Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Q3 2025 Earnings Presentation
27 slides from Phillips Edison &'s earnings presentation, Oct 24, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation Alico Commons | Fort Myers, FL suburb
Slide 2: Safe Harbor and Non-GAAP Disclosures
GROCERY CENTERED. N E I G 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 21
Slide 3: PECO at a Glance
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 3 PECO | N A S D A Q L I S T E D PECO at a Glance Founded/IPO ABR from Leased Member Grocery- Wholly-Owned Total GLA 1991/ Nasdaq Anchored Centers Properties 34.0M Portfolio S&P PECO Occupancy 2021 95% 300+ Square Feet 98% 600 We create great omni-chan
Slide 4: PECO's Focused and Differentiated Strategy
GROCERY CENTERED. N E I G 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 (84
Slide 5: Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 5 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 Grassland Crossing Crystal Beach Plaza McKinney Market Street Atlanta, GA suburb Tampa, FL suburb Dallas, TX suburb Neces
Slide 6: Grocery Foot Traffic Remains Strong
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 6 PECO | N A S D A Q L I S T E D Grocery Foot Traffic Remains Strong National Grocery Foot Traffic Visits Trend(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 Shopping
Slide 7: Strong Operating Environment
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 77 PECO | N A S D A Q L I S T E D Strong Operating LEADING PERFORMANCE C o m p ar abl e R e n e w al L e a s e Environment S p r e a ds 23.2% 19.4% 16.2% 14.6% Record-high renewal rent spreads of 23.2% in 8.5% 8.1% 6.7% Q3 2025 Leasing spreads demonst
Slide 8: PECO Delivers Regular Income and Strong Returns
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 8 PECO | N A S D A Q L I S T E D PECO Delivers Regular Income and Strong Returns 6.8% 3.35% 27.5% 2025 Nareit FFO per Share 2025 Same-Center Dividend per Share Growth at Guidance Midpoint(1) NOI Growth at Guidance Midpoint(1) Growth Since IPO(2) 2025 C
Slide 9: How PECO Defines Quality
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 9 PECO | N A S D A Q L I S T E D How PECO Defines Quality PECO retains a healthy and PECO’s focus on the #1 or #2 PECO retains a healthy and PECO’s strong new and renewal diverse mix of National, Regional grocer is well-positioned in the diverse mix of
Slide 10: PECO Leads in Neighborhood Center Exposure Among Retail REITs
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 0 PECO | N A S D A Q L I S T E D PECO Leads in Neighborhood Center Exposure Among Retail REITs % of NOI by Retail Fomat 8% 8% 7% 7% 5% 6% 22% 19% 12% 8% 37% 35% 35% 41% 50% 28% 80% 36% 43% 43% 20% 45% 29% 20% 33% 55% 29% 32% 7% 33% 37% 15% 19% 17% 17
Slide 11: PECO's Grocery-Anchored Advantage
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 11 11 PECO | N A S D A Q L I S T E D PECO’s Grocery- Anchored Advantage 2.4% PECO Grocer 84% PECO ABR from #1 or #2 Health Ratio(1) Grocery Anchor by Sales(2) 95% of Our Rents Come from Grocery-Anchored Centers(2) $12B $746 PECO GROCER SALES PSF GROWT
Slide 12: Potential Tariff Impact on Neighbors
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 2 PECO | N A S D A Q L I S T E D Potential Tariff Impact on Neighbors PECO is among the REITs with the lowest tenant exposure to changes in tariff rates: PECO Neighbor Tariff Risk % of ABR as of 9/30/25 Percentage of COGS Imported by Merchandise Cate
Slide 13: CoStar Insights: First Quarter 2025 Leasing Activity Driven by Smaller Retailers
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 3 PECO | N A S D A Q L I S T E D CoStar Insights: First Quarter 2025 Leasing Activity 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
Slide 14: Total Portfolio Neighbors by Type
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 4 PECO | N A S D A Q L I S T E D Total Portfolio Neighbors by Type PECO’s healthy Neighbor mix and grocery- Neighbor Category Composition anchored strategy positions PECO well for % of ABR as of 9/30/25 continued growth: 6% Other 29% Grocery • Restau
Slide 15: Local Neighbors by Type
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 5 PECO | N A S D A Q L I S T E D Local Neighbors by Type 28% of PECO’s ABR is derived from Local Total Portfolio Local Neighbor Composition Composition Neighbors, comprised primarily of: % of ABR as of 9/30/25 % of ABR as of 9/30/25 3% • Restaurants
Slide 16: Math Behind Local Neighbors
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 6 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
Slide 17: Retailers Growing with PECO
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 7 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 18: Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 8 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) 65 5.5% 42 0.7% 62 5.0% 14 0.7% 32 3.7% 3 0.6% 23 3.3% 5 0.6% 12 1.6%
Slide 19: Strong Development and Redevelopment Activity
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 9 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 • 22 projects under active construction which are being developed on land PEC
Slide 20: Strong Acquisition Volume
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 0 PECO | N A S D A Q L I S T E D Strong Acquisition Volume 2025 YTD Acquisition Summary 2025 Contract Price Grocery Leased Occupancy at Location GLA Acquisitions (in thousands) Anchor Acquisition Oak Grove Shoppes(1) Altamonte Springs, FL 142,257 $8,
Slide 21: Strategic Portfolio Recycling
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 1 PECO | N A S D A Q L I S T E D Strategic Portfolio Recycling 2025 YTD Disposition Summary 2025 Contract Price Grocery Location GLA Dispositions (in thousands) Anchor Pavilions at San Mateo Albuquerque, NM 148,749 $24,850 Walmart Neighborhood Market
Slide 22: 2025 Earnings Guidance Summary
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 2 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 October 23, 2025 All figures in millions, except per share data Previous Q3 2025 YTD Full Year 2025 Guidance Full Year 2025 • Nare
Slide 23: PECO's Strong and Flexible Balance Sheet Position
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 3 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 September 30, 2025 our outstanding debt had a: • Significant liquidity position of $977M
Slide 24: PECO's Investments Enhance Long-Term Value
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 4 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 on Investments are Meaningfully Above our Cost of Capital PECO’
Slide 25: Driving Innovation with Artificial Intelligence
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 5 PECO | N A S D A Q L I S T E D Driving Innovation with Artificial Intelligence: PECO’s Leadership in Technology Award Recognition: • Won the 2025 Digie Award for Best Use of Artificial Intelligence (AI) at the Realcomm Conference • This marked PECO
Slide 26: Corporate Responsibility and Sustainability
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 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 Gov
Slide 27: Glossary of Terms
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 7 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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