# EDGAR Filing Document

**Accession Number:** 0001476204
**File Stem:** 0001476204-26-000024
**Filing Date:** 2026-4
**Character Count:** 214554
**Document Hash:** bf497e3c43e92e7cd9b821e25365c04a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001476204-26-000024.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001476204-26-000024

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Phillips Edison & Company, Inc.
- **CENTRAL INDEX KEY:** 0001476204
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 271106076
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40594
- **FILM NUMBER:** 26895128

**BUSINESS ADDRESS:**
- **STREET 1:** 11501 NORTHLAKE DRIVE
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45249
- **BUSINESS PHONE:** 513-554-1110

**MAIL ADDRESS:**
- **STREET 1:** 11501 NORTHLAKE DRIVE
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45249

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHILLIPS EDISON GROCERY CENTER REIT I, INC.
- **DATE OF NAME CHANGE:** 20141205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Phillips Edison Grocery Center REIT I, Inc.
- **DATE OF NAME CHANGE:** 20141205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Phillips Edison - ARC Shopping Center REIT Inc.
- **DATE OF NAME CHANGE:** 20091105

?xml version='1.0' encoding='ASCII'? peco-20260331

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

**☑** QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended **March 31, 2026** 

OR

**☐&nbsp;&nbsp;&nbsp;&nbsp;** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: **001-40594**

![pecohorizontallogobluea27.jpg](peco-20260331_g1.jpg)

**PHILLIPS EDISON & COMPANY, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Maryland** | **27-1106076** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **11501 Northlake Drive, Cincinnati, Ohio** | **45249** |
| (Address of principal executive offices) | (Zip code) |

---

---

| |
|:---|
| **(513) 554-1110** |
| (Registrant's telephone number, including area code) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common stock, par value $0.01 per share** | **PECO** | **Nasdaq Global Select Market** |

---

---

| | | | |
|:---|:---|:---|:---|
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☑ | No ☐ |
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☑ | No ☐ |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company <br> ☑ ☐ ☐ ☐ ☐

---

| | | | |
|:---|:---|:---|:---|
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ☐ | ☐ |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No ☑ |

---

There were 126.0 million shares of the registrant's common stock, $0.01 par value per share, outstanding as of April 17, 2025.

------

**PHILLIPS EDISON & COMPANY, INC. FORM 10-Q**

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| **[PART I.](#idd2d9bd540e941748e24df40c8f4cccd_10)** | | | |
| **[ITEM 1.](#idd2d9bd540e941748e24df40c8f4cccd_13)** | | [FINANCIAL STATEMENTS (CONDENSED AND UNAUDITED)](#idd2d9bd540e941748e24df40c8f4cccd_13) | [2](#idd2d9bd540e941748e24df40c8f4cccd_13) |
| | | [CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 AND DECEMBER 31, 2025](#idd2d9bd540e941748e24df40c8f4cccd_16) | [2](#idd2d9bd540e941748e24df40c8f4cccd_16) |
| | | [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#idd2d9bd540e941748e24df40c8f4cccd_19) | [3](#idd2d9bd540e941748e24df40c8f4cccd_19) |
| | | [CONSOLIDATED STATEMENTS OF EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#idd2d9bd540e941748e24df40c8f4cccd_22) | [4](#idd2d9bd540e941748e24df40c8f4cccd_25) |
| | | [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#idd2d9bd540e941748e24df40c8f4cccd_28) | [5](#idd2d9bd540e941748e24df40c8f4cccd_28) |
| | | NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
| | **[NOTE 1](#idd2d9bd540e941748e24df40c8f4cccd_34)** | [ORGANIZATION](#idd2d9bd540e941748e24df40c8f4cccd_34) | [7](#idd2d9bd540e941748e24df40c8f4cccd_34) |
| | **[NOTE 2](#idd2d9bd540e941748e24df40c8f4cccd_37)** | [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](#idd2d9bd540e941748e24df40c8f4cccd_37) | [7](#idd2d9bd540e941748e24df40c8f4cccd_37) |
| | **[NOTE 3](#idd2d9bd540e941748e24df40c8f4cccd_43)** | [LEASES](#idd2d9bd540e941748e24df40c8f4cccd_43) | [8](#idd2d9bd540e941748e24df40c8f4cccd_43) |
| | **[NOTE 4](#idd2d9bd540e941748e24df40c8f4cccd_49)** | [REAL ESTATE ACTIVITY](#idd2d9bd540e941748e24df40c8f4cccd_49) | [9](#idd2d9bd540e941748e24df40c8f4cccd_49) |
| | **[NOTE 5](#idd2d9bd540e941748e24df40c8f4cccd_61)** | [OTHER ASSETS, NET](#idd2d9bd540e941748e24df40c8f4cccd_61) | [10](#idd2d9bd540e941748e24df40c8f4cccd_61) |
| | **[NOTE 6](#idd2d9bd540e941748e24df40c8f4cccd_64)** | [DEBT OBLIGATIONS](#idd2d9bd540e941748e24df40c8f4cccd_64) | [11](#idd2d9bd540e941748e24df40c8f4cccd_64) |
| | **[NOTE 7](#idd2d9bd540e941748e24df40c8f4cccd_70)** | [DERIVATIVES AND HEDGING ACTIVITIES](#idd2d9bd540e941748e24df40c8f4cccd_70) | [12](#idd2d9bd540e941748e24df40c8f4cccd_70) |
| | **[NOTE 8](#idd2d9bd540e941748e24df40c8f4cccd_73)** | [COMMITMENTS AND CONTINGENCIES](#idd2d9bd540e941748e24df40c8f4cccd_73) | [12](#idd2d9bd540e941748e24df40c8f4cccd_73) |
| | **[NOTE 9](#idd2d9bd540e941748e24df40c8f4cccd_76)** | [EQUITY](#idd2d9bd540e941748e24df40c8f4cccd_76) | [13](#idd2d9bd540e941748e24df40c8f4cccd_76) |
| | **[NOTE 10](#idd2d9bd540e941748e24df40c8f4cccd_82)** | [EARNINGS PER SHARE](#idd2d9bd540e941748e24df40c8f4cccd_82) | [13](#idd2d9bd540e941748e24df40c8f4cccd_82) |
| | **[NOTE 11](#idd2d9bd540e941748e24df40c8f4cccd_85)** | [RELATED PARTY TRANSACTIONS](#idd2d9bd540e941748e24df40c8f4cccd_85) | [14](#idd2d9bd540e941748e24df40c8f4cccd_85) |
| | **[NOTE 12](#idd2d9bd540e941748e24df40c8f4cccd_88)** | [FAIR VALUE MEASUREMENTS](#idd2d9bd540e941748e24df40c8f4cccd_88) | [15](#idd2d9bd540e941748e24df40c8f4cccd_88) |
| | **[NOTE 13](#idd2d9bd540e941748e24df40c8f4cccd_91)** | [REPORTABLE SEGMENTS](#idd2d9bd540e941748e24df40c8f4cccd_91) | [16](#idd2d9bd540e941748e24df40c8f4cccd_91) |
| | **[NOTE 14](#idd2d9bd540e941748e24df40c8f4cccd_94)** | [SUBSEQUENT EVENTS](#idd2d9bd540e941748e24df40c8f4cccd_94) | [17](#idd2d9bd540e941748e24df40c8f4cccd_94) |
| **[ITEM 2.](#idd2d9bd540e941748e24df40c8f4cccd_97)** | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#idd2d9bd540e941748e24df40c8f4cccd_97) | [18](#idd2d9bd540e941748e24df40c8f4cccd_97) |
| **[ITEM 3.](#idd2d9bd540e941748e24df40c8f4cccd_148)** | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#idd2d9bd540e941748e24df40c8f4cccd_148) | [34](#idd2d9bd540e941748e24df40c8f4cccd_148) |
| **[ITEM 4.](#idd2d9bd540e941748e24df40c8f4cccd_151)** | | [CONTROLS AND PROCEDURES](#idd2d9bd540e941748e24df40c8f4cccd_151) | [34](#idd2d9bd540e941748e24df40c8f4cccd_151) |
| **[PART II.](#idd2d9bd540e941748e24df40c8f4cccd_154)** | | | |
| **[ITEM 1.](#idd2d9bd540e941748e24df40c8f4cccd_157)** | | [LEGAL PROCEEDINGS](#idd2d9bd540e941748e24df40c8f4cccd_157) | [35](#idd2d9bd540e941748e24df40c8f4cccd_157) |
| **[ITEM 1A.](#idd2d9bd540e941748e24df40c8f4cccd_160)** | | [RISK FACTORS](#idd2d9bd540e941748e24df40c8f4cccd_160) | [35](#idd2d9bd540e941748e24df40c8f4cccd_160) |
| **[ITEM 2](#idd2d9bd540e941748e24df40c8f4cccd_163).** | | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#idd2d9bd540e941748e24df40c8f4cccd_163) | [35](#idd2d9bd540e941748e24df40c8f4cccd_163) |
| **[ITEM 3.](#idd2d9bd540e941748e24df40c8f4cccd_166)** | | [DEFAULTS UPON SENIOR SECURITIES](#idd2d9bd540e941748e24df40c8f4cccd_166) | [35](#idd2d9bd540e941748e24df40c8f4cccd_166) |
| **[ITEM 4.](#idd2d9bd540e941748e24df40c8f4cccd_169)** | | [MINE SAFETY DISCLOSURES](#idd2d9bd540e941748e24df40c8f4cccd_169) | [35](#idd2d9bd540e941748e24df40c8f4cccd_169) |
| **[ITEM 5.](#idd2d9bd540e941748e24df40c8f4cccd_172)** | | [OTHER INFORMATION](#idd2d9bd540e941748e24df40c8f4cccd_172) | [36](#idd2d9bd540e941748e24df40c8f4cccd_172) |
| **[ITEM 6.](#idd2d9bd540e941748e24df40c8f4cccd_175)** | | [EXHIBITS](#idd2d9bd540e941748e24df40c8f4cccd_175) | [36](#idd2d9bd540e941748e24df40c8f4cccd_175) |
| | | [SIGNATURES](#idd2d9bd540e941748e24df40c8f4cccd_178) | [37](#idd2d9bd540e941748e24df40c8f4cccd_178) |

---

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>1</sub>

------

⬥ **PART I FINANCIAL INFORMATION**<br>

**ITEM 1. FINANCIAL STATEMENTS**

**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED BALANCE SHEETS**

**AS OF MARCH 31, 2026 AND DECEMBER 31, 2025** 

**(Condensed and Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $1992077 | $1963735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 4401481 | 4305174 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease assets | 546454 | 538324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease assets | 78786 | 77551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment in real estate assets | 7018798 | 6884784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (2009942) | (1957569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | 5008856 | 4927215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | 43008 | 42561 |
| &nbsp;&nbsp;&nbsp;Total investment in real estate assets, net | 5051864 | 4969776 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3141 | 3544 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 19218 | 39768 |
| &nbsp;&nbsp;&nbsp;Goodwill | 29066 | 29066 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 247695 | 244284 |
| Total assets | $5350984 | $5286438 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt obligations, net | $2489365 | $2375328 |
| &nbsp;&nbsp;&nbsp;Below-market lease liabilities, net | 123115 | 118356 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 135294 | 180332 |
| &nbsp;&nbsp;&nbsp;Deferred income | 23245 | 23044 |
| Total liabilities | 2771019 | 2697060 |
| Commitments and contingencies (see Note 8) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,966 and 125,788 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1259 | 1258 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital ("APIC") | 3667019 | 3664205 |
| &nbsp;&nbsp;Accumulated other comprehensive income ("AOCI") | 416 | 358 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1389918) | (1379252) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 2278776 | 2286569 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 301189 | 302809 |
| Total equity | 2579965 | 2589378 |
| Total liabilities and equity | $5350984 | $5286438 |

---

*See notes to consolidated financial statements.*

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>2</sub>

------

**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME** 

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

**(Condensed and Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $186281 | $174183 |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3445 | 2783 |
| &nbsp;&nbsp;&nbsp;Other property income | 1015 | 1345 |
| Total revenues | 190741 | 178311 |
| **Operating Expenses:** |  |  |
| &nbsp;&nbsp;Property operating | 32990 | 29936 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22067 | 21079 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11943 | 12086 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65531 | 65274 |
| Total operating expenses | 132531 | 128375 |
| **Other:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (29772) | (25672) |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property, net | 6817 | 5609 |
| &nbsp;&nbsp;&nbsp;Other expense, net | (2013) | (980) |
| Net income | 33242 | 28893 |
| Net income attributable to noncontrolling interests | (2864) | (2584) |
| Net income attributable to stockholders | $30378 | $26309 |
| **Earnings per share of common stock:** |  |  |
| &nbsp;&nbsp;Net income per share attributable to stockholders - basic and diluted (see Note 10) | $0.24 | $0.21 |
| **Comprehensive income:** |  |  |
| Net income | $33242 | $28893 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized value on interest rate swaps | 64 | (1767) |
| Comprehensive income | 33306 | 27126 |
| &nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (2864) | (2584) |
| &nbsp;&nbsp;&nbsp;Change in unrealized value on interest rate swaps attributable to noncontrolling interests | (6) | 167 |
| &nbsp;&nbsp;&nbsp;Reallocation of comprehensive income upon conversion of noncontrolling interests |  | 1 |
| Comprehensive income attributable to stockholders | $30436 | $24710 |

---

*See notes to consolidated financial statements.*

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>3</sub>

------

**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

**(Condensed and Unaudited)**

**(In thousands, except per share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** | **Three Months Ended March 31, 2026 and 2025** |
| | ***Common Stock*** | ***Common Stock*** | ***APIC*** | ***AOCI*** | ***Accumulated Deficit*** | ***Total Stockholders' Equity*** | ***Noncontrolling Interests*** | ***Total Equity*** |
| | ***Shares*** | ***Amount*** | ***APIC*** | ***AOCI*** | ***Accumulated Deficit*** | ***Total Stockholders' Equity*** | ***Noncontrolling Interests*** | ***Total Equity*** |
| Balance at January 1, 2025 | 125120 | $1251 | $3646801 | $4305 | $(1332435) | $2319922 | $314063 | $2633985 |
| Change in unrealized value on interest rate swaps |  |  |  | (1600) |  | (1600) | (167) | (1767) |
| Common distributions declared, $0.3075 per share |  |  |  |  | (38693) | (38693) |  | (38693) |
| Distributions to noncontrolling interests |  |  |  |  |  |  | (4051) | (4051) |
| Share-based compensation | 61 | 1 | 94 |  |  | 95 | 2113 | 2208 |
| Conversion of noncontrolling interests | 226 | 2 | 5391 | 1 |  | 5394 | (5394) |  |
| Net income |  |  |  |  | 26309 | 26309 | 2584 | 28893 |
| Balance at March 31, 2025 | 125407 | $1254 | $3652286 | $2706 | $(1344819) | $2311427 | $309148 | $2620575 |
| Balance at January 1, 2026 | 125788 | $1258 | $3664205 | $358 | $(1379252) | $2286569 | $302809 | $2589378 |
| Change in unrealized value on interest rate swaps |  |  |  | 58 |  | 58 | 6 | 64 |
| Common distributions declared, $0.3249 per share |  |  |  |  | (41044) | (41044) |  | (41044) |
| Distributions to noncontrolling interests |  |  |  |  |  |  | (3893) | (3893) |
| Share-based compensation | 64 |  | 128 |  |  | 128 | 2090 | 2218 |
| Conversion of noncontrolling interests | 114 | 1 | 2686 |  |  | 2687 | (2687) |  |
| Net income |  |  |  |  | 30378 | 30378 | 2864 | 33242 |
| Balance at March 31, 2026 | 125966 | $1259 | $3667019 | $416 | $(1389918) | $2278776 | $301189 | $2579965 |

