# EDGAR Filing Document

**Accession Number:** 0001476204
**File Stem:** 0001476204-25-000105
**Filing Date:** 2025-10
**Character Count:** 289104
**Document Hash:** bb270af496f023b7cad12d919f0d59cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001476204-25-000105.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001476204-25-000105

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40594
- **FILM NUMBER:** 251413408

**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'? cik0001476204-20251023

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **October 23, 2025**

![pecohorizontallogobluea26.jpg](cik0001476204-20251023_g1.jpg)

**Phillips Edison & Company, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-40594** | **27-1106076** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **11501 Northlake Drive**<br>**Cincinnati, Ohio** | **45249** |
| (Address of principal executive offices) | (Zip Code) |

---

---

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

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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<br>$0.01 par value per share** | **PECO** | **The Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

**Item 7.01 Regulation FD Disclosure.**

On October 23, 2025, Phillips Edison & Company, Inc. (the "Company") issued a press release announcing its results for the quarter ended September 30, 2025. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. A copy of the Company's Third Quarter 2025 Supplemental Disclosure is attached hereto as Exhibit 99.2 and incorporated herein by reference. The Company will host a conference call on Friday, October 24, 2025, at 12:00 p.m. Eastern Time to discuss the third quarter results and provide commentary on its business performance and guidance. The conference call can be accessed by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international). A live webcast of the presentation can be accessed by visiting https://events.q4inc.com/attendee/371251863, and a replay of the webcast will be available approximately one hour after the conclusion of the live webcast at the webcast link above.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, are being furnished to the Securities and Exchange Commission ("SEC"), and shall not be deemed to be "filed" with the SEC for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any other filing with the SEC except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | <u>[Press Release dated October 23, 2025](pecopressreleaseex991q32025.htm)</u> |
| 99.2 | <u>[Third Quarter 2025 Supplemental Disclosure](q32025supplemental.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) |

---

------

**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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | PHILLIPS EDISON & COMPANY, INC. | PHILLIPS EDISON & COMPANY, INC. |
| Dated: October 23, 2025 | By: | */s/ Jennifer L. Robison* |
|  |  | **Jennifer L. Robison** |
|  |  | *Chief Accounting Officer and Senior Vice President<br>(Principal Accounting Officer)* |

---

## Exhibit 99.1

**Phillips Edison & Company Reports**

**Third Quarter 2025 Results and**

**Increases Full Year Earnings Guidance**

**CINCINNATI - October 23, 2025 -** Phillips Edison & Company, Inc. (Nasdaq: PECO) ("PECO" or the "Company"), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2025 and increased full year 2025 earnings guidance. For the three and nine months ended September 30, 2025, net income attributable to stockholders was $24.7 million, or $0.20 per diluted share, and $63.8 million, or $0.51 per diluted share, respectively.

**Highlights for the Third Quarter and Subsequent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Nareit FFO of $89.3 million, or $0.64 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Core FFO of $90.6 million, or $0.65 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increased midpoint of full year 2025 Nareit FFO guidance represents 6.8% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increased midpoint of full year 2025 Core FFO guidance represents 6.6% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The midpoint of full year 2025 same-center NOI guidance represents 3.35% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported strong leased portfolio occupancy of 97.6% and same-center leased portfolio occupancy of 97.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported strong leased inline occupancy of 94.8% and same-center leased inline occupancy of 95.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total portfolio retention remained strong at 93.9% in the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed portfolio comparable renewal leases at a record-high rent spread of 23.2% and inline comparable renewal leases at a record-high rent spread of 23.4% during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed portfolio comparable new leases and inline comparable new leases at a rent spread of 24.5% during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired $21.9 million in assets at PECO's total prorated share, which included two shopping centers and two land parcels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold $9.2 million in assets at PECO's total prorated share, which included one shopping center and one land parcel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, acquired $74.2 million in assets, which included two shopping centers and land for future development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2025 gross acquisitions guidance reflects a range of $350 million to $450 million

