $ | 14.52 | $ | 14.39 |
All values are in US Dollars.
| Phillips Edison & Company | 36 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Top 25 Neighbors by ABR<br><br>Dollars and square footage amounts in thousands | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Number of Locations | |||||||||
| Neighbor | Banners Leased at PECO Centers | Wholly-Owned | Joint Ventures | ABR(1) | % ABR(1) | Leased SF(1) | |||
| 1 | Kroger | Kroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Ralphs, Mariano's, Food 4 Less, Metro Market | 57 | 6 | $ | 28,459 | 6.0 | % | 3,474 |
| 2 | Publix | Publix | 52 | 9 | 26,570 | 5.6 | % | 2,519 | |
| 3 | Albertsons | Safeway, Market Street United, Randalls, Tom Thumb, Jewel-Osco, Vons, United Supermarkets, Shaw's Supermarket, Albertsons | 30 | 2 | 19,361 | 4.1 | % | 1,777 | |
| 4 | Ahold Delhaize | Martin's, Giant, Stop & Shop, Food Lion, Super Stop & Shop | 23 | — | 17,829 | 3.8 | % | 1,249 | |
| 5 | Walmart | Walmart Neighborhood Market, Walmart | 13 | — | 8,971 | 1.9 | % | 1,770 | |
| 6 | Giant Eagle | Giant Eagle | 9 | 1 | 7,384 | 1.6 | % | 759 | |
| 7 | Sprouts Farmers Market | Sprouts Farmers Market | 14 | — | 6,663 | 1.4 | % | 421 | |
| 8 | TJX Companies | Sierra Trading Co., HomeGoods, T.J.Maxx, Marshalls | 18 | — | 6,262 | 1.3 | % | 516 | |
| 9 | Raley's | Raley's | 5 | — | 4,599 | 1.0 | % | 288 | |
| 10 | Dollar Tree | Dollar Tree, Family Dollar, Dollar Tree Family Dollar | 33 | 4 | 3,859 | 0.7 | % | 369 | |
| 11 | UNFI (SuperValu) | Cub Foods | 5 | — | 3,476 | 0.7 | % | 336 | |
| 12 | Starbucks Corporation | Starbucks | 35 | — | 2,983 | 0.5 | % | 64 | |
| 13 | Trader Joe's | Trader Joe's | 9 | — | 2,727 | 0.5 | % | 122 | |
| 14 | H-E-B | H-E-B | 2 | — | 2,492 | 0.5 | % | 164 | |
| 15 | Lowe's | Lowe's | 3 | 1 | 2,469 | 0.5 | % | 369 | |
| 16 | Subway Group | Subway | 59 | 2 | 2,448 | 0.5 | % | 88 | |
| 17 | Anytime Fitness, Inc. | Anytime Fitness | 27 | 2 | 2,430 | 0.5 | % | 140 | |
| 18 | Food 4 Less (PAQ) | Food 4 Less | 2 | — | 2,305 | 0.5 | % | 118 | |
| 19 | United Parcel Service | The UPS Store, WeShip Store | 57 | 8 | 2,304 | 0.5 | % | 82 | |
| 20 | H&R Block, Inc. | H&R Block | 54 | 2 | 2,284 | 0.5 | % | 97 | |
| 21 | Office Depot | Office Depot, OfficeMax | 8 | — | 2,263 | 0.5 | % | 179 | |
| 22 | Pet Supplies Plus | Pet Supplies Plus | 19 | — | 2,253 | 0.5 | % | 148 | |
| 23 | Kohl's Corporation | Kohl's | 4 | — | 2,241 | 0.5 | % | 365 | |
| 24 | Great Clips, Inc. | Great Clips | 63 | 7 | 2,233 | 0.5 | % | 81 | |
| 25 | Save Mart | Lucky Supermarkets, Save Mart Supermarkets, Food Maxx | 5 | — | 2,194 | 0.5 | % | 258 | |
| Total | 606 | 44 | $ | 167,059 | 35.1 | % | 15,753 |
(1)Includes the prorated portion owned through our unconsolidated joint venture.
| Phillips Edison & Company | 37 |
|---|---|
| Neighbors by Type and Industry(1)(2)<br><br>Unaudited | |
| --- |
(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 | 38 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties by State(1)<br><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| State | ABR | % ABR | ABR / Leased SF | GLA | % GLA | % Leased | Number of Properties | |||||
| Florida | $ | 58,036 | 12.2 | % | $ | 14.57 | 4,088 | 12.6 | % | 97.4 | % | 51 |
| California | 51,936 | 10.9 | % | 21.52 | 2,504 | 7.7 | % | 96.4 | % | 26 | ||
| Texas | 43,072 | 9.1 | % | 18.21 | 2,474 | 7.6 | % | 95.6 | % | 20 | ||
| Georgia | 40,979 | 8.6 | % | 13.75 | 3,028 | 9.3 | % | 98.4 | % | 31 | ||
| Illinois | 28,540 | 6.0 | % | 16.71 | 1,804 | 5.6 | % | 94.6 | % | 16 | ||
| Ohio | 25,316 | 5.3 | % | 11.04 | 2,336 | 7.2 | % | 98.2 | % | 19 | ||
| Colorado | 24,850 | 5.2 | % | 18.41 | 1,408 | 4.3 | % | 95.9 | % | 12 | ||
| Virginia | 22,724 | 4.8 | % | 17.15 | 1,359 | 4.2 | % | 97.5 | % | 13 | ||
| Minnesota | 19,688 | 4.1 | % | 15.55 | 1,325 | 4.1 | % | 95.5 | % | 13 | ||
| Massachusetts | 16,944 | 3.6 | % | 15.22 | 1,146 | 3.5 | % | 97.1 | % | 9 | ||
| Nevada | 14,824 | 3.1 | % | 24.30 | 623 | 1.9 | % | 97.9 | % | 5 | ||
| Pennsylvania | 12,264 | 2.6 | % | 12.45 | 1,001 | 3.1 | % | 98.4 | % | 6 | ||
| Wisconsin | 11,990 | 2.5 | % | 11.47 | 1,057 | 3.3 | % | 98.9 | % | 9 | ||
| Arizona | 10,741 | 2.3 | % | 14.81 | 735 | 2.3 | % | 98.6 | % | 6 | ||
| South Carolina | 10,086 | 2.1 | % | 11.81 | 863 | 2.7 | % | 99.0 | % | 8 | ||
| Maryland | 9,568 | 2.0 | % | 21.01 | 463 | 1.4 | % | 98.4 | % | 4 | ||
| North Carolina | 8,409 | 1.8 | % | 12.91 | 658 | 2.0 | % | 99.0 | % | 10 | ||
| Tennessee | 8,132 | 1.7 | % | 10.20 | 802 | 2.5 | % | 99.4 | % | 5 | ||
| Indiana | 7,261 | 1.5 | % | 8.85 | 832 | 2.6 | % | 98.6 | % | 5 | ||
| Kentucky | 6,849 | 1.5 | % | 11.18 | 616 | 1.9 | % | 99.5 | % | 4 | ||
| Michigan | 6,772 | 1.4 | % | 9.59 | 724 | 2.2 | % | 97.6 | % | 5 | ||
| New Mexico | 6,044 | 1.3 | % | 15.02 | 404 | 1.2 | % | 99.6 | % | 3 | ||
| Connecticut | 5,982 | 1.3 | % | 14.35 | 421 | 1.3 | % | 99.0 | % | 4 | ||
| Oregon | 4,765 | 1.0 | % | 16.14 | 316 | 1.0 | % | 93.4 | % | 4 | ||
| Kansas | 4,684 | 1.0 | % | 12.53 | 374 | 1.2 | % | 100.0 | % | 3 | ||
| New Jersey | 4,245 | 0.9 | % | 25.05 | 169 | 0.5 | % | 100.0 | % | 1 | ||
| Washington | 2,886 | 0.6 | % | 16.69 | 173 | 0.5 | % | 100.0 | % | 2 | ||
| Iowa | 2,822 | 0.6 | % | 8.00 | 360 | 1.1 | % | 98.1 | % | 3 | ||
| Missouri | 2,589 | 0.5 | % | 11.89 | 222 | 0.7 | % | 98.2 | % | 2 | ||
| New York | 1,823 | 0.4 | % | 11.58 | 163 | 0.5 | % | 96.3 | % | 1 | ||
| Utah | 461 | 0.1 | % | 31.70 | 15 | — | % | 100.0 | % | 1 | ||
| Total | $ | 475,282 | 100.0 | % | $ | 15.03 | 32,463 | 100.0 | % | 97.4 | % | 301 |
(1)Includes the prorated portion owned through our unconsolidated joint venture.