---

*See notes to consolidated financial statements.*

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>4</sub>

------

**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

**(Condensed and Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Net income | $33242 | $28893 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 65182 | 64897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 349 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of above- and below-market leases | (2451) | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing expenses | 982 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt and derivative adjustments | 638 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt, net | 1080 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (6817) | (5609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent, net | (2879) | (2676) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 2218 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on investment in unconsolidated joint ventures | 136 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 246 | 12 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | (8235) | (7325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | (28135) | (20343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 55556 | 60542 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Real estate acquisitions, net | (126427) | (139107) |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (26462) | (26367) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of real estate, net | 20947 | 6466 |
| &nbsp;&nbsp;&nbsp;Proceeds from secured loan receivable | 3775 |  |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | (894) | (3549) |
| &nbsp;&nbsp;&nbsp;Return of investment in unconsolidated joint ventures | 367 | 418 |
| &nbsp;&nbsp;&nbsp;Investment in marketable securities | (164) | (1504) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of marketable securities | 963 |  |
| &nbsp;&nbsp;&nbsp;Insurance proceeds for property damage claims | 50 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (127845) | (163556) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 190000 | 272000 |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facility | (101000) | (90000) |
| &nbsp;&nbsp;&nbsp;Proceeds from notes and loans payable, net | 346500 |  |
| &nbsp;&nbsp;&nbsp;Payments on mortgages and loans payable | (323634) | (22408) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (54732) | (51549) |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (5798) | (5825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 51336 | 102218 |
| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (20953) | (796) |
| **CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 43312 | 8649 |
| &nbsp;&nbsp;&nbsp;End of period | $22359 | $7853 |
| **RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3141 | $5458 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 19218 | 2395 |
| Cash, cash equivalents, and restricted cash at end of period | $22359 | $7853 |

---

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>5</sub>

------

**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

**(Condensed and Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** | **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $42284 | $31790 |
| **SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:** | **SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;Secured loan receivable |  | 17395 |
| &nbsp;&nbsp;&nbsp;Accrued capital expenditures | 13250 | 9623 |
| &nbsp;&nbsp;&nbsp;Change in distributions payable | (13688) | (12856) |
| &nbsp;&nbsp;&nbsp;Change in distributions payable - noncontrolling interests | (1905) | (1774) |

---

*See notes to consolidated financial statements.*

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>6</sub>

------

**Phillips Edison & Company, Inc.**

**Notes to Consolidated Financial Statements**

**(Condensed and Unaudited)**

**1. ORGANIZATION**

Phillips Edison & Company, Inc. ("we," the "Company," "PECO," "our," or "us") was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P. (the "Operating Partnership"), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership.

We are a real estate investment trust ("REIT") that invests primarily in omni-channel grocery-anchored neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to three unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the "Managed Funds").

As of March 31, 2026, we wholly-owned 299 real estate properties. Additionally, we owned a 14% interest in Grocery Retail Partners I LLC ("GRP I"), which owned 20 properties, a 20% interest in Necessity Retail Venture LLC ("NRV"), which owned four properties, and a 31% interest in Neighborhood Grocery Catalyst Fund LLC ("NGCF"), which owned three properties.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; remaining hold periods of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; and other fair value measurement assessments required for the preparation of the consolidated interim financial statements. As a result, these estimates are subject to a degree of uncertainty.

There were no changes to our significant accounting policies during the three months ended March 31, 2026. For a full summary of our significant accounting policies, refer to our 2025 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission ("SEC") on February 10, 2026.

**Basis of Presentation and Principles of Consolidation**—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2025, which are included in our 2025 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results expected for the full year.

The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.

**Income Taxes**—Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as taxable REIT subsidiary entities and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized federal, state, and local income tax expense of $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. All income tax amounts are included in Other Expense, Net on our consolidated statements of operations and comprehensive income ("consolidated statements of operations").

**Segments**—Our principal business is the ownership and operation of community and neighborhood shopping centers. We do not distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance. Accordingly, we have presented our results as a single operating and reportable segment. For more information about our single operating and reportable segment, see Note 13.

**Recently Issued or Adopted Accounting Pronouncements**—There were no recently issued or adopted accounting pronouncements during the three months ended March 31, 2026 that impacted the Company.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>7</sub>

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**3. LEASES**

**Lessor**—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Rental income related to fixed lease payments<sup>(1)</sup> | $136269 | $127535 |
| Rental income related to variable lease payments<sup>(1)(2)</sup> | 44333 | 41721 |
| Straight-line rent amortization<sup>(3)</sup> | 2731 | 2514 |
| Amortization of lease assets | 2390 | 1901 |
| Lease buyout income | 1709 | 1739 |
| Adjustments for collectibility<sup>(4)</sup> | (1151) | (1227) |
| Total rental income | $186281 | $174183 |

---

<sup>(1)</sup> Includes rental income related to lease payments before assessing for collectibility.

<sup>(2)</sup> Variable payments are primarily related to tenant recovery income.

<sup>(3)</sup> Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy.

<sup>(4)</sup> Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification ("ASC") Topic 842, *Leases*.

Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2026, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, were as follows (in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| Remaining 2026 | $399464 |
| 2027 | 501479 |
| 2028 | 428901 |
| 2029 | 346718 |
| 2030 | 260930 |
| Thereafter | 719830 |
| Total | $2657322 |

---

No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR") as of March 31, 2026. As of March 31, 2026, our wholly-owned real estate investments in Florida, California, and Texas represented 11.9%, 11.3%, and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse natural or economic events in the Florida, California, and Texas real estate markets.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>8</sub>

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**4. REAL ESTATE ACTIVITY**

**Acquisitions**—The following table summarizes our real estate acquisition activity (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Number of properties acquired<sup>(1)</sup> | 5 | 5 |
| Number of outparcels and land for future development acquired<sup>(2)</sup> | 1 |  |
| Contract price | $125502 | $138425 |
| Total price of acquisitions<sup>(3)</sup> | 126427 | 139107 |

---

<sup>(1)</sup> During the three months ended March 31, 2026, we acquired a property adjacent to one that was already wholly-owned. Therefore, the property was not an addition to our total property count.

<sup>(2)</sup> Outparcels acquired are adjacent to shopping centers that we own.

<sup>(3)</sup> Total price of acquisitions includes closing costs less credits and assumed liabilities. 

Subsequent to March 31, 2026, we acquired three properties for $58.9 million.

The aggregate purchase price of the assets acquired during the three months ended March 31, 2026 and 2025 was allocated as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $32937 | $42335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 89195 | 89885 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease assets | 11248 | 11387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease assets | 1529 | 977 |
| Total assets | 134909 | 144584 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below-market lease liabilities | 8482 | 5477 |
| Total liabilities | 8482 | 5477 |
| Net assets acquired | $126427 | $139107 |

---

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the three months ended March 31, 2026 and 2025 were as follows (in years):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Acquired in-place leases | 8 | 7 |
| Acquired above-market leases | 8 | 6 |
| Acquired below-market leases | 16 | 12 |

---

**Property Dispositions**—The following table summarizes our real estate disposition activity for the three months ended March 31, 2026 and 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Number of properties sold | 2 | 1 |
| Contract price | $22250 | $24850 |
| Proceeds from sale of real estate, net<sup>(1)(2)</sup> | 20947 | 6466 |
| Gain on disposal of property, net | 6817 | 5609 |

---

<sup>(1)</sup> Total proceeds from sale of real estate, net includes closing costs less credits and secured loans received.

<sup>(2)</sup> During the three months ended March 31, 2025, one of our property sales included a seller financing component. We sold the property for $24.9 million and provided secured financing, receiving a note receivable of $17.4 million.

Subsequent to March 31, 2026, we sold one parcel of land for $6.7 million.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>9</sub>

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**5. OTHER ASSETS, NET**

The following is a summary of Other Assets, Net outstanding as of March 31, 2026 and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Other assets, net: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred leasing commissions and costs | $62013 | $61479 |
| &nbsp;&nbsp;Deferred financing expenses<sup>(1)</sup> | 16308 | 16308 |
| &nbsp;&nbsp;&nbsp;Office equipment, including capital lease assets, and other | 30941 | 30062 |
| &nbsp;&nbsp;&nbsp;Corporate intangible assets | 6703 | 6703 |
| &nbsp;&nbsp;&nbsp;Total depreciable and amortizable assets | 115965 | 114552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (60547) | (59326) |
| &nbsp;&nbsp;&nbsp;Net depreciable and amortizable assets | 55418 | 55226 |
| &nbsp;&nbsp;Accounts receivable, net<sup>(2)</sup> | 57728 | 52032 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - affiliates | 1569 | 1525 |
| &nbsp;&nbsp;Secured loan receivable<sup>(3)</sup> | 13620 | 17395 |
| &nbsp;&nbsp;Deferred rent receivable, net<sup>(4)</sup> | 83249 | 80669 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 248 | 177 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 13680 | 14029 |
| &nbsp;&nbsp;&nbsp;Investment in third parties | 6856 | 6876 |
| &nbsp;&nbsp;&nbsp;Investment in marketable securities | 15327 | 16355 |
| Total other assets, net | $247695 | $244284 |

---

<sup>(1)</sup> Deferred financing expenses per the above table are related to our revolving credit facility, and as such we have elected to classify them as an asset rather than as a contra-liability.

<sup>(2)</sup> Net of $2.4 million and $2.6 million of general reserves for uncollectible amounts as of March 31, 2026 and December 31, 2025, respectively. Receivables that were removed for tenants considered to be non-creditworthy were $6.2 million and $6.5 million as of March 31, 2026 and December 31, 2025, respectively.

<sup>(3)</sup> Secured loan receivable relates to the financing provided for the sale of one of our properties during the three months ended March 31, 2025. See Note 4.

<sup>(4)</sup> Net of $4.0 million and $4.3 million of receivables removed as of March 31, 2026 and December 31, 2025, respectively, related to straight-line rent for tenants previously or currently considered to be non-creditworthy.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>10</sub>

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**6. DEBT OBLIGATIONS**

The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Interest Rate**<sup>(1)</sup> | **March 31, 2026** | **December 31, 2025** |
| Revolving credit facility<sup>(2)</sup> | SOFR + 0.8% | $181000 | $92000 |
| Term loans<sup>(2)</sup> | 4.459% | 161750 | 484750 |
| Senior unsecured notes due 2031 | 2.625% | 350000 | 350000 |
| Senior unsecured notes due 2032 | 5.250% | 350000 | 350000 |
| Senior unsecured notes due 2033 | 4.750% | 350000 |  |
| Senior unsecured notes due 2034 | 5.750% | 350000 | 350000 |
| Senior unsecured notes due 2035 | 4.950% | 350000 | 350000 |
| Secured loan facilities | 3.4% - 3.5% | 395000 | 395000 |
| Mortgages | 3.5% - 6.2% | 29447 | 29915 |
| Finance lease liability |  | 434 | 480 |
| Discount on notes payable |  | (26458) | (23633) |
| Assumed market debt adjustments, net |  | 228 | 259 |
| Deferred financing expenses, net |  | (2036) | (3443) |
| Total |  | $2489365 | $2375328 |
| Weighted-average interest rate<sup>(3)</sup> |  | 4.4% | 4.5% |

---

<sup>(1)</sup> Interest rates are as of March 31, 2026.

<sup>(2)</sup> Our revolving credit facility and term loans carry an interest rate of the Secured Overnight Financing Rate ("SOFR") plus a spread. While some of the rates are fixed through the use of swaps, a portion of this debt is not subject to a swap, and thus is still indexed to SOFR.

<sup>(3)</sup> Includes the effects of derivative financial instruments as of March 31, 2026 and December 31, 2025 (see Notes 7 and 12).

**2026 Debt Activity—**In January 2026, we extended the maturity of our $161.8 million term loan from January 2026 to January 2027.

In February 2026, we issued $350 million of 4.750% senior notes due 2033 at an issue price of 99.920% in an underwritten offering. The offering resulted in gross proceeds of $346.5 million, which were used to fully repay two term loans that were set to mature in January 2027 for $158 million and $165 million, respectively, with the remaining balance of $23.5 million used to pay down our revolving credit facility.

The 2026 senior notes are fully and unconditionally guaranteed by us.

**Debt Allocation**—The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects of derivative financial instruments as of March 31, 2026 and December 31, 2025 is summarized below (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| As to interest rate<sup>(1)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate debt | $2374881 | $2025395 |
| &nbsp;&nbsp;&nbsp;Variable-rate debt | 142750 | 376750 |
| Total | $2517631 | $2402145 |
| As to collateralization: |  |  |
| &nbsp;&nbsp;&nbsp;Unsecured debt | $2092750 | $1976750 |
| &nbsp;&nbsp;&nbsp;Secured debt | 424881 | 425395 |
| Total | $2517631 | $2402145 |

---

<sup>(1)</sup> Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of March 31, 2026, $200 million in variable-rate debt was hedged to a fixed rate until September 1, 2026 (see Notes 7 and 12).

Pursuant to the terms of our credit agreements, we are subject to, among other things, the maintenance of various financial covenants. We were in compliance with these covenants as of March 31, 2026.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>11</sub>

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**7. DERIVATIVES AND HEDGING ACTIVITIES**

**Risk Management Objective of Using Derivatives**—We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding, and through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings.

**Cash Flow Hedges of Interest Rate Risk**—Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $0.2 million will be reclassified from AOCI as a decrease to Interest Expense, Net.

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| Count | 1 | 1 | 1 | 1 |
| Notional amount | $| 200000 | $| 200000 |
| Fixed SOFR | 3.4%  | 3.4%  | 3.4% | 3.4% |
| Maturity date | 2026 | 2026 | 2026 | 2026 |
| Weighted-average term (in years) | 0.4 | 0.4 | 0.7 | 0.7 |

---

The table below details the nature of the gain and loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Amount of gain (loss) recognized in Other Comprehensive Income | $222 | $(473) |
| Amount of gain reclassified from AOCI into Interest Expense, Net | (158) | (1294) |

---

**Credit-risk-related Contingent Features**—We have agreements with our derivative counterparties that contain provisions where, if we default, or are capable of being declared in default, on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of March 31, 2026, there were no derivatives with a fair value in a net liability position, which would include accrued interest but exclude any adjustment for nonperformance risk related to these agreements.

