Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Nareit REITweek Investor Conference 2026
41 slides from Phillips Edison &'s conference presentation, June 2026
Slide 1: Nareit REITweek Investor Presentation
Nareit REITweek Investor Presentation June 2026 Village Shoppes at Windermere | Atlanta, GA Suburb
Slide 2: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures PECO’s Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company,
Slide 3: PECO at a Glance
PECO at a Glance PECO is the cycle-tested leader in right-sized, grocery-anchored neighborhood centers located where America’s top grocers are most profitable 1991/2021 PECO S&P 600 Founded/IPO Nasdaq Member 326 Total GLA 94% Properties(1) 36.9M ABR from Grocery- Square Feet(1) Anchored Centers 82%
Slide 4: PECO's Focused and Differentiated Strategy
PECO’s Focused and Differentiated Strategy Highest concentration of grocery; highest percentage of neighborhood centers Key Elements of Our Strategy Cycle-Tested and Resilient Advantage #1 or #2 grocery anchor by sales (82% of ABR) 97% leased portfolio occupancy with continued strong Neighbor demand
Slide 5: PECO Leads in Neighborhood Center Exposure Among Retail REITs
PECO Leads in Neighborhood Center Exposure Among Retail REITs PECO’s portfolio is focused on neighborhood centers – highest % of NOI among our peers % of NOI by Retail Format 4% 7% 8% 8% 5% 7% 6% 12% 22% 19% 8% 37% 35% 35% 41% 50% 28% 36% 80% 43% 43% 20% 45% 29% 33% 20% 55% 29% 32% 37% 33% 7% 15% 19
Slide 6: Locally Smart: Insight-Driven Strategies for Lasting Growth
Locally Smart : Insight-Driven Strategies for Lasting Growth Micro-market-focused operating team, including Leasing, Property Management, Customer Solutions and Portfolio Management committed to local insight and market-leading results Strategic Focus: PECO is Locally Smart , highly focused on every
Slide 7: PECO's Grocery-Anchored Advantage
PECO’s Grocery- Anchored Advantage
Slide 8: How PECO Defines Quality
How PECO Defines Quality PECO has 35 years of experience in the grocery-anchored shopping center industry and an informed perspective on what drives quality and success at the property level Grocery Centered. Neighborhood Focused. 8
Slide 9: PECO's Grocery-Anchored Advantage
PECO’s Grocery-Anchored Advantage PECO’s grocery-anchored and necessity-based strategy provides unique strength and stability 94% of our rents come from 2.3% 82% grocery-anchored centers(1) PECO Grocer PECO ABR from #1 or #2 Health Ratio(3) Grocery Anchor by Sales(1) PECO GROCER SALES PSF GROWTH (2)
Slide 10: Everyday Retail Complements Grocery-Anchored
Everyday Retail Complements Grocery-Anchored PECO is focused on delivering essential spaces for everyday life Strategic Positioning Performance Drivers Targets and Metrics PECO has identified ~50,000 Enhances PECO portfolio returns, Ability to scale Everyday Retail Everyday Retail centers across sam
Slide 11: Everyday Retail
Everyday Retail PECO is focused on delivering essential spaces for everyday life AHHI: $199K; Population 83K AHHI: $171K; Population 109K AHHI: $144K; Population 150K Glenbrook Marketplace | Chicago, IL suburb Rue de France | Minneapolis, MN suburb Memorial at Kirkwood | Houston, TX suburb AHHI: $19
Slide 12: Grocery Foot Traffic Remains Strong
Grocery Foot Traffic Remains Strong Grocers continue to be resilient in the Shopping Center space National Grocery Foot Traffic Trend Visits Figures in billions 15.5 14.7 14.9 16.4 17.0 17.2 17.7 17.6 2019 2020 2021 2022 2023 2024 2025 TTM Mansell Village | Atlanta, GA Suburb Source: Placer.ai; TTM
Slide 13: PECO Continues to See a Strong Operating Environment
PECO Continues to See a Strong Operating Environment Strong occupancy and Neighbor demand continue to support attractive leasing economics PECO’s Comparable New Rent Spreads Leasing rent spreads demonstrate PECO’s strong pricing power and sustainable organic growth 13.3% 8.2% 15.7% 32.2% 25.2% 35.7%
Slide 14: PECO's Strategic Presence in Suburban Markets