| Phillips Edison & Company | 39 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New, Renewal, and Option Lease Summary<br><br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Comparable Only | ||||||||||||||
| Number of Leases Signed | GLA | ABR | ABR PSF(1) | Weighted-Average Lease Term (Years) | Cost of TI/TIA PSF(2) | Number of Leases | Increase in ABR PSF | Rent Spread % | ||||||
| TOTAL - NEW, RENEWAL, AND OPTION LEASES | ||||||||||||||
| Q4 2023 | 217 | 1,146 | $ | 19,391 | $ | 16.92 | 5.9 | $ | 7.62 | 174 | $ | 1.77 | 12.4 | % |
| Q3 2023 | 231 | 939 | 18,333 | 19.52 | 6.3 | 6.76 | 192 | 2.37 | 13.9 | % | ||||
| Q2 2023 | 285 | 1,569 | 24,160 | 15.40 | 5.3 | 4.16 | 224 | 1.54 | 11.5 | % | ||||
| Q1 2023 | 263 | 1,065 | 20,060 | 18.83 | 6.0 | 7.16 | 195 | 1.96 | 12.1 | % | ||||
| Total | 996 | 4,719 | $ | 81,944 | $ | 17.36 | 5.8 | $ | 6.2 | 785 | $ | 1.85 | 12.4 | % |
| NEW LEASES | ||||||||||||||
| Q4 2023 | 74 | 248 | $ | 5,882 | $ | 23.73 | 7.9 | $ | 32.94 | 31 | $ | 5.41 | 21.9 | % |
| Q3 2023 | 82 | 279 | 5,676 | 20.36 | 10.3 | 21.93 | 43 | 4.32 | 26.3 | % | ||||
| Q2 2023 | 94 | 286 | 5,709 | 19.98 | 6.8 | 21.02 | 33 | 4.71 | 25.1 | % | ||||
| Q1 2023 | 98 | 264 | 6,149 | 23.27 | 9.5 | 27.39 | 30 | 6.36 | 27.4 | % | ||||
| Total | 348 | 1,077 | $ | 23,416 | $ | 21.75 | 8.6 | $ | 25.56 | 137 | $ | 4.94 | 25.2 | % |
| RENEWAL LEASES | ||||||||||||||
| Q4 2023 | 107 | 488 | $ | 8,962 | $ | 18.37 | 5.8 | $ | 1.17 | 107 | $ | 2.28 | 14.2 | % |
| Q3 2023 | 109 | 266 | 6,878 | 25.87 | 3.9 | 0.88 | 109 | 3.75 | 16.9 | % | ||||
| Q2 2023 | 143 | 382 | 8,824 | 23.12 | 4.5 | 1.35 | 143 | 3.48 | 17.7 | % | ||||
| Q1 2023 | 126 | 303 | 7,387 | 24.40 | 4.8 | 1.30 | 126 | 3.38 | 16.1 | % | ||||
| Total | 485 | 1,439 | $ | 32,051 | $ | 22.28 | 4.9 | $ | 1.19 | 485 | $ | 3.10 | 16.2 | % |
| OPTION LEASES | ||||||||||||||
| Q4 2023 | 36 | 410 | $ | 4,547 | $ | 11.08 | 4.9 | $ | — | 36 | $ | 0.63 | 6.0 | % |
| Q3 2023 | 40 | 394 | 5,779 | 14.65 | 5.0 | — | 40 | 0.75 | 5.4 | % | ||||
| Q2 2023 | 48 | 901 | 9,627 | 10.69 | 5.2 | — | 48 | 0.43 | 4.2 | % | ||||
| Q1 2023 | 39 | 498 | 6,524 | 13.09 | 5.0 | — | 39 | 0.62 | 5.0 | % | ||||
| Total | 163 | 2,203 | $ | 26,477 | $ | 12.02 | 5.1 | $ | — | 163 | $ | 0.57 | 5.0 | % |
(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 | 40 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Lease Expirations(1)<br><br>Unaudited, square footage amounts in thousands | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| Number of Leases | GLA Expiring | % of Leased GLA(2) | ABR PSF | % of ABR | ||||||||||||||
| TOTAL LEASES | ||||||||||||||||||
| MTM | 65 | 146 | 0.5 | % | $ | 19.21 | 0.6 | % | ||||||||||
| 2024 | 670 | 2,843 | 9.0 | % | 15.09 | 9.0 | % | |||||||||||
| 2025 | 768 | 4,679 | 14.8 | % | 13.80 | 13.6 | % | |||||||||||
| 2026 | 915 | 4,697 | 14.8 | % | 15.44 | 15.3 | % | |||||||||||
| 2027 | 844 | 4,327 | 13.7 | % | 15.04 | 13.7 | % | |||||||||||
| 2028 | 810 | 5,001 | 15.8 | % | 15.24 | 16.0 | % | |||||||||||
| 2029 | 425 | 3,247 | 10.3 | % | 14.09 | 9.6 | % | |||||||||||
| 2030 | 192 | 1,301 | 4.1 | % | 16.57 | 4.5 | % | |||||||||||
| 2031 | 215 | 1,298 | 4.1 | % | 16.89 | 4.6 | % | |||||||||||
| 2032 | 186 | 1,472 | 4.6 | % | 14.13 | 4.4 | % | |||||||||||
| 2033 | 170 | 913 | 2.9 | % | 18.09 | 3.5 | % | |||||||||||
| 2034 + | 166 | 1,709 | 5.4 | % | 14.43 | 5.2 | % | |||||||||||
| Total leases | 5,426 | 31,633 | 100.0 | % | $ | 15.03 | 100.0 | % | ANCHOR LEASES | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| MTM | 2 | 29 | 0.1 | % | $ | 11.39 | 0.1 | % | ||||||||||
| 2024 | 47 | 1,527 | 4.8 | % | 9.24 | 3.0 | % | |||||||||||
| 2025 | 83 | 3,325 | 10.5 | % | 9.68 | 6.8 | % | |||||||||||
| 2026 | 77 | 2,937 | 9.3 | % | 10.14 | 6.3 | % | |||||||||||
| 2027 | 80 | 2,698 | 8.5 | % | 9.39 | 5.3 | % | |||||||||||
| 2028 | 82 | 3,414 | 10.8 | % | 10.17 | 7.3 | % | |||||||||||
| 2029 | 63 | 2,371 | 7.5 | % | 10.28 | 5.1 | % | |||||||||||
| 2030 | 22 | 879 | 2.8 | % | 12.56 | 2.3 | % | |||||||||||
| 2031 | 28 | 794 | 2.5 | % | 11.72 | 2.0 | % | |||||||||||
| 2032 | 25 | 1,023 | 3.2 | % | 8.92 | 1.9 | % | |||||||||||
| 2033 | 16 | 540 | 1.7 | % | 11.69 | 1.3 | % | |||||||||||
| 2034 + | 39 | 1,417 | 4.5 | % | 10.87 | 3.2 | % | |||||||||||
| Anchor leases | 564 | 20,954 | 66.2 | % | $ | 10.12 | 44.6 | % | INLINE LEASES | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| MTM | 63 | 117 | 0.4 | % | $ | 21.18 | 0.5 | % | ||||||||||
| 2024 | 623 | 1,316 | 4.2 | % | 21.88 | 6.0 | % | |||||||||||
| 2025 | 685 | 1,354 | 4.3 | % | 23.91 | 6.8 | % | |||||||||||
| 2026 | 838 | 1,760 | 5.5 | % | 24.28 | 9.0 | % | |||||||||||
| 2027 | 764 | 1,629 | 5.2 | % | 24.40 | 8.4 | % | |||||||||||
| 2028 | 728 | 1,587 | 5.0 | % | 26.16 | 8.7 | % | |||||||||||
| 2029 | 362 | 876 | 2.8 | % | 24.39 | 4.5 | % | |||||||||||
| 2030 | 170 | 422 | 1.3 | % | 24.92 | 2.2 | % | |||||||||||
| 2031 | 187 | 504 | 1.6 | % | 25.02 | 2.6 | % | |||||||||||
| 2032 | 161 | 449 | 1.4 | % | 26.02 | 2.5 | % | |||||||||||
| 2033 | 154 | 373 | 1.2 | % | 27.36 | 2.2 | % | |||||||||||
| 2034 + | 127 | 292 | 0.9 | % | 31.71 | 2.0 | % | |||||||||||
| Inline leases | 4,862 | 10,679 | 33.8 | % | $ | 24.65 | 55.4 | % |
(1)Statistics include our wholly-owned properties and the prorated portion owned through our unconsolidated joint venture.
(2)Percentage amounts may not recalculate exactly based on other amounts presented within the table due to rounding.
| Phillips Edison & Company | 41 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| 51st & Olive Square | Glendale, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1975 / 2007 | 88,225 | 100.0 | % | $ | 960 | $ | 10.88 | Fry's Food Stores | N/A | |||
| Alameda Crossing | Avondale, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 2006 / 2021 | 141,721 | 100.0 | % | $ | 2,652 | $ | 18.71 | Sprouts Farmers Market | JOANN; Uptown Jungle; Big 5 Sporting Goods | |||
| Arcadia Plaza | Phoenix, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1980 / 2018 | 63,637 | 100.0 | % | $ | 1,491 | $ | 23.43 | Sprouts Farmers Market | N/A | |||
| Broadway Plaza | Tucson, AZ | 100 % | Tucson, AZ | 1982 / 2003 | 84,298 | 97.3 | % | $ | 1,461 | $ | 17.82 | Sprouts Farmers Market | N/A | |||
| Southern Palms | Tempe, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1982 / 2018 | 257,123 | 97.8 | % | $ | 3,290 | $ | 13.08 | Sprouts Farmers Market | Goodwill; Southwest Institute of Healing Arts; Habitat for Humanity ReStore; Planet Fitness; AutoZone | |||
| Sunburst Plaza | Glendale, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1970 / 2022 | 100,437 | 98.0 | % | $ | 887 | $ | 9.01 | Fry's Food Stores | Daiso Japan | |||
| Atwater Marketplace | Atwater, CA | 100 % | N/A | 2023 | 2,082 | 100.0 | % | $ | 138 | $ | 66.28 | N/A | N/A | |||
| Boronda Plaza | Salinas, CA | 100 % | Salinas, CA | 2003 / 2021 | 93,071 | 96.6 | % | $ | 2,248 | $ | 25.01 | Food 4 Less | N/A | |||
| Broadway Pavilion | Santa Maria, CA | 100 % | Santa Maria-Santa Barbara, CA | 1987 | 142,944 | 89.2 | % | $ | 2,060 | $ | 16.16 | Food Maxx | Idler's Home | |||
| Central Valley Marketplace | Ceres, CA | 100 % | Modesto, CA | 2005 | 81,897 | 100.0 | % | $ | 1,844 | $ | 22.52 | Food 4 Less | N/A | |||
| Commonwealth Square | Folsom, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1987 | 141,310 | 99.3 | % | $ | 2,269 | $ | 16.17 | Raley's | N/A | |||
| Contra Loma Plaza | Antioch, CA | 100 % | San Francisco-Oakland-Berkeley, CA | 1989 / 2022 | 74,616 | 96.1 | % | $ | 886 | $ | 12.35 | Lucky Supermarkets | N/A | |||
| Del Paso Marketplace | Sacramento, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2006 / 2016 | 59,796 | 100.0 | % | $ | 1,634 | $ | 27.33 | Sprouts Farmers Market | N/A | |||
| Driftwood Village | Ontario, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1985 | 95,421 | 98.2 | % | $ | 1,843 | $ | 19.67 | Food 4 Less | N/A | |||
| Herndon Place | Fresno, CA | 100 % | Fresno, CA | 2005 | 95,370 | 96.5 | % | $ | 1,563 | $ | 16.99 | Save Mart Supermarkets | N/A | |||
| Laguna 99 Plaza | Elk Grove, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1992 / 2015 | 89,188 | 100.0 | % | $ | 1,908 | $ | 21.39 | Walmart Neighborhood Market | California Backyard | |||
| North Point Landing | Modesto, CA | 100 % | Modesto, CA | 1964 / 2008 | 152,769 | 96.5 | % | $ | 2,325 | $ | 15.77 | Walmart | N/A | |||
| Quail Pointe | Fair Oaks, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1987 | 98,366 | 93.8 | % | $ | 2,894 | $ | 31.38 | Trader Joe's | Lamps Plus | |||
| Quartz Hill Towne Centre | Lancaster, CA | 100 % | Los Angeles-Long Beach-Anaheim, CA | 1991 / 2012 | 110,306 | 100.0 | % | $ | 1,936 | $ | 17.55 | Vons | CVS | |||
| Red Maple Village | Tracy, CA | 100 % | Stockton, CA | 2009 | 97,591 | 100.0 | % | $ | 2,618 | $ | 26.83 | Raley's | N/A | |||
| Riverlakes Village | Bakersfield, CA | 100 % | Bakersfield, CA | 1997 / 2022 | 94,012 | 98.6 | % | $ | 1,998 | $ | 21.55 | Vons | N/A | Phillips Edison & Company | 42 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Rocky Ridge Town Center | Roseville, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1996 / 2015 | 93,337 | 100.0 | % | $ | 2,873 | $ | 30.78 | Sprouts Farmers Market | BevMo! | |||