**8. COMMITMENTS AND CONTINGENCIES**

**Litigation**—We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements.

**Environmental Matters**—In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>12</sub>

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claims for which we may be liable. We are not currently aware of any environmental matters that we believe are reasonably likely to have a material adverse effect on our consolidated financial statements.

**Captive Insurance**—Our captive insurance company, Silver Rock Insurance, Inc. ("Silver Rock"), provides general liability insurance, wind, reinsurance, and other coverage to us and our GRP I, NRV, and NGCF joint ventures. We capitalize Silver Rock in accordance with applicable regulatory requirements.

Silver Rock establishes annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate, and such premiums may be reimbursed by tenants pursuant to specific lease terms.

As of March 31, 2026, we had three letters of credit outstanding totaling approximately $31.1 million to provide security for our obligations under Silver Rock's insurance and reinsurance contracts.

**9. EQUITY**

**General**—The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including one vote per nominee in the election of our Board of Directors (the "Board"). Our charter does not provide for cumulative voting in the election of directors.

**At-the-Market Offering ("ATM")**—In February 2024, we entered into a sales agreement relating to the potential sale of shares of common stock pursuant to a continuous offering program. In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $250 million from time to time through our sales agents, or, if applicable, as forward sellers. We issued no shares of our common stock under this ATM program during the three months ended March 31, 2026 and the year ended December 31, 2025. As of March 31, 2026, approximately $177 million of common stock remained available for issuance under the ATM program.

**Distributions**—For each month beginning January 2026 through March 2026, we declared and paid monthly distributions of $0.1083 per common share and Operating Partnership unit ("OP unit"). Distributions paid to stockholders and OP unit holders of record subsequent to March 31, 2026 were as follows (dollars in thousands, excluding per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Date of Record** | **Date Distribution Paid** | **Monthly Distribution Rate** | **Cash Distribution** |
| March | 3/16/2026 | 4/1/2026 | $0.1083 | $15000 |

---

**Convertible Noncontrolling Interests**—As of March 31, 2026 and December 31, 2025, we had approximately 12.7 million outstanding non-voting OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods.

Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to cause the Operating Partnership to redeem their OP units. The Operating Partnership controls the form of the redemption, and may elect to redeem OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of March 31, 2026 and December 31, 2025 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets.

The table below is a summary of our OP unit activity for the three months ended March 31, 2026 and 2025 (dollars and shares in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| OP units converted into shares of common stock<sup>(1)</sup> | 114 | 226 |
| Distributions declared on OP units<sup>(2)</sup> | $3893 | $4051 |

---

<sup>(1)</sup> OP units convert into shares of our common stock at a 1:1 ratio.

<sup>(2)</sup> Distributions declared on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

**Share Repurchase Program**—We have a Board approved share repurchase program of up to $250 million of common stock. The program may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular number of shares. No share repurchases have been made to date under this program.

**10. EARNINGS PER SHARE**

Basic earnings per share ("EPS") is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>13</sub>

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The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net income attributable to stockholders - basic | $30378 | $26309 |
| &nbsp;&nbsp;Net income attributable to convertible OP units<sup>(1)</sup> | 2864 | 2584 |
| &nbsp;&nbsp;Net income - diluted | $33242 | $28893 |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average shares - basic | 125899 | 125246 |
| &nbsp;&nbsp;OP units<sup>(1)</sup> | 12703 | 13045 |
| &nbsp;&nbsp;Dilutive restricted stock awards<sup>(2)</sup> | 375 | 349 |
| &nbsp;&nbsp;&nbsp;Adjusted weighted-average shares - diluted | 138977 | 138640 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;Basic and diluted income per share | $0.24 | $0.21 |

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<sup>(1)</sup> OP units include units that are convertible into common stock or cash, at the Operating Partnership's option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all periods presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.

<sup>(2)</sup> For the three months ended March 31, 2026, our diluted adjusted weighted-average share count excluded the impact of approximately 78,000 shares related to certain performance-based awards that are earned based on the achievement of specified performance metrics, which were anti-dilutive to the weighted-average share count based on the performance measurement at March 31, 2026.

**11. RELATED PARTY TRANSACTIONS**

**Revenue**—We have entered into agreements with the Managed Funds related to certain advisory, management, and administrative services we provide to their real estate assets in exchange for fees and reimbursement of certain expenses. Summarized below are amounts included in Fees and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds and other revenues that are not in the scope of ASC Topic 606, *Revenue from Contracts with Customers,* but that are included in this table for the purpose of disclosing all related party revenues (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Recurring fees<sup>(1)</sup> | $1330 | $1152 |
| Transactional revenue and reimbursements<sup>(2)</sup> | 869 | 609 |
| Insurance premiums<sup>(3)</sup> | 1246 | 1022 |
| Total fees and management income | $3445 | $2783 |

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<sup>(1)</sup> Recurring fees include asset management fees and property management fees.

<sup>(2)</sup> Transactional revenue includes items such as leasing commissions and construction management fees.

<sup>(3)</sup> Insurance premium income includes amounts for reinsurance from third parties not affiliated with us.

**Tax Protection Agreement**—Through our Operating Partnership, we are currently party to a tax protection agreement (the "2017 TPA") with certain partners that contributed property to our Operating Partnership on October 4, 2017, among them certain of our executive officers, including Jeffrey S. Edison, our Chairman and Chief Executive Officer, under which the Operating Partnership agreed to indemnify such partners for tax liabilities that could accrue to them personally related to our potential disposition of certain properties within our portfolio. The 2017 TPA will expire on October 4, 2027. On July 19, 2021, we entered into an additional tax protection agreement (the "2021 TPA") with certain of our executive officers and board members, including Mr. Edison. The 2021 TPA carries a term of four years and will become effective upon the expiration of the 2017 TPA. As of March 31, 2026, the potential "make-whole amount" on the estimated aggregate amount of built-in gain subject to protection under the agreements is approximately $113.3 million. The protection provided under the terms of the 2021 TPA will expire in 2031. We have not recorded any liability related to the 2017 TPA or the 2021 TPA on our consolidated balance sheets for any periods presented, nor recognized any expense since the inception of the 2017 TPA, owing to the fact that any potential liability under the agreements is controlled by us and we believe we will either (i) continue to own and operate the protected properties or (ii) be able to successfully complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (unless there is a change in applicable law) or complete other tax-efficient transactions to avoid any liability under the agreements.

**PHILLIPS EDISON & COMPANY** **MARCH 31, 2026 FORM 10-Q**<sub>14</sub>

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**Other Related Party Matters**— As of March 31, 2026, we were the limited guarantor of $173.8 million, $102.7 million, and $31.7 million in mortgage loans secured by properties owned by GRP I, NRV, and NGCF, respectively. Our guaranties for the GRP I, NRV, and NGCF debt are limited to being the non-recourse carveout guarantor and the environmental indemnitor. Further, we are also party to agreements with each of GRP I, NRV, and NGCF, as applicable, in which any potential liability under such guaranties will be apportioned between us and GRP I, NRV, and NGCF based on our respective ownership percentages in the joint ventures. We had no liability recorded on our consolidated balance sheets for the guaranties as of March 31, 2026 and December 31, 2025.

**12. FAIR VALUE MEASUREMENTS**

The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities:

**Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable**—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.

**Real Estate Investments**—The purchase prices of the investment properties, including related lease intangible assets and liabilities, are allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management.

**Debt Obligations**—We estimate the fair value of our revolving credit facility, term loans, secured portfolio of loans, and mortgages by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt's collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. We estimate the fair value of our senior unsecured notes by using quoted prices in active markets, which are considered Level 1 inputs.

The following is a summary of borrowings as of March 31, 2026 and December 31, 2025 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Recorded Principal Balance**<sup>(1)</sup> | **Fair Value** | **Recorded Principal Balance**<sup>(1)</sup> | **Fair Value** |
| Revolving credit facility | $181000 | $182308 | $92000 | $92445 |
| Term loans | 161657 | 162491 | 483415 | 485508 |
| Senior unsecured notes due 2031 | 345346 | 310454 | 345157 | 313817 |
| Senior unsecured notes due 2032 | 346638 | 351964 | 346529 | 357868 |
| Senior unsecured notes due 2033 | 346538 | 341467 |  |  |
| Senior unsecured notes due 2034 | 342732 | 359863 | 342564 | 366377 |
| Senior unsecured notes due 2035 | 342288 | 339087 | 342117 | 345356 |
| Secured portfolio loan facilities | 393166 | 371954 | 393012 | 370922 |
| Mortgages<sup>(2)</sup> | 30000 | 29063 | 30534 | 29621 |
| Total | $2489365 | $2448651 | $2375328 | $2361914 |

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<sup>(1)</sup> As of March 31, 2026 and December 31, 2025, respectively, recorded principal balances include: (i) net deferred financing fees of $2.0 million and $3.4 million; (ii) assumed market debt adjustments of $0.2 million and $0.3 million; and (iii) notes payable discounts of $26.5 million and $23.6 million.

<sup>(2)</sup> Our finance lease liability is included in the mortgages line item, as presented.

**Recurring and Nonrecurring Fair Value Measurements**—Our marketable securities and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the three months ended March 31, 2026 and the year ended December 31, 2025 were as follows (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Level 1** | **Level 2** | **Level 3** |
| **Recurring** | | | | | | |
| &nbsp;&nbsp;Marketable securities<sup>(1)</sup> | $15327 | $— | $— | $16355 | $— | $— |
| &nbsp;&nbsp;Derivative assets<sup>(1)(2)</sup> |  | 248 |  |  | 177 |  |

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<sup>(1)</sup> We record marketable securities and derivative assets in Other Assets, Net on our consolidated balance sheets.

<sup>(2)</sup> The fair values of the derivative assets exclude associated accrued interest receivable of $0.1 million as of March 31, 2026 and December 31, 2025.

*Marketable Securities—*We estimate the fair value of marketable securities using Level 1 inputs. We utilize unadjusted quoted prices for identical assets in active markets that we have the ability to access.

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|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **15** |

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*Derivative Instruments—*As of March 31, 2026 and December 31, 2025, we had an interest rate swap that fixed SOFR on portions of our unsecured term loan and revolving credit facilities.

All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

To comply with the provisions of ASC Topic 820, *Fair Value Measurement*, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of March 31, 2026 and December 31, 2025, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

*Real Estate Asset Impairment*—Our real estate assets are measured and recognized at fair value, less costs to sell for held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. There were no impairment charges recorded during the three months ended March 31, 2026 and 2025.

On a quarterly basis, we employ a multi-step approach to assess our real estate assets for possible impairment and record any impairment charges identified. The first step is the identification of potential triggering events, such as significant decreases in occupancy or the presence of large dark or vacant spaces. If we observe any of these indicators for a shopping center, we then perform an additional screen test consisting of a years-to-recover analysis to determine if we will recover the net book value of the property over its remaining economic life based upon net operating income ("NOI") as forecasted for the current year. In the event that the results of this first step indicate a triggering event for a center, we proceed to the second step, utilizing an undiscounted cash flow model for the center to identify potential impairment. If the undiscounted cash flows are less than the net book value of the center as of the balance sheet date, we record an impairment charge based on the fair value determined in the third step. In performing the third step, we utilize market data such as capitalization rates and sales price per square foot on comparable recent real estate transactions to estimate the fair value of the real estate assets. We also utilize expected net sales proceeds to estimate the fair value of any centers that are actively being marketed for sale.

In addition to these procedures, we also review undeveloped or unimproved land parcels that we own for evidence of impairment and record any impairment charges as necessary. Primary impairment triggers for these land parcels are changes to our plans or intentions with regards to such properties, or planned dispositions at prices that are less than the current carrying values.

**13. REPORTABLE SEGMENTS**

Our principal business is the ownership and operation of community and neighborhood shopping centers. We conduct our operations solely in the United States, and we do not distinguish our principal business, or group our operations, by geography or size for the purpose of measuring performance. We concluded that we have only one operating and reportable segment, Real Estate Properties. Our conclusion was determined on the basis of the way in which our chief operating decision maker ("CODM") regularly reviews internally reported financial information to analyze financial performance, make decisions, and allocate resources at the consolidated level.

Our Real Estate Properties segment derives a majority of its revenue from the lease contracts it enters into as a lessor, which are all in the form of operating leases. Further, our lease contracts typically provide for reimbursements from tenants for common area maintenance, insurance, and real estate tax expense. No single tenant comprised 10% or more of our aggregate ABR for the three months ended March 31, 2026 and 2025.

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|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **16** |

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Our CODM is Mr. Edison, our Chairman and Chief Executive Officer. Our CODM assesses performance, makes decisions, and allocates operating and capital resources of the Real Estate Properties segment by utilizing net income (loss) on a consolidated basis. Our CODM evaluates net income (loss) by monitoring budget versus actual as well as variance analysis to prior periods to analyze the performance of the segment. Information about the net income (loss) of the Real Estate Properties segment that is regularly reviewed by our CODM, including revenue and significant expenses, was as follows for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $186281 | $174183 |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3445 | 2783 |
| &nbsp;&nbsp;&nbsp;Other property income | 1015 | 1345 |
| Total revenues | 190741 | 178311 |
| **Operating Expenses:** |  |  |
| &nbsp;&nbsp;Property operating<sup>(1)</sup> | 32990 | 29936 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22067 | 21079 |
| &nbsp;&nbsp;&nbsp;Employee-related expenses | 8049 | 8457 |
| &nbsp;&nbsp;Other general and administrative expenses<sup>(2)</sup> | 3894 | 3629 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65531 | 65274 |
| Total operating expenses | 132531 | 128375 |
| **Other:** |  |  |
| &nbsp;&nbsp;Interest expense, net<sup>(3)</sup> | (29772) | (25672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | 6817 | 5609 |
| &nbsp;&nbsp;&nbsp;Other expense, net | (2013) | (980) |
| Net income | 33242 | 28893 |
| Net income attributable to noncontrolling interests | (2864) | (2584) |
| Net income attributable to stockholders | $30378 | $26309 |

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<sup>(1)</sup> Property operating is primarily made up of common area maintenance, compensation, insurance, and other costs related to the leasing of our real estate properties. Our CODM is not provided with further disaggregation and uses total property operating expenses to manage the business.

<sup>(2)</sup> Other general and administrative expenses is primarily made up of professional fees, technology and communication expense, and insurance, taxes, and board costs.

<sup>(3)</sup> Interest income is not a significant component of Interest Expense, Net.

The measure of segment assets regularly reviewed by our CODM is reported on the consolidated balance sheets as Total Assets.

**14. SUBSEQUENT EVENTS**

In preparing the condensed and unaudited consolidated financial statements, we have evaluated subsequent events through the date of filing of this report on Form 10-Q for recognition and/or disclosure purposes. Based on this evaluation, we have determined that there were no events that have occurred that require recognition or disclosure, other than certain events and transactions that have been disclosed elsewhere in these consolidated financial statements.