PECO’s Strategic Presence in Suburban Markets We are well-positioned for future growth with significant presence in Sun Belt states and growing U.S. cities 326 properties across 31 states(1) ~50% of ABR from Sun Belt states(2) Strong presence in growing U.S. cities Migration trends favor PECO’s top
Slide 15: Strategic Locations in Markets with Growing Demographics
Strategic Locations in Markets with Growing Demographics Driving Strong Rent Growth PECO aligns with leading grocer demographics PECO’s portfolio has an average 3-mile Average 3-Mile Average 3-Mile median household income of $101K, Population Median Household Income which is 15% above the U.S. avera
Slide 16: PECO Neighbors by Type
PECO Neighbors by Type Grocery continues to be PECO’s leading category exposure and is a key element of our strategy PECO’s healthy Neighbor mix and grocery-anchored strategy positions PECO well for continued growth: Restaurants including quick-service, fast-casual and full-service Medical – or Medt
Slide 17: Math Behind PECO's Local Neighbors
Math Behind PECO’s Local Neighbors PECO’s inline Local Neighbors offer attractive economics, have high retention rates and achieve above average inline renewal spreads Inline Local Neighbors are resilient and have been in PECO’s centers an average of 10 years This length of tenancy compares favorabl
Slide 18: Health and Beauty Neighbors
Health and Beauty Neighbors Health and beauty Neighbors drive solid foot traffic to PECO centers Grocery Centered. Neighborhood Focused. 18
Slide 19: Fitness Neighbors
Fitness Neighbors Fitness Neighbors reinforce PECO’s solid recurring foot traffic Grocery Centered. Neighborhood Focused. 19
Slide 20: Strong Local Neighbors
Strong Local Neighbors PECO’s Locally Smart approach blends national scale with tailored neighborhood strategies, ensuring Local Neighbors thrive alongside major grocery anchors Magnolia Dermatology Salt & Light Vibe Pilates Lakeland Village Center Harpers Station Stockbridge Commons Houston, TX Sub
Slide 21: PECO's Highly Diversified Neighbor Mix
PECO’s Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers High-quality grocers and necessity-based retailers generate strong foot traffic Neighbor Location Count(1) % ABR(2) Neighbor Location Count(1) % ABR(2) IG 63 5.1% 16 0.7% 62 5.0% IG 42 0.7% 30 3.4% 3 0.6% IG 2
Slide 22: PECO's Long-Term Growth
PECO’s Long- Term Growth
Slide 23: PECO's Long-Term Targets
PECO’s Long-Term Targets Same-Center NOI Mid-to-High Single-Digit Growth of 3% to 4% Core FFO Per Share Growth AFFO Growth Higher than Core FFO Per Share Growth Grocery Centered. Neighborhood Focused. 23
Slide 24: Roadmap to Our Long-Term Growth
Roadmap to Our Long-Term Growth PECO remains committed to delivering sustainable organic long-term growth and value y Red anc e up De velo cc ve Increase in occupancy l O Redevelopment and development pm ment in op expected to contribute ent activity expected to contribute se 0 to 50 bps of growth I
Slide 25: Long-Term Growth Beyond Occupancy
Long-Term Growth Beyond Occupancy When occupancy is no longer a driver of growth, we believe our portfolio can still deliver 3% to 4% same-center NOI growth long-term C th on Increa row tra ctua Rent G 3% TO 4% LONG-TERM l Rent ses SAME-CENTER New and renewal leasing NOI GROWTH Contractual rent incr
Slide 26: Roadmap to Our Long-Term Growth
Roadmap to Our Long-Term Growth PECO’s long-term Core FFO per share growth will be driven by effective internal and external growth th LONG-TERM External Grow MID-TO-HIGH Internal Growt SINGLE-DIGIT CORE FFO External growth PER SHARE expected to contribute Internal growth GROWTH expected to contribu
Slide 27: Strong Development and Redevelopment Activity
Strong Development and Redevelopment Activity PECO is focused on growing our pipeline of accretive ground-up development and repositioning projects ~19 projects under active construction • AHHI: $209K • Anchor: Safeway PECO’s total investment in these projects is estimated to be ~$74.4M with an aver
Slide 28: PECO's Long-Term Growth: External Growth Engines