| Shasta Crossroads | Redding, CA | 100 % | Redding, CA | 1989 / 2016 | 114,565 | 89.6 | % | $ | 2,100 | $ | 20.45 | Food Maxx | N/A | |||
| Sierra Del Oro Towne Centre | Corona, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1991 / 2017 | 110,627 | 100.0 | % | $ | 2,265 | $ | 20.47 | Ralphs | Dollar Tree | |||
| Sierra Vista Plaza | Murrieta, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1991 / 2021 | 80,259 | 93.5 | % | $ | 1,972 | $ | 26.28 | Stater Bros Markets (shadow) | CVS | |||
| Sterling Pointe Center | Lincoln, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2004 / 2017 | 136,020 | 100.0 | % | $ | 3,058 | $ | 22.48 | Raley's | N/A | |||
| Sunridge Plaza | Rancho Cordova, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2017 | 87,815 | 93.0 | % | $ | 2,624 | $ | 32.12 | Raley's | N/A | |||
| Town & Country Village | Sacramento, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1950 / 2022 | 215,192 | 87.2 | % | $ | 3,726 | $ | 19.86 | Sprouts Farmers Market; Trader Joe's | Ross Dress for Less; T.J.Maxx; Royal Flooring; Ulta | |||
| Village One Plaza | Modesto, CA | 100 % | Modesto, CA | 2007 | 105,658 | 100.0 | % | $ | 2,529 | $ | 23.94 | Raley's | N/A | |||
| Vineyard Center | Templeton, CA | 100 % | San Luis Obispo-Paso Robles, CA | 2007 | 21,117 | 100.0 | % | $ | 682 | $ | 32.30 | Trader Joe's | N/A | |||
| West Acres Shopping Center | Fresno, CA | 100 % | Fresno, CA | 1990 / 2015 | 83,414 | 100.0 | % | $ | 949 | $ | 11.38 | Food Maxx | N/A | |||
| Windmill Marketplace | Clovis, CA | 100 % | Fresno, CA | 2001 | 27,486 | 100.0 | % | $ | 994 | $ | 36.16 | Save Mart (shadow) | N/A | |||
| Arapahoe Marketplace | Greenwood Village, CO | 100 % | Denver-Aurora-Lakewood, CO | 1977 / 2022 | 191,761 | 85.3 | % | $ | 4,070 | $ | 24.88 | Sprouts Farmers Market | The Tile Shop; Molly's Spirits; Office Depot | |||
| Broadlands Marketplace | Broomfield, CO | 100 % | Denver-Aurora-Lakewood, CO | 2002 | 103,883 | 100.0 | % | $ | 1,427 | $ | 13.74 | Safeway | N/A | |||
| Fairfield Commons | Lakewood, CO | 100 % | Denver-Aurora-Lakewood, CO | 1985 / 2014 | 143,276 | 98.0 | % | $ | 2,738 | $ | 19.49 | Sprouts Farmers Market | T.J.Maxx; Planet Fitness; Aaron's | |||
| Foxridge Plaza | Centennial, CO | 100 % | Denver-Aurora-Lakewood, CO | 1983 / 2022 | 53,970 | 96.6 | % | $ | 1,301 | $ | 24.95 | Kings Soopers (shadow) | N/A | |||
| Golden Town Center | Golden, CO | 100 % | Denver-Aurora-Lakewood, CO | 1993 / 2003 | 117,882 | 97.0 | % | $ | 1,787 | $ | 15.62 | King Soopers | N/A | |||
| Kipling Marketplace | Littleton, CO | 100 % | Denver-Aurora-Lakewood, CO | 1983 / 2009 | 90,124 | 100.0 | % | $ | 1,358 | $ | 15.07 | Safeway | N/A | |||
| Meadows on the Parkway | Boulder, CO | 100 % | Boulder, CO | 1989 | 212,985 | 90.4 | % | $ | 3,665 | $ | 19.03 | Safeway | Walgreens; Dollar Tree; Regus | |||
| Nor'Wood Shopping Center | Colorado Springs, CO | 100 % | Colorado Springs, CO | 2003 / 2007 | 73,082 | 100.0 | % | $ | 1,149 | $ | 15.72 | Safeway | N/A | |||
| Roxborough Marketplace | Littleton, CO | 100 % | Denver-Aurora-Lakewood, CO | 2005 / 2021 | 101,622 | 100.0 | % | $ | 1,578 | $ | 15.53 | Safeway | N/A | |||
| Thompson Valley Towne Center | Loveland, CO | 100 % | Fort Collins, CO | 1999 | 125,122 | 98.9 | % | $ | 2,306 | $ | 18.64 | King Soopers | Thompson Valley Liquor | |||
| Westwoods Shopping Center | Arvada, CO | 100 % | Denver-Aurora-Lakewood, CO | 2003 / 2011 | 90,855 | 100.0 | % | $ | 1,441 | $ | 15.86 | King Soopers | N/A | |||
| Wheat Ridge Marketplace | Wheat Ridge, CO | 100 % | Denver-Aurora-Lakewood, CO | 1996 / 2019 | 103,438 | 100.0 | % | $ | 2,030 | $ | 19.63 | Safeway | N/A | |||
| Everybody's Plaza | Cheshire, CT | 100 % | New Haven-Milford, CT | 1960 / 2014 | 49,975 | 100.0 | % | $ | 963 | $ | 19.27 | Big Y | N/A | Phillips Edison & Company | 43 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Montville Commons | Montville, CT | 100 % | Norwich-New London, CT | 2007 | 116,916 | 96.6 | % | $ | 1,796 | $ | 15.91 | Stop & Shop | N/A | |||
| Stop & Shop Plaza | Enfield, CT | 100 % | Hartford-East Hartford-Middletown, CT | 1988 / 1998 | 124,218 | 100.0 | % | $ | 2,082 | $ | 16.76 | Stop & Shop | N/A | |||
| Willimantic Plaza | Willimantic, CT | 100 % | Worcester, MA-CT | 1968 / 2024 | 129,781 | 100.0 | % | $ | 1,141 | $ | 8.79 | BJ's Wholesale Club | N/A | |||
| Alico Commons | Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 2009 / 2020 | 100,734 | 98.7 | % | $ | 1,769 | $ | 17.79 | Publix | Non Stop Fitness | |||
| Bloomingdale Hills | Riverview, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2002 / 2012 | 78,442 | 100.0 | % | $ | 796 | $ | 10.15 | Walmart Neighborhood Market | N/A | |||
| Breakfast Point Marketplace | Panama City Beach, FL | 100 % | Panama City, FL | 2009 / 2010 | 97,938 | 100.0 | % | $ | 1,516 | $ | 15.48 | Publix | Office Depot | |||
| Broadway Promenade | Sarasota, FL | 100 % | North Port-Sarasota-Bradenton, FL | 2007 | 49,271 | 94.8 | % | $ | 922 | $ | 19.75 | Publix | N/A | |||
| ChampionsGate Village | Davenport, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2001 | 62,699 | 100.0 | % | $ | 1,019 | $ | 16.25 | Publix | N/A | |||
| Cocoa Commons | Cocoa, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1986 / 2000 | 90,116 | 98.7 | % | $ | 1,221 | $ | 13.73 | Publix | N/A | |||
| Colonial Promenade | Winter Haven, FL | 100 % | Lakeland-Winter Haven, FL | 1986 / 2008 | 280,228 | 98.5 | % | $ | 2,518 | $ | 9.12 | Walmart | N/A | |||
| Coquina Plaza | Southwest Ranches, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1998 | 91,120 | 98.8 | % | $ | 1,914 | $ | 21.25 | Publix | N/A | |||
| Crosscreek Village | St. Cloud, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2008 | 69,660 | 100.0 | % | $ | 1,149 | $ | 16.49 | Publix | N/A | |||
| Crystal Beach Plaza | Palm Harbor, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2010 | 59,015 | 100.0 | % | $ | 1,097 | $ | 18.59 | Publix | N/A | |||
| Deerwood Lake Commons | Jacksonville, FL | 14 % | Jacksonville, FL | 2003 | 67,528 | 100.0 | % | $ | 1,239 | $ | 18.35 | Publix | N/A | |||
| French Golden Gate | Bartow, FL | 100 % | Lakeland-Winter Haven, FL | 1960 / 2011 | 140,276 | 100.0 | % | $ | 1,895 | $ | 13.51 | Publix | Bealls Outlet; Walgreens | |||
| Golden Eagle Village | Clermont, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2011 | 64,051 | 97.6 | % | $ | 1,033 | $ | 16.52 | Publix | N/A | |||
| Goolsby Pointe | Riverview, FL | 14 % | Tampa-St. Petersburg-Clearwater, FL | 2000 | 75,525 | 100.0 | % | $ | 1,217 | $ | 16.11 | Publix | N/A | |||
| Harbour Village | Jacksonville, FL | 100 % | Jacksonville, FL | 2006 / 2021 | 113,069 | 100.0 | % | $ | 2,118 | $ | 18.73 | The Fresh Market | Crunch Fitness; Lionshare Cowork | |||
| Heath Brook Commons | Ocala, FL | 100 % | Ocala, FL | 2002 | 79,590 | 100.0 | % | $ | 1,089 | $ | 13.68 | Publix | N/A | |||
| Heron Creek Towne Center | North Port, FL | 100 % | North Port-Sarasota-Bradenton, FL | 2001 | 64,664 | 100.0 | % | $ | 911 | $ | 14.09 | Publix | N/A | Phillips Edison & Company | 44 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Island Walk Shopping Center | Fernandina Beach, FL | 100 % | Jacksonville, FL | 1987 / 2012 | 213,656 | 98.1 | % | $ | 2,199 | $ | 10.49 | Publix | Bealls; Bealls Outlet/Home Centric; Gretchen's Hallmark Shop; Staples | |||
| Kings Crossing | Sun City Center, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2000 / 2018 | 75,020 | 100.0 | % | $ | 1,288 | $ | 17.17 | Publix | N/A | |||
| Lake Washington Crossing | Melbourne, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1987 / 2023 | 122,912 | 93.9 | % | $ | 2,139 | $ | 18.53 | Publix | BPC Plasma | |||
| Lakewood Plaza | Spring Hill, FL | 14 % | Tampa-St. Petersburg-Clearwater, FL | 1993 / 1997 | 106,999 | 100.0 | % | $ | 1,562 | $ | 14.60 | Publix | JOANN | |||
| Lutz Lake Crossing | Lutz, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2002 | 64,986 | 100.0 | % | $ | 987 | $ | 15.19 | Publix | N/A | |||
| MetroWest Village | Orlando, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 1990 | 106,857 | 93.4 | % | $ | 1,720 | $ | 17.23 | Publix | N/A | |||
| Oakhurst Plaza | Seminole, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1974 / 2001 | 51,502 | 94.8 | % | $ | 618 | $ | 12.66 | Publix | N/A | |||
| Ocean Breeze Plaza | Ocean Breeze, FL | 100 % | Port St. Lucie, FL | 1993 / 2010 | 96,192 | 86.6 | % | $ | 1,544 | $ | 18.53 | Publix | N/A | |||
| Orange Grove Shopping Center | North Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 1999 | 68,865 | 100.0 | % | $ | 873 | $ | 12.68 | Publix | N/A | |||
| Ormond Beach Mall | Ormond Beach, FL | 100 % | Deltona-Daytona Beach-Ormond Beach, FL | 1967 / 2018 | 101,552 | 97.4 | % | $ | 1,325 | $ | 13.39 | Publix | Bealls Outlet; Dollar Floor; Dollar Tree | |||
