Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Bank of America 2025 Global Real Estate Conference
48 slides from Phillips Edison &'s conference presentation, September 2025
Slide 1: Bank of America 2025 Global Real Estate Conference
September 2025 Bank of America 2025 Global Real Estate Conference
Slide 2: Safe Harbor and Non-GAAP Disclosures
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 PECO | N A S D A Q L I S T E D 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
Slide 3: PECO at a Glance
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 PECO | N A S D A Q L I S T E D PECO at a Glance ABR from Founded/IPO Grocery- Leased Wholly-Owned Total GLA Nasdaq Portfolio 1991/ Anchored Properties 34.0M Occupancy PECO Centers 303 2021 95% Square Feet 97% We create great omni-channel We are an exp
Slide 4: PECO’s Focused and Differentiated Strategy
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 4 PECO | N A S D A Q L I S T E D PECO’s Focused and Differentiated Strategy Focused on High-Quality, Grocery-Anchored Neighborhood Shopping Centers Key Elements of Our Strategy Cycle-Tested and Resilient Advantage ✓ ✓ #1 or #2 grocery anchor by sales 97
Slide 5: PECO Continues to Deliver Market-Leading Operating and Financial Results
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 5 PECO | N A S D A Q L I S T E D PECO Continues to Deliver Market-Leading Operating and Financial Results PECO is Committed to Long-Term Growth, and Management has Meaningful Skin in the Game • PECO ranks #2 among its peers in Core FFO per share growth
Slide 6: PECO Continues to Deliver Market-Leading Operating and Financial Results
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 6 PECO | N A S D A Q L I S T E D PECO Continues to Deliver Market-Leading Operating and Financial Results Nareit FFO Per Share Growth 5.7% 6.3% 2025 Guidance Midpoint Core FFO Per Share Growth 4.8% 6.0% 2025 Guidance Midpoint Avg. Same-Center NOI Growth
Slide 7: PECO’s Cycle-Tested Management Team
GROCERY CENTERED. N E IG H B OR HOOD FOCUSE FOCUSEDD| 7 PECO | N A S D A Q L I S T E D PECO’s Cycle-Tested Management Team • Deep management team with an Jeff Edison Bob Myers Chairman and Chief President average 30 years of experience Executive Officer PECO 22 Years PECO 33 Years Industry 27 Years
Slide 8: Grocery-Anchored Portfolio
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Grocery-Anchored Portfolio
Slide 9: Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 9 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 Necessity-Based High Foot Traffic Omni-Channel • Consumer staple goods and services that • U.S. consumers visit grocery st
Slide 10: Strategic Presence in Suburban Markets
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 0 PECO | N A S D A Q L I S T E D Strategic Presence in Suburban Markets PECO is well-positioned for future growth with significant presence in Sun Belt states and growing U.S. cities • 303 Properties Across 31 States • Approximately 50% of ABR from Su
Slide 11: PECO Aligns with Leading Grocer Demographics
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 1 PECO | N A S D A Q L I S T E D PECO Aligns with Leading Grocer Demographics Demand for space reinforces the demographic strength of our trade areas AVERAGE 3-MILE AVERAGE 3-MILE MEDIAN POPULATION HOUSEHOLD INCOME (thousands) (thousands) $92 $86 68 6
Slide 12: Grocery Foot Traffic Remains Strong
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 2 PECO | N A S D A Q L I S T E D Grocery Foot Traffic Remains Strong National Grocery Foot Traffic Trend Visits(1) Figures in billions 15.5 14.7 14.9 16.4 17.0 17.2 17.4 2019 2020 2021 2022 2023 2024 TTM Grocers continue to be Resilient in the Shoppin
Slide 13: Leasing Environment is Strong
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 3 PECO | N A S D A Q L I S T E D Leasing Environment is Strong Retail occupancy is at an all-time high, Lack of construction starts should keep occupancy rates high providing the opportunity to push rent higher 3.5% 97.0% 3.0% 96.0% 2.5% 95.0% 2.0% 94
Slide 14: CoStar Insights: Leasing Activity was Driven by Smaller Retailers
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 4 PECO | N A S D A Q L I S T E D CoStar Insights: Leasing Activity was Driven by Smaller Retailers CoStar National Leasing Trends Strong Leasing Activity, Despite Tariff Concerns: Leases Signed in Q1 2025 • Over 55M SF of retail space leased in Q1 202
Slide 15: PECO Delivers Regular Income and Strong Returns
