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Table of Contents
INTRODUCTORY NOTES			3
FINANCIAL RESULTS
Earnings Release			6
Overview of Results			12
FINANCIAL SUMMARY
Consolidated Balance Sheets			14
Consolidated Statements of Operations			15
Consolidated Statements of Operations (Quarterly)			16
Consolidated Statements of Cash Flows			17
Nareit FFO, Core FFO, and Adjusted FFO			18
Nareit FFO, Core FFO, and Adjusted FFO (Quarterly)			19
EBITDAre Metrics			20
EBITDAre Metrics (Quarterly)			21
Same-Center NOI Analysis			22
Joint Venture Summary and Financials			23
Supplemental Balance Sheets Detail			24
Supplemental Statements of Operations Detail			25
Capital Expenditures			26
Capital Projects			27
Capitalization and Debt Ratios			29
Summary of Outstanding Debt			30
Debt Overview and Schedule of Maturities			31
Covenant Disclosures			32
TRANSACTIONAL SUMMARY
Acquisition and Disposition Summary			34
PORTFOLIO SUMMARY
Portfolio Summary			37
ABR by Neighbor Category			38
Wholly-Owned Occupancy and ABR			39
Top 25 Neighbors by ABR			40
Neighbors by Type and Industry			41
Properties by State			42
New, Renewal, and Option Lease Summary			43
Lease Expirations			44
Property List			45
ADDITIONAL DISCLOSURES
Earnings Guidance			64
Components of NAV			65
Glossary of Terms			66
INVESTOR INFORMATION			69

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Introductory Notes

SUPPLEMENTAL INFORMATION

Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” “us,” or “PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”).

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

This supplemental disclosure 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 forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” “commit,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental disclosure. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers, potential impact of e-commerce and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in laws and regulations, including those related to tax, real estate, environmental, and zoning laws; (xii) cybersecurity incidents or other disruptions to information technology systems; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of heightened geopolitical instability, international conflicts, tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment.

Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, which is accessible on the SEC’s website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this supplement to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting such forward-looking statements.

NOTICE REGARDING NON-GAAP FINANCIAL MEASURES

In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental disclosure on pages 18-22 and definitions of our non-GAAP measures are included in our Glossary of Terms beginning on page 66.

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Introductory Notes

PRO RATA FINANCIAL INFORMATION

We may present our consolidated financial information inclusive of our prorated portion owned through unconsolidated joint ventures. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP.

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FINANCIAL RESULTS
Three and Nine Months Ended September 30, 2026

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Earnings Release Unaudited

Phillips Edison & Company Reports

Third Quarter 2026 Results

CINCINNATI - October 26, 2026 - Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2026 and provided updated 2026 earnings guidance. For the three and nine months ended September 30, 2026, net income attributable to stockholders was $62.7 million, or $0.49 per diluted share, and $134.2 million, or $1.05 per diluted share, respectively.

Highlights for the Third Quarter

•Reported Nareit FFO of $0.69 per diluted share, representing 7.8% year-over-year growth

•Reported Core FFO of $0.71 per diluted share, representing 9.2% year-over-year growth

•Increased same-center NOI year-over-year by 5.3%

•The increased midpoint of full year 2026 Nareit FFO per diluted share guidance of $2.70 represents 6.3% year-over-year growth

•The increased midpoint of full year 2026 Core FFO per diluted share guidance of $2.77 represents 6.5% year-over-year growth

•The increased midpoint of full year 2026 same-center NOI guidance represents 3.75% year-over-year growth

•Full year 2026 gross acquisitions guidance reflects a range of $600 million to $700 million

•Acquired two grocery-anchored shopping centers, one Everyday Retail™ center and land parcels for a total of $181.8 million and sold $87.1 million in assets

•Reported strong leased portfolio occupancy of 97.5% and same-center leased portfolio occupancy of 97.8%

•Reported leased anchor occupancy of 99.0% and same-center leased anchor occupancy of 99.2%

•Reported leased inline occupancy of 95.1% and same-center leased inline occupancy of 95.4%

•Executed comparable portfolio new and inline leases at a rent spread of 26.3% during the quarter

•Executed comparable portfolio renewal leases at a record rent spread of 25.2% and comparable inline renewal leases at a record-high rent spread of 24.2% during the quarter

•Generated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM program

•Trailing 12-month net debt to annualized adjusted EBITDAre at September 30, 2026 was 5.2x

Subsequent Highlights

•Acquired two grocery-anchored shopping centers for $59.4 million at PECO’s total prorated share and sold a land parcel for $0.9 million

•Year to date through October 26, 2026, acquired $519.1 million in assets at PECO’s total prorated share and sold $174.8 million in assets

•Expanded and extended by 10 years the joint venture partnership with Northwestern Mutual to acquire 13 high-quality, grocery-anchored shopping centers valued at approximately $377.5 million and currently owned and operated by PECO across eight states

•Closed on a new $350 million unsecured term loan with a portion of proceeds used to pay down the $162 million term loan due January 2027, lowering the interest rate by approximately 30 basis points

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Earnings Release Unaudited

Management Commentary

Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “PECO delivered another quarter of strong financial results, and the operating environment remains solid. Our record renewal rent spreads and high occupancy showcase the strength of PECO’s operating engine. PECO combines right-sized and well-located, grocery-anchored neighborhood shopping centers that support successful necessity-based retailers with a team that converts retailer demand into durable internal growth.”

Edison added: “We continue to match fund our external growth by selling stabilized centers and investing in centers with greater growth potential. Our leasing relationships, operating platform and market data give us a meaningful advantage when executing acquisitions. The embedded growth, together with our disciplined approach to investing, position PECO well for 2027 and beyond.”

Financial Results

Net Income

Third quarter 2026 net income attributable to stockholders totaled $62.7 million, or $0.49 per diluted share, compared to net income of $24.7 million, or $0.20 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, net income attributable to stockholders totaled $134.2 million, or $1.05 per diluted share, compared to net income of $63.8 million, or $0.51 per diluted share, for the same period in 2025.

Nareit FFO

Third quarter 2026 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 9.8% to $98.0 million, or $0.69 per diluted share, compared to $89.3 million, or $0.64 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, Nareit FFO increased 7.7% to $284.6 million, or $2.03 per diluted share, compared to $264.3 million, or $1.90 per diluted share, during the same period in 2025.

Core FFO

Third quarter 2026 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 11.3% to $100.7 million, or $0.71 per diluted share, compared to $90.6 million, or $0.65 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, Core FFO increased 8.6% to $292.6 million, or $2.09 per diluted share, compared to $269.5 million, or $1.94 per diluted share, for the same period in 2025.

Same-Center NOI

Third quarter 2026 same-center net operating income (“NOI”) increased 5.3% to $122.4 million, compared to $116.2 million during the third quarter of 2025.

For the nine months ended September 30, 2026, same-center NOI increased 4.3% to $361.8 million, compared to $346.9 million during the same period in 2025.

Portfolio Overview

Portfolio Statistics

As of September 30, 2026, PECO’s wholly-owned portfolio consisted of 300 properties, totaling approximately 33.9 million square feet, located in 31 states. This compared to 303 properties, totaling approximately 34.0 million square feet, located in 31 states as of September 30, 2025.

Leased portfolio occupancy was 97.5% as of September 30, 2026, compared to 97.6% as of September 30, 2025. Same-center leased portfolio occupancy was 97.8% as of September 30, 2026 and 2025.

Leased anchor occupancy was 99.0% as of September 30, 2026, compared to 99.2% as of September 30, 2025. Same-center leased anchor occupancy was 99.2% as of September 30, 2026, compared to 99.4% as of September 30, 2025.

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Earnings Release Unaudited

Leased inline occupancy was 95.1% as of September 30, 2026, compared to 94.8% as of September 30, 2025. Same-center leased inline occupancy was 95.4% as of September 30, 2026, compared to 95.0% as of September 30, 2025.

Leasing Activity

During the third quarter of 2026, 238 leases were executed totaling approximately 1.1 million square feet. This compared to 270 leases executed totaling approximately 1.7 million square feet during the third quarter of 2025.

For the nine months ended September 30, 2026, 788 leases were executed totaling approximately 3.9 million square feet. This compared to 780 leases executed totaling approximately 4.6 million square feet during the same period in 2025.

During the third quarter of 2026, comparable rent spreads, which represent the percentage increase of a lease to the expiring lease of a unit that was occupied within the past twelve months, were a record-high 25.2% for renewal leases, 26.3% for new leases and 25.5% combined.

Comparable rent spreads during the nine months ended September 30, 2026 were 32.3% for new leases, 22.3% for renewal leases and 24.9% combined.

Transaction Activity - Wholly-Owned

During the third quarter of 2026, the Company acquired $181.8 million in assets, which included three shopping centers and land parcels. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces.

The third quarter 2026 acquisitions included:

•South Shore Commons, a 157,574 square foot Everyday Retail™ center located in Staten Island, New York.

•Alafaya Square, a 168,532 square foot shopping center anchored by Publix located in an Orlando, Florida suburb.

•Easton Commons, a 203,728 square foot shopping center anchored by Kroger located in a Houston, Texas suburb.

During the same period, the Company sold $87.1 million in assets, which included five shopping centers and a land parcel.

For the nine months ended September 30, 2026, the Company acquired $448.7 million in assets, which included 13 shopping centers and land parcels. During the same period, $174.0 million in assets were sold, which included nine shopping centers and land parcels.

Subsequent to quarter end, the Company acquired $52.8 million in assets, which included:

•Rice Lake Square, a 258,525 square foot shopping center anchored by Pete’s Fresh Market located in a Chicago, Illinois suburb.

Subsequent to quarter end, the Company sold a land parcel for $0.9 million.

Transaction Activity - Joint Venture

For the nine months ended September 30, 2026, the Company acquired $11.0 million in assets at PECO’s total prorated share, which included one shopping center and one outparcel.

Subsequent to quarter end, the Company acquired $6.6 million in assets at PECO’s total prorated share, which included:

•Memorial Commons, a 111,022 square foot shopping center anchored by Harris Teeter located in a Charlotte, North Carolina suburb, acquired through Neighborhood Grocery Catalyst Fund LLC.

The Company previously announced on October 1, 2026 an amended and restated joint venture partnership with Northwestern Mutual, one of the largest commercial real estate mortgage and equity investors in the U.S., which extends the term of the venture, Grocery Retail Partners I LLC (“GRP I”), by 10 years to 2036. The expanded joint venture will acquire 13 high-quality, grocery-anchored shopping centers currently owned and operated by PECO across eight states. Northwestern Mutual and PECO will retain approximately 86% and 14% interest in the joint venture, respectively. PECO will continue to provide leasing, asset management and

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Earnings Release Unaudited

property management services for the joint venture, in addition to earning recurring fees related to these services.

Balance Sheet Highlights

Subsequent to quarter end, the Company closed on a new $350 million unsecured term loan facility. The term loan facility has a three-year term maturing on October 23, 2029 and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on the Company's credit ratings and leverage ratio. Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary of the Company and the borrower under the term loan facility (the “Borrower”), borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan also has an uncommitted accordion feature allowing the Borrower to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The Borrower has the ability to prepay the term loan under the facility without premium or penalty any time prior to maturity. Proceeds from the initial $175 million borrowing were used to pay down the Borrower's outstanding $161.8 million term loan along with outstanding balances under its $1 billion revolving credit facility.

As of September 30, 2026, the Company had approximately $762 million of total liquidity, comprised of $17.9 million of cash, cash equivalents and restricted cash, plus $744.3 million of borrowing capacity available on its $1.0 billion revolving credit facility. Pro forma for the new $350 million unsecured term loan, the Company had approximately $950 million of total liquidity.

As of September 30, 2026, the Company’s net debt to adjusted EBITDAre was 5.2x on a trailing twelve month basis and 5.0x on a current quarter annualized basis, which compares to 5.2x and 5.1x, respectively, as of December 31, 2025. As of September 30, 2026, the Company’s outstanding debt had a weighted-average interest rate of 4.5% and a weighted-average maturity of 5.3 years when including all extension options, and 85.2% of the Company’s total debt was fixed-rate debt, which includes PECO’s total prorated share of debt for its joint ventures.

During the third quarter of 2026, the Company generated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM program. For the nine months ended September 30, 2026, the Company generated net proceeds of $91.7 million through the issuance of 2.2 million common shares at a gross weighted average price of $42.07 per common share through PECO’s ATM program.

The Company’s interest rate swap with a notional value of $200 million and a fixed rate of 3.359% expired on September 1, 2026.

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Earnings Release Unaudited

2026 Guidance and Expectations

PECO updated its 2026 earnings guidance and expectations, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.

(in thousands, except per share amounts)						Q3 2026 YTD						Updated Full Year 2026 Guidance and Expectations						Previous Full Year 2026 Guidance and Expectations
Net income per share - diluted						$1.05						$1.21 - $1.24						$0.95 - $0.97
Nareit FFO per share - diluted						$2.03						$2.68 - $2.72						$2.67 - $2.72
Core FFO per share - diluted						$2.09						$2.75 - $2.79						$2.73 - $2.79
Same-Center NOI growth						4.3%						3.50% - 4.00%						3.40% - 4.00%
Portfolio Activity:
Acquisitions, gross(1)						$459,705						$600,000 - $700,000						$600,000 - $700,000
Dispositions						$173,994						$175,000 - $210,000						$200,000 - $250,000
Contributions to joint ventures, net(2)						$—						$200,000 - $250,000						$200,000 - $250,000
Other:
Interest expense, net						$87,284						$116,000 - $120,000						$117,000 - $127,000
G&A expense						$37,424						$51,000 - $53,000						$49,000 - $53,000
Non-cash revenue items(3)						$17,158						$22,000 - $24,000						$21,000 - $23,000
Adjustments for collectibility						$3,773						$4,500 - $6,000						$4,000 - $7,000

(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.

(2)Subsequent to quarter end, contributions to Grocery Retail Partners I LLC were $138.6 million.

(3)Represents straight-line rental income and net amortization of above- and below-market leases.

The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results without unreasonable effort.

The following table provides a reconciliation of the range of the Company's 2026 estimated net income to estimated Nareit FFO and Core FFO:

(Unaudited)			Low End						High End
Net income per share attributable to stockholders - diluted			$	1.21					$	1.24
Depreciation and amortization of real estate assets			1.90						1.91
Gain on disposal of property, net			(0.48)						(0.48)
Adjustments related to unconsolidated joint ventures			0.05						0.05
Nareit FFO attributable to stockholders and OP unit holders per share - diluted			$	2.68					$	2.72
Depreciation and amortization of corporate assets			0.01						0.01
Loss on extinguishment or modification of debt and other, net			0.01						0.01
Transaction costs and other			0.05						0.05
Core FFO attributable to stockholders and OP unit holders per share - diluted			$	2.75					$	2.79

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Earnings Release Unaudited

Conference Call and Webcast Details

PECO will host a conference call and webcast on Tuesday, October 27, 2026 at 12:00 p.m. Eastern Time to discuss third quarter 2026 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

Third Quarter 2026 Earnings Conference Call and Webcast Details:

Date: Tuesday, October 27, 2026

Time: 12:00 p.m. ET

Toll-Free Dial-In Number: (800) 715-9871

International Dial-In Number: (646) 307-1963

Conference ID: 4551083

Webcast: Third Quarter 2026 Webcast Link

Replay:

An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above. The replay will be archived on PECO’s Investor Relations website under Events & Presentations.

For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended September 30, 2026.

Connect with PECO

For additional information, please visit https://www.phillipsedison.com/

Follow PECO on:

•X at https://x.com/PhillipsEdison

•LinkedIn at https://www.linkedin.com/company/phillipsedison&company

About Phillips Edison & Company

Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2026, PECO managed 328 shopping centers, including 300 wholly-owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. PECO is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.

PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

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Overview of Results Unaudited, in thousands (excluding per share and per square foot amounts)
			Three Months Ended  September 30,												Nine Months Ended  September 30,
			2026						2025						2026						2025
SUMMARY FINANCIAL RESULTS
Total revenues (page 15)			$	193,088					$	182,669					$	573,448					$	538,733
Net income attributable to stockholders (page 15)			62,678						24,685						134,173						63,778
Net income per share - basic (page 15)			$	0.49					$	0.20					$	1.06					$	0.51
Net income per share - diluted (page 15)			$	0.49					$	0.20					$	1.05					$	0.51
Same-Center NOI (page 22)			122,371						116,162						361,807						346,895
Adjusted EBITDAre (page 20)			129,914						119,897						381,925						353,534
Nareit FFO (page 18)			97,990						89,253						284,634						264,317
Nareit FFO per share - diluted (page 18)			$	0.69					$	0.64					$	2.03					$	1.90
Core FFO (page 18)			100,746						90,557						292,639						269,539
Core FFO per share - diluted (page 18)			$	0.71					$	0.65					$	2.09					$	1.94
SUMMARY OF FINANCIAL AND OPERATING RATIOS
Same-Center NOI margin (page 22)			73.2		%				72.5		%				72.9		%				72.4		%
Same-Center NOI change (page 22)(1)			5.3		%				3.3		%				4.3		%				3.8		%
LEASING RESULTS
Comparable rent spreads - new leases (page 43)(2)			26.3		%				24.5		%				32.3		%				29.5		%
Comparable rent spreads - renewals (page 43)(2)			25.2		%				23.2		%				22.3		%				20.9		%
Portfolio retention rate (page 37)(2)			92.2		%				93.9		%				89.7		%				92.8		%
															As of September 30,
															2026						2025
OUTSTANDING STOCK AND PARTNERSHIP UNITS
Common stock outstanding															128,912						125,710
Operating Partnership (OP) units outstanding															12,030						12,713
SUMMARY PORTFOLIO STATISTICS(2)
Number of properties															300						303
GLA (page 37)															33,944						34,035
Leased occupancy (page 39)															97.5		%				97.6		%
Economic occupancy (page 39)															97.2		%				97.0		%
Leased ABR PSF (page 39)															$	17.31					$	16.17
Leased Anchor ABR PSF (page 39)															$	10.90					$	10.46
Leased Inline ABR PSF (page 39)															$	28.15					$	26.61
Same-Center leased occupancy (page 39)															97.8		%				97.8		%
Same-Center economic occupancy (page 39)															97.5		%				97.2		%

(1)Reflects Same-Center NOI change as initially reported for the specified period.

(2)Statistics represent the Company's wholly-owned properties.

