PECO 8-K
Phillips Edison & Company, Inc. (PECO)
8-K
2026-04-23
For: 2026-04-23
View Original
Added on
April 23, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
$0.01 par value per share | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
On April 23, 2026 , Phillips Edison & Company, Inc. (the “Company”) issued a press release announcing its results for the quarter ended March 31, 2026. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. A copy of the Company’s First Quarter 2026 Supplemental Disclosure is attached hereto as Exhibit 99.2 and incorporated herein by reference. The Company will host a conference call on Friday, April 24, 2026, at 12:00 p.m. Eastern Time to discuss the first quarter results and provide commentary on its business performance and guidance. The conference call can be accessed by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international). A live webcast of the presentation can be accessed by visiting https://events.q4inc.com/attendee/868368165, 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 | ||||||||
| 99.2 | ||||||||
| 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: April 23, 2026 | By: | /s/ Jennifer L. Robison | ||||||
| Jennifer L. Robison | ||||||||
| Chief Accounting Officer and Senior Vice President (Principal Accounting Officer) | ||||||||
Phillips Edison & Company Reports
First Quarter 2026 Results
CINCINNATI - April 23, 2026 - Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended March 31, 2026 and updated full year 2026 earnings guidance. For the three months ended March 31, 2026, net income attributable to stockholders was $30.4 million, or $0.24 per diluted share.
Highlights for the First Quarter and Subsequent
•Reported Nareit FFO of $0.67 per diluted share, representing a 4.7% year-over-year increase
•Reported Core FFO of $0.69 per diluted share, representing a 6.2% year-over-year increase
•Increased same-center NOI year-over-year by 3.5%
•The increased midpoint of full year 2026 Nareit FFO guidance represents 5.9% year-over-year growth
•The increased midpoint of full year 2026 Core FFO guidance represents 5.8% year-over-year growth
•Reported strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.3%
•Reported strong leased inline occupancy and same-center leased inline occupancy of 95.0%
•Executed comparable portfolio renewal leases and comparable inline renewal leases at a rent spread of 21.2% during the quarter
•Executed comparable portfolio new leases at a rent spread of 36.2% and comparable inline new leases at a record-high rent spread of 37.9% during the quarter
•Acquired $125.5 million in assets, which included five shopping centers and land for future development
•As previously announced, completed a public debt offering of $350 million aggregate principal amount of 4.750% senior notes due 2033
•Subsequent to quarter end, acquired $59.1 million in assets at PECO’s total prorated share, which included three shopping centers and one outparcel
Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “We are pleased to report another quarter of solid results, including Core FFO per share growth of 6.2%, reflecting the strength of our high-quality portfolio. Our grocery-anchored and necessity-based shopping centers are driving steady traffic and market-leading pricing power. While the macroeconomic environment remains uncertain, PECO is positioned to provide both stability and continued growth. Our disciplined execution and the continued strength of the operating environment give us confidence in our ability to increase guidance for Core FFO per share, which reflects year-over-year growth of 5.8% at the midpoint.”
Financial Results
Net Income
First quarter 2026 net income attributable to stockholders totaled $30.4 million, or $0.24 per diluted share, compared to net income of $26.3 million, or $0.21 per diluted share, during the first quarter of 2025.
Nareit FFO
First quarter 2026 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 4.4% to $92.9 million, or $0.67 per diluted share, compared to $89.0 million, or $0.64 per diluted share, during the first quarter of 2025.
Core FFO
First quarter 2026 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 6.2% to $96.4 million, or $0.69 per diluted share, compared to $90.8 million, or $0.65 per diluted share, during the first quarter of 2025.
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Same-Center NOI
First quarter 2026 same-center net operating income (“NOI”) increased 3.5% to $122.3 million, compared to $118.1 million during the first quarter of 2025.
Portfolio Overview
Portfolio Statistics
As of March 31, 2026, PECO’s wholly-owned portfolio consisted of 299 properties, totaling approximately 33.7 million square feet, located in 31 states. This compared to 298 properties, totaling approximately 33.5 million square feet, located in 31 states as of March 31, 2025.
Leased portfolio occupancy was 97.1% as of March 31, 2026 and 2025. Same-center leased portfolio occupancy was 97.3% as of March 31, 2026, compared to 97.2% as of March 31, 2025.
Leased anchor occupancy was 98.4% as of March 31, 2026 and 2025. Same-center leased anchor occupancy was 98.6% as of March 31, 2026, compared to 98.5% as of March 31, 2025.
Leased inline occupancy was 95.0% as of March 31, 2026, compared to 94.6% as of March 31, 2025. Same-center leased inline occupancy was at 95.0% as of March 31, 2026, compared to 94.9% as of March 31, 2025.
Leasing Activity
During the first quarter of 2026, 246 leases were executed totaling approximately 1.6 million square feet. This compared to 234 leases executed totaling approximately 1.5 million square feet during the first quarter of 2025.
During the first quarter of 2026, comparable rent spreads, which represent the percentage increase of a lease to the expiring lease of a unit that was occupied within the past twelve months, were 21.2% for renewal leases, 36.2% for new leases and 24.3% combined.
Transaction Activity - Wholly-Owned
During the first quarter of 2026, the Company acquired $125.5 million in assets, which included five shopping centers and land for future development. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces.
The first quarter 2026 acquisitions included:
•The Village at Indian Wells, a 105,177 square foot shopping center anchored by Sprouts located in a Palm Springs, California suburb.
•Creekside Park Village, a 74,641 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.
•Plaza West Covina, a 46,406 square foot Everyday Retail™ center located in a Los Angeles, California suburb.
•Ridgeview Marketplace, a 20,410 square foot shopping center anchored by King Soopers located in a Colorado Springs, Colorado suburb.
•The Shops at Hamilton Mill, a 43,518 square foot Everyday Retail™ center located in an Atlanta, Georgia suburb.
During the same period, the Company sold $22.3 million in assets, which included two shopping centers.
Subsequent to quarter end, the Company acquired $58.9 million in assets, which included:
•Renton Highlands Shopping Center, a 54,008 square foot shopping center anchored by Safeway located in a Seattle, Washington suburb.
•Prairieview Center, a 118,171 square foot shopping center anchored by Lunds & Byerlys located in a Minneapolis, Minnesota suburb.
•Firethorne Plaza, a 29,986 square foot Everyday Retail™ center located in a Houston, Texas suburb.
Subsequent to quarter end, the Company sold one parcel of land for $6.7 million.
Transaction Activity - Joint Venture
Subsequent to quarter end, the Company, through Grocery Retail Partners I LLC, acquired one outparcel for future development for $0.2 million at PECO’s total prorated share.
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Balance Sheet Highlights
As of March 31, 2026, the Company had approximately $810.2 million of total liquidity, comprised of $22.4 million of cash, cash equivalents and restricted cash, plus $787.9 million of borrowing capacity available on its $1.0 billion revolving credit facility.
As of March 31, 2026, the Company’s trailing twelve month net debt to annualized adjusted EBITDAre was 5.3x. This compared to 5.2x at December 31, 2025. As of March 31, 2026, the Company’s outstanding debt had a weighted-average interest rate of 4.4% and a weighted-average maturity of 5.8 years when including all extension options, and 94.4% of the Company’s total debt was fixed-rate debt, which includes PECO’s total prorated share of debt for its joint ventures.
As previously announced, in February 2026, the Company completed a public debt offering of $350 million aggregate principal amount of 4.750% senior notes due 2033. The notes were priced at 99.920% of the principal amount and will mature in March 2033.
2026 Guidance
PECO updated its 2026 earnings guidance, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
| (in thousands, except per share amounts) | Q1 2026 YTD | Updated Full Year 2026 Guidance | Previous Full Year 2026 Guidance | ||||||||||||||
| Net income per share | $0.24 | $0.79 - $0.81 | $0.74 - $0.77 | ||||||||||||||
| Nareit FFO per share | $0.67 | $2.66 - $2.71 | $2.65 - $2.71 | ||||||||||||||
| Core FFO per share | $0.69 | $2.72 - $2.78 | $2.71 - $2.77 | ||||||||||||||
| Same-Center NOI growth | 3.5% | 3.00% - 4.00% | 3.00% - 4.00% | ||||||||||||||
| Portfolio Activity: | |||||||||||||||||
Acquisitions, gross(1) | $125,502 | $400,000 - $500,000 | $400,000 - $500,000 | ||||||||||||||
| Other: | |||||||||||||||||
| Interest expense, net | $29,772 | $117,000 - $127,000 | $117,000 - $127,000 | ||||||||||||||
| G&A expense | $11,943 | $49,000 - $53,000 | $49,000 - $53,000 | ||||||||||||||
Non-cash revenue items(2) | $5,330 | $19,000 - $21,000 | $19,000 - $21,000 | ||||||||||||||
| Adjustments for collectibility | $1,151 | $5,000 - $8,000 | $5,000 - $8,000 | ||||||||||||||
(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.
(2)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 2026 estimated net income to estimated Nareit FFO and Core FFO:
| (Unaudited) | Low End | High End | |||||||||
| Net income per common share | $ | 0.79 | $ | 0.81 | |||||||
| Depreciation and amortization of real estate assets | 1.88 | 1.90 | |||||||||
| Gain on disposal of property, net | (0.05) | (0.05) | |||||||||
| Adjustments related to unconsolidated joint ventures | 0.04 | 0.05 | |||||||||
| Nareit FFO per common share | $ | 2.66 | $ | 2.71 | |||||||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |||||||||
| Loss on extinguishment or modification of debt and other, net | 0.01 | 0.01 | |||||||||
| Transaction costs and other | 0.04 | 0.05 | |||||||||
| Core FFO per common share | $ | 2.72 | $ | 2.78 | |||||||
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Conference Call and Webcast Details
PECO will host a conference call and webcast on Friday, April 24, 2026 at 12:00 p.m. Eastern Time to discuss first quarter 2026 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.
First Quarter 2026 Earnings Conference Call and Webcast Details:
Date: Friday, April 24, 2026
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (800) 715-9871
International Dial-In Number: (646) 307-1963
Conference ID: 4551083
Webcast: First Quarter 2026 Webcast Link
Replay:
An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above. The replay will be archived on PECO’s Investor Relations website under Events & Presentations.
For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended March 31, 2026.
Connect with PECO
For additional information, please visit https://www.phillipsedison.com/
Follow PECO on:
•X at https://x.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 high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2026, PECO managed 326 shopping centers, including 299 wholly-owned centers comprising 33.7 million square feet across 31 states and 27 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
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PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Investment in real estate: | |||||||||||
| Land and improvements | $ | 1,992,077 | $ | 1,963,735 | |||||||
| Building and improvements | 4,401,481 | 4,305,174 | |||||||||
| In-place lease assets | 546,454 | 538,324 | |||||||||
| Above-market lease assets | 78,786 | 77,551 | |||||||||
| Total investment in real estate assets | 7,018,798 | 6,884,784 | |||||||||
| Accumulated depreciation and amortization | (2,009,942) | (1,957,569) | |||||||||
| Net investment in real estate assets | 5,008,856 | 4,927,215 | |||||||||
| Investment in unconsolidated joint ventures | 43,008 | 42,561 | |||||||||
| Total investment in real estate assets, net | 5,051,864 | 4,969,776 | |||||||||
| Cash and cash equivalents | 3,141 | 3,544 | |||||||||
| Restricted cash | 19,218 | 39,768 | |||||||||
| Goodwill | 29,066 | 29,066 | |||||||||
| Other assets, net | 247,695 | 244,284 | |||||||||
| Total assets | $ | 5,350,984 | $ | 5,286,438 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Debt obligations, net | $ | 2,489,365 | $ | 2,375,328 | |||||||
| Below-market lease liabilities, net | 123,115 | 118,356 | |||||||||
| Accounts payable and other liabilities | 135,294 | 180,332 | |||||||||
| Deferred income | 23,245 | 23,044 | |||||||||
| Total liabilities | 2,771,019 | 2,697,060 | |||||||||
| Equity: | |||||||||||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2026 and December 31, 2025 | — | — | |||||||||
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,966 and 125,788 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1,259 | 1,258 | |||||||||
| Additional paid-in capital | 3,667,019 | 3,664,205 | |||||||||
| Accumulated other comprehensive income | 416 | 358 | |||||||||
| Accumulated deficit | (1,389,918) | (1,379,252) | |||||||||
| Total stockholders’ equity | 2,278,776 | 2,286,569 | |||||||||
| Noncontrolling interests | 301,189 | 302,809 | |||||||||
| Total equity | 2,579,965 | 2,589,378 | |||||||||
| Total liabilities and equity | $ | 5,350,984 | $ | 5,286,438 | |||||||
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PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| Rental income | $ | 186,281 | $ | 174,183 | |||||||
| Fees and management income | 3,445 | 2,783 | |||||||||
| Other property income | 1,015 | 1,345 | |||||||||
| Total revenues | 190,741 | 178,311 | |||||||||
| Operating Expenses: | |||||||||||
| Property operating | 32,990 | 29,936 | |||||||||
| Real estate taxes | 22,067 | 21,079 | |||||||||
| General and administrative | 11,943 | 12,086 | |||||||||
| Depreciation and amortization | 65,531 | 65,274 | |||||||||
| Total operating expenses | 132,531 | 128,375 | |||||||||
| Other: | |||||||||||
| Interest expense, net | (29,772) | (25,672) | |||||||||
| Gain on disposal of property, net | 6,817 | 5,609 | |||||||||
| Other expense, net | (2,013) | (980) | |||||||||
| Net income | 33,242 | 28,893 | |||||||||
| Net income attributable to noncontrolling interests | (2,864) | (2,584) | |||||||||
| Net income attributable to stockholders | $ | 30,378 | $ | 26,309 | |||||||
| Earnings per share of common stock: | |||||||||||
Net income per share attributable to stockholders - basic and diluted | $ | 0.24 | $ | 0.21 | |||||||
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Discussion and Reconciliation of Non-GAAP Measures
Same-Center Net Operating Income
The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes. For the three months ended March 31, 2026 and 2025, Same-Center NOI represents the NOI for the 282 properties that were wholly-owned for the entirety of both calendar year periods being compared. 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, 2024, it highlights operating trends such as occupancy levels, rental rates, and operating costs for the Company’s same center portfolio. 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) adjustments related to its investments in unconsolidated joint ventures; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income.
Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its business plan in the manner currently contemplated.
Accordingly, Nareit FFO and Core FFO should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate and Adjusted EBITDAre
Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.
Adjusted EBITDAre is an additional performance measure used by the Company as EBITDAre includes certain non-comparable items that affect the Company’s performance over time. To arrive at Adjusted EBITDAre, the Company excludes certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i)
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changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) adjustments related to its investments in unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.
The Company uses EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (loss), as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Accordingly, EBITDAre and Adjusted EBITDAre should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to amounts calculated by other REITs.
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Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):
| Three Months Ended March 31, | Favorable (Unfavorable) | ||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
Rental income(1) | $ | 127,761 | $ | 124,044 | $ | 3,717 | |||||||||||||||||
| Tenant recovery income | 41,568 | 40,339 | 1,229 | ||||||||||||||||||||
Reserves for uncollectibility(2) | (986) | (1,206) | 220 | ||||||||||||||||||||
| Other property income | 976 | 1,223 | (247) | ||||||||||||||||||||
| Total revenues | 169,319 | 164,400 | 4,919 | 3.0 | % | ||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Property operating expenses | 26,502 | 25,838 | (664) | ||||||||||||||||||||
| Real estate taxes | 20,567 | 20,460 | (107) | ||||||||||||||||||||
| Total operating expenses | 47,069 | 46,298 | (771) | (1.7) | % | ||||||||||||||||||
| Total Same-Center NOI | $ | 122,250 | $ | 118,102 | $ | 4,148 | 3.5 | % | |||||||||||||||
(1)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.
(2)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.
Same-Center Net Operating Income Reconciliation—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Net income | $ | 33,242 | $ | 28,893 | |||||||
| Adjusted to exclude: | |||||||||||
| Fees and management income | (3,445) | (2,783) | |||||||||
Straight-line rental income(1) | (2,883) | (2,675) | |||||||||
| Net amortization of above- and below-market leases | (2,451) | (1,944) | |||||||||
| Lease buyout income | (1,709) | (1,739) | |||||||||
| General and administrative expenses | 11,943 | 12,086 | |||||||||
| Depreciation and amortization | 65,531 | 65,274 | |||||||||
| Interest expense, net | 29,772 | 25,672 | |||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | |||||||||
| Other expense, net | 2,013 | 980 | |||||||||
| Property operating expenses related to fees and management income | 2,081 | 896 | |||||||||
| NOI for real estate investments | 127,277 | 119,051 | |||||||||
Less: Non-same-center NOI(2) | (5,027) | (949) | |||||||||
| Total Same-Center NOI | $ | 122,250 | $ | 118,102 | |||||||
| Period-end Same-Center Leased Occupancy % | 97.3 | % | 97.2 | % | |||||||
(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.
9
Nareit FFO and Core FFO—The following table presents the Company’s calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders | |||||||||||
Net income | $ | 33,242 | $ | 28,893 | |||||||
| Adjustments: | |||||||||||
| Depreciation and amortization of real estate assets | 65,182 | 64,897 | |||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | |||||||||
| Adjustments related to unconsolidated joint ventures | 1,315 | 867 | |||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 89,048 | |||||||
| Calculation of Core FFO Attributable to Stockholders and OP Unit Holders | |||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 89,048 | |||||||
| Adjustments: | |||||||||||
| Depreciation and amortization of corporate assets | 349 | 377 | |||||||||
| Transaction and acquisition expenses | 2,077 | 1,322 | |||||||||
| Loss on extinguishment or modification of debt and other, net | 1,080 | 1 | |||||||||
| Adjustments related to unconsolidated joint ventures | (25) | 25 | |||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 96,403 | $ | 90,773 | |||||||
| Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per Diluted Share | |||||||||||
| Weighted-average shares of common stock outstanding - diluted | 138,977 | 138,640 | |||||||||
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.67 | $ | 0.64 | |||||||
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.69 | $ | 0.65 | |||||||
10
EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):
| Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
Calculation of EBITDAre | |||||||||||||||||
Net income | $ | 33,242 | $ | 28,893 | $ | 122,968 | |||||||||||
| Adjustments: | |||||||||||||||||
| Depreciation and amortization | 65,531 | 65,274 | 266,374 | ||||||||||||||
| Interest expense, net | 29,772 | 25,672 | 110,338 | ||||||||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | (38,790) | ||||||||||||||
| Federal, state, and local tax expense | 242 | 146 | 1,307 | ||||||||||||||
| Adjustments related to unconsolidated joint ventures | 2,048 | 1,278 | 6,200 | ||||||||||||||
EBITDAre | $ | 124,018 | $ | 115,654 | $ | 468,397 | |||||||||||
Calculation of Adjusted EBITDAre | |||||||||||||||||
EBITDAre | $ | 124,018 | $ | 115,654 | $ | 468,397 | |||||||||||
| Adjustments: | |||||||||||||||||
| Transaction and acquisition expenses | 2,077 | 1,322 | 5,523 | ||||||||||||||
| Adjustments related to unconsolidated joint ventures | (21) | 25 | 60 | ||||||||||||||
Realized performance income(1) | — | — | (30) | ||||||||||||||
Adjusted EBITDAre | $ | 126,074 | $ | 117,001 | $ | 473,950 | |||||||||||
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s Necessity Retail Partners joint venture, which was dissolved in December 2025.
11
Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of March 31, 2026 allow it access to future borrowings as needed in the near term. The following table presents the Company’s calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of March 31, 2026 and December 31, 2025 (in thousands):
| March 31, 2026 | December 31, 2025 | ||||||||||
| Net debt: | |||||||||||
| Total debt, excluding discounts, market adjustments, and deferred financing expenses | $ | 2,572,401 | $ | 2,456,933 | |||||||
| Less: Cash and cash equivalents | 5,306 | 5,124 | |||||||||
| Total net debt | $ | 2,567,095 | $ | 2,451,809 | |||||||
| Enterprise value: | |||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | |||||||
Total equity market capitalization(1)(2) | 5,190,640 | 4,926,872 | |||||||||
| Total enterprise value | $ | 7,757,735 | $ | 7,378,681 | |||||||
(1)Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 138.7 million and 138.5 million diluted shares as of March 31, 2026 and December 31, 2025, respectively, and the closing market price per share of $37.42 and $35.57 as of March 31, 2026 and December 31, 2025, respectively.
(2)Fully diluted shares include common stock and OP units.
The following table presents the Company’s calculation of net debt to Adjusted EBITDAre and net debt to total enterprise value as of March 31, 2026 and December 31, 2025 (dollars in thousands):
| March 31, 2026 | December 31, 2025 | ||||||||||
Net debt to Adjusted EBITDAre - annualized: | |||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | |||||||
Adjusted EBITDAre - annualized(1) | 483,023 | 473,950 | |||||||||
Net debt to Adjusted EBITDAre - annualized | 5.3x | 5.2x | |||||||||
| Net debt to total enterprise value: | |||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | |||||||
| Total enterprise value | 7,757,735 | 7,378,681 | |||||||||
| Net debt to total enterprise value | 33.1% | 33.2% | |||||||||
(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,” “commit,” 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
12
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 heightened geopolitical instability, international conflicts, tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment. 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 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, 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
Hannah Harper, Director of Investor Relations
(513) 824-7122
13
| Table of Contents | |||||
Earnings Release | |||||
Consolidated Statements of Operations (Quarterly) | |||||
Consolidated Statements of Cash Flows | |||||
Nareit FFO, Core FFO, and Adjusted FFO (Quarterly) | |||||
Joint Venture Summary and Financials | |||||
Summary of Outstanding Debt | |||||
Covenant Disclosures | |||||
| INVESTOR INFORMATION | |||||
| 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 high-quality, 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,” “commit,” 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 heightened geopolitical instability, international conflicts, tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment.
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 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, 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 beginning on page 63.
| 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 | ||
Three Months Ended March 31, 2026 | ||
| Phillips Edison & Company | 5 | |||||||
Earnings Release Unaudited | ||||||||
Phillips Edison & Company Reports
First Quarter 2026 Results
CINCINNATI - April 23, 2026 - Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended March 31, 2026 and updated full year 2026 earnings guidance. For the three months ended March 31, 2026, net income attributable to stockholders was $30.4 million, or $0.24 per diluted share.
Highlights for the First Quarter and Subsequent
•Reported Nareit FFO of $0.67 per diluted share, representing a 4.7% year-over-year increase
•Reported Core FFO of $0.69 per diluted share, representing a 6.2% year-over-year increase
•Increased same-center NOI year-over-year by 3.5%
•The increased midpoint of full year 2026 Nareit FFO guidance represents 5.9% year-over-year growth
•The increased midpoint of full year 2026 Core FFO guidance represents 5.8% year-over-year growth
•Reported strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.3%
•Reported strong leased inline occupancy and same-center leased inline occupancy of 95.0%
•Executed comparable portfolio renewal leases and comparable inline renewal leases at a rent spread of 21.2% during the quarter
•Executed comparable portfolio new leases at a rent spread of 36.2% and comparable inline new leases at a record-high rent spread of 37.9% during the quarter
•Acquired $125.5 million in assets, which included five shopping centers and land for future development
•As previously announced, completed a public debt offering of $350 million aggregate principal amount of 4.750% senior notes due 2033
•Subsequent to quarter end, acquired $59.1 million in assets at PECO’s total prorated share, which included three shopping centers and one outparcel
Management Commentary
Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “We are pleased to report another quarter of solid results, including Core FFO per share growth of 6.2%, reflecting the strength of our high-quality portfolio. Our grocery-anchored and necessity-based shopping centers are driving steady traffic and market-leading pricing power. While the macroeconomic environment remains uncertain, PECO is positioned to provide both stability and continued growth. Our disciplined execution and the continued strength of the operating environment give us confidence in our ability to increase guidance for Core FFO per share, which reflects year-over-year growth of 5.8% at the midpoint.”
Financial Results
Net Income
First quarter 2026 net income attributable to stockholders totaled $30.4 million, or $0.24 per diluted share, compared to net income of $26.3 million, or $0.21 per diluted share, during the first quarter of 2025.
