Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Citi's 2025 Global Property CEO Conference
46 slides from Phillips Edison &'s conference presentation, Mar 4, 2025
Slide 1: Citi's 2025 Global Property CEO Conference
March 2025 Citi's 2025 Global Property CEO Conference
Slide 2: Safe Harbor and Non-GAAP Disclosures
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 PECO | N A S D A Q L I S T E D Safe Harbor and Non-GAAP Disclosures
Slide 3: PECO at a Glance
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 PECO | N A S D A Q L I S T E D PECO at a Glance Source: Company data as of December 31, 2024; Dividend yield as of December 31, 2024 and is based on an annualized rate of $1.23 per share 1. For non-GAAP reconciliations, refer to the Com
Slide 4: PECO's Focused and Differentiated Strategy
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 4 PECO | N A S D A Q L I S T E D PECO’s Focused and Differentiated Strategy ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Source: Company data as of December 31, 2024 1. For non-GAAP reconciliations, refer to the Company’s latest quarterly financial supplement
Slide 5: PECO Continues to Deliver Market-Leading Operating and Financial Results
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 5 PECO | N A S D A Q L I S T E D PECO Continues to Deliver Market-Leading Operating and Financial Results • • • • • • • • • • 1. Other companies may define/calculate differently than PECO. 4. Excludes M&A activity Note: Accordingly, such
Slide 6: PECO Continues to Deliver Market-Leading Operating and Financial Results
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 6 PECO | N A S D A Q L I S T E D PECO Continues to Deliver Market-Leading Operating and Financial Results . . Note: 1. Includes exercise of options 3. Peer group includes BRX, KRG and IVT Unless otherwise noted peers include BRX, KIM, KRG
Slide 7: PECO's Cycle-Tested Management Team
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | |7 7 PECO | N A S D A Q L I S T E D PECO’s Cycle-Tested Management Team • • •
Slide 8: How PECO Defines Quality
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 8 PECO | N A S D A Q L I S T E D How PECO Defines Quality PECO’s focus on the #1 or #2 PECO retains a healthy and grocer is well-positioned in the diverse mix of National, market with a Locally Smart® Regional and Local Neighbors merchand
Slide 9: PECO Delivers Regular Income and Strong Returns
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 9 PECO | N A S D A Q L I S T E D PECO Delivers Regular Income and Strong Returns Sources: 1. Guidance provided as of February 6, 2025 2. Company filings as of December 31, 2024 3. Calculated from June 2021 through December 2024 4. For non
Slide 10: PECO's Delivers Sustainable Dividend Growth
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 0 PECO | N A S D A Q L I S T E D PECO’s Delivers Sustainable Dividend Growth Historical and Projected Dividend Distributions(1) $1.02 $1.08 $1.12 $1.17 $1.23 2021 2022 2023 2024 2025 Source: 1. Annualized dividend rates are calculated b
Slide 11: Grocery-Anchored Portfolio
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Grocery-Anchored Portfolio 11
Slide 12: Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 2 PECO | N A S D A Q L I S T E D Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO • • • ‒ • ‒ • • ‒ • • • • • Sources: 1. % of ABR as of December 31, 2024 4. Estimate as of December 31, 2
Slide 13: Strategic Presence in Suburban Markets
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 3 PECO | N A S D A Q L I S T E D Strategic Presence in Suburban Markets • • • • Sources: 1. Based on total ABR in market for wholly-owned portfolio as of December 31, 2024 2. Placer.ai based on population growth in U.S. cities since 201
Slide 14: PECO Aligns with Leading Grocer Demographics
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 4 PECO | N A S D A Q L I S T E D PECO Aligns with Leading Grocer Demographics AVERAGE 3-MILE AVERAGE 3-MILE MEDIAN POPULATION HOUSEHOLD INCOME (thousands) (thousands) $88 $81 67 63 58 $76 Sources: Synergos Technologies, Inc, Calculated
Slide 15: PECO's Grocery-Anchored Advantage
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 5 PECO | N A S D A Q L I S T E D PECO’s Grocery- Anchored Advantage PECO GROCER SALES PSF GROWTH (4) 2019 2020 2021 2022 2023 2024 Sources: 1. Based on the most recently reported sales data available 2. Company data as of December 31, 2
Slide 16: Local Neighbors
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 6 PECO | N A S D A Q L I S T E D Local Neighbors 4% 9% 27% 35% • 12% • • 13% • 73% 27% Source: Company data as of December 31, 2024 Total portfolio ABR; Includes the prorated portion owned through the Company’s unconsolidated joint vent
Slide 17: Math Behind Local Neighbors
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 7 PECO | N A S D A Q L I S T E D Math Behind Local Neighbors • • • • Source: Company data as of December 31, 2024
Slide 18: Strong Local Neighbors
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 8 PECO | N A S D A Q L I S T E D Strong Local Neighbors
Slide 19: Retailers Growing with PECO
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 1 9 PECO | N A S D A Q L I S T E D Retailers Growing with PECO
Slide 20: Suburban Market Advantage
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 0 PECO | N A S D A Q L I S T E D Suburban Market Advantage • • • • • Source: Placer.ai
Slide 21: Suburban Market Advantage
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 1 PECO | N A S D A Q L I S T E D Suburban Market Advantage • • • Note: Trailing twelve months visits per month by market size (February 2024 – January 2025) Source: Placer.ai – updated as of January 31, 2025