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FINANCIAL SUMMARY
Three and Nine Months Ended September 30, 2026

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Consolidated Balance Sheets Condensed and Unaudited, in thousands (excluding per share amounts)
			September 30, 2026						December 31, 2025
ASSETS
Investment in real estate:
Land and improvements			$	1,988,992					$	1,963,735
Building and improvements			4,467,013						4,305,174
In-place lease assets			543,721						538,324
Above-market lease assets			82,600						77,551
Total investment in real estate assets			7,082,326						6,884,784
Accumulated depreciation and amortization			(2,026,479)						(1,957,569)
Net investment in real estate assets			5,055,847						4,927,215
Investment in unconsolidated joint ventures			47,252						42,561
Total investment in real estate assets, net			5,103,099						4,969,776
Cash and cash equivalents			8,903						3,544
Restricted cash			9,018						39,768
Goodwill			29,066						29,066
Other assets, net			248,820						244,284
Real estate investments and other assets held for sale			152,148						—
Total assets			$	5,551,054					$	5,286,438
LIABILITIES AND EQUITY
Liabilities:
Debt obligations, net			$	2,521,454					$	2,375,328
Below-market lease liabilities, net			138,387						118,356
Accounts payable and other liabilities			153,103						180,332
Deferred income			32,733						23,044
Liabilities of real estate investments held for sale			6,083						—
Total liabilities			2,851,760						2,697,060
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2026 and December 31, 2025			—						—
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 128,912 and 125,788 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			1,289						1,258
Additional paid-in capital			3,778,531						3,664,205
Accumulated other comprehensive income			181						358
Accumulated deficit			(1,370,225)						(1,379,252)
Total stockholders’ equity			2,409,776						2,286,569
Noncontrolling interests			289,518						302,809
Total equity			2,699,294						2,589,378
Total liabilities and equity			$	5,551,054					$	5,286,438

Phillips Edison & Company						14

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Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
REVENUES
Rental income			$	188,944					$	178,293					$	559,676					$	525,943
Fees and management income			3,464						3,274						10,963						9,373
Other property income			680						1,102						2,809						3,417
Total revenues			193,088						182,669						573,448						538,733
OPERATING EXPENSES
Property operating			31,193						30,197						96,266						89,455
Real estate taxes			23,343						22,226						67,923						64,584
General and administrative			11,906						12,752						37,424						37,760
Depreciation and amortization			68,858						65,603						201,229						202,080
Total operating expenses			135,300						130,778						402,842						393,879
OTHER
Interest expense, net			(28,118)						(28,544)						(87,284)						(81,935)
Gain on disposal of property, net			40,605						4,255						66,812						9,798
Other expense, net			(1,651)						(374)						(3,014)						(2,344)
Net income			68,624						27,228						147,120						70,373
Net income attributable to noncontrolling interests			(5,946)						(2,543)						(12,947)						(6,595)
Net income attributable to stockholders			$	62,678					$	24,685					$	134,173					$	63,778
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders -    basic			$	0.49					$	0.20					$	1.06					$	0.51
Net income per share attributable to stockholders -    diluted			$	0.49					$	0.20					$	1.05					$	0.51

Phillips Edison & Company						15

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Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts)
			Three Months Ended
			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
REVENUES
Rental income			$	188,944					$	184,451					$	186,281					$	183,243					$	178,293
Fees and management income			3,464						4,054						3,445						3,378						3,274
Other property income			680						1,114						1,015						1,240						1,102
Total revenues			193,088						189,619						190,741						187,861						182,669
OPERATING EXPENSES
Property operating			31,193						32,083						32,990						34,194						30,197
Real estate taxes			23,343						22,513						22,067						21,503						22,226
General and administrative			11,906						13,575						11,943						13,878						12,752
Depreciation and amortization			68,858						66,840						65,531						64,294						65,603
Total operating expenses			135,300						135,011						132,531						133,869						130,778
OTHER
Interest expense, net			(28,118)						(29,394)						(29,772)						(28,403)						(28,544)
Gain on disposal of property, net			40,605						19,390						6,817						28,992						4,255
Other (expense) income, net			(1,651)						650						(2,013)						(1,986)						(374)
Net income			68,624						45,254						33,242						52,595						27,228
Net income attributable to noncontrolling interests			(5,946)						(4,137)						(2,864)						(5,070)						(2,543)
Net income attributable to stockholders			$	62,678					$	41,117					$	30,378					$	47,525					$	24,685
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders - basic and diluted			$	0.49					$	0.33					$	0.24					$	0.38					$	0.20

Phillips Edison & Company						16

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Consolidated Statements of Cash Flows Condensed and Unaudited, in thousands
			Nine Months Ended September 30,
			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	147,120					$	70,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate assets			200,131						200,908
Depreciation and amortization of corporate assets			1,098						1,172
Net amortization of above- and below-market leases			(7,690)						(6,276)
Amortization of deferred financing expenses			2,427						3,651
Amortization of debt and derivative adjustments			2,068						1,841
Loss on extinguishment or modification of debt, net			1,105						1
Gain on disposal of property, net			(66,812)						(9,798)
Straight-line rent, net			(9,468)						(7,842)
Share-based compensation			9,280						8,534
Return on investment in unconsolidated joint ventures			526						505
Other			(83)						(615)
Changes in operating assets and liabilities:
Other assets, net			(22,606)						(18,445)
Accounts payable and other liabilities			1,955						8,076
Net cash provided by operating activities			259,051						252,085
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions, net			(454,072)						(282,038)
Capital expenditures			(87,855)						(95,712)
Proceeds from sale of real estate, net			167,862						15,154
Proceeds from secured loan receivable			17,395						—
Investment in unconsolidated joint ventures			(6,079)						(6,987)
Return of investment in unconsolidated joint ventures			1,139						1,778
Investment in marketable securities			(5,432)						(8,158)
Proceeds from sale of marketable securities			963						—
Insurance proceeds for property damage claims			941						653
Net cash used in investing activities			(365,138)						(375,310)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock			92,625						—
Payment of offering costs			(1,265)						—
Proceeds from revolving credit facility			620,000						540,000
Payments on revolving credit facility			(487,000)						(577,000)
Proceeds from notes and loans payable, net			346,500						346,164
Payments on loans and mortgages payable			(337,398)						(45,077)
Distributions paid			(138,752)						(129,860)
Distributions to noncontrolling interests			(14,014)						(13,840)
Net cash provided by financing activities			80,696						120,387
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			(25,391)						(2,838)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period			43,312						8,649
End of period			$	17,921					$	5,811
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents			$	8,903					$	4,076
Restricted cash			9,018						1,735
Cash, cash equivalents, and restricted cash at end of period			$	17,921					$	5,811

Phillips Edison & Company						17

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Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts)
			Three Months Ended  September 30,												Nine Months Ended  September 30,
			2026						2025						2026						2025
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income			$	68,624					$	27,228					$	147,120					$	70,373
Adjustments:
Depreciation and amortization of real estate assets			68,478						65,205						200,131						200,908
Gain on disposal of property, net			(40,605)						(4,255)						(66,812)						(9,798)
Adjustments related to unconsolidated joint ventures			1,493						1,075						4,195						2,834
Nareit FFO attributable to stockholders and OP unit holders			$	97,990					$	89,253					$	284,634					$	264,317
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders			$	97,990					$	89,253					$	284,634					$	264,317
Adjustments:
Depreciation and amortization of corporate assets			380						398						1,098						1,172
Transaction and acquisition expenses			2,351						893						5,830						4,004
Loss on extinguishment or modification of debt and other, net			155						—						1,235						1
Adjustments related to unconsolidated joint ventures			(130)						13						(158)						45
Core FFO attributable to stockholders and OP unit holders			$	100,746					$	90,557					$	292,639					$	269,539
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders			$	100,746					$	90,557					$	292,639					$	269,539
Adjustments:
Straight-line rent and above- and below-market leases and contracts			(6,064)						(5,224)						(17,532)						(14,493)
Non-cash debt adjustments			1,359						1,823						4,414						5,451
Capital expenditures and leasing commissions(1)			(21,520)						(16,142)						(49,353)						(47,936)
Non-cash share-based compensation expense			3,494						3,171						10,118						9,044
Adjustments related to unconsolidated joint ventures			(517)						(476)						(1,703)						(985)
Adjusted FFO attributable to stockholders and OP unit holders			$	77,498					$	73,709					$	238,583					$	220,620
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted			141,308						138,860						139,958						138,927
Nareit FFO attributable to stockholders and OP unit holders per share - diluted			$	0.69					$	0.64					$	2.03					$	1.90
Core FFO attributable to stockholders and OP unit holders per share - diluted			$	0.71					$	0.65					$	2.09					$	1.94

    

(1) Excludes development and redevelopment projects.

Phillips Edison & Company						18

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Nareit FFO, Core FFO, and Adjusted FFO Unaudited, in thousands (excluding per share amounts)
			Three Months Ended
			September 30, 2026						June 30, 2026						March 31,  2026						December 31, 2025						September 30,  2025
CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Net income			$	68,624					$	45,254					$	33,242					$	52,595					$	27,228
Adjustments:
Depreciation and amortization of real estate assets			68,478						66,471						65,182						63,926						65,205
Gain on disposal of property, net			(40,605)						(19,390)						(6,817)						(28,992)						(4,255)
Adjustments related to unconsolidated joint ventures			1,493						1,387						1,315						1,242						1,075
Nareit FFO attributable to stockholders and OP unit holders			$	97,990					$	93,722					$	92,922					$	88,771					$	89,253
CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Nareit FFO attributable to stockholders and OP unit holders			$	97,990					$	93,722					$	92,922					$	88,771					$	89,253
Adjustments:
Depreciation and amortization of corporate assets			380						369						349						368						398
Transaction and acquisition expenses			2,351						1,402						2,077						1,519						893
Loss on extinguishment or modification of debt and other, net			155						—						1,080						89						—
Adjustments related to unconsolidated joint ventures			(130)						(3)						(25)						424						13
Realized performance income (1)			—						—						—						(30)						—
Core FFO attributable to stockholders and OP unit holders			$	100,746					$	95,490					$	96,403					$	91,141					$	90,557
CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS
Core FFO attributable to stockholders and OP unit holders			$	100,746					$	95,490					$	96,403					$	91,141					$	90,557
Adjustments:
Straight-line rent and above- and below-market leases and contracts			(6,064)						(6,013)						(5,455)						(5,341)						(5,224)
Non-cash debt adjustments			1,359						1,435						1,620						1,826						1,823
Capital expenditures and leasing commissions(2)			(21,520)						(15,314)						(12,519)						(16,656)						(16,142)
Non-cash share-based compensation expense			3,494						3,566						3,058						3,221						3,171
Adjustments related to unconsolidated joint ventures			(517)						(586)						(600)						(365)						(476)
Adjusted FFO attributable to stockholders and OP unit holders			$	77,498					$	78,578					$	82,507					$	73,826					$	73,709
NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE
Weighted-average shares of common stock outstanding - diluted			141,308						139,193						138,977						138,845						138,860
Nareit FFO attributable to stockholders and OP unit holders per share - diluted			$	0.69					$	0.67					$	0.67					$	0.64					$	0.64
Core FFO attributable to stockholders and OP unit holders per share - diluted			$	0.71					$	0.69					$	0.69					$	0.66					$	0.65

(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company's Necessity Retail Partners joint venture, which was dissolved in December 2025.

(2)Excludes development and redevelopment projects.

Phillips Edison & Company						19

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EBITDAre Metrics Unaudited, in thousands
						Three Months Ended  September 30,												Nine Months Ended  September 30,
						2026						2025						2026						2025
CALCULATION OF EBITDAre
Net income						$	68,624					$	27,228					$	147,120					$	70,373
Adjustments:
Depreciation and amortization						68,858						65,603						201,229						202,080
Interest expense, net						28,118						28,544						87,284						81,935
Gain on disposal of property, net						(40,605)						(4,255)						(66,812)						(9,798)
Federal, state, and local tax expense						242						219						726						599
Adjustments related to unconsolidated joint ventures						2,325						1,652						6,523						4,296
EBITDAre						$	127,562					$	118,991					$	376,070					$	349,485
CALCULATION OF ADJUSTED EBITDAre
EBITDAre						$	127,562					$	118,991					$	376,070					$	349,485
Adjustments:
Transaction and acquisition expenses						2,351						893						5,830						4,004
Adjustments related to unconsolidated joint ventures						1						13						25						45
Adjusted EBITDAre						$	129,914					$	119,897					$	381,925					$	353,534

Phillips Edison & Company						20

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EBITDAre Metrics Unaudited, in thousands
			Three Months Ended
			September 30, 2026						June 30,  2026						March 31,  2026						December 31,  2025						September 30,  2025
CALCULATION OF EBITDAre
Net income			$	68,624					$	45,254					$	33,242					$	52,595					$	27,228
Adjustments:
Depreciation and amortization			68,858						66,840						65,531						64,294						65,603
Interest expense, net			28,118						29,394						29,772						28,403						28,544
Gain on disposal of property, net			(40,605)						(19,390)						(6,817)						(28,992)						(4,255)
Federal, state, and local tax expense			242						242						242						708						219
Adjustments related to unconsolidated joint ventures			2,325						2,150						2,048						1,904						1,652
EBITDAre			$	127,562					$	124,490					$	124,018					$	118,912					$	118,991
CALCULATION OF ADJUSTED EBITDAre
EBITDAre			$	127,562					$	124,490					$	124,018					$	118,912					$	118,991
Adjustments:
Transaction and acquisition expenses			2,351						1,402						2,077						1,519						893
Adjustments related to unconsolidated joint ventures			1						45						(21)						15						13
Realized performance income(1)			—						—						—						(30)						—
Adjusted EBITDAre			$	129,914					$	125,937					$	126,074					$	120,416					$	119,897

(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company's Necessity Retail Partners joint venture, which was dissolved in December 2025.

Phillips Edison & Company						21

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Same-Center Net Operating Income Unaudited, in thousands
			Three Months Ended  September 30,												Favorable (Unfavorable) % Change						Nine Months Ended  September 30,												Favorable (Unfavorable) % Change
			2026						2025												2026						2025
SAME-CENTER NOI(1)
Revenues:
Rental income(2)			$	126,692					$	121,549											$	376,284					$	363,146
Tenant recovery income			41,047						39,010												120,900						116,710
Reserves for uncollectibility(3)			(1,232)						(1,265)												(2,942)						(3,884)
Other property income			779						951												2,390						2,974
Total revenues			167,286						160,245						4.4		%				496,632						478,946						3.7		%
Operating expenses:
Property operating expenses			23,693						23,824												73,254						72,477
Real estate taxes			21,222						20,259												61,571						59,574
Total operating expenses			44,915						44,083						(1.9)		%				134,825						132,051						(2.1)		%
Total Same-Center NOI			$	122,371					$	116,162					5.3		%				$	361,807					$	346,895					4.3		%
Same-Center NOI margin			73.2%						72.5%												72.9%						72.4%
(1)Same-Center NOI represents the NOI for the 275 properties that were wholly-owned for the entirety of both calendar year periods being compared. (2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income. (3)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

			Three Months Ended  September 30,												Nine Months Ended  September 30,
			2026						2025						2026						2025
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI
Net income			$	68,624					$	27,228					$	147,120					$	70,373
Adjusted to exclude:
Fees and management income			(3,464)						(3,274)						(10,963)						(9,373)
Straight-line rental income(1)			(3,335)						(2,899)						(9,477)						(7,853)
Net amortization of above- and below-market leases			(2,607)						(2,204)						(7,690)						(6,276)
Lease buyout income			(81)						(144)						(1,874)						(2,062)
General and administrative expenses			11,906						12,752						37,424						37,760
Depreciation and amortization			68,858						65,603						201,229						202,080
Interest expense, net			28,118						28,544						87,284						81,935
Gain on disposal of property, net			(40,605)						(4,255)						(66,812)						(9,798)
Other expense, net			1,651						374						3,014						2,344
Property operating expenses related to fees and management income			1,866						989						5,857						2,892
NOI for real estate investments			130,931						122,714						385,112						362,022
Less: Non-same-center NOI(2)			(8,560)						(6,552)						(23,305)						(15,127)
Total Same-Center NOI			$	122,371					$	116,162					$	361,807					$	346,895
(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis. (2)Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.

Phillips Edison & Company						22

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Joint Venture Portfolio and Financial Summary Unaudited, dollars and square feet in thousands

UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY

						As of September 30, 2026
Joint Venture			Investment Partner			Ownership Percentage			Number of Shopping Centers			ABR			GLA
Grocery Retail Partners I LLC (“GRP I”)			The Northwestern Mutual Life Insurance Company			14%			20			$34,156			2,225
Necessity Retail Venture LLC (“NRV”)			Cohen & Steers Income Opportunities REIT, Inc.			20%			5			17,220			1,010
Neighborhood Grocery Catalyst Fund LLC (“NGCF”)			LS BDC Holdings, LLC, a subsidiary of Lafayette Square USA, Inc. & The Northwestern Mutual Life Insurance Company			31%			3			4,435			225
									28			$55,811			3,460

UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY

			As of September 30, 2026
						GRP I						NRV						NGCF
Total assets						$	337,549					$	259,610					$	58,216
Gross debt						173,770						130,046						31,621
Pro rata share of debt						24,322						26,009						9,881
			Nine Months Ended  September 30, 2026
						GRP I						NRV						NGCF
Pro rata share of Nareit FFO(1)						$	2,353					$	1,520					$	605
Pro rata share of Same-Center NOI(1)						3,348						384						272
Pro rata share of NOI(1)						3,346						1,895						1,020
(1)PECO's shares of the Company's unconsolidated joint ventures' Nareit FFO and NOI results are all calculated based upon the respective ownership percentages presented in the Unconsolidated Joint Venture Portfolio Summary table above.

Phillips Edison & Company						23

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Supplemental Balance Sheets Detail Unaudited, in thousands
			September 30, 2026						December 31, 2025
OTHER ASSETS, NET
Deferred leasing commissions and costs			$	62,826					$	61,479
Deferred financing expenses(1)			16,278						16,308
Office equipment, capital lease assets, and other			32,479						30,062
Corporate intangible assets			6,703						6,703
Total depreciable and amortizable assets			118,286						114,552
Accumulated depreciation and amortization			(61,934)						(59,326)
Net depreciable and amortizable assets			56,352						55,226
Accounts receivable, net(2)			54,198						52,032
Accounts receivable - affiliates			1,752						1,525
Secured loan receivable			—						17,395
Deferred rent receivable, net(3)			85,576						80,669
Derivative assets			—						177
Prepaid expenses and other			23,258						14,029
Investment in third parties			6,831						6,876
Investment in marketable securities			20,853						16,355
Total other assets, net			$	248,820					$	244,284
ACCOUNTS PAYABLE AND OTHER LIABILITIES
Accounts payable trade and other accruals			$	41,285					$	40,155
Accrued real estate taxes			46,561						38,201
Security deposits			20,413						18,972
Distribution accrual			1,483						16,604
Accrued compensation			15,895						19,708
Accrued interest			16,512						32,129
Capital expenditure accrual			10,423						13,363
Accrued income taxes and deferred tax liabilities, net			531						1,200
Total accounts payable and other liabilities			$	153,103					$	180,332

(1)Deferred financing expenses per the above table are related to the Company's revolving credit facility, and as such it has elected to classify them as an asset rather than as a contra-liability.