**Management Commentary** 

Jeff Edison, Chairman and Chief Executive Officer of PECO stated: "PECO continues to drive solid earnings growth, which is reflected in third quarter 2025 Nareit FFO and Core FFO per share growth of 6.7% and 4.8%, respectively. Retailer demand remains strong for grocery-anchored, neighborhood shopping centers, and this momentum is clear in our operating results again this quarter. We continue to capture a meaningful portion of the transaction market with $376 million of acquisitions completed to date at our share. Operating from a position of strength and stability, PECO is well-positioned to continue to deliver solid earnings growth."

**Financial Results** 

*Net Income*

Third quarter 2025 net income attributable to stockholders totaled $24.7 million, or $0.20 per diluted share, compared to net income of $11.6 million, or $0.09 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, net income attributable to stockholders totaled $63.8 million, or $0.51 per diluted share, compared to net income of $44.5 million, or $0.36 per diluted share, for the same period in 2024.

------

*Nareit FFO*

Third quarter 2025 funds from operations attributable to stockholders and operating partnership ("OP") unit holders as defined by Nareit ("Nareit FFO") increased 9.4% to $89.3 million, or $0.64 per diluted share, compared to $81.6 million, or $0.60 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, Nareit FFO increased 10.1% to $264.3 million, or $1.90 per diluted share, compared to $240.0 million, or $1.76 per diluted share, during the same period a year ago.

*Core FFO*

Third quarter 2025 core funds from operations attributable to stockholders and OP unit holders ("Core FFO") increased 7.3% to $90.6 million, or $0.65 per diluted share, compared to $84.4 million, or $0.62 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, Core FFO increased 9.5% to $269.5 million, or $1.94 per diluted share, compared to $246.0 million, or $1.80 per diluted share, for the same period in 2024.

*Same-Center NOI* 

Third quarter 2025 same-center net operating income ("NOI") increased 3.3% to $115.5 million, compared to $111.8 million during the third quarter of 2024.

For the nine months ended September 30, 2025, same-center NOI increased 3.8% to $344.8 million, compared to $332.1 million during the same period a year ago.

**Portfolio Overview** 

*Portfolio Statistics*

As of September 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties, totaling approximately 34.0 million square feet, located in 31 states. This compared to 290 properties, totaling approximately 32.9 million square feet, located in 31 states as of September 30, 2024.

Leased portfolio occupancy was 97.6% as of September 30, 2025, compared to 97.8% as of September 30, 2024. Same-center leased portfolio occupancy was 97.9% as of September 30, 2025, compared to 97.8% as of September 30, 2024.

Leased anchor occupancy was 99.2% as of September 30, 2025, compared to 99.4% as of September 30, 2024. Same-center leased anchor occupancy was 99.4% as of September 30, 2025, compared to 99.3% as of September 30, 2024.

Leased inline occupancy was 94.8% as of September 30, 2025, compared to 95.0% as of September 30, 2024. Same-center leased inline occupancy was at 95.0% as of September 30, 2025 and 2024.

*Leasing Activity*

During the third quarter of 2025, 270 leases were executed totaling approximately 1.7 million square feet. This compared to 268 leases executed totaling approximately 1.6 million square feet during the third quarter of 2024.

For the nine months ended September 30, 2025, 780 leases were executed totaling approximately 4.6 million square feet. This compared to 790 leases executed totaling approximately 4.6 million square feet during the same period in 2024.

During the third quarter of 2025, comparable rent spreads, which represent the percentage increase of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 23.2% for renewal leases, 24.5% for new leases and 23.5% combined.

Comparable rent spreads during the nine months ended September 30, 2025 were 20.9% for renewal leases, 29.5% for new leases and 22.9% combined.