Nareit FFO
First quarter 2026 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 4.4% to $92.9 million, or $0.67 per diluted share, compared to $89.0 million, or $0.64 per diluted share, during the first quarter of 2025.
Core FFO
First quarter 2026 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 6.2% to $96.4 million, or $0.69 per diluted share, compared to $90.8 million, or $0.65 per diluted share, during the first quarter of 2025.
| Phillips Edison & Company | 6 | |||||||
Earnings Release Unaudited | ||||||||
Same-Center NOI
First quarter 2026 same-center net operating income (“NOI”) increased 3.5% to $122.3 million, compared to $118.1 million during the first quarter of 2025.
Portfolio Overview
Portfolio Statistics
As of March 31, 2026, PECO’s wholly-owned portfolio consisted of 299 properties, totaling approximately 33.7 million square feet, located in 31 states. This compared to 298 properties, totaling approximately 33.5 million square feet, located in 31 states as of March 31, 2025.
Leased portfolio occupancy was 97.1% as of March 31, 2026 and 2025. Same-center leased portfolio occupancy was 97.3% as of March 31, 2026, compared to 97.2% as of March 31, 2025.
Leased anchor occupancy was 98.4% as of March 31, 2026 and 2025. Same-center leased anchor occupancy was 98.6% as of March 31, 2026, compared to 98.5% as of March 31, 2025.
Leased inline occupancy was 95.0% as of March 31, 2026, compared to 94.6% as of March 31, 2025. Same-center leased inline occupancy was at 95.0% as of March 31, 2026, compared to 94.9% as of March 31, 2025.
Leasing Activity
During the first quarter of 2026, 246 leases were executed totaling approximately 1.6 million square feet. This compared to 234 leases executed totaling approximately 1.5 million square feet during the first quarter of 2025.
During the first quarter of 2026, comparable rent spreads, which represent the percentage increase of a lease to the expiring lease of a unit that was occupied within the past twelve months, were 21.2% for renewal leases, 36.2% for new leases and 24.3% combined.
Transaction Activity - Wholly-Owned
During the first quarter of 2026, the Company acquired $125.5 million in assets, which included five shopping centers and land for future development. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces.
The first quarter 2026 acquisitions included:
•The Village at Indian Wells, a 105,177 square foot shopping center anchored by Sprouts located in a Palm Springs, California suburb.
•Creekside Park Village, a 74,641 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.
•Plaza West Covina, a 46,406 square foot Everyday Retail™ center located in a Los Angeles, California suburb.
•Ridgeview Marketplace, a 20,410 square foot shopping center anchored by King Soopers located in a Colorado Springs, Colorado suburb.
•The Shops at Hamilton Mill, a 43,518 square foot Everyday Retail™ center located in an Atlanta, Georgia suburb.
During the same period, the Company sold $22.3 million in assets, which included two shopping centers.
Subsequent to quarter end, the Company acquired $58.9 million in assets, which included:
•Renton Highlands Shopping Center, a 54,008 square foot shopping center anchored by Safeway located in a Seattle, Washington suburb.
•Prairieview Center, a 118,171 square foot shopping center anchored by Lunds & Byerlys located in a Minneapolis, Minnesota suburb.
•Firethorne Plaza, a 29,986 square foot Everyday Retail™ center located in a Houston, Texas suburb.
Subsequent to quarter end, the Company sold one parcel of land for $6.7 million.
Transaction Activity - Joint Venture
Subsequent to quarter end, the Company, through Grocery Retail Partners I LLC, acquired one outparcel for future development for $0.2 million at PECO’s total prorated share.
| Phillips Edison & Company | 7 | |||||||
Earnings Release Unaudited | ||||||||
Balance Sheet Highlights
As of March 31, 2026, the Company had approximately $810.2 million of total liquidity, comprised of $22.4 million of cash, cash equivalents and restricted cash, plus $787.9 million of borrowing capacity available on its $1.0 billion revolving credit facility.
As of March 31, 2026, the Company’s trailing twelve month net debt to annualized adjusted EBITDAre was 5.3x. This compared to 5.2x at December 31, 2025. As of March 31, 2026, the Company’s outstanding debt had a weighted-average interest rate of 4.4% and a weighted-average maturity of 5.8 years when including all extension options, and 94.4% of the Company’s total debt was fixed-rate debt, which includes PECO’s total prorated share of debt for its joint ventures.
As previously announced, in February 2026, the Company completed a public debt offering of $350 million aggregate principal amount of 4.750% senior notes due 2033. The notes were priced at 99.920% of the principal amount and will mature in March 2033.
2026 Guidance
PECO updated its 2026 earnings guidance, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.
| (in thousands, except per share amounts) | Q1 2026 YTD | Updated Full Year 2026 Guidance | Previous Full Year 2026 Guidance | ||||||||||||||
| Net income per share | $0.24 | $0.79 - $0.81 | $0.74 - $0.77 | ||||||||||||||
| Nareit FFO per share | $0.67 | $2.66 - $2.71 | $2.65 - $2.71 | ||||||||||||||
| Core FFO per share | $0.69 | $2.72 - $2.78 | $2.71 - $2.77 | ||||||||||||||
| Same-Center NOI growth | 3.5% | 3.00% - 4.00% | 3.00% - 4.00% | ||||||||||||||
| Portfolio Activity: | |||||||||||||||||
Acquisitions, gross(1) | $125,502 | $400,000 - $500,000 | $400,000 - $500,000 | ||||||||||||||
| Other: | |||||||||||||||||
| Interest expense, net | $29,772 | $117,000 - $127,000 | $117,000 - $127,000 | ||||||||||||||
| G&A expense | $11,943 | $49,000 - $53,000 | $49,000 - $53,000 | ||||||||||||||
Non-cash revenue items(2) | $5,330 | $19,000 - $21,000 | $19,000 - $21,000 | ||||||||||||||
| Adjustments for collectibility | $1,151 | $5,000 - $8,000 | $5,000 - $8,000 | ||||||||||||||
(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.
(2)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 2026 estimated net income to estimated Nareit FFO and Core FFO:
| (Unaudited) | Low End | High End | |||||||||
| Net income per common share | $ | 0.79 | $ | 0.81 | |||||||
| Depreciation and amortization of real estate assets | 1.88 | 1.90 | |||||||||
| Gain on disposal of property, net | (0.05) | (0.05) | |||||||||
| Adjustments related to unconsolidated joint ventures | 0.04 | 0.05 | |||||||||
| Nareit FFO per common share | $ | 2.66 | $ | 2.71 | |||||||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |||||||||
| Loss on extinguishment or modification of debt and other, net | 0.01 | 0.01 | |||||||||
| Transaction costs and other | 0.04 | 0.05 | |||||||||
| Core FFO per common share | $ | 2.72 | $ | 2.78 | |||||||
| Phillips Edison & Company | 8 | |||||||
Earnings Release Unaudited | ||||||||
Conference Call and Webcast Details
PECO will host a conference call and webcast on Friday, April 24, 2026 at 12:00 p.m. Eastern Time to discuss first quarter 2026 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.
First Quarter 2026 Earnings Conference Call and Webcast Details:
Date: Friday, April 24, 2026
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (800) 715-9871
International Dial-In Number: (646) 307-1963
Conference ID: 4551083
Webcast: First Quarter 2026 Webcast Link
Replay:
An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above. The replay will be archived on PECO’s Investor Relations website under Events & Presentations.
For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended March 31, 2026.
Connect with PECO
For additional information, please visit https://www.phillipsedison.com/
Follow PECO on:
•X at https://x.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 high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2026, PECO managed 326 shopping centers, including 299 wholly-owned centers comprising 33.7 million square feet across 31 states and 27 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
| Phillips Edison & Company | 9 | |||||||
Overview of Results Unaudited, in thousands (excluding per share and per square foot amounts) | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| SUMMARY FINANCIAL RESULTS | ||||||||||||||
Total revenues (page 13) | $ | 190,741 | $ | 178,311 | ||||||||||
Net income attributable to stockholders (page 13) | 30,378 | 26,309 | ||||||||||||
Net income per share - basic and diluted (page 13) | $ | 0.24 | $ | 0.21 | ||||||||||
Same-Center NOI (page 20) | 122,250 | 118,102 | ||||||||||||
Adjusted EBITDAre (page 18) | 126,074 | 117,001 | ||||||||||||
Nareit FFO (page 16) | 92,922 | 89,048 | ||||||||||||
Nareit FFO per share - diluted (page 16) | $ | 0.67 | $ | 0.64 | ||||||||||
Core FFO (page 16) | 96,403 | 90,773 | ||||||||||||
Core FFO per share - diluted (page 16) | $ | 0.69 | $ | 0.65 | ||||||||||
| SUMMARY OF FINANCIAL AND OPERATING RATIOS | ||||||||||||||
Same-Center NOI margin (page 20) | 72.2 | % | 71.8 | % | ||||||||||
Same-Center NOI change (page 20)(1) | 3.5 | % | 3.9 | % | ||||||||||
| LEASING RESULTS | ||||||||||||||
Comparable rent spreads - new leases (page 40)(2) | 36.2 | % | 28.1 | % | ||||||||||
Comparable rent spreads - renewals (page 40)(2) | 21.2 | % | 20.8 | % | ||||||||||
Portfolio retention rate (page 34)(2) | 87.8 | % | 91.4 | % | ||||||||||
| As of March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| OUTSTANDING STOCK AND PARTNERSHIP UNITS | ||||||||||||||
| Common stock outstanding | 125,966 | 125,407 | ||||||||||||
| Operating Partnership (OP) units outstanding | 12,747 | 12,987 | ||||||||||||
SUMMARY PORTFOLIO STATISTICS(2) | ||||||||||||||
| Number of properties | 299 | 298 | ||||||||||||
GLA (page 34) | 33,669 | 33,512 | ||||||||||||
Leased occupancy (page 36) | 97.1 | % | 97.1 | % | ||||||||||
Economic occupancy (page 36) | 96.7 | % | 96.4 | % | ||||||||||
Leased ABR PSF (page 36) | $ | 16.77 | $ | 15.93 | ||||||||||
Leased Anchor ABR PSF (page 36) | $ | 10.74 | $ | 10.42 | ||||||||||
Leased Inline ABR PSF (page 36) | $ | 27.34 | $ | 26.23 | ||||||||||
Same-Center leased occupancy (page 36) | 97.3 | % | 97.2 | % | ||||||||||
Same-Center economic occupancy (page 36) | 96.9 | % | 96.5 | % | ||||||||||
(1)Reflects Same-Center NOI change as initially reported for the specified period.
(2)Statistics represent the Company's wholly-owned properties.
| Phillips Edison & Company | 10 | |||||||
| FINANCIAL SUMMARY | ||
Three Months Ended March 31, 2026 | ||
| Phillips Edison & Company | 11 | |||||||
Consolidated Balance Sheets Condensed and Unaudited, in thousands (excluding per share amounts) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Investment in real estate: | |||||||||||
| Land and improvements | $ | 1,992,077 | $ | 1,963,735 | |||||||
| Building and improvements | 4,401,481 | 4,305,174 | |||||||||
| In-place lease assets | 546,454 | 538,324 | |||||||||
| Above-market lease assets | 78,786 | 77,551 | |||||||||
| Total investment in real estate assets | 7,018,798 | 6,884,784 | |||||||||
| Accumulated depreciation and amortization | (2,009,942) | (1,957,569) | |||||||||
| Net investment in real estate assets | 5,008,856 | 4,927,215 | |||||||||
| Investment in unconsolidated joint ventures | 43,008 | 42,561 | |||||||||
| Total investment in real estate assets, net | 5,051,864 | 4,969,776 | |||||||||
| Cash and cash equivalents | 3,141 | 3,544 | |||||||||
| Restricted cash | 19,218 | 39,768 | |||||||||
| Goodwill | 29,066 | 29,066 | |||||||||
| Other assets, net | 247,695 | 244,284 | |||||||||
| Total assets | $ | 5,350,984 | $ | 5,286,438 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Debt obligations, net | $ | 2,489,365 | $ | 2,375,328 | |||||||
| Below-market lease liabilities, net | 123,115 | 118,356 | |||||||||
| Accounts payable and other liabilities | 135,294 | 180,332 | |||||||||
| Deferred income | 23,245 | 23,044 | |||||||||
| Total liabilities | 2,771,019 | 2,697,060 | |||||||||
| Equity: | |||||||||||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2026 and December 31, 2025 | — | — | |||||||||
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,966 and 125,788 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1,259 | 1,258 | |||||||||
| Additional paid-in capital | 3,667,019 | 3,664,205 | |||||||||
| Accumulated other comprehensive income | 416 | 358 | |||||||||
| Accumulated deficit | (1,389,918) | (1,379,252) | |||||||||
| Total stockholders’ equity | 2,278,776 | 2,286,569 | |||||||||
| Noncontrolling interests | 301,189 | 302,809 | |||||||||
| Total equity | 2,579,965 | 2,589,378 | |||||||||
| Total liabilities and equity | $ | 5,350,984 | $ | 5,286,438 | |||||||
| Phillips Edison & Company | 12 | |||||||
Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| REVENUES | |||||||||||
| Rental income | $ | 186,281 | $ | 174,183 | |||||||
| Fees and management income | 3,445 | 2,783 | |||||||||
| Other property income | 1,015 | 1,345 | |||||||||
| Total revenues | 190,741 | 178,311 | |||||||||
| OPERATING EXPENSES | |||||||||||
| Property operating | 32,990 | 29,936 | |||||||||
| Real estate taxes | 22,067 | 21,079 | |||||||||
| General and administrative | 11,943 | 12,086 | |||||||||
| Depreciation and amortization | 65,531 | 65,274 | |||||||||
| Total operating expenses | 132,531 | 128,375 | |||||||||
| OTHER | |||||||||||
| Interest expense, net | (29,772) | (25,672) | |||||||||
| Gain on disposal of property, net | 6,817 | 5,609 | |||||||||
Other expense, net | (2,013) | (980) | |||||||||
Net income | 33,242 | 28,893 | |||||||||
Net income attributable to noncontrolling interests | (2,864) | (2,584) | |||||||||
Net income attributable to stockholders | $ | 30,378 | $ | 26,309 | |||||||
| EARNINGS PER SHARE OF COMMON STOCK | |||||||||||
Net income per share attributable to stockholders - basic and diluted | $ | 0.24 | $ | 0.21 | |||||||
| Phillips Edison & Company | 13 | |||||||
Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||||||||
| Rental income | $ | 186,281 | $ | 183,243 | $ | 178,293 | $ | 173,467 | $ | 174,183 | |||||||||||||||||||
| Fees and management income | 3,445 | 3,378 | 3,274 | 3,316 | 2,783 | ||||||||||||||||||||||||
| Other property income | 1,015 | 1,240 | 1,102 | 970 | 1,345 | ||||||||||||||||||||||||
| Total revenues | 190,741 | 187,861 | 182,669 | 177,753 | 178,311 | ||||||||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||||||||
| Property operating | 32,990 | 34,194 | 30,197 | 29,322 | 29,936 | ||||||||||||||||||||||||
| Real estate taxes | 22,067 | 21,503 | 22,226 | 21,279 | 21,079 | ||||||||||||||||||||||||
| General and administrative | 11,943 | 13,878 | 12,752 | 12,922 | 12,086 | ||||||||||||||||||||||||
| Depreciation and amortization | 65,531 | 64,294 | 65,603 | 71,203 | 65,274 | ||||||||||||||||||||||||
| Total operating expenses | 132,531 | 133,869 | 130,778 | 134,726 | 128,375 | ||||||||||||||||||||||||
| OTHER | |||||||||||||||||||||||||||||
| Interest expense, net | (29,772) | (28,403) | (28,544) | (27,719) | (25,672) | ||||||||||||||||||||||||
| Gain (loss) on disposal of property, net | 6,817 | 28,992 | 4,255 | (66) | 5,609 | ||||||||||||||||||||||||
| Other expense, net | (2,013) | (1,986) | (374) | (990) | (980) | ||||||||||||||||||||||||
| Net income | 33,242 | 52,595 | 27,228 | 14,252 | 28,893 | ||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (2,864) | (5,070) | (2,543) | (1,468) | (2,584) | ||||||||||||||||||||||||
| Net income attributable to stockholders | $ | 30,378 | $ | 47,525 | $ | 24,685 | $ | 12,784 | $ | 26,309 | |||||||||||||||||||
| EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||||||||||||||||||
| Net income per share attributable to stockholders - basic and diluted | $ | 0.24 | $ | 0.38 | $ | 0.20 | $ | 0.10 | $ | 0.21 | |||||||||||||||||||
| Phillips Edison & Company | 14 | |||||||
Consolidated Statements of Cash Flows Condensed and Unaudited, in thousands | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 33,242 | $ | 28,893 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization of real estate assets | 65,182 | 64,897 | |||||||||
| Depreciation and amortization of corporate assets | 349 | 377 | |||||||||
| Net amortization of above- and below-market leases | (2,451) | (1,944) | |||||||||
| Amortization of deferred financing expenses | 982 | 1,209 | |||||||||
| Amortization of debt and derivative adjustments | 638 | 686 | |||||||||
| Loss on extinguishment or modification of debt, net | 1,080 | 1 | |||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | |||||||||
| Straight-line rent, net | (2,879) | (2,676) | |||||||||
| Share-based compensation | 2,218 | 2,208 | |||||||||
| Return on investment in unconsolidated joint ventures | 136 | 156 | |||||||||
| Other | 246 | 12 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Other assets, net | (8,235) | (7,325) | |||||||||
| Accounts payable and other liabilities | (28,135) | (20,343) | |||||||||
Net cash provided by operating activities | 55,556 | 60,542 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Real estate acquisitions, net | (126,427) | (139,107) | |||||||||
| Capital expenditures | (26,462) | (26,367) | |||||||||
| Proceeds from sale of real estate, net | 20,947 | 6,466 | |||||||||
| Proceeds from secured loan receivable | 3,775 | — | |||||||||
| Investment in unconsolidated joint ventures | (894) | (3,549) | |||||||||
| Return of investment in unconsolidated joint ventures | 367 | 418 | |||||||||
| Investment in marketable securities | (164) | (1,504) | |||||||||
| Proceeds from sale of marketable securities | 963 | — | |||||||||
| Insurance proceeds for property damage claims | 50 | 87 | |||||||||
Net cash used in investing activities | (127,845) | (163,556) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from revolving credit facility | 190,000 | 272,000 | |||||||||
| Payments on revolving credit facility | (101,000) | (90,000) | |||||||||
| Proceeds from notes and loans payable, net | 346,500 | — | |||||||||
| Payments on mortgages and loans payable | (323,634) | (22,408) | |||||||||
| Distributions paid | (54,732) | (51,549) | |||||||||
| Distributions to noncontrolling interests | (5,798) | (5,825) | |||||||||
Net cash provided by financing activities | 51,336 | 102,218 | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (20,953) | (796) | |||||||||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||||||||||
| Beginning of period | 43,312 | 8,649 | |||||||||
| End of period | $ | 22,359 | $ | 7,853 | |||||||
| RECONCILIATION TO CONSOLIDATED BALANCE SHEETS | |||||||||||
| Cash and cash equivalents | $ | 3,141 | $ | 5,458 | |||||||
| Restricted cash | 19,218 | 2,395 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 22,359 | $ | 7,853 | |||||||
| Phillips Edison & Company | 15 | |||||||
Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||
Net income | $ | 33,242 | $ | 28,893 | |||||||
| Adjustments: | |||||||||||
| Depreciation and amortization of real estate assets | 65,182 | 64,897 | |||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | |||||||||
| Adjustments related to unconsolidated joint ventures | 1,315 | 867 | |||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 89,048 | |||||||
| CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 89,048 | |||||||
| Adjustments: | |||||||||||
| Depreciation and amortization of corporate assets | 349 | 377 | |||||||||
| Transaction and acquisition expenses | 2,077 | 1,322 | |||||||||
| Loss on extinguishment or modification of debt and other, net | 1,080 | 1 | |||||||||
| Adjustments related to unconsolidated joint ventures | (25) | 25 | |||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 96,403 | $ | 90,773 | |||||||
| CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 96,403 | $ | 90,773 | |||||||
| Adjustments: | |||||||||||
| Straight-line rent and above- and below-market leases and contracts | (5,455) | (4,745) | |||||||||
| Non-cash debt adjustments | 1,620 | 1,894 | |||||||||
Capital expenditures and leasing commissions(1) | (12,519) | (15,484) | |||||||||
| Non-cash share-based compensation expense | 3,058 | 2,701 | |||||||||
| Adjustments related to unconsolidated joint ventures | (600) | (182) | |||||||||
| Adjusted FFO attributable to stockholders and OP unit holders | $ | 82,507 | $ | 74,957 | |||||||
| NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE | |||||||||||
| Weighted-average shares of common stock outstanding - diluted | 138,977 | 138,640 | |||||||||
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.67 | $ | 0.64 | |||||||
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.69 | $ | 0.65 | |||||||
(1) Excludes development and redevelopment projects.
| Phillips Edison & Company | 16 | |||||||
Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||||||||||||||||||||
| Net income | $ | 33,242 | $ | 52,595 | $ | 27,228 | $ | 14,252 | $ | 28,893 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization of real estate assets | 65,182 | 63,926 | 65,205 | 70,806 | 64,897 | ||||||||||||||||||||||||
| (Gain) loss on disposal of property, net | (6,817) | (28,992) | (4,255) | 66 | (5,609) | ||||||||||||||||||||||||
| Adjustments related to unconsolidated joint ventures | 1,315 | 1,242 | 1,075 | 892 | 867 | ||||||||||||||||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 88,771 | $ | 89,253 | $ | 86,016 | $ | 89,048 | |||||||||||||||||||
| CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||||||||||||||||||||
| Nareit FFO attributable to stockholders and OP unit holders | $ | 92,922 | $ | 88,771 | $ | 89,253 | $ | 86,016 | $ | 89,048 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization of corporate assets | 349 | 368 | 398 | 397 | 377 | ||||||||||||||||||||||||
| Transaction and acquisition expenses | 2,077 | 1,519 | 893 | 1,789 | 1,322 | ||||||||||||||||||||||||
| Loss on extinguishment or modification of debt and other, net | 1,080 | 89 | — | — | 1 | ||||||||||||||||||||||||
| Adjustments related to unconsolidated joint ventures | (25) | 424 | 13 | 7 | 25 | ||||||||||||||||||||||||
Realized performance income (1) | — | (30) | — | — | — | — | |||||||||||||||||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 96,403 | $ | 91,141 | $ | 90,557 | $ | 88,209 | $ | 90,773 | |||||||||||||||||||
| CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS | |||||||||||||||||||||||||||||
| Core FFO attributable to stockholders and OP unit holders | $ | 96,403 | $ | 91,141 | $ | 90,557 | $ | 88,209 | $ | 90,773 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Straight-line rent and above- and below-market leases and contracts | (5,455) | (5,341) | (5,224) | (4,524) | (4,745) | ||||||||||||||||||||||||
| Non-cash debt adjustments | 1,620 | 1,826 | 1,823 | 1,734 | 1,894 | ||||||||||||||||||||||||
Capital expenditures and leasing commissions(2) | (12,519) | (16,656) | (16,142) | (16,310) | (15,484) | ||||||||||||||||||||||||
| Non-cash share-based compensation expense | 3,058 | 3,221 | 3,171 | 3,172 | 2,701 | ||||||||||||||||||||||||
| Adjustments related to unconsolidated joint ventures | (600) | (365) | (476) | (327) | (182) | ||||||||||||||||||||||||
| Adjusted FFO attributable to stockholders and OP unit holders | $ | 82,507 | $ | 73,826 | $ | 73,709 | $ | 71,954 | $ | 74,957 | |||||||||||||||||||
| NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE | |||||||||||||||||||||||||||||
| Weighted-average shares of common stock outstanding - diluted | 138,977 | 138,845 | 138,860 | 138,910 | 138,640 | ||||||||||||||||||||||||
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.67 | $ | 0.64 | $ | 0.64 | $ | 0.62 | $ | 0.64 | |||||||||||||||||||
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $ | 0.69 | $ | 0.66 | $ | 0.65 | $ | 0.64 | $ | 0.65 | |||||||||||||||||||
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company's Necessity Retail Partners joint venture, which was dissolved in December 2025.