(2)Net of $4.2 million and $2.6 million of general reserves for uncollectible amounts as of September 30, 2026 and December 31, 2025, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $5.7 million and $6.5 million as of September 30, 2026 and December 31, 2025, respectively.

(3)Net of $4.4 million and $4.3 million of receivables removed as of September 30, 2026 and December 31, 2025, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.

Phillips Edison & Company						24

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Supplemental Statements of Operations Detail Unaudited, in thousands
			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
REVENUES
Rental income(1)			$	138,298					$	131,464					$	409,556					$	387,478
Recovery income(1)			46,240						43,227						135,693						127,085
Straight-line rent amortization			3,093						2,732						8,813						7,263
Amortization of lease assets			2,541						2,154						7,513						6,156
Lease buyout income			81						144						1,874						2,062
Adjustments for collectibility(2)(3)			(1,309)						(1,428)						(3,773)						(4,101)
Fees and management income			3,464						3,274						10,963						9,373
Other property income			680						1,102						2,809						3,417
Total revenues			$	193,088					$	182,669					$	573,448					$	538,733
(1)Includes income related to lease payments before assessing for collectibility. (2)Includes revenue adjustments for non-creditworthy Neighbors. (3)Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved.
INTEREST EXPENSE, NET
Interest on senior notes			$	19,845					$	15,798					$	56,930					$	39,163
Interest on unsecured term loans, net			1,820						6,701						7,750						19,918
Interest on secured debt			3,534						3,644						10,802						11,275
Interest on revolving credit facility, net			1,288						468						5,769						5,770
Non-cash amortization and other(1)			1,476						1,933						4,798						5,808
Loss on extinguishment or modification of debt and other, net			155						—						1,235						1
Total interest expense, net			$	28,118					$	28,544					$	87,284					$	81,935
(1)Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net.
OTHER EXPENSE, NET
Transaction and acquisition expenses			$	(2,351)					$	(893)					$	(5,830)					$	(4,004)
Federal, state, and local income tax expense			(242)						(219)						(726)						(599)
Equity in net income (loss) of unconsolidated investments			58						(48)						232						242
Investment income			170						812						1,586						2,033
Other income (expense)			714						(26)						1,724						(16)
Total other expense, net			$	(1,651)					$	(374)					$	(3,014)					$	(2,344)

Phillips Edison & Company						25

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Capital Expenditures Unaudited, in thousands
			Three Months Ended  September 30,												Nine Months Ended  September 30,
			2026						2025						2026						2025
CAPITAL EXPENDITURES FOR REAL ESTATE(1)(2)
Capital improvements			$	8,296					$	7,008					$	16,891					$	17,012
Tenant improvements			9,001						6,953						22,224						22,653
Development and redevelopment			17,753						19,816						41,251						49,614
Total capital expenditures for real estate			$	35,050					$	33,777					$	80,366					$	89,279
Corporate asset capital expenditures			554						202						1,511						1,001
Capitalized indirect costs(3)			1,640						1,846						5,037						4,779
Total capital spending activity			$	37,244					$	35,825					$	86,914					$	95,059
Cash paid for leasing commissions			$	3,127					$	2,175					$	10,026					$	7,603

(1)Includes landlord work.

(2)Amounts reported are net of insurance proceeds for property damage claims for all periods presented.

(3)Amount includes internal salaries and related benefits of personnel who work directly on capital projects as well as capitalized interest and other external expenses.

Phillips Edison & Company						26

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Active Capital Projects Unaudited, dollars in thousands
Project			Location			Description			Target Stabilization Quarter(1)						Incurred to Date			Future Spend			Total Estimated Costs			Estimated Project Yield (2)
GROUND UP EXPANSION DEVELOPMENT
Sunridge Plaza			Rancho Cordova, CA			Ground lease for AutoZone			2026 Q4						$	181		$	—		$	181
Hastings Marketplace			Hastings, MN			Ground lease for Chase Bank			2026 Q4						323			360			683
Stop & Shop Plaza			Enfield, CT			Ground lease for Russell Speeder's Car Wash			2027 Q1						118			285			403
Golden Eagle Village			Clermont, FL			Construction of a 3K SF outparcel 100% leased with Operation Dental			2027 Q1						2,148			185			2,333
Publix at Seven Hills			Spring Hill, FL			Ground lease for 7 Brew			2027 Q1						17			450			467
Golden Eagle Village			Clermont, FL			Construction of a 1K SF outparcel 100% leased with Swig			2027 Q1						854			808			1,662
Shoppes of Lake Village			Leesburg, FL			Ground lease for Chase Bank, Mavis Tire & Brakes and one future ground lease			2027 Q3						4,233			245			4,478
Providence Commons			Mt. Juliet, TN			Construction of a 13K SF retail space 63% leased with multiple inline units and two future ground leases			2027 Q3						996			7,672			8,668
Hilfiker Shopping Center			Salem, OR			Construction of a 5K SF outparcel 100% leased with Pacific Dental and Nothing Bundt Cakes			2027 Q4						649			2,442			3,091
Fairlawn Town Centre			Fairlawn, OH			Construction of a 2K SF outparcel 100% leased with Chipotle			2027 Q4						264			1,979			2,243
Shoppes at Avalon			Spring Hill, FL			Construction of a 4K SF outparcel 100% leased with Dental Care at Avalon			2027 Q4						361			2,000			2,361
Murphy Marketplace			Murphy, TX			Construction of a 63K retail space 71% leased with Burlington and Nordstrom Rack			2028 Q1						9,352			6,277			15,628
Shoppes at Glen Lakes			Weeki Wachee, FL			Ground lease for Mavis Tire & Brakes and two future ground leases			2028 Q2						3,087			1,977			$	5,064
Evans Towne Centre			Evans, GA			Ground lease for Chase Bank, Dutch Bros and construction of a 7K SF multi-tenant outparcel 32% leased with Surcheros			2028 Q2						4,974			3,788			$	8,762
Shoppes at Avalon			Spring Hill, FL			Construction of 10K SF multi-tenant outparcel			2028 Q3						692			4,516			$	5,208
Marion Oaks Station			Ocala, FL			Construction of a 7K SF multi-tenant outparcel and future ground lease development			2029 Q2						3,714			6,193			$	9,908
Total: Ground Up			16												$	31,963		$	39,177		$	71,140		7%-10%

Phillips Edison & Company						27

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Active Capital Projects Unaudited, dollars in thousands
Project			Location			Description			Target Stabilization Quarter(1)						Incurred to Date			Future Spend			Total Estimated Costs			Estimated Project Yield (2)
REDEVELOPMENT
Beavercreek Towne Center			Beavercreek, OH			Anchor redevelopment 100% leased with Sierra Trading			2026 Q4						$	232		$	1,750		$	1,982
The Oaks			Hudson, FL			Grocery anchor redevelopment 100% leased with MD Oriental Market			2026 Q4						243			750			993
Oak Mill Plaza			Niles, IL			Center redevelopment with multiple units 100% leased with Dollar Tree and multiple inline units			2026 Q4						930			1,375			2,305
Town Center at Jensen Beach			Jensen Beach, FL			Unit redevelopment 100% leased with IMAGE Studios			2026 Q4						560			437			997
Hamilton Village			Chattanooga, TN			Anchor redevelopment 100% leased with Southeast Pickleball			2027 Q1						337			772			1,109
Harpers Station			Cincinnati, OH			Anchor Redevelopment 100% leased with Amped Fitness			2027 Q1						168			1,500			1,668
Claremont Village			Everett, WA			Redevelopment of Chase Bank 46% leased with Starbucks			2027 Q3						2,017			256			2,273
Lafayette Square			Lafayette, IN			Anchor redevelopment 100% leased with Fun City Adventure Park			2027 Q4						580			1,907			2,487
Nordan Shopping Center			Danville, VA			Anchor redevelopment 100% leased with Centra PACE Medical			2027 Q4						215			525			740
Total: Redevelopment			9												$	5,282		$	9,272		$	14,554		13%-25%
Active Projects Total															$	37,245		$	48,449		$	85,694		9%-12%
2026 STABILIZED PROJECTS			17																		$	48,012		17%

(1)The timing of the Company's projects and the targeted stabilization quarter may be impacted by factors outside of the Company's control.

(2)Project yield ranges are weighted averages.

Phillips Edison & Company						28

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Capitalization and Debt Ratios Unaudited, in thousands (excluding per share amounts and leverage ratios)
						September 30, 2026						December 31, 2025
EQUITY CAPITALIZATION
Common stock outstanding						128,912						125,788
OP units outstanding						12,030						12,724
Total shares and units outstanding						140,942						138,512
Share price						$	37.34					$	35.57
Total equity market capitalization						$	5,262,774					$	4,926,872
DEBT
Debt obligations, net						$	2,521,454					$	2,375,328
Add: Discount on notes payable						24,952						23,633
Add: Market debt adjustments, net						(167)						(259)
Add: Deferred financing expenses, net						1,630						3,443
Total debt - gross						2,547,869						2,402,145
Less: Cash and cash equivalents						8,903						3,544
Total net debt - consolidated						2,538,966						2,398,601
Add: Prorated share from unconsolidated joint ventures						57,865						53,208
Total net debt						$	2,596,831					$	2,451,809
ENTERPRISE VALUE
Total net debt						$	2,596,831					$	2,451,809
Total equity market capitalization						5,262,774						4,926,872
Total enterprise value						$	7,859,605					$	7,378,681
FINANCIAL LEVERAGE RATIOS
Net debt to Adjusted EBITDAre - annualized:
Net debt						$	2,596,831					$	2,451,809
Adjusted EBITDAre (trailing twelve month period)						502,341						473,950
Net debt to Adjusted EBITDAre - annualized						5.2x						5.2x
Net debt to Adjusted EBITDAre - current quarter annualized:
Net debt						$	2,596,831					$	2,451,809
Adjusted EBITDAre (current quarter annualized)						519,656						481,664
Net debt to Adjusted EBITDAre - current quarter annualized						5.0x						5.1x
Net debt to total enterprise value:
Net debt						$	2,596,831					$	2,451,809
Total enterprise value						7,859,605						7,378,681
Net debt to total enterprise value						33.0%						33.2%

Phillips Edison & Company						29

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Summary of Outstanding Debt Unaudited, dollars in thousands
						Outstanding Balance			Contractual Interest Rate			Maturity Date			Percent of Total Indebtedness
SECURED DEBT
Individual property mortgages(1)						$	28,493		3.45% - 6.15%			2027 - 2031			1%
Secured pool due 2027 (14 assets)						182,284			3.52%			2027			7%
Secured pool due 2030 (14 assets)						200,000			3.35%			2030			8%
Total secured debt						$	410,777								16%
UNSECURED DEBT
Term loan due 2027(2)(3)						$	161,750		SOFR + 1.10%			2027			6%
Revolving credit facility(2)(4)						225,000			SOFR + 0.74%			2029			9%
Senior unsecured notes due November 2031						350,000			2.63%			2031			14%
Senior unsecured notes due August 2032						350,000			5.25%			2032			14%
Senior unsecured notes due March 2033						350,000			4.75%			2033			14%
Senior unsecured notes due July 2034						350,000			5.75%			2034			14%
Senior unsecured notes due January 2035						350,000			4.95%			2035			14%
Total unsecured debt						$	2,136,750								84%
Finance leases, net						342
Total debt obligations						$	2,547,869
Assumed market debt adjustments, net						$	167
Discount on notes payable						(24,952)
Deferred financing expenses, net						(1,630)
Debt obligations, net						$	2,521,454

			Notional Amount						Fixed Rate
INTEREST RATE SWAPS(5)
Total notional amount			$	—

(1)No individual property mortgages were repaid during the quarter ended September 30, 2026.

(2)Excludes the impact of options to extend debt maturities. The revolving line of credit has two six-month extension options with an outside date of 2030 and the unsecured term loan has one remaining one-year option with an outside date of 2028.

(3)Subsequent to quarter-end, the outstanding term loan was paid off with proceeds from the $350 million term loan facility that closed on October 23, 2026.

(4)Reflects a four basis point reduction due to the achievement of certain sustainability metric targets.

(5)The Company had no outstanding interest rate swaps as of September 30, 2026.

Phillips Edison & Company						30

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Debt Overview and Schedule of Maturities Unaudited, dollars in thousands
			Secured Debt												Unsecured Debt(1)
Maturity Year			Scheduled Mortgage Principal Payments			Mortgage Loans			Secured Portfolio Loans						Unsecured Term Loans						Senior Unsecured Notes			Revolving Line of Credit						Total Consolidated Debt						Pro Rata Share of JV Debt						Total Debt						Weighted-Average Interest Rate(1)
2026			483			—			—						—						—			—						483						24,323						24,806						3.6		%
2027			1,905			3,690			182,284						—						—			—						187,879						—						187,879						3.6		%
2028			767			16,600			—						161,750						—			—						179,117						—						179,117						5.0		%
2029			805			—			—						—						—			—						805						5,478						6,283						4.9		%
2030			844			—			200,000						—						—			225,000						425,844						4,380						430,224						4.0		%
2031			559			2,840			—						—						350,000			—						353,399						—						353,399						2.7		%
2032			—			—			—						—						350,000			—						350,000						21,401						371,401						5.3		%
2033			—			—			—						—						350,000			—						350,000						—						350,000						4.8		%
2034			—			—			—						—						350,000			—						350,000						4,633						354,633						5.8		%
2035			—			—			—						—						350,000			—						350,000						—						350,000						5.0		%
Net debt market adjustments / discounts / issuance costs			—			—			—						—						—			—						(26,415)						(606)						(27,022)						N/A
Finance leases			—			—			—						—						—			—						342						—						342						N/A
Total			$	5,363		$	23,130		$	382,284					$	161,750					$	1,750,000		$	225,000					$	2,521,454					$	59,609					$	2,581,062					4.5		%

																					Weighted-Average
									Total Debt						Percent of Total Indebtedness						Effective Interest Rate						Years to Maturity(1)
Fixed rate debt									$	2,160,777					82.9%						4.5%						5.9
Variable rate debt									386,750						14.8%						4.8%						2.5
Net debt market adjustments / discounts / issuance costs									(26,415)						N/A						N/A						N/A
Finance leases									342						N/A						N/A						N/A
Total consolidated debt									$	2,521,454					97.7%						4.5%						5.3
Pro rata share of JV Debt									60,214						2.3%						4.8%						3.2
Net debt market adjustments / discounts / issuance costs of JV Debt									(606)						N/A						N/A						N/A
Total consolidated + JV debt									$	2,581,062					100.0%						4.5%						5.3

(1)Includes the impact of options to extend debt maturities. The revolving line of credit has two six-month extension options with an outside date of 2030 and the unsecured term loan has one remaining one-year option with an outside date of 2028.

Phillips Edison & Company						31

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Debt Covenants Unaudited, dollars in thousands

UNSECURED TERM LOAN DUE 2027 AND CREDIT FACILITY DUE 2029

Covenant

September 30, 2026

LEVERAGE RATIO

Total Indebtedness

$2,640,235

Total Asset Value

$8,426,606

Leverage Ratio

=<60%

31.3%

SECURED LEVERAGE RATIO

Total Secured Indebtedness

$471,332

Total Asset Value

$8,426,606

Secured Leverage Ratio

=<35%

5.6%

FIXED CHARGE COVERAGE RATIO

Adjusted EBITDA

$473,229

Total Fixed Charges

$116,059

Fixed Charge Coverage Ratio

=>1.5x

4.08x

MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE

Total Unsecured Indebtedness

$2,168,903

Unencumbered Asset Value

$7,145,603

Unsecured Indebtedness to Unencumbered Asset Value

=<60%

30.4%

MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE

Unencumbered NOI

$443,397

Interest Expense for Unsecured Indebtedness

$96,415

Unencumbered NOI to Interest Expense

>=1.75x

4.60x

DIVIDEND PAYOUT RATIO

Distributions

$182,974

Funds From Operations

$378,515

Dividend Payout Ratio

<95%

48.3%

SENIOR UNSECURED NOTES DUE 2031, 2032, 2033, 2034, AND 2035

Covenant

September 30, 2026

AGGREGATE DEBT TEST

Total Indebtedness

$2,578,539

Total Asset Value

$7,214,901

Aggregate Debt Test

=<65%

35.7%

SECURED DEBT TEST

Total Secured Indebtedness

$411,119

Total Asset Value

$7,214,901

Secured Debt Test

=<40%

5.7%

DEBT SERVICE TEST

Consolidated EBITDA

$497,157

Annual Debt Service Charge

$110,850

Debt Service Test

=>1.5x

4.48x

MAINTENANCE OF TOTAL UNENCUMBERED ASSETS

Unencumbered Asset Value

$6,331,803

Total Unsecured Indebtedness

$2,167,420

Maintenance of Total Unencumbered Assets

=>150%

292%

Note: Calculations are per covenant definitions as set forth in the applicable debt agreements.

Phillips Edison & Company						32

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TRANSACTIONAL SUMMARY
Nine Months Ended September 30, 2026

Phillips Edison & Company						33

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Acquisition Summary Unaudited, dollars in thousands
Date						Property Name						Location						Total GLA						Contract Price						Leased Occupancy at Acquisition						Grocery Anchor			% of PECO Share
1/7/2026						The Village at Indian Wells						Indian Wells, CA						105,177						$	30,425					77.8%						Sprouts Farmers Market			100%
1/9/2026						Heron Creek Land						North Port, FL						N/A						4,600						N/A						N/A			100%
1/23/2026						Creekside Park Village						The Woodlands Township, TX						74,641						41,940						98.4%						H-E-B(1)			100%
2/25/2026						Plaza West Covina						West Covina, CA						46,406						25,777						88.3%						N/A			100%
2/27/2026						Ridgeview Marketplace						Colorado Springs, CO						20,410						6,760						100.0%						King Soopers(1)			100%
3/24/2026						The Shops at Hamilton Mill						Dacula, GA						43,518						16,000						100.0%						N/A			100%
4/9/2026						Renton Highlands Shopping Center						Renton, WA						54,008						15,750						82.8%						Safeway(1)			100%
4/16/2026						St. Johns Plaza Outparcel(2)						Titusville, FL						3,644						168						—%						N/A			14%
4/21/2026						Prairieview Center						Eden Prairie, MN						118,171						27,650						100.0%						Lunds & Byerlys			100%
4/23/2026						Firethorne Plaza						Katy, TX						29,986						15,500						100.0%						N/A			100%
5/28/2026						Oracle Crossing(3)						Oro Valley, AZ						265,148						10,870						95.8%						Sprouts Farmers Market			20%
6/25/2026						Shops at Prosper Trail						Prosper, TX						86,698						44,500						100.0%						Kroger Marketplace(1)			100%
6/30/2026						Chaska Commons						Chaska, MN						155,543						38,000						99.2%						Cub			100%
7/8/2026						Hampton Village Unit 17						Taylors, SC						1,377						415						100.0%						N/A			100%
8/5/2026						Murray Landing Outparcel						Columbia, SC						4,958						1,500						—%						N/A			100%
8/24/2026						Grayson Village Land						Loganville, GA						N/A						1,850						N/A						N/A			100%
9/17/2026						South Shore Commons						Staten Island, NY						157,574						57,000						83.8%						N/A			100%
9/29/2026						Alafaya Square						Oviedo, FL						168,532						69,100						98.6%						Publix			100%
9/29/2026						Easton Commons						Houston, TX						203,728						51,900						88.4%						Kroger			100%
Total acquisitions																		1,539,519						$	459,705
Weighted-average cap rate												6.5		%

(1)Retailer is not part of the owned property.