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 5 PECO | N A S D A Q L I S T E D PECO Delivers Regular Income and Strong Returns 6.3% 4.2% 20.6% 2025 Nareit FFO per Share Q2 2025 Same-Center Dividend per Share Growth at Guidance Midpoint(1) NOI Growth(2) Growth Since IPO(3) ck Va Sto lue Growth Sto
Slide 16: How PECO Defines Quality
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 6 PECO | N A S D A Q L I S T E D 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
Slide 17: PECO’s Grocery-Anchored Advantage
GROCERY CENTERED. N E IG H B OR HOOD FOCUSE FOCUSEDD || 11 77 PECO | N A S D A Q L I S T E D PECO’s Grocery- Anchored Advantage 2.4% PECO Grocer 85% PECO ABR from #1 or #2 Health Ratio(1) Grocery Anchor by Sales(2) 95% of our rents come from grocery-anchored centers(2) $11B $743 PECO GROCER SALES PS
Slide 18: Total Portfolio Neighbors by Type
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 8 PECO | N A S D A Q L I S T E D Total Portfolio Neighbors NEIGHBOR CATEGORY COMPOSITION % of ABR as of 6/30/25 by Type 6% Other 29% Grocery PECO’s healthy Neighbor mix and grocery-anchored strategy positions PECO well for continued growth: 8% Soft Go
Slide 19: Local Neighbors by Type
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 1 9 PECO | N A S D A Q L I S T E D Local Neighbors TOTAL PORTFOLIO LOCAL NEIGHBOR by Type COMPOSITION % of ABR as of 6/30/25 COMPOSITION % of Local ABR as of 6/30/25 4% 28% 8% 28% of PECO’s ABR is derived from Local 35% Neighbors, comprised primarily of
Slide 20: Math Behind Local Neighbors
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 0 PECO | N A S D A Q L I S T E D 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 P
Slide 21: Potential Tariff Impact on Neighbors
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 1 PECO | N A S D A Q L I S T E D Potential Tariff PECO Neighbor Tariff Risk Impact on Neighbors % of ABR as of 6/30/25 PECO is among the REITs with the lowest tenant exposure to changes in tariff rates: 9% High Percentage of COGS Imported by Merchandi
Slide 22: Retailers Growing with PECO
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 2 PECO | N A S D A Q L I S T E D Retailers Growing with PECO Dedicated Team Focused on Building Strong Connections with Leading and Expanding Neighbors LOCAL RESTAURANTS HEALTH AND BEAUTY MEDICAL (“MEDTAIL”)
Slide 23: Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 3 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 Neighbor Location Count % ABR(1) Neighbor Location Count % ABR(1) IG 66 5.6% IG 42 0.7% 62 4.9% 13 0.7% 32 3.7% 3 0.7% IG 23 3.3% 5 0.7%
Slide 24: PECO has Limited Exposure to Watchlist Retailers
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 4 PECO | N A S D A Q L I S T E D PECO has Limited Exposure to Watchlist Retailers BofA: PECO has Just 0.4% GLA Exposure to Retailers in the Critical and Substantial Risk Categories, Indicating Strong Portfolio Resilience Risk Retailer Exposure 10.7% %
Slide 25: Investments
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Investments
Slide 26: Strong Development and Redevelopment Activity
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 6 PECO | N A S D A Q L I S T E D Strong Development and Redevelopment Activity Continued Focus on Our Pipeline of Accretive Ground-Up Development and Repositioning Projects • 21 projects under active construction which are being developed on land PECO
Slide 27: Strong Acquisition Volume
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 7 PECO | N A S D A Q L I S T E D Strong Acquisition Volume 2025 YTD Acquisition Summary 2025 Contract Grocery Leased Occupancy at Location GLA Price Acquisitions (in thousands) Anchor Acquisition Oak Grove Shoppes(1) Altamonte Springs, FL 142,257 $8,0
Slide 28: 2025 Earnings Guidance
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D 2025 Earnings Guidance
Slide 29: 2025 Earnings Guidance Summary
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 2 9 PECO | N A S D A Q L I S T E D 2025 Earnings Guidance Summary PECO’s Full Year 2025 Earnings Guidance – Updated as of July 24, 2025 All figures in millions, except per share data Q2 2025 Full Year 2025 Previous Full Year 2025 • Nareit FFO / share gr
Slide 30: Balance Sheet
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Balance Sheet
Slide 31: PECO’s Strong and Flexible Balance Sheet Position