------

*Transaction Activity - Wholly-Owned* 

During the third quarter of 2025, the Company acquired $14.3 million in assets, which included one shopping center and two land parcels. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces. During the same period, the Company sold $9.2 million in assets, which included one shopping center and one land parcel. The third quarter 2025 acquisitions consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shops at Butler Crossing, a 56,910 square foot shopping center located in an Atlanta, Georgia suburb.

During the nine months ended September 30, 2025, the Company acquired $280.8 million in assets, which included eleven shopping centers and two land parcels. During the same period, $34.1 million in assets were sold, which included two shopping centers and one land parcel.

Subsequent to quarter end, the Company acquired $74.2 million in assets, which included two shopping centers and land for future development. During the same period, the Company sold $9.6 million in assets, which included one shopping center. Acquisitions completed included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bel Air Town Center, a 77,817 square foot shopping center located in a Baltimore, Maryland suburb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surprise Lake Square, a 132,616 square foot shopping center anchored by Safeway located in a Seattle, Washington suburb.

*Transaction Activity - Joint Ventures*

During the third quarter of 2025, the Company acquired $7.6 million in assets at PECO's total prorated share, which included Village at Sandhill, a grocery-anchored shopping center located in a Columbia, South Carolina suburb, through Neighborhood Grocery Catalyst Fund LLC.

During the nine months ended September 30, 2025, the Company acquired $20.9 million in assets at PECO's total prorated share, which included three shopping centers through its joint ventures. During the same period, the Company sold $0.1 million in assets at PECO's total prorated share, which included one outparcel, through Grocery Retail Partners I LLC.

**Balance Sheet Highlights** 

As of September 30, 2025, the Company had approximately $977 million of total liquidity, comprised of $5.8 million of cash, cash equivalents and restricted cash, plus $970.8 million of borrowing capacity available on its $1.0 billion revolving credit facility.

As of September 30, 2025, the Company's trailing twelve month net debt to annualized adjusted EBITDAre was 5.3x. This compared to 5.0x at December 31, 2024. As of September 30, 2025, the Company's outstanding debt had a weighted-average interest rate of 4.4% and a weighted-average maturity of 5.4 years when including all extension options, and 95.3% of the Company's total debt was fixed-rate debt.

------

**2025 Guidance** 

PECO increased its 2025 earnings guidance, as summarized in the table below, which is based upon the Company's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.

---

| | | | |
|:---|:---|:---|:---|
| (in thousands, except per share amounts) | **Q3 2025 YTD** | **<u>Updated</u> Full Year**<br>**2025 Guidance** | **<u>Previous</u> Full Year**<br>**2025 Guidance** |
| Net income per share | $0.51 | **$0.62 - $0.65** | **$0.61 - $0.64** |
| Nareit FFO per share | $1.90 | **$2.51 - $2.55** | **$2.50 - $2.54** |
| Core FFO per share | $1.94 | **$2.57 - $2.61** | **$2.55 - $2.60** |
| Same-Center NOI growth | 3.8% | **3.10% - 3.60%** | **3.10% - 3.60%** |
| **Portfolio Activity:** |  |  |  |
| Acquisitions, gross<sup>(1)</sup> | $301647 | **$350000 - $450000** | **$350000 - $450000** |
| **Other:** |  |  |  |
| Interest expense, net | $81935 | **$108000 - $116000** | **$110000 - $120000** |
| G&A expense | $37760 | **$48000 - $52000** | **$46000 - $51000** |
| Non-cash revenue items<sup>(2)</sup> | $14118 | **$19000 - $21000** | **$19000 - $21000** |
| Adjustments for collectibility | $4101 | **$5000 - $7000** | **$4500 - $7500** |

---

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

<sup>(2)</sup> Represents straight-line rental income and net amortization of above- and below-market leases.

