Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Nareit REITworld 2025
51 slides from Phillips Edison &'s conference presentation, December 2025
Slide 1: Nareit REITworld Investor Presentation
December 2025 Nareit REITworld Investor Presentation Oak Grove Shoppes | Orlando, 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: Join Us for PECO's Virtual Business Update on December 17th, 2025
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 Join Us for PECO’s Virtual Business Update on December 17th, 2025 The PECO Team will host a virtual Business Update and Q&A Session
Slide 4: PECO at a Glance
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 at a Glance Founded/IPO ABR from Leased Member Grocery- Total GLA 1991/ Nasdaq Anchored Centers Properties(1) 34.0M Portfolio S&P PECO 328 Occupancy 2021 95% Square Feet 98% 600 We create great omni-channel We are
Slide 5: PECO's Focused and Differentiated Strategy
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 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 6: PECO Continues to Deliver Market-Leading Operating and Financial Results
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 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 #1 among its peers in Core FFO per share growth
Slide 7: PECO Continues to Deliver Market-Leading Operating and Financial Results
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 7 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 at 5.8% 6.8% 2025 Guidance Midpoint Core FFO Per Share Growth at 4.7% 6.6% 2025 Guidance Midpoint(1) (2) Avg. Same-Cen
Slide 8: PECO's Cycle-Tested Management Team
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | |88 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 average 30 years of experience Chairman and Chief Executive Officer President PECO 22 Years PECO 33 Years Industry 27 Years Indu
Slide 9: Grocery-Anchored Portfolio
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Stone Gate Plaza | Fort Worth, TX suburb Grocery-Anchored Portfolio 9
Slide 10: Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO
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 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 Nec
Slide 11: PECO Leads in Neighborhood Center Exposure Among Retail REITs
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 1 1 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 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% 17
Slide 12: Strategic Presence in Suburban Markets
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 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
Slide 13: PECO Aligns with Leading Grocer Demographics
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 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
Slide 14: Grocery Foot Traffic Remains Strong
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 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 Shoppi
Slide 15: Leasing Environment is Strong
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 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% 9
Slide 16: CoStar Insights: Third Quarter 2025 Leasing Activity Driven by Smaller Retailers
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 CoStar Insights: Third Quarter 2025 Leasing Activity Driven by Smaller Retailers CoStar National Leasing Trends Strong Leasing Activity, Despite Tariff Concerns: Leases Signed in Q3 2025 • Over 61M SF of retail space
Slide 17: PECO Delivers Regular Income and Strong Returns
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 PECO Delivers Regular Income and Strong Returns 6.8% 3.35% 5.1% 2025 Nareit FFO per Share 2025 Same-Center NOI Average Annual Dividend per Share Growth at Guidance Midpoint(1) Growth at Guidance Midpoint(1) Growth Ove
Slide 18: How PECO Defines Quality
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 How PECO Defines Quality PECO’s focus is on the #1 or #2 PECO retains a healthy and PECO’s strong new and renewal PECO’s high occupancy levels are grocer that is well-positioned in diverse mix of National, Regional le
Slide 19: PECO's Grocery-Anchored Advantage
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 11 99 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 Centers Health Ratio(1) with the #1 or #2 Grocery Anchor by Sales(2) 95% of Our Rents Come from Grocery-Anchored Centers(2) $12B $746 PECO GROCE
Slide 20: Total Portfolio Neighbors by Type
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 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 21: Local Neighbors by Type
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 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 22: Math Behind Local Neighbors
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 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 23: Potential Tariff Impact on Neighbors
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 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 24: Retailers Growing with PECO
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 Retailers Growing with PECO Dedicated Team Focused on Building Strong Connections with Leading and Expanding Neighbors LOCAL RESTAURANTS HEALTH AND BEAUTY MEDICAL (“MEDTAIL”)
Slide 25: Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers
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 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 26: PECO has Limited Exposure to Watchlist Retailers
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 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 At Risk Retailer Exposure 10.
Slide 27: Investments
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Cocoa Commons | Palm Bay, FL suburb Investments 27
Slide 28: Strong Development and Redevelopment Activity
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 8 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(1) • Our total investment in these pr
Slide 29: Strong Acquisition Volume
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 2 9 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 Acquisition Location GLA Acquisitions (in thousands) Anchor Acquisition Date Oak Grove Shoppes(1) Altamonte Spring
Slide 30: Strategic Portfolio Recycling
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 3 0 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 31: 2025 Earnings Guidance
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Mansfield Market Center| Dallas TX suburb 2025 Earnings Guidance 31
Slide 32: 2025 Earnings Guidance Summary
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 3 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 33: Balance Sheet
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Cocoa Commons | Orlando FL suburb Grassland Crossing | Atlanta, GA suburb Balance Sheet 33
Slide 34: PECO is Among the Lowest Levered Shopping Center REITs
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 3 4 PECO PECO || N NAA SS D DAAQ Q LL II SS TT EE D D PECO is Among the Lowest Levered Shopping Center REITs Net Debt / Adjusted EBITDAre(1) As of September 30, 2025 5.7x 5.6x 5.6x • PECO has continued to preserve low leverage ratios and holds 5.3x 5.3
Slide 35: PECO's Strong and Flexible Balance Sheet Position
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 3 5 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 36: Performance and Long-Term Growth
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Lumina Commons| Wilmington, NC suburb Performance and Long-Term Growth 36
Slide 37: PECO's Cycle-Tested Performance
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 3377 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-anchor
Slide 38: PECO's Cycle-Tested Performance
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 3388 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% 97.6% downturn
Slide 39: Strong Operating Environment
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED || 3399 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 demon
Slide 40: Roadmap to Our Long Term Growth
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 0 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 Redevelopment and Increase in occupancy development activity expected to contribute 0 to expected to
Slide 41: Long Term Growth Beyond Occupancy
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 1 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 3% TO 4% New and renewal leasing spreads SAME-CENT
Slide 42: Roadmap to Our Long Term Growth
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 2 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 SINGLE-DIGIT CORE FFO External growth PER SHARE expected to contribute In
Slide 43: PECO's Investments Enhance Long-Term Value
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 3 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 44: PECO Delivers Higher Same-Center NOI Growth Over Time with Lower Capex
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 4 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 SAME-CENTER NOI GROWTH CAPITAL 2
Slide 45: PECO's Long Term Targets
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 5 PECO | N A S D A Q L I S T E D PECO’s Long Term Targets Mid-to-High-Single-Digit Same-Center NOI Core FFO per Share Growth Growth of 3% to 4% and Higher AFFO Growth
Slide 46: AI Innovation
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Market at Cross Creek Ranch | Houston, TX suburb AI Innovation 46
Slide 47: Driving Innovation with Artificial Intelligence: PECO's Leadership in Technology
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 7 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 48: Corporate Responsibility
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Flynn Crossing | Atlanta, GA suburb Corporate Responsibility 48
Slide 49: Corporate Responsibility and Sustainability
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 4 9 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 50: Glossary of Terms
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED PECO | N A S D A Q L I S T E D Alico Commons | Fort Myers, FL suburb Glossary of Terms 50
Slide 51: Glossary of Terms
GROCERY CENTERED. N E I G H B OR HOOD FOCUSED | 5 1 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