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|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **17** |

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements and notes thereto and the more detailed information contained in our 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026. All references to "Notes" throughout this document refer to the footnotes to the consolidated financial statements in "Item 1. Financial Statements". See also "Cautionary Note Regarding Forward-Looking Statements" below.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this Quarterly Report on Form 10-Q of Phillips Edison & Company, Inc. ("we," the "Company," "our," or "us") other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995 (collectively with the Securities Act and the Exchange Act, the "Acts"). These forward-looking statements are based on current expectations, estimates, and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, management of our company and involve uncertainties that could significantly affect our financial results. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Acts. Such forward-looking statements generally can be identified by the 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 this report is filed with the SEC. Such statements include, but are not limited to: (a) statements about our plans, strategies, initiatives, and prospects; (b) statements about our underwritten incremental yields; and (c) statements about our 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 our 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 and the attractiveness of properties in our portfolio to our tenants; (v) the financial stability of our tenants, including, without limitation, their ability to pay rent; (vi) our ability to pay down, refinance, restructure, or extend our indebtedness as it becomes due; (vii) increases in our borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to our properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) our ability and willingness to maintain our qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) our corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of our 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) our ability to re-lease our properties on the same or better terms, or at all, in the event of non-renewal or in the event we exercise our right to replace an existing tenant; (xviii) the loss or bankruptcy of our tenants; (xix) to the extent we are seeking to dispose of properties, our 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 us, our 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 our 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, as updated from time to time in our periodic and/or current reports filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Therefore, such statements are not intended to be a guarantee of our performance in future periods.

Except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

**KEY PERFORMANCE INDICATORS AND DEFINED TERMS**<br>

We use certain key performance indicators ("KPIs"), which include both financial and nonfinancial metrics, to measure the performance of our operations. We believe these KPIs, as well as the core concepts and terms defined below, allow our Board, management, and investors to analyze trends around our business strategy, financial condition, and results of operations in a manner that is focused on items unique to the retail real estate industry.

We do not consider our non-GAAP measures 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 shopping centers 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.

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| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **18** |

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Our KPIs and terminology can be grouped into three key areas:

**PORTFOLIO**—Portfolio metrics help management to gauge the health of our centers overall and individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anchor space—We define an anchor space as a space greater than or equal to 10,000 square feet of gross leasable area ("GLA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* ABR—We use ABR to refer to the monthly contractual base rent at the end of the period multiplied by twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ABR Per Square Foot ("PSF")—This metric is calculated by dividing ABR 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GLA—We use GLA to refer to the total occupied and unoccupied square footage of a building that is available for tenants (whom we refer to as a "Neighbor" or our "Neighbors") or other retailers to lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Inline space—We define an inline space as a space containing less than 10,000 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leased Occupancy—This metric is 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Underwritten incremental unlevered yield—This 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.

**LEASING**—Leasing is a key driver of growth for our company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable lease—We use this term to refer to a lease with consistent terms that is executed for substantially the same space that has been vacant less than twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable rent spread—This metric is calculated as the percentage increase or decrease in first-year ABR (excluding any free rent or escalations) on new or renewal leases (excluding options) where the lease was considered a comparable lease. This metric provides an indication of our ability to generate revenue growth through leasing activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of executing new leases—We use this term to refer to certain costs associated with new leasing, namely, leasing commissions, tenant improvement costs, and tenant concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Portfolio retention rate—This metric is 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Recovery rate—This metric is 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.

**FINANCIAL PERFORMANCE**—In addition to financial metrics calculated in accordance with GAAP, such as net income or cash flows from operations, we utilize non-GAAP metrics to measure our operational and financial performance. See "Non-GAAP Measures" below for further discussion on the following metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate ("Adjusted EBITDA*re*")—To arrive at Adjusted EBITDA*re*, we adjust EBITDA*re*, as defined below, to exclude certain recurring and non-recurring items 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 EBITDA*re* and Adjusted EBITDA*re* as additional measures of operating performance which allow us to compare earnings independent of capital structure and evaluate debt leverage and fixed cost coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Core Funds From Operations Attributable to Stockholders and OP Unit Holders ("Core FFO")—To arrive at Core FFO, we adjust Nareit FFO, as defined below, 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. We believe Nareit FFO provides insight into our operating performance as it excludes certain items that are not indicative of such performance. 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* EBITDA*re*—The National Association of Real Estate Investment Trusts ("Nareit") defines EBITDA*re* 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

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| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **19** |

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depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDA*re* on the same basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Equity Market Capitalization—We calculate equity market capitalization as the total dollar value of all outstanding shares and OP Units using the closing price for the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Nareit FFO Attributable to Stockholders and OP Unit Holders ("Nareit FFO")—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 calculate Nareit FFO in a manner consistent with the Nareit definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net Debt—We calculate net debt as total debt, excluding discounts, market adjustments, and deferred financing expenses, less cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net Debt to Adjusted EBITDA*re*—This ratio is calculated by dividing net debt by Adjusted EBITDA*re* (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net Debt to Total Enterprise Value—This ratio is calculated by dividing net debt by total enterprise value, as defined below. It provides insight into our capital structure and usage of debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* NOI—We calculate NOI 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Same-Center—We use this term to refer to a property, or portfolio of properties, owned for the entirety of both calendar year periods being compared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Total Enterprise Value—We calculate total enterprise value as our net debt plus our equity market capitalization on a fully diluted basis.

**OVERVIEW**

We are a REIT and one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. Our Neighbors are a mix of national, regional, and local retailers that primarily provide necessity-based goods and services.

As of March 31, 2026, we owned equity interests in 326 shopping centers, including 299 wholly-owned shopping centers and 27 shopping centers owned through three unconsolidated joint ventures, which comprised approximately 36.9 million square feet in 31 states. In addition to managing our shopping centers, our third-party investment management business provides comprehensive real estate management services to the Managed Funds.

**PORTFOLIO AND LEASING STATISTICS**—Below are statistical highlights of our wholly-owned portfolio as of March 31, 2026 and 2025 (dollars and square feet in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Number of properties | 299 | 298 |
| Number of states | 31 | 31 |
| Total square feet | 33669 | 33512 |
| ABR | $548490 | $518115 |
| % ABR from omni-channel grocery-anchored shopping centers | 94.3% | 95.3% |
| % ABR from necessity-based goods and services | 74.3% | 70.6% |
| Leased occupancy %: |  |  |
| &nbsp;&nbsp;Total portfolio spaces | 97.1% | 97.1% |
| &nbsp;&nbsp;Anchor spaces | 98.4% | 98.4% |
| &nbsp;&nbsp;Inline spaces | 95.0% | 94.6% |
| Average remaining lease term (in years)<sup>(1)</sup> | 4.6 | 4.5 |

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<sup>(1)</sup> The average remaining lease term in years excludes future options to extend the term of the lease.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **20** |

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The following table details information for our unconsolidated joint ventures as of March 31, 2026, which is the basis for determining the prorated information included in the subsequent tables (dollars and square feet in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Joint Venture** | **Ownership Percentage** | **Number of Properties** | **ABR** | **GLA** |
| GRP I | 14% | 20 | $33917 | 2221 |
| NRV | 20% | 4 | 12845 | 744 |
| NGCF | 31% | 3 | 4315 | 225 |

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**LEASE EXPIRATIONS**—The following chart shows the aggregate scheduled lease expirations for our over 3,500 unique Neighbors, excluding our Neighbors who are occupying space on a temporary basis, after March 31, 2026 for each of the next ten years and thereafter for our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint ventures:

![2063](peco-20260331_g2.jpg)

Our ability to create rental rate growth generally depends on our leverage during new and renewal lease negotiations with prospective and existing Neighbors, which typically occurs when occupancy at our centers is high or during periods of economic growth and recovery. Conversely, we may experience rental rate decline when occupancy at our centers is low or during periods of economic recession, as the leverage during new and renewal lease negotiations may shift to prospective and existing Neighbors.

See "Results of Operations - Leasing Activity" below for further discussion of leasing activity.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **21** |

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**PORTFOLIO TENANCY**—We define 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. The following charts present the composition of our portfolio, including our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint ventures, by Neighbor type as of March 31, 2026:

![3097](peco-20260331_g3.jpg)![3098](peco-20260331_g4.jpg)

The following charts present the composition of our portfolio by Neighbor industry as of March 31, 2026:

![3194](peco-20260331_g5.jpg)![3195](peco-20260331_g6.jpg)

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **22** |

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**NECESSITY-BASED GOODS AND SERVICES**—We define "necessity-based goods and services" as goods and services that are indispensable, necessary, or common for day-to-day living, or that tend to be inelastic (i.e., those for which the demand does not change based on a consumer's income level). We estimate that approximately 74% of our ABR, including the pro rata portion attributable to properties owned through our unconsolidated joint ventures, is generated from Neighbors providing necessity-based goods and services.

**TOP 20 NEIGHBORS**—The following table presents our top 20 Neighbors by ABR, including our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint ventures, as of March 31, 2026 (dollars and square feet in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neighbor**<sup>(1)</sup> | **ABR** | **% of ABR** | **Leased Square Feet** | **% of Leased Square Feet** | **Number of Locations**<sup>(2)</sup> |
| Kroger | $28409 | 5.1% | 3475 | 10.5% | 63 |
| Publix | 27838 | 5.0% | 2530 | 7.6% | 62 |
| Albertsons | 19088 | 3.4% | 1683 | 5.1% | 30 |
| Ahold Delhaize | 17215 | 3.1% | 1184 | 3.6% | 22 |
| Walmart | 8483 | 1.5% | 1733 | 5.2% | 12 |
| TJX Companies | 7517 | 1.3% | 605 | 1.8% | 21 |
| Giant Eagle | 7437 | 1.3% | 759 | 2.3% | 10 |
| Sprouts Farmers Market | 6725 | 1.2% | 411 | 1.2% | 14 |
| Raley's | 4708 | 0.8% | 288 | 0.9% | 5 |
| Dollar Tree | 4521 | 0.8% | 399 | 1.2% | 39 |
| Planet Fitness | 3951 | 0.7% | 315 | 0.9% | 16 |
| Starbucks Corporation | 3912 | 0.7% | 82 | 0.2% | 42 |
| Big Y | 3540 | 0.6% | 167 | 0.5% | 3 |
| UNFI (SuperValu) | 3500 | 0.6% | 336 | 1.0% | 5 |
| United Parcel Service | 3204 | 0.6% | 105 | 0.3% | 84 |
| Subway Group | 3015 | 0.6% | 96 | 0.3% | 66 |
| Pet Supplies Plus | 3014 | 0.5% | 185 | 0.6% | 24 |
| Great Clips | 2863 | 0.5% | 94 | 0.3% | 83 |
| Trader Joe's | 2860 | 0.5% | 122 | 0.4% | 9 |
| H&R Block | 2773 | 0.5% | 99 | 0.3% | 59 |
| Total | $164573 | 29.3% | 14668 | 44.2% | 669 |

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<sup>(1)</sup> Neighbors are grouped by parent company and may represent multiple subsidiaries and banners.

<sup>(2)</sup> Number of locations excludes auxiliary leases with grocery anchors such as fuel stations, pharmacies, and liquor stores. Additionally, if a parent company has multiple subsidiaries or banners in a single shopping center, those subsidiaries are included as one location.

**RESULTS OF OPERATIONS**

**KNOWN TRENDS AND UNCERTAINTIES**—We continue to operate in a resilient yet evolving retail real estate environment characterized by strong tenant demand, limited new supply, and sustained leasing momentum. Grocery-anchored shopping centers remain defensive, with healthy occupancy, stable foot traffic, and durable tenant performance; however, broader macroeconomic conditions continue to introduce uncertainty. Interest rate volatility may affect acquisition activity, redevelopment yields, and capital-market execution. Inflation has eased but remains uneven across categories, influencing operating expenses, construction costs, and retailer margins; in addition, energy and transportation costs may be volatile and could increase due to geopolitical instability, including international conflict. Regulatory and executive decisions regarding tariffs have created incremental uncertainty around sourcing and input costs for certain tenants, though to date we have observed minimal disruption to leasing activity or rent-collection trends. Additionally, ongoing retailer rationalization, including periodic bankruptcy filings and strategic store closures, may create near-term downtime but also provide opportunities to re-lease space at higher rents. Consumer behavior has remained broadly stable, supported by the essential-needs orientation of our centers; however, pressure on lower-income shoppers and any broader economic slowdown could impact retailer sales performance and, in turn, leasing decisions. We continue to monitor these trends, along with evolving insurance markets, property-tax environments, and regulatory developments, each of which could influence operating results, cash flows, or asset valuations in future periods.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **23** |

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**SUMMARY OF OPERATING ACTIVITIES FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br> March 31,** | **Three Months Ended<br> March 31,** | **Favorable (Unfavorable)<br> Change** |
| **(Dollars in thousands)** | **2026** | **2025** | $**%**<sup>(1)</sup> |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $186281 | $174183 | 6.9% |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3445 | 2783 | 23.8% |
| &nbsp;&nbsp;&nbsp;Other property income | 1015 | 1345 | (24.5)% |
| Total revenues | 190741 | 178311 | 7.0% |
| Operating Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 32990 | 29936 | (10.2)% |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22067 | 21079 | (4.7)% |
| &nbsp;&nbsp;&nbsp;General and administrative | 11943 | 12086 | 1.2% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65531 | 65274 | (0.4)% |
| Total operating expenses | 132531 | 128375 | (3.2)% |
| Other: |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (29772) | (25672) | (16.0)% |
| &nbsp;&nbsp;Gain on disposal of property, net | 6817 | 5609 | 21.5% |
| &nbsp;&nbsp;Other expense, net | (2013) | (980) | (105.4)% |
| Net income | 33242 | 28893 | 15.1% |
| Net income attributable to noncontrolling interests | (2864) | (2584) | (10.8)% |
| Net income attributable to stockholders | $30378 | $26309 | 15.5% |

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Our basis for analyzing significant fluctuations in our results of operations generally includes review of the results of our same-center portfolio, non-same-center portfolio, and revenues and expenses from our management activities. We define our same-center portfolio as the 282 properties that were owned for the entirety of both calendar year periods being compared. We define our non-same-center portfolio as those properties that were not fully owned in both calendar year periods being compared owing primarily to real estate asset activity occurring after December 31, 2024, which includes eleven properties disposed of and 17 properties acquired. Below are explanations of the significant fluctuations in the results of operations for the three months ended March 31, 2026 and 2025:

Rental Income increased $12.1 million primarily as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $6.4 million increase primarily related to our same-center portfolio as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪** $3.7 million increase primarily due to a $0.52 increase in average minimum rent PSF and a 0.3% improvement in average occupancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.5 million increase primarily due to lease buyout income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.2 million increase primarily due to an increase in recoverable income attributed to an increase in common area maintenance spending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.7 million increase primarily related to our net acquisition activity.