| Park Place Plaza | Port Orange, FL | 100 % | Deltona-Daytona Beach-Ormond Beach, FL | 1984 / 2012 | 87,056 | 93.6 | % | $ | 1,032 | $ | 12.66 | N/A | Bealls | |||
| Parsons Village | Seffner, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1983 / 1994 | 78,041 | 100.0 | % | $ | 1,038 | $ | 13.30 | Winn-Dixie (shadow) | City Buffet; Family Dollar | |||
| Publix at Northridge | Sarasota, FL | 14 % | North Port-Sarasota-Bradenton, FL | 2003 | 65,320 | 100.0 | % | $ | 1,278 | $ | 19.57 | Publix | N/A | |||
| Publix at Seven Hills | Spring Hill, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1991 / 2006 | 72,590 | 100.0 | % | $ | 975 | $ | 13.43 | Publix | N/A | |||
| Publix at St. Cloud | St. Cloud, FL | 14 % | Orlando-Kissimmee-Sanford, FL | 2003 | 78,779 | 100.0 | % | $ | 1,267 | $ | 16.08 | Publix | N/A | |||
| Rockledge Square | Rockledge, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1985 / 2022 | 78,879 | 100.0 | % | $ | 1,319 | $ | 16.72 | Publix | Health First Medical Group | |||
| Sanibel Beach Place | Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 2003 / 2022 | 74,286 | 94.5 | % | $ | 985 | $ | 14.04 | Publix | N/A | |||
| Shoppes at Avalon | Spring Hill, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2009 / 2022 | 62,786 | 100.0 | % | $ | 1,008 | $ | 16.05 | Publix | N/A | Phillips Edison & Company | 45 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Shoppes at Glen Lakes | Weeki Wachee, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2008 | 66,601 | 100.0 | % | $ | 986 | $ | 14.80 | Publix | N/A | |||
| Shoppes of Lake Village | Leesburg, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 1987 / 2021 | 132,927 | 93.5 | % | $ | 1,956 | $ | 15.74 | Publix | Sproutfitters | |||
| Shoppes of Paradise Lakes | Miami, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 83,597 | 94.3 | % | $ | 1,302 | $ | 16.52 | Publix | N/A | |||
| Shops at Sunset Lakes | Miramar, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 70,274 | 100.0 | % | $ | 1,096 | $ | 15.60 | Publix | N/A | |||
| South Oaks Shopping Center | Live Oak, FL | 100 % | N/A | 1976 / 2022 | 102,816 | 91.9 | % | $ | 680 | $ | 7.20 | N/A | Big Lots; Bealls Outlet; Farmers Home Furniture | |||
| St. Charles Plaza | Davenport, FL | 100 % | Lakeland-Winter Haven, FL | 2007 | 65,000 | 100.0 | % | $ | 1,103 | $ | 16.97 | Publix | N/A | |||
| St. Johns Plaza | Titusville, FL | 14 % | Palm Bay-Melbourne-Titusville, FL | 1985 / 2023 | 119,489 | 91.1 | % | $ | 1,292 | $ | 11.87 | Publix | Bealls Outlet; Dollar Tree | |||
| The Oaks | Hudson, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1981 / 2022 | 176,494 | 96.0 | % | $ | 1,733 | $ | 10.23 | Save-A-Lot | EoS Fitness; Bealls; Ross Dress for Less; Five Below; Dollar Tree | |||
| Town Center at Jensen Beach | Jensen Beach, FL | 100 % | Port St. Lucie, FL | 2000 | 109,326 | 90.0 | % | $ | 1,386 | $ | 14.08 | Publix | Party City | |||
| Towne Centre at Wesley Chapel | Wesley Chapel, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2000 | 69,425 | 100.0 | % | $ | 1,019 | $ | 14.68 | Winn-Dixie | N/A | |||
| Valrico Commons | Valrico, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1986 / 2021 | 137,316 | 100.0 | % | $ | 2,245 | $ | 16.35 | Publix | Ross Dress for Less; Five Below | |||
| Vineyard Shopping Center | Tallahassee, FL | 100 % | Tallahassee, FL | 2002 | 62,821 | 100.0 | % | $ | 775 | $ | 12.34 | Publix | N/A | |||
| West Creek Commons | Coconut Creek, FL | 14 % | Miami-Fort Lauderdale-Pompano Beach, FL | 2003 | 58,537 | 95.8 | % | $ | 861 | $ | 15.35 | Publix | N/A | |||
| West Creek Plaza | Coconut Creek, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 / 2013 | 37,616 | 90.1 | % | $ | 982 | $ | 28.98 | Publix (shadow) | N/A | |||
| Windover Square | Melbourne, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1984 / 2010 | 81,516 | 97.9 | % | $ | 1,242 | $ | 15.56 | Publix | Dollar Tree | |||
| Winter Springs Town Center | Winter Springs, FL | 14 % | Orlando-Kissimmee-Sanford, FL | 2002 | 117,970 | 98.2 | % | $ | 2,087 | $ | 18.02 | Publix | The Zoo Health Club | |||
| Bartow Marketplace | Cartersville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 375,067 | 100.0 | % | $ | 2,807 | $ | 7.48 | Walmart | Lowe's | Phillips Edison & Company | 46 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Bethany Village | Alpharetta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2001 | 81,674 | 100.0 | % | $ | 1,206 | $ | 14.77 | Publix | N/A | |||
| Butler Creek | Acworth, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1989 / 2021 | 101,597 | 100.0 | % | $ | 1,539 | $ | 15.15 | Kroger | N/A | |||
| Dean Taylor Crossing | Suwanee, GA | 14 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 92,318 | 100.0 | % | $ | 1,285 | $ | 13.92 | Kroger | N/A | |||
| Evans Towne Centre | Evans, GA | 100 % | Augusta-Richmond County, GA-SC | 1995 / 2017 | 75,668 | 100.0 | % | $ | 1,088 | $ | 14.38 | Publix | N/A | |||
| Everson Pointe | Snellville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1999 | 81,428 | 100.0 | % | $ | 1,126 | $ | 13.83 | Kroger | N/A | |||
| Fairview Oaks | Ellenwood, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 77,052 | 100.0 | % | $ | 1,055 | $ | 13.69 | Kroger | N/A | |||
| Flynn Crossing | Alpharetta, GA | 14 % | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 95,002 | 100.0 | % | $ | 1,902 | $ | 20.02 | Publix | N/A | |||
| Grassland Crossing | Alpharetta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 90,906 | 96.8 | % | $ | 959 | $ | 10.89 | Kroger | N/A | |||
| Grayson Village | Loganville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2002 / 2019 | 87,155 | 96.3 | % | $ | 1,258 | $ | 14.99 | Publix | N/A | |||
| Hamilton Mill Village | Dacula, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2016 | 88,710 | 100.0 | % | $ | 1,381 | $ | 15.57 | Publix | N/A | |||
| Hamilton Ridge | Buford, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 90,996 | 93.8 | % | $ | 1,193 | $ | 13.97 | Kroger | N/A | |||
| Hickory Flat Commons | Canton, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2008 / 2020 | 113,995 | 100.0 | % | $ | 1,564 | $ | 13.72 | Kroger | N/A | |||
| Loganville Town Center | Loganville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 / 2023 | 85,078 | 100.0 | % | $ | 1,371 | $ | 16.11 | Publix | N/A | |||
| Mableton Crossing | Mableton, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 86,819 | 94.1 | % | $ | 1,072 | $ | 13.12 | Kroger | N/A | |||
| Macland Pointe | Marietta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1992 | 79,699 | 100.0 | % | $ | 996 | $ | 12.50 | Publix | N/A | |||
| Mansell Village | Roswell, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2003 / 2013 | 89,688 | 93.0 | % | $ | 1,125 | $ | 13.49 | Kroger | N/A | |||
| Market Walk | Savannah, GA | 100 % | Savannah, GA | 2014 / 2022 | 263,829 | 100.0 | % | $ | 4,019 | $ | 15.23 | Kroger | Dick's Sporting Goods; Guitar Center; West Marine | |||
| Mountain Crossing | Dacula, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 93,396 | 100.0 | % | $ | 1,272 | $ | 13.62 | Kroger | N/A | Phillips Edison & Company | 47 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Mountain Park Plaza | Roswell, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1988 / 2003 | 80,511 | 100.0 | % | $ | 1,090 | $ | 13.54 | Publix | N/A | |||
| Old Alabama Square | Johns Creek, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 102,867 | 92.4 | % | $ | 2,263 | $ | 23.81 | The Fresh Market | Walgreens | |||
| Paradise Crossing | Lithia Springs, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 67,470 | 100.0 | % | $ | 970 | $ | 14.38 | Publix | N/A | |||
| Richmond Plaza | Augusta, GA | 14 % | Augusta-Richmond County, GA-SC | 1979 / 2020 | 174,075 | 93.0 | % | $ | 1,725 | $ | 10.65 | N/A | Ashley HomeStore and Ashley Outlet; JOANN; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill | |||
| Rivermont Station | Johns Creek, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2022 | 128,123 | 99.0 | % | $ | 2,010 | $ | 15.85 | Kroger | Kids Empire | |||
| Shiloh Square Shopping Center | Kennesaw, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2003 | 136,920 | 97.3 | % | $ | 1,735 | $ | 13.02 | Kroger | You Fit Health Clubs | |||
| Shops at Westridge | McDonough, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2006 / 2020 | 72,420 | 100.0 | % | $ | 1,237 | $ | 17.08 | Publix | N/A | |||
| Southampton Village | Tyrone, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2003 | 80,949 | 91.5 | % | $ | 952 | $ | 12.86 | Publix | N/A | |||
| Spivey Junction | Stockbridge, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1998 | 81,475 | 100.0 | % | $ | 1,113 | $ | 13.66 | Kroger | N/A | |||
| Village At Glynn Place | Brunswick, GA | 100 % | Brunswick, GA | 1992 / 2009 | 123,437 | 99.0 | % | $ | 1,541 | $ | 12.61 | Publix | Goodwill | |||
| Villages at Eagles Landing | Stockbridge, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 67,019 | 100.0 | % | $ | 923 | $ | 13.77 | Publix | N/A | |||
