EX-99.2 3 q12025supplemental.htm EX-99.2

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Table of Contents
INTRODUCTORY NOTES			3
FINANCIAL RESULTS
Earnings Release			6
Overview of Results			11
FINANCIAL SUMMARY
Consolidated Balance Sheets			13
Consolidated Statements of Operations			14
Consolidated Statements of Operations (Quarterly)			15
Nareit FFO, Core FFO, and Adjusted FFO			16
Nareit FFO, Core FFO, and Adjusted FFO (Quarterly)			17
EBITDAre Metrics			18
EBITDAre Metrics (Quarterly)			19
Same-Center NOI Analysis			20
Joint Venture Summary and Financials			21
Supplemental Balance Sheet Detail			22
Supplemental Statement of Operations Detail			23
Capital Expenditures			24
Capital Projects			25
Capitalization and Debt Ratios			27
Summary of Outstanding Debt			28
Debt Overview and Schedule of Maturities			29
Covenant Disclosures			30
TRANSACTIONAL SUMMARY
Acquisition and Disposition Summary			32
PORTFOLIO SUMMARY
Wholly-Owned Portfolio Summary			34
ABR by Neighbor Category			35
Occupancy and ABR			36
Top 25 Neighbors by ABR			37
Neighbors by Type and Industry			38
Properties by State			39
New, Renewal, and Option Lease Summary			40
Lease Expirations			41
Property List			42
ADDITIONAL DISCLOSURES
Earnings Guidance			61
Components of NAV			62
Glossary of Terms			63
INVESTOR INFORMATION			66

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Introductory Notes

SUPPLEMENTAL INFORMATION

Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” “us,” or "PECO") is one of the nation’s largest owners and operators of 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,” 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 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 2024 Annual Report on Form 10-K, filed with the SEC on February 11, 2025, 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.

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Introductory Notes

PRO RATA FINANCIAL INFORMATION

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

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FINANCIAL RESULTS
Three Months Ended March 31, 2025

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Earnings Release Unaudited

Phillips Edison & Company Reports

First Quarter 2025 Results and

Affirms Full Year Earnings Guidance

CINCINNATI - April 24, 2025 - 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, 2025 and affirmed full year 2025 earnings guidance. For the three months ended March 31, 2025, net income attributable to stockholders was $26.3 million, or $0.21 per diluted share.

Highlights for the First Quarter and Subsequent

•Reported Nareit FFO of $89.0 million, or $0.64 per diluted share

•Reported Core FFO of $90.8 million, or $0.65 per diluted share

•The midpoint of full year 2025 Nareit FFO guidance represents 5.7% year-over-year growth

•The midpoint of full year 2025 Core FFO guidance represents 5.1% year-over-year growth

•Increased same-center NOI year-over-year by 3.9%

•The midpoint of full year 2025 same-center NOI guidance represents 3.25% year-over-year growth

•Reported strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2%

•Reported strong leased inline occupancy of 94.6% and same-center leased inline occupancy of 94.7%

•Executed portfolio comparable new leases at a rent spread of 28.1% and inline comparable new leases at a rent spread of 27.5% during the quarter

•Executed portfolio comparable renewal leases at a rent spread of 20.8% and inline comparable renewal leases at a record-high rent spread of 21.7% during the quarter

•Acquired six shopping centers for a total of $146.4 million at PECO’s total prorated share, and sold one shopping center for a total of $24.9 million

•Subsequent to quarter end, acquired one shopping center for a total of $27.8 million

•Full year 2025 gross acquisitions guidance reflects a range of $350 million to $450 million

•As previously announced, extended revolving credit facility maturity to January 9, 2029 and upsized to $1.0 billion

Management Commentary

Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “We are pleased to report another solid quarter of results, driven by strong retailer demand and significant value creation across our grocery-anchored shopping center portfolio. Same-center NOI increased by 3.9%, reflecting the stability and strength of our high-quality cash flows and our unique competitive advantages. Our centers are anchored by the #1 or #2 grocer by sales in the market, and 71% of our rents are from necessity-based goods and services. These advantages, combined with continued strong retailer demand, provide earnings stability and strong internal and external growth opportunities. PECO’s focused strategy and disciplined approach position us well for sustained growth in an ever-changing macroeconomic environment."

Financial Results

Net Income

First quarter 2025 net income attributable to stockholders totaled $26.3 million, or $0.21 per diluted share, compared to net income of $17.7 million, or $0.14 per diluted share, during the first quarter of 2024.

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Earnings Release Unaudited

Nareit FFO

First quarter 2025 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share, during the first quarter of 2024. First quarter 2025 Nareit FFO included a one-time lease termination fee that contributed approximately $0.01 per diluted share.

Core FFO

First quarter 2025 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 11.2% to $90.8 million, or $0.65 per diluted share, compared to $81.7 million, or $0.60 per diluted share, during the first quarter of 2024. First quarter 2025 Core FFO included a one-time lease termination fee that contributed approximately $0.01 per diluted share.

Same-Center NOI

First quarter 2025 same-center net operating income (“NOI”) increased 3.9% to $115.1 million, compared to $110.7 million during the first quarter of 2024.

Portfolio Overview

Portfolio Statistics

As of March 31, 2025, PECO’s wholly-owned portfolio consisted of 298 properties, totaling approximately 33.5 million square feet, located in 31 states. This compared to 284 properties, totaling approximately 32.4 million square feet, located in 31 states as of March 31, 2024.

Leased portfolio occupancy was 97.1% as of March 31, 2025, compared to 97.2% as of March 31, 2024. Same-center leased portfolio occupancy was 97.2% as of March 31, 2025 and 2024.

Leased anchor occupancy was 98.4% as of March 31, 2025 and 2024. Same-center leased anchor occupancy was 98.6% as of March 31, 2025, compared to 98.4% as of March 31, 2024.

Leased inline occupancy was 94.6% as of March 31, 2025, compared to 94.8% as of March 31, 2024. Same-center leased inline occupancy was at 94.7% as of March 31, 2025, compared to 94.8% as of March 31, 2024.

Leasing Activity

During the first quarter of 2025, 234 leases were executed totaling approximately 1.5 million square feet. This compared to 245 leases executed totaling approximately 1.3 million square feet during the first quarter of 2024.

During the first quarter of 2025, comparable rent spreads, which represent the percentage increase of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 28.1% for new leases, 20.8% for renewal leases and 22.3% combined.

Transaction Activity - Wholly-Owned

During the first quarter of 2025, the Company acquired five shopping centers for a total of $138.4 million. 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. During the first quarter of 2025, the Company sold one shopping center for $24.9 million, providing a secured note receivable for $17.4 million. The first quarter 2025 acquisitions consisted of:

•Irmo Station, a 99,440 square foot shopping center anchored by Kroger located in a Columbia, South Carolina suburb.

•Market at Cross Creek Ranch, a 59,803 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.

•Foothill Park Plaza, a 43,618 square foot shopping center anchored by Vons located in a Los Angeles, California suburb.

•Broomfield Marketplace, a 114,800 square foot shopping center anchored by King Soopers located in a Denver, Colorado suburb.

•Westgate North Shopping Center, a 74,818 square foot shopping center anchored by Safeway located in a Tacoma, Washington suburb.

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Earnings Release Unaudited

Subsequent to quarter end, the Company acquired one shopping center for a total of $27.8 million. The acquisition completed subsequent to quarter end was:

•Clayton Station, a 67,424 square foot shopping center anchored by Safeway located in a San Francisco, California suburb.

Transaction Activity - Joint Venture

During the first quarter of 2025, the Company acquired Oak Grove Shoppes, a grocery-anchored shopping center located in an Orlando, Florida suburb, through Necessity Retail Venture LLC for PECO’s total prorated share of $8.0 million.

Balance Sheet Highlights

As of March 31, 2025, the Company had approximately $760 million of total liquidity, comprised of $7.9 million of cash, cash equivalents and restricted cash, plus $751.8 million of borrowing capacity available on its $1.0 billion revolving credit facility.

As of March 31, 2025, the Company’s net debt to annualized adjusted EBITDAre was 5.3x. This compared to 5.0x at December 31, 2024. As of March 31, 2025, the Company’s outstanding debt had a weighted-average interest rate of 4.4% and a weighted-average maturity of 5.6 years when including all extension options, and 85.6% of the Company’s total debt was fixed-rate debt.

As previously announced, PECO amended its revolving credit facility to extend its maturity to January 9, 2029 and increased its size to $1.0 billion.

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Earnings Release Unaudited

2025 Guidance

PECO updated its 2025 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, 2025. 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 2025 YTD						Full Year 2025 Guidance						Previous Full Year 2025 Guidance
Net income per share						$0.21						$0.58 - $0.63						$0.54 - $0.59
Nareit FFO per share						$0.64						$2.47 - $2.54						$2.47 - $2.54
Core FFO per share						$0.65						$2.52 - $2.59						$2.52 - $2.59
Same-Center NOI growth						3.9%						3.00% - 3.50%						3.00% - 3.50%
Portfolio Activity:
Acquisitions, gross(1)						$146,445						$350,000 - $450,000						$350,000 - $450,000
Other:
Interest expense, net						$25,672						$111,000 - $121,000						$111,000 - $121,000
G&A expense						$12,086						$45,000 - $49,000						$45,000 - $49,000
Non-cash revenue items(2)						$4,620						$18,000 - $20,000						$18,000 - $20,000
Adjustments for collectibility						$1,227						$4,000 - $8,000						$4,000 - $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 2025 estimated net income to estimated Nareit FFO and Core FFO:

(Unaudited)			Low End						High End
Net income per share			$	0.58					$	0.63
Depreciation and amortization of real estate assets			1.90						1.92
Gain on sale of real estate assets			(0.04)						(0.04)
Adjustments related to unconsolidated joint ventures			0.03						0.03
Nareit FFO per share			$	2.47					$	2.54
Depreciation and amortization of corporate assets			0.01						0.01
Transaction costs and other			0.04						0.04
Core FFO per share			$	2.52					$	2.59

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Earnings Release Unaudited

Conference Call Details

PECO will host a conference call and webcast on Friday, April 25, 2025 at 12:00 p.m. Eastern Time to discuss first quarter 2025 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 2025 Earnings Conference Call Details:

Date: Friday, April 25, 2025

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 2025 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, 2025.

Connect with PECO

For additional information, please visit https://www.phillipsedison.com/

Follow PECO on:

•Twitter at https://twitter.com/PhillipsEdison

•Facebook at https://www.facebook.com/phillipsedison.co

•Instagram at https://www.instagram.com/phillips.edison/; and

•Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

About Phillips Edison & Company

Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of 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, 2025, PECO managed 321 shopping centers, including 298 wholly-owned centers comprising 33.5 million square feet across 31 states and 23 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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Overview of Results Unaudited, in thousands (excluding per share and per square foot amounts)
									Three Months Ended  March 31,
															2025						2024
SUMMARY FINANCIAL RESULTS
Total revenues (page 14)															$	178,311					$	161,302
Net income attributable to stockholders (page 14)															26,309						17,670
Net income per share - basic and diluted (page 14)															$	0.21					$	0.14
Same-Center NOI (page 20)															115,094						110,727
Adjusted EBITDAre (page 18)															117,001						105,414
Nareit FFO (page 16)															89,048						80,056
Nareit FFO per share - diluted (page 16)															$	0.64					$	0.59
Core FFO (page 16)															90,773						81,663
Core FFO per share - diluted (page 16)															$	0.65					$	0.60
SUMMARY OF FINANCIAL AND OPERATING RATIOS
Same-Center NOI margin (page 20)															71.9		%				72.2		%
Same-Center NOI change (page 20)(1)															3.9		%				3.7		%
LEASING RESULTS
Comparable rent spreads - new leases (page 40)(2)															28.1		%				29.1		%
Comparable rent spreads - renewals (page 40)(2)															20.8		%				16.9		%
Portfolio retention rate (page 34)(2)															91.4		%				87.9		%
						As of March 31,
						2025						2024
OUTSTANDING STOCK AND PARTNERSHIP UNITS
Common stock outstanding															125,407						122,323
Operating Partnership (OP) units outstanding															12,987						13,742
SUMMARY PORTFOLIO STATISTICS(2)
Number of properties									298						284
GLA (page 34)									33,512						32,350
Leased occupancy (page 36)									97.1		%				97.2		%
Economic occupancy (page 36)									96.4		%				96.8		%
Leased ABR PSF (page 36)									$	15.93					$	15.24
Leased Anchor ABR PSF (page 36)									$	10.42					$	10.20
Leased Inline ABR PSF (page 36)									$	26.23					$	24.99
Same-Center leased occupancy (page 36)															97.2		%				97.2		%
Same-Center economic occupancy (page 36)															96.5		%				96.7		%

(1)Reflects Same-Center NOI change as initially reported for the specified period.

(2)Statistics represent the Company's wholly-owned properties.

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FINANCIAL SUMMARY
Three Months Ended March 31, 2025

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Consolidated Balance Sheets Condensed and Unaudited, in thousands (excluding per share amounts)
			March 31, 2025						December 31, 2024
ASSETS
Investment in real estate:
Land and improvements			$	1,904,607					$	1,867,227
Building and improvements			4,165,580						4,085,713
In-place lease assets			530,825						523,209
Above-market lease assets			76,814						76,359
Total investment in real estate assets			6,677,826						6,552,508
Accumulated depreciation and amortization			(1,814,416)						(1,771,052)
Net investment in real estate assets			4,863,410						4,781,456
Investment in unconsolidated joint ventures			34,746						31,724
Total investment in real estate assets, net			4,898,156						4,813,180
Cash and cash equivalents			5,458						4,881
Restricted cash			2,395						3,768
Goodwill			29,066						29,066
Other assets, net			226,664						195,328
Total assets			$	5,161,739					$	5,046,223
LIABILITIES AND EQUITY
Liabilities:
Debt obligations, net			$	2,277,735					$	2,109,543
Below-market lease liabilities, net			118,253						116,096
Accounts payable and other liabilities			123,557						163,692
Deferred income			21,619						22,907
Total liabilities			2,541,164						2,412,238
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2025 and December 31, 2024			—						—
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,407 and 125,120 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			1,254						1,251
Additional paid-in capital			3,652,286						3,646,801
Accumulated other comprehensive income			2,706						4,305
Accumulated deficit			(1,344,819)						(1,332,435)
Total stockholders’ equity			2,311,427						2,319,922
Noncontrolling interests			309,148						314,063
Total equity			2,620,575						2,633,985
Total liabilities and equity			$	5,161,739					$	5,046,223

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Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts)
									Three Months Ended March 31,
															2025						2024
REVENUES
Rental income															$	174,183					$	158,068
Fees and management income															2,783						2,565
Other property income															1,345						669
Total revenues															178,311						161,302
OPERATING EXPENSES
Property operating															29,936						26,534
Real estate taxes															21,079						18,854
General and administrative															12,086						11,813
Depreciation and amortization															65,274						60,206
Total operating expenses															128,375						117,407
OTHER
Interest expense, net															(25,672)						(23,335)
Gain (loss) on disposal of property, net															5,609						(5)
Other expense, net															(980)						(929)
Net income															28,893						19,626
Net income attributable to noncontrolling interests															(2,584)						(1,956)
Net income attributable to stockholders															$	26,309					$	17,670
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders -    basic and diluted															$	0.21					$	0.14

