Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Q1 2026 Earnings Presentation
20 slides from Phillips Edison &'s earnings presentation, Apr 24, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 2026 Shoppes of Paradise Lakes | Miami, FL 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'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 6: 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 Groce
Slide 7: 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 8: 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 9: Strategic Locations in Markets with Growing Demographics Driving Strong Rent Growth
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 10: 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 11: PECO's Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers
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) 63 5.1% 16 0.7% 62 5.0% 42 0.7% 30 3.4% 3 0.6% 22 3.1% 5
Slide 12: 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 13: 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 14: Strategic Portfolio Recycling
Strategic Portfolio Recycling PECO is driving long-term growth through portfolio recycling; Dispositions fund future acquisitions 2026 Disposition Summary 2026 Contract Price Grocery Location GLA Dispositions (in thousands) Anchor South Oaks Shopping Center Live Oak, FL 102,816 $5,250 N/A Highland F
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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
Phillips Edison & Company — Q1 2026 Earnings Presentation on 6ix