(2)Excludes development and redevelopment projects.
| Phillips Edison & Company | 17 | |||||||
EBITDAre Metrics Unaudited, in thousands | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
CALCULATION OF EBITDAre | ||||||||||||||
Net income | $ | 33,242 | $ | 28,893 | ||||||||||
| Adjustments: | ||||||||||||||
| Depreciation and amortization | 65,531 | 65,274 | ||||||||||||
| Interest expense, net | 29,772 | 25,672 | ||||||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | ||||||||||||
| Federal, state, and local tax expense | 242 | 146 | ||||||||||||
| Adjustments related to unconsolidated joint ventures | 2,048 | 1,278 | ||||||||||||
EBITDAre | $ | 124,018 | $ | 115,654 | ||||||||||
CALCULATION OF ADJUSTED EBITDAre | ||||||||||||||
EBITDAre | $ | 124,018 | $ | 115,654 | ||||||||||
| Adjustments: | ||||||||||||||
| Transaction and acquisition expenses | 2,077 | 1,322 | ||||||||||||
| Adjustments related to unconsolidated joint ventures | (21) | 25 | ||||||||||||
Adjusted EBITDAre | $ | 126,074 | $ | 117,001 | ||||||||||
| Phillips Edison & Company | 18 | |||||||
EBITDAre Metrics Unaudited, in thousands | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
CALCULATION OF EBITDAre | |||||||||||||||||||||||||||||
| Net income | $ | 33,242 | $ | 52,595 | $ | 27,228 | $ | 14,252 | $ | 28,893 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 65,531 | 64,294 | 65,603 | 71,203 | 65,274 | ||||||||||||||||||||||||
| Interest expense, net | 29,772 | 28,403 | 28,544 | 27,719 | 25,672 | ||||||||||||||||||||||||
| (Gain) loss on disposal of property, net | (6,817) | (28,992) | (4,255) | 66 | (5,609) | ||||||||||||||||||||||||
| Federal, state, and local tax expense | 242 | 708 | 219 | 234 | 146 | ||||||||||||||||||||||||
| Adjustments related to unconsolidated joint ventures | 2,048 | 1,904 | 1,652 | 1,366 | 1,278 | ||||||||||||||||||||||||
EBITDAre | $ | 124,018 | $ | 118,912 | $ | 118,991 | $ | 114,840 | $ | 115,654 | |||||||||||||||||||
CALCULATION OF ADJUSTED EBITDAre | |||||||||||||||||||||||||||||
EBITDAre | $ | 124,018 | $ | 118,912 | $ | 118,991 | $ | 114,840 | $ | 115,654 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Transaction and acquisition expenses | 2,077 | 1,519 | 893 | 1,789 | 1,322 | ||||||||||||||||||||||||
| Adjustments related to unconsolidated joint ventures | (21) | 15 | 13 | 7 | 25 | ||||||||||||||||||||||||
Realized performance income(1) | — | (30) | — | — | — | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 126,074 | $ | 120,416 | $ | 119,897 | $ | 116,636 | $ | 117,001 | |||||||||||||||||||
(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company's Necessity Retail Partners joint venture, which was dissolved in December 2025.
| Phillips Edison & Company | 19 | |||||||
Same-Center Net Operating Income Unaudited, in thousands | |||||||||||||||||
| Three Months Ended March 31, | Favorable (Unfavorable) % Change | ||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
SAME-CENTER NOI(1) | |||||||||||||||||
| Revenues: | |||||||||||||||||
Rental income(2) | $ | 127,761 | $ | 124,044 | |||||||||||||
| Tenant recovery income | 41,568 | 40,339 | |||||||||||||||
Reserves for uncollectibility(3) | (986) | (1,206) | |||||||||||||||
| Other property income | 976 | 1,223 | |||||||||||||||
| Total revenues | 169,319 | 164,400 | 3.0 | % | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Property operating expenses | 26,502 | 25,838 | |||||||||||||||
| Real estate taxes | 20,567 | 20,460 | |||||||||||||||
| Total operating expenses | 47,069 | 46,298 | (1.7) | % | |||||||||||||
| Total Same-Center NOI | $ | 122,250 | $ | 118,102 | 3.5 | % | |||||||||||
| Same-Center NOI margin | 72.2% | 71.8% | |||||||||||||||
(1)Same-Center NOI represents the NOI for the 282 properties that were wholly-owned for the entirety of both calendar year periods being compared. (2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income. (3)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | |||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI | |||||||||||
Net income | $ | 33,242 | $ | 28,893 | |||||||
| Adjusted to exclude: | |||||||||||
| Fees and management income | (3,445) | (2,783) | |||||||||
Straight-line rental income(1) | (2,883) | (2,675) | |||||||||
| Net amortization of above- and below-market leases | (2,451) | (1,944) | |||||||||
| Lease buyout income | (1,709) | (1,739) | |||||||||
| General and administrative expenses | 11,943 | 12,086 | |||||||||
| Depreciation and amortization | 65,531 | 65,274 | |||||||||
| Interest expense, net | 29,772 | 25,672 | |||||||||
| Gain on disposal of property, net | (6,817) | (5,609) | |||||||||
Other expense, net | 2,013 | 980 | |||||||||
| Property operating expenses related to fees and management income | 2,081 | 896 | |||||||||
| NOI for real estate investments | 127,277 | 119,051 | |||||||||
Less: Non-same-center NOI(2) | (5,027) | (949) | |||||||||
| Total Same-Center NOI | $ | 122,250 | $ | 118,102 | |||||||
(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis. (2)Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. | |||||||||||
| Phillips Edison & Company | 20 | |||||||
Joint Venture Portfolio and Financial Summary Unaudited, dollars and square feet in thousands | |||||||||||||||||||||||||||||||||||
| UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY | |||||||||||||||||||||||||||||||||||
| As of March 31, 2026 | |||||||||||||||||
| 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 | $33,917 | 2,221 | ||||||||||||
| Necessity Retail Venture LLC (“NRV”) | Cohen & Steers Income Opportunities REIT, Inc. | 20% | 4 | 12,845 | 744 | ||||||||||||
| Neighborhood Grocery Catalyst Fund LLC (“NGCF”) | LS BDC Holdings, LLC, a subsidiary of Lafayette Square USA, Inc. & The Northwestern Mutual Life Insurance Company | 31% | 3 | 4,315 | 225 | ||||||||||||
| UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY | |||||||||||||||||||||||||||||||||||
| As of March 31, 2026 | ||||||||||||||||||||
| GRP I | NRV | NGCF | ||||||||||||||||||
| Total assets | $ | 341,012 | $ | 198,099 | $ | 58,600 | ||||||||||||||
| Gross debt | 173,770 | 102,656 | 31,735 | |||||||||||||||||
| Pro rata share of debt | 24,322 | 20,531 | 9,917 | |||||||||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||
| GRP I | NRV | NGCF | ||||||||||||||||||
Pro rata share of Nareit FFO(1) | $ | 750 | $ | 413 | $ | 214 | ||||||||||||||
Pro rata share of Same-Center NOI(1) | 1,112 | 114 | 90 | |||||||||||||||||
Pro rata share of NOI(1) | 1,112 | 522 | 340 | |||||||||||||||||
(1)PECO's shares of the Company's unconsolidated joint ventures' Nareit FFO and NOI results are all calculated based upon the respective ownership percentages presented in the Unconsolidated Joint Venture Portfolio Summary table above.
| Phillips Edison & Company | 21 | |||||||
Supplemental Balance Sheets Detail Unaudited, in thousands | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| OTHER ASSETS, NET | |||||||||||
| Deferred leasing commissions and costs | $ | 62,013 | $ | 61,479 | |||||||
Deferred financing expenses(1) | 16,308 | 16,308 | |||||||||
| Office equipment, capital lease assets, and other | 30,941 | 30,062 | |||||||||
| Corporate intangible assets | 6,703 | 6,703 | |||||||||
| Total depreciable and amortizable assets | 115,965 | 114,552 | |||||||||
| Accumulated depreciation and amortization | (60,547) | (59,326) | |||||||||
| Net depreciable and amortizable assets | 55,418 | 55,226 | |||||||||
Accounts receivable, net(2) | 57,728 | 52,032 | |||||||||
| Accounts receivable - affiliates | 1,569 | 1,525 | |||||||||
| Secured loan receivable | 13,620 | 17,395 | |||||||||
Deferred rent receivable, net(3) | 83,249 | 80,669 | |||||||||
| Derivative assets | 248 | 177 | |||||||||
| Prepaid expenses and other | 13,680 | 14,029 | |||||||||
| Investment in third parties | 6,856 | 6,876 | |||||||||
| Investment in marketable securities | 15,327 | 16,355 | |||||||||
| Total other assets, net | $ | 247,695 | $ | 244,284 | |||||||
| ACCOUNTS PAYABLE AND OTHER LIABILITIES | |||||||||||
| Accounts payable trade and other accruals | $ | 39,546 | $ | 40,155 | |||||||
| Accrued real estate taxes | 33,739 | 38,201 | |||||||||
| Security deposits | 19,591 | 18,972 | |||||||||
| Distribution accrual | 1,031 | 16,604 | |||||||||
| Accrued compensation | 8,907 | 19,708 | |||||||||
| Accrued interest | 17,776 | 32,129 | |||||||||
| Capital expenditure accrual | 13,250 | 13,363 | |||||||||
| Accrued income taxes and deferred tax liabilities, net | 1,454 | 1,200 | |||||||||
| Total accounts payable and other liabilities | $ | 135,294 | $ | 180,332 | |||||||
(1)Deferred financing expenses per the above table are related to the Company's revolving credit facility, and as such it has elected to classify them as an asset rather than as a contra-liability.
(2)Net of $2.4 million and $2.6 million of general reserves for uncollectible amounts as of March 31, 2026 and December 31, 2025, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $6.2 million and $6.5 million as of March 31, 2026 and December 31, 2025, respectively.
(3)Net of $4.0 million and $4.3 million of receivables removed as of March 31, 2026 and December 31, 2025, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.
| Phillips Edison & Company | 22 | |||||||
Supplemental Statements of Operations Detail Unaudited, in thousands | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| REVENUES | |||||||||||
Rental income(1) | $ | 135,501 | $ | 127,509 | |||||||
Recovery income(1) | 45,101 | 41,747 | |||||||||
| Straight-line rent amortization | 2,731 | 2,514 | |||||||||
| Amortization of lease assets | 2,390 | 1,901 | |||||||||
| Lease buyout income | 1,709 | 1,739 | |||||||||
Adjustments for collectibility(2)(3) | (1,151) | (1,227) | |||||||||
| Fees and management income | 3,445 | 2,783 | |||||||||
| Other property income | 1,015 | 1,345 | |||||||||
| Total revenues | $ | 190,741 | $ | 178,311 | |||||||
(1)Includes income related to lease payments before assessing for collectibility. (2)Includes revenue adjustments for non-creditworthy Neighbors. (3)Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. | |||||||||||
| INTEREST EXPENSE, NET | |||||||||||
| Interest on senior notes | $ | 17,183 | $ | 11,659 | |||||||
| Interest on unsecured term loans, net | 4,177 | 6,695 | |||||||||
| Interest on secured debt | 3,627 | 4,055 | |||||||||
| Interest on revolving credit facility, net | 1,957 | 1,261 | |||||||||
Non-cash amortization and other(1) | 1,748 | 2,001 | |||||||||
| Loss on extinguishment or modification of debt and other, net | 1,080 | 1 | |||||||||
| Total interest expense, net | $ | 29,772 | $ | 25,672 | |||||||
(1)Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. | |||||||||||
OTHER EXPENSE, NET | |||||||||||
| Transaction and acquisition expenses | $ | (2,077) | $ | (1,322) | |||||||
| Federal, state, and local income tax expense | (242) | (146) | |||||||||
| Equity in net income of unconsolidated investments | 36 | 121 | |||||||||
| Other income | 270 | 367 | |||||||||
Total other expense, net | $ | (2,013) | $ | (980) | |||||||
| Phillips Edison & Company | 23 | |||||||
Capital Expenditures Unaudited, in thousands | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
CAPITAL EXPENDITURES FOR REAL ESTATE(1)(2) | |||||||||||
| Capital improvements | $ | 3,260 | $ | 3,055 | |||||||
| Tenant improvements | 6,570 | 9,578 | |||||||||
| Development and redevelopment | 13,988 | 11,749 | |||||||||
| Total capital expenditures for real estate | $ | 23,818 | $ | 24,382 | |||||||
| Corporate asset capital expenditures | 705 | 458 | |||||||||
Capitalized indirect costs(3) | 1,889 | 1,440 | |||||||||
| Total capital spending activity | $ | 26,412 | $ | 26,280 | |||||||
| Cash paid for leasing commissions | $ | 3,416 | $ | 2,617 | |||||||
(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 and other external expenses.
| Phillips Edison & Company | 24 | |||||||
Active Capital Projects Unaudited, dollars in thousands | |||||||||||||||||||||||
Project | Location | Description | Target Stabilization Quarter(1) | Incurred to Date | Future Spend | Total Estimated Costs | Estimated Project Yield (2) | ||||||||||||||||
GROUND UP EXPANSION DEVELOPMENT | |||||||||||||||||||||||
| Sunridge Plaza | Rancho Cordova, CA | Ground lease for AutoZone | Q2-2026 | $ | 66 | $ | — | $ | 66 | ||||||||||||||
| Contra Loma Plaza | Antioch, CA | Construction of a 2K SF outparcel 100% leased with Starbucks | Q3-2026 | 2,271 | 322 | 2,593 | |||||||||||||||||
| Golden Eagle Village | Clermont, FL | Construction of a 3K SF outparcel 100% leased with Operation Dental | Q4-2026 | 1,652 | 452 | 2,104 | |||||||||||||||||
| Shoppes of Lake Village | Leesburg, FL | Ground lease for Chase Bank, Mavis Tire & Brakes and one future ground lease | Q1-2027 | 3,946 | 633 | 4,579 | |||||||||||||||||
| Shoppes at Glen Lakes | Weeki Wachee, FL | Ground lease for Mavis Tire & Brakes and two future ground leases | Q2-2027 | 1,893 | 2,777 | 5,064 | |||||||||||||||||
| Murphy Marketplace | Murphy, TX | Construction of 63K SF of retail space 71% leased with Burlington and Nordstrom Rack | Q2-2027 | 4,768 | 10,860 | 15,628 | |||||||||||||||||
| Total: Ground Up | $ | 14,596 | $ | 15,044 | $ | 30,034 | 7%-10% | ||||||||||||||||
| Phillips Edison & Company | 25 | |||||||
Active Capital Projects Unaudited, dollars in thousands | |||||||||||||||||||||||
Project | Location | Description | Target Stabilization Quarter(1) | Incurred to Date | Future Spend | Total Estimated Costs | Estimated Project Yield (2) | ||||||||||||||||
REDEVELOPMENT | |||||||||||||||||||||||
| Riverpark Shopping Center | Sugar Land, TX | Anchor redevelopment 100% leased with Ace Pickleball Club and Dave & Buster's | Q2-2026 | $ | 3,978 | $ | 2,325 | $ | 6,303 | ||||||||||||||
| Town Center at Jensen Beach | Jensen Beach, FL | Unit redevelopment 100% leased with IMAGE Studios | Q2-2026 | 517 | 439 | 955 | |||||||||||||||||
| Publix at Seven Hills | Spring Hill, FL | Demolish and rebuild Publix plus additional leasing with Publix Liquors | Q2-2026 | 7,068 | 2,027 | 9,095 | |||||||||||||||||
| Oak Mill Plaza | Niles, IL | Center redevelopment with multiple units 100% leased with Dollar Tree and multiple inline Neighbors | Q2-2026 | 917 | 1,362 | 2,278 | |||||||||||||||||
| Laguna 99 Plaza | Elk Grove, CA | Anchor redevelopment 100% leased with Planet Fitness | Q2-2026 | 1,026 | 587 | 1,614 | |||||||||||||||||
| Broomfield Marketplace | Broomfield, CO | Combine multiple units for Ace Hardware | Q2-2026 | 82 | 738 | 820 | |||||||||||||||||
| Five Town Plaza | Springfield, MA | Center redevelopment with anchor and multiple units 100% leased with Ollie's Bargain Outlet and multiple inline Neighbors | Q2-2026 | 1,598 | 654 | 2,252 | |||||||||||||||||
| Island Walk Shopping Center | Fernandina Beach, FL | Demolish and rebuild Publix plus additional leasing with Hallmark | Q3-2026 | 6,767 | 4,505 | 11,272 | |||||||||||||||||
| Murphy Marketplace | Murphy, TX | Anchor redevelopment 100% leased with EoS Fitness | Q3-2026 | 3,197 | 1,263 | 4,460 | |||||||||||||||||
| West Village Center | Chanhassen, MN | Anchor redevelopment 100% leased with Ulta | Q3-2026 | 662 | 624 | 1,286 | |||||||||||||||||
| Claremont Village | Everett, WA | Redevelopment of Chase Bank 46% leased with Starbucks | Q4-2026 | 1,239 | 935 | 2,174 | |||||||||||||||||
| The Oaks | Hudson, FL | Grocery anchor redevelopment 100% leased with MD Oriental Market | Q4-2026 | 243 | 750 | 993 | |||||||||||||||||
| Hamilton Village | Chattanooga, TN | Anchor redevelopment 100% leased with Southeast Pickleball | Q4-2026 | 308 | 566 | 874 | |||||||||||||||||
| Total: Redevelopment | $ | 27,602 | $ | 16,775 | $ | 44,377 | 11%-20% | ||||||||||||||||
| Active Projects Total | $ | 42,198 | $ | 31,819 | $ | 74,411 | 9%-12% | ||||||||||||||||
| 2026 STABILIZED PROJECTS | 6 | $ | 8,582 | 20% | |||||||||||||||||||
(1)The timing of the Company's projects and the targeted stabilization quarter may be impacted by factors outside of the Company's control.
(2)Project yield ranges are weighted averages.
| Phillips Edison & Company | 26 | |||||||
Capitalization and Debt Ratios Unaudited, in thousands (excluding per share amounts and leverage ratios) | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| EQUITY CAPITALIZATION | ||||||||||||||
| Common stock outstanding | 125,966 | 125,788 | ||||||||||||
| OP units outstanding | 12,747 | 12,724 | ||||||||||||
| Total shares and units outstanding | 138,713 | 138,512 | ||||||||||||
Share price | $ | 37.42 | $ | 35.57 | ||||||||||
| Total equity market capitalization | $ | 5,190,640 | $ | 4,926,872 | ||||||||||
| DEBT | ||||||||||||||
| Debt obligations, net | $ | 2,489,365 | $ | 2,375,328 | ||||||||||
| Add: Discount on notes payable | 26,458 | 23,633 | ||||||||||||
| Add: Market debt adjustments, net | (228) | (259) | ||||||||||||
| Add: Deferred financing expenses, net | 2,036 | 3,443 | ||||||||||||
| Total debt - gross | 2,517,631 | 2,402,145 | ||||||||||||
| Less: Cash and cash equivalents | 3,141 | 3,544 | ||||||||||||
| Total net debt - consolidated | 2,514,490 | 2,398,601 | ||||||||||||
| Add: Prorated share from unconsolidated joint ventures | 52,605 | 53,208 | ||||||||||||
| Total net debt | $ | 2,567,095 | $ | 2,451,809 | ||||||||||
| ENTERPRISE VALUE | ||||||||||||||
| Total net debt | $ | 2,567,095 | $ | 2,451,809 | ||||||||||
| Total equity market capitalization | 5,190,640 | 4,926,872 | ||||||||||||
| Total enterprise value | $ | 7,757,735 | $ | 7,378,681 | ||||||||||
| FINANCIAL LEVERAGE RATIOS | ||||||||||||||
Net debt to Adjusted EBITDAre - annualized: | ||||||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | ||||||||||
Adjusted EBITDAre (trailing twelve month period) | 483,023 | 473,950 | ||||||||||||
Net debt to Adjusted EBITDAre - annualized | 5.3x | 5.2x | ||||||||||||
Net debt to Adjusted EBITDAre - current quarter annualized: | ||||||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | ||||||||||
Adjusted EBITDAre (current quarter annualized) | 504,296 | 481,664 | ||||||||||||
Net debt to Adjusted EBITDAre - current quarter annualized | 5.1x | 5.1x | ||||||||||||
| Net debt to total enterprise value: | ||||||||||||||
| Net debt | $ | 2,567,095 | $ | 2,451,809 | ||||||||||
| Total enterprise value | 7,757,735 | 7,378,681 | ||||||||||||
| Net debt to total enterprise value | 33.1% | 33.2% | ||||||||||||
| Phillips Edison & Company | 27 | |||||||
Summary of Outstanding Debt Unaudited, dollars in thousands | |||||||||||||||||
| Outstanding Balance | Contractual Interest Rate | Maturity Date | Percent of Total Indebtedness | ||||||||||||||
| SECURED DEBT | |||||||||||||||||
Individual property mortgages(1) | $ | 29,447 | 3.45% - 6.15% | 2027 - 2031 | 1% | ||||||||||||
| Secured pool due 2027 (15 assets) | 195,000 | 3.52% | 2027 | 8% | |||||||||||||
| Secured pool due 2030 (14 assets) | 200,000 | 3.35% | 2030 | 8% | |||||||||||||
| Total secured debt | $ | 424,447 | 17% | ||||||||||||||
| UNSECURED DEBT | |||||||||||||||||
Term loan due 2027(2)(3) | $ | 161,750 | 4.46% | 2027 | 6% | ||||||||||||
Revolving credit facility(2)(3) | 181,000 | SOFR + 0.78% | 2029 | 7% | |||||||||||||
| Senior unsecured notes due November 2031 | 350,000 | 2.63% | 2031 | 14% | |||||||||||||
| Senior unsecured notes due August 2032 | 350,000 | 5.25% | 2032 | 14% | |||||||||||||
| Senior unsecured notes due March 2033 | 350,000 | 4.75% | 2033 | 14% | |||||||||||||
| Senior unsecured notes due July 2034 | 350,000 | 5.75% | 2034 | 14% | |||||||||||||
| Senior unsecured notes due January 2035 | 350,000 | 4.95% | 2035 | 14% | |||||||||||||
| Total unsecured debt | $ | 2,092,750 | 83% | ||||||||||||||
| Finance leases, net | 434 | ||||||||||||||||
| Total debt obligations | $ | 2,517,631 | |||||||||||||||
| Assumed market debt adjustments, net | $ | 228 | |||||||||||||||
| Discount on notes payable | (26,458) | ||||||||||||||||
| Deferred financing expenses, net | (2,036) | ||||||||||||||||
| Debt obligations, net | $ | 2,489,365 | |||||||||||||||
| Notional Amount | Fixed Rate | ||||||||||
| INTEREST RATE SWAPS | |||||||||||
| Interest rate swap expiring September 2026 | 200,000 | 3.36 | % | ||||||||
| Total notional amount | $ | 200,000 | |||||||||
(1) No individual property mortgages were repaid during the quarter ended March 31, 2026.
(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 2030 and the unsecured term loan has one remaining one-year option with an outside date of 2028.
