Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Q4 2025 Earnings Presentation
30 slides from Phillips Edison &'s earnings presentation, Feb 6, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 February 2026 Earnings Presentation 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. The Company intends such fo
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 324 Total GLA 95% Properties(1) 34.0M ABR from Grocery- Square Feet(1) Anchored Centers 83%
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 97% leased portfolio occupancy with continued #1 or #2 grocery anchor by sales (83% of ABR) 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: 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 2019 2020 2021 2022 2023 2024 2025 Mansell Village | Atlanta, GA Suburb Source: Placer.ai Grocery Center
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 spreads demonstrate PECO’s strong pricing power and sustainable organic growth 13.3% 8.2% 15.7% 32.2% 25.2% 35.7% 30.9
Slide 8: PECO 2026 Earnings Guidance Summary
PECO 2026 Earnings Guidance Summary Full year guidance as of February 5, 2026 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 Nareit FFO per share Core FFO per share $2.71 - $2.77 growth of 5.5% at Same-Cent
Slide 9: PECO's Grocery Anchored Advantage
PECO’s Grocery Anchored Advantage
Slide 10: 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. 10
Slide 11: 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 324 properties across 31 states(1) Approximately 50% of ABR from Sun Belt states(1) Strong presence in growing U.S. cities Migration trends favo
Slide 12: 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 13: PECO's Grocery-Anchored Advantage
PECO’s Grocery-Anchored Advantage PECO’s grocery-anchored and necessity-based strategy provides unique strength and stability 95% of our rents come from 2.3% 83% grocery-anchored centers PECO Grocer PECO ABR from #1 or #2 Health Ratio(1) Grocery Anchor by Sales(2) PECO GROCER SALES PSF GROWTH (4) $1
Slide 14: Potential Tariff Impact on Neighbors
Potential Tariff Impact on Neighbors PECO is among the REITs with the lowest retail exposure to changes in tariff rates Percentage of COGS Imported by Merchandise Category 6% Medium Source - Wells Fargo Securities 9% High % COGS Wells Fargo Category Imported Apparel (Full-line), Accessories, and Foo
Slide 15: Retailers Growing with PECO
Retailers Growing with PECO PECO has a dedicated team focused on building strong connections with leading and expanding Neighbors Grocery Centered. Neighborhood Focused. 15
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 Personal services
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: PECO's Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers
PECO’s Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers High-quality grocers and necessity-based retailers generate strong foot traffic Neighbor Location Count % ABR(1) Neighbor Location Count % ABR(1) 63 5.2% 16 0.7% 62 4.9% 42 0.7% 31 3.6% 5 0.6% 23 3.3% 3 0.6% 12 1
Slide 19: 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 20 projects under active construction • AHHI: $184K • Anchor: Safeway PECO’s total investment in these projects is estimated to be $69.5M with an averag
Slide 20: 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 21: Strong Acquisition Volume
Strong Acquisition Volume PECO is building long-term value through external growth 2025 Acquisition Summary 2025 Contract Price Grocery Leased Occupancy at Acquisition Location GLA Acquisitions (in thousands) Anchor Acquisition Date Oak Grove Shoppes(1) Altamonte Springs, FL 142,257 $8,020 Publix 90
Slide 22: Strong Acquisition Volume
Strong Acquisition Volume PECO is building long-term value through external growth; Our early 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
Slide 23: 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 $925M As of December 31, 2025, our outstanding debt had a: • Weighted average interest rate of 4.5% Trailing 12-mo
Slide 24: 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 25: Strategic Portfolio Recycling
Strategic Portfolio Recycling PECO is 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 Neighb
Slide 26: 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 27: Driving Innovation with Artificial Intelligence: PECO's Leadership in Technology
Driving Innovation with Artificial Intelligence: PECO’s Leadership in Technology PECO’s award-winning AI strategy driving innovation 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 “Best U
Slide 28: 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 29: 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 30: 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 $0.74 $0.77 Depreciation and amortization of real estate asse
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