(2)Acquisition through the Company's Grocery Retail Partners I LLC. Shown at PECO's 14% share.

(3)Acquisition through the Company's Necessity Retail Venture LLC joint venture. Shown at PECO's 20% share.

Phillips Edison & Company						34

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Disposition Summary Unaudited, dollars in thousands
Date						Property Name						Location						Total GLA						Sale Price						Leased Occupancy at Disposition						Grocery Anchor			% of PECO Share
2/20/2026						South Oaks Shopping Center						Live Oak, FL						102,816						$	5,250					54.9%						N/A			100%
3/20/2026						Highland Fair						Gresham, OR						70,795						17,000						92.4%						Safeway			100%
4/20/2026						Marion Oaks Station						Ocala, FL						N/A						6,685						N/A						N/A			100%
6/12/2026						Towne Crossing Shopping Center						Mesquite, TX						165,419						31,525						93.5%						Kroger			100%
6/23/2026						The Shops of Uptown						Park Ridge, IL						70,144						26,400						97.5%						Trader Joe's			100%
7/8/2026						Lynnwood Place						Jackson, TN						96,613						11,250						83.5%						Kroger			100%
7/17/2026						Grassland Crossing						Alpharetta, GA						90,906						15,580						96.8%						Kroger			100%
7/20/2026						Burbank Plaza						Burbank, IL						99,395						12,863						100.0%						Jewel-Osco			100%
7/30/2026						Ocean Breeze Lot						Ocean Breeze, FL						N/A						950						N/A						N/A			100%
8/12/2026						Coronado Center						Santa Fe, NM						116,005						39,591						91.2%						Trader Joe's			100%
9/30/2026						Kohl's Onalaska						Onalaska, WI						86,432						6,900						100.0%						N/A			100%
Total dispositions																		898,525						$	173,994
Weighted-average cap rate												6.1		%

Phillips Edison & Company						35

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PORTFOLIO SUMMARY
Quarter Ended September 30, 2026

Phillips Edison & Company						36

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Portfolio Summary Unaudited, dollars and square feet in thousands (excluding per square foot amounts)
			As of September 30, 2026
PORTFOLIO OVERVIEW:
Number of shopping centers			300
Number of states			31
Total GLA			33,944
Average shopping center GLA			113
Total ABR(1)			$	582,526
Total ABR from necessity-based goods and services(1)			74.3		%
Percent of ABR from non-grocery anchors(1)			13.2		%
Percent of ABR from inline spaces(1)			60.0		%
GROCERY METRICS:
Percent of ABR from grocery-anchored shopping centers(1)			93.6		%
Percent of ABR from grocery Neighbors(1)			26.8		%
Percent of GLA from grocery Neighbors			44.0		%
Grocer health ratio(2)			2.4		%
Percent of ABR from centers with grocery anchors that are #1 or #2 by sales(1)			82.8		%
Average annual sales per square foot of reporting grocers(2)			$	746
LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET:
Total portfolio			97.5		%
Anchor spaces			99.0		%
Inline spaces			95.1		%
AVERAGE REMAINING LEASE TERM (IN YEARS):(3)
Total portfolio			4.5
Grocery anchor spaces			4.7
Non-grocery anchor spaces			5.2
Inline spaces			4.0
PORTFOLIO RETENTION RATE:(4)
Total portfolio			92.2		%
Anchor spaces			100.0		%
Inline spaces			79.7		%
AVERAGE ABR PER SQUARE FOOT:
Total portfolio			$	17.31
Anchor spaces			$	10.90
Inline spaces			$	28.15

Data reflects wholly-owned assets unless otherwise noted

(1)Inclusive of the Company's prorated portion of shopping centers owned through the Company's unconsolidated joint ventures.

(2)Based on the most recently reported sales data available.

(3)The average remaining lease term in years is as of September 30, 2026. Including future options to extend the term of the lease, the average remaining lease term in years for the Company's total portfolio, grocery anchors, non-grocery anchors and inline spaces is 19.7, 31.7, 15.0, and 8.0, respectively.

(4)For the three months ended September 30, 2026.

Phillips Edison & Company						37

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ABR by Neighbor Category Unaudited
			As of September 30, 2026
			% ABR(1)
NECESSITY RETAIL AND SERVICES
Grocery			26.8		%
Quick service restaurant			12.7		%
Medical			9.2		%
Beauty & hair care			6.7		%
Fitness			3.5		%
Banks, insurance, & government services			3.4		%
Pet supply			2.2		%
Education & training			1.7		%
Dollar stores			1.6		%
Hardware & automotive			1.5		%
Wine, beer, & liquor			1.4		%
Telecommunications & cell phone services			1.3		%
Pharmacy			0.7		%
Other necessity-based			1.6		%
Total ABR from necessity-based goods and services			74.3		%
OTHER RETAIL STORES
Full service restaurant			8.1		%
Soft goods(2)			7.5		%
Home			2.6		%
Off-price apparel			1.8		%
Sports entertainment			1.3		%
Other retail(3)			4.4		%
Total ABR from other retail stores			25.7		%
Total ABR			100.0		%

    

(1)Inclusive of the Company's prorated portion of shopping centers owned through the Company's unconsolidated joint ventures.

(2)Includes ABR contributions of 2% from apparel, shoes, accessories and department store Neighbors.

(3)Includes ABR contribution of 1% from entertainment Neighbors.

Phillips Edison & Company						38

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Wholly-Owned Occupancy and ABR Unaudited
			Quarter Ended
			September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
OCCUPANCY
Leased Basis
Anchor			99.0		%				98.4		%				98.4		%				98.7		%				99.2		%
Inline			95.1		%				95.5		%				95.0		%				95.1		%				94.8		%
Total leased occupancy			97.5		%				97.3		%				97.1		%				97.3		%				97.6		%
Economic Basis
Anchor			98.6		%				98.2		%				98.2		%				97.9		%				98.5		%
Inline			94.8		%				94.8		%				94.2		%				94.2		%				94.3		%
Total economic occupancy			97.2		%				96.9		%				96.7		%				96.5		%				97.0		%
ABR
Leased Basis - $
Anchor			$	226,749					$	223,946					$	223,626					$	223,046					$	224,492
Inline			346,166						336,476						324,864						316,083						312,575
Total ABR			$	572,915					$	560,422					$	548,490					$	539,129					$	537,067
Leased Basis - PSF
Anchor			$	10.90					$	10.75					$	10.74					$	10.68					$	10.46
Inline			28.15						27.71						27.34						26.98						26.61
Total ABR PSF			$	17.31					$	16.99					$	16.77					$	16.54					$	16.17
SAME-CENTER OCCUPANCY(1)
Same-Center Leased Basis
Anchor			99.2		%				98.6		%				98.6		%				99.0		%				99.4		%
Inline			95.4		%				95.6		%				95.1		%				95.2		%				95.0		%
Total same-center leased occupancy			97.8		%				97.5		%				97.4		%				97.6		%				97.8		%
Same-Center Economic Basis
Anchor			98.8		%				98.4		%				98.4		%				98.2		%				98.6		%
Inline			95.1		%				94.8		%				94.4		%				94.5		%				94.5		%
Total same-center economic occupancy			97.5		%				97.1		%				97.0		%				96.9		%				97.2		%

(1)Same-Center Occupancy represents the occupancy for the 275 properties that were wholly-owned for the entirety of both calendar year periods being compared.

Phillips Edison & Company						39

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Top 25 Neighbors by ABR Dollars and square footage amounts in thousands
									Number of Locations(1)
			Neighbor			Banners Leased at PECO Centers			Wholly-Owned			Joint Ventures			ABR(2)			% ABR(2)			Leased SF(2)
1			Publix			Publix			53			10			$	29,848		5.1		%	2,590
2			Kroger			Kroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Mariano's, Food 4 Less, Metro Market			54			7			27,644			4.7		%	3,356
3			Albertsons			Safeway, Market Street, Randalls, Tom Thumb, Jewel-Osco, Vons, Shaw's Supermarket, Albertsons			27			2			18,477			3.2		%	1,617
4			Ahold Delhaize			Martin's, Giant, Stop & Shop, Food Lion			22			—			17,281			3.0		%	1,184
5			Walmart			Walmart Neighborhood Market, Walmart			12			—			8,483			1.5		%	1,733
6			TJX Companies			Sierra, HomeGoods, T.J. Maxx, Marshalls			19			3			7,560			1.3		%	610
7			Giant Eagle			Giant Eagle			9			1			7,437			1.3		%	759
8			Sprouts Farmers Market			Sprouts Farmers Market			14			1			6,916			1.2		%	417
9			Dollar Tree			Dollar Tree			34			5			4,775			0.8		%	412
10			Raley's			Raley's			5			—			4,708			0.8		%	288
11			UNFI			Cub			6			—			4,469			0.8		%	398
12			Planet Fitness			Planet Fitness			16			1			4,443			0.8		%	333
13			Starbucks Corporation			Starbucks			41			1			4,235			0.7		%	84
14			Big Y			Big Y			3			—			3,540			0.6		%	167
15			EOS Fitness			EoS Fitness			5			—			3,420			0.6		%	169
16			United Parcel Service			The UPS Store, WeShip Store			72			11			3,254			0.6		%	104
17			Pet Supplies Plus			Pet Supplies Plus			24			—			3,105			0.5		%	185
18			Petco Animal Supplies			Petco			12			1			2,920			0.5		%	159
19			H&R Block			H&R Block			55			3			2,901			0.5		%	97
20			Great Clips			Great Clips			73			8			2,875			0.5		%	93
21			Subway Group(3)			Subway			61			2			2,821			0.5		%	93
22			Inspire Brands(3)			Dunkin', Arby's, Baskin Robbins, Jimmy John's, Buffalo Wild Wings, Buffalo Wild Wings Go			38			5			2,814			0.5		%	97
23			Anytime Fitness			Anytime Fitness			27			2			2,764			0.5		%	147
24			Lowe's			Lowe's			3			1			2,748			0.5		%	370
25			Bank of America			Bank of America			17			1			2,601			0.4		%	57
			Total						702			65			$	182,039		31.4		%	15,519

(1)Includes properties currently under redevelopment or ground-up development, as well as leases that have been executed but for which rent has not yet commenced.

(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

(3)Brand of Roark Capital.

Phillips Edison & Company						40

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Neighbors by Type and Industry(1)(2) Unaudited

(1)The Company defines national Neighbors as those Neighbors that operate in at least three states. Regional Neighbors are defined as those Neighbors that have at least three locations in fewer than three states.

(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

Phillips Edison & Company						41

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Properties by State(1) Dollars and square footage amounts in thousands (excluding per square foot amounts)
State			ABR			% ABR			ABR / Leased SF			GLA			% GLA			% Leased			Number of Properties
Florida			$	74,624		12.8		%	$	17.51		4,341			12.6		%	98.2		%	55
California			63,653			10.9		%	24.64			2,662			7.7		%	97.0		%	29
Texas			61,196			10.5		%	22.89			2,755			8.0		%	97.0		%	25
Georgia			48,294			8.3		%	15.37			3,200			9.3		%	98.2		%	33
Ohio			36,621			6.3		%	13.01			2,854			8.3		%	98.6		%	21
Colorado			32,511			5.6		%	20.37			1,623			4.7		%	98.3		%	15
Illinois			29,763			5.1		%	17.26			1,765			5.1		%	97.7		%	15
Minnesota			28,620			4.9		%	18.49			1,582			4.6		%	97.8		%	15
Virginia			25,122			4.3		%	18.20			1,425			4.1		%	96.9		%	14
Massachusetts			18,747			3.2		%	16.32			1,151			3.3		%	99.8		%	9
Nevada			16,177			2.8		%	24.80			663			1.9		%	98.3		%	5
Pennsylvania			13,183			2.2		%	13.33			1,001			2.9		%	98.9		%	6
South Carolina			13,152			2.3		%	13.21			1,017			2.9		%	98.0		%	10
Arizona			12,325			2.1		%	15.67			803			2.3		%	98.0		%	8
Maryland			11,265			1.9		%	24.29			541			1.6		%	85.8		%	5
North Carolina			10,725			1.8		%	15.09			722			2.1		%	98.4		%	12
Wisconsin			9,862			1.7		%	13.79			721			2.1		%	99.2		%	6
Washington			9,659			1.7		%	24.17			434			1.3		%	92.0		%	5
Connecticut			9,229			1.6		%	17.83			523			1.5		%	99.0		%	5
Tennessee			7,974			1.4		%	11.40			705			2.0		%	99.1		%	4
Indiana			7,953			1.4		%	9.98			832			2.4		%	95.7		%	5
Kentucky			7,133			1.2		%	11.88			616			1.8		%	97.5		%	4
Michigan			6,778			1.2		%	9.81			724			2.1		%	95.5		%	5
New York			6,418			1.1		%	22.30			321			0.9		%	89.7		%	2
Kansas			5,142			0.9		%	13.73			374			1.1		%	100.0		%	3
New Jersey			4,489			0.8		%	26.49			169			0.5		%	100.0		%	1
Oregon			4,260			0.7		%	17.81			244			0.7		%	98.1		%	3
Iowa			2,877			0.5		%	8.36			360			1.0		%	95.7		%	3
Missouri			2,860			0.5		%	13.52			246			0.7		%	86.0		%	3
New Mexico			1,453			0.2		%	10.45			139			0.4		%	100.0		%	1
Utah			461			0.1		%	31.70			15			0.1		%	100.0		%	1
Total			$	582,526		100.0		%	$	17.30		34,528			100.0		%	97.5		%	328

(1)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

Phillips Edison & Company						42

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New, Renewal, and Option Lease Summary Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts)
																																										Comparable Only
						Number of Leases Signed						GLA						ABR						ABR PSF(1)						Weighted-Average Lease Term (Years)						Cost of TI/TIA PSF(2)						Number of Leases						Increase in ABR PSF						Rent Spread %
TOTAL - NEW, RENEWAL, AND OPTION LEASES
Q3 2026						238						1,114						$	20,008					$	17.96					6.1						$	3.90					186						$	2.41					16.2		%
Q2 2026						304						1,224						28,111						22.97						5.5						7.43						245						3.39						18.4		%
Q1 2026						246						1,573						25,623						16.29						5.6						4.50						199						1.62						11.8		%
Q4 2025						246						1,400						24,917						17.80						6.2						6.02						197						2.05						13.9		%
Total						1,034						5,311						$	98,659					$	18.58					5.8						$	5.45					827						$	2.32					15.1		%
NEW LEASES
Q3 2026						89						282						$	6,883					$	24.44					10.0						$	15.01					37						$	7.32					26.3		%
Q2 2026						103						333						9,667						29.06						8.4						26.22						47						6.98						33.7		%
Q1 2026						78						252						6,121						24.30						9.4						22.47						31						7.09						36.2		%
Q4 2025						101						313						7,847						25.05						8.2						26.19						53						6.58						34.3		%
Total						371						1,179						$	30,517					$	25.88					8.9						$	22.73					168						$	6.93					32.8		%
RENEWAL LEASES
Q3 2026						110						242						$	7,172					$	29.70					4.7						$	0.49					110						$	5.98					25.2		%
Q2 2026						162						402						11,755						29.21						4.3						0.94						159						5.15						21.2		%
Q1 2026						110						226						7,102						31.37						4.6						0.96						110						5.49						21.2		%
Q4 2025						95						282						6,770						24.01						5.4						0.24						94						4.01						20.0		%
Total						477						1,152						$	32,800					$	28.46					4.7						$	0.68					473						$	5.11					21.9		%
OPTION LEASES
Q3 2026						39						591						$	5,953					$	10.07					4.8						$	—					39						$	0.37					3.8		%
Q2 2026						39						489						6,689						13.69						4.7						—						39						0.69						5.3		%
Q1 2026						58						1,095						12,400						11.32						5.0						1.10						58						0.45						4.1		%
Q4 2025						50						805						10,300						12.80						5.6						0.20						50						0.64						5.3		%
Total						186						2,979						$	35,342					$	11.86					5.1						$	0.46					186						$	0.52					4.6		%

    

(1)Per square foot amounts may not recalculate exactly based on other amounts presented within the table due to rounding.

(2)Excludes landlord work.

Phillips Edison & Company						43

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Lease Expirations(1)(2) Unaudited, square footage amounts in thousands
			Number of Leases						GLA Expiring						% of Leased GLA(3)						ABR PSF						% of ABR
TOTAL LEASES
MTM			102						199						0.6		%				$	26.46					0.9		%
2026			152						400						1.2		%				20.51						1.4		%
2027			852						3,188						9.5		%				18.62						10.2		%
2028			954						5,225						15.5		%				16.57						14.9		%
2029			1,007						5,055						15.0		%				17.94						15.6		%
2030			855						5,025						14.9		%				17.01						14.7		%
2031			844						4,985						14.8		%				16.76						14.3		%
2032			381						2,490						7.4		%				15.28						6.5		%
2033			263						1,118						3.3		%				20.95						4.0		%
2034			235						1,947						5.8		%				13.15						4.4		%
2035			233						1,335						4.0		%				18.03						4.1		%
2036+			385						2,705						8.0		%				19.33						9.0		%
Total leases			6,263						33,672						100.0		%				$	17.30					100.0		%

ANCHOR LEASES
MTM			—						—						—		%				$	—					—		%
2026			9						120						0.4		%				4.28						0.1		%
2027			51						1,473						4.4		%				9.75						2.4		%
2028			82						3,401						10.1		%				10.21						6.0		%
2029			87						3,062						9.1		%				11.35						6.0		%
2030			85						3,370						10.0		%				11.49						6.5		%
2031			97						3,305						9.8		%				11.03						6.3		%
2032			43						1,693						5.0		%				9.57						2.8		%
2033			20						550						1.6		%				12.69						1.2		%
2034			33						1,452						4.3		%				7.96						2.0		%
2035			23						813						2.5		%				10.06						1.4		%
2036+			70						1,936						5.7		%				14.70						4.9		%
Anchor leases			600						21,175						62.9		%				$	10.90					39.6		%

INLINE LEASES
MTM			102						199						0.6		%				$	26.46					0.9		%
2026			143						280						0.8		%				27.47						1.3		%
2027			801						1,715						5.1		%				26.25						7.8		%
2028			872						1,824						5.4		%				28.44						8.9		%
2029			920						1,993						5.9		%				28.05						9.6		%
2030			770						1,655						4.9		%				28.26						8.2		%
2031			747						1,680						5.0		%				28.02						8.0		%
2032			338						797						2.4		%				27.42						3.7		%
2033			243						568						1.7		%				28.94						2.8		%
2034			202						495						1.5		%				28.37						2.4		%
2035			210						522						1.5		%				30.44						2.7		%
2036+			315						769						2.3		%				30.99						4.1		%
Inline leases			5,663						12,497						37.1		%				$	28.14					60.4		%

(1)Statistics include the Company's wholly-owned properties and the prorated portion owned through the Company's unconsolidated joint ventures.

