Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Evercore Shopping Center Day 2026
42 slides from Phillips Edison &'s conference presentation, Jan 7, 2026
Slide 1: Evercore Shopping Center Day Investor Presentation
Evercore Shopping January 2026 Center Day Investor Presentation
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. The Company intends such fo
Slide 3: PECO at a Glance
PECO at a Glance Our mission is to create great omni-channel, grocery-anchored shopping experiences and improve our communities, one center at a time 1991/2021 PECO S&P 600 Founded/IPO Nasdaq Member 328 Total GLA 95% Properties(1) 34.0M ABR from Grocery- Square Feet Anchored Centers 84% 70% 98% ABR
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 (84% of ABR) 98% 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: How PECO Defines Quality
How PECO Defines Quality PECO has 30+ 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. 6
Slide 7: 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. 7
Slide 8: 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 9: Robust Development and Redevelopment Pipeline
Robust Development and Redevelopment Pipeline PECO is focused on selective development while maintaining core strategy of acquiring and operating grocery-anchored centers Ground-Up Outparcel Development: Investing in new outparcel projects to create long-term value and drive accretive returns Reposi
Slide 10: Ground-Up Outparcel Development Projects
Ground-Up Outparcel Development Projects Investing in new outparcel projects to create long-term value and drive accretive returns • AHHI: $129K • AHHI: $198K • Anchor: Kroger • Anchor: Safeway Hamilton Ridge | Atlanta, GA suburb Roxborough Marketplace | Denver, CO suburb • AHHI: $160K • AHHI: $168K
Slide 11: Grocery-Anchored Center; Publix Rebuild
Grocery-Anchored Center; Publix Rebuild MetroWest Village Orlando, FL Suburb Acquisition Story: • Acquisition Year: 2018 • Acquisition Price: $23.5M • Grocery Anchor: Publix • Leased Occupancy: 96.0% Ongoing Story: • Completed a store upgrade for Publix, which reopened on September 25, 2025 • Increa
Slide 12: Land for Future Development: Ocala, Florida Project
Land for Future Development: Ocala, Florida Project Strategic land acquisitions to support future growth opportunities 34+ acres including six outparcel opportunities and adjacent inline space Prominent location on SW 484 with newly improved I-75 access three miles to the east 5.1% projected annual
Slide 13: Everyday Retail
Everyday Retail 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 same-center NOI growth and FFO t
Slide 14: Everyday Retail
Everyday Retail PECO is focused on delivering essential spaces for everyday life AHHI: $183K; Population 84K AHHI: $132K; Population 147K AHHI: $158K; Population 111K Glenbrook Marketplace | Chicago, IL suburb Memorial at Kirkwood | Houston, TX suburb Rue de France | Minneapolis, MN suburb AHHI: $18
Slide 15: Case Study – Everyday Retail Center
Case Study – Everyday Retail Center Glenbrook Marketplace Chicago, IL Suburb A c qui s i ti on Stor y : • Acquisition Year: 2023 • Purchase Price: $13.3M • Leased Occupancy: 88.4% • Near existing PECO assets: Oak Mill Plaza and The Shops of Uptown • Located at a high-traffic intersection with 47K ve
Slide 16: 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. 16
Slide 17: Strong Acquisition Volume
Strong Acquisition Volume Building long-term value through external growth; Our early pipeline for 2026 remains strong 2025 Acquisition Summary 2025 Contract Price Grocery Leased Occupancy at Acquisition Location GLA Acquisitions (in thousands) Anchor Acquisition Date Oak Grove Shoppes(1) Altamonte
Slide 18: Case Study – Grocery-Anchored Center
Case Study – Grocery-Anchored Center Broomfield Marketplace Denver, CO Suburb Acquisition Story: Execution Story: Ongoing Story: • Acquisition Year: 2025 • 96.2% leased in 6 months • 114,800 SF shopping center anchored by a recently • Acquisition Price: $19.0M • NOI Growth: 27% renovated King Sooper
Slide 19: 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 20: PECO is Among the Lowest Levered Shopping Center REITs
PECO is Among the Lowest Levered Shopping Center REITs PECO’s low leverage and strong balance sheet provide distinct competitive advantages PECO has continued to preserve low Net Debt to Adjusted EBITDAre(1) leverage ratios and holds investment As of September 30, 2025 grade ratings from Moody’s and
Slide 21: Strong and Flexible Balance Sheet Position
Strong and Flexible Balance Sheet Position PECO’s conservative leverage and laddered debt maturities provide stability, flexibility and ample liquidity Significant liquidity position of $977M As of September 30, 2025, our outstanding debt had a: • Weighted average interest rate of 4.4% Trailing 12-m
Slide 22: PECO's Investments Enhance Long-Term Value
PECO’s Investments Enhance Long-Term Value We 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. Investment Targets Strategic Support Capital Sources & Uses Targeting $400M–$500M in Resilient