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

The following table provides a reconciliation of the range of the Company's 2025 estimated net income to estimated Nareit FFO and Core FFO:

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Low End** | **High End** |
| Net income per common share | $0.62 | $0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.93 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 0.03 | 0.03 |
| Nareit FFO per common share | $2.51 | $2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs and other | 0.05 | 0.05 |
| Core FFO per common share | $2.57 | $2.61 |

---

------

**Conference Call and Webcast Details**

PECO will host a conference call and webcast on Friday, October 24, 2025 at 12:00 p.m. Eastern Time to discuss third quarter 2025 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

**Third Quarter 2025 Earnings Conference Call and Webcast Details:**

**Date:** Friday, October 24, 2025

**Time:** 12:00 p.m. ET

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

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

**Conference ID:** 4551083

**Webcast:** Third Quarter 2025 Webcast Link

**Replay:**

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

For more information on the Company's financial results, please refer to the Company's Form 10-Q for the quarter ended September 30, 2025.

**Connect with PECO**

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

Follow PECO on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• X at https://x.com/PhillipsEdison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facebook at https://www.facebook.com/phillipsedison.co

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Instagram at https://www.instagram.com/phillips.edison/; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

**About Phillips Edison & Company**

Phillips Edison & Company, Inc. ("PECO") is one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO's centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO's top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2025, PECO managed 328 shopping centers, including 303 wholly-owned centers comprising 34.0 million square feet across 31 states and 25 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.

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

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**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024** 

**(Condensed and Unaudited)**

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

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $1952657 | $1867227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 4293614 | 4085713 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease assets | 540571 | 523209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease assets | 77587 | 76359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment in real estate assets | 6864429 | 6552508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (1928005) | (1771052) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | 4936424 | 4781456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | 36594 | 31724 |
| &nbsp;&nbsp;&nbsp;Total investment in real estate assets, net | 4973018 | 4813180 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4076 | 4881 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1735 | 3768 |
| &nbsp;&nbsp;&nbsp;Goodwill | 29066 | 29066 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 246209 | 195328 |
| &nbsp;&nbsp;&nbsp;Real estate investment and other assets held for sale | 8250 |  |
| Total assets | $5262354 | $5046223 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt obligations, net | $2385326 | $2109543 |
| &nbsp;&nbsp;&nbsp;Below-market lease liabilities, net | 117316 | 116096 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 156805 | 163692 |
| &nbsp;&nbsp;&nbsp;Deferred income | 22722 | 22907 |
| &nbsp;&nbsp;&nbsp;Liabilities of real estate investment held for sale | 461 |  |
| Total liabilities | 2682630 | 2412238 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,710 and 125,120 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 1257 | 1251 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 3661270 | 3646801 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 980 | 4305 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1385714) | (1332435) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 2277793 | 2319922 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 301931 | 314063 |
| Total equity | 2579724 | 2633985 |
| Total liabilities and equity | $5262354 | $5046223 |

---

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**PHILLIPS EDISON & COMPANY, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** 

**(Condensed and Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $178293 | $161780 | $525943 | $478134 |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3274 | 2856 | 9373 | 7943 |
| &nbsp;&nbsp;&nbsp;Other property income | 1102 | 891 | 3417 | 2267 |
| Total revenues | 182669 | 165527 | 538733 | 488344 |
| **Operating Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 30197 | 27528 | 89455 | 81461 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22226 | 19569 | 64584 | 57897 |
| &nbsp;&nbsp;&nbsp;General and administrative | 12752 | 11114 | 37760 | 34060 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 |
| Total operating expenses | 130778 | 126539 | 393879 | 363124 |
| **Other:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (28544) | (24998) | (81935) | (71954) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of property, net | 4255 | (19) | 9798 | (34) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (374) | (1068) | (2344) | (3717) |
| Net income | 27228 | 12903 | 70373 | 49515 |
| Net income attributable to noncontrolling interests | (2543) | (1301) | (6595) | (4972) |
| Net income attributable to stockholders | $24685 | $11602 | $63778 | $44543 |
| **Earnings per share of common stock:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per share attributable to stockholders - basic and diluted | $0.20 | $0.09 | $0.51 | $0.36 |