(2)Statistics are based on current terms and assume no exercise of renewal options.

(3)Percentage amounts may not recalculate exactly based on other amounts presented within the table due to rounding.

Phillips Edison & Company						44

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
51st & Olive Square			Glendale, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1975 / 2007			88,225			96.1		%				$	1,039					$	12.26					Fry's Food Stores			N/A
Alameda Crossing			Avondale, AZ			100 %			Phoenix-Mesa-Chandler, AZ			2006 / 2025			141,721			100.0		%				$	2,874					$	20.28					Sprouts Farmers Market			Burlington; Uptown Jungle; Big 5 Sporting Goods
Arcadia Plaza			Phoenix, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1980 / 2018			63,637			100.0		%				$	1,600					$	25.14					Sprouts Farmers Market			N/A
Broadway Plaza			Tucson, AZ			100 %			Tucson, AZ			1982 / 2003			84,298			92.6		%				$	1,494					$	19.13					Sprouts Farmers Market			N/A
Oracle Crossing			Oro Valley, AZ			20 %			Tucson, AZ			2006			265,148			99.5		%				$	3,984					$	15.11					Sprouts Farmers Market			Kohl's; HomeGoods; Today's Pool and Patio; Skechers; O'Reilly Auto Parts
South Point Plaza			Tempe, AZ			31 %			Phoenix-Mesa-Chandler, AZ			1987 / 2013			49,332			95.0		%				$	1,093					$	23.31					Fry's Food Stores(1)			Goodwill
Southern Palms			Tempe, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1982 / 2018			256,346			99.6		%				$	3,284					$	12.86					Sprouts Farmers Market			Goodwill; Habitat for Humanity ReStore; Planet Fitness; AutoZone
Sunburst Plaza			Glendale, AZ			100 %			Phoenix-Mesa-Chandler, AZ			1970 / 2022			99,913			96.0		%				$	895					$	9.33					Fry's Food Stores			Daiso
Atwater Marketplace			Atwater, CA			100 %			Merced, CA			2023			2,082			100.0		%				$	138					$	66.28					N/A			N/A
Boronda Plaza			Salinas, CA			100 %			Salinas, CA			2003 / 2021			93,071			100.0		%				$	2,474					$	26.58					Food 4 Less			N/A
Broadway Pavilion			Santa Maria, CA			100 %			Santa Maria-Santa Barbara, CA			1987			142,676			97.6		%				$	2,474					$	17.77					Food Maxx			Idler's Home; Dollar Tree
Central Valley Marketplace			Ceres, CA			100 %			Modesto, CA			2005			81,897			100.0		%				$	1,827					$	22.31					Food 4 Less			N/A
Clayton Station			Clayton, CA			100 %			San Francisco-Oakland-Fremont, CA			1991			66,724			98.1		%				$	2,046					$	31.27					Safeway(1)			Walgreens
Commonwealth Square			Folsom, CA			100 %			Sacramento-Roseville-Folsom, CA			1987			141,310			100.0		%				$	2,678					$	18.95					Raley's			N/A
Contra Loma Plaza			Antioch, CA			100 %			San Francisco-Oakland-Fremont, CA			1989 / 2022			76,816			97.3		%				$	1,122					$	15.00					Lucky Supermarkets			N/A
Del Paso Marketplace			Sacramento, CA			100 %			Sacramento-Roseville-Folsom, CA			2006 / 2016			59,796			100.0		%				$	1,741					$	29.12					Sprouts Farmers Market			N/A
Driftwood Village			Ontario, CA			100 %			Riverside-San Bernardino-Ontario, CA			1985 / 2025			95,421			100.0		%				$	2,134					$	22.36					Food 4 Less			N/A
Foothill Park Plaza			Monrovia, CA			100 %			Los Angeles-Long Beach-Anaheim, CA			1985 / 2025			43,618			82.7		%				$	1,815					$	50.29					Vons(1)			N/A
Herndon Place			Fresno, CA			100 %			Fresno, CA			2005			95,155			98.9		%				$	1,749					$	18.59					Save Mart Supermarkets			N/A
Laguna 99 Plaza			Elk Grove, CA			100 %			Sacramento-Roseville-Folsom, CA			1992 / 2025			89,188			100.0		%				$	2,242					$	25.14					Walmart Neighborhood Market			Planet Fitness

Phillips Edison & Company						45

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
North Point Landing			Modesto, CA			100 %			Modesto, CA			1964 / 2008			152,769			100.0		%				$	2,548					$	16.68					Walmart			N/A
Plaza West Covina			West Covina, CA			100 %			Los Angeles-Long Beach-Anaheim, CA			1994			46,406			88.3		%				$	1,731					$	42.25					N/A			Umiya Sushi & Hotpot
Quail Pointe			Fair Oaks, CA			100 %			Sacramento-Roseville-Folsom, CA			1987			98,015			100.0		%				$	3,347					$	34.15					Trader Joe's			Lamps Plus
Quartz Hill Towne Centre			Lancaster, CA			100 %			Los Angeles-Long Beach-Anaheim, CA			1991 / 2012			114,724			100.0		%				$	2,306					$	20.10					Vons			CVS
Red Maple Village			Tracy, CA			100 %			Stockton-Lodi, CA			2009			97,655			100.0		%				$	2,750					$	28.16					Raley's			N/A
Riverlakes Village			Bakersfield, CA			100 %			Bakersfield-Delano, CA			1997 / 2022			94,012			97.8		%				$	2,130					$	23.17					Vons			N/A
Rocky Ridge Town Center			Roseville, CA			100 %			Sacramento-Roseville-Folsom, CA			1996 / 2015			93,337			98.2		%				$	3,304					$	36.04					Sprouts Farmers Market			BevMo!
Shasta Crossroads			Redding, CA			100 %			Redding, CA			1989 / 2023			114,453			90.5		%				$	2,076					$	20.05					Food Maxx			N/A
Sierra Vista Plaza			Murrieta, CA			100 %			Riverside-San Bernardino-Ontario, CA			1991 / 2025			80,259			98.3		%				$	2,251					$	28.54					Stater Bros Markets(1)			Dollar Tree
Sterling Pointe Center			Lincoln, CA			100 %			Sacramento-Roseville-Folsom, CA			2004 / 2017			136,020			98.2		%				$	3,315					$	24.83					Raley's			N/A
Sunridge Plaza			Rancho Cordova, CA			100 %			Sacramento-Roseville-Folsom, CA			2017			87,856			100.0		%				$	3,020					$	34.37					Raley's			N/A
The Village at Indian Wells			Indian Wells, CA			100 %			Riverside-San Bernardino-Ontario, CA			1983			105,174			80.2		%				$	2,256					$	26.75					Sprouts Farmers Market			CVS
Town & Country Village			Sacramento, CA			100 %			Sacramento-Roseville-Folsom, CA			1950 / 2025			216,259			94.7		%				$	4,778					$	23.32					Sprouts Farmers Market; Trader Joe's			Bob's Discount Furniture; T.J. Maxx; Ross Dress for Less; Royal Flooring; Ulta
Village One Plaza			Modesto, CA			100 %			Modesto, CA			2007			105,658			95.7		%				$	2,517					$	24.88					Raley's			N/A
Vineyard Center			Templeton, CA			100 %			San Luis Obispo-Paso Robles, CA			2007			21,117			93.7		%				$	674					$	34.08					Trader Joe's			N/A
West Acres Shopping Center			Fresno, CA			100 %			Fresno, CA			1990 / 2015			83,414			97.9		%				$	984					$	12.05					Food Maxx			N/A
Windmill Marketplace			Clovis, CA			100 %			Fresno, CA			2001			27,486			100.0		%				$	1,224					$	44.53					Save Mart(1)			N/A
Arapahoe Marketplace			Greenwood Village, CO			100 %			Denver-Aurora-Centennial, CO			1977 / 2024			194,215			99.4		%				$	4,973					$	25.76					Sprouts Farmers Market			The Tile Shop; Molly's Spirits; Kula Sport Performance; Office Depot
Broadlands Marketplace			Broomfield, CO			100 %			Denver-Aurora-Centennial, CO			2002			103,883			100.0		%				$	1,596					$	15.36					Safeway			N/A
Broomfield Marketplace			Broomfield, CO			100 %			Denver-Aurora-Centennial, CO			1999 / 2025			114,800			94.8		%				$	1,325					$	12.18					King Soopers			Ace Hardware

Phillips Edison & Company						46

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Fairfield Commons			Lakewood, CO			100 %			Denver-Aurora-Centennial, CO			1985 / 2014			143,276			100.0		%				$	3,130					$	21.85					Sprouts Farmers Market			T.J. Maxx; Planet Fitness; Aaron's
Foxridge Plaza			Centennial, CO			100 %			Denver-Aurora-Centennial, CO			1983 / 2022			54,575			98.5		%				$	1,499					$	27.89					King Soopers(1)			N/A
Golden Town Center			Golden, CO			100 %			Denver-Aurora-Centennial, CO			1993 / 2003			117,882			100.0		%				$	2,116					$	17.95					King Soopers			N/A
Kipling Marketplace			Littleton, CO			100 %			Denver-Aurora-Centennial, CO			1983 / 2009			90,124			98.2		%				$	1,454					$	16.43					Safeway			N/A
Meadows on the Parkway			Boulder, CO			100 %			Boulder, CO			1989			208,319			94.8		%				$	4,249					$	21.52					Safeway			Walgreens; Dollar Tree; Regus
Northpark Plaza			Westminster, CO			100 %			Denver-Aurora-Centennial, CO			2001			52,192			100.0		%				$	1,502					$	28.78					King Soopers(1)			N/A
Nor'Wood Shopping Center			Colorado Springs, CO			100 %			Colorado Springs, CO			2003 / 2025			75,242			100.0		%				$	1,327					$	17.64					Safeway			N/A
Ridgeview Marketplace			Colorado Springs, CO			100 %			Colorado Springs, CO			2003			43,169			93.9		%				$	1,257					$	31.00					King Soopers(1)			N/A
Roxborough Marketplace			Littleton, CO			100 %			Denver-Aurora-Centennial, CO			2005 / 2024			103,639			100.0		%				$	1,925					$	18.57					Safeway			N/A
Thompson Valley Towne Center			Loveland, CO			100 %			Fort Collins-Loveland, CO			1999			125,099			100.0		%				$	2,558					$	20.45					King Soopers			Ace Hardware
Westwoods Shopping Center			Arvada, CO			100 %			Denver-Aurora-Centennial, CO			2003 / 2011			93,799			100.0		%				$	1,562					$	16.65					King Soopers			N/A
Wheat Ridge Marketplace			Wheat Ridge, CO			100 %			Denver-Aurora-Centennial, CO			1996 / 2024			103,115			95.8		%				$	2,038					$	20.63					Safeway			N/A
Bethel Shopping Center			Bethel, CT			100 %			Bridgeport-Stamford-Danbury, CT			2007			101,205			98.3		%				$	2,498					$	25.12					Big Y			N/A
Everybody's Plaza			Cheshire, CT			100 %			Waterbury-Shelton, CT			1960 / 2014			50,905			100.0		%				$	1,101					$	21.63					Big Y			N/A
Montville Commons			Montville, CT			100 %			Norwich-New London-Willimantic, CT			2007			116,916			97.0		%				$	1,856					$	16.36					Stop & Shop			N/A
Stop & Shop Plaza			Enfield, CT			100 %			Hartford-West Hartford-East Hartford, CT			1988 / 1998			124,218			100.0		%				$	2,319					$	18.67					Stop & Shop			N/A
Willimantic Plaza			Willimantic, CT			100 %			Norwich-New London-Willimantic, CT			1968 / 2024			129,670			100.0		%				$	1,455					$	11.22					BJ's Wholesale Club			Ollie's Bargain Outlet
Alico Commons			Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			2009 / 2020			100,537			97.6		%				$	1,845					$	18.81					Publix			NonStop Fitness
Alafaya Square			Oviedo, FL			100 %			Orlando-Kissimmee-Sanford, FL			1986 / 2024			168,532			98.6		%				$	4,018					$	24.19					Publix			Planet Fitness
Bloomingdale Hills			Riverview, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2002 / 2012			78,442			98.5		%				$	826					$	10.69					Walmart Neighborhood Market			N/A
Breakfast Point Marketplace			Panama City Beach, FL			100 %			Panama City-Panama City Beach, FL			2009 / 2010			97,938			100.0		%				$	1,660					$	16.95					Publix			Office Depot
Broadway Promenade			Sarasota, FL			100 %			North Port-Bradenton-Sarasota, FL			2007			49,271			97.3		%				$	1,025					$	21.39					Publix			N/A

Phillips Edison & Company						47

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Champions Gate Village			Davenport, FL			100 %			Orlando-Kissimmee-Sanford, FL			2001			62,714			98.5		%				$	1,099					$	17.79					Publix			N/A
Cocoa Commons			Cocoa, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1986 / 2000			90,116			97.3		%				$	1,346					$	15.34					Publix			N/A
Colonial Promenade			Winter Haven, FL			100 %			Lakeland-Winter Haven, FL			1986 / 2008			279,657			91.7		%				$	2,354					$	9.18					Walmart			N/A
Coquina Plaza			Southwest Ranches, FL			100 %			Miami-Fort Lauderdale-West Palm Beach, FL			1998			91,120			100.0		%				$	2,195					$	24.09					Publix			N/A
Cross Creek Centre			Boynton Beach, FL			100 %			Miami-Fort Lauderdale-West Palm Beach, FL			1988 / 2014			37,192			97.5		%				$	1,376					$	37.94					N/A			N/A
Crosscreek Village			St. Cloud, FL			100 %			Orlando-Kissimmee-Sanford, FL			2008 / 2019			69,660			100.0		%				$	1,245					$	17.87					Publix			N/A
Crystal Beach Plaza			Palm Harbor, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2010			59,015			100.0		%				$	1,139					$	19.30					Publix			N/A
Deerwood Lake Commons			Jacksonville, FL			14 %			Jacksonville, FL			2003			67,528			97.9		%				$	1,289					$	19.49					Publix			N/A
French Golden Gate			Bartow, FL			100 %			Lakeland-Winter Haven, FL			1960 / 2011			140,276			99.6		%				$	2,016					$	14.43					Publix			Bealls Outlet; Walgreens
Golden Eagle Village			Clermont, FL			100 %			Orlando-Kissimmee-Sanford, FL			2011			67,951			98.3		%				$	1,289					$	19.30					Publix			N/A
Goolsby Pointe			Riverview, FL			14 %			Tampa-St. Petersburg-Clearwater, FL			2000			75,525			96.8		%				$	1,316					$	18.00					Publix			N/A
Harbour Village			Jacksonville, FL			100 %			Jacksonville, FL			2006 / 2021			113,069			97.0		%				$	2,247					$	20.49					The Fresh Market			Crunch Fitness; Lionshare Cowork
Heath Brook Commons			Ocala, FL			100 %			Ocala, FL			2002			79,590			98.7		%				$	1,187					$	15.11					Publix			N/A
Heron Creek Towne Center			North Port, FL			100 %			North Port-Bradenton-Sarasota, FL			2001			64,664			100.0		%				$	1,054					$	16.30					Publix			N/A
Island Walk Shopping Center			Fernandina Beach, FL			100 %			Jacksonville, FL			1987 / 2012			213,052			99.2		%				$	3,316					$	15.70					Publix			Bealls; Bealls Outlet; Gretchen's Hallmark Shop; Staples
Kings Crossing			Sun City Center, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2000 / 2018			75,020			100.0		%				$	1,418					$	18.90					Publix			N/A
Lake Washington Crossing			Melbourne, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1987 / 2023			122,912			93.7		%				$	2,330					$	20.22					Publix			BPC Plasma
Lakewood Plaza			Spring Hill, FL			14 %			Tampa-St. Petersburg-Clearwater, FL			1993 / 1997			106,999			98.3		%				$	1,722					$	16.37					Publix			Boot Barn Western and Work Wear

Phillips Edison & Company						48

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Lutz Lake Crossing			Lutz, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2002			64,986			100.0		%				$	1,121					$	17.25					Publix			N/A
MetroWest Village			Orlando, FL			100 %			Orlando-Kissimmee-Sanford, FL			1990 / 2025			106,689			100.0		%				$	2,691					$	25.22					Publix			N/A
Oak Grove Shoppes			Altamonte Springs, FL			20 %			Orlando-Kissimmee-Sanford, FL			1983 / 2023			142,257			98.2		%				$	2,991					$	21.42					Publix			Marshalls; O2B Kids; Salons by JC
Oakhurst Plaza			Seminole, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1974 / 2001			51,502			96.4		%				$	707					$	14.25					Publix			N/A
Ocean Breeze Plaza			Ocean Breeze, FL			100 %			Port St. Lucie, FL			1993 / 2010			96,192			97.5		%				$	1,845					$	19.67					Publix			RISE Center IRC
Orange Grove Shopping Center			North Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			1999			68,865			100.0		%				$	960					$	13.94					Publix			N/A
Ormond Beach Mall			Ormond Beach, FL			100 %			Deltona-Daytona Beach-Ormond Beach, FL			1967 / 2018			103,111			98.3		%				$	1,369					$	13.51					Publix			Bealls Outlet; Made New; Dollar Tree
Park Place Plaza			Port Orange, FL			100 %			Deltona-Daytona Beach-Ormond Beach, FL			1984 / 2012			87,050			97.2		%				$	1,231					$	14.55					N/A			Bealls
Parsons Village			Seffner, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1983 / 1994			77,339			98.6		%				$	1,067					$	14.00					Winn-Dixie(1)			City Buffet
Publix at Northridge			Sarasota, FL			14 %			North Port-Bradenton-Sarasota, FL			2003			65,320			100.0		%				$	1,391					$	21.30					Publix			N/A
Publix at Seven Hills			Spring Hill, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1991 / 2026			72,217			100.0		%				$	1,576					$	21.82					Publix			N/A
Publix at St. Cloud			St. Cloud, FL			14 %			Orlando-Kissimmee-Sanford, FL			2003			78,779			97.0		%				$	1,302					$	17.05					Publix			N/A
Rockledge Square			Rockledge, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1985 / 2022			78,879			100.0		%				$	1,425					$	18.07					Publix			Health First Medical Group
Sanibel Beach Place			Fort Myers, FL			100 %			Cape Coral-Fort Myers, FL			2003 / 2022			74,286			94.5		%				$	971					$	13.84					Publix			N/A
Shoppes at Avalon			Spring Hill, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2009 / 2022			62,786			100.0		%				$	1,063					$	16.93					Publix			N/A
Shoppes at Glen Lakes			Weeki Wachee, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2008			66,601			96.8		%				$	1,042					$	16.16					Publix			N/A
Shoppes at Lake Mary			Lake Mary, FL			100 %			Orlando-Kissimmee-Sanford, FL			2000 / 2024			74,234			95.6		%				$	2,079					$	29.31					Publix(1)			HomeSense
Shoppes of Lake Village			Leesburg, FL			100 %			Orlando-Kissimmee-Sanford, FL			1987 / 2021			136,783			100.0		%				$	2,535					$	18.53					Publix			Sproutfitters