| Village Shoppes at Windermere | Suwanee, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 73,442 | 98.1 | % | $ | 1,428 | $ | 19.82 | Publix | N/A | |||
| CitiCentre Plaza | Carroll, IA | 100 % | Carroll, IA | 1991 / 2018 | 63,518 | 93.5 | % | $ | 486 | $ | 8.19 | Hy-Vee | N/A | |||
| Duck Creek Plaza | Bettendorf, IA | 100 % | Davenport-Moline-Rock Island, IA-IL | 2005 / 2022 | 134,229 | 98.0 | % | $ | 1,379 | $ | 10.48 | N/A | Malibu Jack's | |||
| Southgate Shopping Center | Des Moines, IA | 100 % | Des Moines-West Des Moines, IA | 1972 / 2014 | 161,792 | 100.0 | % | $ | 957 | $ | 5.92 | Hy-Vee | Planet Fitness; Jay's CD & Hobby; BioLife Plasma Services; Dollar General | |||
| Baker Hill | Glen Ellyn, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1998 / 2018 | 135,355 | 97.1 | % | $ | 2,092 | $ | 15.92 | Pete's Fresh Market | N/A | |||
| Brentwood Commons | Bensenville, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1981 / 2015 | 125,497 | 100.0 | % | $ | 1,766 | $ | 14.07 | Jewel-Osco | Dollar Tree | |||
| Burbank Plaza | Burbank, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1972 / 2018 | 99,453 | 100.0 | % | $ | 1,138 | $ | 11.44 | Jewel-Osco | dd's Discounts | Phillips Edison & Company | 48 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| College Plaza | Normal, IL | 100 % | Bloomington, IL | 2002 / 2018 | 175,741 | 82.8 | % | $ | 1,774 | $ | 12.19 | N/A | Ross Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra Trading Co.; Petco | |||
| Glenbrook Marketplace | Glenview, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2014 | 47,832 | 88.4 | % | $ | 1,036 | $ | 24.51 | N/A | N/A | |||
| Heritage Plaza | Carol Stream, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1988 / 2018 | 128,870 | 100.0 | % | $ | 1,856 | $ | 14.40 | Jewel-Osco | Charter Fitness | |||
| Hilander Village | Roscoe, IL | 100 % | Rockford, IL | 1994 / 2022 | 120,694 | 94.5 | % | $ | 1,257 | $ | 11.02 | Schnucks | N/A | |||
| Hoffman Village | Hoffman Estates, IL | 14 % | Chicago-Naperville-Elgin, IL-IN-WI | 1987 / 2021 | 159,708 | 98.9 | % | $ | 3,005 | $ | 19.02 | Mariano's | Goodwill; Los Fernandez Taqueria | |||
| Maple View | Grayslake, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 114,668 | 92.7 | % | $ | 1,971 | $ | 18.55 | Jewel-Osco | N/A | |||
| Naperville Crossings | Naperville, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2007 / 2021 | 151,203 | 100.0 | % | $ | 4,601 | $ | 30.43 | ALDI | N/A | |||
| Oak Mill Plaza | Niles, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1977 / 2023 | 157,386 | 88.0 | % | $ | 2,158 | $ | 15.57 | Jewel-Osco | N/A | |||
| Rolling Meadows Shopping Center | Rolling Meadows, IL | 14 % | Chicago-Naperville-Elgin, IL-IN-WI | 2010 / 2016 | 130,212 | 99.6 | % | $ | 1,510 | $ | 11.65 | Jewel-Osco | Northwest Community Hospital; Dollar Tree | |||
| Savoy Plaza | Savoy, IL | 100 % | Champaign-Urbana, IL | 1999 / 2015 | 140,624 | 98.9 | % | $ | 1,797 | $ | 12.93 | Schnucks | Goodwill; Friar Tuck Beverages | |||
| Shorewood Crossing | Shorewood, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2001 / 2020 | 173,981 | 96.2 | % | $ | 2,608 | $ | 15.58 | Mariano's | Marshalls; Staples; Petco; Party City | |||
| The Shoppes at Windmill Place | Batavia, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1991 / 1997 | 122,176 | 96.7 | % | $ | 2,021 | $ | 17.11 | Jewel-Osco | N/A | |||
| The Shops of Uptown | Park Ridge, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 70,402 | 84.9 | % | $ | 1,835 | $ | 30.72 | Trader Joe's | N/A | |||
| Dyer Town Center | Dyer, IN | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2004 / 2005 | 102,415 | 100.0 | % | $ | 1,908 | $ | 18.63 | Jewel-Osco | N/A | |||
| Lafayette Square | Lafayette, IN | 100 % | Lafayette-West Lafayette, IN | 1963 / 2022 | 250,506 | 95.2 | % | $ | 1,596 | $ | 6.69 | N/A | Rural King Supply; Big Lots; Humble Home; Dollar Tree Family Dollar; Harvest Chapel | |||
| Riverplace Centre | Noblesville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1992 / 2020 | 74,189 | 100.0 | % | $ | 779 | $ | 10.50 | Kroger | N/A | Phillips Edison & Company | 49 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| The Village Shopping Center | Mooresville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1965 / 2019 | 155,502 | 100.0 | % | $ | 971 | $ | 6.24 | Kroger | Black Friday - The Shopping Network; Mooresville Discount Mattress Outlet & More; Family Dollar; Player's Performance Factory | |||
| Town & Country Shopping Center | Noblesville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1998 / 2023 | 249,833 | 100.0 | % | $ | 2,007 | $ | 8.03 | Walmart | Staples; Dollar Tree | |||
| Falcon Valley | Lenexa, KS | 100 % | Kansas City, MO-KS | 2008 / 2009 | 76,784 | 100.0 | % | $ | 1,054 | $ | 13.73 | Price Chopper | N/A | |||
| Quivira Crossings | Overland Park, KS | 100 % | Kansas City, MO-KS | 1996 / 2015 | 123,198 | 100.0 | % | $ | 1,596 | $ | 12.95 | Price Chopper | N/A | |||
| Wyandotte Plaza | Kansas City, KS | 100 % | Kansas City, MO-KS | 1961 / 2015 | 173,757 | 100.0 | % | $ | 2,034 | $ | 11.71 | Price Chopper | Marshalls; PetSmart; Dollar Tree | |||
| Central Station | Louisville, KY | 100 % | Louisville/Jefferson County, KY-IN | 2005 / 2018 | 152,463 | 99.0 | % | $ | 1,654 | $ | 10.96 | Kroger | Planet Fitness | |||
| Chinoe Center | Lexington, KY | 100 % | Lexington-Fayette, KY | 1984 / 2023 | 111,781 | 98.5 | % | $ | 1,315 | $ | 11.94 | Kroger | Exceptional Living Centers | |||
| Meadowthorpe Manor Shoppes | Lexington, KY | 100 % | Lexington-Fayette, KY | 1989 / 2022 | 117,126 | 100.0 | % | $ | 1,196 | $ | 10.21 | Kroger | N/A | |||
| Town Fair Center | Louisville, KY | 100 % | Louisville/Jefferson County, KY-IN | 1988 / 2019 | 234,291 | 100.0 | % | $ | 2,683 | $ | 11.45 | N/A | Malibu Jack's; Staples; Michaels; Petco; Five Below | |||
| Atlantic Plaza | North Reading, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 1959 / 2014 | 126,384 | 100.0 | % | $ | 2,378 | $ | 18.82 | Stop & Shop | Cowabungas; One Stop Liquors | |||
| Carriagetown Marketplace | Amesbury, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 2000 | 96,472 | 96.5 | % | $ | 1,742 | $ | 18.71 | Stop & Shop | N/A | |||
| Cushing Plaza | Cohasset, MA | 14 % | Boston-Cambridge-Newton, MA-NH | 1997 / 2000 | 71,210 | 100.0 | % | $ | 1,355 | $ | 19.03 | Shaw's Supermarket | Walgreens | |||
| Five Town Plaza | Springfield, MA | 100 % | Springfield, MA | 1970 / 2019 | 327,303 | 95.8 | % | $ | 4,191 | $ | 13.36 | Big Y | Burlington Coat Factory; Big Lots; Best Fitness | |||
| Northwoods Crossing | Taunton, MA | 100 % | Providence-Warwick, RI-MA | 2003 / 2022 | 156,478 | 100.0 | % | $ | 2,133 | $ | 13.63 | BJ's Wholesale Club | Tractor Supply; Dollar Tree | |||
| Shaw's Plaza Easton | Easton, MA | 100 % | Providence-Warwick, RI-MA | 1984 / 2004 | 104,923 | 95.4 | % | $ | 1,286 | $ | 12.84 | Shaw's Supermarket | Walgreens | |||
| Shaw's Plaza Hanover | Hanover, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 1994 / 2000 | 57,181 | 100.0 | % | $ | 832 | $ | 14.55 | Shaw's Supermarket | N/A | |||
| Shaw's Plaza Raynham | Raynham, MA | 100 % | Providence-Warwick, RI-MA | 1965 / 2022 | 177,828 | 99.7 | % | $ | 2,851 | $ | 16.08 | Shaw's Supermarket | Marshalls; JOANN; PetSmart; CVS | |||
| Sudbury Crossing | Sudbury, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 1984 / 2021 | 89,952 | 87.9 | % | $ | 1,342 | $ | 16.97 | Sudbury Farms (shadow) | T.J.Maxx; The Goddard School; Dollar Tree | |||
| Burwood Village Center | Glen Burnie, MD | 100 % | Baltimore-Columbia-Towson, MD | 1971 | 101,144 | 100.0 | % | $ | 1,847 | $ | 18.26 | Food Lion | Dollar General; CVS | Phillips Edison & Company | 50 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Collington Plaza | Bowie, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1996 | 121,955 | 97.7 | % | $ | 2,614 | $ | 21.94 | Giant | N/A | |||
| LaPlata Plaza | La Plata, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2003 / 2019 | 123,560 | 100.0 | % | $ | 2,705 | $ | 21.89 | Safeway | Petco | |||
| Rosewick Crossing | La Plata, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2008 | 116,057 | 96.1 | % | $ | 2,402 | $ | 21.53 | Giant | N/A | |||
| Bear Creek Plaza | Petoskey, MI | 100 % | N/A | 1998 / 2018 | 311,920 | 96.2 | % | $ | 1,883 | $ | 6.27 | Walmart | Marshalls; OfficeMax; HomeGoods; JOANN | |||
| Cherry Hill Marketplace | Westland, MI | 100 % | Detroit-Warren-Dearborn, MI | 1992 / 2017 | 120,568 | 97.7 | % | $ | 1,509 | $ | 12.80 | Kroger | Ace Hardware; CVS | |||
| Livonia Plaza | Livonia, MI | 100 % | Detroit-Warren-Dearborn, MI | 1988 / 2014 | 137,205 | 100.0 | % | $ | 1,742 | $ | 12.70 | Kroger | T.J.Maxx | |||
| Milan Plaza | Milan, MI | 100 % | Ann Arbor, MI | 1960 / 2018 | 61,357 | 97.8 | % | $ | 360 | $ | 6.00 | Kroger | Ace Hardware | |||
| Orchard Square | Washington Township, MI | 100 % | Detroit-Warren-Dearborn, MI | 1999 / 2011 | 92,450 | 98.7 | % | $ | 1,278 | $ | 14.01 | Kroger | N/A | |||