Property Operating Expenses increased $3.1 million primarily as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.0 million increase from our same-center portfolio and corporate operating activities primarily due to higher compensation costs and an increase in utilities and common area maintenance spending; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.1 million increase primarily due to our net acquisition activity.

Real Estate Tax Expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $1.0 million increase in real estate tax expenses is primarily due to our net acquisition activity.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **24** |

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Interest Expense, Net:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $4.1 million increase was primarily due to increased debt outstanding and loss on extinguishment of debt in 2026. Interest Expense, Net was comprised of the following (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest on senior notes | $17183 | $11659 |
| Interest on unsecured term loans, net | 4177 | 6695 |
| Interest on secured debt | 3627 | 4055 |
| Interest on revolving credit facility, net | 1957 | 1261 |
| Non-cash amortization and other | 1748 | 2001 |
| Loss on extinguishment or modification of debt and other, net | 1080 | 1 |
| Interest expense, net | $29772 | $25672 |
| Weighted-average interest rate as of end of period | 4.4% | 4.4% |
| Weighted-average term (in years) as of end of period | 5.7 | 5.3 |

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Other Expense, Net:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Expense, Net was comprised of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Transaction and acquisition expenses | $(2077) | $(1322) |
| Federal, state, and local income tax expense | (242) | (146) |
| Equity in net income of unconsolidated investments | 36 | 121 |
| Other income | 270 | 367 |
| Other expense, net | $(2013) | $(980) |

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **25** |

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**LEASING ACTIVITY**—Below is a summary of leasing activity for our wholly-owned properties for the three months ended March 31, 2026 and 2025<sup>(1)</sup>:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Deals** | **Total Deals** | **Inline Deals** | **Inline Deals** |
| | **2026** | **2025** | **2026** | **2025** |
| **New leases:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of leases | 78 | 78 | 76 | 71 |
| &nbsp;&nbsp;&nbsp;Square footage (in thousands) | 252 | 326 | 160 | 161 |
| &nbsp;&nbsp;&nbsp;ABR (in thousands) | $6121 | $6289 | $5159 | $4281 |
| &nbsp;&nbsp;&nbsp;ABR PSF | $24.30 | $19.30 | $32.21 | $26.64 |
| &nbsp;&nbsp;&nbsp;Cost PSF of executing new leases | $32.16 | $20.84 | $42.69 | $36.77 |
| &nbsp;&nbsp;&nbsp;Number of comparable leases | 31 | 35 | 30 | 33 |
| &nbsp;&nbsp;&nbsp;Comparable rent spread | 36.2% | 28.1% | 37.9% | 27.5% |
| &nbsp;&nbsp;&nbsp;Weighted-average lease term (in years) | 9.4 | 8.3 | 7.7 | 7.6 |
| **Renewals and options:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of leases | 168 | 156 | 150 | 140 |
| &nbsp;&nbsp;&nbsp;Square footage (in thousands) | 1322 | 1216 | 332 | 329 |
| &nbsp;&nbsp;&nbsp;ABR (in thousands) | $19502 | $18000 | $10136 | $10069 |
| &nbsp;&nbsp;&nbsp;ABR PSF (all leases) | $14.76 | $14.80 | $30.51 | $30.64 |
| &nbsp;&nbsp;&nbsp;ABR PSF prior to renewals (all leases) | $13.45 | $13.39 | $26.14 | $25.85 |
| &nbsp;&nbsp;&nbsp;Percentage increase in ABR PSF (comparable leases only) | 9.7% | 9.9% | 16.7% | 17.4% |
| &nbsp;&nbsp;&nbsp;Cost PSF of executing renewals and options | $1.10 | $0.17 | $0.77 | $0.63 |
| &nbsp;&nbsp;Number of comparable leases<sup>(2)</sup> | 110 | 111 | 110 | 110 |
| &nbsp;&nbsp;Comparable rent spread<sup>(2)</sup> | 21.2% | 20.8% | 21.2% | 21.7% |
| &nbsp;&nbsp;&nbsp;Weighted-average lease term (in years) | 4.9 | 4.7 | 4.5 | 4.6 |
| Portfolio retention rate | 87.8% | 91.4% | 78.5% | 78.6% |

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<sup>(1)</sup> PSF amounts may not recalculate exactly based on other amounts presented within the table due to rounding.

<sup>(2)</sup> Excludes exercise of options.

**NON-GAAP MEASURES**

See "Key Performance Indicators and Defined Terms" above for additional information related to the following non-GAAP measures.

**SAME-CENTER NOI**—Same-Center NOI is presented as a supplemental measure of our performance, as it highlights operating trends such as occupancy levels, rental rates, and operating costs for our same-center portfolio. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, our Same-Center NOI may not be comparable to other REITs. For the three months ended March 31, 2026 and 2025, Same-Center NOI represents the NOI for the 282 properties that were wholly-owned for the entirety of both calendar year periods being compared.

Same-Center NOI should not be viewed as an alternative measure of our financial performance as it does not reflect the operations of our entire portfolio, nor does it 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.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **26** |

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The table below presents our Same-Center NOI (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2026** | **2025** | **$ Change** | **% Change** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;Rental income<sup>(1)</sup> | $127761 | $124044 | $3717 |  |
| &nbsp;&nbsp;&nbsp;Tenant recovery income | 41568 | 40339 | 1229 |  |
| &nbsp;&nbsp;Reserves for uncollectibility<sup>(2)</sup> | (986) | (1206) | 220 |  |
| &nbsp;&nbsp;&nbsp;Other property income | 976 | 1223 | (247) |  |
| Total revenues | 169319 | 164400 | 4919 | 3.0% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 26502 | 25838 | (664) |  |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 20567 | 20460 | (107) |  |
| Total operating expenses | 47069 | 46298 | (771) | (1.7)% |
| Total Same-Center NOI | $122250 | $118102 | $4148 | 3.5% |

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<sup>(1)</sup> Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.

<sup>(2)</sup> Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or we deem it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

***Same-Center NOI Reconciliation***—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income | $33242 | $28893 |
| Adjusted to exclude: |  |  |
| &nbsp;&nbsp;&nbsp;Fees and management income | (3445) | (2783) |
| &nbsp;&nbsp;&nbsp;Straight-line rental income<sup>(1)</sup> | (2883) | (2675) |
| &nbsp;&nbsp;&nbsp;Net amortization of above- and below-market leases | (2451) | (1944) |
| &nbsp;&nbsp;&nbsp;Lease buyout income | (1709) | (1739) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 11943 | 12086 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65531 | 65274 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 29772 | 25672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (6817) | (5609) |
| &nbsp;&nbsp;&nbsp;Other expense, net | 2013 | 980 |
| &nbsp;&nbsp;&nbsp;Property operating expenses related to fees and management income | 2081 | 896 |
| NOI for real estate investments | 127277 | 119051 |
| Less: Non-same-center NOI<sup>(2)</sup> | (5027) | (949) |
| Total Same-Center NOI | $122250 | $118102 |
| Period-end Same-Center Leased Occupancy % | 97.3% | 97.2% |

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<sup>(1)</sup> Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.

<sup>(2)</sup> Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.

**NAREIT FFO AND CORE FFO**—Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. Core FFO is an additional financial performance measure used by us as Nareit FFO includes certain non-comparable items that affect our performance over time. We believe that Core FFO is helpful in assisting management and investors with assessing the sustainability of our operating performance in future periods.

Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions. Core FFO 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 plan in the manner currently contemplated.

Accordingly, Nareit FFO and Core FFO 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. Our Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **27** |

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The following table presents our calculation of Nareit FFO and Core FFO (in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders** |  |  |
| Net income | $33242 | $28893 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 65182 | 64897 |
| &nbsp;&nbsp;Gain on disposal of property, net | (6817) | (5609) |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1315 | 867 |
| Nareit FFO attributable to stockholders and OP unit holders | $92922 | $89048 |
| **Calculation of Core FFO Attributable to Stockholders and OP Unit Holders** |  |  |
| Nareit FFO attributable to stockholders and OP unit holders | $92922 | $89048 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 349 | 377 |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 2077 | 1322 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt and other, net | 1080 | 1 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | (25) | 25 |
| Core FFO attributable to stockholders and OP unit holders | $96403 | $90773 |
| **Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per diluted share** |  |  |
| Weighted-average shares of common stock outstanding - diluted | 138977 | 138640 |
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $0.67 | $0.64 |
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $0.69 | $0.65 |

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **28** |

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**EBITDA*re* AND ADJUSTED EBITDA*re***—We use EBITDA*re* and Adjusted EBITDA*re* as additional measures of operating performance which allow us to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, we believe they are a useful indicator of our ability to support our debt obligations.

EBITDA*re* and Adjusted EBITDA*re* should not be considered as alternatives to net income (loss), as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions. Accordingly, EBITDA*re* and Adjusted EBITDA*re* 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. Our EBITDA*re* and Adjusted EBITDA*re*, as presented, may not be comparable to amounts calculated by other REITs.

The following table presents our calculation of EBITDA*re* and Adjusted EBITDA*re* (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Year Ended December 31,** |
| | **2026** | **2025** | **2025** |
| **Calculation of EBITDA*re*** |  |  |  |
| Net income | $33242 | $28893 | $122968 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65531 | 65274 | 266374 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 29772 | 25672 | 110338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (6817) | (5609) | (38790) |
| &nbsp;&nbsp;&nbsp;Federal, state, and local tax expense | 242 | 146 | 1307 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 2048 | 1278 | 6200 |
| EBITDA*re* | $124018 | $115654 | $468397 |
| **Calculation of Adjusted EBITDA*re*** |  |  |  |
| EBITDA*re* | $124018 | $115654 | $468397 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 2077 | 1322 | 5523 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | (21) | 25 | 60 |
| &nbsp;&nbsp;Realized performance income<sup>(1)</sup> |  |  | (30) |
| Adjusted EBITDA*re* | $126074 | $117001 | $473950 |

---

<sup>(1)</sup> Realized performance income includes fees received related to the achievement of certain performance targets in our Necessity Retail Partners joint venture, which was dissolved in December 2025.

**LIQUIDITY AND CAPITAL RESOURCES**

**GENERAL**—Aside from standard operating expenses, we expect our principal cash demands to be for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash distributions to stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redevelopment and development projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital expenditures and leasing costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• principal and interest payments on our outstanding indebtedness.

We expect our primary sources of liquidity to be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• borrowings from our unsecured revolving credit facility and proceeds from debt financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proceeds from any equity offering activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proceeds received from the disposition of properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available, unrestricted cash and cash equivalents.

At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.

**ATM Program**—In February 2024, we entered into a sales agreement relating to the potential sale of shares of common stock pursuant to a continuous offering program. In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $250 million from time to time through our sales agents, or, if applicable, as forward sellers. We issued no shares of our common stock under this ATM program during the three months

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **29** |

---

------

ended March 31, 2026 and the year ended December 31, 2025. As of March 31, 2026, approximately $177 million of common stock remained available for issuance under the ATM program.

**DEBT**—The following table summarizes information about our debt as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Total debt obligations, gross | $2517631 | $2402145 |
| Weighted-average interest rate | 4.4% | 4.5% |
| Weighted-average term (in years) | 5.7 | 5.2 |
| Revolving credit facility capacity<sup>(1)</sup> | $1000000 | $1000000 |
| Revolving credit facility availability<sup>(2)</sup> | 787881 | 881771 |

---

<sup>(1)</sup> The revolving credit facility matures in January 2029, with options to extend the maturity for two additional six-month periods.

<sup>(2)</sup> Net of any outstanding balance and letters of credit.

In February 2026, we issued $350 million of 4.750% senior notes due 2033 at an issue price of 99.920% in an underwritten offering.

The 2026 senior notes are fully and unconditionally guaranteed by us.

***Debt Obligation Guarantees***—At March 31, 2026, the Operating Partnership had issued and outstanding its unsecured senior notes due 2031, 2032, 2033, 2034, and 2035, all issued under effective registration statements. The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the unsecured senior notes due 2031, 2032, 2033, 2034, and 2035 are, and on any future debt securities of the Operating Partnership registered under an effective registration statement will be, fully and unconditionally guaranteed by us on a senior basis. As a result of the amendments to SEC Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that: (i) the subsidiary obligor is consolidated into the parent company's consolidated financial statements; (ii) the parent guarantee is "full and unconditional"; and (iii) subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 of Regulation S-X is provided, which includes narrative disclosure and summarized financial information. We meet the conditions of this requirement and thus, are not presenting separate financial statements. Furthermore, as permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the Operating Partnership because the assets, liabilities, and results of operations of the Operating Partnership are not materially different than the corresponding amounts in our consolidated financial statements, and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **30** |

---

------

**FINANCIAL LEVERAGE RATIOS**—We believe our net debt to Adjusted EBITDA*re*, net debt to total enterprise value, and debt covenant compliance as of March 31, 2026 allow us access to future borrowings as needed in the near term. The following table presents our calculation of net debt and total enterprise value, inclusive of our prorated portion of net debt and cash and cash equivalents owned through our unconsolidated joint ventures, as of March 31, 2026 and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Net debt: |  |  |
| &nbsp;&nbsp;&nbsp;Total debt, excluding discounts, market adjustments, and deferred financing expenses | $2572401 | $2456933 |
| &nbsp;&nbsp;&nbsp;Less: Cash and cash equivalents | 5306 | 5124 |
| Total net debt | $2567095 | $2451809 |
| Enterprise value: |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $2567095 | $2451809 |
| &nbsp;&nbsp;Total equity market capitalization<sup>(1)(2)</sup> | 5190640 | 4926872 |
| Total enterprise value | $7757735 | $7378681 |

---

<sup>(1)</sup> Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 138.7 million and 138.5 million diluted shares as of March 31, 2026 and December 31, 2025, respectively, and the closing market price per share of $37.42 and $35.57 as of March 31, 2026 and December 31, 2025, respectively.

<sup>(2)</sup> Fully diluted shares include common stock and OP units.

Pursuant to the terms of our credit agreements, we are subject to, among other things, the maintenance of various financial covenants. We were in compliance with these covenants as of March 31, 2026.

The following table presents our calculation of net debt to Adjusted EBITDA*re* and net debt to total enterprise value as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| Net debt to Adjusted EBITDA*re* - annualized*:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $| 2567095 | $| 2451809 |
| &nbsp;&nbsp;Adjusted EBITDA*re* - annualized<sup>(1)</sup> | 483023 | 483023 | 473950 | 473950 |
| Net debt to Adjusted EBITDA*re* - annualized | 5.3x | 5.3x | 5.2x | 5.2x |
| Net debt to total enterprise value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $| 2567095 | $| 2451809 |
| &nbsp;&nbsp;&nbsp;Total enterprise value | 7757735 | 7757735 | 7378681 | 7378681 |
| Net debt to total enterprise value | 33.1% | 33.1% | 33.2% | 33.2% |

---

<sup>(1)</sup> Adjusted EBITDA*re* is based on a trailing twelve month period. See "Non-GAAP Measures - EBITDA*re* and Adjusted EBITDA*re*" above for a reconciliation to Net Income.