PECO’s Long-Term Growth: External Growth Engines Core, Grocery- Everyday Retail Anchored Centers Centers Joint Venture Opportunities $400M to $500M in gross acquisitions at PECO’s share in 2026 with a targeted unlevered IRR of 9%+ Grocery Centered. Neighborhood Focused. 28
Slide 29: Strong Acquisition Volume
Strong Acquisition Volume PECO is building long-term value through external growth; Our pipeline for 2026 is strong 2026 Acquisition Summary 2026 Contract Price Grocery Leased Occupancy at Acquisition Location GLA Acquisitions (in thousands) Anchor Acquisition Date The Village at Indian Wells Indian
Slide 30: Portfolio Recycling: Driving Long-Term Growth
Portfolio Recycling: Driving Long-Term Growth PECO is strategically selling lower-IRR assets and reinvesting into stronger growth opportunities to drive long-term earnings Unlock capital from stabilized properties and low forward IRRs Reinvest into high-IRR acquisitions to drive strong earnings grow
Slide 31: Strategic Portfolio Recycling
Strategic Portfolio Recycling PECO is driving long-term growth through portfolio recycling; Dispositions fund future acquisitions PECO is Targeting $100M–$200M of Dispositions in 2026 2026 Disposition Summary 2026 Contract Price Grocery Location GLA Dispositions (in thousands) Anchor South Oaks Shop
Slide 32: PECO's Long-Term Targets
PECO’s Long-Term Targets Target Net Debt to Adjusted Repeat Issuer in the EBITDAre in low-to-mid 5x range Unsecured Debt Market Well-Laddered Debt Maturities that Reduce Risk and Avoid Concentration We plan to continue to be a repeat issuer in the unsecured debt market with target fixed rate debt of
Slide 33: Strong and Flexible Balance Sheet Position
Strong and Flexible Balance Sheet Position PECO’s balance sheet provides stability, flexibility and significant liquidity Significant liquidity position of $810M As of March 31, 2026, our outstanding debt had a: • Weighted average interest rate of 4.4%(2) Trailing 12-month net debt to annualized • W
Slide 34: PECO's Investments Enhance Long-Term Value
PECO’s Investments Enhance Long-Term Value We aim to invest in opportunities that are accretive to earnings and our long-term growth profile; We believe our target IRRs are meaningfully above our cost of capital Strategic Targets and Support Capital Sources and Uses Targeting $400M–$500M in gross ac
Slide 35: PECO 2026 Earnings Guidance Summary
PECO 2026 Earnings Guidance Summary Full year guidance as of April 23, 2026 Q1 2026 Full Year Previous Full Year All figures in millions, except per share YTD 2026 Guidance 2026 Guidance data Net income per share $0.24 $0.79 - $0.81 $0.74 - $0.77 Nareit FFO per share $0.67 $2.66 - $2.71 $2.65 - $2.7
Slide 36: Appendix
Appendix
Slide 37: Driving Innovation with Artificial Intelligence
Driving Innovation with Artificial Intelligence: PECO’s Leadership in Technology PECO’s award-winning AI strategy driving innovation How AI Is Enhancing PECO’s Operating Platform PECO is investing in AI to support better decision-making, operating efficiency and long-term growth More than 20 AI init
Slide 38: Industry Awards and Partnerships
Industry Awards and Partnerships PECO is consistently recognized for strong execution across innovation, culture, and sustainability ICSC Tech Innovator Award (2026) Green Lease Leader (2025) Gold AI and technology driving operational efficiency Sustainability embedded in leasing strategy Enhances t
Slide 39: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability PECO is driving responsible growth through corporate responsibility and sustainability Board of Directors People & Culture Long-Term Growth Highly-qualified and majority independent Board PECO Cultural Advantage (PECO XP) committed to effective corporate g
Slide 40: Glossary of Terms
Glossary of Terms 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 divid
Slide 41: Non-GAAP Measures
Non-GAAP Measures The following table provides a reconciliation of the range of the Company's 2026 estimated net income to estimated Nareit FFO and Core FFO: Full Year 2026 Guidance Low End High End (Unaudited) Net income per common share $0.79 $0.81 Depreciation and amortization of real estate asse
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