Phillips Edison & Company						49

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Shoppes of Paradise Lakes			Miami, FL			100 %			Miami-Fort Lauderdale-West Palm Beach, FL			1999			83,555			100.0		%				$	1,549					$	18.54					Publix			N/A
Shops at Sunset Lakes			Miramar, FL			100 %			Miami-Fort Lauderdale-West Palm Beach, FL			1999			70,274			100.0		%				$	1,192					$	16.96					Publix			N/A
Springs Plaza			Bonita Springs, FL			20 %			Cape Coral-Fort Myers, FL			1983 / 2015			195,353			99.5		%				$	3,010					$	15.49					ALDI			Athletica Health & Fitness; Ollie's Bargain Outlet; Ross Dress for Less; Harbor Freight Tools
St. Charles Plaza			Davenport, FL			100 %			Lakeland-Winter Haven, FL			2007 / 2011			65,000			100.0		%				$	1,207					$	18.57					Publix			N/A
St. Johns Plaza			Titusville, FL			14 %			Palm Bay-Melbourne-Titusville, FL			1985 / 2025			130,041			93.1		%				$	1,548					$	12.78					Publix			Bealls Outlet; Dollar Tree
The Oaks			Hudson, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1981 / 2025			177,180			98.2		%				$	2,382					$	13.70					MD Oriental Market			EoS Fitness; Bealls; Ross Dress for Less; Five Below; Dollar Tree
Town Center at Jensen Beach			Jensen Beach, FL			100 %			Port St. Lucie, FL			2000			108,826			100.0		%				$	1,723					$	15.83					Publix			Home School and Virtual Learning Co-Op
Towne Centre at Wesley Chapel			Wesley Chapel, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			2000			69,425			100.0		%				$	1,190					$	17.14					Winn-Dixie			N/A
Valrico Commons			Valrico, FL			100 %			Tampa-St. Petersburg-Clearwater, FL			1986 / 2021			137,316			100.0		%				$	2,465					$	17.95					Publix			Ross Dress for Less; Five Below
Vineyard Shopping Center			Tallahassee, FL			100 %			Tallahassee, FL			2002			62,671			100.0		%				$	865					$	13.80					Publix			N/A
West Creek Commons			Coconut Creek, FL			14 %			Miami-Fort Lauderdale-West Palm Beach, FL			2003			58,537			100.0		%				$	1,019					$	17.41					Publix			N/A
West Creek Plaza			Coconut Creek, FL			100 %			Miami-Fort Lauderdale-West Palm Beach, FL			2006 / 2013			37,616			100.0		%				$	1,174					$	31.21					Publix(1)			N/A
Windover Square			Melbourne, FL			100 %			Palm Bay-Melbourne-Titusville, FL			1984 / 2010			81,516			100.0		%				$	1,396					$	17.13					Publix			Dollar Tree
Winter Springs Town Center			Winter Springs, FL			14 %			Orlando-Kissimmee-Sanford, FL			2002			118,217			82.7		%				$	1,927					$	19.71					Publix			N/A
Bartow Marketplace			Cartersville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1995 / 2025			382,050			99.7		%				$	3,153					$	8.28					Walmart			Lowe's
Bethany Village			Alpharetta, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2001			81,674			100.0		%				$	1,350					$	16.53					Publix			N/A

Phillips Edison & Company						50

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Butler Creek			Acworth, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1989 / 2021			101,497			98.6		%				$	1,621					$	16.19					Kroger			N/A
Dean Taylor Crossing			Suwanee, GA			14 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			92,318			100.0		%				$	1,428					$	15.47					Kroger			N/A
Evans Towne Centre			Evans, GA			100 %			Augusta-Richmond County, GA-SC			1995 / 2017			75,668			100.0		%				$	1,237					$	16.35					Publix			N/A
Everson Pointe			Snellville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1999			81,428			100.0		%				$	1,232					$	15.13					Kroger			N/A
Fairview Oaks			Ellenwood, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996			77,052			100.0		%				$	1,113					$	14.44					Kroger			N/A
Flynn Crossing			Alpharetta, GA			14 %			Atlanta-Sandy Springs-Alpharetta, GA			2004			95,002			97.9		%				$	2,063					$	22.19					Publix			N/A
Grayson Village			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2002 / 2019			87,155			100.0		%				$	1,409					$	16.17					Publix			N/A
Hamilton Mill Village			Dacula, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2016			88,710			98.3		%				$	1,426					$	16.35					Publix			N/A
Hamilton Ridge			Buford, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2002 / 2024			96,941			98.8		%				$	1,664					$	17.38					Kroger			N/A
Hickory Flat Commons			Canton, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008 / 2020			113,995			100.0		%				$	1,651					$	14.48					Kroger			N/A
Loganville Crossing			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008			149,133			100.0		%				$	2,560					$	17.17					Kroger			N/A
Loganville Town Center			Loganville, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997 / 2023			84,978			100.0		%				$	1,491					$	17.55					Publix			N/A
Mableton Crossing			Mableton, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997			86,819			100.0		%				$	1,286					$	14.81					Kroger			N/A
Macland Pointe			Marietta, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1992			79,699			92.1		%				$	951					$	12.96					Publix			N/A
Mansell Village			Roswell, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2003 / 2013			89,688			100.0		%				$	1,410					$	15.72					Kroger			N/A
Market Walk			Savannah, GA			100 %			Savannah, GA			2014 / 2022			263,829			99.3		%				$	4,020					$	15.34					Kroger			Dick's Sporting Goods; Guitar Center; West Marine
Mountain Crossing			Dacula, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1997			93,396			98.9		%				$	1,336					$	14.47					Kroger			N/A

Phillips Edison & Company						51

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Mountain Park Plaza			Roswell, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1988 / 2003			80,511			95.9		%				$	1,166					$	15.10					Publix			N/A
Old Alabama Square			Johns Creek, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			102,867			100.0		%				$	2,607					$	25.34					The Fresh Market			Walgreens
Paradise Crossing			Lithia Springs, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2000			67,470			100.0		%				$	1,052					$	15.59					Publix			N/A
Richmond Plaza			Augusta, GA			14 %			Augusta-Richmond County, GA-SC			1979 / 2026			174,585			85.3		%				$	1,809					$	12.14					N/A			Ashley HomeStore and Ashley Outlet; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill
Rivermont Station			Johns Creek, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2022			128,308			95.6		%				$	2,113					$	17.22					Kroger			Kids Empire
Shiloh Square Shopping Center			Kennesaw, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996 / 2003			136,920			94.1		%				$	1,898					$	14.73					Kroger			ATL Fitness 24/7
Shops at Butler Crossing			Kennesaw, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1996			56,910			91.2		%				$	928					$	17.88					N/A			Planet Fitness
Shops at Westridge			McDonough, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2006 / 2020			72,420			100.0		%				$	1,387					$	19.15					Publix			N/A
Southampton Village			Tyrone, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2003 / 2024			80,988			97.0		%				$	1,186					$	15.10					Publix			N/A
Spivey Junction			Stockbridge, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1998			81,475			91.8		%				$	1,064					$	14.23					Kroger			N/A
The Shops at Hamilton Mill			Dacula, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2004			43,518			100.0		%				$	1,067					$	24.52					N/A			N/A
Village at Glynn Place			Brunswick, GA			100 %			Brunswick-St. Simons, GA			1992 / 2009			123,437			97.1		%				$	1,676					$	13.99					Publix			Goodwill
Villages at Eagles Landing			Stockbridge, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			1995			67,019			96.4		%				$	948					$	14.67					Publix			N/A
Village Shoppes at Windermere			Suwanee, GA			100 %			Atlanta-Sandy Springs-Alpharetta, GA			2008			73,352			98.1		%				$	1,551					$	21.56					Publix			N/A
CitiCentre Plaza			Carroll, IA			100 %			Carroll, IA			1991 / 2018			63,518			93.4		%				$	500					$	8.43					Hy-Vee			N/A
Duck Creek Plaza			Bettendorf, IA			100 %			Davenport-Moline-Rock Island, IA-IL			2005 / 2023			134,379			95.4		%				$	1,373					$	10.71					N/A			Malibu Jack's
Southgate Shopping Center			Des Moines, IA			100 %			Des Moines-West Des Moines, IA			1972 / 2014			161,792			96.9		%				$	1,004					$	6.40					Hy-Vee			Planet Fitness; Jay's CD & Hobby; BioLife Plasma Services; Dollar General

Phillips Edison & Company						52

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Baker Hill			Glen Ellyn, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1998 / 2018			135,355			99.1		%				$	2,380					$	17.74					Pete's Fresh Market			N/A
Brentwood Commons			Bensenville, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1981 / 2015			125,497			99.0		%				$	1,894					$	15.24					Jewel-Osco			Dollar Tree
College Plaza			Normal, IL			100 %			Bloomington, IL			1983 / 2018			177,741			100.0		%				$	2,584					$	14.54					N/A			Ross Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra; Boot Barn; Petco; Daiso
Glenbrook Marketplace			Glenview, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1992 / 2014			47,832			81.8		%				$	1,111					$	28.39					N/A			N/A
Heritage Plaza			Carol Stream, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1988 / 2018			128,870			100.0		%				$	2,014					$	15.63					Jewel-Osco			Charter Fitness
Hilander Village			Roscoe, IL			100 %			Rockford, IL			1994 / 2022			120,694			96.7		%				$	1,257					$	10.77					Schnucks			N/A
Hoffman Village			Hoffman Estates, IL			14 %			Chicago-Naperville-Elgin, IL-IN			1987 / 2021			159,708			100.0		%				$	3,094					$	19.37					Mariano's			Goodwill
Lemont Plaza			Lemont, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1983 / 2025			119,013			100.0		%				$	1,608					$	13.51					Pete's Fresh Market			Goodwill; NAPA Auto Parts; Ace Hardware; Dollar Tree
Maple View			Grayslake, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1999			114,668			100.0		%				$	2,260					$	19.71					Jewel-Osco			N/A
Naperville Crossings			Naperville, IL			100 %			Chicago-Naperville-Elgin, IL-IN			2007 / 2021			151,203			95.4		%				$	4,751					$	32.94					ALDI			N/A
Oak Mill Plaza			Niles, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1977 / 2023			164,872			95.0		%				$	2,618					$	16.72					Jewel-Osco			N/A
Rolling Meadows Shopping Center			Rolling Meadows, IL			14 %			Chicago-Naperville-Elgin, IL-IN			2010 / 2016			130,310			97.7		%				$	1,489					$	11.70					Jewel-Osco			Northwest Community Hospital; Dollar Tree
Savoy Plaza			Savoy, IL			100 %			Champaign-Urbana, IL			1999 / 2025			140,624			97.0		%				$	1,878					$	13.77					Schnucks			Goodwill; Planet Fitness
Shorewood Crossing			Shorewood, IL			100 %			Chicago-Naperville-Elgin, IL-IN			2001 / 2020			173,981			100.0		%				$	2,712					$	15.59					Mariano's			Marshalls; Staples; Petco
The Shoppes at Windmill Place			Batavia, IL			100 %			Chicago-Naperville-Elgin, IL-IN			1991 / 2022			124,576			94.8		%				$	2,053					$	17.39					Jewel-Osco			N/A
Dyer Town Center			Dyer, IN			100 %			Chicago-Naperville-Elgin, IL-IN			2004 / 2005			102,415			100.0		%				$	2,090					$	20.41					Jewel-Osco			N/A
Lafayette Square			Lafayette, IN			100 %			Lafayette-West Lafayette, IN			1963 / 2025			249,956			87.6		%				$	1,648					$	7.53					N/A			Rural King Supply; Fun City Adventure Park; Dollar Tree; Harvest Chapel

Phillips Edison & Company						53

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Riverplace Centre			Noblesville, IN			100 %			Indianapolis-Carmel-Greenwood, IN			1992 / 2020			74,189			95.7		%				$	801					$	11.28					Kroger			N/A
The Village Shopping Center			Mooresville, IN			100 %			Indianapolis-Carmel-Greenwood, IN			1965 / 2024			156,102			100.0		%				$	1,365					$	8.74					Kroger			Black Friday - The Shopping Network; Goodwill; Mooresville Mattress; Player's Performance Factory
Town & Country Shopping Center			Noblesville, IN			100 %			Indianapolis-Carmel-Greenwood, IN			1998 / 2023			249,833			99.4		%				$	2,048					$	8.25					Walmart			Planet Fitness; Dollar Tree
Falcon Valley			Lenexa, KS			100 %			Kansas City, MO-KS			2008 / 2009			76,784			100.0		%				$	1,067					$	13.90					Price Chopper			N/A
Quivira Crossings			Overland Park, KS			100 %			Kansas City, MO-KS			1996 / 2025			123,908			100.0		%				$	1,887					$	15.23					Price Chopper			N/A
Wyandotte Plaza			Kansas City, KS			100 %			Kansas City, MO-KS			1961 / 2015			173,757			100.0		%				$	2,189					$	12.60					Price Chopper			Marshalls; PetSmart; Dollar Tree
Central Station			Louisville, KY			100 %			Louisville/Jefferson County, KY-IN			2005 / 2018			152,463			94.5		%				$	1,592					$	11.04					Kroger			Planet Fitness
Chinoe Center			Lexington, KY			100 %			Lexington-Fayette, KY			1984 / 2023			111,781			93.8		%				$	1,405					$	13.41					Kroger			Exceptional Living Centers
Meadowthorpe Manor Shoppes			Lexington, KY			100 %			Lexington-Fayette, KY			1989 / 2022			117,126			100.0		%				$	1,308					$	11.17					Kroger			N/A
Town Fair Center			Louisville, KY			100 %			Louisville/Jefferson County, KY-IN			1988 / 2019			234,291			100.0		%				$	2,828					$	12.07					N/A			Malibu Jack's; Staples; Michaels; Petco; Five Below
Atlantic Plaza			North Reading, MA			100 %			Boston-Cambridge-Newton, MA-NH			1959 / 2014			126,384			100.0		%				$	2,566					$	20.30					Stop & Shop			Cowabungas; One Stop Liquors
Carriagetown Marketplace			Amesbury, MA			100 %			Boston-Cambridge-Newton, MA-NH			2000			96,472			100.0		%				$	1,919					$	19.89					Stop & Shop			N/A
Cushing Plaza			Cohasset, MA			14 %			Boston-Cambridge-Newton, MA-NH			1997 / 2000			71,210			100.0		%				$	1,439					$	20.21					Shaw's Supermarket			Walgreens
Five Town Plaza			Springfield, MA			100 %			Springfield, MA			1970 / 2025			327,303			99.4		%				$	4,694					$	14.42					Big Y			Burlington; Ollie's Bargain Outlet; Best Fitness
Northwoods Crossing			Taunton, MA			100 %			Providence-Warwick, RI-MA			2003 / 2022			158,978			100.0		%				$	2,193					$	13.79					BJ's Wholesale Club			Tractor Supply; Dollar Tree
Shaw's Plaza Easton			Easton, MA			100 %			Providence-Warwick, RI-MA			1984 / 2024			107,248			100.0		%				$	1,676					$	15.63					Shaw's Supermarket			Planet Fitness
Shaw's Plaza Hanover			Hanover, MA			100 %			Boston-Cambridge-Newton, MA-NH			1994 / 2000			57,181			100.0		%				$	860					$	15.04					Shaw's Supermarket			N/A
Shaw's Plaza Raynham			Raynham, MA			100 %			Providence-Warwick, RI-MA			1965 / 2022			177,324			100.0		%				$	2,879					$	16.24					Shaw's Supermarket			Marshalls; PetSmart; CVS
Sudbury Crossing			Sudbury, MA			100 %			Boston-Cambridge-Newton, MA-NH			1984 / 2021			89,952			100.0		%				$	1,758					$	19.54					Sudbury Farms(1)			T.J. Maxx; The Goddard School; Dollar Tree
Bel Air Town Center			Bel Air, MD			100 %			Baltimore-Columbia-Towson, MD			1990			77,817			90.7		%				$	1,895					$	26.84					N/A			N/A

Phillips Edison & Company						54

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Burwood Village Center			Glen Burnie, MD			100 %			Baltimore-Columbia-Towson, MD			1971 / 2002			101,144			100.0		%				$	1,971					$	19.49					Food Lion			Dollar General; CVS
Collington Plaza			Bowie, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			1996			121,932			46.8		%				$	1,928					$	33.80					N/A			N/A
LaPlata Plaza			La Plata, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2003 / 2019			123,561			97.6		%				$	2,861					$	23.73					Safeway			Petco
Rosewick Crossing			La Plata, MD			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2008			116,057			98.6		%				$	2,610					$	22.80					Giant			N/A
Bear Creek Plaza			Petoskey, MI			100 %			Petoskey, MI			1998 / 2024			311,933			100.0		%				$	1,815					$	5.82					Walmart			Marshalls; OfficeMax; HomeGoods; Five Below
Cherry Hill Marketplace			Westland, MI			100 %			Detroit-Warren-Dearborn, MI			1992 / 2017			120,568			100.0		%				$	1,600					$	13.27					Kroger			Ace Hardware; CVS
Livonia Plaza			Livonia, MI			100 %			Detroit-Warren-Dearborn, MI			1988 / 2014			137,205			79.0		%				$	1,589					$	14.66					Kroger			N/A
Milan Plaza			Milan, MI			100 %			Ann Arbor, MI			1960 / 2018			61,357			93.5		%				$	370					$	6.45					Kroger			Ace Hardware
Orchard Square			Washington Township, MI			100 %			Detroit-Warren-Dearborn, MI			1999 / 2011			92,450			100.0		%				$	1,403					$	15.18					Kroger			N/A
Albertville Crossing			Albertville, MN			14 %			Minneapolis-St. Paul-Bloomington, MN-WI			2002 / 2018			99,013			95.7		%				$	1,479					$	15.61					Coborn's			N/A
Apache Shoppes			Rochester, MN			100 %			Rochester, MN			2005 / 2025			57,491			100.0		%				$	943					$	16.40					Trader Joe's			Sierra
Cahill Plaza			Inver Grove Heights, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1995 / 2020			69,000			100.0		%				$	782					$	11.33					Cub			N/A
Centennial Lakes Plaza			Edina, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1989 / 2022			193,764			98.7		%				$	4,754					$	24.85					Whole Foods Market			HomeGoods; La-Z-Boy Furniture Galleries; Office Depot; JUUT SalonSpa
Chaska Commons			Chaska, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2006			155,543			99.2		%				$	3,285					$	21.28					Cub			Petco
Crossroads of Shakopee			Shakopee, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1998			140,949			99.1		%				$	2,307					$	16.52					Cub			N/A
Hastings Marketplace			Hastings, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2002			97,535			100.0		%				$	1,406					$	14.42					Cub			N/A
New Prague Commons			New Prague, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2008 / 2019			73,415			98.4		%				$	1,241					$	17.18					Coborn's			N/A
Normandale Village			Bloomington, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1973 / 2017			140,400			87.2		%				$	2,056					$	16.79					Lunds & Byerlys			N/A