| 12 West Marketplace | Litchfield, MN | 100 % | N/A | 1989 / 2010 | 82,911 | 100.0 | % | $ | 377 | $ | 4.55 | Family Fare | Running's Farm and Fleet | |||
| Albertville Crossing | Albertville, MN | 14 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 / 2018 | 99,013 | 98.4 | % | $ | 1,429 | $ | 14.67 | Coborn's | N/A | |||
| Apache Shoppes | Rochester, MN | 100 % | Rochester, MN | 2005 | 60,665 | 64.2 | % | $ | 672 | $ | 17.25 | Trader Joe's | N/A | |||
| Cahill Plaza | Inver Grove Heights, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1995 / 2020 | 69,000 | 100.0 | % | $ | 723 | $ | 10.48 | Cub Foods | N/A | |||
| Centennial Lakes Plaza | Edina, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2022 | 193,826 | 94.6 | % | $ | 4,311 | $ | 23.50 | Whole Foods Market | HomeGoods; La-Z-Boy Furniture Galleries; Office Depot; JUUT SalonSpa | |||
| Crossroads of Shakopee | Shakopee, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1998 | 140,949 | 96.3 | % | $ | 2,101 | $ | 15.48 | Cub Foods | N/A | |||
| Hastings Marketplace | Hastings, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 | 97,535 | 98.5 | % | $ | 1,320 | $ | 13.74 | Cub Foods | N/A | |||
| New Prague Commons | New Prague, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2008 / 2019 | 73,415 | 98.4 | % | $ | 1,212 | $ | 16.78 | Coborn's | N/A | |||
| Normandale Village | Bloomington, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1973 / 2017 | 140,400 | 98.9 | % | $ | 1,903 | $ | 13.71 | Lunds & Byerlys | Ace Hardware | |||
| Northstar Marketplace | Ramsey, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2004 / 2023 | 96,356 | 93.9 | % | $ | 1,442 | $ | 15.93 | Coborn's | N/A | |||
| Savage Town Square | Savage, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2003 | 87,181 | 100.0 | % | $ | 1,343 | $ | 15.40 | Cub Foods | N/A | Phillips Edison & Company | 51 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Waterford Park Plaza | Plymouth, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2023 | 127,572 | 90.9 | % | $ | 1,672 | $ | 14.41 | Cub Foods | N/A | |||
| West Village Center | Chanhassen, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1994 / 2021 | 141,772 | 100.0 | % | $ | 2,412 | $ | 17.01 | Lunds & Byerlys | OfficeMax | |||
| South Oaks Plaza | St. Louis, MO | 100 % | St. Louis, MO-IL | 1969 / 2021 | 112,300 | 100.0 | % | $ | 986 | $ | 8.78 | N/A | Kloss Furniture; Michaels; Walgreens | |||
| Southfield Center | St. Louis, MO | 100 % | St. Louis, MO-IL | 1987 / 2021 | 109,397 | 96.3 | % | $ | 1,603 | $ | 15.21 | Schnucks | N/A | |||
| Chapel Hill North Center | Chapel Hill, NC | 100 % | Durham-Chapel Hill, NC | 1998 | 96,290 | 100.0 | % | $ | 1,634 | $ | 16.97 | Harris Teeter | N/A | |||
| Crossroads Plaza | Asheboro, NC | 100 % | Greensboro-High Point, NC | 1984 / 2016 | 51,440 | 100.0 | % | $ | 413 | $ | 8.03 | Food Lion | N/A | |||
| Cureton Town Center | Waxhaw, NC | 100 % | Charlotte-Concord-Gastonia, NC-SC | 2006 / 2018 | 95,577 | 100.0 | % | $ | 2,055 | $ | 21.50 | Harris Teeter | N/A | |||
| Edgecombe Square | Tarboro, NC | 100 % | Rocky Mount, NC | 1990 / 2013 | 81,070 | 100.0 | % | $ | 409 | $ | 5.05 | Food Lion | Farmers Home Furniture | |||
| Harrison Pointe | Cary, NC | 14 % | Raleigh-Cary, NC | 2002 / 2016 | 136,447 | 100.0 | % | $ | 2,108 | $ | 15.45 | Harris Teeter | Staples | |||
| Lumina Commons | Wilmington, NC | 100 % | Wilmington, NC | 1974 / 2007 | 80,772 | 100.0 | % | $ | 1,320 | $ | 16.34 | Harris Teeter | N/A | |||
| Northside Plaza | Clinton, NC | 100 % | N/A | 1982 / 2015 | 79,865 | 95.0 | % | $ | 603 | $ | 7.95 | Food Lion | Farmers Home Furniture | |||
| The Shoppes at Ardrey Kell | Charlotte, NC | 14 % | Charlotte-Concord-Gastonia, NC-SC | 2008 | 82,119 | 100.0 | % | $ | 1,492 | $ | 18.17 | Harris Teeter | N/A | |||
| Tramway Crossing | Sanford, NC | 100 % | Sanford, NC | 1996 | 62,382 | 100.0 | % | $ | 745 | $ | 11.94 | Food Lion | N/A | |||
| Windsor Center | Dallas, NC | 100 % | Charlotte-Concord-Gastonia, NC-SC | 1974 / 2015 | 80,540 | 95.8 | % | $ | 727 | $ | 9.42 | N/A | Southern States Cooperative; Desirable Dynamics; CVS | |||
| Plaza 23 | Pompton Plains, NJ | 100 % | New York-Newark-Jersey City, NY-NJ-PA | 1963 / 2021 | 169,478 | 100.0 | % | $ | 4,245 | $ | 25.05 | Super Stop & Shop | T.J.Maxx; HomeGoods | |||
| Coronado Center | Santa Fe, NM | 100 % | Santa Fe, NM | 1964 / 2019 | 116,005 | 100.0 | % | $ | 2,064 | $ | 17.79 | Trader Joe's | New Mexico Bike N Sport; Party City; Empire Sushi Buffet; Dollar Tree | |||
| Pavilions at San Mateo | Albuquerque, NM | 100 % | Albuquerque, NM | 1997 / 2012 | 148,749 | 99.0 | % | $ | 2,522 | $ | 17.12 | Walmart Neighborhood Market | Shoe Dept.; Old Navy; Boofys Best for Pets; Dollar Tree | |||
| Plaza Farmington | Farmington, NM | 100 % | Farmington, NM | 2004 | 139,063 | 100.0 | % | $ | 1,458 | $ | 10.48 | Safeway | T.J.Maxx; Best Buy; Petco | |||
| Crossroads Towne Center | North Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 2007 / 2021 | 148,719 | 91.9 | % | $ | 4,401 | $ | 32.20 | Walmart (shadow) | Planet Fitness; Salon Boutique | |||
| Green Valley Plaza | Henderson, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1978 / 1982 | 89,332 | 100.0 | % | $ | 1,995 | $ | 22.33 | Trader Joe's | Dollar Tree; Big 5 Sporting Goods | |||
| Rainbow Plaza | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1989 / 2022 | 144,845 | 100.0 | % | $ | 2,567 | $ | 17.72 | Albertsons | Home Depot (shadow); Ross Dress for Less | |||
| Southwest Marketplace | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 2008 / 2017 | 127,852 | 100.0 | % | $ | 3,717 | $ | 29.07 | Smith's | N/A | Phillips Edison & Company | 52 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Sprouts Plaza | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1995 / 2022 | 112,580 | 98.8 | % | $ | 2,143 | $ | 19.26 | Sprouts Farmers Market | Home Depot (shadow); Goodwill; Advance Auto Parts | |||
| University Plaza | Amherst, NY | 100 % | Buffalo-Cheektowaga, NY | 1980 / 2020 | 163,388 | 96.3 | % | $ | 1,823 | $ | 11.58 | Tops Markets | Amherst Theatre; DaVita Dialysis; NAPA Auto Parts | |||
| Beavercreek Towne Center | Beavercreek, OH | 100 % | Dayton-Kettering, OH | 1994 / 2019 | 366,416 | 99.6 | % | $ | 3,615 | $ | 9.91 | Fresh Thyme | Lowe's; Kohl's; Ashley Furniture HomeStore; T.J.Maxx; JOANN; Shoe Carnival | |||
| East Side Square | Springfield, OH | 100 % | Springfield, OH | 2007 | 8,400 | 100.0 | % | $ | 163 | $ | 19.40 | Walmart (shadow) | N/A | |||
| Fairfield Crossing | Beavercreek, OH | 100 % | Dayton-Kettering, OH | 1994 | 71,170 | 100.0 | % | $ | 1,413 | $ | 19.85 | Walmart (shadow) | Office Depot; Pet Supplies Plus | |||
| Fairlawn Town Centre | Fairlawn, OH | 100 % | Akron, OH | 1962 / 2012 | 339,067 | 95.5 | % | $ | 4,477 | $ | 13.82 | Giant Eagle; Marc's | U.S. Post Office; Ashley Furniture HomeStore; HomeGoods; Lucky Shoes; Chuck E. Cheese; Pet Supplies Plus | |||
| Flag City Station | Findlay, OH | 100 % | Findlay, OH | 1992 / 2020 | 250,449 | 100.0 | % | $ | 1,465 | $ | 5.85 | Walmart | T.J.Maxx; PetSmart | |||
| Forest Park Square | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1988 / 2018 | 92,824 | 100.0 | % | $ | 1,017 | $ | 10.96 | Kroger | N/A | |||
| Georgesville Square | Columbus, OH | 14 % | Columbus, OH | 1996 / 2017 | 270,045 | 99.3 | % | $ | 2,484 | $ | 9.27 | Kroger | Lowe's | |||
| Glenwood Crossing | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1999 / 2015 | 101,021 | 97.6 | % | $ | 709 | $ | 7.19 | Kroger | Dollar Tree | |||
| Goshen Station | Goshen, OH | 100 % | Cincinnati, OH-KY-IN | 1973 / 2003 | 53,802 | 100.0 | % | $ | 591 | $ | 10.98 | Kroger | N/A | |||
| Hartville Centre | Hartville, OH | 100 % | Canton-Massillon, OH | 1988 / 2008 | 106,051 | 99.0 | % | $ | 1,295 | $ | 12.34 | Giant Eagle | N/A | |||
| Harvest Plaza | Akron, OH | 100 % | Akron, OH | 1974 / 2015 | 75,866 | 100.0 | % | $ | 759 | $ | 10.00 | Giant Eagle | N/A | |||
| Lakewood City Center | Lakewood, OH | 100 % | Cleveland-Elyria, OH | 1991 / 2011 | 67,280 | 100.0 | % | $ | 1,166 | $ | 17.33 | Marc's | Pet Supplies Plus | |||
| Monfort Heights | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1987 / 2015 | 54,920 | 100.0 | % | $ | 505 | $ | 9.20 | Kroger | N/A | |||
| Sheffield Crossing | Sheffield Village, OH | 100 % | Cleveland-Elyria, OH | 1989 / 2013 | 113,688 | 92.3 | % | $ | 1,411 | $ | 13.45 | Giant Eagle | N/A | |||
| Shoregate Town Center | Willowick, OH | 100 % | Cleveland-Elyria, OH | 1958 / 2022 | 289,431 | 97.4 | % | $ | 2,712 | $ | 9.62 | Giant Eagle; Marc's | Goodwill; Planet Fitness; Ace Hardware; Dollar General; Pet Supplies Plus | |||
| Sidney Towne Center | Sidney, OH | 100 % | Sidney, OH | 1981 / 2007 | 115,776 | 100.0 | % | $ | 613 | $ | 5.29 | Kroger | N/A | |||
| Snow View Plaza | Parma, OH | 100 % | Cleveland-Elyria, OH | 1981 | 97,147 | 93.8 | % | $ | 1,246 | $ | 13.67 | Giant Eagle | Kumo Japanese | |||
| Sulphur Grove | Huber Heights, OH | 100 % | Dayton-Kettering, OH | 2004 | 19,570 | 100.0 | % | $ | 333 | $ | 17.02 | Walmart (shadow) | N/A | |||