(3) Our revolving credit facility and term loan carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While some of the rates are fixed through the use of swaps, a portion of this debt is not subject to a swap, and thus is still indexed to SOFR.
| Phillips Edison & Company | 28 | |||||||
Debt Overview and Schedule of Maturities Unaudited, dollars in thousands | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Secured Debt | Unsecured Debt(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
| 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) | ||||||||||||||||||||||||||||||||||||||||
| 2026 | 1,437 | — | — | — | — | — | 1,437 | 24,322 | 25,759 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||
| 2027 | 1,905 | 3,690 | 195,000 | — | — | — | 200,595 | — | 200,595 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||
| 2028 | 767 | 16,600 | — | 161,750 | — | — | 179,117 | — | 179,117 | 4.5 | % | |||||||||||||||||||||||||||||||||||||||
| 2029 | 805 | — | — | — | — | — | 805 | — | 805 | — | % | |||||||||||||||||||||||||||||||||||||||
| 2030 | 844 | — | 200,000 | — | — | 181,000 | 381,844 | 4,380 | 386,224 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||
| 2031 | 559 | 2,840 | — | — | 350,000 | — | 353,399 | — | 353,399 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||
| 2032 | — | — | — | — | 350,000 | — | 350,000 | 21,436 | 371,436 | 5.2 | % | |||||||||||||||||||||||||||||||||||||||
| 2033 | — | — | — | — | 350,000 | — | 350,000 | — | 350,000 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||
| 2034 | — | — | — | — | 350,000 | — | 350,000 | 4,632 | 354,632 | 5.8 | % | |||||||||||||||||||||||||||||||||||||||
| 2035 | — | — | — | — | 350,000 | — | 350,000 | — | 350,000 | 5.0 | % | |||||||||||||||||||||||||||||||||||||||
| Net debt market adjustments / discounts / issuance costs | — | — | — | — | — | — | (28,266) | (507) | (28,773) | N/A | ||||||||||||||||||||||||||||||||||||||||
| Finance leases | — | — | — | — | — | — | 434 | — | 434 | N/A | ||||||||||||||||||||||||||||||||||||||||
| Total | $ | 6,317 | $ | 23,130 | $ | 395,000 | $ | 161,750 | $ | 1,750,000 | $ | 181,000 | $ | 2,489,365 | $ | 54,263 | $ | 2,543,628 | 4.4 | % | ||||||||||||||||||||||||||||||
| Weighted-Average | |||||||||||||||||||||||||||||
| Total Debt | Percent of Total Indebtedness | Effective Interest Rate(2) | Years to Maturity(1) | ||||||||||||||||||||||||||
| Fixed rate debt | $ | 2,374,447 | 92.3% | 4.4% | 6.3 | ||||||||||||||||||||||||
| Variable rate debt | 142,750 | 5.6% | 4.6% | 2.9 | |||||||||||||||||||||||||
| Net debt market adjustments / discounts / issuance costs | (28,266) | N/A | N/A | N/A | |||||||||||||||||||||||||
| Finance leases | 434 | N/A | N/A | N/A | |||||||||||||||||||||||||
| Total consolidated debt | $ | 2,489,365 | 97.9% | 4.4% | 5.9 | ||||||||||||||||||||||||
| Pro rata share of JV Debt | 54,770 | 2.1% | 4.8% | 3.8 | |||||||||||||||||||||||||
| Net debt market adjustments / discounts / issuance costs of JV Debt | (507) | N/A | N/A | N/A | |||||||||||||||||||||||||
| Total consolidated + JV debt | $ | 2,543,628 | 100.0% | 4.4% | 5.8 | ||||||||||||||||||||||||
(1)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 2030 and the unsecured term loan has one remaining one-year option with an outside date of 2028.
(2)Includes the impact of a $200 million interest rate swap with a SOFR swap rate of 3.4%; see detail on previous page.
| Phillips Edison & Company | 29 | |||||||
Debt Covenants Unaudited, dollars in thousands | |||||||||||||||||
| UNSECURED TERM LOAN DUE 2027 AND CREDIT FACILITY DUE 2029 | |||||||||||||||||
| Covenant | March 31, 2026 | ||||||||||||||||
| LEVERAGE RATIO | |||||||||||||||||
| Total Indebtedness | $2,604,304 | ||||||||||||||||
| Total Asset Value | $8,033,494 | ||||||||||||||||
| Leverage Ratio | =<60% | 32.4% | |||||||||||||||
| SECURED LEVERAGE RATIO | |||||||||||||||||
| Total Secured Indebtedness | $479,652 | ||||||||||||||||
| Total Asset Value | $8,033,494 | ||||||||||||||||
| Secured Leverage Ratio | =<35% | 6.0% | |||||||||||||||
| FIXED CHARGE COVERAGE RATIO | |||||||||||||||||
| Adjusted EBITDA | $456,364 | ||||||||||||||||
| Total Fixed Charges | $113,582 | ||||||||||||||||
| Fixed Charge Coverage Ratio | =>1.5x | 4.02x | |||||||||||||||
| MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE | |||||||||||||||||
| Total Unsecured Indebtedness | $2,124,900 | ||||||||||||||||
| Unencumbered Asset Value | $6,745,948 | ||||||||||||||||
| Unsecured Indebtedness to Unencumbered Asset Value | =<60% | 31.5% | |||||||||||||||
| MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE | |||||||||||||||||
| Unencumbered NOI | $428,952 | ||||||||||||||||
| Interest Expense for Unsecured Indebtedness | $94,361 | ||||||||||||||||
| Unencumbered NOI to Interest Expense | >=1.75x | 4.55x | |||||||||||||||
| DIVIDEND PAYOUT RATIO | |||||||||||||||||
| Distributions | $177,065 | ||||||||||||||||
| Funds From Operations | $362,681 | ||||||||||||||||
| Dividend Payout Ratio | <95% | 48.8% | |||||||||||||||
| SENIOR UNSECURED NOTES DUE 2031, 2032, 2033, 2034, AND 2035 | |||||||||||||||||
| Covenant | March 31, 2026 | ||||||||||||||||
| AGGREGATE DEBT TEST | |||||||||||||||||
| Total Indebtedness | $2,548,750 | ||||||||||||||||
| Total Asset Value | $6,969,982 | ||||||||||||||||
| Aggregate Debt Test | =<65% | 36.6% | |||||||||||||||
| SECURED DEBT TEST | |||||||||||||||||
| Total Secured Indebtedness | $424,881 | ||||||||||||||||
| Total Asset Value | $6,969,982 | ||||||||||||||||
| Secured Debt Test | =<40% | 6.1% | |||||||||||||||
| DEBT SERVICE TEST | |||||||||||||||||
| Consolidated EBITDA | $479,175 | ||||||||||||||||
| Annual Debt Service Charge | $108,681 | ||||||||||||||||
| Debt Service Test | =>1.5x | 4.41x | |||||||||||||||
| MAINTENANCE OF TOTAL UNENCUMBERED ASSETS | |||||||||||||||||
| Unencumbered Asset Value | $6,064,937 | ||||||||||||||||
| Total Unsecured Indebtedness | $2,123,869 | ||||||||||||||||
| Maintenance of Total Unencumbered Assets | =>150% | 286% | |||||||||||||||
| Note: Calculations are per covenant definitions as set forth in the applicable debt agreements. | |||||||||||||||||
| Phillips Edison & Company | 30 | |||||||
| TRANSACTIONAL SUMMARY | ||
Three Months Ended March 31, 2026 | ||
| Phillips Edison & Company | 31 | |||||||
Acquisition Summary Unaudited, dollars in thousands | |||||||||||||||||||||||||||||||||||||||||
| Date | Property Name | Location | Total GLA | Contract Price | Leased Occupancy at Acquisition | Grocery Anchor | % of PECO Share | ||||||||||||||||||||||||||||||||||
| 1/7/2026 | The Village at Indian Wells | Indian Wells, CA | 105,177 | $ | 30,425 | 77.8% | Sprouts Farmers Market | 100% | |||||||||||||||||||||||||||||||||
| 1/9/2026 | Heron Creek Land | North Port, FL | N/A | 4,600 | N/A | N/A | 100% | ||||||||||||||||||||||||||||||||||
| 1/23/2026 | Creekside Park Village | The Woodlands, TX | 74,641 | 41,940 | 98.4% | H-E-B(1) | 100% | ||||||||||||||||||||||||||||||||||
| 2/25/2026 | Plaza West Covina | West Covina, CA | 46,406 | 25,777 | 88.3% | N/A | 100% | ||||||||||||||||||||||||||||||||||
| 2/27/2026 | Ridgeview Marketplace | Colorado Springs, CO | 20,410 | 6,760 | 100.0% | King Soopers(1) | 100% | ||||||||||||||||||||||||||||||||||
| 3/24/2026 | The Shops at Hamilton Mill | Dacula, GA | 43,518 | 16,000 | 100.0% | N/A | 100% | ||||||||||||||||||||||||||||||||||
| Total acquisitions | 290,152 | $ | 125,502 | ||||||||||||||||||||||||||||||||||||||
| Weighted-average cap rate | 6.7 | % | |||||||||||||||||||||||||||||||||||||||
(1)Retailer is not part of the owned property.
Disposition Summary Unaudited, dollars in thousands | |||||||||||||||||||||||||||||||||||||||||
| Date | Property Name | Location | Total GLA | Sale Price | Leased Occupancy at Disposition | Grocery Anchor | % of PECO Share | ||||||||||||||||||||||||||||||||||
| 2/20/2026 | South Oaks Shopping Center | Live Oak, FL | 102,816 | $ | 5,250 | 54.9% | N/A | 100% | |||||||||||||||||||||||||||||||||
| 3/20/2026 | Highland Fair | Gresham, OR | 70,795 | 17,000 | 92.4% | Safeway | 100% | ||||||||||||||||||||||||||||||||||
| Total dispositions | 173,611 | $ | 22,250 | ||||||||||||||||||||||||||||||||||||||
| Weighted-average cap rate | 6.5 | % | |||||||||||||||||||||||||||||||||||||||
| Phillips Edison & Company | 32 | |||||||
| PORTFOLIO SUMMARY | ||
Quarter Ended March 31, 2026 | ||
| Phillips Edison & Company | 33 | |||||||
Wholly-Owned Portfolio Summary Unaudited, dollars and square feet in thousands (excluding per square foot amounts) | |||||
| As of March 31, 2026 | |||||
| PORTFOLIO OVERVIEW: | |||||
| Number of shopping centers | 299 | ||||
| Number of states | 31 | ||||
| Total GLA | 33,669 | ||||
| Average shopping center GLA | 113 | ||||
| Total ABR | $ | 548,490 | |||
Total ABR from necessity-based goods and services(1) | 74.4 | % | |||
| Percent of ABR from non-grocery anchors | 13.4 | % | |||
| Percent of ABR from inline spaces | 58.9 | % | |||
| GROCERY METRICS: | |||||
| Percent of ABR from omni-channel grocery-anchored shopping centers | 94.3 | % | |||
Percent of ABR from grocery Neighbors(1) | 27.7 | % | |||
| Percent of GLA from grocery Neighbors | 44.6 | % | |||
Grocer health ratio(2) | 2.3 | % | |||
| Percent of ABR from centers with grocery anchors that are #1 or #2 by sales | 82.3 | % | |||
| Average annual sales per square foot of reporting grocers | $ | 763 | |||
| LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET: | |||||
| Total portfolio | 97.1 | % | |||
| Anchor spaces | 98.4 | % | |||
| Inline spaces | 95.0 | % | |||
AVERAGE REMAINING LEASE TERM (IN YEARS):(3) | |||||
| Total portfolio | 4.6 | ||||
| Grocery anchor spaces | 4.8 | ||||
| Non-grocery anchor spaces | 5.4 | ||||
| Inline spaces | 3.9 | ||||
PORTFOLIO RETENTION RATE:(4) | |||||
| Total portfolio | 87.8 | % | |||
| Anchor spaces | 92.4 | % | |||
| Inline spaces | 78.5 | % | |||
| AVERAGE ABR PER SQUARE FOOT: | |||||
| Total portfolio | $ | 16.77 | |||
| Anchor spaces | $ | 10.74 | |||
| Inline spaces | $ | 27.34 | |||
(1)Inclusive of the Company's prorated portion of shopping centers owned through the Company's unconsolidated joint ventures.
(2)Based on the most recently reported sales data available.
(3)The average remaining lease term in years is as of March 31, 2026. Including future options to extend the term of the lease, the average remaining lease term in years for the Company's total portfolio, grocery anchors, non-grocery anchors and inline spaces is 20.0, 31.8, 15.5, and 7.8, respectively.
(4)For the three months ended March 31, 2026.
| Phillips Edison & Company | 34 | |||||||
ABR by Neighbor Category Unaudited | |||||
| As of March 31, 2026 | |||||
% ABR(1) | |||||
| NECESSITY RETAIL AND SERVICES | |||||
| Grocery | 27.7 | % | |||
| Quick service restaurant | 12.4 | % | |||
| Medical | 8.9 | % | |||
| Beauty & hair care | 6.7 | % | |||
| Banks, insurance, & government services | 3.4 | % | |||
| Fitness | 3.2 | % | |||
| Pet supply | 2.2 | % | |||
| Dollar stores | 1.7 | % | |||
| Education & training | 1.7 | % | |||
| Hardware & automotive | 1.5 | % | |||
| Wine, beer, & liquor | 1.4 | % | |||
| Telecommunications & cell phone services | 1.3 | % | |||
| Pharmacy | 0.7 | % | |||
| Other necessity-based | 1.6 | % | |||
| Total ABR from necessity-based goods and services | 74.4 | % | |||
| OTHER RETAIL STORES | |||||
| Full service restaurant | 8.2 | % | |||
Soft goods(2) | 7.6 | % | |||
| Home | 2.7 | % | |||
| Off-price apparel | 1.9 | % | |||
| Sports entertainment | 1.1 | % | |||
Other retail(3) | 4.1 | % | |||
| Total ABR from other retail stores | 25.6 | % | |||
| Total ABR | 100.0 | % | |||
(1)Inclusive of the Company's prorated portion of shopping centers owned through the Company's unconsolidated joint ventures.
(2)Includes ABR contributions of 2% from apparel, shoes, accessories and department store Neighbors.
(3)Includes ABR contribution of 1% from entertainment Neighbors.
| Phillips Edison & Company | 35 | |||||||
Wholly-Owned Occupancy and ABR Unaudited | |||||||||||||||||||||||||||||
| Quarter Ended | |||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| OCCUPANCY | |||||||||||||||||||||||||||||
| Leased Basis | |||||||||||||||||||||||||||||
| Anchor | 98.4 | % | 98.7 | % | 99.2 | % | 98.9 | % | 98.4 | % | |||||||||||||||||||
| Inline | 95.0 | % | 95.1 | % | 94.8 | % | 94.8 | % | 94.6 | % | |||||||||||||||||||
| Total leased occupancy | 97.1 | % | 97.3 | % | 97.6 | % | 97.4 | % | 97.1 | % | |||||||||||||||||||
| Economic Basis | |||||||||||||||||||||||||||||
| Anchor | 98.2 | % | 97.9 | % | 98.5 | % | 98.0 | % | 97.6 | % | |||||||||||||||||||
| Inline | 94.2 | % | 94.2 | % | 94.3 | % | 94.1 | % | 94.1 | % | |||||||||||||||||||
| Total economic occupancy | 96.7 | % | 96.5 | % | 97.0 | % | 96.6 | % | 96.4 | % | |||||||||||||||||||
| ABR | |||||||||||||||||||||||||||||
| Leased Basis - $ | |||||||||||||||||||||||||||||
| Anchor | $ | 223,626 | $ | 223,046 | $ | 224,492 | $ | 222,464 | $ | 220,874 | |||||||||||||||||||
| Inline | 324,864 | 316,083 | 312,575 | 309,080 | 297,241 | ||||||||||||||||||||||||
| Total ABR | $ | 548,490 | $ | 539,129 | $ | 537,067 | $ | 531,544 | $ | 518,115 | |||||||||||||||||||
| Leased Basis - PSF | |||||||||||||||||||||||||||||
| Anchor | $ | 10.74 | $ | 10.68 | $ | 10.46 | $ | 10.40 | $ | 10.42 | |||||||||||||||||||
| Inline | 27.34 | 26.98 | 26.61 | 26.40 | 26.23 | ||||||||||||||||||||||||
| Total ABR PSF | $ | 16.77 | $ | 16.54 | $ | 16.17 | $ | 16.06 | $ | 15.93 | |||||||||||||||||||
SAME-CENTER OCCUPANCY(1) | |||||||||||||||||||||||||||||
| Same-Center Leased Basis | |||||||||||||||||||||||||||||
| Anchor | 98.6 | % | 98.9 | % | 99.3 | % | 99.0 | % | 98.5 | % | |||||||||||||||||||
| Inline | 95.0 | % | 95.2 | % | 95.1 | % | 95.0 | % | 94.9 | % | |||||||||||||||||||
| Total same-center leased occupancy | 97.3 | % | 97.6 | % | 97.8 | % | 97.6 | % | 97.2 | % | |||||||||||||||||||
| Same-Center Economic Basis | |||||||||||||||||||||||||||||
| Anchor | 98.4 | % | 98.1 | % | 98.6 | % | 98.1 | % | 97.7 | % | |||||||||||||||||||
| Inline | 94.3 | % | 94.4 | % | 94.5 | % | 94.4 | % | 94.3 | % | |||||||||||||||||||
| Total same-center economic occupancy | 96.9 | % | 96.8 | % | 97.1 | % | 96.8 | % | 96.5 | % | |||||||||||||||||||
(1)Same-Center Occupancy represents the occupancy for the 282 properties that were wholly-owned for the entirety of both calendar year periods being compared.
| Phillips Edison & Company | 36 | |||||||
Top 25 Neighbors by ABR Dollars and square footage amounts in thousands | |||||||||||||||||||||||
Number of Locations(1) | |||||||||||||||||||||||
| Neighbor | Banners Leased at PECO Centers | Wholly-Owned | Joint Ventures | ABR(2) | % ABR(2) | Leased SF(2) | |||||||||||||||||
| 1 | Kroger | Kroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Mariano's, Food 4 Less, Metro Market | 56 | 7 | $ | 28,409 | 5.1 | % | 3,475 | ||||||||||||||
| 2 | Publix | Publix | 52 | 10 | 27,838 | 5.0 | % | 2,530 | |||||||||||||||
| 3 | Albertsons | Safeway, Market Street, Randalls, Tom Thumb, Jewel-Osco, Vons, Shaw's Supermarket, Albertsons | 28 | 2 | 19,088 | 3.4 | % | 1,683 | |||||||||||||||
| 4 | Ahold Delhaize | Martin's, Giant, Stop & Shop, Food Lion | 22 | — | 17,215 | 3.1 | % | 1,184 | |||||||||||||||
| 5 | Walmart | Walmart Neighborhood Market, Walmart | 12 | — | 8,483 | 1.5 | % | 1,733 | |||||||||||||||
| 6 | TJX Companies | Sierra, HomeGoods, T.J.Maxx, Marshalls | 19 | 2 | 7,517 | 1.3 | % | 605 | |||||||||||||||
| 7 | Giant Eagle | Giant Eagle | 9 | 1 | 7,437 | 1.3 | % | 759 | |||||||||||||||
| 8 | Sprouts Farmers Market | Sprouts Farmers Market | 14 | — | 6,725 | 1.2 | % | 411 | |||||||||||||||
| 9 | Raley's | Raley's | 5 | — | 4,708 | 0.8 | % | 288 | |||||||||||||||
| 10 | Dollar Tree | Dollar Tree | 34 | 5 | 4,521 | 0.8 | % | 399 | |||||||||||||||
| 11 | Planet Fitness | Planet Fitness | 15 | 1 | 3,951 | 0.7 | % | 315 | |||||||||||||||
| 12 | Starbucks Corporation | Starbucks | 41 | 1 | 3,912 | 0.7 | % | 82 | |||||||||||||||
| 13 | Big Y | Big Y | 3 | — | 3,540 | 0.6 | % | 167 | |||||||||||||||
| 14 | UNFI (SuperValu) | Cub Foods | 5 | — | 3,500 | 0.6 | % | 336 | |||||||||||||||
| 15 | United Parcel Service | The UPS Store, WeShip Store | 73 | 11 | 3,204 | 0.6 | % | 105 | |||||||||||||||
| 16 | Subway Group(3) | Subway | 63 | 3 | 3,015 | 0.6 | % | 96 | |||||||||||||||
| 17 | Pet Supplies Plus | Pet Supplies Plus | 24 | — | 3,014 | 0.5 | % | 185 | |||||||||||||||
| 18 | Great Clips | Great Clips | 74 | 9 | 2,863 | 0.5 | % | 94 | |||||||||||||||
| 19 | Trader Joe's | Trader Joe's | 9 | — | 2,860 | 0.5 | % | 122 | |||||||||||||||
| 20 | H&R Block | H&R Block | 56 | 3 | 2,773 | 0.5 | % | 99 | |||||||||||||||
| 21 | Lowe's | Lowe's | 3 | 1 | 2,748 | 0.5 | % | 369 | |||||||||||||||
| 22 | Anytime Fitness | Anytime Fitness | 26 | 2 | 2,590 | 0.5 | % | 139 | |||||||||||||||
| 23 | Petco Animal Supplies | Petco | 10 | 1 | 2,518 | 0.5 | % | 135 | |||||||||||||||
| 24 | EOS Fitness | EoS Fitness | 3 | — | 2,518 | 0.5 | % | 128 | |||||||||||||||
| 25 | H-E-B | H-E-B | 2 | — | 2,492 | 0.5 | % | 164 | |||||||||||||||
| Total | 658 | 59 | $ | 177,439 | 31.8 | % | 15,603 | ||||||||||||||||
(1)Includes properties currently under redevelopment or ground-up development, as well as leases that have been executed but for which rent has not yet commenced.
(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.