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Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts)
			Three Months Ended
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
REVENUES
Rental income			$	174,183					$	169,455					$	161,780					$	158,286					$	158,068
Fees and management income			2,783						2,788						2,856						2,522						2,565
Other property income			1,345						805						891						707						669
Total revenues			178,311						173,048						165,527						161,515						161,302
OPERATING EXPENSES
Property operating			29,936						31,172						27,528						27,399						26,534
Real estate taxes			21,079						19,787						19,569						19,474						18,854
General and administrative			12,086						11,551						11,114						11,133						11,813
Depreciation and amortization			65,274						63,310						68,328						61,172						60,206
Total operating expenses			128,375						125,820						126,539						119,178						117,407
OTHER
Interest expense, net			(25,672)						(25,036)						(24,998)						(23,621)						(23,335)
Gain (loss) on disposal of property, net			5,609						4						(19)						(10)						(5)
Other expense, net			(980)						(2,015)						(1,068)						(1,720)						(929)
Net income			28,893						20,181						12,903						16,986						19,626
Net income attributable to noncontrolling interests			(2,584)						(2,039)						(1,301)						(1,715)						(1,956)
Net income attributable to stockholders			$	26,309					$	18,142					$	11,602					$	15,271					$	17,670
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders - basic and diluted			$	0.21					$	0.15					$	0.09					$	0.12					$	0.14

Phillips Edison & Company						15

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Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts)
									Three Months Ended  March 31,
															2025						2024
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income															$	28,893					$	19,626
Adjustments:
Depreciation and amortization of real estate assets															64,897						59,776
(Gain) loss on disposal of property, net															(5,609)						5
Adjustments related to unconsolidated joint ventures															867						649
Nareit FFO attributable to stockholders and OP unit holders															$	89,048					$	80,056
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders															$	89,048					$	80,056
Adjustments:
Depreciation and amortization of corporate assets															377						430
Transaction and acquisition expenses															1,322						1,174
Loss on extinguishment or modification of debt and other, net															1						—
Adjustments related to unconsolidated joint ventures															25						3
Core FFO attributable to stockholders and OP unit holders															$	90,773					$	81,663
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders															$	90,773					$	81,663
Adjustments:
Straight-line rent and above- and below-market leases and contracts															(4,745)						(3,910)
Non-cash debt adjustments															1,894						1,901
Capital expenditures and leasing commissions(1)															(15,484)						(10,422)
Non-cash share-based compensation expense															2,701						1,947
Adjustments related to unconsolidated joint ventures															(182)						(95)
Adjusted FFO attributable to stockholders and OP unit holders															$	74,957					$	71,084
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted															138,640						136,404
Nareit FFO attributable to stockholders and OP unit holders per share - diluted															$	0.64					$	0.59
Core FFO attributable to stockholders and OP unit holders per share - diluted															$	0.65					$	0.60

(1)Excludes development and redevelopment projects.

Phillips Edison & Company						16

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Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts)
			Three Months Ended
			March 31, 2025						December 31, 2024						September 30,  2024						June 30, 2024						March 31,  2024
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income			$	28,893					$	20,181					$	12,903					$	16,986					$	19,626
Adjustments:
Depreciation and amortization of real estate assets			64,897						62,876						67,887						60,711						59,776
(Gain) loss on disposal of property, net			(5,609)						(4)						19						10						5
Adjustments related to unconsolidated joint ventures			867						740						745						661						649
Nareit FFO attributable to stockholders and OP unit holders			$	89,048					$	83,793					$	81,554					$	78,368					$	80,056
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders			$	89,048					$	83,793					$	81,554					$	78,368					$	80,056
Adjustments:
Depreciation and amortization of corporate assets			377						434						441						461						430
Transaction and acquisition expenses			1,322						1,492						1,181						1,146						1,174
Loss (gain) on extinguishment or modification of debt and other, net			1						60						1,231						(1)						—
Adjustments related to unconsolidated joint ventures			25						5						3						2						3
Core FFO attributable to stockholders and OP unit holders			$	90,773					$	85,784					$	84,410					$	79,976					$	81,663
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders			$	90,773					$	85,784					$	84,410					$	79,976					$	81,663
Adjustments:
Straight-line rent and above- and below-market leases and contracts			(4,745)						(5,043)						(4,016)						(3,768)						(3,910)
Non-cash debt adjustments			1,894						1,645						2,133						1,985						1,901
Capital expenditures and leasing commissions(1)			(15,484)						(19,661)						(14,835)						(14,173)						(10,422)
Non-cash share-based compensation expense			2,701						2,777						2,795						2,874						1,947
Adjustments related to unconsolidated joint ventures			(182)						(350)						(235)						(190)						(95)
Adjusted FFO attributable to stockholders and OP unit holders			$	74,957					$	65,152					$	70,252					$	66,704					$	71,084
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted			138,640						137,437						136,578						136,439						136,404
Nareit FFO attributable to stockholders and OP unit holders per share - diluted			$	0.64					$	0.61					$	0.60					$	0.57					$	0.59
Core FFO attributable to stockholders and OP unit holders per share - diluted			$	0.65					$	0.62					$	0.62					$	0.59					$	0.60

(1)Excludes development and redevelopment projects.

Phillips Edison & Company						17

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EBITDAre Metrics Unaudited, in thousands
												Three Months Ended  March 31,
																		2025						2024
CALCULATION OF EBITDAre
Net income																		$	28,893					$	19,626
Adjustments:
Depreciation and amortization																		65,274						60,206
Interest expense, net																		25,672						23,335
(Gain) loss on disposal of property, net																		(5,609)						5
Federal, state, and local tax expense																		146						137
Adjustments related to unconsolidated joint ventures																		1,278						928
EBITDAre																		$	115,654					$	104,237
CALCULATION OF ADJUSTED EBITDAre
EBITDAre																		$	115,654					$	104,237
Adjustments:
Transaction and acquisition expenses																		1,322						1,174
Adjustments related to unconsolidated joint ventures																		25						3
Adjusted EBITDAre																		$	117,001					$	105,414

Phillips Edison & Company						18

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EBITDAre Metrics Unaudited, in thousands
			Three Months Ended
			March 31, 2025						December 31,  2024						September 30,  2024						June 30,  2024						March 31,  2024
CALCULATION OF EBITDAre
Net income			$	28,893					$	20,181					$	12,903					$	16,986					$	19,626
Adjustments:
Depreciation and amortization			65,274						63,310						68,328						61,172						60,206
Interest expense, net			25,672						25,036						24,998						23,621						23,335
(Gain) loss on disposal of property, net			(5,609)						(4)						19						10						5
Federal, state, and local tax expense			146						774						446						464						137
Adjustments related to unconsolidated joint ventures			1,278						1,088						1,075						934						928
EBITDAre			$	115,654					$	110,385					$	107,769					$	103,187					$	104,237
CALCULATION OF ADJUSTED EBITDAre
EBITDAre			$	115,654					$	110,385					$	107,769					$	103,187					$	104,237
Adjustments:
Transaction and acquisition expenses			1,322						1,492						1,181						1,146						1,174
Adjustments related to unconsolidated joint ventures			25						5						3						2						3
Adjusted EBITDAre			$	117,001					$	111,882					$	108,953					$	104,335					$	105,414

Phillips Edison & Company						19

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Same-Center Net Operating Income Unaudited, in thousands
															Three Months Ended  March 31,												Favorable (Unfavorable) % Change
																		2025						2024
SAME-CENTER NOI(1)
Revenues:
Rental income(2)																					$	121,343					$	117,050
Tenant recovery income																					38,949						37,592
Reserves for uncollectibility(3)																					(1,148)						(1,838)
Other property income																					1,016						658
Total revenues																					160,160						153,462						4.4		%
Operating expenses:
Property operating expenses																					25,411						24,078
Real estate taxes																					19,655						18,657
Total operating expenses																					45,066						42,735						(5.5)		%
Total Same-Center NOI																					$	115,094					$	110,727					3.9		%
Same-Center NOI margin																					71.9%						72.2%
(1)Same-Center NOI represents the NOI for the 280 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods. (2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income. (3)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

									Three Months Ended  March 31,
															2025						2024
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI
Net income															$	28,893					$	19,626
Adjusted to exclude:
Fees and management income															(2,783)						(2,565)
Straight-line rental income(1)															(2,675)						(2,365)
Net amortization of above- and below-market leases															(1,944)						(1,419)
Lease buyout income															(1,739)						(246)
General and administrative expenses															12,086						11,813
Depreciation and amortization															65,274						60,206
Interest expense, net															25,672						23,335
(Gain) loss on disposal of property, net															(5,609)						5
Other expense, net															980						929
Property operating expenses related to fees and management income															896						1,026
NOI for real estate investments															119,051						110,345
Less: Non-same-center NOI(2)															(3,957)						382
Total Same-Center NOI															$	115,094					$	110,727
(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

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Joint Venture Portfolio and Financial Summary Unaudited, dollars and square feet in thousands

UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY

						As of March 31, 2025
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			$33,219			2,214
Necessity Retail Venture LLC ("NRV")			Cohen & Steers Income Opportunities REIT, Inc.			20%			2			$5,679			263
Neighborhood Grocery Catalyst Fund LLC ("NGCF")			LS BDC Holdings, LLC, a subsidiary of Lafayette Square USA, Inc. & The Northwestern Mutual Life Insurance Company			31%			1			$1,044			49

UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY

			As of March 31, 2025
						GRP I						NRP(1)						NRV						NGCF
Total assets						$	349,355					$	492					$	87,602					$	15,671
Gross debt						174,026						—						47,460						—
Pro rata share of debt						24,358						—						4,632						—
			Three Months Ended  March 31, 2025
						GRP I						NRP(1)						NRV						NGCF
Pro rata share of Nareit FFO(2)						$	763					$	—					$	103					$	49
Pro rata share of Same-Center NOI(2)						1,059						—						—						—
Pro rata share of NOI(2)						1,059						—						225						81

(1)In 2022, the final property in the NRP joint venture was sold, and the outstanding debt balance was repaid. PECO's ownership percentage of the joint venture is 20%.

(2)PECO's shares of 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

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Supplemental Balance Sheets Detail Unaudited, in thousands
			March 31, 2025						December 31, 2024
OTHER ASSETS, NET
Deferred leasing commissions and costs			$	55,487					$	55,266
Deferred financing expenses(1)			16,271						9,037
Office equipment, capital lease assets, and other			26,625						26,557
Corporate intangible assets			6,703						6,703
Total depreciable and amortizable assets			105,086						97,563
Accumulated depreciation and amortization			(54,564)						(53,330)
Net depreciable and amortizable assets			50,522						44,233
Accounts receivable, net(2)			51,346						46,099
Accounts receivable - affiliates			1,376						1,310
Secured loan receivable			17,395						—
Deferred rent receivable, net(3)			74,275						71,954
Derivative assets			2,750						4,510
Prepaid expenses and other			13,255						13,071
Investment in third parties			6,806						6,731
Investment in marketable securities			8,939						7,420
Total other assets, net			$	226,664					$	195,328
ACCOUNTS PAYABLE AND OTHER LIABILITIES
Accounts payable trade and other accruals			$	38,042					$	40,068
Accrued real estate taxes			31,532						34,909
Security deposits			18,171						17,593
Distribution accrual			986						15,615
Accrued compensation			7,140						14,167
Accrued interest			16,462						23,893
Capital expenditure accrual			9,623						15,934
Accrued income taxes and deferred tax liabilities, net			1,601						1,513
Total accounts payable and other liabilities			$	123,557					$	163,692

(1)Deferred financing expenses per the above table are related to the Company's revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability.

(2)Net of $2.7 million and $2.2 million of general reserves for uncollectible amounts as of March 31, 2025 and December 31, 2024, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $6.5 million and $6.8 million as of March 31, 2025 and December 31, 2024, respectively.

(3)Net of $3.7 million and $4.4 million of receivables removed as of March 31, 2025 and December 31, 2024, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.

Phillips Edison & Company						22

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Supplemental Statements of Operations Detail Unaudited, in thousands
									Three Months Ended March 31,
															2025						2024
REVENUES
Rental income(1)															$	127,509					$	118,059
Recovery income(1)															41,747						38,201
Straight-line rent amortization															2,514						1,993
Amortization of lease assets															1,901						1,406
Lease buyout income															1,739						246
Adjustments for collectibility(2)(3)															(1,227)						(1,837)
Fees and management income															2,783						2,565
Other property income															1,345						669
Total revenues															$	178,311					$	161,302
(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															$	11,659					$	2,297
Interest on unsecured term loans, net															6,695						11,360
Interest on secured debt															4,055						4,506
Interest on revolving credit facility, net															1,261						3,159
Non-cash amortization and other(1)															2,001						2,013
Loss on extinguishment or modification of debt and other, net															1						—
Total interest expense, net															$	25,672					$	23,335
(1)Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net.
OTHER EXPENSE, NET
Transaction and acquisition expenses															$	(1,322)					$	(1,174)
Federal, state, and local income tax expense															(146)						(137)
Equity in net income of unconsolidated investments															121						29
Other income															367						353
Total other expense, net															$	(980)					$	(929)

Phillips Edison & Company						23

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Capital Expenditures Unaudited, in thousands
									Three Months Ended  March 31,
															2025						2024
CAPITAL EXPENDITURES FOR REAL ESTATE(1)(2)
Capital improvements															$	3,055					$	1,263
Tenant improvements															9,578						5,413
Redevelopment and development															11,749						3,134
Total capital expenditures for real estate															$	24,382					$	9,810
Corporate asset capital expenditures															458						186
Capitalized indirect costs(3)															1,440						1,011
Total capital spending activity															$	26,280					$	11,007
Cash paid for leasing commissions															$	2,617					$	2,709

(1)Includes landlord work.

(2)Amounts reported are net of insurance proceeds for property damage claims for all periods presented.

(3)Amount includes internal salaries and related benefits of personnel who work directly on capital projects as well as capitalized interest expense.