| Trader Joe's Center | Dublin, OH | 100 % | Columbus, OH | 1986 | 75,506 | 100.0 | % | $ | 1,478 | $ | 19.57 | Trader Joe's | N/A | |||
| East Burnside Plaza | Portland, OR | 100 % | Portland-Vancouver-Hillsboro, OR-WA | 1955 / 1999 | 38,363 | 97.1 | % | $ | 731 | $ | 19.62 | Quality Food Centers | N/A | Phillips Edison & Company | 53 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Highland Fair | Gresham, OR | 100 % | Portland-Vancouver-Hillsboro, OR-WA | 1984 / 2013 | 72,195 | 100.0 | % | $ | 1,038 | $ | 14.38 | Safeway | N/A | |||
| Hilfiker Shopping Center | Salem, OR | 100 % | Salem, OR | 1984 / 2011 | 38,558 | 71.5 | % | $ | 569 | $ | 20.63 | Trader Joe's | Petco | |||
| Sunset Shopping Center | Corvallis, OR | 100 % | Corvallis, OR | 1998 / 2023 | 166,873 | 94.8 | % | $ | 2,427 | $ | 15.35 | Safeway | BI-MART; The Car Pool Car Wash | |||
| Edgewood Towne Center | Edgewood, PA | 100 % | Pittsburgh, PA | 1990 / 2021 | 342,610 | 95.4 | % | $ | 4,017 | $ | 12.29 | Giant Eagle | Giant Eagle; Planet Fitness; Aaron's; BioLife Plasma Services; Citi Trends; Fox Beauty Supply | |||
| Fairview Plaza | New Cumberland, PA | 100 % | York-Hanover, PA | 1992 / 1999 | 71,979 | 100.0 | % | $ | 994 | $ | 13.81 | Giant | N/A | |||
| Northtowne Square | Gibsonia, PA | 14 % | Pittsburgh, PA | 1993 / 2003 | 113,372 | 100.0 | % | $ | 1,060 | $ | 9.35 | Giant Eagle | N/A | |||
| Palmer Town Center | Easton, PA | 100 % | Allentown-Bethlehem-Easton, PA-NJ | 2005 | 153,085 | 100.0 | % | $ | 2,756 | $ | 18.00 | Giant | Marshalls | |||
| Townfair Center | Indiana, PA | 100 % | Indiana, PA | 1995 / 2016 | 218,610 | 100.0 | % | $ | 2,130 | $ | 9.74 | Giant Eagle | Lowe's; Michaels | |||
| Yorktown Centre | Millcreek Township, PA | 100 % | Erie, PA | 1989 / 2020 | 198,418 | 100.0 | % | $ | 2,219 | $ | 11.18 | Giant Eagle | Saint Vincent Hospital; A Bridge to Independence | |||
| Centerpoint | Easley, SC | 100 % | Greenville-Anderson, SC | 2002 | 72,287 | 100.0 | % | $ | 931 | $ | 12.88 | Publix | N/A | |||
| Hampton Village | Taylors, SC | 100 % | Greenville-Anderson, SC | 1959 / 2019 | 129,188 | 98.8 | % | $ | 1,732 | $ | 13.57 | Publix | Burkes Outlet | |||
| Murray Landing | Columbia, SC | 100 % | Columbia, SC | 2003 / 2016 | 68,798 | 93.9 | % | $ | 967 | $ | 14.97 | Publix | N/A | |||
| North Pointe Plaza | North Charleston, SC | 100 % | Charleston-North Charleston, SC | 1989 / 2022 | 373,520 | 99.3 | % | $ | 3,035 | $ | 8.18 | Walmart | Carpet To Go Flooring; FIT Life Health Clubs; Dollar Tree; Atlantic Bedding & Furniture; Petco; City Gear | |||
| Palmetto Pavilion | North Charleston, SC | 100 % | Charleston-North Charleston, SC | 2003 | 66,428 | 100.0 | % | $ | 1,011 | $ | 15.22 | Publix | N/A | |||
| Stockbridge Commons | Fort Mill, SC | 14 % | Charlotte-Concord-Gastonia, NC-SC | 2003 / 2012 | 99,473 | 98.8 | % | $ | 1,751 | $ | 17.82 | Harris Teeter | N/A | |||
| Summerville Galleria | Summerville, SC | 100 % | Charleston-North Charleston, SC | 1989 / 2014 | 106,390 | 100.0 | % | $ | 1,483 | $ | 13.94 | Food Lion | N/A | |||
| The Fresh Market Commons | Pawleys Island, SC | 100 % | Georgetown, SC | 2011 / 2014 | 32,325 | 100.0 | % | $ | 683 | $ | 21.13 | The Fresh Market | N/A | |||
| Hamilton Village | Chattanooga, TN | 100 % | Chattanooga, TN-GA | 1989 / 2021 | 429,325 | 100.0 | % | $ | 3,359 | $ | 7.82 | Walmart; ALDI | Urban Air Adventure Park; Gabe's; Big Lots; JOANN; Boot Barn | |||
| Hickory Plaza | Nashville, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 1974 / 2020 | 72,136 | 100.0 | % | $ | 883 | $ | 12.24 | Kroger | N/A | |||
| Lynnwood Place | Jackson, TN | 100 % | Jackson, TN | 1986 / 2013 | 96,666 | 95.2 | % | $ | 847 | $ | 9.20 | Kroger | Fitness 1440 | Phillips Edison & Company | 54 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Providence Commons | Mt. Juliet, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 2009 | 110,137 | 100.0 | % | $ | 2,039 | $ | 18.51 | Publix | Five Below | |||
| Willowbrook Commons | Nashville, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 93,600 | 100.0 | % | $ | 1,005 | $ | 10.74 | Kroger | N/A | |||
| Cinco Ranch at Market Center | Katy, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2007 / 2023 | 104,794 | 100.0 | % | $ | 2,282 | $ | 21.78 | Super Target (shadow) | HomeGoods; Michaels; OfficeMax | |||
| Commerce Square | Brownwood, TX | 100 % | Brownwood, TX | 1969 / 2022 | 162,393 | 92.7 | % | $ | 1,459 | $ | 9.70 | ALDI | T.J.Maxx; Burkes Outlet; Boot Barn Western and Work Wear; Harbor Freight Tools | |||
| Coppell Market Center | Coppell, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2008 | 90,225 | 100.0 | % | $ | 1,540 | $ | 17.07 | Market Street United | N/A | |||
| Hickory Creek Plaza | Denton, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2007 | 28,132 | 84.0 | % | $ | 634 | $ | 26.82 | Kroger (shadow) | N/A | |||
| Kirkwood Market Place | Houston, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 1979 / 2012 | 80,220 | 98.5 | % | $ | 1,617 | $ | 20.46 | Sprouts Farmers Market | N/A | |||
| Kleinwood Center | Spring, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2003 | 152,900 | 100.0 | % | $ | 3,377 | $ | 22.09 | H-E-B | N/A | |||
| Lake Pointe Market | Rowlett, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2002 | 40,608 | 96.8 | % | $ | 1,026 | $ | 26.11 | Tom Thumb (shadow) | N/A | |||
| Mansfield Market Center | Mansfield, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2015 | 55,400 | 100.0 | % | $ | 1,410 | $ | 25.45 | Sprouts Farmers Market | N/A | |||
| Mayfair Village | Hurst, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1981 / 2022 | 230,778 | 98.4 | % | $ | 2,718 | $ | 11.97 | Tom Thumb | Ollie's Bargain Outlet; Bealls; Planet Fitness | |||
| McKinney Market Street | Mckinney, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2003 / 2017 | 96,830 | 100.0 | % | $ | 2,056 | $ | 21.23 | Market Street United | N/A | |||
| Murphy Marketplace | Murphy, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2008 / 2021 | 227,203 | 100.0 | % | $ | 5,335 | $ | 23.48 | Sprouts Farmers Market | 24 Hour Fitness; Michaels | |||
| Northpark Village | Lubbock, TX | 100 % | Lubbock, TX | 1990 | 70,479 | 98.0 | % | $ | 752 | $ | 10.88 | United Supermarkets | N/A | |||
| Oak Meadows Marketplace | Georgetown, TX | 100 % | Austin-Round Rock-Georgetown, TX | 2018 | 78,841 | 98.1 | % | $ | 1,543 | $ | 19.94 | Randalls | N/A | |||
| Plano Market Street | Plano, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2009 | 166,978 | 100.0 | % | $ | 3,739 | $ | 22.39 | Market Street United | Toni & Guy Academy | |||
| Riverpark Shopping Center | Sugar Land, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2003 | 317,331 | 79.1 | % | $ | 5,375 | $ | 21.42 | H-E-B | LA Fitness; Dollar Tree; Walgreens | |||
| Seville Commons | Arlington, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1987 / 2022 | 112,421 | 98.1 | % | $ | 1,628 | $ | 14.76 | Walmart Neighborhood Market | N/A | |||
| Spring Cypress Village | Houston, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 1982 / 2012 | 102,758 | 95.2 | % | $ | 1,958 | $ | 20.02 | Sprouts Farmers Market | Spec's Liquor; Lumiere Nail Studios & Salon Park | |||
| Stone Gate Plaza | Crowley, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2003 | 90,675 | 98.5 | % | $ | 1,070 | $ | 11.99 | Kroger | N/A | |||
| Suntree Square | Southlake, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2000 | 99,269 | 97.1 | % | $ | 1,566 | $ | 16.25 | Tom Thumb | N/A | Phillips Edison & Company | 55 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Towne Crossing Shopping Center | Mesquite, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1984 / 2016 | 165,419 | 96.8 | % | $ | 1,986 | $ | 12.40 | Kroger | WSS; Citi Trends; Kids Empire; CSL Plasma | |||
| Hillside - West | Hillside, UT | 100 % | Salt Lake City, UT | 2006 | 14,550 | 100.0 | % | $ | 461 | $ | 31.68 | N/A | Walgreens | |||
| Ashburn Farm Market Center | Ashburn, VA | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2000 | 91,905 | 97.6 | % | $ | 2,769 | $ | 30.88 | Giant | N/A | |||
| Birdneck Shopping Center | Virginia Beach, VA | 100 % | Virginia Beach-Norfolk-Newport News, VA-NC | 1987 / 2017 | 65,554 | 100.0 | % | $ | 618 | $ | 9.43 | Food Lion | N/A | |||
| Cascades Overlook | Sterling, VA | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2016 | 150,841 | 95.8 | % | $ | 4,424 | $ | 30.62 | Harris Teeter | N/A | |||
| Courthouse Marketplace | Virginia Beach, VA | 100 % | Virginia Beach-Norfolk-Newport News, VA-NC | 2005 | 102,563 | 95.1 | % | $ | 1,640 | $ | 16.82 | Harris Teeter | N/A | |||
| Dunlop Village | Colonial Heights, VA | 100 % | Richmond, VA | 1987 / 2012 | 77,315 | 97.8 | % | $ | 771 | $ | 10.20 | Food Lion | Ace Hardware | |||
| Lakeside Plaza | Salem, VA | 100 % | Roanoke, VA | 1988 | 82,894 | 92.2 | % | $ | 922 | $ | 12.06 | Kroger | NAPA Auto Parts | |||
| Nordan Shopping Center | Danville, VA | 100 % | Danville, VA | 1961 / 2015 | 135,358 | 100.0 | % | $ | 1,023 | $ | 7.56 | Walmart Neighborhood Market | Big Lots; It's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections | |||