---

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**Discussion and Reconciliation of Non-GAAP Measures**

***Same-Center Net Operating Income***

The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items, less property operating expenses and real estate taxes. For the three and nine months ended September 30, 2025 and 2024, Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared. The Company believes Same-Center NOI provides useful information to its investors about its 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). Because Same-Center NOI excludes the change in NOI from properties acquired or disposed of after December 31, 2023, it highlights operating trends such as occupancy levels, rental rates, and operating costs on properties that were operational for all comparable periods. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, PECO's Same-Center NOI may not be comparable to other REITs.

Same-Center NOI should not be viewed as an alternative measure of the Company's financial performance as it does not reflect the operations of its 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 the Company's properties that could materially impact its results from operations.

***Nareit Funds from Operations and Core Funds from Operations***

Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. The National Association of Real Estate Investment Trusts ("Nareit") defines 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; and (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. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Nareit FFO on the same basis. The Company calculates Nareit FFO in a manner consistent with the Nareit definition.

Core FFO is an additional financial performance measure used by the Company as Nareit FFO includes certain non-comparable items that affect its performance over time. The Company believes that Core FFO is helpful in assisting management and investors with the assessment of the sustainability of operating performance in future periods, and that it is more reflective of its core operating performance and provides an additional measure to compare PECO's performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). To arrive at Core FFO, the Company adjusts Nareit FFO 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.

Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company's liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its 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. The Company's Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.

***Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate and Adjusted EBITDAre***

Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate ("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 depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDA*re* on the same basis.

Adjusted EBITDA*re* is an additional performance measure used by the Company as EBITDA*re* includes certain non-comparable items that affect the Company's performance over time. To arrive at Adjusted EBITDA*re,* the Company excludes certain recurring and non-recurring items from EBITDA*re*, 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.

The Company uses EBITDA*re* and Adjusted EBITDA*re* as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDA*re* and Adjusted EBITDA*re* should not be considered as alternatives to net income (loss), as an indication of the Company's liquidity, nor as an indication of funds available to cover its cash needs, including its 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. The Company's EBITDA*re* and Adjusted EBITDA*re*, as presented, may not be comparable to amounts calculated by other REITs.

------

***Same-Center Net Operating Income***—The table below compares Same-Center NOI (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| Revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income<sup>(1)</sup> | $120982 | $117679 | $3303 |  | $361630 | $351128 | $10502 |  |
| &nbsp;&nbsp;&nbsp;Tenant recovery income | 38619 | 37123 | 1496 |  | 115582 | 110651 | 4931 |  |
| &nbsp;&nbsp;&nbsp;Reserves for uncollectibility<sup>(2)</sup> | (1144) | (1514) | 370 |  | (3494) | (3949) | 455 |  |
| &nbsp;&nbsp;&nbsp;Other property income | 896 | 768 | 128 |  | 2711 | 2130 | 581 |  |
| Total revenues | 159353 | 154056 | 5297 | 3.4% | 476429 | 459960 | 16469 | 3.6% |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 23779 | 23172 | (607) |  | 72680 | 70703 | (1977) |  |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 20096 | 19102 | (994) |  | 58943 | 57153 | (1790) |  |
| Total operating expenses | 43875 | 42274 | (1601) | (3.8)% | 131623 | 127856 | (3767) | (2.9)% |
| Total Same-Center NOI | $115478 | $111782 | $3696 | 3.3% | $344806 | $332104 | $12702 | 3.8% |