Phillips Edison & Company						24

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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
Nor'Wood Shopping Center			Colorado Springs, CO			Construction of a 2K SF single-tenant outparcel 100% leased with Starbucks			Q2-2025						$	1,804		$	140		$	1,944
Lakeside Plaza			Salem, VA			Inline expansion of additional 6K SF 100% leased with Dollar Tree			Q2-2025						1,084			148			1,233
Arapahoe Marketplace			Greenwood Village, CO			Construction of a 2K SF single-tenant outparcel 100% leased with Dave’s Hot Chicken			Q2-2025						321			541			862
Murray Landing			Columbia, SC			Construction of an 11K SF multi-tenant outparcel 56% leased with Salons by JC			Q3-2025						3,054			620			3,674
Southwest Marketplace			Las Vegas, NV			Construction of a 42K SF anchor 100% leased with EoS Fitness			Q4-2025						3,455			4,620			8,076
Quivira Crossings			Overland Park, KS			650 SF outparcel 100% leased with Swig			Q1-2026						164			1,089			1,253
Total: Ground Up															$	9,882		$	7,158		$	17,042		7%-10%

Phillips Edison & Company						25

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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
Sudbury Crossing			Sudbury, MA			Center redevelopment of multiple units 100% leased with Dollar Tree, Pinspiration and Achieve Physical Therapy			Q2-2025						$	555		$	265		$	820
Cureton Town Center			Waxhaw, NC			Harris Teeter grocer expansion			Q2-2025						220			766			986
Fairlawn Town Centre			Fairlawn, OH			Center redevelopment including new facade 81% leased with Get Fit 24/7, KI Asian Cuisine and Marc's expansion			Q3-2025						2,885			146			3,031
Shaw's Plaza Easton			Easton, MA			Jr anchor redevelopment 100% leased with Planet Fitness			Q3-2025						1,244			4			1,248
Town & Country Village			Sacramento, CA			Anchor redevelopment 100% leased with Bob's Discount Furniture			Q3-2025						378			1,053			1,431
MetroWest Village			Orlando, FL			Demolish and rebuild Publix plus additional leasing 100% leased with Publix and Yami Buffet			Q4-2025						7,276			—			7,276
The Village Shopping Center			Mooresville, IN			Jr anchor redevelopment 100% leased with Goodwill			Q4-2025						77			960			1,037
Laguna 99 Plaza			Elk Grove, CA			Jr anchor redevelopment 100% leased with Planet Fitness			Q1-2026						220			780			1,000
Apache Shoppes			Rochester, MN			Jr anchor redevelopment 100% leased with Sierra			Q1-2026						778			2,018			2,796
Publix at Seven Hills			Spring Hill, FL			Demolish and rebuild Publix			Q2-2026						2,768			5,197			7,965
Kirkwood Market Place			Houston, TX			Anchor redevelopment 100% leased with Crunch Fitness			Q2-2026						239			2,005			2,243
Total: Redevelopment															$	16,640		$	13,194		$	29,833		11%-20%
Active Projects Total															$	26,522		$	20,352		$	46,875		9%-12%
2025 STABILIZED PROJECTS			5																		$12,682			11%

    

(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

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Capitalization and Debt Ratios Unaudited, in thousands (excluding per share amounts and leverage ratios)
									March 31,  2025						December 31,  2024
EQUITY CAPITALIZATION
Common stock outstanding									125,407						125,120
OP units outstanding									12,987						13,035
Total shares and units outstanding									138,394						138,155
Share price									$	36.49					$	37.46
Total equity market capitalization									$	5,049,997					$	5,175,286
DEBT
Debt obligations, net									$	2,277,735					$	2,109,543
Add: Discount on notes payable									21,706						22,211
Add: Market debt adjustments, net									(273)						(84)
Add: Deferred financing expenses, net									4,994						5,666
Total debt - gross									2,304,162						2,137,336
Less: Cash and cash equivalents									5,458						4,881
Total net debt - consolidated									2,298,704						2,132,455
Add: Prorated share from unconsolidated joint ventures									32,250						28,401
Total net debt									$	2,330,954					$	2,160,856
ENTERPRISE VALUE
Total net debt									$	2,330,954					$	2,160,856
Total equity market capitalization									5,049,997						5,175,286
Total enterprise value									$	7,380,951					$	7,336,142
FINANCIAL LEVERAGE RATIOS
Net debt to Adjusted EBITDAre - annualized:
Net debt									$	2,330,954					$	2,160,856
Adjusted EBITDAre (trailing twelve month period)									442,171						430,584
Net debt to Adjusted EBITDAre - annualized									5.3x						5.0x
Net debt to Adjusted EBITDAre - current quarter annualized:
Net debt									$	2,330,954					$	2,160,856
Adjusted EBITDAre (current quarter annualized)									468,004						447,528
Net debt to Adjusted EBITDAre - current quarter annualized									5.0x						4.8x
Net debt to total enterprise value:
Net debt									$	2,330,954					$	2,160,856
Total enterprise value									7,380,951						7,336,142
Net debt to total enterprise value									31.6%						29.5%

Phillips Edison & Company						27

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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)						$	52,386		3.45% - 6.15%			2025 - 2031			2%
Secured pool due 2027 (15 assets)						195,000			3.52%			2027			8%
Secured pool due 2030 (16 assets)						200,000			3.35%			2030			9%
Total secured debt						$	447,386								19%
UNSECURED DEBT
Term loan due 2026(2)						$	161,750		SOFR + 1.10%			2026			7%
Term loan due 2026(3)						100,000			SOFR + 1.04%			2026			4%
Term loan due 2027						158,000			SOFR + 1.10%			2027			7%
Term loan due 2027						165,000			SOFR + 1.10%			2027			7%
Revolving credit facility(2)(3)						222,000			SOFR + 0.87%			2029			10%
Senior unsecured notes due November 2031						350,000			2.63%			2031			15%
Senior unsecured notes due July 2034						350,000			5.75%			2034			15%
Senior unsecured notes due January 2035						350,000			4.95%			2035			15%
Total unsecured debt						$	1,856,750								81%
Finance leases, net						26
Total debt obligations						$	2,304,162
Assumed market debt adjustments, net						$	273
Discount on notes payable						(21,706)
Deferred financing expenses, net						(4,994)
Debt obligations, net						$	2,277,735

			Notional Amount						Fixed Rate
INTEREST RATE SWAPS
Interest rate swap expiring November 2025			125,000						2.84		%
Interest rate swap expiring December 2025			150,000						3.45		%
Interest rate swap expiring September 2026			200,000						3.36		%
Total notional amount			$	475,000

(1) Repaid two individual property mortgages totaling $14.6 million during the quarter ended March 31,2025.

(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 two one year options with an outside date of 2028.

(3) Reflects a 1 basis point reduction due to the achievement of certain sustainability metric targets.

Phillips Edison & Company						28

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Debt Overview and Schedule of Maturities Unaudited, dollars in thousands
			Secured Debt												Unsecured Debt(2)
Maturity Year			Scheduled Mortgage Principal Payments			Mortgage Loans			Secured Portfolio Loans						Unsecured Term Loans						Senior Unsecured Notes			Revolving Line of Credit						Total Consolidated Debt						Pro Rata Share of JV Debt						Total Debt						Weighted-Average Interest Rate(1)(2)
2025			1,366			21,102			—						—						—			—						22,468						—						22,468						4.0		%
2026			1,908			—			—						100,000						—			—						101,908						24,358						126,266						3.8		%
2027			1,905			3,690			195,000						323,000						—			—						523,595						—						523,595						4.1		%
2028			767			16,600			—						161,750						—			—						179,117						—						179,117						5.1		%
2029			805			—			—						—						—			—						805						—						805						—		%
2030			844			—			200,000						—						—			222,000						422,844						—						422,844						4.3		%
2031			560			2,840			—						—						350,000			—						353,399						—						353,399						2.7		%
2032			—			—			—						—						—			—						—						4,860						4,860						5.9		%
2033			—			—			—						—						—			—						—						—						—						—		%
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			—			—			—						—						—			—						(26,427)						(304)						(26,731)						N/A
Finance leases			—			—			—						—						—			—						26						—						26						N/A
Total			$	8,154		$	44,232		$	395,000					$	584,750					$	1,050,000		$	222,000					$	2,277,735					$	33,546					$	2,311,281					4.4		%

																					Weighted-Average
									Total Debt						Percent of Total Indebtedness						Effective Interest Rate(1)						Years to Maturity(2)
Fixed rate debt									$	1,972,386					84.4%						4.2%						7.1
Variable rate debt									331,750						14.2%						5.4%						2.8
Net debt market adjustments / discounts / issuance costs									(26,427)						N/A						N/A						N/A
Finance leases									26						N/A						N/A						N/A
Total consolidated debt									$	2,277,735					98.6%						4.4%						5.6
Pro rata share of JV Debt									33,850						1.4%						4.2%						3.4
Net debt market adjustments / discounts / issuance costs of JV Debt									(304)						N/A						N/A						N/A
Total consolidated + JV debt									$	2,311,281					100.0%						4.4%						5.5

(1)Includes the impact of $475 million of interest rate swaps with a weighted-average SOFR swap rate of 3.3%; see detail on previous page.

(2)Includes the impact of options to extend debt maturities. The revolving line of credit has two six month extension options with an outside date of 2030 and the $161.8 million unsecured term loan has two one year options with an outside date of 2028.

Phillips Edison & Company						29

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Debt Covenants Unaudited, dollars in thousands

TERM LOANS DUE 2026 AND 2027 AND UNSECURED CREDIT FACILITY DUE 2029

Covenant

March 31, 2025

LEVERAGE RATIO

Total Indebtedness

$2,362,477

Total Asset Value

$7,534,270

Leverage Ratio

=<60%

31.4%

SECURED LEVERAGE RATIO

Total Secured Indebtedness

$481,262

Total Asset Value

$7,534,270

Secured Leverage Ratio

=<35%

6.4%

FIXED CHARGE COVERAGE RATIO

Adjusted EBITDA

$418,730

Total Fixed Charges

$95,677

Fixed Charge Coverage Ratio

=>1.5x

4.38x

MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE

Total Unsecured Indebtedness

$1,883,964

Unencumbered Asset Value

$6,287,669

Unsecured Indebtedness to Unencumbered Asset Value

=<60%

30.0%

MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE

Unencumbered NOI

$393,341

Interest Expense for Unsecured Indebtedness

$74,957

Unencumbered NOI to Interest Expense

>=1.75x

5.25x

DIVIDEND PAYOUT RATIO

Distributions

$166,324

Funds From Operations

$341,217

Dividend Payout Ratio

<95%

48.7%

SENIOR UNSECURED NOTES DUE 2031, 2034, AND 2035

Covenant

March 31, 2025

AGGREGATE DEBT TEST

Total Indebtedness

$2,330,391

Total Asset Value

$6,616,693

Aggregate Debt Test

=<65%

35.2%

SECURED DEBT TEST

Total Secured Indebtedness

$447,412

Total Asset Value

$6,616,693

Secured Debt Test

=<40%

6.8%

DEBT SERVICE TEST

Consolidated EBITDA

$440,369

Annual Debt Service Charge

$92,014

Debt Service Test

=>1.5x

4.79x

MAINTENANCE OF TOTAL UNENCUMBERED ASSETS

Unencumbered Asset Value

$5,681,887

Total Unsecured Indebtedness

$1,882,979

Maintenance of Total Unencumbered Assets

=>150%

302%

Note: Calculations are per covenant definitions as set forth in the applicable debt agreements.

Phillips Edison & Company						30

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TRANSACTIONAL SUMMARY
Three Months Ended March 31, 2025

Phillips Edison & Company						31

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Acquisition Summary Unaudited, dollars in thousands
Date						Property Name						Location						Total GLA						Contract Price						Leased Occupancy at Acquisition						Grocery Anchor			% of PECO Share
1/17/2025						Oak Grove Shoppes(1)						Altamonte Springs, FL						142,257						$8,020						90.8%						Publix			20%
2/6/2025						Irmo Station						Irmo, SC						99,440						19,050						95.6%						Kroger			100%
2/26/2025						Market at Cross Creek Ranch						Fulshear, TX						59,803						32,125						100.0%						H-E-B (shadow)			100%
3/7/2025						Foothill Park Plaza						Monrovia, CA						43,618						31,250						87.8%						Vons (shadow)			100%
3/18/2025						Broomfield Marketplace						Broomfield, CO						114,800						19,000						86.1%						King Soopers			100%
3/28/2025						Westgate North Shopping Center						Tacoma, WA						74,818						37,000						93.3%						Safeway (shadow)			100%
Total acquisitions																		534,736						$146,445
Weighted-average cap rate												6.3		%

(1) Acquisition through the Company's Necessity Retail Venture LLC joint venture. Shown at PECO 20% share.

Disposition Summary Unaudited, dollars in thousands

Date

Property Name

Location

Total GLA

Sale Price

Leased Occupancy at Disposition

Grocery Anchor

% of PECO Share

1/24/2025

Pavilions at San Mateo

Albuquerque, NM

148,749

24,850

94.4%

Walmart Neighborhood Market

100%

Total dispositions

148,749

$24,850

Weighted-average cap rate

7.8

%

Phillips Edison & Company						32

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PORTFOLIO SUMMARY
Quarter Ended March 31, 2025

Phillips Edison & Company						33

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Wholly-Owned Portfolio Summary Unaudited, dollars and square feet in thousands (excluding per square foot amounts)
			As of March 31, 2025
PORTFOLIO OVERVIEW:
Number of shopping centers			298
Number of states			31
Total GLA			33,512
Average shopping center GLA			112
Total ABR			$	518,115
Total ABR from necessity-based goods and services(1)			70.6		%
Percent of ABR from non-grocery anchors			13.6		%
Percent of ABR from inline spaces			57.0		%
GROCERY METRICS:
Percent of ABR from omni-channel grocery-anchored shopping centers			95.3		%
Percent of ABR from grocery anchors(1)			29.5		%
Percent of occupied GLA leased to grocery Neighbors			45.8		%
Grocer health ratio(2)			2.4		%
Percent of ABR from centers with grocery anchors that are #1 or #2 by sales			85.2		%
Average annual sales per square foot of reporting grocers			$	737
LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET:
Total portfolio			97.1		%
Anchor spaces			98.4		%
Inline spaces			94.6		%
AVERAGE REMAINING LEASE TERM (IN YEARS):(3)
Total portfolio			4.5
Grocery anchor spaces			4.4
Non-grocery anchor spaces			5.3
Inline spaces			4.0
PORTFOLIO RETENTION RATE:(4)
Total portfolio			91.4		%
Anchor spaces			96.8		%
Inline spaces			78.6		%
AVERAGE ABR PER SQUARE FOOT:
Total portfolio			$	15.93
Anchor spaces			$	10.42
Inline spaces			$	26.23

(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, 2025. 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 19.8, 30.6, 15.7, and 7.9, respectively.

(4)For the three months ended March 31, 2025.

Phillips Edison & Company						34

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ABR by Neighbor Category Unaudited
			As of March 31, 2025
			% ABR(1)
NECESSITY RETAIL AND SERVICES
Grocery			29.5		%
Quick service - restaurant			11.8		%
Medical			8.5		%
Beauty & hair care			5.3		%
Banks, insurance, and government services			3.6		%
Pet supply			2.1		%
Dollar stores			1.7		%
Education & training			1.6		%
Hardware/automotive			1.5		%
Wine, beer, & liquor			1.4		%
Telecommunications/cell phone services			1.3		%
Pharmacy			0.6		%
Other necessity-based			1.7		%
Total ABR from Necessity-based goods and services			70.6		%
OTHER RETAIL STORES
Full service - restaurant			7.8		%
Soft goods(2)			7.7		%
Fitness and lifestyle services(3)			5.5		%
Home			2.9		%
Off-price apparel			1.7		%
Other retail(4)			3.8		%
Total ABR from other retail stores			29.4		%
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 contribution of 2% from apparel/shoes/accessories and department store Neighbors.

(3)Includes ABR contribution of 4% from fitness Neighbors.

(4)Includes ABR contribution of 1% from entertainment Neighbors.