Slide 22: Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 2 PECO | N A S D A Q L I S T E D Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers • • • • • Sources: 1. % of ABR as of December 31, 2024 2. Investment Grade ratings represent the credit rating of the Comp
Slide 23: Investments
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Investments 23
Slide 24: Strong Acquisition Volume
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 4 PECO | N A S D A Q L I S T E D Strong Acquisition Volume Source: Company data as of December 31, 2024 1. Acquisition through the Company’s Necessity Retail Venture LLC joint venture. Contract price shown at PECO 20% share 2. Acquisiti
Slide 25: Strong Acquisition Volume
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 5 PECO | N A S D A Q L I S T E D Strong Acquisition Volume • • • Source: Company data as of February 25, 2025 1. Acquisition through the Company’s Necessity Retail Venture LLC joint venture. Contract price shown at PECO 20% share
Slide 26: Ground-Up Development and Repositioning Activity
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 6 PECO | N A S D A Q L I S T E D Ground-Up Development and Repositioning Activity • • • Source: 1. As of December 31, 2024
Slide 27: Balance Sheet
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Balance Sheet 27
Slide 28: PECO is Among the Lowest Levered Shopping Center REITs
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 8 PECO | N A S D A Q L I S T E D PECO is Among the Lowest Levered Shopping Center REITs • • • • Sources: 1. As reported in December 31, 2024 quarterly filings (mix of TTM and LQA leverage); data based on Company filings. Other companies
Slide 29: PECO's Strong and Flexible Balance Sheet Position
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 2 9 PECO | N A S D A Q L I S T E D PECO’s Strong and Flexible Balance Sheet Position • • • • • • • • • • $1,250.0 $1,000.0 $750.0 $938.9 $500.0 $21.1 $323.0 $250.0 $40.0 $350.0 $350.0 $350.0 $200.6 $161.8 $200.8 $100.0 $0.0 $37.6 $1.9 $17
Slide 30: 2025 Earnings Guidance
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D 2025 Earnings Guidance 30
Slide 31: 2025 Earnings Guidance Summary
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 1 PECO | N A S D A Q L I S T E D 2025 Earnings Guidance Summary PECO’s Full Year 2025 Earnings Guidance – Provided as of February 6, 2025 All figures in millions, except per share data 2025 Guidance • Nareit FFO / share growth of 5.7% a
Slide 32: Performance and Long-Term Growth
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Performance and Long-Term Growth 32
Slide 33: PECO's Cycle-Tested Performance
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | |3 3 3 PECO | N A S D A Q L I S T E D PECO’s Cycle-Tested LEADING PERFORMANCE Performance • • • Sources: Company data
Slide 34: PECO's Cycle-Tested Performance
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | |3 43 4 PECO | N A S D A Q L I S T E D PECO’s Cycle-Tested LEADING PERFORMANCE Performance • • Sources: Company data
Slide 35: Strong Operating Environment
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | |3 53 5 PECO | N A S D A Q L I S T E D LEADING PERFORMANCE Strong Operating Environment Source: Company data as of December 31, 2024
Slide 36: Long Term Growth Beyond Occupancy
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 6 PECO | N A S D A Q L I S T E D Long Term Growth Beyond Occupancy Source: Company data
Slide 37: Roadmap to Our Long Term Growth
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 7 PECO | N A S D A Q L I S T E D Roadmap to Our Long Term Growth MID-TO-HIGH SINGLE-DIGIT CORE FFO PER SHARE Source: Company data
Slide 38: PECO's Investments Enhance Long-Term Value
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 8 PECO | N A S D A Q L I S T E D PECO’s Investments Enhance Long-Term Value
Slide 39: PECO Delivers Higher Same-Center NOI Growth Over Time with Lower Capex
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 3 9 PECO | N A S D A Q L I S T E D PECO Delivers Higher Same-Center NOI Growth Over Time with Lower Capex Sources: 1. As reported in annual filings. Other companies may define/calculate differently than PECO. Accordingly, such data for th
Slide 40: Maximizing AFFO Growth and Free Cash Flow Generation
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 4 0 PECO | N A S D A Q L I S T E D Maximizing AFFO Growth and Free Cash Flow Generation • • • • • • • Source: As reported in S&P Global Capital IQ Pro Note: Peers include REG, ROIC, BRX, KIM, KRG, FRT and AKR
Slide 41: PECO's Long Term Targets
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D| 4 1 PECO | N A S D A Q L I S T E D PECO’s Long Term Targets Same-Center NOI $350M to $450M in Growth of 3% to 4% Acquisitions Annually Mid-to-High-Single-Digit Core FFO per Share Growth and Higher AFFO Growth
Slide 42: Long Term Targets: External Growth
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 4 2 PECO | N A S D A Q L I S T E D Long Term Targets: External Growth $350M to $450M in acquisitions per year on-balance-sheet 9%+ Unlevered IRR
Slide 43: Corporate Responsibility
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Corporate Responsibility 43
Slide 44: Corporate Responsibility and Sustainability
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 4 4 PECO | N A S D A Q L I S T E D Corporate Responsibility and Sustainability Source: www.phillipsedison.com/corporate-responsibility
Slide 45: Appendix
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D PECO | N A S D A Q L I S T E D Appendix 45
Slide 46: Glossary of Terms
G R O C E RY C E N T ERED . C O M M U N I T Y F O C U S E D | 4 6 PECO | N A S D A Q L I S T E D Glossary of Terms
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