**CAPITAL EXPENDITURES AND REDEVELOPMENT ACTIVITY**—We make capital expenditures during the course of normal operations, including maintenance capital expenditures and tenant improvements, as well as value-enhancing anchor space repositioning and redevelopment, ground-up outparcel development, and other accretive projects.

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **31** |

---

------

During the three months ended March 31, 2026 and 2025, we had gross capital spend of $26.5 million and $26.4 million, respectively. Below is a summary of our capital spending activity, excluding leasing commissions, on a cash basis (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Capital expenditures for real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Capital improvements | $3260 | $3055 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 6570 | 9578 |
| &nbsp;&nbsp;&nbsp;Development and redevelopment | 13988 | 11749 |
| Total capital expenditures for real estate | 23818 | 24382 |
| Corporate asset capital expenditures | 705 | 458 |
| Capitalized indirect costs<sup>(1)</sup> | 1889 | 1440 |
| Total capital spending activity<sup>(2)</sup> | $26412 | $26280 |

---

<sup>(1)</sup> Amount includes internal salaries and related benefits of personnel who work directly on capital projects as well as capitalized interest and other external expenses.

<sup>(2)</sup> Amounts reported are net of insurance proceeds of $0.1 million for property damage claims for the three months ended March 31, 2026 and 2025.

We anticipate that obligations related to capital improvements, as well as development and redevelopment, in 2026 can be met with cash flows from operations, cash flows from dispositions, and/or borrowings on our unsecured revolving credit facility.

Generally, we expect our development and redevelopment projects to stabilize within 24 months. Our underwritten incremental unlevered yields on development and redevelopment projects are expected to range between 9%-12%. Our current in process projects represent an estimated total investment of $74.4 million. 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 annual NOI at stabilization. See "Key Performance Indicators and Defined Terms" above for further information.

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **32** |

---

------

**REAL ESTATE ACQUISITION ACTIVITY**—We actively monitor the commercial real estate market for properties that have future growth potential, are located in attractive demographic markets, and support our business objectives. The following table highlights our wholly-owned property acquisitions (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Number of properties acquired<sup>(1)</sup> | 5 | 5 |
| Number of outparcels and land for future development acquired<sup>(2)</sup> | 1 |  |
| Contract price | $125502 | $138425 |
| Total price of acquisitions<sup>(3)</sup> | 126427 | 139107 |

---

<sup>(1)</sup> During the three months ended March 31, 2026, we acquired a property adjacent to one that was already wholly-owned. Therefore, the property was not an addition to our total property count.

<sup>(2)</sup> Outparcels acquired are adjacent to shopping centers that we own.

<sup>(3)</sup> Total price of acquisitions includes closing costs less credits and assumed liabilities. 

Subsequent to March 31, 2026, we acquired three properties for $58.9 million.

**REAL ESTATE DISPOSITION ACTIVITY**—We continually evaluate our portfolio of assets for opportunities to make strategic dispositions of assets that no longer meet our growth and investment objectives or assets that have stabilized in order to capture their value. The following table summarizes our real estate disposition activity for the three months ended March 31, 2026 and 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Number of properties sold | 2 | 1 |
| Contract price | $22250 | $24850 |
| Proceeds from sale of real estate, net<sup>(1)(2)</sup> | 20947 | 6466 |
| Gain on disposal of property, net | 6817 | 5609 |

---

<sup>(1)</sup> Total proceeds from sale of real estate, net includes closing costs less credits and secured loans received.

<sup>(2)</sup> During the three months ended March 31, 2025, one of our property sales included a seller financing component. We sold the property for $24.9 million and provided secured financing, receiving a note receivable of $17.4 million.

Subsequent to March 31, 2026, we sold one parcel of land for $6.7 million.

**DISTRIBUTIONS**—For each month beginning January 2026 through March 2026, we declared and paid monthly distributions of $0.1083 per common share and OP unit.

To maintain our qualification as a REIT, we must make aggregate annual distributions to our stockholders of at least 90% of our REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain, and which does not necessarily equal net income or loss as calculated in accordance with GAAP). We generally will not be subject to U.S. federal income tax on the income that we distribute to our stockholders each year due to meeting the REIT qualification requirements. However, we may be subject to certain state and local taxes on our income, property, or net worth and to federal income and excise taxes on our undistributed income.

We have not established a minimum distribution level, and our charter does not require that we make distributions to our stockholders.

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **33** |

---

------

**CASH FLOW ACTIVITIES**—As of March 31, 2026, we had cash and cash equivalents and restricted cash of $22.4 million, a net cash decrease of $21.0 million during the three months ended March 31, 2026.

Below is a summary of our cash flow activity (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| | **2026** | **2025** | **$ Change** | **% Change** |
| Net cash provided by operating activities | $55556 | $60542 | $(4986) | (8.2)% |
| Net cash used in investing activities | (127845) | (163556) | 35711 | 21.8% |
| Net cash provided by financing activities | 51336 | 102218 | (50882) | (49.8)% |

---

**OPERATING ACTIVITIES**—Our net cash provided by operating activities was primarily impacted by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* ***Property operations***—Most of our operating cash comes from rental and tenant recovery income received less property operating expenses, real estate taxes, and general and administrative costs paid. Property operations during the three months ended March 31, 2026 were positively impacted by a $4.1 million, or 3.5%, improvement in Same-Center NOI as compared to the same period in 2025. During the three months ended March 31, 2026, we had a net cash outlay of $36.4 million from changes in working capital as compared to a net cash outlay of $27.7 million during the same period in 2025. This change was primarily driven by the timing of interest payments resulting from our senior note issuances.

**INVESTING ACTIVITIES**—Our net cash used in investing activities was primarily impacted by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* ***Real estate acquisitions***—During the three months ended March 31, 2026, our acquisitions resulted in a total cash outlay of $126.4 million, as compared to a total cash outlay of $139.1 million during the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Real estate dispositions*—**During the three months ended March 31, 2026, we sold two properties resulting in a net cash inflow of $20.9 million. During the three months ended March 31, 2025, we sold one property resulting in a net cash inflow of $6.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Investment in unconsolidated joint ventures*—**During the three months ended March 31, 2026, we invested $0.9 million in our unconsolidated joint ventures, as compared to $3.5 million during the same period in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Investment in marketable securities*—**During the three months ended March 31, 2026, we had proceeds, net of investments, of $0.8 million from marketable securities through our captive insurance company, as compared to $1.5 million of investments during the same period in 2025.

**FINANCING ACTIVITIES**—Our net cash provided by financing activities was primarily impacted by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Debt borrowings and payments***—During the three months ended March 31, 2026 and 2025, we had $111.9 million and $159.6 million, respectively, in net borrowings primarily as a result of our net acquisition activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* ***Distributions to stockholders and OP unit holders***—Cash used for distributions to common stockholders and OP unit holders increased $3.2 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to an increase in our distribution rate.

**CRITICAL ACCOUNTING ESTIMATES**

"Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates" of our 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, contains a description of our critical accounting estimates, including those relating to the valuation of real estate assets and rental income. There have been no significant changes to our critical accounting estimates during 2026.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

There have been no material changes from the quantitative and qualitative disclosures about market risk disclosed in "Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk" of our 2025 Annual Report on Form 10-K filed with the SEC on February 10, 2026.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, with the participation of our Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of March 31, 2026. Based on that

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **34** |

---

------

evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) were effective as of March 31, 2026, at a reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

During the quarter ended March 31, 2026, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

⬥ **PART II OTHER INFORMATION**<br>

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we are party to legal proceedings, which arise in the ordinary course of our business. We are not currently involved in any legal proceedings for which we are not covered by our liability insurance or the outcome is reasonably likely to have a material impact on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

**ITEM 1A. RISK FACTORS**

There have been no material changes to our risk factors and other risks and uncertainties as described in "Part I, Item 1A. Risk Factors" of our 2025 Annual Report on Form 10-K filed with the SEC on February 10, 2026.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**UNREGISTERED SALE OF SECURITIES**—During the three months ended March 31, 2026, we issued an aggregate of approximately 114,000 shares of common stock in redemption of approximately 114,000 ownership units of Phillips Edison Grocery Center Operating Partnership I, L.P. These shares of common stock were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. We relied on the exemption under Section 4(a)(2) based upon factual representations received from the limited partners who received the shares of common stock.

**SHARE REPURCHASES**—We have a share repurchase program approved by our Board of Directors of up to $250 million of common stock. The program may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular number of shares. No share repurchases have been made to date under this program. The table below summarizes repurchases of our common stock made during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program** | **Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (in thousands)** |
| January 1, 2026 -<br>January 31, 2026 |  | $— |  | $250000 |
| February 1, 2026 - <br>February 28, 2026<sup>(1)</sup> | 1649 | 37.25 |  | 250000 |
| March 1, 2026 - <br>March 31, 2026<sup>(1)</sup> | 26647 | 39.28 |  | 250000 |

---

<sup>(1)</sup> Represents common shares surrendered to us to satisfy statutory minimum tax withholding obligations associated with the vesting of restricted stock awards under our equity-based compensation plan.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

None.

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| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **35** |

---

------

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. EXHIBITS**

---

| | | | |
|:---|:---|:---|:---|
| **Ex.** | | **Description** | **Reference** |
| 3.1 |  | <u>[Fifth Articles of Amendment and Restatement of Phillips Edison & Company, Inc., as amended](https://www.sec.gov/Archives/edgar/data/1476204/000147620422000058/peco_20220331-ex31.htm)</u> | Form 10-Q, filed May 5, 2022, Exhibit 3.1 |
| 3.2 |  | <u>[Fifth Amended and Restated Bylaws of Phillips Edison & Company, Inc.](https://www.sec.gov/Archives/edgar/data/1476204/000147620421000162/ex31fifthamendedandrestate.htm)</u> | Form 8-K, filed July 19, 2021, Exhibit 3.1 |
| 4.1 |  | <u>[Fifth Supplemental Indenture, dated as of February 26, 2026, by and among Phillips Edison Grocery Center Operating Partnership I, L.P., as issuer, Phillips Edison & Company, Inc., as guarantor, and U.S. Bank Trust Company National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1476204/000162828026012281/exhibit42-8xk.htm)</u> | Form 8-K, filed February 26, 2026, Exhibit 4.2 |
| 10.1 | \* | <u>[Form of Performance LTIP Unit Award Agreement (2026)\*\*\*](peco_20260331-ex101.htm)</u> |  |
| 22.1 | \* | <u>[List of Issuers of Guaranteed Securities](peco_20260331-exx221.htm)</u> |  |
| 31.1 | \* | <u>[Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](peco_20260331-ex311.htm)</u> |  |
| 31.2 | \* | <u>[Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](peco_20260331-ex312.htm)</u> |  |

| 101.INS |  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |
| 101.SCH |  | Inline XBRL Taxonomy Extension Schema Document |  |
| 101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |
| 101.DEF |  | Inline XBRL Taxonomy Definition Linkbase Document |  |
| 101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document |  |
| 101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |
| 104 |  | Cover Page Interactive Data File (formatted as inline XBRL and contained in exhibit 101) |  |

---

\*Filed herewith

\*\*Furnished herewith

\*\*\*Compensatory Plan

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **36** |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **PHILLIPS EDISON & COMPANY, INC.** | **PHILLIPS EDISON & COMPANY, INC.** |
| Date: April 24, 2026 | By: | */s/ Jeffrey S. Edison*  |
|  |  | **Jeffrey S. Edison** |
|  |  | *Chairman of the Board and Chief Executive Officer (Principal Executive Officer)* |
| Date: April 24, 2026 | By: | */s/ John P. Caulfield*  |
|  |  | **John P. Caulfield** |
|  |  | *Executive Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)* |

---

---

| | |
|:---|:---|
| **PHILLIPS EDISON & COMPANY**<br>**MARCH 31, 2026 FORM 10-Q** | **37** |

---

## Exhibit 10.1

**PERFORMANCE LTIP UNIT AWARD AGREEMENT**

Pursuant to the Phillips Edison & Company, Inc. 2020 Omnibus Incentive Plan (the "<u>Plan</u>"), and the Fourth Amended and Restated Limited Partnership Agreement, as amended (the "<u>LP Agreement</u>"), of Phillips Edison Grocery Center Operating Partnership I, L.P. (the "<u>Partnership</u>"), Phillips Edison & Company, Inc. (the "<u>Company</u>"), through its wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, as general partner of the Partnership, hereby grants an award (this "<u>Award</u>") of the maximum number of Class C Units (as defined in the LP Agreement, hereinafter, "<u>LTIP Units</u>") set forth on <u>Exhibit A</u> hereto (the "<u>Maximum</u> <u>Award</u>") to the Grantee set forth on <u>Exhibit A</u> having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Defined Terms</u>. Capitalized terms in this award agreement (this "<u>Agreement</u>") shall have the meaning specified in the Plan, unless a different meaning is specified herein. The following terms shall have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Dividend LTIP Units</u>" means a number of Class B Units (as defined in the LP Agreement) equal to the quotient obtained by dividing (x) the amount of ordinary dividends paid by the Company with respect to the Performance Period in respect of a number of shares of Common Stock, par value $0.01 per share, of the Company ("<u>Common Stock</u>") equal to the number of Earned LTIP Units (as defined in Section 3, including both the vested or unvested portion thereof, disregarding any LTIP Units issued in respect of distributions and reduced by the distributions actually paid with respect to the LTIP Units), by (y) the Share Value as of the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Expiration Date</u>" means the five-year anniversary of the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Performance Period</u>" means the period commencing on January 1<sup>st</sup> of the year in which the Grant Date (as defined in <u>Exhibit A</u>) occurs and concluding on the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Valuation Date</u>" means the earlier of (i) the last day of the third calendar year of the Performance Period (i.e., December 31<sup>st</sup>) or (ii) the date upon which a Change in Control occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Restrictions on Transfer of Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise permitted by the Committee, none of the LTIP Units granted hereunder nor any of the OP Units of the Partnership into which such LTIP Units may be converted (the "<u>OP Units</u>") shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether voluntarily or by operation of law (each such action a "<u>Transfer</u>") and the right to exchange all or a portion of the OP Units for cash or, at the option of the Partnership, for shares of Common Stock (the "<u>Exchange Right</u>") may not be exercised with respect to the OP Units, provided that, at any time after the date that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the LTIP Units vest and (y) is two (2) years after the effective date of the grant, (i) LTIP Units or OP Units may be Transferred to the Grantee's Family Members (as defined below) by