Phillips Edison & Company						55

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Northstar Marketplace			Ramsey, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2004 / 2025			103,418			98.1		%				$	1,861					$	18.35					Coborn's			N/A
Prairieview Center			Eden Prairie, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1986 / 2018			118,171			100.0		%				$	1,841					$	15.58					Lunds & Byerlys			N/A
Rue de France			Edina, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1973 / 2026			62,127			100.0		%				$	2,221					$	35.75					N/A			Ethan Allen
Savage Town Square			Savage, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			2003			87,181			100.0		%				$	1,410					$	16.17					Cub			N/A
Waterford Park Plaza			Plymouth, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1989 / 2023			127,468			95.9		%				$	1,710					$	13.99					Cub			Dollar Tree
West Village Center			Chanhassen, MN			100 %			Minneapolis-St. Paul-Bloomington, MN-WI			1994 / 2021			141,456			98.4		%				$	2,596					$	18.66					Lunds & Byerlys			OfficeMax
Des Peres Corners			Des Peres, MO			20 %			St. Louis, MO-IL			2009			120,673			90.9		%				$	3,161					$	28.83					Schnucks			N/A
South Oaks Plaza			St. Louis, MO			100 %			St. Louis, MO-IL			1969 / 2021			112,300			83.7		%				$	737					$	7.84					N/A			Kloss Furniture; Walgreens
Southfield Center			St. Louis, MO			100 %			St. Louis, MO-IL			1987 / 2021			109,397			87.4		%				$	1,491					$	15.60					Schnucks			N/A
Chapel Hill North Center			Chapel Hill, NC			100 %			Durham-Chapel Hill, NC			1998			96,290			100.0		%				$	1,764					$	18.32					Harris Teeter			N/A
Crossroads Plaza			Asheboro, NC			100 %			Greensboro-High Point, NC			1984 / 2016			51,440			100.0		%				$	473					$	9.20					Food Lion			N/A
Cureton Town Center			Waxhaw, NC			100 %			Charlotte-Concord-Gastonia, NC-SC			2006 / 2025			101,977			100.0		%				$	2,199					$	21.56					Harris Teeter			N/A
Edgecombe Square			Tarboro, NC			100 %			Rocky Mount, NC			1990 / 2013			81,070			100.0		%				$	522					$	6.44					Food Lion			Farmers Home Furniture
Hampton Pointe			Hillsborough, NC			100 %			Durham-Chapel Hill, NC			2005			38,133			100.0		%				$	981					$	25.73					Walmart(1)			N/A
Harrison Pointe			Cary, NC			14 %			Raleigh-Cary, NC			2002 / 2024			136,447			100.0		%				$	2,394					$	17.55					Harris Teeter			Ninja Kidz Action Park
Lumina Commons			Wilmington, NC			100 %			Wilmington, NC			1974 / 2007			80,772			100.0		%				$	1,475					$	18.26					Harris Teeter			N/A
New Bern Plaza			Raleigh, NC			31 %			Raleigh-Cary, NC			2005			58,745			94.5		%				$	1,305					$	23.50					Walmart(1)			N/A
Northside Plaza			Clinton, NC			100 %			N/A			1982 / 2015			79,865			95.0		%				$	689					$	9.08					Food Lion			Farmers Home Furniture
The Shoppes at Ardrey Kell			Charlotte, NC			14 %			Charlotte-Concord-Gastonia, NC-SC			2008			82,119			100.0		%				$	1,697					$	20.67					Harris Teeter			N/A
Tramway Crossing			Sanford, NC			100 %			Sanford, NC			1996			62,382			97.8		%				$	857					$	14.05					Food Lion			N/A
Windsor Center			Dallas, NC			100 %			Charlotte-Concord-Gastonia, NC-SC			1974 / 2015			81,423			93.8		%				$	784					$	10.26					N/A			Southern States Cooperative; Kintegra Health; Workout Anytime

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Plaza 23			Pompton Plains, NJ			100 %			New York-Newark-Jersey City, NY-NJ			1963 / 2025			169,478			100.0		%				$	4,489					$	26.49					Stop & Shop			T.J. Maxx; HomeGoods
Plaza Farmington			Farmington, NM			100 %			Farmington, NM			2004			138,955			100.0		%				$	1,453					$	10.46					Safeway			T.J. Maxx; Best Buy; Petco
Crossroads Towne Center			North Las Vegas, NV			100 %			Las Vegas-Henderson-North Las Vegas, NV			2007 / 2021			148,719			98.0		%				$	4,864					$	33.38					Walmart(1)			Planet Fitness; Oasis Jiu Jitsu; Salon Boutique
Green Valley Plaza			Henderson, NV			100 %			Las Vegas-Henderson-North Las Vegas, NV			1978 / 1982			89,332			98.0		%				$	2,264					$	25.86					Trader Joe's			Dollar Tree; Big 5 Sporting Goods
Rainbow Plaza			Las Vegas, NV			100 %			Las Vegas-Henderson-North Las Vegas, NV			1989 / 2022			144,845			95.7		%				$	2,597					$	18.74					Albertsons			Ross Dress for Less
Southwest Marketplace			Las Vegas, NV			100 %			Las Vegas-Henderson-North Las Vegas, NV			2008 / 2022			167,793			100.0		%				$	4,008					$	23.89					Smith's			EoS Fitness
Sprouts Plaza			Las Vegas, NV			100 %			Las Vegas-Henderson-North Las Vegas, NV			1995 / 2022			112,580			100.0		%				$	2,444					$	21.71					Sprouts Farmers Market			Goodwill; Uptown Jungle
South Shore Commons			Staten Island, NY			100 %			New York-Newark-Jersey City, NY-NJ			2006			157,574			83.8		%				$	4,494					$	34.04					N/A			Retro Fitness; Just Kidding Indoor Playground
University Plaza			Amherst, NY			100 %			Buffalo-Cheektowaga, NY			1980 / 2020			163,251			95.4		%				$	1,924					$	12.35					Tops Markets			Citi Trends; Amherst Theatre; DaVita Dialysis
Beavercreek Towne Center			Beavercreek, OH			100 %			Dayton-Kettering-Beavercreek, OH			1994 / 2019			366,416			100.0		%				$	4,006					$	10.93					Fresh Thyme			Lowe's; Kohl's; Ashley Furniture HomeStore; T.J. Maxx; Sierra; Shoe Carnival and Shoe Station
East Side Square			Springfield, OH			100 %			Springfield, OH			2007			8,400			100.0		%				$	179					$	21.31					Walmart(1)			N/A
Fairfield Crossing			Beavercreek, OH			100 %			Dayton-Kettering-Beavercreek, OH			1994			71,170			100.0		%				$	1,582					$	22.23					Walmart(1)			Office Depot; Pet Supplies Plus
Fairlawn Town Centre			Fairlawn, OH			100 %			Akron, OH			1962 / 2025			342,435			99.0		%				$	5,043					$	14.88					Giant Eagle; Marc's			U.S. Post Office; Ashley Furniture HomeStore; HomeGoods; Lucky Shoes; Get Fit 24/7; Chuck E. Cheese; Pet Supplies Plus
Flag City Station			Findlay, OH			100 %			Findlay, OH			1992 / 2020			250,449			100.0		%				$	1,539					$	6.14					Walmart			T.J. Maxx; PetSmart
Forest Park Square			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1988 / 2018			92,824			100.0		%				$	1,094					$	11.79					Kroger			N/A
Georgesville Square			Columbus, OH			14 %			Columbus, OH			1996 / 2017			270,046			100.0		%				$	2,679					$	9.92					Kroger			Lowe's; Nationwide Children's Hospital
Glenwood Crossing			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1999 / 2015			101,021			98.5		%				$	799					$	8.03					Kroger			Dollar Tree
Goshen Station			Goshen, OH			100 %			Cincinnati, OH-KY-IN			1973 / 2003			53,802			97.0		%				$	579					$	11.09					Kroger			N/A

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Harpers Station			Cincinnati, OH			100 %			Cincinnati, OH-KY-IN			1994 / 2025			229,060			99.4		%				$	3,240					$	14.23					Fresh Thyme			Amped Fitness; The Collective Boutiques; T.J. Maxx; HomeGoods
Hartville Centre			Hartville, OH			100 %			Canton-Massillon, OH			1988 / 2008			124,258			100.0		%				$	1,398					$	11.25					Giant Eagle			Aultman Medical
Harvest Plaza			Akron, OH			100 %			Akron, OH			1974 / 2015			75,866			100.0		%				$	780					$	10.28					Giant Eagle			N/A
Lakewood City Center			Lakewood, OH			100 %			Cleveland, OH			1991 / 2011			67,280			100.0		%				$	1,240					$	18.43					Marc's			Pet Supplies Plus
Oak Creek Center			Lewis Center, OH			100 %			Columbus, OH			2000			104,124			100.0		%				$	1,950					$	18.73					N/A			N/A
Sheffield Crossing			Sheffield Village, OH			100 %			Cleveland, OH			1989 / 2024			110,688			98.9		%				$	1,619					$	14.79					Giant Eagle			N/A
Shoregate Town Center			Willowick, OH			100 %			Cleveland, OH			1958 / 2025			289,431			96.4		%				$	2,828					$	10.14					Giant Eagle; Marc's			Goodwill; Planet Fitness; Ace Hardware; Aaron's; Dollar General; Pet Supplies Plus
Sidney Towne Center			Sidney, OH			100 %			Sidney, OH			1981 / 2007			115,776			100.0		%				$	668					$	5.77					Kroger			N/A
Snow View Plaza			Parma, OH			100 %			Cleveland, OH			1981 / 2023			101,450			89.7		%				$	1,245					$	13.69					Giant Eagle			N/A
Sulphur Grove			Huber Heights, OH			100 %			Dayton-Kettering-Beavercreek, OH			2004			19,570			87.7		%				$	296					$	17.24					Walmart(1)			N/A
Trader Joe's Center			Dublin, OH			100 %			Columbus, OH			1986			75,506			95.1		%				$	1,531					$	21.32					Trader Joe's			N/A
Westgate Shopping Center			Fairview Park, OH			100 %			Cleveland, OH			2007 / 2023			216,465			98.5		%				$	4,630					$	21.72					Target(1)			Planet Fitness; Petco; Books-A-Million
East Burnside Plaza			Portland, OR			100 %			Portland-Vancouver-Hillsboro, OR-WA			1955 / 1999			38,363			100.0		%				$	835					$	21.77					Quality Food Centers			N/A
Hilfiker Shopping Center			Salem, OR			100 %			Salem, OR			1984 / 2024			38,667			100.0		%				$	780					$	20.17					Trader Joe's			Petco; Ulta
Sunset Shopping Center			Corvallis, OR			100 %			Corvallis, OR			1998 / 2023			166,873			97.2		%				$	2,645					$	16.30					Safeway			Bi-Mart; Personal Touch Car Wash
Edgewood Towne Center			Edgewood, PA			100 %			Pittsburgh, PA			1990 / 2021			342,610			99.6		%				$	4,548					$	13.33					Giant Eagle			Giant Eagle; Planet Fitness; Aaron's; BioLife Plasma Services; Citi Trends; Fox Beauty Supply
Fairview Plaza			New Cumberland, PA			100 %			York-Hanover, PA			1992 / 1999			71,979			100.0		%				$	1,033					$	14.35					Giant			N/A
Northtowne Square			Gibsonia, PA			14 %			Pittsburgh, PA			1993 / 2003			113,372			96.9		%				$	1,098					$	9.99					Giant Eagle			N/A
Palmer Town Center			Easton, PA			100 %			Allentown-Bethlehem-Easton, PA-NJ			2005			153,020			96.5		%				$	2,946					$	19.96					Giant			Marshalls
Townfair Center			Indiana, PA			100 %			Indiana, PA			1995 / 2016			218,610			100.0		%				$	2,190					$	10.02					Giant Eagle			Lowe's; Michaels

Phillips Edison & Company						58

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Yorktown Centre			Millcreek Township, PA			100 %			Erie, PA			1989 / 2020			198,418			98.0		%				$	2,311					$	11.89					Giant Eagle			Saint Vincent Hospital; A Bridge to Independence
Centerpoint			Easley, SC			100 %			Greenville-Anderson-Greer, SC			2002			72,287			100.0		%				$	1,019					$	14.10					Publix			N/A
Hampton Village			Taylors, SC			100 %			Greenville-Anderson-Greer, SC			1959 / 2019			135,065			96.0		%				$	1,933					$	14.90					Publix			Burkes Outlet
Irmo Station			Irmo, SC			100 %			Columbia, SC			1980 / 2026			99,440			95.2		%				$	1,374					$	14.52					Kroger			Pet Supplies Plus
Murray Landing			Columbia, SC			100 %			Columbia, SC			2003 / 2016			80,672			93.9		%				$	1,380					$	18.23					Publix			N/A
North Pointe Plaza			North Charleston, SC			100 %			Charleston-North Charleston, SC			1989 / 2024			373,433			99.7		%				$	3,077					$	8.26					Walmart			Carpet To Go Flooring; FIT Life Health Clubs; Dollar Tree; Atlantic Bedding & Furniture; Petco; City Gear
Palmetto Pavilion			North Charleston, SC			100 %			Charleston-North Charleston, SC			2003			66,428			100.0		%				$	1,083					$	16.30					Publix			N/A
Stockbridge Commons			Fort Mill, SC			14 %			Charlotte-Concord-Gastonia, NC-SC			2003 / 2012			99,473			100.0		%				$	1,974					$	19.84					Harris Teeter			N/A
Summerville Galleria			Summerville, SC			100 %			Charleston-North Charleston, SC			1989 / 2014			106,391			96.8		%				$	1,634					$	15.87					Food Lion			N/A
The Fresh Market Commons			Pawleys Island, SC			100 %			Murrells Inlet, SC			2011 / 2014			32,325			100.0		%				$	739					$	22.86					The Fresh Market			N/A
Village at Sandhill			Columbia, SC			31 %			Columbia, SC			2006 / 2025			117,257			96.8		%				$	2,036					$	17.94					Lowes Foods			N/A
Hamilton Village			Chattanooga, TN			100 %			Chattanooga, TN-GA			1989 / 2021			429,325			99.3		%				$	3,794					$	8.90					Walmart; ALDI			Urban Air Adventure Park; Gabe's; Pickleball Kingdom; Savers; Boot Barn
Hickory Plaza			Nashville, TN			100 %			Nashville-Davidson-Murfreesboro-Franklin, TN			1974 / 2020			72,136			100.0		%				$	948					$	13.14					Kroger			N/A
Providence Commons			Mt. Juliet, TN			100 %			Nashville-Davidson-Murfreesboro-Franklin, TN			2009 / 2024			110,137			100.0		%				$	2,121					$	19.26					Publix			Five Below
Willowbrook Commons			Nashville, TN			100 %			Nashville-Davidson-Murfreesboro-Franklin, TN			2005			93,600			97.0		%				$	1,111					$	12.24					Kroger			N/A
Cinco Ranch at Market Center			Katy, TX			100 %			Houston-Pasadena-The Woodlands, TX			2007 / 2023			104,794			100.0		%				$	2,489					$	23.75					Super Target(1)			HomeGoods; Michaels; OfficeMax
Coppell Market Center			Coppell, TX			100 %			Dallas-Fort Worth-Arlington, TX			2008			90,225			96.7		%				$	1,474					$	16.90					Market Street			N/A

Phillips Edison & Company						59

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Creekside Park Village			The Woodlands Township, TX			100 %			Houston-Pasadena-The Woodlands, TX			2014			74,641			100.0		%				$	2,936					$	39.33					H-E-B(1)			N/A
Easton Commons			Houston, TX			100 %			Houston-Pasadena-The Woodlands, TX Metro			1985 / 2014			203,728			88.4		%				$	3,733					$	20.73					Kroger			EoS Fitness; Memorial Hermann Medical Group
Firethorne Plaza			Katy, TX			100 %			Houston-Pasadena-The Woodlands, TX			2014			29,986			100.0		%				$	985					$	32.85					N/A			N/A
Hickory Creek Plaza			Denton, TX			100 %			Dallas-Fort Worth-Arlington, TX			2007			28,421			100.0		%				$	852					$	29.98					Kroger(1)			N/A
Kleinwood Center			Spring, TX			100 %			Houston-Pasadena-The Woodlands, TX			2003			152,900			95.9		%				$	3,326					$	22.68					H-E-B			N/A
Lake Pointe Market			Rowlett, TX			100 %			Dallas-Fort Worth-Arlington, TX			2002			40,608			100.0		%				$	1,202					$	29.60					Tom Thumb(1)			N/A
Lakeland Village Center			Cypress, TX			100 %			Houston-Pasadena-The Woodlands, TX			2016			83,542			97.6		%				$	2,385					$	29.25					N/A			CVS
Mansfield Market Center			Mansfield, TX			100 %			Dallas-Fort Worth-Arlington, TX			2015			55,353			100.0		%				$	1,526					$	27.57					Sprouts Farmers Market			N/A
Market at Cross Creek Ranch			Fulshear, TX			100 %			Houston-Pasadena-The Woodlands, TX			2017			59,760			100.0		%				$	2,273					$	38.04					H-E-B(1)			N/A
Mayfair Village			Hurst, TX			100 %			Dallas-Fort Worth-Arlington, TX			1981 / 2025			230,916			94.7		%				$	2,929					$	13.39					Tom Thumb			Ollie's Bargain Outlet; Up and Air Trampoline and Adventure Park; Planet Fitness
McKinney Market Street			McKinney, TX			100 %			Dallas-Fort Worth-Arlington, TX			2003 / 2019			97,486			100.0		%				$	2,230					$	22.88					Market Street			N/A
Memorial at Kirkwood			Houston, TX			100 %			Houston-Pasadena-The Woodlands, TX			1979 / 2025			104,887			97.1		%				$	2,372					$	23.30					N/A			Dollar Tree
Murphy Marketplace			Murphy, TX			100 %			Dallas-Fort Worth-Arlington, TX			2008 / 2025			227,237			96.6		%				$	5,788					$	26.36					Sprouts Farmers Market			EoS Fitness; Michaels
Oak Meadows Marketplace			Georgetown, TX			100 %			Austin-Round Rock-San Marcos, TX			2018			78,841			100.0		%				$	1,626					$	20.62					Randalls			N/A
Plano Market Street			Plano, TX			100 %			Dallas-Fort Worth-Arlington, TX			2009			166,978			97.8		%				$	3,967					$	24.30					Market Street			Tint School of Makeup & Cosmetology
Riverpark Shopping Center			Sugar Land, TX			100 %			Houston-Pasadena-The Woodlands, TX			2003 / 2025			317,330			98.8		%				$	6,792					$	21.67					H-E-B			LA Fitness; Ace Pickleball Club; Dave & Buster's; Dollar Tree; Walgreens
Seville Commons			Arlington, TX			100 %			Dallas-Fort Worth-Arlington, TX			1987 / 2022			112,421			98.9		%				$	1,781					$	16.02					Walmart Neighborhood Market			N/A