Phillips Edison & Company						35

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Wholly-Owned Occupancy and ABR Unaudited
			Quarter Ended
			March 31, 2025						December 31,  2024						September 30,  2024						June 30,  2024						March 31,  2024
OCCUPANCY
Leased Basis
Anchor			98.4		%				99.1		%				99.4		%				98.8		%				98.4		%
Inline			94.6		%				95.0		%				95.0		%				95.1		%				94.8		%
Total leased occupancy			97.1		%				97.7		%				97.8		%				97.5		%				97.2		%
Economic Basis
Anchor			97.6		%				98.1		%				99.0		%				98.3		%				98.1		%
Inline			94.1		%				94.2		%				94.1		%				94.5		%				94.3		%
Total economic occupancy			96.4		%				96.7		%				97.3		%				97.0		%				96.8		%
ABR
Leased Basis - $
Anchor			$	220,874					$	221,627					$	217,232					$	213,427					$	211,286
Inline			297,241						288,371						279,850						274,109						267,873
Total ABR			$	518,115					$	509,998					$	497,082					$	487,536					$	479,159
Leased Basis - PSF
Anchor			$	10.42					$	10.38					$	10.25					$	10.21					$	10.20
Inline			26.23						25.79						25.48						25.21						24.99
Total ABR PSF			$	15.93					$	15.68					$	15.45					$	15.34					$	15.24
SAME-CENTER OCCUPANCY
Same-Center Leased Basis
Anchor			98.6		%				99.3		%				99.3		%				98.8		%				98.4		%
Inline			94.7		%				95.0		%				95.0		%				95.1		%				94.8		%
Total same-center leased occupancy			97.2		%				97.8		%				97.8		%				97.5		%				97.2		%
Same-Center Economic Basis
Anchor			97.8		%				98.3		%				99.0		%				98.3		%				98.1		%
Inline			94.1		%				94.2		%				94.1		%				94.5		%				94.2		%
Total same-center economic occupancy			96.5		%				96.9		%				97.3		%				97.0		%				96.7		%

Phillips Edison & Company						36

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Top 25 Neighbors by ABR Dollars and square footage amounts in thousands
									Number of Locations
			Neighbor			Banners Leased at PECO Centers			Wholly-Owned			Joint Ventures			ABR(1)			% ABR(1)			Leased SF(1)
1			Kroger			Kroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Ralphs, Mariano's, Food 4 Less, Metro Market			60			6			$	30,208		5.8		%	3,681
2			Publix			Publix			52			10			26,461			5.1		%	2,481
3			Albertsons			Safeway, Market Street United, Randalls, Tom Thumb, Jewel-Osco, Vons, United Supermarkets, Shaw's Supermarket, Albertsons			30			2			19,778			3.8		%	1,780
4			Ahold Delhaize			Martin's, Giant, Stop & Shop, Food Lion			23			—			17,972			3.4		%	1,249
5			Walmart			Walmart Neighborhood Market, Walmart			12			—			8,546			1.6		%	1,733
6			Giant Eagle			Giant Eagle			9			1			7,390			1.4		%	759
7			TJX Companies			Sierra, HomeGoods, T.J.Maxx, Marshalls			20			1			7,280			1.4		%	603
8			Sprouts Farmers Market			Sprouts Farmers Market			13			—			6,205			1.2		%	389
9			Raley's			Raley's			5			—			4,607			0.9		%	288
10			Dollar Tree			Dollar Tree, Family Dollar, Dollar Tree Family Dollar			36			4			4,552			0.9		%	407
11			Starbucks Corporation			Starbucks			39			—			3,697			0.7		%	76
12			Big Y			Big Y			3			—			3,487			0.7		%	167
13			UNFI (SuperValu)			Cub Foods			5			—			3,476			0.7		%	336
14			Planet Fitness			Planet Fitness			11			—			2,986			0.6		%	231
15			Subway Group			Subway			64			3			2,899			0.6		%	97
16			Pet Supplies Plus			Pet Supplies Plus			23			—			2,809			0.5		%	180
17			Trader Joe's			Trader Joe's			9			—			2,798			0.5		%	122
18			United Parcel Service			The UPS Store, WeShip Store			65			9			2,735			0.5		%	93
19			Great Clips, Inc.			Great Clips			70			7			2,630			0.5		%	88
20			Anytime Fitness, Inc.			Anytime Fitness			27			2			2,542			0.5		%	140
21			Lowe's			Lowe's			3			1			2,513			0.5		%	369
22			H&R Block, Inc.			H&R Block			55			2			2,499			0.5		%	96
23			H-E-B			H-E-B			2			—			2,492			0.5		%	164
24			Inspire Brands - Roark Capital			Arby's, Baskin Robbins, Jimmy John's, Buffalo Wild Wings, Buffalo Wild Wings Go, Dunkin'			37			3			2,420			0.5		%	92
25			Goodwill Industries			Goodwill			16			2			2,373			0.5		%	203
			Total						689			53			$	175,355		33.8		%	15,824

(1)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

Phillips Edison & Company						37

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Neighbors by Type and Industry(1)(2) Unaudited

(1)We define national Neighbors as those Neighbors that operate in at least three states. Regional Neighbors are defined as those Neighbors that have at least three locations in fewer than three states.

(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

Phillips Edison & Company						38

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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			$	62,768		12.0		%	$	15.79		4,142			12.2		%	96.0		%	54
California			56,852			10.8		%	22.77			2,548			7.5		%	98.0		%	27
Texas			54,810			10.5		%	19.84			2,826			8.3		%	97.8		%	25
Georgia			45,141			8.6		%	14.44			3,183			9.4		%	98.2		%	32
Illinois			30,692			5.9		%	16.86			1,934			5.7		%	94.2		%	17
Colorado			30,080			5.7		%	19.43			1,597			4.7		%	97.0		%	15
Ohio			29,065			5.5		%	11.59			2,586			7.6		%	97.0		%	20
Virginia			23,387			4.5		%	17.57			1,362			4.0		%	97.7		%	13
Minnesota			22,588			4.3		%	16.69			1,392			4.1		%	97.2		%	14
Massachusetts			17,392			3.3		%	15.94			1,148			3.4		%	95.0		%	9
Nevada			14,624			2.8		%	23.84			623			1.8		%	98.4		%	5
Pennsylvania			12,816			2.4		%	12.89			1,000			3.0		%	99.3		%	6
Wisconsin			12,329			2.4		%	11.83			1,057			3.1		%	98.6		%	9
South Carolina			11,912			2.3		%	12.53			974			2.9		%	97.6		%	9
Arizona			11,652			2.2		%	15.76			750			2.2		%	98.6		%	7
Maryland			9,920			1.9		%	21.64			463			1.4		%	99.0		%	4
North Carolina			8,771			1.7		%	13.50			665			2.0		%	97.7		%	10
Connecticut			8,611			1.6		%	17.05			522			1.5		%	96.7		%	5
Tennessee			8,256			1.6		%	10.50			802			2.4		%	98.0		%	5
Indiana			7,375			1.4		%	9.54			832			2.5		%	92.8		%	5
Kentucky			7,139			1.4		%	11.64			616			1.8		%	99.6		%	4
Michigan			6,995			1.3		%	10.02			723			2.1		%	96.5		%	5
Washington			5,281			1.0		%	22.15			248			0.7		%	96.3		%	3
Oregon			5,084			1.0		%	16.87			315			0.9		%	95.7		%	4
Kansas			4,826			0.9		%	12.96			374			1.1		%	99.7		%	3
New Jersey			4,363			0.8		%	25.74			169			0.5		%	100.0		%	1
New Mexico			3,397			0.6		%	14.04			255			0.8		%	94.9		%	2
Missouri			2,937			0.6		%	13.27			246			0.7		%	90.0		%	3
Iowa			2,803			0.5		%	8.10			360			1.1		%	96.3		%	3
New York			1,900			0.4		%	12.27			163			0.5		%	94.7		%	1
Utah			461			0.1		%	31.70			15			0.1		%	100.0		%	1
Total			$	524,227		100.0		%	$	15.94		33,890			100.0		%	97.1		%	321

(1)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

Phillips Edison & Company						39

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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 2025						234						1,542						$	24,289					$	15.75					5.4						$	3.34					190						$	1.66					11.7		%
Q4 2024						231						1,412						25,368						17.97						6.9						7.00						181						2.19						14.5		%
Q3 2024						268						1,576						25,656						16.28						6.3						6.44						222						2.01						15.0		%
Q2 2024						277						1,700						27,696						16.29						6.5						6.16						224						2.47						16.1		%
Total						1,010						6,230						$	103,009					$	16.53					6.3						$	5.72					817						$	2.07					14.3		%
NEW LEASES
Q1 2025						78						326						$	6,289					$	19.30					8.3						$	15.27					35						$	5.55					28.1		%
Q4 2024						90						361						8,074						22.35						9.8						26.41						40						5.49						30.2		%
Q3 2024						78						334						7,437						22.27						10.4						27.89						32						8.08						55.0		%
Q2 2024						93						412						8,749						21.23						8.8						24.98						41						5.75						34.4		%
Total						339						1,433						$	30,549					$	21.32					9.3						$	23.81					148						$	6.20					36.2		%
RENEWAL LEASES
Q1 2025						112						272						$	7,774					$	28.62					4.0						$	0.61					111						$	4.97					20.8		%
Q4 2024						104						397						7,849						19.78						6.4						0.87						104						3.40						20.8		%
Q3 2024						136						307						7,853						25.59						4.4						0.73						136						4.23						19.8		%
Q2 2024						148						578						9,625						16.67						6.6						0.30						147						4.20						20.5		%
Total						500						1,554						$	33,101					$	21.31					5.7						$	0.59					498						$	4.12					20.5		%
OPTION LEASES
Q1 2025						44						944						$	10,226					$	10.83					4.9						$	—					44						$	0.31					2.9		%
Q4 2024						37						654						9,445						14.44						5.5						—						37						0.73						5.3		%
Q3 2024						54						935						10,366						11.09						5.5						0.64						54						0.46						4.4		%
Q2 2024						36						710						9,322						13.14						5.1						—						36						0.77						6.3		%
Total						171						3,243						$	39,359					$	12.14					5.2						$	0.18					171						$	0.54					4.6		%

(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

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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			77						176						0.6		%				$	18.00					0.6		%
2025			457						1,789						5.4		%				15.51						5.3		%
2026			894						4,293						13.0		%				16.25						13.3		%
2027			948						4,488						13.7		%				16.02						13.7		%
2028			881						5,149						15.6		%				15.75						15.5		%
2029			880						5,214						15.8		%				16.41						16.3		%
2030			520						3,941						12.0		%				14.93						11.2		%
2031			283						1,805						5.5		%				16.35						5.6		%
2032			214						1,655						5.0		%				14.55						4.6		%
2033			199						1,012						3.1		%				19.11						3.7		%
2034			192						1,632						5.0		%				12.72						4.0		%
2035+			234						1,743						5.3		%				18.63						6.2		%
Total leases			5,779						32,897						100.0		%				$	15.94					100.0		%

ANCHOR LEASES
MTM			1						14						0.1		%				$	11.75					—		%
2025			24						964						2.9		%				8.31						1.5		%
2026			72						2,547						7.7		%				10.14						4.9		%
2027			77						2,621						8.0		%				9.32						4.7		%
2028			81						3,427						10.4		%				10.12						6.6		%
2029			101						3,500						10.6		%				11.08						7.4		%
2030			73						2,936						8.9		%				11.00						6.2		%
2031			36						1,187						3.6		%				11.25						2.5		%
2032			29						1,179						3.6		%				9.54						2.1		%
2033			18						567						1.7		%				12.59						1.4		%
2034			28						1,252						3.8		%				7.83						1.9		%
2035+			45						1,251						3.8		%				14.40						3.4		%
Anchor leases			585						21,445						65.1		%				$	10.43					42.6		%

INLINE LEASES
MTM			76						162						0.5		%				$	18.54					0.6		%
2025			433						825						2.5		%				23.93						3.8		%
2026			822						1,746						5.3		%				25.16						8.4		%
2027			871						1,867						5.7		%				25.42						9.0		%
2028			800						1,722						5.2		%				26.95						8.9		%
2029			779						1,714						5.2		%				27.28						8.9		%
2030			447						1,005						3.1		%				26.40						5.0		%
2031			247						618						1.9		%				26.15						3.1		%
2032			185						476						1.4		%				26.96						2.5		%
2033			181						445						1.4		%				27.42						2.3		%
2034			164						380						1.2		%				28.82						2.1		%
2035+			189						492						1.5		%				29.41						2.8		%
Inline leases			5,194						11,452						34.9		%				$	26.24					57.4		%

(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

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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			98.6		%				$	1,052					$	12.09					Fry's Food Stores			N/A
Alameda Crossing			Avondale, AZ			100 %			Phoenix-Mesa-Chandler, AZ			2006 / 2021			141,721			100.0		%				$	2,741					$	19.34					Sprouts Farmers Market			JOANN; Uptown Jungle; Big 5 Sporting Goods
Arcadia Plaza			Phoenix, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1980 / 2018			63,637			100.0		%				$	1,524					$	23.95					Sprouts Farmers Market			N/A
Broadway Plaza			Tucson, AZ			100 %			Tucson, AZ			1982 / 2003			84,298			94.4		%				$	1,485					$	18.67					Sprouts Farmers Market			N/A
South Point Plaza			Tempe, AZ			31 %			Phoenix-Mesa-Chandler, AZ			1987			49,332			95.0		%				$	1,044					$	22.27					Fry's Food Stores (shadow)			Goodwill
Southern Palms			Tempe, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1982 / 2018			257,123			100.0		%				$	3,663					$	14.25					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		%				$	860					$	8.97					Fry's Food Stores			Daiso Japan
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			98.4		%				$	2,391					$	26.11					Food 4 Less			N/A
Broadway Pavilion			Santa Maria, CA			100 %			Santa Maria-Santa Barbara, CA			1987			142,676			97.9		%				$	2,328					$	16.66					Food Maxx			Idler's Home; Dollar Tree
Central Valley Marketplace			Ceres, CA			100 %			Modesto, CA			2005			81,897			100.0		%				$	1,798					$	21.95					Food 4 Less			N/A
Commonwealth Square			Folsom, CA			100 %			Sacramento-Roseville-Folsom, CA			1987			141,310			95.9		%				$	2,306					$	17.02					Raley's			N/A
Contra Loma Plaza			Antioch, CA			100 %			San Francisco-Oakland-Berkeley, CA			1989 / 2022			74,616			96.1		%				$	914					$	12.75					Lucky Supermarkets			N/A
Del Paso Marketplace			Sacramento, CA			100 %			Sacramento-Roseville-Folsom, CA			2006 / 2016			59,796			100.0		%				$	1,694					$	28.33					Sprouts Farmers Market			N/A
Driftwood Village			Ontario, CA			100 %			Riverside-San Bernardino-Ontario, CA			1985			95,421			100.0		%				$	2,035					$	21.33					Food 4 Less			N/A
Foothill Park Plaza			Monrovia, CA			100 %			Los Angeles-Long Beach-Anaheim, CA			1985 / 2001			43,618			93.5		%				$	1,944					$	47.65					Vons (shadow)			N/A
Herndon Place			Fresno, CA			100 %			Fresno, CA			2005			95,155			97.8		%				$	1,630					$	17.51					Save Mart Supermarkets			N/A
Laguna 99 Plaza			Elk Grove, CA			100 %			Sacramento-Roseville-Folsom, CA			1992 / 2015			89,188			100.0		%				$	2,133					$	23.91					Walmart Neighborhood Market			Planet Fitness
North Point Landing			Modesto, CA			100 %			Modesto, CA			1964 / 2008			152,769			97.1		%				$	2,419					$	16.30					Walmart			N/A