187496.1 ------

gift or domestic relations order, provided that the transferee agrees in writing with the Company and the Partnership to be bound by all the terms and conditions of this Agreement and that subsequent Transfers shall be prohibited except those in accordance with this Section 2 and (ii) the Exchange Right may be exercised with respect to OP Units, and OP Units may be Transferred to the Partnership or the Company in connection with the exercise of the Exchange Right, in accordance with and to the extent otherwise permitted by the terms of the LP Agreement. Additionally, all Transfers of LTIP Units or OP Units must be in compliance with all applicable securities laws (including, without limitation, the Securities Act) and the applicable terms and conditions of the LP Agreement. In connection with any Transfer of LTIP Units or OP Units, the Partnership may require the Grantee to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer of LTIP Units or OP Units not in accordance with the terms and conditions of this Section 2 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any LTIP Units or OP Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any LTIP Units or OP Units. This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of this Agreement, "<u>Family Member</u>" of a Grantee, means the Grantee's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee's household (other than a tenant of the Grantee), a trust in which these persons (or the Grantee) own more than 50 percent of the beneficial interest, a foundation in which these persons (or the Grantee) control the management of assets, and any other entity in which these persons (or the Grantee) own more than 50 percent of the voting interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Earning and Vesting of LTIP Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable following the Valuation Date, but in no event later than 60 days thereafter, the Committee shall certify whether and to what extent the Index Relative Performance (as defined in <u>Exhibit</u> A) is achieved and the percentage of the Maximum Award, if any, earned by the Grantee (the LTIP Units earned based on such certification, the "<u>Earned LTIP Units</u>"). The extent of the achievement of the Index Relative Performance and the percentage of the Maximum Award earned at the end of the Performance Period, if any, will be determined as set forth on <u>Exhibit A</u> hereto. For the avoidance of doubt, in no event shall the Earned LTIP Units be greater than the number of LTIP Units issued pursuant to this Award. Subject to Section 3 of <u>Exhibit A</u> and except as provided in Section 4 below with respect to a Change in Control, fifty percent (50%) of the Earned LTIP Units shall be deemed vested on January 1 of the calendar year immediately following the last day of the Performance Period (the "<u>Initial Vesting Date</u>") and the remaining fifty percent (50%) of the Earned LTIP Units shall vest on the first anniversary of the Initial Vesting Date, provided that the Grantee remains employed by the Company or any of its Subsidiaries through such date (each such date, a "<u>Vesting Date</u>"). The Committee may at any time accelerate the vesting schedule specified in this Section 3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the number of Earned LTIP Units is smaller than the number of LTIP Units previously issued to the Grantee, then the Grantee, as of the Valuation Date, shall forfeit a number of LTIP Units equal to the difference without payment of any consideration by the Partnership; thereafter the term LTIP Units will refer only to the LTIP Units that were not so forfeited and neither the Grantee nor any of the Grantee's successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in the LTIP Units that were so forfeited. If the Earned LTIP Units are greater than the number of LTIP Units previously issued to the Grantee, then, upon the performance of the calculations set forth in this Section 3: (i) the Company shall cause the Partnership to issue to the Grantee, as of the Valuation Date, a number of additional LTIP Units equal to the difference; (ii) such additional LTIP Units shall be added to the LTIP Units previously issued, if any, and thereby become part of this Award; (iii) the Company and the Partnership shall take such corporate and partnership action as is necessary to accomplish the grant of such additional LTIP Units; and (iv) thereafter the term Award LTIP Units will refer collectively to the LTIP Units, if any, issued prior to such additional grant plus such additional LTIP Units; provided that such issuance will be subject to the Grantee confirming the truth and accuracy of the representations set forth in Section 14 hereof and executing and delivering such documents, comparable to the documents executed and delivered in connection with this Award, as the Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws. If the number of Earned LTIP Units is the same as the number of LTIP Units previously issued to the Grantee, then there will be no change to the number of LTIP Units under this Award pursuant to this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Change in Control</u>. Notwithstanding the foregoing, in the event that a Change in Control occurs prior to the end of the normal three-year Performance Period, the Committee will determine the percentage of the Maximum Award that will be considered to be Earned LTIP Units by measuring the Index Relative Performance as of the date of the Change in Control. The Committee shall make such determination as soon as practicable following the date of the Change in Control but in no event more than sixty (60) days thereafter. Fifty percent (50%) of the Earned LTIP Units will be deemed vested as of the date of the Change in Control and the remaining fifty percent (50%) of the Earned LTIP Units shall vest on the first anniversary of the Change in Control, provided that the Grantee remains in continuous service through the relevant vesting date, subject to acceleration as set forth in Section 5 of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Termination of Employment</u>. Except as otherwise provided on <u>Exhibit A</u>, if the Grantee's employment with the Company and its Subsidiaries terminates for any reason prior to the satisfaction of the vesting conditions set forth in Section 3 above, any LTIP Units that have not vested as of such date shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of the Grantee's successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Dividend LTIP Units</u>. Not later than ten (10) days following the Committee's certification under Section 3(a) above or the Committee's determination under Section 4 above, as applicable, the Company will issue to the Grantee a number of Class B Units equal to the Dividend LTIP Units and such Class B Units shall be fully vested as of the date of issuance. The payment of Dividend LTIP Units under this Section 6 is intended to comply with the requirements for a "short term deferral" under Section 409A of the Code and this Agreement and

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this Section 6 will be construed and administered to comply with such requirements. Distributions on the Dividend LTIP Units shall be paid to the Grantee pursuant to Section 16.2(a) of the LP Agreement. Notwithstanding the foregoing, the Committee retains the discretion to pay out the value of the dividends in cash in lieu of issuing any Dividend LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Effectiveness of Award</u>. The Grantee shall be admitted as a partner of the Partnership with beneficial ownership of the LTIP Units that have vested pursuant to <u>Exhibit A</u> and Section 2 of this Agreement on such date and the Grantee shall have all the rights of a Limited Partner of the Partnership with respect to such LTIP Units, as set forth in the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Distributions</u>. Distributions on the LTIP Units shall be paid to the Grantee pursuant to Section 17.2(a) of the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Rights with Respect to LTIP Units</u>. Without duplication with the provisions of Article 15 of the Plan, if (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or capital stock of the Company or a transaction similar thereto, (b) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization, or other similar change in the capital structure of the Company, or any distribution to holders of Common Stock other than ordinary cash dividends, shall occur or (c) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the Agreement, then and in that event, the Committee shall take such action as shall be necessary to maintain the Grantee's rights hereunder so that they are substantially proportionate to the rights existing under this Agreement prior to such event, including, but not limited to, adjustments in the number of LTIP Units then subject to this Agreement and substitution of other awards under the Plan or otherwise. The Grantee shall have the right to vote the LTIP Units if and when voting is allowed under the LP Agreement, regardless of whether vesting has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Incorporation of Plan</u>. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in Section 4.3 of the Plan. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Tax Withholding</u>. No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to the LTIP Units granted hereunder, the Grantee will pay to the Company or, if appropriate, any of its Subsidiaries, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Tax Matters; Section 83(b) Election</u>. The Grantee may make an election to

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include in gross income in the year of transfer the LTIP Units hereunder pursuant to Section 83(b) of the Code substantially in the form attached hereto as <u>Exhibit B</u> and to the extent so elected to supply the necessary information in accordance with the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Section 409A of the Code</u>. If any compensation provided by this Agreement may result in the application of Section 409A of the Code, the Company shall, in consultation with the Grantee, modify the Agreement in the least restrictive manner necessary in order to, where applicable, (a) exclude such compensation from the definition of "deferred compensation" within the meaning of such Section 409A or (b) comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and to make such modifications, in each case, without any diminution in the value of the benefits granted hereby to the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Investment Representation; Registration</u>. The Grantee hereby makes the covenants, representations and warranties set forth on <u>Exhibit C</u> attached hereto as of the Grant Date and as of the Vesting Date. All of such covenants, warranties and representations shall survive the execution and delivery of this Agreement by the Grantee. The Grantee shall immediately notify the Partnership upon discovering that any of the representations or warranties set forth on <u>Exhibit C</u> was false when made or have, as a result of changes in circumstances, become false. The Partnership will have no obligation to register under the Securities Act any of the LTIP Units or any other securities issued pursuant to this Agreement or upon conversion or exchange of the LTIP Units into other limited partnership interests of the Partnership or shares of capital stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>No Obligation to Continue Employment</u>. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee's employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Grantee at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>No Limit on Other Compensation Arrangements</u>. Nothing contained in this Agreement shall preclude the Company from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Status of LTIP Units and Dividend LTIP Units under the Plan</u>. The LTIP Units and Dividend LTIP Units are both issued as equity securities of the Partnership and granted as "Other Stock-Based Awards" under the Plan. The Company will have the right at its option, as set forth in the LP Agreement, to issue Common Stock in exchange for OP Units into which LTIP Units and/or Dividend LTIP Units may have been converted pursuant to the LP Agreement, subject to certain limitations set forth in the LP Agreement, and such Common Stock, if issued, will be issued under the Plan. The Grantee acknowledges that the Grantee will have no right to approve or disapprove such election by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Severability</u>. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law,

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rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of LTIP Units hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Integration</u>. This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning this Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Legend</u>. The records of the Partnership and any other documentation evidencing the LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein, in the Plan and in the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Data Privacy Consent</u>. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the "<u>Relevant Companies</u>") may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the "<u>Relevant Information</u>"). By entering into this Agreement, the Grantee (a) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (b) waives any privacy rights the Grantee may have with respect to the Relevant Information; (c) authorizes the Relevant Companies to store and transmit such information in electronic form; and (d) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. The Relevant Information will only be used in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Amendment; Modification</u>. This Agreement may only be modified or amended in a writing signed by the parties hereto, provided that the Grantee acknowledges that the Plan may be amended or discontinued in accordance with Article 16 thereof and that this Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, for the purpose of satisfying changes in law or for any other lawful purpose, so long as no such action shall adversely affect the Grantee's rights under this Agreement without the Grantee's written consent. No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the parties which are not set forth expressly in this Agreement. The failure of the Grantee or the Company or the Partnership to insist upon strict compliance with any provision of this Agreement, or to assert any right the Grantee or the Company or the Partnership, respectively, may have under this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Complete Agreement</u>. This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter

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hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Law Governing</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Headings</u>. Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Counterparts</u>. This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.<u>Successors and Assigns</u>. The rights and obligations created hereunder shall be binding on the Grantee and his heirs and legal representatives and on the successors and assigns of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.<u>Notices</u>. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Grantee by hand or at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.<u>Clawback</u>. Notwithstanding anything herein or in the Plan to the contrary, the Award and any LTIP Units issuable hereunder shall be subject to any clawback or recoupment policy of the Company, including, but not limited to, the Company's Policy for Recovery of Erroneously Awarded Compensation, effective as of August 8, 2023 (as it may be amended from time to time) and any other policy intended to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>, 20 .

PHILLIPS EDISON & COMPANY, INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Name:

Title:

PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I, L.P.

By: PHILLIPS EDISON GROCERY CENTER

OP GP I LLC, Its General Partner

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Name:

Title:

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned. Electronic acceptance of this Agreement pursuant to the Company's instructions to the Grantee (including through an online acceptance process) is acceptable.

Dated:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

![image_1.jpg](image_1.jpg)Grantee's Signature Grantee's name and address:

![image_1.jpg](image_1.jpg)

![image_1.jpg](image_1.jpg)

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**<u>Exhibit A</u>**

Name of Grantee: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Maximum No. of LTIP Units Granted: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "<u>Maximum Award</u>") Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Defined terms used herein but not defined herein shall have the meanings given to such terms in the Agreement or in the Plan, as applicable. For purposes of this <u>Exhibit A</u> and the Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" has the meaning set forth in the Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Company TSR Percentage</u>" means the total growth rate, expressed as a percentage, in the value per Share during the Performance Period due to the change in the price per Share plus dividends declared during the Performance Period, assuming dividends are reinvested in Common Stock on the ex-dividend date (at a price equal to the closing price of the Common Stock on the applicable ex-dividend date). The Company TSR Percentage shall be calculated consistent with the total shareholder return calculation methodology used for the FTSE Nareit Equity Shopping Centers Index (and, for the avoidance of doubt, assuming the reinvestment of all dividends paid on Common Stock); provided, however, that for purposes of calculating total shareholder return for any Performance Period, the initial share price shall equal the average closing price per Share over the twenty (20) consecutive trading days immediately preceding the first day of the Performance Period, and the final share price shall equal the average closing price per Share over the twenty (20) consecutive trading days immediately preceding, and inclusive of, the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Disability</u>" has meaning set forth in the Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>FTSE Nareit Equity Shopping Centers Index</u>" means the FTSE Nareit Equity Shopping Centers Index or, in the event that such index is discontinued or its methodology is significantly changed, a comparable index selected by the Committee in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Good Reason</u>" has the meaning set forth in the Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Index Companies</u>" means the companies included in the FTSE Nareit Equity Shopping Centers Index; provided, however, that if the common stock of any such company ceases to be listed on a nationally recognized stock exchange at any time during the Performance Period, due, for example, to merger or bankruptcy, or the Committee otherwise reasonably determines that it is no longer suitable for the purposes of the Award, then that entity shall be excluded from the Index Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Index Relative Performance</u>" means the Company TSR Percentage

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compared to the Index TSR Percentages, expressed as a percentile ranking against the Index Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Index TSR Percentage</u>" means the total growth rate, expressed as a percentage and assuming dividends are reinvested in Common Stock on the ex-dividend date (at a price equal to the closing price of the Common Stock on the applicable ex-dividend date), of each of the Index Companies during the Performance Period, calculated in a manner consistent with Section 1(b) above from publicly available information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Retirement</u>" means termination of Grantee's employment with the Company after reaching the age of 65, following at least 10 years of service to the Company. Notwithstanding the foregoing, a termination by Grantee shall not be deemed to constitute a Retirement for purposes of this <u>Exhibit A</u> and the Agreement unless (i) Grantee has provided the Company with at least 90 days' advance written notice of such Retirement (the "<u>Notice Period</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Grantee remains continuously employed by the Company during the Notice Period, and (iii) Grantee's employment automatically terminates upon the termination date set forth in such notice (or such other date as may be accepted by the Committee). For the avoidance of doubt, a termination for Cause shall not constitute Retirement hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"<u>Severance Period</u>" has the meaning set forth in the Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"<u>Severance Plan</u>" means the Phillips Edison & Company, Inc. Amended and Restated Executive Severance and Change in Control Plan as in effect as of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"<u>Share</u>" means a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"<u>Share Value</u>" means, as of any given date, the closing price of a Share on such date on the principal exchange on which such shares are then listed; *provided, however,* that if the Valuation Date is the date on which a Change in Control occurs, Share Value shall mean the price per Share paid by the acquiror in the Change in Control transaction or, to the extent that the consideration in the Change in Control transaction is paid in stock of the acquiror or its affiliates, then, unless otherwise determined by the Committee, Share Value for the portion of such consideration paid in stock of the acquirer or its affiliates shall mean the value of such consideration paid per Share based on the average of the high and low trading prices of a share of such acquiror stock on the principal exchange on which such shares are then traded on the date on which a Change in Control occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Earned LTIP Units</u>. The Earned LTIP Units shall be earned based upon the Index Relative Performance, determined as set forth in the table below, and shall be equal to: (i) the number of LTIP Units granted; <u>multiplied</u> by (ii) the Relative TSR Performance Vesting Percentage, where the Relative TSR Performance Vesting Percentage shall be determined based on the Company's percentile ranking for the Performance Period in relation to the Index Companies. In no event may more than 100% of the LTIP Units subject to the Maximum Award become Earned LTIP Units.