Slide 23: Strategic Portfolio Recycling
Strategic Portfolio Recycling Driving long-term growth through portfolio recycling; Dispositions fund future acquisitions 2025 Disposition Summary 2025 Contract Price Grocery Location GLA Dispositions (in thousands) Anchor Pavilions at San Mateo Albuquerque, NM 148,749 $24,850 Walmart Neighborhood M
Slide 24: Portfolio Recycling: Driving Long-Term Growth
Portfolio Recycling: Driving Long-Term Growth 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 growth Tempo
Slide 25: Roadmap to Our Long-Term Growth
Roadmap to Our Long-Term Growth PECO remains committed to delivering sustainable organic long-term growth and value Increase in occupancy Redevelopment and development expected to contribute activity expected to contribute 0 to 50 bps of growth 100 to 120 bps of growth 3% TO 4% LONG-TERM SAME-CENTER
Slide 26: 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 3% TO 4% LONG-TERM SAME-CENTER New and renewal leasing NOI GROWTH Contractual rent increases spreads expected to contribute 100 to 20
Slide 27: 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 LONG-TERM MID-TO-HIGH SINGLE-DIGIT CORE FFO External growth PER SHARE expected to contribute Internal growth GROWTH expected to contribute 100 to 350 bps 350 to 600 bps
Slide 28: 2025 Earnings Guidance Summary
2025 Earnings Guidance Summary PECO’s full year guidance – updated as of December 17, 2025 Q3 2025 Updated Full Year Previous Full Year YTD 2025 Guidance 2025 Guidance All figures in millions, except per share data Net income per share $0.51 $0.80 - $0.81 $0.62 - $0.65 Nareit FFO per share $1.90 $2.
Slide 29: 2026 Earnings Guidance Summary
2026 Earnings Guidance Summary PECO’s full year guidance – as of December 17, 2025 Preliminary Full Year 2026 Guidance All figures in millions, except per share data Net income per share $0.74 - $0.77 Nareit FFO per share $2.65 - $2.71 Core FFO per share $2.71 - $2.77 Nareit FFO per share growth of
Slide 30: Appendix
Appendix
Slide 31: Strategic Presence in Suburban Markets
Strategic Presence in Suburban Markets PECO is well-positioned for future growth with significant presence in Sun Belt states and growing U.S. cities 300+ Properties Across 31 States Approximately 50% of ABR from Sun Belt States(1) Strong Presence in Growing U.S. Cities Migration Trends Favor PECO’s
Slide 32: 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 $92K, Population Median Household Income which is 15% above the U.S. averag
Slide 33: Total Portfolio Neighbors by Type
Total Portfolio Neighbors by Type Grocery continues to be PECO’s leading category exposure and is a key element of our strategy Restaurants PECO’s healthy Neighbor mix and grocery- 20% Personal anchored strategy positions PECO well for Services continued growth: 16% Restaurants including quick-servi
Slide 34: Local Neighbors by Type
Local Neighbors by Type Local neighbors make up 25% of PECO’s ABR, delivering essential services and dining options that support strong foot traffic Personal 25% of PECO’s ABR is derived from Local Services Medical Neighbors, comprised primarily of: 28% 16% Restaurants including quick-service, fast-
Slide 35: Math Behind Local Neighbors
Math Behind 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 favorably to th
Slide 36: 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 Victoria Edward Spa Milani Salons Achieve Physical Therapy Broadway Promenade Hastings Marketplace Sudbury Crossing Saraso
Slide 37: Driving Innovation with Artificial Intelligence: PECO's Leadership in Technology
Driving Innovation with Artificial Intelligence: PECO’s Leadership in Technology Award-winning AI strategy driving innovation and growth Award Recognition: Won the 2025 Digie Award for “Best Use of Artificial Intelligence” (AI) at the Realcomm Conference Fourth consecutive win of Digie Award for “Be
Slide 38: Corporate Responsibility and Sustainability
Corporate Responsibility and Sustainability Driving responsible growth through corporate responsibility and sustainability People & Culture Environmental Management Ownership Mindset Greenhouse Gas Emissions Transparent Communication Resource Efficiency Engagement & Retention Renewable Energy Health
Slide 39: Strong Board & Governance Framework
Strong Board & Governance Framework Experienced leadership and robust governance practices drive accountability and long-term value creation Board of Directors Governance Framework Highly qualified and independent Board committed to Lead Independent Director and annual election 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 Reconciliations
Non-GAAP Reconciliations
Slide 42: Non-GAAP Measures
Non-GAAP Measures The following table provides a reconciliation of the range of PECO’s 2025 and 2026 estimated net income to estimated Nareit FFO and Core FFO: Updated Full Year 2025 Guidance (Unaudited) Low End High End Net income per common share $0.80 $0.81 Depreciation and amortization of real e
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