Phillips Edison & Company						42

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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
Quail Pointe			Fair Oaks, CA			100 %			Sacramento-Roseville-Folsom, CA			1987			98,066			93.7		%				$	3,041					$	33.08					Trader Joe's			Lamps Plus
Quartz Hill Towne Centre			Lancaster, CA			100 %			Los Angeles-Long Beach-Anaheim, CA			1991 / 2012			110,306			100.0		%				$	1,962					$	17.79					Vons			CVS
Red Maple Village			Tracy, CA			100 %			Stockton, CA			2009			97,655			100.0		%				$	2,673					$	27.37					Raley's			N/A
Riverlakes Village			Bakersfield, CA			100 %			Bakersfield, CA			1997 / 2022			94,012			98.7		%				$	2,057					$	22.17					Vons			N/A
Rocky Ridge Town Center			Roseville, CA			100 %			Sacramento-Roseville-Folsom, CA			1996 / 2015			93,337			100.0		%				$	3,081					$	33.01					Sprouts Farmers Market			BevMo!
Shasta Crossroads			Redding, CA			100 %			Redding, CA			1989 / 2016			114,453			95.7		%				$	2,243					$	20.48					Food Maxx			N/A
Sierra Del Oro Towne Centre			Corona, CA			100 %			Riverside-San Bernardino-Ontario, CA			1991 / 2017			110,486			100.0		%				$	2,341					$	21.19					Ralphs			Dollar Tree
Sierra Vista Plaza			Murrieta, CA			100 %			Riverside-San Bernardino-Ontario, CA			1991 / 2021			80,259			100.0		%				$	2,158					$	26.88					Stater Bros Markets (shadow)			CVS
Sterling Pointe Center			Lincoln, CA			100 %			Sacramento-Roseville-Folsom, CA			2004 / 2017			136,020			100.0		%				$	3,166					$	23.28					Raley's			N/A
Sunridge Plaza			Rancho Cordova, CA			100 %			Sacramento-Roseville-Folsom, CA			2017			87,815			87.9		%				$	2,553					$	33.07					Raley's			N/A
Town & Country Village			Sacramento, CA			100 %			Sacramento-Roseville-Folsom, CA			1950 / 2022			216,259			97.4		%				$	4,434					$	21.04					Sprouts Farmers Market; Trader Joe's			Bob's Discount Furniture; Ross Dress for Less; T.J.Maxx; Royal Flooring; Ulta
Village One Plaza			Modesto, CA			100 %			Modesto, CA			2007			105,658			100.0		%				$	2,583					$	24.44					Raley's			N/A
Vineyard Center			Templeton, CA			100 %			San Luis Obispo-Paso Robles, CA			2007			21,117			100.0		%				$	701					$	33.21					Trader Joe's			N/A
West Acres Shopping Center			Fresno, CA			100 %			Fresno, CA			1990 / 2015			83,414			100.0		%				$	977					$	11.71					Food Maxx			N/A
Windmill Marketplace			Clovis, CA			100 %			Fresno, CA			2001			27,486			100.0		%				$	1,150					$	41.83					Save Mart (shadow)			N/A
Arapahoe Marketplace			Greenwood Village, CO			100 %			Denver-Aurora-Lakewood, CO			1977 / 2022			191,615			97.4		%				$	4,749					$	25.44					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		%				$	1,500					$	14.44					Safeway			N/A
Broomfield Marketplace			Broomfield, CO			100 %			Denver-Aurora-Lakewood, CO			1999			114,800			86.1		%				$	1,162					$	11.75					King Soopers			N/A
Fairfield Commons			Lakewood, CO			100 %			Denver-Aurora-Lakewood, CO			1985 / 2014			143,276			100.0		%				$	2,949					$	20.58					Sprouts Farmers Market			T.J.Maxx; Planet Fitness; Aaron's
Foxridge Plaza			Centennial, CO			100 %			Denver-Aurora-Lakewood, CO			1983 / 2022			53,970			100.0		%				$	1,392					$	25.80					King Soopers (shadow)			N/A

Phillips Edison & Company						43

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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
Golden Town Center			Golden, CO			100 %			Denver-Aurora-Lakewood, CO			1993 / 2003			117,882			97.5		%				$	1,943					$	16.91					King Soopers			N/A
Kipling Marketplace			Littleton, CO			100 %			Denver-Aurora-Lakewood, CO			1983 / 2009			90,124			97.7		%				$	1,355					$	15.39					Safeway			N/A
Meadows on the Parkway			Boulder, CO			100 %			Boulder, CO			1989			208,319			95.4		%				$	4,041					$	20.34					Safeway			Walgreens; Dollar Tree; Regus
Northpark Plaza			Westminster, CO			100 %			Denver-Aurora-Lakewood, CO			2001			52,192			90.8		%				$	1,329					$	28.04					King Soopers (shadow)			N/A
Nor'Wood Shopping Center			Colorado Springs, CO			100 %			Colorado Springs, CO			2003 / 2007			75,242			100.0		%				$	1,309					$	17.39					Safeway			N/A
Ridgeview Marketplace			Colorado Springs, CO			100 %			Colorado Springs, CO			2003			22,759			96.1		%				$	744					$	34.03					King Soopers (shadow)			N/A
Roxborough Marketplace			Littleton, CO			100 %			Denver-Aurora-Lakewood, CO			2005 / 2021			103,639			100.0		%				$	1,788					$	17.25					Safeway			N/A
Thompson Valley Towne Center			Loveland, CO			100 %			Fort Collins, CO			1999			125,122			96.7		%				$	2,322					$	19.19					King Soopers			Ace Hardware
Westwoods Shopping Center			Arvada, CO			100 %			Denver-Aurora-Lakewood, CO			2003 / 2011			90,855			100.0		%				$	1,478					$	16.27					King Soopers			N/A
Wheat Ridge Marketplace			Wheat Ridge, CO			100 %			Denver-Aurora-Lakewood, CO			1996 / 2019			103,115			97.1		%				$	2,019					$	20.16					Safeway			N/A
Bethel Shopping Center			Bethel, CT			100 %			Bridgeport-Stamford-Norwalk, CT			2007			101,205			96.0		%				$	2,291					$	23.58					Big Y			N/A
Everybody's Plaza			Cheshire, CT			100 %			New Haven-Milford, CT			1960 / 2014			49,975			100.0		%				$	1,071					$	21.43					Big Y			N/A
Montville Commons			Montville, CT			100 %			Norwich-New London, CT			2007			116,916			94.4		%				$	1,777					$	16.09					Stop & Shop			N/A
Stop & Shop Plaza			Enfield, CT			100 %			Hartford-East Hartford-Middletown, CT			1988 / 1998			124,218			94.8		%				$	2,072					$	17.60					Stop & Shop			N/A
Willimantic Plaza			Willimantic, CT			100 %			Worcester, MA-CT			1968 / 2024			129,670			100.0		%				$	1,400					$	10.80					BJ's Wholesale Club			Ollie's Bargain Outlet
Alico Commons			Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			2009 / 2020			100,720			98.8		%				$	1,819					$	18.28					Publix			NonStop Fitness
Bloomingdale Hills			Riverview, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2002 / 2012			78,442			100.0		%				$	844					$	10.77					Walmart Neighborhood Market			N/A
Breakfast Point Marketplace			Panama City Beach, FL			100 %			Panama City, FL			2009 / 2010			97,938			100.0		%				$	1,565					$	15.98					Publix			Office Depot
Broadway Promenade			Sarasota, FL			100 %			North Port-Sarasota-Bradenton, FL			2007			49,271			100.0		%				$	1,013					$	20.57					Publix			N/A
ChampionsGate Village			Davenport, FL			100 %			Orlando-Kissimmee-Sanford, FL			2001			62,714			100.0		%				$	1,131					$	18.03					Publix			N/A
Cocoa Commons			Cocoa, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1986 / 2000			90,116			100.0		%				$	1,326					$	14.72					Publix			N/A

Phillips Edison & Company						44

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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
Colonial Promenade			Winter Haven, FL			100 %			Lakeland-Winter Haven, FL			1986 / 2008			280,228			97.9		%				$	2,731					$	9.96					Walmart			Sanitas Medical Centers
Coquina Plaza			Southwest Ranches, FL			100 %			Miami-Fort Lauderdale-Pompano Beach, FL			1998			91,120			95.6		%				$	1,937					$	22.25					Publix			N/A
Crosscreek Village			St. Cloud, FL			100 %			Orlando-Kissimmee-Sanford, FL			2008			69,660			100.0		%				$	1,199					$	17.22					Publix			N/A
Crystal Beach Plaza			Palm Harbor, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2010			59,015			100.0		%				$	1,117					$	18.93					Publix			N/A
Deerwood Lake Commons			Jacksonville, FL			14 %			Jacksonville, FL			2003			67,528			100.0		%				$	1,283					$	19.00					Publix			N/A
French Golden Gate			Bartow, FL			100 %			Lakeland-Winter Haven, FL			1960 / 2011			140,276			100.0		%				$	1,934					$	13.78					Publix			Bealls Outlet; Walgreens
Golden Eagle Village			Clermont, FL			100 %			Orlando-Kissimmee-Sanford, FL			2011			64,051			100.0		%				$	1,095					$	17.10					Publix			N/A
Goolsby Pointe			Riverview, FL			14 %			Tampa-St. Petersburg-Clearwater, FL			2000			75,525			98.1		%				$	1,263					$	17.04					Publix			N/A
Goolsby Pointe Outparcel(1)			Riverview, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			N/A			0			—		%				$	—					$	—					N/A			N/A
Harbour Village			Jacksonville, FL			100 %			Jacksonville, FL			2006 / 2021			113,069			100.0		%				$	2,199					$	19.44					The Fresh Market			Crunch Fitness; Lionshare Cowork
Heath Brook Commons			Ocala, FL			100 %			Ocala, FL			2002			79,590			98.7		%				$	1,122					$	14.29					Publix			N/A
Heron Creek Towne Center			North Port, FL			100 %			North Port-Sarasota-Bradenton, FL			2001			64,664			100.0		%				$	942					$	14.58					Publix			N/A
Island Walk Shopping Center			Fernandina Beach, FL			100 %			Jacksonville, FL			1987 / 2012			213,656			98.1		%				$	2,234					$	10.66					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		%				$	1,319					$	17.59					Publix			N/A
Lake Washington Crossing			Melbourne, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1987 / 2023			122,912			94.1		%				$	2,225					$	19.23					Publix			BPC Plasma
Lakewood Plaza			Spring Hill, FL			14 %			Tampa-St. Petersburg-Clearwater, FL			1993 / 1997			106,999			98.1		%				$	1,578					$	15.03					Publix			JOANN
Lutz Lake Crossing			Lutz, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2002			64,986			100.0		%				$	1,077					$	16.57					Publix			N/A
MetroWest Village			Orlando, FL			100 %			Orlando-Kissimmee-Sanford, FL			1990			106,857			96.0		%				$	1,892					$	18.45					Publix			N/A

Phillips Edison & Company						45

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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
Oak Grove Shoppes			Altamonte Springs, FL			20 %			Orlando-Kissimmee-Sanford, FL			1983 / 2023			142,257			90.8		%				$	2,726					$	21.10					Publix			Marshalls; O2B Kids
Oakhurst Plaza			Seminole, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1974 / 2001			51,502			100.0		%				$	708					$	13.74					Publix			N/A
Ocean Breeze Plaza			Ocean Breeze, FL			100 %			Port St. Lucie, FL			1993 / 2010			96,192			100.0		%				$	1,819					$	18.91					Publix			RISE Center IRC
Orange Grove Shopping Center			North Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			1999			68,865			96.5		%				$	866					$	13.03					Publix			N/A
Ormond Beach Mall			Ormond Beach, FL			100 %			Deltona-Daytona Beach-Ormond Beach, FL			1967 / 2018			101,854			84.6		%				$	1,204					$	13.96					Publix			Bealls Outlet; Dollar Tree
Park Place Plaza			Port Orange, FL			100 %			Deltona-Daytona Beach-Ormond Beach, FL			1984 / 2012			87,050			96.8		%				$	1,127					$	13.37					N/A			Bealls
Parsons Village			Seffner, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1983 / 1994			78,041			100.0		%				$	1,111					$	14.23					Winn-Dixie (shadow)			City Buffet; Family Dollar
Publix at Northridge			Sarasota, FL			14 %			North Port-Sarasota-Bradenton, FL			2003			65,320			100.0		%				$	1,310					$	20.05					Publix			N/A
Publix at Seven Hills			Spring Hill, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1991 / 2006			23,580			94.7		%				$	576					$	25.80					N/A			N/A
Publix at St. Cloud			St. Cloud, FL			14 %			Orlando-Kissimmee-Sanford, FL			2003			78,779			100.0		%				$	1,325					$	16.82					Publix			N/A
Rockledge Square			Rockledge, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1985 / 2022			78,879			100.0		%				$	1,348					$	17.08					Publix			Health First Medical Group
Sanibel Beach Place			Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			2003 / 2022			74,286			100.0		%				$	1,064					$	14.33					Publix			N/A
Shoppes at Avalon			Spring Hill, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2009 / 2022			62,786			100.0		%				$	1,038					$	16.53					Publix			N/A
Shoppes at Glen Lakes			Weeki Wachee, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2008			66,601			95.3		%				$	968					$	15.25					Publix			N/A
Shoppes at Lake Mary			Lake Mary, FL			100 %			Orlando-Kissimmee-Sanford, FL			2000			74,234			93.9		%				$	1,914					$	27.45					Publix (shadow)			HomeSense
Shoppes of Lake Village			Leesburg, FL			100 %			Orlando-Kissimmee-Sanford, FL			1987 / 2021			132,773			93.7		%				$	2,035					$	16.36					Publix			Sproutfitters
Shoppes of Paradise Lakes			Miami, FL			100 %			Miami-Fort Lauderdale-Pompano Beach, FL			1999			83,597			98.6		%				$	1,450					$	17.60					Publix			N/A
Shops at Sunset Lakes			Miramar, FL			100 %			Miami-Fort Lauderdale-Pompano Beach, FL			1999			70,274			98.4		%				$	1,077					$	15.58					Publix			N/A