---

<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 the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $27228 | $12903 | $70373 | $49515 |
| Adjusted to exclude: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fees and management income | (3274) | (2856) | (9373) | (7943) |
| &nbsp;&nbsp;Straight-line rental income<sup>(1)</sup> | (2899) | (2148) | (7853) | (6585) |
| &nbsp;&nbsp;&nbsp;Net amortization of above- and below-market leases | (2204) | (1743) | (6276) | (4732) |
| &nbsp;&nbsp;&nbsp;Lease buyout income | (144) | (393) | (2062) | (844) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 12752 | 11114 | 37760 | 34060 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 28544 | 24998 | 81935 | 71954 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 |
| &nbsp;&nbsp;&nbsp;Other expense, net | 374 | 1068 | 2344 | 3717 |
| &nbsp;&nbsp;&nbsp;Property operating expenses related to fees and management income | 989 | 983 | 2892 | 2328 |
| NOI for real estate investments | 122714 | 112273 | 362022 | 331210 |
| Less: Non-same-center NOI<sup>(2)</sup> | (7236) | (491) | (17216) | 894 |
| Total Same-Center NOI | $115478 | $111782 | $344806 | $332104 |
| Period-end Same-Center Leased Occupancy % |  |  | 97.9% | 97.8% |

---

<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***—The following table presents the Company's calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders** |  |  |  |  |
| Net income | $27228 | $12903 | $70373 | $49515 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 65205 | 67887 | 200908 | 188374 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1075 | 745 | 2834 | 2055 |
| Nareit FFO attributable to stockholders and OP unit holders | $89253 | $81554 | $264317 | $239978 |
| **Calculation of Core FFO Attributable to Stockholders and OP Unit Holders** |  |  |  |  |
| Nareit FFO attributable to stockholders and OP unit holders | $89253 | $81554 | $264317 | $239978 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 398 | 441 | 1172 | 1332 |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1181 | 4004 | 3501 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt and other, net |  | 1231 | 1 | 1230 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 3 | 45 | 8 |
| Core FFO attributable to stockholders and OP unit holders | $90557 | $84410 | $269539 | $246049 |
| **Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per Diluted Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average shares of common stock outstanding - diluted | 138860 | 136578 | 138927 | 136458 |
| &nbsp;&nbsp;&nbsp;Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $0.64 | $0.60 | $1.90 | $1.76 |
| &nbsp;&nbsp;&nbsp;Core FFO attributable to stockholders and OP unit holders per share - diluted | $0.65 | $0.62 | $1.94 | $1.80 |

---

------

***EBITDAre and Adjusted EBITDAre***—The following table presents the Company's calculation of EBITDA*re* and Adjusted EBITDA*re* (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Calculation of EBITDA*re*** |  |  |  |  |  |
| Net income | $27228 | $12903 | $70373 | $49515 | $69696 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 | 253016 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 28544 | 24998 | 81935 | 71954 | 96990 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 | 30 |
| &nbsp;&nbsp;&nbsp;Federal, state, and local tax expense | 219 | 446 | 599 | 1047 | 1821 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1652 | 1075 | 4296 | 2937 | 4025 |
| EBITDA*re* | $118991 | $107769 | $349485 | $315193 | $425578 |
| **Calculation of Adjusted EBITDA*re*** |  |  |  |  |  |
| EBITDA*re* | $118991 | $107769 | $349485 | $315193 | $425578 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1181 | 4004 | 3501 | 4993 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 3 | 45 | 8 | 13 |
| Adjusted EBITDA*re* | $119897 | $108953 | $353534 | $318702 | $430584 |

---

------

**Financial Leverage Ratios**—The Company believes its net debt to Adjusted EBITDA*re*, net debt to total enterprise value, and debt covenant compliance as of September 30, 2025 allow it access to future borrowings as needed in the near term. The following table presents the Company's calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Net debt: |  |  |
| &nbsp;&nbsp;&nbsp;Total debt, excluding discounts, market adjustments, and deferred financing expenses | $2457419 | $2166326 |
| &nbsp;&nbsp;&nbsp;Less: Cash and cash equivalents | 5723 | 5470 |
| Total net debt | $2451696 | $2160856 |
| Enterprise value: |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $2451696 | $2160856 |
| &nbsp;&nbsp;&nbsp;Total equity market capitalization<sup>(1)(2)</sup> | 4752062 | 5175286 |
| Total enterprise value | $7203758 | $7336142 |

---

<sup>(1)</sup> Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 138.4 million and 138.2 million diluted shares as of September 30, 2025 and December 31, 2024, respectively, and the closing market price per share of $34.33 and $37.46 as of September 30, 2025 and December 31, 2024, respectively.