Phillips Edison & Company						60

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Shops at Cross Creek			Fulshear, TX			100 %			Houston-Pasadena-The Woodlands, TX			2015			24,188			100.0		%				$	818					$	33.82					N/A			N/A
Shops at Prosper Trail			Prosper, TX			100 %			Dallas-Fort Worth-Arlington, TX			2016			86,698			100.0		%				$	2,611					$	30.12					Kroger Marketplace(1)			N/A
Spring Cypress Village			Houston, TX			100 %			Houston-Pasadena-The Woodlands, TX			1982 / 2024			103,758			86.7		%				$	1,963					$	21.83					Sprouts Farmers Market			Spec's Liquor; Lumiere Nail Studios & Salon Park
Stone Gate Plaza			Crowley, TX			100 %			Dallas-Fort Worth-Arlington, TX			2003			90,675			98.5		%				$	1,182					$	13.24					Kroger			N/A
Suntree Square			Southlake, TX			100 %			Dallas-Fort Worth-Arlington, TX			2000 / 2025			99,269			100.0		%				$	1,820					$	18.33					Tom Thumb			N/A
Walden Park			Austin, TX			100 %			Austin-Round Rock-San Marcos, TX			2002 / 2014			90,888			100.0		%				$	2,136					$	23.50					Super Target(1)			HomeGoods
Hillside - West			Hillside, UT			100 %			Salt Lake City-Murray, UT			2006			14,550			100.0		%				$	461					$	31.68					N/A			Walgreens
Ashburn Farm Market Center			Ashburn, VA			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2000			91,905			100.0		%				$	3,087					$	33.59					Giant			N/A
Birdneck Shopping Center			Virginia Beach, VA			100 %			Virginia Beach-Chesapeake-Norfolk, VA-NC			1987 / 2017			65,554			100.0		%				$	701					$	10.69					Food Lion			N/A
Cascades Overlook			Sterling, VA			100 %			Washington-Arlington-Alexandria, DC-VA-MD-WV			2016			150,525			96.8		%				$	4,508					$	30.94					Harris Teeter			N/A
Courthouse Marketplace			Virginia Beach, VA			100 %			Virginia Beach-Chesapeake-Norfolk, VA-NC			2005 / 2024			107,623			91.2		%				$	1,905					$	19.40					Harris Teeter			N/A
Dunlop Village			Colonial Heights, VA			100 %			Richmond, VA			1987 / 2012			77,315			80.8		%				$	600					$	9.60					Food Lion			Ace Hardware
Lakeside Plaza			Salem, VA			100 %			Roanoke, VA			1988 / 2025			87,784			97.6		%				$	1,064					$	12.42					Kroger			NAPA Auto Parts
Nordan Shopping Center			Danville, VA			100 %			Danville, VA			1961 / 2015			135,058			98.9		%				$	1,153					$	8.63					Walmart Neighborhood Market			Centra PACE; It's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections
Rio Hill Shopping Center			Charlottesville, VA			20 %			Charlottesville, VA			1989 / 2026			286,195			99.0		%				$	4,075					$	14.38					Kroger			T.J. Maxx; Burlington; La-Z-Boy; Planet Fitness; Sierra; Dollar Tree
Statler Square			Staunton, VA			100 %			Staunton-Stuarts Draft, VA			1989 / 1997			134,660			93.9		%				$	1,264					$	9.99					Kroger			Staples; Petco
Staunton Plaza			Staunton, VA			100 %			Staunton-Stuarts Draft, VA			2006			80,266			98.3		%				$	1,444					$	18.30					Martin's			N/A
Stonewall Plaza			Winchester, VA			100 %			Winchester, VA-WV			2007			118,584			98.3		%				$	2,680					$	22.99					Martin's			Dollar Tree

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Property List Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated)
Property Name			Location			Ownership Percentage			CBSA			Year Constructed/ Renovated			GLA			% Leased						ABR						ABR PSF						Grocery Anchor			Additional Anchors
Village at Waterford			Midlothian, VA			100 %			Richmond, VA			1991 / 2016			78,611			100.0		%				$	1,041					$	13.24					Food Lion			N/A
Waynesboro Plaza			Waynesboro, VA			100 %			Staunton-Stuarts Draft, VA			2005			76,534			100.0		%				$	1,465					$	19.14					Martin's			N/A
Winchester Gateway			Winchester, VA			100 %			Winchester, VA-WV			2006			163,585			100.0		%				$	3,395					$	20.75					Martin's			East Coast Gymnastics and Cheer; Ridgeside K9 Winchester
Claremont Village			Everett, WA			100 %			Seattle-Tacoma-Bellevue, WA			1994 / 2012			86,649			100.0		%				$	1,644					$	18.97					Quality Food Centers			Ace Hardware
Renton Highlands Shopping Center			Renton, WA			100 %			Seattle-Tacoma-Bellevue, WA			1999			54,008			82.8		%				$	1,159					$	25.93					Safeway(1)			The Goddard School
Surprise Lake Square			Milton, WA			100 %			Seattle-Tacoma-Bellevue, WA			1984 / 2020			132,616			81.9		%				$	2,730					$	25.14					Grocery Outlet			Dollar Tree
The Orchards			Yakima, WA			100 %			Yakima, WA			2002			86,407			100.0		%				$	1,437					$	16.63					Rosauers Supermarkets			N/A
Westgate North Shopping Center			Tacoma, WA			100 %			Seattle-Tacoma-Bellevue, WA			1960 / 2017			74,818			97.9		%				$	2,689					$	36.70					Safeway(1)			N/A
Fairacres Shopping Center			Oshkosh, WI			100 %			Oshkosh-Neenah, WI			1992 / 2016			85,523			100.0		%				$	1,099					$	12.85					Pick 'n Save			O-Town Iron
Franklin Centre			Franklin, WI			100 %			Milwaukee-Waukesha, WI			1994 / 2018			120,068			100.0		%				$	1,353					$	11.27					Pick 'n Save			Planet Fitness
Glenwood Crossings			Kenosha, WI			100 %			Kenosha, WI			1992 / 2018			87,115			95.4		%				$	1,083					$	13.03					Pick 'n Save			Dollar Tree
Greentree Centre			Racine, WI			100 %			Racine-Mount Pleasant, WI			1989 / 2018			78,011			97.7		%				$	1,139					$	14.95					Pick 'n Save			N/A
Market Place at Pabst Farms			Oconomowoc, WI			100 %			Milwaukee-Waukesha, WI			2005 / 2020			109,438			100.0		%				$	2,355					$	21.52					Metro Market			N/A
Village Center			Racine, WI			100 %			Racine-Mount Pleasant, WI			2002 / 2021			240,847			100.0		%				$	2,832					$	11.76					Festival Foods			Kohl's; Ulta
Total															37,403,728			97.5		%				$	628,727					$	17.24

(1)Retailer is not part of the owned property.

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ADDITIONAL DISCLOSURES
Three and Nine Months Ended September 30, 2026

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Earnings Guidance and Expectations Unaudited, in thousands (excluding per share amounts)
The following guidance and expectations is based upon PECO’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” above.
			Q3 2026 YTD						Updated Full Year 2026 Guidance and Expectations						Previous Full Year 2026 Guidance and Expectations
Net income per share - diluted			$1.05						$1.21 - $1.24						$0.95 - $0.97
Nareit FFO per share - diluted			$2.03						$2.68 - $2.72						$2.67 - $2.72
Core FFO per share - diluted			$2.09						$2.75 - $2.79						$2.73 - $2.79
Same-Center NOI growth(1)			4.3%						3.50% - 4.00%						3.40% - 4.00%
Portfolio Activity
Acquisition activity, gross(2)			$459,705						$600,000 - $700,000						$600,000 - $700,000
Dispositions			$173,994						$175,000 - $210,000						$200,000 - $250,000
Contributions to joint ventures, net(3)			$—						$200,000 - $250,000						$200,000 - $250,000
Other
Interest expense, net			$87,284						$116,000 - $120,000						$117,000 - $127,000
G&A expense			$37,424						$51,000 - $53,000						$49,000 - $53,000
Non-cash revenue items(4)			$17,158						$22,000 - $24,000						$21,000 - $23,000
Adjustments for collectibility			$3,773						$4,500 - $6,000						$4,000 - $7,000
									Low End						High End
Reconciliation
Net income per share attributable to stockholders - diluted									$	1.21					$	1.24
Depreciation and amortization of real estate assets									1.90						1.91
Gain on disposal of property, net									(0.48)						(0.48)
Adjustments related to unconsolidated joint ventures									0.05						0.05
Nareit FFO attributable to stockholders and OP unit holders per share - diluted									$	2.68					$	2.72
Depreciation and amortization of corporate assets									0.01						0.01
Loss on extinguishment or modification of debt and other, net									0.01						0.01
Transaction costs and other									0.05						0.05
Core FFO attributable to stockholders and OP unit holders per share - diluted									$	2.75					$	2.79

(1)The Company does not provide a reconciliation for Same-Center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company's results without unreasonable effort.

(2)Includes the prorated portion owned through the Company's unconsolidated joint ventures.

(3)Subsequent to quarter end, contributions to Grocery Retail Partners I LLC were $138.6 million.

(4)Represents straight-line rental income and net amortization of above- and below-market leases.

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Components of Net Asset Value Unaudited, dollars and shares in thousands
			Three Months Ended  September 30, 2026			Supplement Page									As of  September 30, 2026			Supplement Page
NOI FOR REAL ESTATE INVESTMENTS(1)			$	130,931		22						OTHER ASSETS
												Cash and cash equivalents			$	8,903		14
ADJUSTMENTS TO NOI												Restricted cash			9,018			14
NOI adjustments for Q3 acquisitions/dispositions(2)			$	1,695								Accounts receivable, net			54,198			24
												Prepaid expenses and other assets			25,010			24
Quarterly impact of ABR from leases signed but not yet paying rent as of September 30, 2026			3,188									Investment in third parties			6,831			24
												Investment in marketable securities			20,853			24
Pro rata NOI from Joint Ventures			2,193									Total value of other assets			$	124,813
Pro rata NOI adjustments for Q3 acquisitions/dispositions from Joint Ventures(2)			—
												LIABILITIES
												Debt obligations			$	2,547,869		30
INVESTMENT MANAGEMENT BUSINESS												Accounts payable and other liabilities			153,103			24
Fees and management income			$	3,464		15						Total value of liabilities			$	2,700,972
Property operating expenses related to fees and management income			1,866			22
												EQUITY
Share of unconsolidated investment income recorded in Other Expense, Net			58			25						Common shares and OP units outstanding			140,942			29
												JOINT VENTURES
												Pro rata share of debt			$	60,214		31
												DEVELOPMENT AND REDEVELOPMENT
												Costs incurred to date			$	37,245		27
												Estimated remaining costs to be incurred			48,449			27
												Underwritten incremental unlevered yield			9%-12%			27
												Land held for future development			$	19,158

(1)Represents total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes for all real estate properties.

(2)Removes NOI related to disposed properties and adjusts NOI for acquired properties to represent a full period.

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Glossary of Terms
Term			Definition
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 divided by leased GLA. Increases in ABR PSF can be an indication of our ability to create rental rate growth in our centers, as well as an indication of demand for our spaces, which generally provides us with greater leverage during lease negotiations.
Cap rate			Estimated in-place NOI for the property divided by the property’s contractual purchase or sale price.
Comparable lease			Refers to a lease with consistent terms that is executed for substantially the same space that has been vacant less than twelve months.
Comparable rent spread			Calculated as the percentage increase or decrease in first-year ABR (excluding any free rent or escalations) on new, renewal, and option leases where the lease was considered a comparable lease. This metric provides an indication of our ability to generate revenue growth through leasing activity.
Cost of executing new leases			Refers to certain costs associated with new leasing, namely, tenant improvement costs and tenant concessions.
EBITDAre, and Adjusted EBITDAre (collectively, “EBITDAre metrics”)(1)			Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis. To arrive at Adjusted EBITDAre, we exclude certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i) changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) adjustments related to our investments in unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income. We use EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow us to compare earnings independent of capital structure and evaluate debt leverage and fixed cost coverage.
Equity market capitalization(1)			The total dollar value of all outstanding shares and OP units using the closing price for the applicable date.
Grocer health ratio			Amount of annual rent and expense recoveries paid by the Neighbor as a percentage of gross sales. Low grocer health ratios provide us with the knowledge to manage our rents effectively while seeking to ensure the financial stability of our grocery anchors.
Gross leasable area (GLA)			The total occupied and unoccupied square footage of a building that is available for Neighbors or other retailers to lease.
Inline space			A space containing less than 10,000 square feet of GLA.
Leased occupancy			Calculated as the percentage of total GLA for which a lease has been signed regardless of whether the lease has commenced or the Neighbor has taken possession. High occupancy is an indicator of demand for our spaces, which generally provides us with greater leverage during lease negotiations.
Nareit			National Association of Real Estate Investment Trusts.

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Glossary of Terms
Nareit Funds from Operations Attributable to Stockholders and OP Unit Holders (Nareit FFO), Core FFO Attributable to Stockholders and OP Unit Holders (Core FFO), and Adjusted FFO Attributable to Stockholders and OP Unit Holders (Adjusted FFO)(1)			Nareit defines Funds from Operations (“FFO”) as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures; and (iv) adjustments for unconsolidated partnerships and joint ventures, calculated to reflect FFO on the same basis. We believe FFO provides insight into our operating performance as it excludes certain items that are not indicative of such performance. Core FFO is calculated as Nareit FFO adjusted to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) adjustments related to our investments in unconsolidated joint ventures; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income. Core FFO provides further insight into the sustainability of our operating performance and provides an additional measure to compare our performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). Adjusted FFO is calculated as Core FFO adjusted to exclude: (i) straight-line rent and non-cash adjustments, such as amortization of market lease adjustments, debt discounts, deferred financing costs, and market debt adjustments; (ii) recurring capital expenditures, tenant improvement costs, and leasing commissions; (iii) non-cash share-based compensation expenses; and (iv) our prorated share of the aforementioned adjustments for our unconsolidated joint ventures. Adjusted FFO provides further insight into our portfolio performance by focusing on the revenues and expenditures directly involved in our operations and the management of our entire real estate portfolio. Recurring property-related capital expenditures are costs to maintain properties and their common areas, including new roofs, paving of parking lots, and other general upkeep items, and recurring corporate capital expenditures are primarily costs for computer software and equipment.
Neighbor			In reference to one of our tenants.
Net debt			Total debt, excluding discounts, market adjustments, and deferred financing expenses, less cash and cash equivalents.
Net debt to Adjusted EBITDAre(1)			Calculated by dividing net debt by Adjusted EBITDAre (included on an annualized basis within the calculation). It provides insight into our leverage rate based on earnings and is not impacted by fluctuations in our equity price.
Net debt to total enterprise value(1)			Ratio is calculated by dividing net debt by total enterprise value. It provides insight into our capital structure and usage of debt.
Net operating income (NOI)(1)			Calculated as total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes. NOI provides insight about our financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss).
Portfolio retention rate			Calculated by dividing (i) the total square feet of retained Neighbors with current period lease expirations by (ii) the total square feet of leases expiring during the period. The portfolio retention rate provides insight into our ability to retain Neighbors at our shopping centers as their leases approach expiration. Generally, the costs to retain an existing Neighbor are lower than costs to replace with a new Neighbor.
Recovery rate			Calculated by dividing (i) total recovery income by (ii) total recoverable expenses during the period. A high recovery rate is an indicator of our ability to recover certain property operating expenses and capital costs from our Neighbors.
Redevelopment			Larger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects typically are accompanied with new construction and site infrastructure costs.
Same-Center(1)			Refers to a property, or portfolio of properties, owned for the entirety of both calendar year periods being compared.
Total enterprise value(1)			Net debt plus equity market capitalization on a fully diluted basis.

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Glossary of Terms
Underwritten incremental unlevered yield			Reflects the yield we target to generate from a project upon expected stabilization and is calculated as the estimated incremental NOI for a project at stabilization divided by its estimated net project investment. The estimated incremental NOI is the difference between the estimated annualized NOI we target to generate by a project upon stabilization and the estimated annualized NOI without the planned improvements. Underwritten incremental unlevered yield does not include peripheral impacts, such as lease rollover risk or the impact on the long-term value of the property upon sale or disposition. Actual incremental unlevered yields may vary from our underwritten incremental unlevered yield range based on the actual total cost to complete a project and its actual incremental NOI at stabilization.

(1)Non-GAAP and other supplemental operating, liquidity, and valuation measures. See the “Introductory Notes” section above for more information on the limitations of non-GAAP performance measures.

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Investor Information

ANALYST COVERAGE

BofA Securities

Jeff Spector

Jeff.Spector@bofa.com

BofA Securities

Samir Khanal

Samir.Khanal@bofa.com

Barclays

Richard Hightower

Richard.Hightower@barclays.com

BMO Capital Markets

Juan Sanabria

Juan.Sanabria@bmo.com

Deutsche Bank

Omotayo Okusanya

Omotayo.Okusanya@db.com

Evercore ISI

Steve Sakwa

Steve.Sakwa@evercoreisi.com

Evercore ISI

Michael Griffin

Michael.Griffin@evercoreisi.com

Goldman Sachs

Caitlin Burrows

Caitlin.Burrows@gs.com

Green Street Advisors

Paulina Rojas-Schmidt

PRojasschmidt@greenstreet.com

JPMorgan

Michael Mueller

Michael.W.Mueller@jpmorgan.com

KeyBanc

Todd Thomas

TThomas@key.com

Ladenburg Thalmann

Floris van Dijkum

FvanDijkum@ladenburg.com

Mizuho Securities USA

Haendel St. Juste

Haendel.St.Juste@mizuhogroup.com

Morgan Stanley

Ronald Kamdem

Ronald.Kamdem@morganstanley.com

UBS Global Research

Michael Goldsmith

Michael.Goldsmith@ubs.com

Wells Fargo

James Feldman

James.Feldman@wellsfargo.com

Wolfe Research

Andrew Rosivach

ARosivach@wolferesearch.com

CONTACT INFORMATION

Investor Relations

Kimberly Green

Hannah Harper

Head of Investor Relations

Director of Investor Relations

kgreen@phillipsedison.com

hharper@phillipsedison.com

(513) 538-4380

(513) 824-7122

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