Phillips Edison & Company						46

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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
South Oaks Shopping Center			Live Oak, FL			100 %			N/A			1976 / 2022			102,816			56.4		%				$	551					$	9.51					N/A			Bealls Outlet; Farmers Home Furniture
St. Charles Plaza			Davenport, FL			100 %			Lakeland-Winter Haven, FL			2007			65,000			100.0		%				$	1,165					$	17.92					Publix			N/A
St. Johns Plaza			Titusville, FL			14 %			Palm Bay-Melbourne-Titusville, FL			1985 / 2023			119,489			91.1		%				$	1,341					$	12.33					Publix			Bealls Outlet; Dollar Tree
The Oaks			Hudson, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1981 / 2022			176,577			85.7		%				$	2,041					$	13.48					N/A			EoS Fitness; Bealls; Ross Dress for Less; Five Below; Dollar Tree
Town Center at Jensen Beach			Jensen Beach, FL			100 %			Port St. Lucie, FL			2000			109,326			82.0		%				$	1,342					$	14.97					Publix			N/A
Towne Centre at Wesley Chapel			Wesley Chapel, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2000			69,425			100.0		%				$	1,055					$	15.20					Winn-Dixie			N/A
Valrico Commons			Valrico, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1986 / 2021			137,316			99.2		%				$	2,257					$	16.57					Publix			Ross Dress for Less; Five Below
Vineyard Shopping Center			Tallahassee, FL			100 %			Tallahassee, FL			2002			62,821			95.5		%				$	777					$	12.95					Publix			N/A
West Creek Commons			Coconut Creek, FL			14 %			Miami-Fort Lauderdale-Pompano Beach, FL			2003			58,537			100.0		%				$	955					$	16.32					Publix			N/A
West Creek Plaza			Coconut Creek, FL			100 %			Miami-Fort Lauderdale-Pompano Beach, FL			2006 / 2013			37,616			100.0		%				$	1,111					$	29.54					Publix (shadow)			N/A
Windover Square			Melbourne, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1984 / 2010			81,516			100.0		%				$	1,333					$	16.35					Publix			Dollar Tree
Winter Springs Town Center			Winter Springs, FL			14 %			Orlando-Kissimmee-Sanford, FL			2002			117,970			94.0		%				$	2,117					$	19.09					Publix			The Zoo Health Club
Bartow Marketplace			Cartersville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1995			375,067			100.0		%				$	2,883					$	7.69					Walmart			Lowe's
Bethany Village			Alpharetta, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2001			81,674			100.0		%				$	1,268					$	15.53					Publix			N/A
Butler Creek			Acworth, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1989 / 2021			101,597			94.7		%				$	1,431					$	14.87					Kroger			N/A
Dean Taylor Crossing			Suwanee, GA			14 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			92,318			100.0		%				$	1,339					$	14.50					Kroger			N/A
Evans Towne Centre			Evans, GA			100 %			Augusta-Richmond County, GA-SC			1995 / 2017			75,668			100.0		%				$	1,134					$	14.99					Publix			N/A

Phillips Edison & Company						47

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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			95.9		%				$	1,099					$	14.07					Kroger			N/A
Fairview Oaks			Ellenwood, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996			77,052			100.0		%				$	1,089					$	14.13					Kroger			N/A
Flynn Crossing			Alpharetta, GA			14 %			Atlanta-Sandy Springs-Alpharetta, GA			2004			95,002			96.4		%				$	1,918					$	20.95					Publix			N/A
Grassland Crossing			Alpharetta, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996			90,906			100.0		%				$	1,074					$	11.82					Kroger			N/A
Grayson Village			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2002 / 2019			87,155			96.8		%				$	1,288					$	15.27					Publix			N/A
Hamilton Mill Village			Dacula, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2016			88,710			100.0		%				$	1,438					$	16.21					Publix			N/A
Hamilton Ridge			Buford, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2002			96,941			97.1		%				$	1,617					$	17.17					Kroger			N/A
Hickory Flat Commons			Canton, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008 / 2020			113,995			100.0		%				$	1,662					$	14.58					Kroger			N/A
Loganville Crossing			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008			149,133			100.0		%				$	2,426					$	16.27					Kroger			N/A
Loganville Town Center			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997 / 2023			84,978			98.2		%				$	1,383					$	16.57					Publix			N/A
Mableton Crossing			Mableton, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997			86,819			99.0		%				$	1,206					$	14.04					Kroger			N/A
Macland Pointe			Marietta, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1992			79,699			100.0		%				$	1,057					$	13.27					Publix			N/A
Mansell Village			Roswell, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2003 / 2013			89,688			100.0		%				$	1,348					$	15.04					Kroger			N/A
Market Walk			Savannah, GA			100 %			Savannah, GA			2014 / 2022			263,829			95.9		%				$	3,790					$	14.98					Kroger			Dick's Sporting Goods; Guitar Center; West Marine
Mountain Crossing			Dacula, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997			93,396			100.0		%				$	1,321					$	14.14					Kroger			N/A
Mountain Park Plaza			Roswell, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1988 / 2003			80,511			98.5		%				$	1,127					$	14.22					Publix			N/A
Old Alabama Square			Johns Creek, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			102,867			100.0		%				$	2,479					$	24.10					The Fresh Market			Walgreens

Phillips Edison & Company						48

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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
Paradise Crossing			Lithia Springs, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			67,470			100.0		%				$	1,000					$	14.82					Publix			N/A
Richmond Plaza			Augusta, GA			14 %			Augusta-Richmond County, GA-SC			1979 / 2020			174,585			97.0		%				$	1,983					$	11.70					N/A			Ashley HomeStore and Ashley Outlet; JOANN; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill
Rivermont Station			Johns Creek, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2022			128,308			96.8		%				$	2,027					$	16.33					Kroger			Kids Empire
Shiloh Square Shopping Center			Kennesaw, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2003			136,920			93.0		%				$	1,799					$	14.12					Kroger			You Fit Health Clubs
Shops at Westridge			McDonough, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2006 / 2020			72,420			94.2		%				$	1,212					$	17.77					Publix			N/A
Southampton Village			Tyrone, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2003			80,988			100.0		%				$	1,200					$	14.82					Publix			N/A
Spivey Junction			Stockbridge, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1998			81,475			97.9		%				$	1,091					$	13.69					Kroger			N/A
Village At Glynn Place			Brunswick, GA			100 %			Brunswick, GA			1992 / 2009			123,437			100.0		%				$	1,673					$	13.56					Publix			Goodwill
Villages at Eagles Landing			Stockbridge, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1995			67,019			96.4		%				$	932					$	14.42					Publix			N/A
Village Shoppes at Windermere			Suwanee, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008			73,352			93.0		%				$	1,353					$	19.84					Publix			N/A
CitiCentre Plaza			Carroll, IA			100 %			Carroll, IA			1991 / 2018			63,518			95.3		%				$	511					$	8.45					Hy-Vee			N/A
Duck Creek Plaza			Bettendorf, IA			100 %			Davenport-Moline-Rock Island, IA-IL			2005 / 2022			134,229			95.9		%				$	1,380					$	10.72					N/A			Malibu Jack's
Southgate Shopping Center			Des Moines, IA			100 %			Des Moines-West Des Moines, IA			1972 / 2014			161,792			96.9		%				$	912					$	5.81					Hy-Vee			Planet Fitness; Jay's CD & Hobby; BioLife Plasma Services; Dollar General
Baker Hill			Glen Ellyn, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1998 / 2018			135,355			97.6		%				$	2,280					$	17.26					Pete's Fresh Market			N/A
Brentwood Commons			Bensenville, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1981 / 2015			125,497			97.4		%				$	1,697					$	13.89					Jewel-Osco			Dollar Tree
Burbank Plaza			Burbank, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1972 / 2018			99,453			98.7		%				$	1,154					$	11.76					Jewel-Osco			dd's Discounts
College Plaza			Normal, IL			100 %			Bloomington, IL			2002 / 2018			175,741			82.8		%				$	1,836					$	12.61					N/A			Ross Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra; Petco

Phillips Edison & Company						49

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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
Glenbrook Marketplace			Glenview, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1992 / 2014			47,832			91.7		%				$	1,135					$	25.89					N/A			N/A
Heritage Plaza			Carol Stream, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1988 / 2018			128,870			99.1		%				$	1,943					$	15.22					Jewel-Osco			Charter Fitness
Hilander Village			Roscoe, IL			100 %			Rockford, IL			1994 / 2022			120,694			97.1		%				$	1,286					$	10.97					Schnucks			N/A
Hoffman Village			Hoffman Estates, IL			14 %			Chicago-Naperville-Elgin, IL-IN-WI			1987 / 2021			159,708			98.7		%				$	3,047					$	19.32					Mariano's			Goodwill; Los Fernandez Taqueria
Lemont Plaza			Lemont, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1983			119,013			100.0		%				$	1,456					$	12.24					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		%				$	2,046					$	18.25					Jewel-Osco			N/A
Naperville Crossings			Naperville, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			2007 / 2021			151,203			100.0		%				$	4,687					$	31.00					ALDI			N/A
Oak Mill Plaza			Niles, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1977 / 2023			165,516			89.4		%				$	2,382					$	16.11					Jewel-Osco			N/A
Rolling Meadows Shopping Center			Rolling Meadows, IL			14 %			Chicago-Naperville-Elgin, IL-IN-WI			2010 / 2016			130,212			95.8		%				$	1,441					$	11.55					Jewel-Osco			Northwest Community Hospital; Dollar Tree
Savoy Plaza			Savoy, IL			100 %			Champaign-Urbana, IL			1999 / 2015			140,624			85.3		%				$	1,640					$	13.67					Schnucks			Goodwill
Shorewood Crossing			Shorewood, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			2001 / 2020			173,981			93.1		%				$	2,587					$	15.97					Mariano's			Marshalls; Staples; Petco
The Shoppes at Windmill Place			Batavia, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1991 / 1997			124,576			96.5		%				$	2,053					$	17.07					Jewel-Osco			N/A
The Shops of Uptown			Park Ridge, IL			100 %			Chicago-Naperville-Elgin, IL-IN-WI			2006			70,081			88.3		%				$	1,881					$	30.41					Trader Joe's			N/A
Dyer Town Center			Dyer, IN			100 %			Chicago-Naperville-Elgin, IL-IN-WI			2004 / 2005			102,415			97.4		%				$	1,938					$	19.44					Jewel-Osco			N/A
Lafayette Square			Lafayette, IN			100 %			Lafayette-West Lafayette, IN			1963 / 2022			250,506			81.7		%				$	1,479					$	7.23					N/A			Rural King Supply; Humble Home; Dollar Tree Family Dollar; Harvest Chapel
Riverplace Centre			Noblesville, IN			100 %			Indianapolis-Carmel-Anderson, IN			1992 / 2020			74,189			100.0		%				$	805					$	10.85					Kroger			N/A

Phillips Edison & Company						50

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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
The Village Shopping Center			Mooresville, IN			100 %			Indianapolis-Carmel-Anderson, IN			1965 / 2019			155,502			92.9		%				$	1,088					$	7.53					Kroger			Black Friday - The Shopping Network; Goodwill; Player's Performance Factory
Town & Country Shopping Center			Noblesville, IN			100 %			Indianapolis-Carmel-Anderson, IN			1998 / 2023			249,833			100.0		%				$	2,065					$	8.27					Walmart			Staples; Dollar Tree
Falcon Valley			Lenexa, KS			100 %			Kansas City, MO-KS			2008 / 2009			76,784			100.0		%				$	1,063					$	13.85					Price Chopper			N/A
Quivira Crossings			Overland Park, KS			100 %			Kansas City, MO-KS			1996 / 2015			123,198			99.0		%				$	1,664					$	13.64					Price Chopper			N/A
Wyandotte Plaza			Kansas City, KS			100 %			Kansas City, MO-KS			1961 / 2015			173,757			100.0		%				$	2,099					$	12.08					Price Chopper			Marshalls; PetSmart; Dollar Tree
Central Station			Louisville, KY			100 %			Louisville/Jefferson County, KY-IN			2005 / 2018			152,463			100.0		%				$	1,733					$	11.36					Kroger			Planet Fitness
Chinoe Center			Lexington, KY			100 %			Lexington-Fayette, KY			1984 / 2023			111,781			98.0		%				$	1,381					$	12.61					Kroger			Exceptional Living Centers
Meadowthorpe Manor Shoppes			Lexington, KY			100 %			Lexington-Fayette, KY			1989 / 2022			117,126			100.0		%				$	1,266					$	10.81					Kroger			N/A
Town Fair Center			Louisville, KY			100 %			Louisville/Jefferson County, KY-IN			1988 / 2019			234,291			100.0		%				$	2,758					$	11.77					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		%				$	2,409					$	19.06					Stop & Shop			Cowabungas; One Stop Liquors
Carriagetown Marketplace			Amesbury, MA			100 %			Boston-Cambridge-Newton, MA-NH			2000			96,472			100.0		%				$	1,822					$	18.89					Stop & Shop			N/A
Cushing Plaza			Cohasset, MA			14 %			Boston-Cambridge-Newton, MA-NH			1997 / 2000			71,210			100.0		%				$	1,380					$	19.38					Shaw's Supermarket			Walgreens
Five Town Plaza			Springfield, MA			100 %			Springfield, MA			1970 / 2019			327,303			86.2		%				$	4,058					$	14.39					Big Y			Burlington Coat Factory; Best Fitness
Northwoods Crossing			Taunton, MA			100 %			Providence-Warwick, RI-MA			2003 / 2022			158,978			100.0		%				$	2,152					$	13.54					BJ's Wholesale Club			Tractor Supply; Dollar Tree
Shaw's Plaza Easton			Easton, MA			100 %			Providence-Warwick, RI-MA			1984 / 2004			104,923			95.4		%				$	1,359					$	13.57					Shaw's Supermarket			Planet Fitness
Shaw's Plaza Hanover			Hanover, MA			100 %			Boston-Cambridge-Newton, MA-NH			1994 / 2000			57,181			100.0		%				$	832					$	14.54					Shaw's Supermarket			N/A
Shaw's Plaza Raynham			Raynham, MA			100 %			Providence-Warwick, RI-MA			1965 / 2022			177,324			100.0		%				$	3,017					$	17.02					Shaw's Supermarket			Marshalls; JOANN; PetSmart; CVS
Sudbury Crossing			Sudbury, MA			100 %			Boston-Cambridge-Newton, MA-NH			1984 / 2021			89,952			91.7		%				$	1,549					$	18.78					Sudbury Farms (shadow)			T.J.Maxx; The Goddard School; Dollar Tree