(3)Brand of Roark Capital.
| Phillips Edison & Company | 37 | |||||||
Neighbors by Type and Industry(1)(2) Unaudited | ||
(1)The Company defines 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 the Company's unconsolidated joint ventures.
| Phillips Edison & Company | 38 | |||||||
Properties by State(1) 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 | $ | 67,867 | 12.2 | % | $ | 16.60 | 4,166 | 12.3 | % | 98.1 | % | 54 | |||||||||||
| California | 61,884 | 11.1 | % | 24.13 | 2,660 | 7.8 | % | 96.4 | % | 29 | |||||||||||||
| Texas | 54,975 | 9.9 | % | 21.74 | 2,600 | 7.6 | % | 97.3 | % | 23 | |||||||||||||
| Georgia | 48,568 | 8.7 | % | 15.06 | 3,291 | 9.5 | % | 98.0 | % | 34 | |||||||||||||
| Ohio | 35,272 | 6.3 | % | 12.83 | 2,851 | 8.3 | % | 96.4 | % | 21 | |||||||||||||
| Illinois | 32,688 | 5.9 | % | 17.29 | 1,935 | 5.7 | % | 97.7 | % | 17 | |||||||||||||
| Colorado | 31,512 | 5.6 | % | 19.87 | 1,623 | 4.7 | % | 97.7 | % | 15 | |||||||||||||
| Virginia | 24,388 | 4.4 | % | 18.00 | 1,425 | 4.2 | % | 95.1 | % | 14 | |||||||||||||
| Minnesota | 23,276 | 4.2 | % | 18.04 | 1,308 | 3.8 | % | 98.7 | % | 13 | |||||||||||||
| Massachusetts | 18,390 | 3.3 | % | 16.34 | 1,151 | 3.4 | % | 97.8 | % | 9 | |||||||||||||
| Nevada | 15,909 | 2.9 | % | 24.45 | 663 | 1.9 | % | 98.1 | % | 5 | |||||||||||||
| Pennsylvania | 13,177 | 2.4 | % | 13.23 | 1,001 | 2.9 | % | 99.6 | % | 6 | |||||||||||||
| South Carolina | 12,998 | 2.3 | % | 13.02 | 1,010 | 3.0 | % | 98.8 | % | 10 | |||||||||||||
| Arizona | 11,949 | 2.1 | % | 16.17 | 750 | 2.2 | % | 98.6 | % | 7 | |||||||||||||
| Maryland | 11,011 | 2.0 | % | 23.88 | 541 | 1.6 | % | 85.3 | % | 5 | |||||||||||||
| North Carolina | 10,573 | 1.9 | % | 14.87 | 722 | 2.1 | % | 98.4 | % | 12 | |||||||||||||
| Wisconsin | 10,268 | 1.8 | % | 12.87 | 807 | 2.4 | % | 98.8 | % | 7 | |||||||||||||
| Tennessee | 8,798 | 1.6 | % | 11.28 | 802 | 2.3 | % | 97.3 | % | 5 | |||||||||||||
| Connecticut | 8,763 | 1.6 | % | 17.43 | 515 | 1.5 | % | 97.5 | % | 5 | |||||||||||||
| Washington | 8,017 | 1.4 | % | 22.77 | 380 | 1.1 | % | 92.5 | % | 4 | |||||||||||||
| Indiana | 7,782 | 1.4 | % | 9.80 | 832 | 2.4 | % | 95.4 | % | 5 | |||||||||||||
| Kentucky | 7,063 | 1.3 | % | 11.75 | 616 | 1.8 | % | 97.6 | % | 4 | |||||||||||||
| Michigan | 6,668 | 1.2 | % | 9.94 | 724 | 2.1 | % | 92.7 | % | 5 | |||||||||||||
| Kansas | 5,105 | 0.9 | % | 13.63 | 374 | 1.1 | % | 100.0 | % | 3 | |||||||||||||
| New Jersey | 4,470 | 0.8 | % | 26.38 | 169 | 0.5 | % | 100.0 | % | 1 | |||||||||||||
| Oregon | 4,245 | 0.8 | % | 17.67 | 244 | 0.7 | % | 98.5 | % | 3 | |||||||||||||
| New Mexico | 3,400 | 0.6 | % | 13.74 | 255 | 0.7 | % | 97.0 | % | 2 | |||||||||||||
| Missouri | 2,992 | 0.5 | % | 13.60 | 246 | 0.7 | % | 89.5 | % | 3 | |||||||||||||
| Iowa | 2,901 | 0.5 | % | 8.33 | 360 | 1.1 | % | 96.9 | % | 3 | |||||||||||||
| New York | 1,785 | 0.3 | % | 12.29 | 163 | 0.5 | % | 88.9 | % | 1 | |||||||||||||
| Utah | 461 | 0.1 | % | 31.70 | 15 | 0.1 | % | 100.0 | % | 1 | |||||||||||||
| Total | $ | 557,155 | 100.0 | % | $ | 16.77 | 34,199 | 100.0 | % | 97.1 | % | 326 | |||||||||||
(1)Includes the prorated portion owned through the Company's unconsolidated joint ventures.
| Phillips Edison & Company | 39 | |||||||
New, Renewal, and Option Lease Summary 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 246 | 1,573 | $ | 25,623 | $ | 16.29 | 5.6 | $ | 4.50 | 199 | $ | 1.62 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 246 | 1,400 | 24,917 | 17.80 | 6.2 | 6.02 | 197 | 2.05 | 13.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 270 | 1,664 | 27,519 | 16.54 | 6.3 | 4.45 | 220 | 1.78 | 12.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 276 | 1,403 | 24,012 | 17.12 | 5.6 | 5.85 | 220 | 2.28 | 16.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | 1,038 | 6,040 | $ | 102,071 | $ | 16.90 | 5.9 | $ | 5.15 | 836 | $ | 1.92 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||
NEW LEASES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 78 | 252 | $ | 6,121 | $ | 24.30 | 9.4 | $ | 22.47 | 31 | $ | 7.09 | 36.2 | % | ||||||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 101 | 313 | 7,847 | 25.05 | 8.2 | 26.19 | 53 | 6.58 | 34.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 89 | 276 | 6,650 | 24.12 | 8.8 | 23.72 | 42 | 6.55 | 24.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 94 | 305 | 6,654 | 21.84 | 8.5 | 26.30 | 40 | 5.69 | 34.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | 362 | 1,145 | $ | 27,271 | $ | 23.81 | 8.7 | $ | 24.81 | 166 | $ | 6.37 | 32.4 | % | ||||||||||||||||||||||||||||||||||||||||||
RENEWAL LEASES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 110 | 226 | $ | 7,102 | $ | 31.37 | 4.6 | $ | 0.96 | 110 | $ | 5.49 | 21.2 | % | ||||||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 95 | 282 | 6,770 | 24.01 | 5.4 | 0.24 | 94 | 4.01 | 20.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 127 | 268 | 8,178 | 30.52 | 4.5 | 1.01 | 124 | 5.66 | 23.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 142 | 376 | 9,198 | 24.49 | 4.0 | 0.49 | 140 | 3.93 | 19.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | 474 | 1,152 | $ | 31,249 | $ | 27.13 | 4.6 | $ | 0.64 | 468 | $ | 4.66 | 20.7 | % | ||||||||||||||||||||||||||||||||||||||||||
OPTION LEASES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 58 | 1,095 | $ | 12,400 | $ | 11.32 | 5.0 | $ | 1.10 | 58 | $ | 0.45 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 50 | 805 | 10,300 | 12.80 | 5.6 | 0.20 | 50 | 0.64 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 54 | 1,120 | 12,691 | 11.33 | 6.1 | 0.54 | 54 | 0.57 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 40 | 722 | 8,160 | 11.30 | 5.3 | — | 40 | 0.75 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | 202 | 3,742 | $ | 43,551 | $ | 11.64 | 5.5 | $ | 0.52 | 202 | $ | 0.58 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||
(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)(2) Unaudited, square footage amounts in thousands | |||||||||||||||||||||||||||||
| Number of Leases | GLA Expiring | % of Leased GLA(3) | ABR PSF | % of ABR | |||||||||||||||||||||||||
| TOTAL LEASES | |||||||||||||||||||||||||||||
| MTM | 106 | 191 | 0.6 | % | $ | 21.84 | 0.7 | % | |||||||||||||||||||||
| 2026 | 516 | 1,452 | 4.4 | % | 21.33 | 5.6 | % | ||||||||||||||||||||||
| 2027 | 909 | 3,948 | 11.9 | % | 17.03 | 12.1 | % | ||||||||||||||||||||||
| 2028 | 965 | 5,274 | 15.9 | % | 16.41 | 15.6 | % | ||||||||||||||||||||||
| 2029 | 939 | 5,041 | 15.2 | % | 17.35 | 15.7 | % | ||||||||||||||||||||||
| 2030 | 834 | 4,964 | 14.9 | % | 16.72 | 14.9 | % | ||||||||||||||||||||||
| 2031 | 598 | 4,102 | 12.3 | % | 15.52 | 11.3 | % | ||||||||||||||||||||||
| 2032 | 268 | 1,769 | 5.3 | % | 15.56 | 4.9 | % | ||||||||||||||||||||||
| 2033 | 237 | 1,114 | 3.4 | % | 19.86 | 4.0 | % | ||||||||||||||||||||||
| 2034 | 224 | 1,988 | 6.0 | % | 12.38 | 4.4 | % | ||||||||||||||||||||||
| 2035 | 228 | 1,278 | 3.8 | % | 18.06 | 4.2 | % | ||||||||||||||||||||||
| 2036+ | 265 | 2,095 | 6.3 | % | 17.57 | 6.6 | % | ||||||||||||||||||||||
| Total leases | 6,089 | 33,216 | 100.0 | % | $ | 16.77 | 100.0 | % | |||||||||||||||||||||
| ANCHOR LEASES | |||||||||||||||||||||||||||||
| MTM | — | — | — | % | $ | — | — | % | |||||||||||||||||||||
| 2026 | 20 | 434 | 1.3 | % | 11.30 | 0.9 | % | ||||||||||||||||||||||
| 2027 | 67 | 2,151 | 6.5 | % | 9.28 | 3.6 | % | ||||||||||||||||||||||
| 2028 | 82 | 3,411 | 10.3 | % | 10.25 | 6.3 | % | ||||||||||||||||||||||
| 2029 | 91 | 3,185 | 9.6 | % | 11.26 | 6.4 | % | ||||||||||||||||||||||
| 2030 | 86 | 3,393 | 10.2 | % | 11.43 | 7.0 | % | ||||||||||||||||||||||
| 2031 | 82 | 2,906 | 8.7 | % | 10.74 | 5.5 | % | ||||||||||||||||||||||
| 2032 | 28 | 1,166 | 3.5 | % | 10.19 | 2.1 | % | ||||||||||||||||||||||
| 2033 | 22 | 603 | 1.8 | % | 12.76 | 1.4 | % | ||||||||||||||||||||||
| 2034 | 32 | 1,525 | 4.6 | % | 7.62 | 2.1 | % | ||||||||||||||||||||||
| 2035 | 23 | 765 | 2.3 | % | 9.92 | 1.4 | % | ||||||||||||||||||||||
| 2036+ | 59 | 1,611 | 4.9 | % | 14.21 | 4.1 | % | ||||||||||||||||||||||
| Anchor leases | 592 | 21,150 | 63.7 | % | $ | 10.75 | 40.8 | % | |||||||||||||||||||||
| INLINE LEASES | |||||||||||||||||||||||||||||
| MTM | 106 | 191 | 0.6 | % | $ | 21.84 | 0.7 | % | |||||||||||||||||||||
| 2026 | 496 | 1,018 | 3.1 | % | 25.61 | 4.7 | % | ||||||||||||||||||||||
| 2027 | 842 | 1,797 | 5.4 | % | 26.29 | 8.5 | % | ||||||||||||||||||||||
| 2028 | 883 | 1,863 | 5.6 | % | 27.69 | 9.3 | % | ||||||||||||||||||||||
| 2029 | 848 | 1,856 | 5.6 | % | 27.80 | 9.3 | % | ||||||||||||||||||||||
| 2030 | 748 | 1,571 | 4.7 | % | 28.12 | 7.9 | % | ||||||||||||||||||||||
| 2031 | 516 | 1,196 | 3.6 | % | 27.15 | 5.8 | % | ||||||||||||||||||||||
| 2032 | 240 | 603 | 1.8 | % | 25.96 | 2.8 | % | ||||||||||||||||||||||
| 2033 | 215 | 511 | 1.6 | % | 28.24 | 2.6 | % | ||||||||||||||||||||||
| 2034 | 192 | 463 | 1.4 | % | 28.05 | 2.3 | % | ||||||||||||||||||||||
| 2035 | 205 | 513 | 1.5 | % | 30.19 | 2.8 | % | ||||||||||||||||||||||
| 2036+ | 206 | 484 | 1.4 | % | 28.72 | 2.5 | % | ||||||||||||||||||||||
| Inline leases | 5,497 | 12,066 | 36.3 | % | $ | 27.33 | 59.2 | % | |||||||||||||||||||||
(1)Statistics include the Company's wholly-owned properties and the prorated portion owned through the Company's unconsolidated joint ventures.
(2)Statistics are based on current terms and assume no exercise of renewal options.
(3)Percentage amounts may not recalculate exactly based on other amounts presented within the table due to rounding.
| Phillips Edison & Company | 41 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures 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 | 97.4 | % | $ | 1,054 | $ | 12.26 | Fry's Food Stores | N/A | ||||||||||||||||||||||||||||
| Alameda Crossing | Avondale, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 2006 / 2025 | 141,721 | 100.0 | % | $ | 2,812 | $ | 19.84 | Sprouts Farmers Market | Burlington; Uptown Jungle; Big 5 Sporting Goods | ||||||||||||||||||||||||||||
| Arcadia Plaza | Phoenix, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1980 / 2018 | 63,637 | 100.0 | % | $ | 1,556 | $ | 24.45 | Sprouts Farmers Market | N/A | ||||||||||||||||||||||||||||
| Broadway Plaza | Tucson, AZ | 100 % | Tucson, AZ | 1982 / 2003 | 84,298 | 97.3 | % | $ | 1,591 | $ | 19.40 | Sprouts Farmers Market | N/A | ||||||||||||||||||||||||||||
| South Point Plaza | Tempe, AZ | 31 % | Phoenix-Mesa-Chandler, AZ | 1987 / 2013 | 49,332 | 95.0 | % | $ | 1,081 | $ | 23.05 | Fry's Food Stores(1) | Goodwill | ||||||||||||||||||||||||||||
| Southern Palms | Tempe, AZ | 100 % | Phoenix-Mesa-Chandler, AZ | 1982 / 2018 | 256,346 | 99.6 | % | $ | 3,717 | $ | 14.56 | 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 | 99,913 | 96.0 | % | $ | 881 | $ | 9.19 | Fry's Food Stores | Daiso | ||||||||||||||||||||||||||||
| Atwater Marketplace | Atwater, CA | 100 % | Merced, CA | 2023 | 2,082 | 100.0 | % | $ | 138 | $ | 66.28 | N/A | N/A | ||||||||||||||||||||||||||||
| Boronda Plaza | Salinas, CA | 100 % | Salinas, CA | 2003 / 2021 | 93,071 | 100.0 | % | $ | 2,464 | $ | 26.47 | Food 4 Less | N/A | ||||||||||||||||||||||||||||
| Broadway Pavilion | Santa Maria, CA | 100 % | Santa Maria-Santa Barbara, CA | 1987 | 142,676 | 100.0 | % | $ | 2,504 | $ | 17.55 | Food Maxx | Idler's Home; Dollar Tree | ||||||||||||||||||||||||||||
| Central Valley Marketplace | Ceres, CA | 100 % | Modesto, CA | 2005 | 81,897 | 100.0 | % | $ | 1,826 | $ | 22.30 | Food 4 Less | N/A | ||||||||||||||||||||||||||||
| Clayton Station | Clayton, CA | 100 % | San Francisco-Oakland-Berkeley, CA | 1991 | 66,724 | 96.7 | % | $ | 1,965 | $ | 30.46 | Safeway(1) | Walgreens | ||||||||||||||||||||||||||||
| Commonwealth Square | Folsom, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1987 | 141,310 | 100.0 | % | $ | 2,618 | $ | 18.53 | Raley's | N/A | ||||||||||||||||||||||||||||
| Contra Loma Plaza | Antioch, CA | 100 % | San Francisco-Oakland-Berkeley, CA | 1989 / 2022 | 74,616 | 97.3 | % | $ | 960 | $ | 13.23 | Lucky Supermarkets | N/A | ||||||||||||||||||||||||||||
| Del Paso Marketplace | Sacramento, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2006 / 2016 | 59,796 | 100.0 | % | $ | 1,728 | $ | 28.90 | Sprouts Farmers Market | N/A | ||||||||||||||||||||||||||||
| Driftwood Village | Ontario, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1985 / 2025 | 95,421 | 100.0 | % | $ | 2,113 | $ | 22.14 | Food 4 Less | N/A | ||||||||||||||||||||||||||||
| Foothill Park Plaza | Monrovia, CA | 100 % | Los Angeles-Long Beach-Anaheim, CA | 1985 / 2001 | 43,618 | 85.4 | % | $ | 1,834 | $ | 49.22 | Vons(1) | N/A | ||||||||||||||||||||||||||||
| Herndon Place | Fresno, CA | 100 % | Fresno, CA | 2005 | 95,155 | 98.9 | % | $ | 1,712 | $ | 18.19 | Save Mart Supermarkets | N/A | ||||||||||||||||||||||||||||
| Laguna 99 Plaza | Elk Grove, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1992 / 2025 | 89,188 | 100.0 | % | $ | 2,182 | $ | 24.47 | Walmart Neighborhood Market | Planet Fitness | ||||||||||||||||||||||||||||
| North Point Landing | Modesto, CA | 100 % | Modesto, CA | 1964 / 2008 | 152,769 | 99.0 | % | $ | 2,478 | $ | 16.39 | Walmart | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 42 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Plaza West Covina | West Covina, CA | 100 % | Los Angeles-Long Beach-Anaheim, CA | 1994 | 46,406 | 88.3 | % | $ | 1,728 | $ | 42.17 | N/A | Umiya Sushi & Hotpot | ||||||||||||||||||||||||||||
| Quail Pointe | Fair Oaks, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1987 | 98,015 | 94.2 | % | $ | 3,208 | $ | 34.76 | Trader Joe's | Lamps Plus | ||||||||||||||||||||||||||||
| Quartz Hill Towne Centre | Lancaster, CA | 100 % | Los Angeles-Long Beach-Anaheim, CA | 1991 / 2012 | 114,724 | 100.0 | % | $ | 2,148 | $ | 18.72 | Vons | CVS | ||||||||||||||||||||||||||||
| Red Maple Village | Tracy, CA | 100 % | Stockton, CA | 2009 | 97,655 | 100.0 | % | $ | 2,720 | $ | 27.85 | Raley's | N/A | ||||||||||||||||||||||||||||
| Riverlakes Village | Bakersfield, CA | 100 % | Bakersfield, CA | 1997 / 2022 | 94,012 | 97.8 | % | $ | 2,117 | $ | 23.03 | Vons | N/A | ||||||||||||||||||||||||||||
| Rocky Ridge Town Center | Roseville, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1996 / 2015 | 93,337 | 88.1 | % | $ | 2,826 | $ | 34.36 | Sprouts Farmers Market | BevMo! | ||||||||||||||||||||||||||||
| Shasta Crossroads | Redding, CA | 100 % | Redding, CA | 1989 / 2023 | 114,453 | 90.5 | % | $ | 2,058 | $ | 19.87 | Food Maxx | N/A | ||||||||||||||||||||||||||||
| Sierra Vista Plaza | Murrieta, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1991 / 2025 | 80,259 | 98.3 | % | $ | 2,188 | $ | 27.75 | Stater Bros Markets(1) | Dollar Tree | ||||||||||||||||||||||||||||
| Sterling Pointe Center | Lincoln, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2004 / 2017 | 136,020 | 100.0 | % | $ | 3,360 | $ | 24.70 | Raley's | N/A | ||||||||||||||||||||||||||||
| Sunridge Plaza | Rancho Cordova, CA | 100 % | Sacramento-Roseville-Folsom, CA | 2017 | 87,856 | 95.9 | % | $ | 2,865 | $ | 33.99 | Raley's | N/A | ||||||||||||||||||||||||||||
| The Village at Indian Wells | Indian Wells, CA | 100 % | Riverside-San Bernardino-Ontario, CA | 1983 | 105,177 | 77.8 | % | $ | 2,143 | $ | 26.17 | Sprouts Farmers Market | CVS | ||||||||||||||||||||||||||||
| Town & Country Village | Sacramento, CA | 100 % | Sacramento-Roseville-Folsom, CA | 1950 / 2025 | 216,131 | 92.7 | % | $ | 4,551 | $ | 22.73 | Sprouts Farmers Market; Trader Joe's | Bob's Discount Furniture; T.J. Maxx; Ross Dress for Less; Royal Flooring; Ulta | ||||||||||||||||||||||||||||
| Village One Plaza | Modesto, CA | 100 % | Modesto, CA | 2007 | 105,658 | 100.0 | % | $ | 2,618 | $ | 24.78 | Raley's | N/A | ||||||||||||||||||||||||||||
| Vineyard Center | Templeton, CA | 100 % | San Luis Obispo-Paso Robles, CA | 2007 | 21,117 | 93.7 | % | $ | 665 | $ | 33.62 | Trader Joe's | N/A | ||||||||||||||||||||||||||||
| West Acres Shopping Center | Fresno, CA | 100 % | Fresno, CA | 1990 / 2015 | 83,414 | 97.9 | % | $ | 974 | $ | 11.93 | Food Maxx | N/A | ||||||||||||||||||||||||||||
| Windmill Marketplace | Clovis, CA | 100 % | Fresno, CA | 2001 | 27,486 | 100.0 | % | $ | 1,192 | $ | 43.37 | Save Mart(1) | N/A | ||||||||||||||||||||||||||||
| Arapahoe Marketplace | Greenwood Village, CO | 100 % | Denver-Aurora-Lakewood, CO | 1977 / 2024 | 194,215 | 100.0 | % | $ | 4,996 | $ | 25.72 | Sprouts Farmers Market | The Tile Shop; Molly's Spirits; Kula Sport Performance; Office Depot | ||||||||||||||||||||||||||||
| Broadlands Marketplace | Broomfield, CO | 100 % | Denver-Aurora-Lakewood, CO | 2002 | 103,883 | 100.0 | % | $ | 1,568 | $ | 15.09 | Safeway | N/A | ||||||||||||||||||||||||||||
| Broomfield Marketplace | Broomfield, CO | 100 % | Denver-Aurora-Lakewood, CO | 1999 / 2025 | 114,800 | 91.9 | % | $ | 1,204 | $ | 11.41 | King Soopers | Ace Hardware | ||||||||||||||||||||||||||||
| Fairfield Commons | Lakewood, CO | 100 % | Denver-Aurora-Lakewood, CO | 1985 / 2014 | 143,276 | 95.5 | % | $ | 2,813 | $ | 20.55 | Sprouts Farmers Market | T.J. Maxx; Planet Fitness; Aaron's | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 43 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Foxridge Plaza | Centennial, CO | 100 % | Denver-Aurora-Lakewood, CO | 1983 / 2022 | 54,592 | 97.9 | % | $ | 1,435 | $ | 26.84 | King Soopers(1) | N/A | ||||||||||||||||||||||||||||
| Golden Town Center | Golden, CO | 100 % | Denver-Aurora-Lakewood, CO | 1993 / 2003 | 117,882 | 98.7 | % | $ | 2,021 | $ | 17.36 | King Soopers | N/A | ||||||||||||||||||||||||||||
| Kipling Marketplace | Littleton, CO | 100 % | Denver-Aurora-Lakewood, CO | 1983 / 2009 | 90,124 | 96.9 | % | $ | 1,393 | $ | 15.95 | Safeway | N/A | ||||||||||||||||||||||||||||
| Meadows on the Parkway | Boulder, CO | 100 % | Boulder, CO | 1989 | 208,319 | 94.1 | % | $ | 4,048 | $ | 20.66 | Safeway | Walgreens; Dollar Tree; Regus | ||||||||||||||||||||||||||||
| Northpark Plaza | Westminster, CO | 100 % | Denver-Aurora-Lakewood, CO | 2001 | 52,192 | 100.0 | % | $ | 1,494 | $ | 28.63 | King Soopers(1) | N/A | ||||||||||||||||||||||||||||
| Nor'Wood Shopping Center | Colorado Springs, CO | 100 % | Colorado Springs, CO | 2003 / 2025 | 75,242 | 100.0 | % | $ | 1,323 | $ | 17.58 | Safeway | N/A | ||||||||||||||||||||||||||||
| Ridgeview Marketplace | Colorado Springs, CO | 100 % | Colorado Springs, CO | 2003 | 43,169 | 100.0 | % | $ | 1,315 | $ | 30.46 | King Soopers(1) | N/A | ||||||||||||||||||||||||||||
| Roxborough Marketplace | Littleton, CO | 100 % | Denver-Aurora-Lakewood, CO | 2005 / 2024 | 103,639 | 100.0 | % | $ | 1,853 | $ | 17.88 | Safeway | N/A | ||||||||||||||||||||||||||||
| Thompson Valley Towne Center | Loveland, CO | 100 % | Fort Collins, CO | 1999 | 125,099 | 100.0 | % | $ | 2,493 | $ | 19.93 | King Soopers | Ace Hardware | ||||||||||||||||||||||||||||
| Westwoods Shopping Center | Arvada, CO | 100 % | Denver-Aurora-Lakewood, CO | 2003 / 2011 | 93,799 | 100.0 | % | $ | 1,521 | $ | 16.22 | King Soopers | N/A | ||||||||||||||||||||||||||||
| Wheat Ridge Marketplace | Wheat Ridge, CO | 100 % | Denver-Aurora-Lakewood, CO | 1996 / 2024 | 103,115 | 95.8 | % | $ | 2,036 | $ | 20.61 | Safeway | N/A | ||||||||||||||||||||||||||||
| Bethel Shopping Center | Bethel, CT | 100 % | Bridgeport-Stamford-Norwalk, CT | 2007 | 101,205 | 89.3 | % | $ | 2,256 | $ | 24.96 | Big Y | N/A | ||||||||||||||||||||||||||||
| Everybody's Plaza | Cheshire, CT | 100 % | New Haven-Milford, CT | 1960 / 2014 | 49,975 | 100.0 | % | $ | 1,089 | $ | 21.79 | Big Y | N/A | ||||||||||||||||||||||||||||
| Montville Commons | Montville, CT | 100 % | Norwich-New London, CT | 2007 | 116,916 | 98.3 | % | $ | 1,866 | $ | 16.24 | Stop & Shop | N/A | ||||||||||||||||||||||||||||
| Stop & Shop Plaza | Enfield, CT | 100 % | Hartford-East Hartford-Middletown, CT | 1988 / 1998 | 117,718 | 100.0 | % | $ | 2,120 | $ | 18.01 | Stop & Shop | N/A | ||||||||||||||||||||||||||||
| Willimantic Plaza | Willimantic, CT | 100 % | Worcester, MA-CT | 1968 / 2024 | 129,670 | 100.0 | % | $ | 1,432 | $ | 11.04 | BJ's Wholesale Club | Ollie's Bargain Outlet | ||||||||||||||||||||||||||||
| Alico Commons | Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 2009 / 2020 | 100,720 | 96.3 | % | $ | 1,822 | $ | 18.78 | Publix | Non Stop Fitness | ||||||||||||||||||||||||||||
| Bloomingdale Hills | Riverview, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2002 / 2012 | 78,442 | 100.0 | % | $ | 868 | $ | 11.07 | Walmart Neighborhood Market | N/A | ||||||||||||||||||||||||||||