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

The following table presents the Company's calculation of net debt to Adjusted EBITDA*re* and net debt to total enterprise value as of September 30, 2025 and December 31, 2024 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Net debt to Adjusted EBITDA*re* - annualized*:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $| 2451696 | $| 2160856 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA*re* - annualized<sup>(1)</sup> | 465416 | 465416 | 430584 | 430584 |
| Net debt to Adjusted EBITDA*re* - annualized | 5.3x | 5.3x | 5.0x | 5.0x |
| Net debt to total enterprise value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | $| 2451696 | $| 2160856 |
| &nbsp;&nbsp;&nbsp;Total enterprise value | 7203758 | 7203758 | 7336142 | 7336142 |
| Net debt to total enterprise value | 34.0% | 34.0% | 29.5% | 29.5% |

---

<sup>(1)</sup> Adjusted EBITDA*re* is based on a trailing twelve month period.

**Forward-Looking Statements**

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the "Company") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "objective," "goal," "strategy," "plan," "focus," "priority," "should," "could," "potential," "possible," "look forward," "optimistic," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings release. Such statements include, but are not limited to: (a) statements about the Company's plans, strategies, initiatives, and prospects; (b) statements about the Company's underwritten incremental yields; and (c) statements about the Company's future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company's portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company's portfolio to its tenants; (v) the financial stability of the Company's tenants, including, without limitation, their ability to pay rent; (vi) the Company's ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company's borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the

------

Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company's corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company's portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company's ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company's tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company's ability to do so at attractive prices or at all; (xx) the effects of the U.S. government shutdown on financial markets and macroeconomic conditions; and (xxi) the impact of tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment. Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company's 2024 Annual Report on Form 10-K, filed with the SEC on February 11, 2025, as updated from time to time in the Company's 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 the Company's performance in future periods. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

**Investors:**

Kimberly Green, Head of Investor Relations

(513) 692-3399

kgreen@phillipsedison.com

Hannah Harper, Senior Manager of Investor Relations

(513) 824-7122

hharper@phillipsedison.com

## Exhibit 99.2

![coverpage2024.jpg](coverpage2024.jpg)