Phillips Edison & Company						51

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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
Burwood Village Center			Glen Burnie, MD			100 %			Baltimore-Columbia-Towson, MD			1971			101,144			97.5		%				$	1,794					$	18.19					Food Lion			Dollar General; CVS
Collington Plaza			Bowie, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			1996			121,932			98.4		%				$	2,755					$	22.95					Giant			N/A
LaPlata Plaza			La Plata, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2003 / 2019			123,561			100.0		%				$	2,828					$	22.89					Safeway			Petco
Rosewick Crossing			La Plata, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2008			116,057			100.0		%				$	2,542					$	21.90					Giant			N/A
Bear Creek Plaza			Petoskey, MI			100 %			N/A			1998 / 2018			311,933			100.0		%				$	2,114					$	6.78					Walmart			Marshalls; OfficeMax; HomeGoods; JOANN; Five Below
Cherry Hill Marketplace			Westland, MI			100 %			Detroit-Warren-Dearborn, MI			1992 / 2017			120,568			100.0		%				$	1,553					$	12.88					Kroger			Ace Hardware; CVS
Livonia Plaza			Livonia, MI			100 %			Detroit-Warren-Dearborn, MI			1988 / 2014			137,205			82.7		%				$	1,601					$	14.12					Kroger			N/A
Milan Plaza			Milan, MI			100 %			Ann Arbor, MI			1960 / 2018			61,357			97.8		%				$	370					$	6.17					Kroger			Ace Hardware
Orchard Square			Washington Township, MI			100 %			Detroit-Warren-Dearborn, MI			1999 / 2011			92,450			100.0		%				$	1,357					$	14.68					Kroger			N/A
12 West Marketplace			Litchfield, MN			100 %			N/A			1989 / 2010			82,911			98.7		%				$	366					$	4.48					Family Fare			Running's Farm and Fleet
Albertville Crossing			Albertville, MN			14 %			Minneapolis-St. Paul-Bloomington, MN-WI			2002 / 2018			99,013			100.0		%				$	1,490					$	15.05					Coborn's			N/A
Apache Shoppes			Rochester, MN			100 %			Rochester, MN			2005			57,491			100.0		%				$	870					$	15.13					Trader Joe's			Sierra
Cahill Plaza			Inver Grove Heights, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1995 / 2020			69,000			100.0		%				$	749					$	10.85					Cub Foods			N/A
Centennial Lakes Plaza			Edina, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1989 / 2022			193,764			100.0		%				$	4,709					$	24.30					Whole Foods Market			HomeGoods; La-Z-Boy Furniture Galleries; Office Depot; JUUT SalonSpa
Crossroads of Shakopee			Shakopee, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1998			140,949			96.2		%				$	2,144					$	15.81					Cub Foods			N/A
Hastings Marketplace			Hastings, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2002			97,535			100.0		%				$	1,374					$	14.09					Cub Foods			N/A

Phillips Edison & Company						52

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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
New Prague Commons			New Prague, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2008 / 2019			73,415			98.4		%				$	1,223					$	16.94					Coborn's			N/A
Normandale Village			Bloomington, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1973 / 2017			140,400			96.6		%				$	1,923					$	14.18					Lunds & Byerlys			Ace Hardware
Northstar Marketplace			Ramsey, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2004 / 2023			103,428			92.0		%				$	1,570					$	16.49					Coborn's			N/A
Rue de France			Edina, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1973 / 2009			63,079			93.2		%				$	1,996					$	33.93					N/A			Ethan Allen
Savage Town Square			Savage, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2003			87,181			100.0		%				$	1,388					$	15.93					Cub Foods			N/A
Waterford Park Plaza			Plymouth, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1989 / 2023			127,468			96.2		%				$	1,841					$	15.01					Cub Foods			Dollar Tree
West Village Center			Chanhassen, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1994 / 2021			141,372			93.8		%				$	2,227					$	16.80					Lunds & Byerlys			OfficeMax
Des Peres Corners			Des Peres, MO			20 %			St. Louis, MO-IL			2009			120,673			90.6		%				$	2,952					$	27.00					Schnucks			N/A
South Oaks Plaza			St. Louis, MO			100 %			St. Louis, MO-IL			1969 / 2021			112,300			83.7		%				$	714					$	7.59					N/A			Kloss Furniture; Walgreens
Southfield Center			St. Louis, MO			100 %			St. Louis, MO-IL			1987 / 2021			109,397			96.3		%				$	1,633					$	15.49					Schnucks			N/A
Chapel Hill North Center			Chapel Hill, NC			100 %			Durham-Chapel Hill, NC			1998			96,290			100.0		%				$	1,705					$	17.71					Harris Teeter			N/A
Crossroads Plaza			Asheboro, NC			100 %			Greensboro-High Point, NC			1984 / 2016			51,440			100.0		%				$	433					$	8.41					Food Lion			N/A
Cureton Town Center			Waxhaw, NC			100 %			Charlotte-Concord-Gastonia, NC-SC			2006 / 2018			101,977			100.0		%				$	2,109					$	20.68					Harris Teeter			N/A
Edgecombe Square			Tarboro, NC			100 %			Rocky Mount, NC			1990 / 2013			81,070			100.0		%				$	505					$	6.23					Food Lion			Farmers Home Furniture
Harrison Pointe			Cary, NC			14 %			Raleigh-Cary, NC			2002 / 2016			136,447			100.0		%				$	2,389					$	17.51					Harris Teeter			Altitude Trampoline Park
Lumina Commons			Wilmington, NC			100 %			Wilmington, NC			1974 / 2007			80,772			95.4		%				$	1,279					$	16.61					Harris Teeter			N/A
Northside Plaza			Clinton, NC			100 %			N/A			1982 / 2015			79,865			95.0		%				$	673					$	8.86					Food Lion			Farmers Home Furniture
The Shoppes at Ardrey Kell			Charlotte, NC			14 %			Charlotte-Concord-Gastonia, NC-SC			2008			82,119			100.0		%				$	1,561					$	19.01					Harris Teeter			N/A
Tramway Crossing			Sanford, NC			100 %			Sanford, NC			1996			62,382			97.8		%				$	799					$	13.10					Food Lion			N/A
Windsor Center			Dallas, NC			100%			Charlotte-Concord-Gastonia, NC-SC			1974 / 2015			80,540			92.4		%				$	716					$	9.62					N/A			Southern States Cooperative; Kintegra Health; Workout Anytime

Phillips Edison & Company						53

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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 / 2021			169,478			100.0		%				$	4,363					$	25.74					Stop & Shop			T.J.Maxx; HomeGoods
Coronado Center			Santa Fe, NM			100 %			Santa Fe, NM			1964 / 2019			116,005			88.8		%				$	1,945					$	18.88					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					$	10.45					Safeway			T.J.Maxx; Best Buy; Petco
Crossroads Towne Center			North Las Vegas, NV			100 %			Las Vegas-Henderson-Paradise, NV			2007 / 2021			148,719			100.0		%				$	4,802					$	32.29					Walmart (shadow)			Planet Fitness; Oasis Jiu Jitsu; Salon Boutique
Green Valley Plaza			Henderson, NV			100 %			Las Vegas-Henderson-Paradise, NV			1978 / 1982			89,332			100.0		%				$	2,078					$	23.26					Trader Joe's			Dollar Tree; Big 5 Sporting Goods
Rainbow Plaza			Las Vegas, NV			100 %			Las Vegas-Henderson-Paradise, NV			1989 / 2022			144,845			96.4		%				$	2,534					$	18.15					Albertsons			Ross Dress for Less; Home Depot (shadow)
Southwest Marketplace			Las Vegas, NV			100 %			Las Vegas-Henderson-Paradise, NV			2008 / 2017			127,852			97.3		%				$	2,893					$	23.26					Smith's			N/A
Sprouts Plaza			Las Vegas, NV			100 %			Las Vegas-Henderson-Paradise, NV			1995 / 2022			112,580			98.8		%				$	2,317					$	20.82					Sprouts Farmers Market			Goodwill; Advance Auto Parts; Home Depot (shadow)
University Plaza			Amherst, NY			100 %			Buffalo-Cheektowaga, NY			1980 / 2020			163,388			94.7		%				$	1,900					$	12.27					Tops Markets			Amherst Theatre; DaVita Dialysis; CallofDeals
Beavercreek Towne Center			Beavercreek, OH			100 %			Dayton-Kettering, OH			1994 / 2019			366,416			99.3		%				$	3,814					$	10.48					Fresh Thyme			Lowe's; Kohl's; Ashley Furniture HomeStore; T.J.Maxx; JOANN; Shoe Carnival and Shoe Station
East Side Square			Springfield, OH			100 %			Springfield, OH			2007			8,400			100.0		%				$	167					$	19.88					Walmart (shadow)			N/A
Fairfield Crossing			Beavercreek, OH			100 %			Dayton-Kettering, OH			1994			71,170			100.0		%				$	1,536					$	21.58					Walmart (shadow)			Office Depot; Pet Supplies Plus
Fairlawn Town Centre			Fairlawn, OH			100 %			Akron, OH			1962 / 2012			340,452			96.2		%				$	4,637					$	14.16					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		%				$	1,519					$	6.07					Walmart			T.J.Maxx; PetSmart
Forest Park Square			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1988 / 2018			92,824			100.0		%				$	1,033					$	11.12					Kroger			N/A
Georgesville Square			Columbus, OH			14 %			Columbus, OH			1996 / 2017			270,045			100.0		%				$	2,590					$	9.59					Kroger			Lowe's; Nationwide Children's Hospital
Glenwood Crossing			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1999 / 2015			101,021			100.0		%				$	780					$	7.72					Kroger			Dollar Tree
Goshen Station			Goshen, OH			100 %			Cincinnati, OH-KY-IN			1973 / 2003			53,802			100.0		%				$	599					$	11.14					Kroger			N/A

Phillips Edison & Company						54

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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			229,060			78.3		%				$	2,696					$	15.03					Fresh Thyme			Painted Tree Marketplace; T.J. Maxx; HomeGoods
Hartville Centre			Hartville, OH			100 %			Canton-Massillon, OH			1988 / 2008			124,258			99.1		%				$	1,346					$	10.93					Giant Eagle			Aultman Medical
Harvest Plaza			Akron, OH			100 %			Akron, OH			1974 / 2015			75,866			100.0		%				$	765					$	10.08					Giant Eagle			N/A
Lakewood City Center			Lakewood, OH			100 %			Cleveland-Elyria, OH			1991 / 2011			67,280			100.0		%				$	1,194					$	17.75					Marc's			Pet Supplies Plus
Monfort Heights			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1987 / 2015			54,920			100.0		%				$	505					$	9.20					Kroger			N/A
Sheffield Crossing			Sheffield Village, OH			100 %			Cleveland-Elyria, OH			1989 / 2013			110,688			100.0		%				$	1,630					$	14.73					Giant Eagle			N/A
Shoregate Town Center			Willowick, OH			100 %			Cleveland-Elyria, OH			1958 / 2022			289,431			99.5		%				$	2,788					$	9.68					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		%				$	626					$	5.41					Kroger			N/A
Snow View Plaza			Parma, OH			100 %			Cleveland-Elyria, OH			1981			101,450			92.6		%				$	1,242					$	13.22					Giant Eagle			Kumo Japanese
Sulphur Grove			Huber Heights, OH			100 %			Dayton-Kettering, OH			2004			19,570			87.2		%				$	323					$	18.93					Walmart (shadow)			N/A
Trader Joe's Center			Dublin, OH			100 %			Columbus, OH			1986			75,506			100.0		%				$	1,502					$	19.89					Trader Joe's			N/A
East Burnside Plaza			Portland, OR			100 %			Portland-Vancouver-Hillsboro, OR-WA			1955 / 1999			38,363			100.0		%				$	820					$	21.36					Quality Food Centers			N/A
Highland Fair			Gresham, OR			100 %			Portland-Vancouver-Hillsboro, OR-WA			1984 / 2013			70,795			86.2		%				$	902					$	14.78					Safeway			N/A
Hilfiker Shopping Center			Salem, OR			100 %			Salem, OR			1984 / 2011			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		%				$	2,585					$	15.83					Safeway			BI-MART; Personal Touch Car Wash
Edgewood Towne Center			Edgewood, PA			100 %			Pittsburgh, PA			1990 / 2021			342,610			99.1		%				$	4,325					$	12.74					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		%				$	1,012					$	14.06					Giant			N/A
Northtowne Square			Gibsonia, PA			14 %			Pittsburgh, PA			1993 / 2003			113,372			96.9		%				$	1,071					$	9.75					Giant Eagle			N/A

Phillips Edison & Company						55

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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
Palmer Town Center			Easton, PA			100 %			Allentown-Bethlehem-Easton, PA-NJ			2005			153,020			100.0		%				$	2,908					$	19.00					Giant			Marshalls
Townfair Center			Indiana, PA			100 %			Indiana, PA			1995 / 2016			218,610			100.0		%				$	2,141					$	9.79					Giant Eagle			Lowe's; Michaels
Yorktown Centre			Millcreek Township, PA			100 %			Erie, PA			1989 / 2020			198,418			98.5		%				$	2,280					$	11.67					Giant Eagle			Saint Vincent Hospital; A Bridge to Independence
Centerpoint			Easley, SC			100 %			Greenville-Anderson, SC			2002			72,287			100.0		%				$	979					$	13.54					Publix			N/A
Hampton Village			Taylors, SC			100 %			Greenville-Anderson, SC			1959 / 2019			133,688			96.6		%				$	1,873					$	14.50					Publix			Burkes Outlet
Irmo Station			Irmo, SC			100 %			Columbia, SC			1980			99,440			95.6		%				$	1,300					$	13.68					Kroger			Pet Supplies Plus
Murray Landing			Columbia, SC			100 %			Columbia, SC			2003 / 2016			75,714			100.0		%				$	1,325					$	17.50					Publix			N/A
North Pointe Plaza			North Charleston, SC			100 %			Charleston-North Charleston, SC			1989 / 2022			373,520			99.6		%				$	2,982					$	8.02					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			97.6		%				$	1,001					$	15.44					Publix			N/A
Stockbridge Commons			Fort Mill, SC			14 %			Charlotte-Concord-Gastonia, NC-SC			2003 / 2012			99,473			100.0		%				$	1,839					$	18.49					Harris Teeter			N/A
Summerville Galleria			Summerville, SC			100 %			Charleston-North Charleston, SC			1989 / 2014			106,391			89.4		%				$	1,461					$	15.35					Food Lion			N/A
The Fresh Market Commons			Pawleys Island, SC			100 %			Georgetown, SC			2011 / 2014			32,325			100.0		%				$	733					$	22.66					The Fresh Market			N/A
Hamilton Village			Chattanooga, TN			100 %			Chattanooga, TN-GA			1989 / 2021			429,325			100.0		%				$	3,297					$	7.68					ALDI; Walmart			Urban Air Adventure Park; Gabe's; Overstock Furniture & Mattress; JOANN; Boot Barn
Hickory Plaza			Nashville, TN			100 %			Nashville-Davidson--Murfreesboro--Franklin, TN			1974 / 2020			72,136			100.0		%				$	899					$	12.47					Kroger			N/A
Lynnwood Place			Jackson, TN			100 %			Jackson, TN			1986 / 2013			96,613			83.5		%				$	864					$	10.71					Kroger			N/A
Providence Commons			Mt. Juliet, TN			100 %			Nashville-Davidson--Murfreesboro--Franklin, TN			2009			110,137			100.0		%				$	2,075					$	18.84					Publix			Five Below
Willowbrook Commons			Nashville, TN			100 %			Nashville-Davidson--Murfreesboro--Franklin, TN			2005			93,600			100.0		%				$	1,119					$	11.96					Kroger			N/A