| Breakfast Point Marketplace | Panama City Beach, FL | 100 % | Panama City, FL | 2009 / 2010 | 97,938 | 100.0 | % | $ | 1,629 | $ | 16.63 | Publix | Office Depot | ||||||||||||||||||||||||||||
| Broadway Promenade | Sarasota, FL | 100 % | North Port-Sarasota-Bradenton, FL | 2007 | 49,271 | 100.0 | % | $ | 1,040 | $ | 21.11 | Publix | N/A | ||||||||||||||||||||||||||||
| Champions Gate Village | Davenport, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2001 | 62,714 | 100.0 | % | $ | 1,101 | $ | 17.56 | Publix | N/A | ||||||||||||||||||||||||||||
| Cocoa Commons | Cocoa, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1986 / 2000 | 90,116 | 100.0 | % | $ | 1,374 | $ | 15.25 | Publix | N/A | ||||||||||||||||||||||||||||
| Colonial Promenade | Winter Haven, FL | 100 % | Lakeland-Winter Haven, FL | 1986 / 2008 | 280,228 | 91.5 | % | $ | 2,340 | $ | 9.13 | Walmart | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 44 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Coquina Plaza | Southwest Ranches, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1998 | 91,120 | 98.8 | % | $ | 2,113 | $ | 23.46 | Publix | N/A | ||||||||||||||||||||||||||||
| Cross Creek Centre | Boynton Beach, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1988 / 2014 | 37,192 | 97.5 | % | $ | 1,362 | $ | 37.55 | N/A | N/A | ||||||||||||||||||||||||||||
| Crosscreek Village | St. Cloud, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2008 / 2019 | 69,660 | 100.0 | % | $ | 1,216 | $ | 17.46 | Publix | N/A | ||||||||||||||||||||||||||||
| Crystal Beach Plaza | Palm Harbor, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2010 | 59,015 | 100.0 | % | $ | 1,127 | $ | 19.10 | Publix | N/A | ||||||||||||||||||||||||||||
| Deerwood Lake Commons | Jacksonville, FL | 14 % | Jacksonville, FL | 2003 | 67,528 | 98.3 | % | $ | 1,284 | $ | 19.34 | Publix | N/A | ||||||||||||||||||||||||||||
| French Golden Gate | Bartow, FL | 100 % | Lakeland-Winter Haven, FL | 1960 / 2011 | 140,276 | 99.6 | % | $ | 1,970 | $ | 14.10 | Publix | Bealls Outlet; Walgreens | ||||||||||||||||||||||||||||
| Golden Eagle Village | Clermont, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2011 | 64,051 | 97.8 | % | $ | 1,089 | $ | 17.38 | Publix | N/A | ||||||||||||||||||||||||||||
| Goolsby Pointe | Riverview, FL | 14 % | Tampa-St. Petersburg-Clearwater, FL | 2000 | 75,525 | 98.4 | % | $ | 1,313 | $ | 17.67 | Publix | N/A | ||||||||||||||||||||||||||||
| Harbour Village | Jacksonville, FL | 100 % | Jacksonville, FL | 2006 / 2021 | 113,069 | 95.8 | % | $ | 2,111 | $ | 19.50 | The Fresh Market | Crunch Fitness; Lionshare Cowork | ||||||||||||||||||||||||||||
| Heath Brook Commons | Ocala, FL | 100 % | Ocala, FL | 2002 | 79,590 | 98.7 | % | $ | 1,176 | $ | 14.97 | Publix | N/A | ||||||||||||||||||||||||||||
| Heron Creek Towne Center | North Port, FL | 100 % | North Port-Sarasota-Bradenton, FL | 2001 | 64,664 | 100.0 | % | $ | 958 | $ | 14.82 | Publix | N/A | ||||||||||||||||||||||||||||
| Island Walk Shopping Center | Fernandina Beach, FL | 100 % | Jacksonville, FL | 1987 / 2012 | 212,545 | 98.6 | % | $ | 2,145 | $ | 10.23 | Publix | Bealls; Bealls Outlet; Gretchen's Hallmark Shop; Staples | ||||||||||||||||||||||||||||
| Kings Crossing | Sun City Center, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2000 / 2018 | 75,020 | 100.0 | % | $ | 1,386 | $ | 18.48 | Publix | N/A | ||||||||||||||||||||||||||||
| Lake Washington Crossing | Melbourne, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1987 / 2023 | 122,912 | 95.4 | % | $ | 2,339 | $ | 19.95 | Publix | BPC Plasma | ||||||||||||||||||||||||||||
| Lakewood Plaza | Spring Hill, FL | 14 % | Tampa-St. Petersburg-Clearwater, FL | 1993 / 1997 | 106,999 | 86.9 | % | $ | 1,545 | $ | 16.61 | Publix | N/A | ||||||||||||||||||||||||||||
| Lutz Lake Crossing | Lutz, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2002 | 64,986 | 100.0 | % | $ | 1,111 | $ | 17.10 | Publix | N/A | ||||||||||||||||||||||||||||
| MetroWest Village | Orlando, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 1990 / 2025 | 106,689 | 100.0 | % | $ | 2,651 | $ | 24.85 | Publix | N/A | ||||||||||||||||||||||||||||
| Oak Grove Shoppes | Altamonte Springs, FL | 20 % | Orlando-Kissimmee-Sanford, FL | 1983 / 2023 | 142,257 | 99.2 | % | $ | 3,027 | $ | 21.46 | Publix | Marshalls; O2B Kids; Salons by JC | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 45 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Oakhurst Plaza | Seminole, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1974 / 2001 | 51,502 | 100.0 | % | $ | 725 | $ | 14.08 | Publix | N/A | ||||||||||||||||||||||||||||
| Ocean Breeze Plaza | Ocean Breeze, FL | 100 % | Port St. Lucie, FL | 1993 / 2010 | 96,192 | 97.5 | % | $ | 1,825 | $ | 19.46 | Publix | RISE Center IRC | ||||||||||||||||||||||||||||
| Orange Grove Shopping Center | North Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 1999 | 68,865 | 98.3 | % | $ | 910 | $ | 13.45 | Publix | N/A | ||||||||||||||||||||||||||||
| Ormond Beach Mall | Ormond Beach, FL | 100 % | Deltona-Daytona Beach-Ormond Beach, FL | 1967 / 2018 | 102,862 | 98.7 | % | $ | 1,365 | $ | 13.44 | Publix | Bealls Outlet; Made New; Dollar Tree | ||||||||||||||||||||||||||||
| Park Place Plaza | Port Orange, FL | 100 % | Deltona-Daytona Beach-Ormond Beach, FL | 1984 / 2012 | 87,050 | 97.2 | % | $ | 1,195 | $ | 14.13 | N/A | Bealls | ||||||||||||||||||||||||||||
| Parsons Village | Seffner, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1983 / 1994 | 78,041 | 100.0 | % | $ | 1,140 | $ | 14.61 | Winn-Dixie(1) | City Buffet; Family Dollar | ||||||||||||||||||||||||||||
| Publix at Northridge | Sarasota, FL | 14 % | North Port-Sarasota-Bradenton, FL | 2003 | 65,320 | 100.0 | % | $ | 1,347 | $ | 20.62 | Publix | N/A | ||||||||||||||||||||||||||||
| Publix at Seven Hills | Spring Hill, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1991 / 2006 | 72,217 | 100.0 | % | $ | 1,500 | $ | 20.77 | Publix | N/A | ||||||||||||||||||||||||||||
| Publix at St. Cloud | St. Cloud, FL | 14 % | Orlando-Kissimmee-Sanford, FL | 2003 | 78,779 | 100.0 | % | $ | 1,364 | $ | 17.31 | Publix | N/A | ||||||||||||||||||||||||||||
| Rockledge Square | Rockledge, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1985 / 2022 | 78,879 | 100.0 | % | $ | 1,403 | $ | 17.79 | Publix | Health First Medical Group | ||||||||||||||||||||||||||||
| Sanibel Beach Place | Fort Myers, FL | 100 % | Cape Coral-Fort Myers, FL | 2003 / 2022 | 74,286 | 96.3 | % | $ | 995 | $ | 13.90 | Publix | N/A | ||||||||||||||||||||||||||||
| Shoppes at Avalon | Spring Hill, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2009 / 2022 | 62,786 | 100.0 | % | $ | 1,085 | $ | 17.28 | Publix | N/A | ||||||||||||||||||||||||||||
| Shoppes at Glen Lakes | Weeki Wachee, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2008 | 66,601 | 96.8 | % | $ | 1,017 | $ | 15.77 | Publix | N/A | ||||||||||||||||||||||||||||
| Shoppes at Lake Mary | Lake Mary, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 2000 / 2024 | 74,234 | 100.0 | % | $ | 2,139 | $ | 28.81 | Publix(1) | HomeSense | ||||||||||||||||||||||||||||
| Shoppes of Lake Village | Leesburg, FL | 100 % | Orlando-Kissimmee-Sanford, FL | 1987 / 2021 | 133,283 | 97.7 | % | $ | 2,252 | $ | 17.29 | Publix | Sproutfitters | ||||||||||||||||||||||||||||
| Shoppes of Paradise Lakes | Miami, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 83,555 | 100.0 | % | $ | 1,531 | $ | 18.32 | Publix | N/A | ||||||||||||||||||||||||||||
| Shops at Sunset Lakes | Miramar, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 70,274 | 100.0 | % | $ | 1,170 | $ | 16.65 | Publix | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 46 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Springs Plaza | Bonita Springs, FL | 20 % | Cape Coral-Fort Myers, FL | 1983 / 2015 | 195,353 | 99.5 | % | $ | 2,963 | $ | 15.25 | ALDI | Athletica Health & Fitness; Ollie's Bargain Outlet; Ross Dress for Less; Harbor Freight Tools | ||||||||||||||||||||||||||||
| St. Charles Plaza | Davenport, FL | 100 % | Lakeland-Winter Haven, FL | 2007 / 2011 | 65,000 | 100.0 | % | $ | 1,201 | $ | 18.48 | Publix | N/A | ||||||||||||||||||||||||||||
| St. Johns Plaza | Titusville, FL | 14 % | Palm Bay-Melbourne-Titusville, FL | 1985 / 2025 | 126,468 | 91.5 | % | $ | 1,560 | $ | 13.47 | Publix | Bealls Outlet; Dollar Tree | ||||||||||||||||||||||||||||
| The Oaks | Hudson, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1981 / 2025 | 177,180 | 99.2 | % | $ | 2,362 | $ | 13.44 | MD Oriental Market | 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 | 108,826 | 100.0 | % | $ | 1,718 | $ | 15.79 | Publix | Home School and Virtual Learning Co-Op | ||||||||||||||||||||||||||||
| Towne Centre at Wesley Chapel | Wesley Chapel, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 2000 | 69,425 | 100.0 | % | $ | 1,149 | $ | 16.55 | Winn-Dixie | N/A | ||||||||||||||||||||||||||||
| Valrico Commons | Valrico, FL | 100 % | Tampa-St. Petersburg-Clearwater, FL | 1986 / 2021 | 137,316 | 99.2 | % | $ | 2,327 | $ | 17.08 | Publix | Ross Dress for Less; Five Below | ||||||||||||||||||||||||||||
| Vineyard Shopping Center | Tallahassee, FL | 100 % | Tallahassee, FL | 2002 | 62,671 | 100.0 | % | $ | 858 | $ | 13.69 | Publix | N/A | ||||||||||||||||||||||||||||
| West Creek Commons | Coconut Creek, FL | 14 % | Miami-Fort Lauderdale-Pompano Beach, FL | 2003 | 58,537 | 100.0 | % | $ | 1,008 | $ | 17.22 | Publix | N/A | ||||||||||||||||||||||||||||
| West Creek Plaza | Coconut Creek, FL | 100 % | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 / 2013 | 37,616 | 80.8 | % | $ | 914 | $ | 30.07 | Publix(1) | N/A | ||||||||||||||||||||||||||||
| Windover Square | Melbourne, FL | 100 % | Palm Bay-Melbourne-Titusville, FL | 1984 / 2010 | 81,516 | 100.0 | % | $ | 1,373 | $ | 16.84 | Publix | Dollar Tree | ||||||||||||||||||||||||||||
| Winter Springs Town Center | Winter Springs, FL | 14 % | Orlando-Kissimmee-Sanford, FL | 2002 | 117,970 | 85.1 | % | $ | 1,924 | $ | 19.17 | Publix | N/A | ||||||||||||||||||||||||||||
| Bartow Marketplace | Cartersville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1995 / 2025 | 382,050 | 100.0 | % | $ | 3,182 | $ | 8.33 | Walmart | Lowe's | ||||||||||||||||||||||||||||
| Bethany Village | Alpharetta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2001 | 81,674 | 100.0 | % | $ | 1,289 | $ | 15.78 | Publix | N/A | ||||||||||||||||||||||||||||
| Butler Creek | Acworth, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1989 / 2021 | 101,597 | 97.2 | % | $ | 1,541 | $ | 15.60 | Kroger | N/A | ||||||||||||||||||||||||||||
| Dean Taylor Crossing | Suwanee, GA | 14 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 92,318 | 100.0 | % | $ | 1,384 | $ | 14.99 | Kroger | N/A | ||||||||||||||||||||||||||||
| Evans Towne Centre | Evans, GA | 100 % | Augusta-Richmond County, GA-SC | 1995 / 2017 | 75,668 | 95.8 | % | $ | 1,120 | $ | 15.46 | Publix | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 47 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Everson Pointe | Snellville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1999 | 81,428 | 97.7 | % | $ | 1,162 | $ | 14.61 | Kroger | N/A | ||||||||||||||||||||||||||||
| Fairview Oaks | Ellenwood, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 77,052 | 96.2 | % | $ | 1,017 | $ | 13.72 | Kroger | N/A | ||||||||||||||||||||||||||||
| Flynn Crossing | Alpharetta, GA | 14 % | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 95,002 | 96.4 | % | $ | 2,003 | $ | 21.87 | Publix | N/A | ||||||||||||||||||||||||||||
| Grassland Crossing | Alpharetta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 90,906 | 100.0 | % | $ | 1,185 | $ | 13.04 | Kroger | N/A | ||||||||||||||||||||||||||||
| Grayson Village | Loganville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2002 / 2019 | 87,155 | 100.0 | % | $ | 1,403 | $ | 16.10 | Publix | N/A | ||||||||||||||||||||||||||||
| Hamilton Mill Village | Dacula, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2016 | 88,710 | 100.0 | % | $ | 1,469 | $ | 16.56 | Publix | N/A | ||||||||||||||||||||||||||||
| Hamilton Ridge | Buford, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2002 / 2024 | 96,941 | 98.6 | % | $ | 1,652 | $ | 17.29 | Kroger | N/A | ||||||||||||||||||||||||||||
| Hickory Flat Commons | Canton, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2008 / 2020 | 113,995 | 98.9 | % | $ | 1,646 | $ | 14.60 | Kroger | N/A | ||||||||||||||||||||||||||||
| Loganville Crossing | Loganville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 149,133 | 100.0 | % | $ | 2,540 | $ | 17.03 | Kroger | N/A | ||||||||||||||||||||||||||||
| Loganville Town Center | Loganville, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 / 2023 | 84,978 | 98.2 | % | $ | 1,429 | $ | 17.12 | Publix | N/A | ||||||||||||||||||||||||||||
| Mableton Crossing | Mableton, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 86,819 | 100.0 | % | $ | 1,270 | $ | 14.63 | Kroger | N/A | ||||||||||||||||||||||||||||
| Macland Pointe | Marietta, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1992 | 79,699 | 92.1 | % | $ | 936 | $ | 12.75 | Publix | N/A | ||||||||||||||||||||||||||||
| Mansell Village | Roswell, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2003 / 2013 | 89,688 | 100.0 | % | $ | 1,384 | $ | 15.43 | Kroger | N/A | ||||||||||||||||||||||||||||
| Market Walk | Savannah, GA | 100 % | Savannah, GA | 2014 / 2022 | 263,829 | 94.8 | % | $ | 3,712 | $ | 14.85 | Kroger | Dick's Sporting Goods; Guitar Center; West Marine | ||||||||||||||||||||||||||||
| Mountain Crossing | Dacula, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 93,396 | 100.0 | % | $ | 1,353 | $ | 14.49 | Kroger | N/A | ||||||||||||||||||||||||||||
| Mountain Park Plaza | Roswell, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1988 / 2003 | 80,511 | 98.5 | % | $ | 1,149 | $ | 14.49 | Publix | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 48 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Old Alabama Square | Johns Creek, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 102,867 | 98.6 | % | $ | 2,509 | $ | 24.73 | The Fresh Market | Walgreens | ||||||||||||||||||||||||||||
| Paradise Crossing | Lithia Springs, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 67,470 | 100.0 | % | $ | 1,040 | $ | 15.41 | Publix | N/A | ||||||||||||||||||||||||||||
| Richmond Plaza | Augusta, GA | 14 % | Augusta-Richmond County, GA-SC | 1979 / 2024 | 174,585 | 89.5 | % | $ | 1,993 | $ | 12.75 | N/A | Ashley HomeStore and Ashley Outlet; EVOX Fitness; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill | ||||||||||||||||||||||||||||
| Rivermont Station | Johns Creek, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2022 | 128,308 | 96.3 | % | $ | 2,083 | $ | 16.86 | Kroger | Kids Empire | ||||||||||||||||||||||||||||
| Shiloh Square Shopping Center | Kennesaw, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2003 | 136,920 | 91.9 | % | $ | 1,847 | $ | 14.68 | Kroger | ATL Fitness 24/7 | ||||||||||||||||||||||||||||
| Shops at Butler Crossing | Kennesaw, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 56,910 | 94.3 | % | $ | 955 | $ | 17.79 | N/A | Planet Fitness | ||||||||||||||||||||||||||||
| Shops at Westridge | McDonough, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2006 / 2020 | 72,420 | 98.1 | % | $ | 1,319 | $ | 18.57 | Publix | N/A | ||||||||||||||||||||||||||||
| Southampton Village | Tyrone, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2003 / 2024 | 80,988 | 100.0 | % | $ | 1,217 | $ | 15.03 | Publix | N/A | ||||||||||||||||||||||||||||
| Spivey Junction | Stockbridge, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1998 | 81,475 | 100.0 | % | $ | 1,166 | $ | 14.31 | Kroger | N/A | ||||||||||||||||||||||||||||
| The Shops at Hamilton Mill | Dacula, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 43,518 | 100.0 | % | $ | 1,019 | $ | 23.41 | N/A | N/A | ||||||||||||||||||||||||||||
| Village At Glynn Place | Brunswick, GA | 100 % | Brunswick, GA | 1992 / 2009 | 123,437 | 97.1 | % | $ | 1,660 | $ | 13.85 | Publix | Goodwill | ||||||||||||||||||||||||||||
| Villages at Eagles Landing | Stockbridge, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 67,019 | 100.0 | % | $ | 1,026 | $ | 15.31 | Publix | N/A | ||||||||||||||||||||||||||||
| Village Shoppes at Windermere | Suwanee, GA | 100 % | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 73,352 | 98.1 | % | $ | 1,532 | $ | 21.29 | Publix | N/A | ||||||||||||||||||||||||||||
| CitiCentre Plaza | Carroll, IA | 100 % | Carroll, IA | 1991 / 2018 | 63,518 | 95.3 | % | $ | 517 | $ | 8.54 | Hy-Vee | N/A | ||||||||||||||||||||||||||||
| Duck Creek Plaza | Bettendorf, IA | 100 % | Davenport-Moline-Rock Island, IA-IL | 2005 / 2023 | 134,379 | 93.8 | % | $ | 1,358 | $ | 10.77 | N/A | Malibu Jack's | ||||||||||||||||||||||||||||
| Southgate Shopping Center | Des Moines, IA | 100 % | Des Moines-West Des Moines, IA | 1972 / 2014 | 161,792 | 100.0 | % | $ | 1,027 | $ | 6.35 | 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 | 99.1 | % | $ | 2,341 | $ | 17.45 | Pete's Fresh Market | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 49 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Brentwood Commons | Bensenville, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1981 / 2015 | 125,497 | 97.4 | % | $ | 1,788 | $ | 14.63 | Jewel-Osco | Dollar Tree | ||||||||||||||||||||||||||||
| Burbank Plaza | Burbank, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1972 / 2018 | 99,395 | 100.0 | % | $ | 1,225 | $ | 12.32 | Jewel-Osco | dd's Discounts | ||||||||||||||||||||||||||||
| College Plaza | Normal, IL | 100 % | Bloomington, IL | 2002 / 2018 | 177,741 | 100.0 | % | $ | 2,437 | $ | 13.71 | N/A | Ross Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra; Boot Barn; Petco; Daiso | ||||||||||||||||||||||||||||
| Glenbrook Marketplace | Glenview, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2014 | 47,832 | 100.0 | % | $ | 1,234 | $ | 25.80 | N/A | N/A | ||||||||||||||||||||||||||||
| Heritage Plaza | Carol Stream, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1988 / 2018 | 128,870 | 100.0 | % | $ | 2,009 | $ | 15.59 | Jewel-Osco | Charter Fitness | ||||||||||||||||||||||||||||
| Hilander Village | Roscoe, IL | 100 % | Rockford, IL | 1994 / 2022 | 120,694 | 93.8 | % | $ | 1,207 | $ | 10.66 | Schnucks | N/A | ||||||||||||||||||||||||||||
| Hoffman Village | Hoffman Estates, IL | 14 % | Chicago-Naperville-Elgin, IL-IN-WI | 1987 / 2021 | 159,708 | 96.8 | % | $ | 2,996 | $ | 19.38 | Mariano's | Goodwill | ||||||||||||||||||||||||||||
| Lemont Plaza | Lemont, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1983 / 2025 | 119,013 | 98.0 | % | $ | 1,506 | $ | 12.91 | Pete's Fresh Market | Goodwill; NAPA Auto Parts; Ace Hardware; Dollar Tree | ||||||||||||||||||||||||||||
| Maple View | Grayslake, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 114,668 | 97.8 | % | $ | 2,174 | $ | 19.39 | Jewel-Osco | N/A | ||||||||||||||||||||||||||||
| Naperville Crossings | Naperville, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2007 / 2021 | 151,203 | 100.0 | % | $ | 4,863 | $ | 32.16 | ALDI | N/A | ||||||||||||||||||||||||||||
| Oak Mill Plaza | Niles, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1977 / 2023 | 164,872 | 97.4 | % | $ | 2,537 | $ | 15.80 | Jewel-Osco | N/A | ||||||||||||||||||||||||||||
| Rolling Meadows Shopping Center | Rolling Meadows, IL | 14 % | Chicago-Naperville-Elgin, IL-IN-WI | 2010 / 2016 | 130,310 | 100.0 | % | $ | 1,580 | $ | 12.12 | Jewel-Osco | Northwest Community Hospital; Dollar Tree | ||||||||||||||||||||||||||||
| Savoy Plaza | Savoy, IL | 100 % | Champaign-Urbana, IL | 1999 / 2025 | 140,624 | 97.7 | % | $ | 1,894 | $ | 13.78 | Schnucks | Goodwill; Planet Fitness | ||||||||||||||||||||||||||||
| Shorewood Crossing | Shorewood, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2001 / 2020 | 173,981 | 93.1 | % | $ | 2,662 | $ | 16.44 | Mariano's | Marshalls; Staples; Petco | ||||||||||||||||||||||||||||
| The Shoppes at Windmill Place | Batavia, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1991 / 2022 | 124,576 | 95.6 | % | $ | 2,057 | $ | 17.26 | Jewel-Osco | N/A | ||||||||||||||||||||||||||||