| Statler Square | Staunton, VA | 100 % | Staunton, VA | 1989 / 1997 | 134,660 | 96.0 | % | $ | 1,252 | $ | 9.68 | Kroger | Staples; Petco | |||
| Staunton Plaza | Staunton, VA | 100 % | Staunton, VA | 2006 | 80,266 | 100.0 | % | $ | 1,460 | $ | 18.19 | Martin's | N/A | |||
| Stonewall Plaza | Winchester, VA | 100 % | Winchester, VA-WV | 2007 | 118,584 | 96.1 | % | $ | 2,480 | $ | 21.77 | Martin's | Dollar Tree | |||
| Village at Waterford | Midlothian, VA | 100 % | Richmond, VA | 1991 / 2016 | 78,611 | 100.0 | % | $ | 840 | $ | 10.69 | Food Lion | N/A | |||
| Waynesboro Plaza | Waynesboro, VA | 100 % | Staunton, VA | 2005 | 76,534 | 100.0 | % | $ | 1,364 | $ | 17.82 | Martin's | N/A | |||
| Winchester Gateway | Winchester, VA | 100 % | Winchester, VA-WV | 2006 | 163,585 | 98.8 | % | $ | 3,160 | $ | 19.56 | Martin's | East Coast Gymnastics and Cheer; Ridgeside K9 Winchester | |||
| Claremont Village | Everett, WA | 100 % | Seattle-Tacoma-Bellevue, WA | 1994 / 2012 | 86,497 | 100.0 | % | $ | 1,532 | $ | 17.71 | Quality Food Centers | Ace Hardware | |||
| The Orchards | Yakima, WA | 100 % | Yakima, WA | 2002 | 86,407 | 100.0 | % | $ | 1,354 | $ | 15.67 | Rosauers Supermarkets | N/A | |||
| Fairacres Shopping Center | Oshkosh, WI | 100 % | Oshkosh-Neenah, WI | 1992 / 2016 | 85,523 | 100.0 | % | $ | 1,018 | $ | 11.90 | Pick 'n Save | O-Town Iron | |||
| Franklin Centre | Franklin, WI | 100 % | Milwaukee-Waukesha, WI | 1994 / 2018 | 120,068 | 100.0 | % | $ | 1,182 | $ | 9.84 | Pick 'n Save | Galleria Furniture | |||
| Glenwood Crossings | Kenosha, WI | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2018 | 87,115 | 98.2 | % | $ | 1,079 | $ | 12.62 | Pick 'n Save | Dollar Tree | |||
| Greentree Centre | Racine, WI | 100 % | Racine, WI | 1989 / 2018 | 78,011 | 100.0 | % | $ | 1,143 | $ | 14.65 | Pick 'n Save | N/A | |||
| Kohl's Onalaska | Onalaska, WI | 100 % | La Crosse-Onalaska, WI-MN | 1992 / 2021 | 86,432 | 100.0 | % | $ | 581 | $ | 6.72 | N/A | Kohl's | |||
| Market Place at Pabst Farms | Oconomowoc, WI | 100 % | Milwaukee-Waukesha, WI | 2005 / 2020 | 109,438 | 100.0 | % | $ | 2,088 | $ | 19.08 | Metro Market | N/A | Phillips Edison & Company | 56 | |
| --- | --- | |||||||||||||||
| Property List<br><br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint venture have not been prorated) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | ||||||
| Point Loomis | Milwaukee, WI | 100 % | Milwaukee-Waukesha, WI | 1965 / 2022 | 167,533 | 100.0 | % | $ | 1,063 | $ | 6.35 | Pick 'n Save | Kohl's | |||
| Village Center | Racine, WI | 100 % | Racine, WI | 2002 / 2021 | 240,847 | 98.1 | % | $ | 2,637 | $ | 11.16 | Festival Foods | Kohl's; Ulta | |||
| Village Square of Delafield | Delafield, WI | 100 % | Milwaukee-Waukesha, WI | 2007 / 2017 | 81,639 | 93.4 | % | $ | 1,200 | $ | 15.73 | Pick 'n Save | N/A | |||
| Total | 34,366,361 | 97.5 | % | $ | 502,727 | $ | 15.00 | |||||||||
| Phillips Edison & Company | 57 | |||||||||||||||
| --- | --- |
| ADDITIONAL DISCLOSURES | |||
|---|---|---|---|
| Quarter Ended December 31, 2023 | |||
| Phillips Edison & Company | 58 | ||
| --- | --- | ||
| Earnings Guidance<br><br>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. | |||
| 2023A | 2024E | ||
| Updated | Previous | ||
| Net Income / Share | $0.48 | 0.53 - 0.58 | 0.50 - 0.55 |
| Nareit FFO / Share | $2.25 | 2.34 - 2.41 | 2.33 - 2.40 |
| Core FFO/ Share | $2.34 | 2.37 - 2.45 | 2.36 - 2.44 |
| Same-Center NOI Growth(1) | 4.2% | 3.25% - 4.25% | 3.25% - 4.25% |
| Portfolio Activity | |||
| Acquisitions, net | $272,230 | 200,000 - 300,000 | 200,000 - 300,000 |
| Other | |||
| Interest expense, net | $84,232 | 95,000 - 105,000 | 104,000 - 112,000 |
| G&A expense | $44,366 | 45,000 - 49,000 | 45,000 - 49,000 |
| Non-cash revenue items(2) | $15,322 | 14,500 - 18,500 | 14,500 - 18,500 |
| Adjustments for collectibility | $3,653 | 4,000 - 5,000 | 4,000 - 5,000 |
| 2024E | |||
| Low End | High End | ||
| Reconciliation | |||
| Net income per common share | |||
| Depreciation and amortization of real estate assets | 1.79 | 1.81 | |
| Gain on sale of real estate assets | — | — | |
| Adjustments related to unconsolidated joint ventures | 0.02 | 0.02 | |
| Nareit FFO per common share | |||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |
| Transaction costs and other | 0.02 | 0.03 | |
| Core FFO per common share |
All values are in US Dollars.
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<br><br>Unaudited, dollars and shares in thousands | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended December 31, 2023 | Supplement Page | As of December 31, 2023 | Supplement Page | ||||||||
| NOI FOR REAL ESTATE INVESTMENTS(1) | $ | 103,095 | 20 | OTHER ASSETS | |||||||
| Cash and cash equivalents | $ | 4,872 | 13 | ||||||||
| ADJUSTMENTS TO NOI | Restricted cash | 4,006 | 13 | ||||||||
| NOI adjustments for Q4 acquisitions/dispositions(2) | 1,988 | Accounts receivable, net | 44,548 | 22 | |||||||
| Prepaid expenses and other assets | 11,548 | 22 | |||||||||
| Quarterly impact of ABR from leases signed but not yet paying rent as of December 31, 2023 | 2,469 | Derivative assets | 12,669 | ||||||||
| Investment in third parties | 6,875 | 22 | |||||||||
| Pro rata NOI from Joint Ventures | 1,033 | 21 | Investment in marketable securities | 8,566 | 22 | ||||||
| Total value of other assets | $ | 93,084 | |||||||||
| INVESTMENT MANAGEMENT BUSINESS | |||||||||||
| Fees and management income | $ | 2,454 | 14 | LIABILITIES | |||||||
| Property operating expenses related to fees and management income | 384 | 20 | Debt obligations | $ | 1,986,735 | 28 | |||||
| Accounts payable and other liabilities | 116,461 | 22 | |||||||||
| Share of joint venture income recorded in Other Expense, Net | 62 | 23 | Total value of liabilities | $ | 2,103,196 | ||||||
| EQUITY | |||||||||||
| Common shares and OP units outstanding | 135,841 | 27 | |||||||||
| JOINT VENTURES | |||||||||||
| Pro rata share of debt | $ | 24,358 | 29 | ||||||||
| DEVELOPMENT AND REDEVELOPMENT | |||||||||||
| Costs incurred to date | $ | 24,355 | 25 | ||||||||
| Estimated remaining costs to be incurred | 9,379 | 25 | |||||||||
| Underwritten incremental unlevered yield | 9%-12% | 25 |
(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 | ||||
| --- | --- | |||
| Term | Definition | |||
| 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 rate | Estimated in-place NOI for the property divided by the property’s contractual purchase or sale price. | |||
| Comparable lease | Refers 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.<br><br><br><br>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.<br><br><br><br>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 capitalization | The total dollar value of all outstanding shares using the closing price for the applicable date. | |||
| Grocer health ratio | Amount 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 space | A 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. | |||
| Nareit | National Association of Real Estate Investment Trusts. | Phillips Edison and Company | 61 | |
| --- | --- | |||
| 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.<br><br><br><br>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).<br><br><br><br>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. | |||
| Neighbor | In reference to one of our tenants. | |||
| Net debt | Total 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. | |||
| Redevelopment | Larger 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, 2022). | |||
| Total enterprise value | Net debt plus equity market capitalization on a fully diluted basis. | Phillips Edison and Company | 62 | |
| --- | --- | |||
| Glossary of Terms | ||||
| --- | --- | |||
| Underwritten incremental unlevered yield | Reflects 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.
| Phillips Edison and Company | 63 | |
|---|---|---|
| Investor Information | ||
| --- | --- | --- |
| ANALYST COVERAGE | ||
| Bank of America | Jeff Spector | jeff.spector@bofa.com |
| BMO Capital Markets | Juan Sanabria | juan.sanabria@bmo.com |
| Compass Point Research | Floris van Dijkum | fvandijkum@compasspointllc.com |
| Deutsche Bank | Omotayo Okusanya | omotayo.okusanya@db.com |
| Goldman Sachs | Caitlin Burrows | caitlin.burrows@gs.com |
| Green Street Advisors | Paulina Rojas Schmidt | projasschmidt@greenstreet.com |
| JPMorgan | Michael Mueller | michael.w.mueller@jpmorgan.com |
| KeyBanc | Todd Thomas | tthomas@key.com |
| Mizuho | Haendel St. Juste | haendel.st.juste@mizuhogroup.com |
| Morgan Stanley | Ronald Kamdem | ronald.kamdem@morganstanley.com |
| Wells Fargo | Dori Kesten | dori.kesten@wellsfargo.com |
| Wolfe Research | Andrew Rosivach | arosivach@wolferesearch.com |
| CONTACT INFORMATION | ||
| Investor Relations | ||
| Kimberly Green | ||
| kgreen@phillipsedison.com | ||
| (513) 538-4380 | ||
| Phillips Edison & Company | 64 | |
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