Phillips Edison & Company						56

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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
Cinco Ranch at Market Center			Katy, TX			100 %			Houston-The Woodlands-Sugar Land, TX			2007 / 2023			104,794			100.0		%				$	2,339					$	22.32					Super Target (shadow)			HomeGoods; Michaels; OfficeMax
Commerce Square			Brownwood, TX			100 %			Brownwood, TX			1969 / 2022			150,459			96.8		%				$	1,485					$	9.87					ALDI			T.J.Maxx; Burkes Outlet; Boot Barn Western and Work Wear; Harbor Freight Tools
Coppell Market Center			Coppell, TX			100 %			Dallas-Fort Worth-Arlington, TX			2008			90,225			100.0		%				$	1,572					$	17.43					Market Street United			N/A
Hickory Creek Plaza			Denton, TX			100 %			Dallas-Fort Worth-Arlington, TX			2007			28,421			79.3		%				$	636					$	28.25					Kroger (shadow)			N/A
Kirkwood Market Place			Houston, TX			100 %			Houston-The Woodlands-Sugar Land, TX			1979 / 2012			80,220			100.0		%				$	1,760					$	21.94					N/A			Crunch Fitness
Kleinwood Center			Spring, TX			100 %			Houston-The Woodlands-Sugar Land, TX			2003			152,900			95.0		%				$	3,194					$	21.98					H-E-B			N/A
Lake Pointe Market			Rowlett, TX			100 %			Dallas-Fort Worth-Arlington, TX			2002			40,608			87.9		%				$	962					$	26.95					Tom Thumb (shadow)			N/A
Lakeland Village Center			Cypress, TX			100 %			Houston-The Woodlands-Sugar Land, TX			2016			83,542			97.6		%				$	2,232					$	27.38					N/A			CVS
Mansfield Market Center			Mansfield, TX			100 %			Dallas-Fort Worth-Arlington, TX			2015			55,353			100.0		%				$	1,412					$	25.51					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		%				$	2,189					$	36.60					H-E-B (shadow)			N/A
Mayfair Village			Hurst, TX			100 %			Dallas-Fort Worth-Arlington, TX			1981 / 2022			230,778			96.0		%				$	3,002					$	13.55					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 / 2017			97,486			100.0		%				$	2,176					$	22.32					Market Street United			N/A
Memorial at Kirkwood			Houston, TX			100 %			Houston-The Woodlands-Sugar Land, TX			1979 / 2018			104,887			100.0		%				$	2,187					$	20.85					N/A			Dollar Tree
Murphy Marketplace			Murphy, TX			100 %			Dallas-Fort Worth-Arlington, TX			2008 / 2021			227,203			98.6		%				$	5,633					$	25.15					Sprouts Farmers Market			EoS Fitness; Michaels
Northpark Village			Lubbock, TX			100 %			Lubbock, TX			1990			70,479			100.0		%				$	796					$	11.30					United Supermarkets			N/A
Oak Meadows Marketplace			Georgetown, TX			100 %			Austin-Round Rock-Georgetown, TX			2018			78,841			100.0		%				$	1,615					$	20.49					Randalls			N/A
Plano Market Street			Plano, TX			100 %			Dallas-Fort Worth-Arlington, TX			2009			166,978			94.2		%				$	3,657					$	23.26					Market Street United			Tint School of Makeup & Cosmetology

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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
Riverpark Shopping Center			Sugar Land, TX			100 %			Houston-The Woodlands-Sugar Land, TX			2003			317,331			99.1		%				$	6,671					$	21.22					H-E-B			LA Fitness; Aces Pickleball; Dave & Buster's; Dollar Tree; Walgreens
Seville Commons			Arlington, TX			100 %			Dallas-Fort Worth-Arlington, TX			1987 / 2022			112,421			96.3		%				$	1,617					$	14.94					Walmart Neighborhood Market			N/A
Shops at Cross Creek			Fulshear, TX			100 %			Houston-The Woodlands-Sugar Land, TX			2015			24,188			100.0		%				$	763					$	31.53					N/A			N/A
Spring Cypress Village			Houston, TX			100 %			Houston-The Woodlands-Sugar Land, TX			1982 / 2012			102,758			91.8		%				$	2,045					$	21.69					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		%				$	1,106					$	12.38					Kroger			N/A
Suntree Square			Southlake, TX			100 %			Dallas-Fort Worth-Arlington, TX			2000			99,269			100.0		%				$	1,733					$	17.46					Tom Thumb			N/A
Towne Crossing Shopping Center			Mesquite, TX			100 %			Dallas-Fort Worth-Arlington, TX			1984 / 2016			165,419			98.9		%				$	2,101					$	12.85					Kroger			WSS; Citi Trends; Kids Empire; CSL Plasma
Walden Park			Austin, TX			100 %			Austin-Round Rock- Georgetown, TX			2002			90,888			98.0		%				$	1,925					$	21.60					Super Target (shadow)			HomeGoods
Hillside - West			Hillside, UT			100 %			Salt Lake City, UT			2006			14,550			100.0		%				$	461					$	31.70					N/A			Walgreens
Ashburn Farm Market Center			Ashburn, VA			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2000			91,905			97.6		%				$	2,858					$	31.87					Giant			N/A
Birdneck Shopping Center			Virginia Beach, VA			100 %			Virginia Beach-Norfolk-Newport News, VA-NC			1987 / 2017			65,554			100.0		%				$	688					$	10.49					Food Lion			N/A
Cascades Overlook			Sterling, VA			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2016			150,580			95.5		%				$	4,294					$	29.85					Harris Teeter			N/A
Courthouse Marketplace			Virginia Beach, VA			100 %			Virginia Beach-Norfolk-Newport News, VA-NC			2005			102,120			97.1		%				$	1,874					$	18.90					Harris Teeter			N/A
Dunlop Village			Colonial Heights, VA			100 %			Richmond, VA			1987 / 2012			77,315			100.0		%				$	861					$	11.13					Food Lion			Ace Hardware
Lakeside Plaza			Salem, VA			100 %			Roanoke, VA			1988			87,784			97.2		%				$	1,052					$	12.33					Kroger			NAPA Auto Parts
Nordan Shopping Center			Danville, VA			100 %			Danville, VA			1961 / 2015			135,058			97.4		%				$	1,022					$	7.76					Walmart Neighborhood Market			Caesars Virginia; It's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections
Statler Square			Staunton, VA			100 %			Staunton, VA			1989 / 1997			134,660			93.6		%				$	1,224					$	9.71					Kroger			Staples; Petco
Staunton Plaza			Staunton, VA			100 %			Staunton, VA			2006			80,266			100.0		%				$	1,464					$	18.23					Martin's			N/A
Stonewall Plaza			Winchester, VA			100 %			Winchester, VA-WV			2007			118,584			100.0		%				$	2,656					$	22.40					Martin's			Dollar Tree

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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
Village at Waterford			Midlothian, VA			100 %			Richmond, VA			1991 / 2016			78,611			98.0		%				$	838					$	10.88					Food Lion			N/A
Waynesboro Plaza			Waynesboro, VA			100 %			Staunton, VA			2005			76,534			100.0		%				$	1,368					$	17.88					Martin's			N/A
Winchester Gateway			Winchester, VA			100 %			Winchester, VA-WV			2006			163,585			98.0		%				$	3,189					$	19.90					Martin's			East Coast Gymnastics and Cheer; Ridgeside K9 Winchester
Claremont Village			Everett, WA			100 %			Seattle-Tacoma-Bellevue, WA			1994 / 2012			86,497			95.2		%				$	1,415					$	17.20					Quality Food Centers			Ace Hardware
The Orchards			Yakima, WA			100 %			Yakima, WA			2002			86,407			100.0		%				$	1,395					$	16.14					Rosauers Supermarkets			N/A
Westgate North Shopping Center			Tacoma, WA			100 %			Seattle-Tacoma-Bellevue, WA			1960 / 2017			74,818			93.3		%				$	2,471					$	35.42					Safeway (shadow)			N/A
Fairacres Shopping Center			Oshkosh, WI			100 %			Oshkosh-Neenah, WI			1992 / 2016			85,523			98.5		%				$	1,000					$	11.87					Pick 'n Save			O-Town Iron
Franklin Centre			Franklin, WI			100 %			Milwaukee-Waukesha, WI			1994 / 2018			120,068			98.3		%				$	1,248					$	10.57					Pick 'n Save			Planet Fitness
Glenwood Crossings			Kenosha, WI			100 %			Chicago-Naperville-Elgin, IL-IN-WI			1992 / 2018			87,115			98.2		%				$	1,116					$	13.05					Pick 'n Save			Dollar Tree
Greentree Centre			Racine, WI			100 %			Racine, WI			1989 / 2018			78,011			100.0		%				$	1,128					$	14.46					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		%				$	2,200					$	20.10					Metro Market			N/A
Point Loomis			Milwaukee, WI			100 %			Milwaukee-Waukesha, WI			1965 / 2022			167,533			100.0		%				$	1,063					$	6.34					Pick 'n Save			Kohl's
Village Center			Racine, WI			100 %			Racine, WI			2002 / 2021			240,847			99.1		%				$	2,804					$	11.75					Festival Foods			Kohl's; Ulta
Village Square of Delafield			Delafield, WI			100 %			Milwaukee-Waukesha, WI			2007 / 2017			81,639			91.1		%				$	1,188					$	15.98					Pick 'n Save			N/A
Total															36,038,313			97.1		%				$	558,057					$	15.95

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

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ADDITIONAL DISCLOSURES
Three Months Ended March 31, 2025

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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, 2025. 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.
			Q1 YTD						2025E
			Three Months Ended  March 31, 2025						Updated						Previous
Net income per share			$0.21						$0.58 - $0.63						$0.54 - $0.59
Nareit FFO per share			$0.64						$2.47 - $2.54						$2.47 - $2.54
Core FFO per share			$0.65						$2.52 - $2.59						$2.52 - $2.59
Same-Center NOI growth(1)			3.9%						3.00% - 3.50%						3.00% - 3.50%
Portfolio Activity
Acquisition activity, gross(2)			$146,445						$350,000 - $450,000						$350,000 - $450,000
Other
Interest expense, net			$25,672						$111,000 - $121,000						$111,000 - $121,000
G&A expense			$12,086						$45,000 - $49,000						$45,000 - $49,000
Non-cash revenue items(3)			$4,620						$18,000 - $20,000						$18,000 - $20,000
Adjustments for collectibility			$1,227						$4,000 - $8,000						$4,000 - $8,000
									2025E
									Lower Range						Upper Range
Reconciliation
Net income per common share									$	0.58					$	0.63
Depreciation and amortization of real estate assets									1.90						1.92
Gain on sale of real estate asset									(0.04)						(0.04)
Adjustments related to unconsolidated joint ventures									0.03						0.03
Nareit FFO per common share									$	2.47					$	2.54
Depreciation and amortization of corporate assets									0.01						0.01
Transaction costs and other									0.04						0.04
Core FFO per common share									$	2.52					$	2.59

(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.

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Components of Net Asset Value Unaudited, dollars and shares in thousands
			Three Months Ended  March 31, 2025			Supplement Page									As of  March 31, 2025			Supplement Page
NOI FOR REAL ESTATE INVESTMENTS(1)			$	119,051		20						OTHER ASSETS
												Cash and cash equivalents			$	5,458		13
ADJUSTMENTS TO NOI												Restricted cash			2,395			13
NOI adjustments for Q1 acquisitions/dispositions(2)			$	1,870								Accounts receivable, net			51,346			22
												Prepaid expenses and other assets			32,026			22
Quarterly impact of ABR from leases signed but not yet paying rent as of March 31, 2025			2,858									Derivative assets			2,750			22
												Investment in third parties			6,806			22
Pro rata NOI from Joint Ventures			1,366									Investment in marketable securities			8,939			22
Pro rata NOI adjustments for Q1 acquisitions/dispositions from Joint Ventures(2)			23									Total value of other assets			$	109,720
												LIABILITIES
INVESTMENT MANAGEMENT BUSINESS												Debt obligations			$	2,304,162		28
Fees and management income			$	2,783		14						Accounts payable and other liabilities			123,557			22
Property operating expenses related to fees and management income			896			20						Total value of liabilities			$	2,427,719
Share of unconsolidated investment income recorded in Other Expense, Net			121			23						EQUITY
												Common shares and OP units outstanding			138,394			27
												JOINT VENTURES
												Pro rata share of debt			$	33,850		29
												DEVELOPMENT AND REDEVELOPMENT
												Costs incurred to date			$	26,522		25
												Estimated remaining costs to be incurred			20,352			25
												Underwritten incremental unlevered yield			9%-12%			25

(1)Represents total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes for all real estate properties.

(2)Removes NOI related to disposed properties and adjusts NOI for acquired properties to represent a full period.

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Glossary of Terms
Term			Definition
Anchor space			A space greater than or equal to 10,000 square feet of gross leasable area (GLA).
Annualized base rent (ABR)			Refers to the monthly contractual base rent as of the end of the applicable reporting period multiplied by twelve months.
ABR Per Square Foot (PSF)			ABR divided by leased GLA. Increases in ABR PSF can be an indication of our ability to create rental rate growth in our centers, as well as an indication of demand for our spaces, which generally provides us with greater leverage during lease negotiations.
Cap rate			Estimated in-place NOI for the property divided by the property’s contractual purchase or sale price.
Comparable lease			Refers to a lease with consistent terms that is executed for substantially the same space that has been vacant less than twelve months.
Comparable rent spread			Calculated as the percentage increase or decrease in first-year ABR (excluding any free rent or escalations) on new, renewal, and option leases where the lease was considered a comparable lease. This metric provides an indication of our ability to generate revenue growth through leasing activity.
Cost of executing new leases			Refers to certain costs associated with new leasing, namely, tenant improvement costs and tenant concessions.
EBITDAre, and Adjusted EBITDAre (collectively, “EBITDAre metrics”)(1)			Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis. 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			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, less property operating expenses and real estate taxes. NOI provides insight about our financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss).
Portfolio retention rate			Calculated by dividing (i) the total square feet of retained Neighbors with current period lease expirations by (ii) the total square feet of leases expiring during the period. The portfolio retention rate provides insight into our ability to retain Neighbors at our shopping centers as their leases approach expiration. Generally, the costs to retain an existing Neighbor are lower than costs to replace with a new Neighbor.
Recovery rate			Calculated by dividing (i) total recovery income by (ii) total recoverable expenses during the period. A high recovery rate is an indicator of our ability to recover certain property operating expenses and capital costs from our Neighbors.
Redevelopment			Larger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects typically are accompanied with new construction and site infrastructure costs.
Same-Center			Refers to a property, or portfolio of properties, that has been owned and operational for the entirety of each reporting period (i.e., since January 1, 2024).
Total enterprise value			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

Jeff Spector

Jeff.spector@bofa.com

BMO Capital Markets

Juan Sanabria

Juan.sanabria@bmo.com

Compass Point Research & Trading

Floris van Dijkum

Fvandijkum@compasspointllc.com

Deutsche Bank

Tayo Okusanya

Omotayo.okusanya@db.com

Goldman Sachs

Caitlin Burrows

Caitlin.burrows@gs.com

Green Street Advisors

Paulina Rojas-Schmidt

Projasschmidt@greenstreet.com

JPMorgan

Michael Mueller

Michael.w.mueller@jpmorgan.com

KeyBanc

Todd Thomas

Tthomas@key.com

Mizuho Securities USA

Haendel St. Juste

Haendel.St.Juste@mizuhogroup.com

Morgan Stanley

Ronald Kamdem

Ronald.Kamdem@morganstanley.com

Wells Fargo

Dori Kesten

Dori.Kesten@wellsfargo.com

Wolfe Research

Andrew Rosivach

ARosivach@wolferesearch.com

CONTACT INFORMATION

Investor Relations

Kimberly Green

Hannah Harper

Head of Investor Relations

Senior Manager of Investor Relations

kgreen@phillipsedison.com

hharper@phillipsedison.com

(513) 538-4380

(513) 824-7122

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