| The Shops of Uptown | Park Ridge, IL | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 69,949 | 97.5 | % | $ | 2,114 | $ | 31.00 | Trader Joe's | N/A | ||||||||||||||||||||||||||||
| Dyer Town Center | Dyer, IN | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 2004 / 2005 | 102,415 | 98.7 | % | $ | 2,048 | $ | 20.26 | Jewel-Osco | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 50 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Lafayette Square | Lafayette, IN | 100 % | Lafayette-West Lafayette, IN | 1963 / 2025 | 249,956 | 87.1 | % | $ | 1,624 | $ | 7.46 | N/A | Rural King Supply; Fun City Adventure Park; Dollar Tree; Harvest Chapel | ||||||||||||||||||||||||||||
| Riverplace Centre | Noblesville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1992 / 2020 | 74,189 | 95.7 | % | $ | 787 | $ | 11.08 | Kroger | N/A | ||||||||||||||||||||||||||||
| The Village Shopping Center | Mooresville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1965 / 2024 | 156,102 | 100.0 | % | $ | 1,338 | $ | 8.57 | Kroger | Black Friday - The Shopping Network; Goodwill; Mooresville Mattress; Player's Performance Factory | ||||||||||||||||||||||||||||
| Town & Country Shopping Center | Noblesville, IN | 100 % | Indianapolis-Carmel-Anderson, IN | 1998 / 2023 | 249,833 | 99.4 | % | $ | 1,984 | $ | 7.99 | Walmart | Planet Fitness; Dollar Tree | ||||||||||||||||||||||||||||
| Falcon Valley | Lenexa, KS | 100 % | Kansas City, MO-KS | 2008 / 2009 | 76,784 | 100.0 | % | $ | 1,065 | $ | 13.87 | Price Chopper | N/A | ||||||||||||||||||||||||||||
| Quivira Crossings | Overland Park, KS | 100 % | Kansas City, MO-KS | 1996 / 2025 | 123,908 | 100.0 | % | $ | 1,872 | $ | 15.11 | Price Chopper | N/A | ||||||||||||||||||||||||||||
| Wyandotte Plaza | Kansas City, KS | 100 % | Kansas City, MO-KS | 1961 / 2015 | 173,757 | 100.0 | % | $ | 2,169 | $ | 12.48 | Price Chopper | Marshalls; PetSmart; Dollar Tree | ||||||||||||||||||||||||||||
| Central Station | Louisville, KY | 100 % | Louisville/Jefferson County, KY-IN | 2005 / 2018 | 152,463 | 95.6 | % | $ | 1,596 | $ | 10.95 | Kroger | Planet Fitness | ||||||||||||||||||||||||||||
| Chinoe Center | Lexington, KY | 100 % | Lexington-Fayette, KY | 1984 / 2023 | 111,781 | 93.0 | % | $ | 1,360 | $ | 13.08 | Kroger | Exceptional Living Centers | ||||||||||||||||||||||||||||
| Meadowthorpe Manor Shoppes | Lexington, KY | 100 % | Lexington-Fayette, KY | 1989 / 2022 | 117,126 | 100.0 | % | $ | 1,300 | $ | 11.10 | Kroger | N/A | ||||||||||||||||||||||||||||
| Town Fair Center | Louisville, KY | 100 % | Louisville/Jefferson County, KY-IN | 1988 / 2019 | 234,291 | 100.0 | % | $ | 2,807 | $ | 11.98 | 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 | % | $ | 2,549 | $ | 20.17 | Stop & Shop | Cowabungas; One Stop Liquors | ||||||||||||||||||||||||||||
| Carriagetown Marketplace | Amesbury, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 2000 | 96,472 | 100.0 | % | $ | 1,887 | $ | 19.56 | Stop & Shop | N/A | ||||||||||||||||||||||||||||
| Cushing Plaza | Cohasset, MA | 14 % | Boston-Cambridge-Newton, MA-NH | 1997 / 2000 | 71,210 | 100.0 | % | $ | 1,416 | $ | 19.88 | Shaw's Supermarket | Walgreens | ||||||||||||||||||||||||||||
| Five Town Plaza | Springfield, MA | 100 % | Springfield, MA | 1970 / 2025 | 327,303 | 97.7 | % | $ | 4,528 | $ | 14.16 | Big Y | Burlington; Ollie's Bargain Outlet; Best Fitness | ||||||||||||||||||||||||||||
| Northwoods Crossing | Taunton, MA | 100 % | Providence-Warwick, RI-MA | 2003 / 2022 | 158,978 | 100.0 | % | $ | 2,191 | $ | 13.78 | BJ's Wholesale Club | Tractor Supply; Dollar Tree | ||||||||||||||||||||||||||||
| Shaw's Plaza Easton | Easton, MA | 100 % | Providence-Warwick, RI-MA | 1984 / 2024 | 107,248 | 100.0 | % | $ | 1,658 | $ | 15.46 | Shaw's Supermarket | Planet Fitness | ||||||||||||||||||||||||||||
| Shaw's Plaza Hanover | Hanover, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 1994 / 2000 | 57,181 | 100.0 | % | $ | 860 | $ | 15.04 | Shaw's Supermarket | N/A | ||||||||||||||||||||||||||||
| Shaw's Plaza Raynham | Raynham, MA | 100 % | Providence-Warwick, RI-MA | 1965 / 2022 | 177,324 | 91.1 | % | $ | 2,829 | $ | 17.51 | Shaw's Supermarket | Marshalls; PetSmart; CVS | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 51 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Sudbury Crossing | Sudbury, MA | 100 % | Boston-Cambridge-Newton, MA-NH | 1984 / 2021 | 89,952 | 97.6 | % | $ | 1,690 | $ | 19.24 | Sudbury Farms(1) | T.J. Maxx; The Goddard School; Dollar Tree | ||||||||||||||||||||||||||||
| Bel Air Town Center | Bel Air, MD | 100 % | Baltimore-Columbia-Towson, MD | 1990 | 77,817 | 92.3 | % | $ | 1,904 | $ | 26.52 | N/A | N/A | ||||||||||||||||||||||||||||
| Burwood Village Center | Glen Burnie, MD | 100 % | Baltimore-Columbia-Towson, MD | 1971 / 2002 | 101,144 | 97.5 | % | $ | 1,858 | $ | 18.84 | Food Lion | Dollar General; CVS | ||||||||||||||||||||||||||||
| Collington Plaza | Bowie, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1996 | 121,932 | 44.3 | % | $ | 1,834 | $ | 33.92 | Walmart(1) | N/A | ||||||||||||||||||||||||||||
| LaPlata Plaza | La Plata, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2003 / 2019 | 123,561 | 97.6 | % | $ | 2,816 | $ | 23.36 | Safeway | Petco | ||||||||||||||||||||||||||||
| Rosewick Crossing | La Plata, MD | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2008 | 116,057 | 100.0 | % | $ | 2,599 | $ | 22.39 | Giant | N/A | ||||||||||||||||||||||||||||
| Bear Creek Plaza | Petoskey, MI | 100 % | N/A | 1998 / 2024 | 311,933 | 93.6 | % | $ | 1,815 | $ | 6.22 | Walmart | Marshalls; OfficeMax; HomeGoods; Five Below | ||||||||||||||||||||||||||||
| Cherry Hill Marketplace | Westland, MI | 100 % | Detroit-Warren-Dearborn, MI | 1992 / 2017 | 120,568 | 97.1 | % | $ | 1,499 | $ | 12.80 | Kroger | Ace Hardware; CVS | ||||||||||||||||||||||||||||
| Livonia Plaza | Livonia, MI | 100 % | Detroit-Warren-Dearborn, MI | 1988 / 2014 | 137,205 | 82.7 | % | $ | 1,635 | $ | 14.42 | Kroger | N/A | ||||||||||||||||||||||||||||
| Milan Plaza | Milan, MI | 100 % | Ann Arbor, MI | 1960 / 2018 | 61,357 | 91.2 | % | $ | 332 | $ | 5.93 | Kroger | Ace Hardware | ||||||||||||||||||||||||||||
| Orchard Square | Washington Township, MI | 100 % | Detroit-Warren-Dearborn, MI | 1999 / 2011 | 92,450 | 100.0 | % | $ | 1,386 | $ | 14.99 | Kroger | N/A | ||||||||||||||||||||||||||||
| Albertville Crossing | Albertville, MN | 14 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 / 2018 | 99,013 | 100.0 | % | $ | 1,516 | $ | 15.31 | Coborn's | N/A | ||||||||||||||||||||||||||||
| Apache Shoppes | Rochester, MN | 100 % | Rochester, MN | 2005 / 2025 | 57,491 | 100.0 | % | $ | 879 | $ | 15.29 | Trader Joe's | Sierra | ||||||||||||||||||||||||||||
| Cahill Plaza | Inver Grove Heights, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1995 / 2020 | 69,000 | 100.0 | % | $ | 782 | $ | 11.33 | Cub Foods | N/A | ||||||||||||||||||||||||||||
| Centennial Lakes Plaza | Edina, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2022 | 193,764 | 100.0 | % | $ | 4,786 | $ | 24.70 | 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 | 99.1 | % | $ | 2,286 | $ | 16.37 | Cub Foods | N/A | ||||||||||||||||||||||||||||
| Hastings Marketplace | Hastings, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 | 97,535 | 100.0 | % | $ | 1,392 | $ | 14.27 | Cub Foods | N/A | ||||||||||||||||||||||||||||
| New Prague Commons | New Prague, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2008 / 2019 | 73,415 | 95.8 | % | $ | 1,192 | $ | 16.95 | Coborn's | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 52 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Normandale Village | Bloomington, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1973 / 2017 | 140,400 | 100.0 | % | $ | 2,041 | $ | 14.54 | Lunds & Byerlys | Ace Hardware | ||||||||||||||||||||||||||||
| Northstar Marketplace | Ramsey, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2004 / 2025 | 103,418 | 97.6 | % | $ | 1,835 | $ | 18.18 | Coborn's | N/A | ||||||||||||||||||||||||||||
| Rue de France | Edina, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1973 / 2009 | 62,127 | 96.5 | % | $ | 2,093 | $ | 34.91 | N/A | Ethan Allen | ||||||||||||||||||||||||||||
| Savage Town Square | Savage, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 2003 | 87,181 | 100.0 | % | $ | 1,408 | $ | 16.15 | Cub Foods | N/A | ||||||||||||||||||||||||||||
| Waterford Park Plaza | Plymouth, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2023 | 127,468 | 95.0 | % | $ | 1,826 | $ | 15.08 | Cub Foods | Dollar Tree | ||||||||||||||||||||||||||||
| West Village Center | Chanhassen, MN | 100 % | Minneapolis-St. Paul-Bloomington, MN-WI | 1994 / 2021 | 140,960 | 98.7 | % | $ | 2,544 | $ | 18.29 | Lunds & Byerlys | OfficeMax | ||||||||||||||||||||||||||||
| Des Peres Corners | Des Peres, MO | 20 % | St. Louis, MO-IL | 2009 | 120,673 | 90.9 | % | $ | 3,150 | $ | 28.73 | Schnucks | N/A | ||||||||||||||||||||||||||||
| South Oaks Plaza | St. Louis, MO | 100 % | St. Louis, MO-IL | 1969 / 2021 | 112,300 | 83.7 | % | $ | 725 | $ | 7.71 | N/A | Kloss Furniture; Walgreens | ||||||||||||||||||||||||||||
| Southfield Center | St. Louis, MO | 100 % | St. Louis, MO-IL | 1987 / 2021 | 109,397 | 95.1 | % | $ | 1,637 | $ | 15.74 | Schnucks | N/A | ||||||||||||||||||||||||||||
| Chapel Hill North Center | Chapel Hill, NC | 100 % | Durham-Chapel Hill, NC | 1998 | 96,290 | 100.0 | % | $ | 1,736 | $ | 18.03 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Crossroads Plaza | Asheboro, NC | 100 % | Greensboro-High Point, NC | 1984 / 2016 | 51,440 | 100.0 | % | $ | 454 | $ | 8.83 | Food Lion | N/A | ||||||||||||||||||||||||||||
| Cureton Town Center | Waxhaw, NC | 100 % | Charlotte-Concord-Gastonia, NC-SC | 2006 / 2025 | 101,977 | 100.0 | % | $ | 2,174 | $ | 21.32 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Edgecombe Square | Tarboro, NC | 100 % | Rocky Mount, NC | 1990 / 2013 | 81,070 | 100.0 | % | $ | 514 | $ | 6.34 | Food Lion | Farmers Home Furniture | ||||||||||||||||||||||||||||
| Hampton Pointe | Hillsborough, NC | 100 % | Durham-Chapel Hill, NC | 2005 | 38,133 | 100.0 | % | $ | 964 | $ | 25.28 | Walmart(1) | N/A | ||||||||||||||||||||||||||||
| Harrison Pointe | Cary, NC | 14 % | Raleigh-Cary, NC | 2002 / 2024 | 136,447 | 100.0 | % | $ | 2,450 | $ | 17.96 | Harris Teeter | Altitude Trampoline Park | ||||||||||||||||||||||||||||
| Lumina Commons | Wilmington, NC | 100 % | Wilmington, NC | 1974 / 2007 | 80,772 | 100.0 | % | $ | 1,449 | $ | 17.94 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| New Bern Plaza | Raleigh, NC | 31 % | Raleigh-Cary, NC | 2005 | 58,745 | 94.5 | % | $ | 1,286 | $ | 23.16 | Walmart(1) | N/A | ||||||||||||||||||||||||||||
| Northside Plaza | Clinton, NC | 100 % | N/A | 1982 / 2015 | 79,865 | 95.0 | % | $ | 676 | $ | 8.91 | Food Lion | Farmers Home Furniture | ||||||||||||||||||||||||||||
| The Shoppes at Ardrey Kell | Charlotte, NC | 14 % | Charlotte-Concord-Gastonia, NC-SC | 2008 | 82,119 | 100.0 | % | $ | 1,641 | $ | 19.98 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Tramway Crossing | Sanford, NC | 100 % | Sanford, NC | 1996 | 62,382 | 97.8 | % | $ | 851 | $ | 13.95 | Food Lion | N/A | ||||||||||||||||||||||||||||
| Windsor Center | Dallas, NC | 100 % | Charlotte-Concord-Gastonia, NC-SC | 1974 / 2015 | 81,423 | 93.8 | % | $ | 780 | $ | 10.21 | N/A | Southern States Cooperative; Kintegra Health; Workout Anytime | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 53 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Plaza 23 | Pompton Plains, NJ | 100 % | New York-Newark-Jersey City, NY-NJ-PA | 1963 / 2025 | 169,478 | 100.0 | % | $ | 4,470 | $ | 26.38 | Stop & Shop | T.J. Maxx; HomeGoods | ||||||||||||||||||||||||||||
| Coronado Center | Santa Fe, NM | 100 % | Santa Fe, NM | 1964 / 2023 | 116,005 | 93.5 | % | $ | 1,947 | $ | 17.96 | Trader Joe's | New Mexico Bike N Sport; Empire Sushi Buffet; Dollar Tree | ||||||||||||||||||||||||||||
| Plaza Farmington | Farmington, NM | 100 % | Farmington, NM | 2004 | 138,955 | 100.0 | % | $ | 1,453 | $ | 10.46 | Safeway | T.J. Maxx; Best Buy; Petco | ||||||||||||||||||||||||||||
| Crossroads Towne Center | North Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 2007 / 2021 | 148,719 | 97.0 | % | $ | 4,713 | $ | 32.68 | Walmart(1) | Planet Fitness; Oasis Jiu Jitsu; Salon Boutique | ||||||||||||||||||||||||||||
| Green Valley Plaza | Henderson, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1978 / 1982 | 89,332 | 98.0 | % | $ | 2,224 | $ | 25.41 | Trader Joe's | Dollar Tree; Big 5 Sporting Goods | ||||||||||||||||||||||||||||
| Rainbow Plaza | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1989 / 2022 | 144,845 | 95.7 | % | $ | 2,560 | $ | 18.47 | Albertsons | Ross Dress for Less | ||||||||||||||||||||||||||||
| Southwest Marketplace | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 2008 / 2022 | 167,793 | 100.0 | % | $ | 3,980 | $ | 23.72 | Smith's | EoS Fitness | ||||||||||||||||||||||||||||
| Sprouts Plaza | Las Vegas, NV | 100 % | Las Vegas-Henderson-Paradise, NV | 1995 / 2022 | 112,580 | 100.0 | % | $ | 2,433 | $ | 21.61 | Sprouts Farmers Market | Goodwill; Uptown Jungle | ||||||||||||||||||||||||||||
| University Plaza | Amherst, NY | 100 % | Buffalo-Cheektowaga, NY | 1980 / 2020 | 163,388 | 88.9 | % | $ | 1,785 | $ | 12.29 | Tops Markets | Amherst Theatre; DaVita Dialysis | ||||||||||||||||||||||||||||
| Beavercreek Towne Center | Beavercreek, OH | 100 % | Dayton-Kettering, OH | 1994 / 2019 | 366,416 | 100.0 | % | $ | 4,004 | $ | 10.93 | Fresh Thyme | Lowe's; Kohl's; Ashley Furniture HomeStore; T.J. Maxx; Sierra; Shoe Carnival and Shoe Station | ||||||||||||||||||||||||||||
| East Side Square | Springfield, OH | 100 % | Springfield, OH | 2007 | 8,400 | 100.0 | % | $ | 178 | $ | 21.19 | Walmart(1) | N/A | ||||||||||||||||||||||||||||
| Fairfield Crossing | Beavercreek, OH | 100 % | Dayton-Kettering, OH | 1994 | 71,170 | 93.0 | % | $ | 1,400 | $ | 21.16 | Walmart(1) | Office Depot; Pet Supplies Plus | ||||||||||||||||||||||||||||
| Fairlawn Town Centre | Fairlawn, OH | 100 % | Akron, OH | 1962 / 2025 | 341,652 | 97.2 | % | $ | 4,892 | $ | 14.73 | Giant Eagle; Marc's | U.S. Post Office; Ashley Furniture HomeStore; HomeGoods; Lucky Shoes; Get Fit 24/7; Chuck E. Cheese; Pet Supplies Plus | ||||||||||||||||||||||||||||
| Flag City Station | Findlay, OH | 100 % | Findlay, OH | 1992 / 2020 | 250,449 | 100.0 | % | $ | 1,538 | $ | 6.14 | Walmart | T.J. Maxx; PetSmart | ||||||||||||||||||||||||||||
| Forest Park Square | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1988 / 2018 | 92,824 | 100.0 | % | $ | 1,076 | $ | 11.59 | Kroger | N/A | ||||||||||||||||||||||||||||
| Georgesville Square | Columbus, OH | 14 % | Columbus, OH | 1996 / 2017 | 270,045 | 100.0 | % | $ | 2,620 | $ | 9.70 | Kroger | Lowe's; Nationwide Children's Hospital | ||||||||||||||||||||||||||||
| Glenwood Crossing | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1999 / 2015 | 101,021 | 98.5 | % | $ | 788 | $ | 7.92 | Kroger | Dollar Tree | ||||||||||||||||||||||||||||
| Goshen Station | Goshen, OH | 100 % | Cincinnati, OH-KY-IN | 1973 / 2003 | 53,802 | 97.0 | % | $ | 578 | $ | 11.07 | Kroger | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 54 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Harpers Station | Cincinnati, OH | 100 % | Cincinnati, OH-KY-IN | 1994 / 2022 | 229,060 | 77.2 | % | $ | 2,717 | $ | 15.37 | Fresh Thyme | Painted Tree Marketplace; T.J. Maxx; HomeGoods | ||||||||||||||||||||||||||||
| Hartville Centre | Hartville, OH | 100 % | Canton-Massillon, OH | 1988 / 2008 | 124,258 | 100.0 | % | $ | 1,387 | $ | 11.16 | Giant Eagle | Aultman Medical | ||||||||||||||||||||||||||||
| Harvest Plaza | Akron, OH | 100 % | Akron, OH | 1974 / 2015 | 75,866 | 100.0 | % | $ | 778 | $ | 10.25 | Giant Eagle | N/A | ||||||||||||||||||||||||||||
| Lakewood City Center | Lakewood, OH | 100 % | Cleveland-Elyria, OH | 1991 / 2011 | 67,280 | 100.0 | % | $ | 1,232 | $ | 18.31 | Marc's | Pet Supplies Plus | ||||||||||||||||||||||||||||
| Oak Creek Center | Lewis Center, OH | 100 % | Columbus, OH | 2000 | 104,124 | 93.8 | % | $ | 1,764 | $ | 18.06 | N/A | N/A | ||||||||||||||||||||||||||||
| Sheffield Crossing | Sheffield Village, OH | 100 % | Cleveland-Elyria, OH | 1989 / 2024 | 110,688 | 98.9 | % | $ | 1,616 | $ | 14.76 | Giant Eagle | N/A | ||||||||||||||||||||||||||||
| Shoregate Town Center | Willowick, OH | 100 % | Cleveland-Elyria, OH | 1958 / 2025 | 287,816 | 96.4 | % | $ | 2,647 | $ | 9.54 | Giant Eagle; Marc's | Goodwill; Planet Fitness; Ace Hardware; Aaron's; Dollar General; Pet Supplies Plus | ||||||||||||||||||||||||||||
| Sidney Towne Center | Sidney, OH | 100 % | Sidney, OH | 1981 / 2007 | 115,776 | 100.0 | % | $ | 640 | $ | 5.53 | Kroger | N/A | ||||||||||||||||||||||||||||
| Snow View Plaza | Parma, OH | 100 % | Cleveland-Elyria, OH | 1981 / 2023 | 101,450 | 92.6 | % | $ | 1,286 | $ | 13.69 | Giant Eagle | Kumo Japanese | ||||||||||||||||||||||||||||
| Sulphur Grove | Huber Heights, OH | 100 % | Dayton-Kettering, OH | 2004 | 19,570 | 87.7 | % | $ | 292 | $ | 17.01 | Walmart(1) | N/A | ||||||||||||||||||||||||||||
| Trader Joe's Center | Dublin, OH | 100 % | Columbus, OH | 1986 | 75,506 | 95.8 | % | $ | 1,449 | $ | 20.04 | Trader Joe's | N/A | ||||||||||||||||||||||||||||
| Westgate Shopping Center | Fairview Park, OH | 100 % | Cleveland-Elyria, OH | 2007 / 2023 | 216,543 | 99.3 | % | $ | 4,646 | $ | 21.61 | Target(1) | Planet Fitness; Petco; Books-A-Million | ||||||||||||||||||||||||||||
| East Burnside Plaza | Portland, OR | 100 % | Portland-Vancouver-Hillsboro, OR-WA | 1955 / 1999 | 38,363 | 100.0 | % | $ | 822 | $ | 21.43 | Quality Food Centers | N/A | ||||||||||||||||||||||||||||
| Hilfiker Shopping Center | Salem, OR | 100 % | Salem, OR | 1984 / 2024 | 38,667 | 100.0 | % | $ | 778 | $ | 20.12 | Trader Joe's | Petco; Ulta | ||||||||||||||||||||||||||||
| Sunset Shopping Center | Corvallis, OR | 100 % | Corvallis, OR | 1998 / 2023 | 166,873 | 97.8 | % | $ | 2,645 | $ | 16.20 | Safeway | BI-MART; Personal Touch Car Wash | ||||||||||||||||||||||||||||
| Edgewood Towne Center | Edgewood, PA | 100 % | Pittsburgh, PA | 1990 / 2021 | 342,610 | 100.0 | % | $ | 4,528 | $ | 13.22 | 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 | % | $ | 1,029 | $ | 14.30 | Giant | N/A | ||||||||||||||||||||||||||||
| Northtowne Square | Gibsonia, PA | 14 % | Pittsburgh, PA | 1993 / 2003 | 113,372 | 96.9 | % | $ | 1,073 | $ | 9.77 | Giant Eagle | N/A | ||||||||||||||||||||||||||||
| Palmer Town Center | Easton, PA | 100 % | Allentown-Bethlehem-Easton, PA-NJ | 2005 | 153,020 | 100.0 | % | $ | 2,984 | $ | 19.50 | Giant | Marshalls | ||||||||||||||||||||||||||||
| Townfair Center | Indiana, PA | 100 % | Indiana, PA | 1995 / 2016 | 218,610 | 100.0 | % | $ | 2,190 | $ | 10.02 | Giant Eagle | Lowe's; Michaels | ||||||||||||||||||||||||||||
| Yorktown Centre | Millcreek Township, PA | 100 % | Erie, PA | 1989 / 2020 | 198,418 | 98.0 | % | $ | 2,296 | $ | 11.81 | Giant Eagle | Saint Vincent Hospital; A Bridge to Independence | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 55 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Centerpoint | Easley, SC | 100 % | Greenville-Anderson, SC | 2002 | 72,287 | 100.0 | % | $ | 991 | $ | 13.71 | Publix | N/A | ||||||||||||||||||||||||||||
| Hampton Village | Taylors, SC | 100 % | Greenville-Anderson, SC | 1959 / 2019 | 133,688 | 100.0 | % | $ | 1,938 | $ | 14.50 | Publix | Burkes Outlet | ||||||||||||||||||||||||||||
| Irmo Station | Irmo, SC | 100 % | Columbia, SC | 1980 / 1981 | 99,440 | 95.2 | % | $ | 1,365 | $ | 14.42 | Kroger | Pet Supplies Plus | ||||||||||||||||||||||||||||
| Murray Landing | Columbia, SC | 100 % | Columbia, SC | 2003 / 2016 | 75,714 | 100.0 | % | $ | 1,361 | $ | 17.98 | Publix | N/A | ||||||||||||||||||||||||||||
| North Pointe Plaza | North Charleston, SC | 100 % | Charleston-North Charleston, SC | 1989 / 2024 | 373,520 | 100.0 | % | $ | 3,060 | $ | 8.19 | 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 | % | $ | 1,071 | $ | 16.12 | Publix | N/A | ||||||||||||||||||||||||||||
| Stockbridge Commons | Fort Mill, SC | 14 % | Charlotte-Concord-Gastonia, NC-SC | 2003 / 2012 | 99,473 | 98.7 | % | $ | 1,901 | $ | 19.36 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Summerville Galleria | Summerville, SC | 100 % | Charleston-North Charleston, SC | 1989 / 2014 | 106,391 | 95.0 | % | $ | 1,597 | $ | 15.81 | Food Lion | N/A | ||||||||||||||||||||||||||||