A-2

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---

| | | |
|:---|:---|:---|
| <u>Award Level</u> | <u>Index Relative Performance</u> | &nbsp;&nbsp;&nbsp;<u>Relative TSR Performance</u> <u>Vesting Percentage\*</u> |
| Maximum | At or above the 75<sup>th</sup> Percentile | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Above Target | At the 62.5<sup>th</sup> Percentile | 75% |
| Target | At the 50<sup>th</sup> Percentile | 50% |
| Threshold | At the 30<sup>th</sup> Percentile | 25% |
| &nbsp;&nbsp;&nbsp;Less than Threshold | Below the 30<sup>th</sup> Percentile | 0% |

---

\* The Relative TSR Performance Vesting Percentage will be determined based on straight line interpolation for relative performance between the Award Levels above Threshold set forth above. The Maximum Relative TSR Performance Vesting Percentage is 100%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Company TSR Percentage Modifier</u>. Notwithstanding the provisions of Section 2 above, in the event that the Company TSR Percentage during the Performance Period is negative, any portion of the Maximum Award in excess of 50% of the total amount of the Maximum Award that becomes Earned LTIP Units pursuant to Section 2 of the Agreement shall remain outstanding but shall not vest (such portion of the Earned LTIP Units in excess of 50% of the Maximum Award, the "<u>Contingent LTIP Units</u>"). The Contingent LTIP Units shall only vest if, following the last day of the Performance Period and on or prior to the Expiration Date, the Company TSR Percentage, measured from the first day of the Performance Period through the last day of any calendar quarter ending on or prior to the Expiration Date, is positive ("<u>Positive</u> <u>TSR Performance</u>"). In the event that, following the last day of the Performance Period and on or prior to the Expiration Date, the Company achieves Positive TSR Performance as of the last day of a calendar quarter, the Contingent LTIP Units shall become vested and nonforfeitable on such date, except that in no event shall the Contingent LTIP Units that are otherwise scheduled to vest on the first anniversary of the Initial Vesting Date vest prior to such date (and, in the event that the Company achieves Positive TSR Performance prior to such first anniversary, the Contingent LTIP Units that were otherwise scheduled to vest on the first anniversary of the Initial Vesting Date shall vest on the first anniversary of the Initial Vesting Date, provided that the Grantee remains employed by the Company or any of its Subsidiaries through such date). In the event of a Change in Control that occurs on or prior to the Expiration Date, as soon as practicable following the date of the Change in Control but in no event more than sixty (60) days thereafter, the Committee shall determine the Company TSR Percentage as of the date of the Change of Control and, if the Company achieves Positive TSR Performance as of the date of the Change in Control, all then outstanding Contingent LTIP Units shall vest and become nonforfeitable on the date the Committee makes such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Termination of Employment as a result of Death, Disability, or Retirement</u>. In the event that the Grantee's employment with the Company is terminated as a result of the Grantee's death, Disability, or Retirement, following the Valuation Date, the portion of the LTIP Units that would have vested during the Severance Period shall thereupon vest. In the event that the Grantee's employment with the Company is terminated as a result of the Grantee's death, Disability, or Retirement prior to the Valuation Date, the Award shall remain outstanding and

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shall not be forfeited and, the Grantee shall become vested in a pro-rated portion of the number of LTIP Units that are deemed Earned LTIP Units on the Valuation Date. The pro-ration shall be determined based on the ratio of (i) the number of days the Grantee was employed during the Performance Period plus the number of days in the Grantee's Severance Period to (ii) the total number of days in the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Executive Severance and Change in Control Plan; Termination without Cause or</u> <u>Resignation for Good Reason</u>. Notwithstanding anything to the contrary in the Agreement, the terms of the Severance Plan shall remain in effect. In the event of a termination of the Grantee's employment by the Company and its Affiliates (as defined in the Severance Plan) not for Cause or the Grantee resigns for Good Reason, the Award shall be treated as set forth in Section 4(c) or Section 5(c) of the Severance Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Other Termination</u>. For the avoidance of doubt, in the event of a termination of the Grantee's employment by the Company for Cause or the Grantee's resignation not for Good Reason and not as a result of Grantee's death, Disability or Retirement, Section 5 of the Agreement shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Prior Awards</u>. Notwithstanding anything to the contrary in any prior award agreement granted under the Plan or any other prior employee incentive plan, including, without limitation, the Phillips Edison Grocery Center REIT I, Inc. Amended and Restated 2010 Long- Term Incentive Plan (collectively, the "<u>Plans</u>"), the definitions of Cause, Change in Control, Disability, Good Reason, and Severance Plan in this Exhibit A shall apply to all awards granted under the Plans on or prior to the date hereof and entirely supersede and replace any similar definitions applicable to such prior awards.

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**<u>EXHIBIT B</u>**

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF TRANSFER OF PROPERTY PURSUANT TO SECTION 83(B) OF THE INTERNAL REVENUE CODE

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, Treasury Regulations Section 1.83-2 promulgated thereunder, and Rev. Proc. 2012-29, 2012-28 IRB, 06/26/2012, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The name, address and taxpayer identification number of the undersigned are: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "<u>Taxpayer</u>") &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Social Security No./Taxpayer Identification No.: <u>&nbsp;&nbsp;&nbsp;&nbsp;_________________</u> &nbsp;&nbsp;&nbsp;&nbsp;Taxable Year: Calendar Year <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Description of property with respect to which the election is being made:

The election is being made with respect to <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Class C Units ("<u>LTIP Units</u>") in Phillips Edison Grocery Center Operating Partnership I, L.P. (the "<u>Partnership</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The date on which the LTIP Units were transferred to the undersigned is

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Nature of restrictions to which the LTIP Units are subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Taxpayer's LTIP Units vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested LTIP Units are forfeited in accordance with the vesting provisions described in the Schedule attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The fair market value at time of transfer (determined without regard to any restrictions other than a nonlapse restriction as defined in Treasury Regulations Section 1.83-3(h)) of the LTIP Units with respect to which this election is being made was $0 per LTIP Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The amount to include in gross income is $0.

The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election also will be furnished to the person for whom the services were performed. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services in connection with which the property was transferred.

Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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187496.1 ------

**Schedule to Section 83(b) Election -Vesting Provisions of LTIP Units**

Class C Units ("<u>LTIP Units</u>") are subject to time- and performance-based vesting, provided that the Taxpayer remains an employee of Phillips Edison & Company, Inc.

(the "<u>Company</u>") or its subsidiaries through such vesting, subject to acceleration in certain specified circumstances. Unvested LTIP Units are subject to forfeiture in the event of failure to vest based on the passage of time and continued employment with the Company or its subsidiaries and/or failure to meet applicable performance goals.

187496.1 ------

**<u>EXHIBIT C</u>**

**GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES**

The Grantee hereby represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Grantee has received and had an opportunity to review the following documents (the "<u>Background Documents</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The latest Proxy Statement for the annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Company's Report on Form 10-K for the fiscal year most recently ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Company's Form 10-Q for the most recently ended quarter if one has been filed by the Company with the Securities and Exchange Commission since the filing of the Form 10-K described in clause (iv) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each of the Company's Current Report(s) on Form 8-K, if any, filed since the end of the fiscal year most recently ended for which a Form 10-K has been filed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P., as then amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Phillips Edison & Company, Inc. 2020 Omnibus Incentive

Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)The Company's Articles of Incorporation, as then amended.

The Grantee also acknowledges that any delivery of the Background

Documents and other information relating to the Company and the Partnership prior to the determination by the Partnership of the suitability of the Grantee as a holder of Class B and/or Class C Units ("<u>LTIP Units</u>") shall not constitute an offer of LTIP Units until such determination of suitability shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Grantee hereby represents and warrants that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Grantee either (A) is an "accredited investor" as defined in Rule 501(a) under the Securities Act, or (B) by reason of the business and financial experience of the Grantee, together with the business and financial experience of those persons, if any, retained by the Grantee to represent or advise him or her with respect to the grant to him or her of LTIP Units, the potential conversion of LTIP Units into OP Units of the Partnership ("<u>OP Units</u>") and the potential redemption of such OP Units for shares of Common Stock ("<u>Shares</u>"), has such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that the Grantee (I) is capable of evaluating the merits and risks of an investment in the Partnership and potential investment in the Company and of making an informed

187496.1 ------

investment decision, (II) is capable of protecting his or her own interest or has engaged representatives or advisors to assist him or her in protecting his or her its interests, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) is capable of bearing the economic risk of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Grantee understands that (A) the Grantee is responsible for consulting his or her own tax advisors with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of the award of LTIP Units may become subject, to his or her particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the Grantee provides or will provide services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as the Grantee believes to be necessary and appropriate to make an informed decision to accept this Award of LTIP Units; and (D) an investment in the Partnership and/or the Company involves substantial risks. The Grantee has been given the opportunity to make a thorough investigation of matters relevant to the LTIP Units and has been furnished with, and has reviewed and understands, materials relating to the Partnership and the Company and their respective activities (including, but not limited to, the Background Documents). The Grantee has been afforded the opportunity to obtain any additional information (including any exhibits to the Background Documents) deemed necessary by the Grantee to verify the accuracy of information conveyed to the Grantee. The Grantee confirms that all documents, records, and books pertaining to his or her receipt of LTIP Units which were requested by the Grantee have been made available or delivered to the Grantee. The Grantee has had an opportunity to ask questions of and receive answers from the Partnership and the Company, or from a person or persons acting on their behalf, concerning the terms and conditions of the LTIP Units. **The Grantee has relied upon, and is making its decision solely upon, the Background Documents and other written information provided to the Grantee by the Partnership or the Company.** The Grantee did not receive any tax, legal or financial advice from the Partnership or the Company and, to the extent it deemed necessary, has consulted with its own advisors in connection with its evaluation of the Background Documents and this Agreement and the Grantee's receipt of LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The LTIP Units to be issued, the OP Units issuable upon conversion of the LTIP Units and any Shares issued in connection with the redemption of any such OP Units will be acquired for the account of the Grantee for investment only and not with a current view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein, without prejudice, however, to the Grantee's right (subject to the terms of the LTIP Units, the Plan and this Agreement) at all times to sell or otherwise dispose of all or any part of his or her LTIP Units, OP Units or Shares in compliance with the Securities Act, and applicable state securities laws, and subject, nevertheless, to the disposition of his or her assets being at all times within his or her control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Grantee acknowledges that (A) neither the LTIP Units to be issued, nor the OP Units issuable upon conversion of the LTIP Units, have been

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187496.1 ------

registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws and, if such LTIP Units or OP Units are represented by certificates, such certificates will bear a legend to such effect, (B) the reliance by the Partnership and the Company on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of the Grantee contained herein, (C) such LTIP Units, or OP Units, therefore, cannot be resold unless registered under the Securities Act and applicable state securities laws, or unless an exemption from registration is available,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) there is no public market for such LTIP Units and OP Units and (E) neither the Partnership nor the Company has any obligation or intention to register such LTIP Units or the OP Units issuable upon conversion of the LTIP Units under the Securities Act or any state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except, that, upon the redemption of the OP Units for Shares, the Company currently intends to issue such Shares under the Plan and pursuant to a Registration Statement on Form S-8 under the Securities Act, to the extent that (I) the Grantee is eligible to receive such Shares under the Plan at the time of such issuance and (II) the Company has filed an effective Form S-8 Registration Statement with the Securities and Exchange Commission registering the issuance of such Shares. The Grantee hereby acknowledges that because of the restrictions on transfer or assignment of such LTIP Units acquired hereby and the OP Units issuable upon conversion of the LTIP Units which are set forth in the Partnership Agreement and this Agreement, the Grantee may have to bear the economic risk of his or her ownership of the LTIP Units acquired hereby and the OP Units issuable upon conversion of the LTIP Units for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Grantee has determined that the LTIP Units are a suitable investment for the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)No representations or warranties have been made to the Grantee by the Partnership or the Company, or any officer, director, shareholder, agent, or affiliate of any of them, and the Grantee has received no information relating to an investment in the Partnership or the LTIP Units except the information specified in this Paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)So long as the Grantee holds any LTIP Units, the Grantee shall disclose to the Partnership in writing such information as may be reasonably requested with respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code, applicable to the Partnership or to comply with requirements of any other appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Grantee may make an election under Section 83(b) of the Code with respect to the LTIP Units awarded hereunder, and to the extent so elected has delivered with this Agreement a completed, executed copy of the election form attached to this Agreement as <u>Exhibit B</u>. To the extent so elected, the Grantee agrees to file the election (or to permit the Partnership to file such election on the Grantee's behalf) within thirty (30) days after the Award of the LTIP Units hereunder with the IRS Service Center at which such Grantee files his or her personal income tax returns, and to file a copy of such election with the Grantee's U.S. federal income tax return for the taxable year in which the LTIP Units are awarded to the Grantee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The address set forth on the signature page of this Agreement is the address of the Grantee's principal residence, and the Grantee has no present intention of becoming a resident of any country, state or jurisdiction other than the country and state in which such residence is sited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The representations of the Grantee as set forth above are true and complete to the best of the information and belief of the Grantee, and the Partnership shall be notified promptly of any changes in the foregoing representations.

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187496.1

## Exhibit 22.1

**Exhibit 22.1**

**List of Issuers of Guaranteed Securities**

As of March 31, 2026, the following subsidiary was the issuer of the Senior Notes due 2031, Senior Notes due 2032, Senior Notes due 2033, Senior Notes due 2034, and Senior Notes due 2035 guaranteed by Phillips Edison & Company, Inc.

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Organization** |
| Phillips Edison Grocery Center Operating Partnership I, L.P. | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, Jeffrey S. Edison, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Phillips Edison & Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

---

| |
|:---|
| */s/ Jeffrey S. Edison* |
| **Jeffrey S. Edison**<br>*Chairman of the Board and Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, John P. Caulfield, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Phillips Edison & Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

---

| |
|:---|
| */s/ John P. Caulfield* |
| **John P. Caulfield**<br>*Executive Vice President, Chief Financial Officer, and Treasurer*<br>*(Principal Financial Officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section 906 of the**

**Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Phillips Edison & Company, Inc. (the "Registrant") for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Jeffrey S. Edison, Chief Executive Officer of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: April 24, 2026

---

| |
|:---|
| */s/ Jeffrey S. Edison* |
| **Jeffrey S. Edison**<br>*Chairman of the Board and Chief Executive Officer*<br>*(Principal Executive Officer)* |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section 906 of the**

**Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Phillips Edison & Company, Inc. (the "Registrant") for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, John P. Caulfield, Chief Financial Officer of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: April 24, 2026

---

| |
|:---|
| */s/ John P. Caulfield* |
| **John P. Caulfield**<br>*Executive Vice President, Chief Financial Officer, and Treasurer*<br>*(Principal Financial Officer)* |

---

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