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 1 PECO | N A S D A Q L I S T E D PECO’s Strong and Flexible Balance Sheet Position Investment Grade Balance Sheet Highlights(1) • S&P: BBB; Moody’s: Baa2 • As of June 30, 2025 our outstanding debt had a: • Significant liquidity position of $972M • Wei
Slide 32: Performance and Long-Term Growth
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Performance and Long-Term Growth
Slide 33: PECO’s Cycle-Tested Performance
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 3 PECO PECO || N NAA SS D DAAQ Q LL II SS TT EE D D PECO’s Cycle-Tested LEADING PERFORMANCE Performance LEASED PORTFOLIO OCCUPANCY Performance following the 2008 Global 89.6% Financial Crisis highlights the resiliency 85.4% of PECO’s grocery-anchored
Slide 34: PECO’s Cycle-Tested Performance
GROCERY CENTERED. N E IG H B OR HOOD FOCUSE FOCUSEDD | 34 PECO | N A S D A Q L I S T E D PECO’s Cycle-Tested Performance LEADING PERFORMANCE PECO’s grocery-anchored portfolio LEASED PORTFOLIO OCCUPANCY demonstrated further resilience during 97.7% 2020 and the pandemic-induced 97.4% 97.4% 97.4% downt
Slide 35: Strong Operating Environment
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 5 PECO | N A S D A Q L I S T E D LEADING PERFORMANCE Strong Operating C O M P A RA B L E N E W L E A S E Environment S P R EA D S 35.7% 34.6% 32.2% 25.2% Leasing spreads demonstrate PECO’s pricing power and sustainable organic 13.3% 15.7% growth 8.2%
Slide 36: Roadmap to Our Long Term Growth
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 6 PECO | N A S D A Q L I S T E D Roadmap to Our Long Term Growth PECO Remains Committed to Delivering Sustainable Organic Long-Term Growth and Value y Red anc e up De vel Redevelopment and Increase in occupancy cc ve development activity op pme l O me
Slide 37: Long Term Growth Beyond Occupancy
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 7 PECO | N A S D A Q L I S T E D 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 th Con ow tr Inc a r tG ctu ases Ren re al R ent 3%
Slide 38: Roadmap to Our Long Term Growth
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 8 PECO | N A S D A Q L I S T E D Roadmap to Our Long Term Growth PECO’s Long Term Core FFO Per Share Growth will be Driven by Effective Internal and External Growth MID-TO-HIGH nal Growth Inte SINGLE-DIGIT rnal Growth CORE FFO External growth PER SHAR
Slide 39: PECO’s Investments Enhance Long-Term Value
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 3 9 PECO | N A S D A Q L I S T E D 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 IRRs are Meaningfully Above our Cost of Capital. PECO’s investment s
Slide 40: PECO Delivers Higher Same-Center NOI Growth Over Time with Lower Capex
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 4 0 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 Over the Last 5 Years, PECO’s Capex was Lower than the Peer Average While Outperforming on Same-Center NOI Growth(3) SAME-CENTER NOI GROWTH CAPITAL
Slide 41: PECO’s Long Term Targets
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 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
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 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 PECO has the capabilities and leverage capacity to acquire more if attractive opportunities materialize
Slide 43: AI Innovation
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D AI Innovation
Slide 44: Driving Innovation with Artificial Intelligence: PECO’s Leadership in Commercial Real Estate Technology
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 4 4 PECO | N A S D A Q L I S T E D Driving Innovation with Artificial Intelligence: PECO’s Leadership in Commercial Real Estate Technology Award Recognition: • Won the 2025 Digie Award for Best Use of artificial intelligence (AI) at the Realcomm Confere
Slide 45: Corporate Responsibility
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Corporate Responsibility
Slide 46: Corporate Responsibility and Sustainability
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 4 6 PECO | N A S D A Q L I S T E D Corporate Responsibility and Sustainability Our Corporate Responsibility and Sustainability Program is based on the four pillars set forth below and is overseen by our Board of Directors through the Nominating and Gove
Slide 47: Glossary of Terms
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Glossary of Terms
Slide 48: Glossary of Terms
GROCERY CENTERED. N E IG H B OR HOOD FOCUSED | 4 8 PECO | N A S D A Q L I S T E D 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
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