| The Fresh Market Commons | Pawleys Island, SC | 100 % | Georgetown, SC | 2011 / 2014 | 32,325 | 100.0 | % | $ | 739 | $ | 22.86 | The Fresh Market | N/A | ||||||||||||||||||||||||||||
| Village at Sandhill | Columbia, SC | 31 % | Columbia, SC | 2006 / 2025 | 117,257 | 95.8 | % | $ | 1,948 | $ | 17.35 | Lowes Foods | N/A | ||||||||||||||||||||||||||||
| Hamilton Village | Chattanooga, TN | 100 % | Chattanooga, TN-GA | 1989 / 2021 | 429,325 | 99.3 | % | $ | 3,772 | $ | 8.85 | ALDI; Walmart | Urban Air Adventure Park; Gabe's; Southeast Pickleball Partners; Savers; Boot Barn | ||||||||||||||||||||||||||||
| Hickory Plaza | Nashville, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 1974 / 2020 | 72,136 | 100.0 | % | $ | 944 | $ | 13.09 | Kroger | N/A | ||||||||||||||||||||||||||||
| Lynnwood Place | Jackson, TN | 100 % | Jackson, TN | 1986 / 2013 | 96,613 | 83.5 | % | $ | 895 | $ | 11.09 | Kroger | N/A | ||||||||||||||||||||||||||||
| Providence Commons | Mt. Juliet, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 2009 | 110,137 | 100.0 | % | $ | 2,097 | $ | 19.04 | Publix | Five Below | ||||||||||||||||||||||||||||
| Willowbrook Commons | Nashville, TN | 100 % | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 93,600 | 97.0 | % | $ | 1,090 | $ | 12.00 | Kroger | N/A | ||||||||||||||||||||||||||||
| Cinco Ranch at Market Center | Katy, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2007 / 2023 | 104,794 | 100.0 | % | $ | 2,415 | $ | 23.05 | Super Target(1) | HomeGoods; Michaels; OfficeMax | ||||||||||||||||||||||||||||
| Coppell Market Center | Coppell, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2008 | 90,225 | 100.0 | % | $ | 1,471 | $ | 16.30 | Market Street | N/A | ||||||||||||||||||||||||||||
| Creekside Park Village | The Woodlands, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2014 | 74,641 | 98.4 | % | $ | 2,860 | $ | 38.95 | H-E-B(1) | N/A | ||||||||||||||||||||||||||||
| Hickory Creek Plaza | Denton, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2007 | 28,421 | 100.0 | % | $ | 850 | $ | 29.91 | Kroger(1) | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 56 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Kleinwood Center | Spring, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2003 | 152,900 | 98.2 | % | $ | 3,409 | $ | 22.70 | H-E-B | N/A | ||||||||||||||||||||||||||||
| Lake Pointe Market | Rowlett, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2002 | 40,608 | 100.0 | % | $ | 1,185 | $ | 29.18 | Tom Thumb(1) | N/A | ||||||||||||||||||||||||||||
| Lakeland Village Center | Cypress, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2016 | 83,542 | 97.6 | % | $ | 2,301 | $ | 28.22 | N/A | CVS | ||||||||||||||||||||||||||||
| Mansfield Market Center | Mansfield, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2015 | 55,353 | 100.0 | % | $ | 1,521 | $ | 27.48 | Sprouts Farmers Market | N/A | ||||||||||||||||||||||||||||
| Market at Cross Creek Ranch | Fulshear, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2017 / 2021 | 59,803 | 100.0 | % | $ | 2,240 | $ | 37.46 | H-E-B(1) | N/A | ||||||||||||||||||||||||||||
| Mayfair Village | Hurst, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1981 / 2025 | 230,916 | 94.8 | % | $ | 2,980 | $ | 13.61 | Tom Thumb | Ollie's Bargain Outlet; Up and Air Trampoline and Adventure Park; Planet Fitness | ||||||||||||||||||||||||||||
| McKinney Market Street | Mckinney, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2003 / 2019 | 97,486 | 100.0 | % | $ | 2,206 | $ | 22.63 | Market Street | N/A | ||||||||||||||||||||||||||||
| Memorial at Kirkwood | Houston, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 1979 / 2025 | 104,887 | 93.4 | % | $ | 2,151 | $ | 21.96 | N/A | Dollar Tree | ||||||||||||||||||||||||||||
| Murphy Marketplace | Murphy, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2008 / 2025 | 227,086 | 93.2 | % | $ | 5,351 | $ | 25.29 | Sprouts Farmers Market | EoS Fitness; Michaels | ||||||||||||||||||||||||||||
| Oak Meadows Marketplace | Georgetown, TX | 100 % | Austin-Round Rock-Georgetown, TX | 2018 | 78,841 | 100.0 | % | $ | 1,621 | $ | 20.56 | Randalls | N/A | ||||||||||||||||||||||||||||
| Plano Market Street | Plano, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2009 | 166,978 | 95.5 | % | $ | 3,758 | $ | 23.56 | Market Street | Tint School of Makeup & Cosmetology | ||||||||||||||||||||||||||||
| Riverpark Shopping Center | Sugar Land, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2003 / 2025 | 317,330 | 99.5 | % | $ | 6,783 | $ | 21.48 | H-E-B | LA Fitness; Ace Pickleball Club; Dave & Buster's; Dollar Tree; Walgreens | ||||||||||||||||||||||||||||
| Seville Commons | Arlington, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1987 / 2022 | 112,421 | 100.0 | % | $ | 1,796 | $ | 15.98 | Walmart Neighborhood Market | N/A | ||||||||||||||||||||||||||||
| Shops at Cross Creek | Fulshear, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 2015 | 24,188 | 100.0 | % | $ | 807 | $ | 33.36 | N/A | N/A | ||||||||||||||||||||||||||||
| Spring Cypress Village | Houston, TX | 100 % | Houston-The Woodlands-Sugar Land, TX | 1982 / 2024 | 103,758 | 93.4 | % | $ | 2,159 | $ | 22.27 | 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 | % | $ | 1,133 | $ | 12.69 | Kroger | N/A | ||||||||||||||||||||||||||||
| Suntree Square | Southlake, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 2000 / 2025 | 99,269 | 100.0 | % | $ | 1,806 | $ | 18.19 | Tom Thumb | N/A | ||||||||||||||||||||||||||||
| Towne Crossing Shopping Center | Mesquite, TX | 100 % | Dallas-Fort Worth-Arlington, TX | 1984 / 2024 | 165,419 | 93.5 | % | $ | 2,205 | $ | 14.26 | Kroger | WSS; Citi Trends; Kids Empire; CSL Plasma | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 57 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Walden Park | Austin, TX | 100 % | Austin-Round Rock- Georgetown, TX | 2002 / 2014 | 90,888 | 96.9 | % | $ | 1,968 | $ | 22.35 | Super Target(1) | HomeGoods | ||||||||||||||||||||||||||||
| 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 | 96.2 | % | $ | 2,891 | $ | 32.70 | Giant | N/A | ||||||||||||||||||||||||||||
| Birdneck Shopping Center | Virginia Beach, VA | 100 % | Virginia Beach-Norfolk-Newport News, VA-NC | 1987 / 2017 | 65,554 | 100.0 | % | $ | 697 | $ | 10.63 | Food Lion | N/A | ||||||||||||||||||||||||||||
| Cascades Overlook | Sterling, VA | 100 % | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2016 | 150,525 | 95.2 | % | $ | 4,394 | $ | 30.66 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Courthouse Marketplace | Virginia Beach, VA | 100 % | Virginia Beach-Norfolk-Newport News, VA-NC | 2005 / 2024 | 107,623 | 98.5 | % | $ | 2,057 | $ | 19.40 | Harris Teeter | N/A | ||||||||||||||||||||||||||||
| Dunlop Village | Colonial Heights, VA | 100 % | Richmond, VA | 1987 / 2012 | 77,315 | 86.1 | % | $ | 683 | $ | 10.26 | Food Lion | Ace Hardware | ||||||||||||||||||||||||||||
| Lakeside Plaza | Salem, VA | 100 % | Roanoke, VA | 1988 / 2025 | 87,784 | 94.8 | % | $ | 987 | $ | 11.86 | Kroger | NAPA Auto Parts | ||||||||||||||||||||||||||||
| Nordan Shopping Center | Danville, VA | 100 % | Danville, VA | 1961 / 2015 | 135,058 | 80.3 | % | $ | 932 | $ | 8.59 | Walmart Neighborhood Market | It's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections | ||||||||||||||||||||||||||||
| Rio Hill Shopping Center | Charlottesville, VA | 20 % | Charlottesville, VA | 1989 / 2021 | 286,195 | 91.6 | % | $ | 3,705 | $ | 14.13 | Kroger | T.J. Maxx; Burlington; Planet Fitness; Sierra; Dollar Tree | ||||||||||||||||||||||||||||
| Statler Square | Staunton, VA | 100 % | Staunton, VA | 1989 / 1997 | 134,660 | 93.9 | % | $ | 1,257 | $ | 9.94 | Kroger | Staples; Petco | ||||||||||||||||||||||||||||
| Staunton Plaza | Staunton, VA | 100 % | Staunton, VA | 2006 | 80,266 | 98.3 | % | $ | 1,426 | $ | 18.07 | Martin's | N/A | ||||||||||||||||||||||||||||
| Stonewall Plaza | Winchester, VA | 100 % | Winchester, VA-WV | 2007 | 118,584 | 100.0 | % | $ | 2,701 | $ | 22.78 | Martin's | Dollar Tree | ||||||||||||||||||||||||||||
| Village at Waterford | Midlothian, VA | 100 % | Richmond, VA | 1991 / 2016 | 78,611 | 98.0 | % | $ | 893 | $ | 11.59 | Food Lion | N/A | ||||||||||||||||||||||||||||
| Waynesboro Plaza | Waynesboro, VA | 100 % | Staunton, VA | 2005 | 76,534 | 100.0 | % | $ | 1,460 | $ | 19.08 | Martin's | N/A | ||||||||||||||||||||||||||||
| Winchester Gateway | Winchester, VA | 100 % | Winchester, VA-WV | 2006 | 163,585 | 100.0 | % | $ | 3,270 | $ | 19.99 | Martin's | East Coast Gymnastics and Cheer; Ridgeside K9 Winchester | ||||||||||||||||||||||||||||
| Claremont Village | Everett, WA | 100 % | Seattle-Tacoma-Bellevue, WA | 1994 / 2012 | 86,649 | 100.0 | % | $ | 1,472 | $ | 16.99 | Quality Food Centers | Ace Hardware | ||||||||||||||||||||||||||||
| Surprise Lake Square | Milton, WA | 100 % | Seattle-Tacoma-Bellevue, WA | 1984 / 2020 | 132,616 | 81.9 | % | $ | 2,659 | $ | 24.48 | Grocery Outlet; Safeway(1) | Dollar Tree | ||||||||||||||||||||||||||||
| The Orchards | Yakima, WA | 100 % | Yakima, WA | 2002 | 86,407 | 100.0 | % | $ | 1,412 | $ | 16.34 | Rosauers Supermarkets | N/A | ||||||||||||||||||||||||||||
| Westgate North Shopping Center | Tacoma, WA | 100 % | Seattle-Tacoma-Bellevue, WA | 1960 / 2017 | 74,818 | 94.2 | % | $ | 2,474 | $ | 35.11 | Safeway(1) | N/A | ||||||||||||||||||||||||||||
| Phillips Edison & Company | 58 | |||||||
Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | |||||||||||||||||||||||||||||||||||||||||
| Property Name | Location | Ownership Percentage | CBSA | Year Constructed/ Renovated | GLA | % Leased | ABR | ABR PSF | Grocery Anchor | Additional Anchors | |||||||||||||||||||||||||||||||
| Fairacres Shopping Center | Oshkosh, WI | 100 % | Oshkosh-Neenah, WI | 1992 / 2016 | 85,523 | 98.5 | % | $ | 1,044 | $ | 12.39 | Pick 'n Save | O-Town Iron | ||||||||||||||||||||||||||||
| Franklin Centre | Franklin, WI | 100 % | Milwaukee-Waukesha, WI | 1994 / 2018 | 120,068 | 97.4 | % | $ | 1,280 | $ | 10.95 | Pick 'n Save | Planet Fitness | ||||||||||||||||||||||||||||
| Glenwood Crossings | Kenosha, WI | 100 % | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2018 | 87,115 | 97.7 | % | $ | 1,116 | $ | 13.11 | Pick 'n Save | Dollar Tree | ||||||||||||||||||||||||||||
| Greentree Centre | Racine, WI | 100 % | Racine, WI | 1989 / 2018 | 78,011 | 100.0 | % | $ | 1,183 | $ | 15.16 | 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 | % | $ | 2,310 | $ | 21.11 | Metro Market | N/A | ||||||||||||||||||||||||||||
| Village Center | Racine, WI | 100 % | Racine, WI | 2002 / 2021 | 240,847 | 98.7 | % | $ | 2,755 | $ | 11.59 | Festival Foods | Kohl's; Ulta | ||||||||||||||||||||||||||||
| Total | 36,859,865 | 97.1 | % | $ | 599,567 | $ | 16.76 | ||||||||||||||||||||||||||||||||||
(1)Retailer is not part of the owned property.
| Phillips Edison & Company | 59 | |||||||
| ADDITIONAL DISCLOSURES | ||
Three Months Ended March 31, 2026 | ||
| Phillips Edison & Company | 60 | |||||||
Earnings Guidance Unaudited, in thousands (excluding per share amounts) | |||||||||||||||||
| The following guidance is based upon PECO’s current view of existing market conditions and assumptions for the year ending December 31, 2026. 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” above. | |||||||||||||||||
| Q1 2026 YTD | Updated Full Year 2026 Guidance | Previous Full Year 2026 Guidance | |||||||||||||||
| Net income per share | $0.24 | $0.79 - $0.81 | $0.74 - $0.77 | ||||||||||||||
| Nareit FFO per share | $0.67 | $2.66 - $2.71 | $2.65 - $2.71 | ||||||||||||||
| Core FFO per share | $0.69 | $2.72 - $2.78 | $2.71 - $2.77 | ||||||||||||||
Same-Center NOI growth(1) | 3.5% | 3.00% - 4.00% | 3.00% - 4.00% | ||||||||||||||
| Portfolio Activity | |||||||||||||||||
Acquisition activity, gross(2) | $125,502 | $400,000 - $500,000 | $400,000 - $500,000 | ||||||||||||||
| Other | |||||||||||||||||
| Interest expense, net | $29,772 | $117,000 - $127,000 | $117,000 - $127,000 | ||||||||||||||
| G&A expense | $11,943 | $49,000 - $53,000 | $49,000 - $53,000 | ||||||||||||||
Non-cash revenue items(3) | $5,330 | $19,000 - $21,000 | $19,000 - $21,000 | ||||||||||||||
| Adjustments for collectibility | $1,151 | $5,000 - $8,000 | $5,000 - $8,000 | ||||||||||||||
| Low End | High End | ||||||||||||||||
Reconciliation | |||||||||||||||||
| Net income per common share | $ | 0.79 | $ | 0.81 | |||||||||||||
| Depreciation and amortization of real estate assets | 1.88 | 1.90 | |||||||||||||||
| Gain on disposal of property, net | (0.05) | (0.05) | |||||||||||||||
| Adjustments related to unconsolidated joint ventures | 0.04 | 0.05 | |||||||||||||||
| Nareit FFO per common share | $ | 2.66 | $ | 2.71 | |||||||||||||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |||||||||||||||
| Loss on extinguishment or modification of debt and other, net | 0.01 | 0.01 | |||||||||||||||
| Transaction costs and other | 0.04 | 0.05 | |||||||||||||||
| Core FFO per common share | $ | 2.72 | $ | 2.78 | |||||||||||||
(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 the Company's results without unreasonable effort.
(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.
(3)Represents straight-line rental income and net amortization of above- and below-market leases.
| Phillips Edison & Company | 61 | |||||||
Components of Net Asset Value Unaudited, dollars and shares in thousands | ||||||||||||||||||||
| Three Months Ended March 31, 2026 | Supplement Page | As of March 31, 2026 | Supplement Page | |||||||||||||||||
NOI FOR REAL ESTATE INVESTMENTS(1) | $ | 127,277 | OTHER ASSETS | |||||||||||||||||
| Cash and cash equivalents | $ | 3,141 | ||||||||||||||||||
| ADJUSTMENTS TO NOI | Restricted cash | 19,218 | ||||||||||||||||||
NOI adjustments for Q1 acquisitions/dispositions(2) | $ | 678 | Accounts receivable, net | 57,728 | ||||||||||||||||
| Prepaid expenses and other assets | 28,869 | |||||||||||||||||||
Quarterly impact of ABR from leases signed but not yet paying rent as of March 31, 2026 | 2,983 | Derivative assets | 248 | |||||||||||||||||
| Investment in third parties | 6,856 | |||||||||||||||||||
| Pro rata NOI from Joint Ventures | 1,974 | Investment in marketable securities | 15,327 | |||||||||||||||||
Pro rata NOI adjustments for Q1 acquisitions/dispositions from Joint Ventures(2) | — | Total value of other assets | $ | 131,387 | ||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| INVESTMENT MANAGEMENT BUSINESS | Debt obligations | $ | 2,517,631 | |||||||||||||||||
| Fees and management income | $ | 3,445 | Accounts payable and other liabilities | 135,294 | ||||||||||||||||
| Property operating expenses related to fees and management income | 2,081 | Total value of liabilities | $ | 2,652,925 | ||||||||||||||||
| Share of unconsolidated investment loss recorded in Other Expense, Net | 36 | EQUITY | ||||||||||||||||||
| Common shares and OP units outstanding | 138,713 | |||||||||||||||||||
| JOINT VENTURES | ||||||||||||||||||||
| Pro rata share of debt | $ | 54,770 | ||||||||||||||||||
| DEVELOPMENT AND REDEVELOPMENT | ||||||||||||||||||||
| Costs incurred to date | $ | 42,198 | ||||||||||||||||||
| Estimated remaining costs to be incurred | 31,819 | |||||||||||||||||||
| Underwritten incremental unlevered yield | 9%-12% | |||||||||||||||||||
| Land held for future development | $ | 34,810 | ||||||||||||||||||
(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. 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) adjustments related to our investments in unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income. We use EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow us to compare earnings independent of capital structure and evaluate debt leverage and fixed cost coverage. | ||||
Equity market capitalization(1) | The total dollar value of all outstanding shares and OP Units 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. | ||||
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| Glossary of Terms | |||||
Nareit Funds from Operations Attributable to Stockholders and OP Unit Holders (Nareit FFO), Core FFO Attributable to Stockholders and OP Unit Holders (Core FFO), and Adjusted FFO Attributable to Stockholders and OP Unit Holders (Adjusted FFO)(1) | Nareit defines Funds from Operations (“FFO”) as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures; and (iv) adjustments for unconsolidated partnerships and joint ventures, calculated to reflect FFO on the same basis. We believe FFO provides insight into our operating performance as it excludes certain items that are not indicative of such performance. Core FFO is calculated as Nareit FFO adjusted to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) adjustments related to our investments in unconsolidated joint ventures; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income. Core FFO provides further insight into the sustainability of our operating performance and provides an additional measure to compare our performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). Adjusted FFO is calculated as Core FFO adjusted to exclude: (i) straight-line rent and non-cash adjustments, such as amortization of market lease adjustments, debt discounts, deferred financing costs, and market debt adjustments; (ii) recurring capital expenditures, tenant improvement costs, and leasing commissions; (iii) non-cash share-based compensation expenses; and (iv) our prorated share of the aforementioned adjustments for our unconsolidated joint ventures. Adjusted FFO provides further insight into our portfolio performance by focusing on the revenues and expenditures directly involved in our operations and the management of our entire real estate portfolio. Recurring property-related capital expenditures are costs to maintain properties and their common areas, including new roofs, paving of parking lots, and other general upkeep items, and recurring corporate capital expenditures are primarily costs for computer software and equipment. | ||||
| 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 and lease buyout income, 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(1) | Refers to a property, or portfolio of properties, owned for the entirety of both calendar year periods being compared. | ||||
Total enterprise value(1) | Net debt plus equity market capitalization on a fully diluted basis. | ||||
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| 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 unlevered yields may vary from our underwritten incremental unlevered yield range based on the actual total cost to complete a project and its actual incremental NOI at stabilization. | ||||
(1)Supplemental, non-GAAP performance measures. See the “Introductory Notes” section above for more information on the limitations of non-GAAP performance measures.
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| Investor Information | |||||||||||||||||
| ANALYST COVERAGE | |||||||||||||||||
| BofA Securities | Samir Khanal | [email protected] | |||||||||||||||
| Barclays | Richard Hightower | [email protected] | |||||||||||||||
| BMO Capital Markets | Juan Sanabria | [email protected] | |||||||||||||||
| Deutsche Bank | Tayo Okusanya | [email protected] | |||||||||||||||
| Evercore ISI | Steve Sakwa | [email protected] | |||||||||||||||
| Goldman Sachs | Caitlin Burrows | [email protected] | |||||||||||||||
| Green Street Advisors | Paulina Rojas-Schmidt | [email protected] | |||||||||||||||
| JPMorgan | Michael Mueller | [email protected] | |||||||||||||||
| KeyBanc | Todd Thomas | [email protected] | |||||||||||||||
| Ladenburg Thalmann | Floris van Dijkum | [email protected] | |||||||||||||||
| Mizuho Securities USA | Haendel St. Juste | [email protected] | |||||||||||||||
| Morgan Stanley | Ronald Kamdem | [email protected] | |||||||||||||||
| UBS Global Research | Michael Goldsmith | [email protected] | |||||||||||||||
| Wells Fargo | Cooper Clark | [email protected] | |||||||||||||||
| Wolfe Research | Andrew Rosivach | [email protected] | |||||||||||||||
| CONTACT INFORMATION | |||||||||||||||||
| Investor Relations | |||||||||||||||||
| Kimberly Green | Hannah Harper | ||||||||||||||||
| Head of Investor Relations | Director of Investor Relations | ||||||||||||||||
| [email protected] | [email protected] | ||||||||||||||||
| (513) 538-4380 | (513) 824-7122 | ||||||||||||||||
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