------

---

| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| **[INTRODUCTORY NOTES](#i4158042c63b044a48c2edb9f35be4a92_7)** | [3](#i4158042c63b044a48c2edb9f35be4a92_7) |
| **[FINANCIAL RESULTS](#i4158042c63b044a48c2edb9f35be4a92_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Release | [6](#i4158042c63b044a48c2edb9f35be4a92_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Overview of Results](#i4158042c63b044a48c2edb9f35be4a92_16) | [11](#i4158042c63b044a48c2edb9f35be4a92_16) |
| **[FINANCIAL SUMMARY](#i4158042c63b044a48c2edb9f35be4a92_19)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#i4158042c63b044a48c2edb9f35be4a92_22) | [13](#i4158042c63b044a48c2edb9f35be4a92_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#i4158042c63b044a48c2edb9f35be4a92_25) | [14](#i4158042c63b044a48c2edb9f35be4a92_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#i4158042c63b044a48c2edb9f35be4a92_28) (Quarterly) | [15](#i4158042c63b044a48c2edb9f35be4a92_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit [FFO, Core FFO, and Adjusted FFO](#i4158042c63b044a48c2edb9f35be4a92_31) | [16](#i4158042c63b044a48c2edb9f35be4a92_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit [FFO, Core FFO, and Adjusted FFO](#i4158042c63b044a48c2edb9f35be4a92_34)(Quarterly) | [17](#i4158042c63b044a48c2edb9f35be4a92_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EBITDAre Metrics](#i4158042c63b044a48c2edb9f35be4a92_37) | [18](#i4158042c63b044a48c2edb9f35be4a92_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EBITDA](#i4158042c63b044a48c2edb9f35be4a92_40)*[re](#i4158042c63b044a48c2edb9f35be4a92_40)*[Metrics (Quarterly)](#i4158042c63b044a48c2edb9f35be4a92_40) | [19](#i4158042c63b044a48c2edb9f35be4a92_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Same-Center NOI Analysis](#i4158042c63b044a48c2edb9f35be4a92_43) | [20](#i4158042c63b044a48c2edb9f35be4a92_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Joint Venture Summary](#i4158042c63b044a48c2edb9f35be4a92_46) and Financials  | [21](#i4158042c63b044a48c2edb9f35be4a92_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Supplemental Balance Sheet Detail](#i4158042c63b044a48c2edb9f35be4a92_52) | [22](#i4158042c63b044a48c2edb9f35be4a92_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Supplemental Statement of Operations Detail](#i4158042c63b044a48c2edb9f35be4a92_55) | [23](#i4158042c63b044a48c2edb9f35be4a92_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Expenditures](#i4158042c63b044a48c2edb9f35be4a92_58) | [24](#i4158042c63b044a48c2edb9f35be4a92_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Projects](#i4158042c63b044a48c2edb9f35be4a92_61) | [25](#i4158042c63b044a48c2edb9f35be4a92_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capitalization and Debt Ratios](#i4158042c63b044a48c2edb9f35be4a92_64) | [27](#i4158042c63b044a48c2edb9f35be4a92_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of [Outstanding Debt](#i4158042c63b044a48c2edb9f35be4a92_67) | [28](#i4158042c63b044a48c2edb9f35be4a92_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Debt Overview and Schedule of Maturities](#i4158042c63b044a48c2edb9f35be4a92_70) | [29](#i4158042c63b044a48c2edb9f35be4a92_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Covenant](#i4158042c63b044a48c2edb9f35be4a92_73) Disclosures | [30](#i4158042c63b044a48c2edb9f35be4a92_73) |
| **[TRANSACTIONAL SUMMARY](#i4158042c63b044a48c2edb9f35be4a92_76)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Acquisition and Disposition Summary](#i4158042c63b044a48c2edb9f35be4a92_79) | [32](#i4158042c63b044a48c2edb9f35be4a92_79) |
| **[PORTFOLIO SUMMARY](#i4158042c63b044a48c2edb9f35be4a92_82)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Wholly-Owned Portfolio Summary](#i4158042c63b044a48c2edb9f35be4a92_85) | [34](#i4158042c63b044a48c2edb9f35be4a92_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ABR by Neighbor Category](#i4158042c63b044a48c2edb9f35be4a92_88) | [35](#i4158042c63b044a48c2edb9f35be4a92_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Occupancy and ABR](#i4158042c63b044a48c2edb9f35be4a92_91) | [36](#i4158042c63b044a48c2edb9f35be4a92_91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Top 25 Neighbors by ABR](#i4158042c63b044a48c2edb9f35be4a92_94) | [37](#i4158042c63b044a48c2edb9f35be4a92_94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Neighbors by Type and Industry](#i4158042c63b044a48c2edb9f35be4a92_97) | [38](#i4158042c63b044a48c2edb9f35be4a92_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Properties by State](#i4158042c63b044a48c2edb9f35be4a92_100) | [39](#i4158042c63b044a48c2edb9f35be4a92_100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New, Renewal, and Option Lease Summary](#i4158042c63b044a48c2edb9f35be4a92_103) | [40](#i4158042c63b044a48c2edb9f35be4a92_103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lease Expirations](#i4158042c63b044a48c2edb9f35be4a92_106) | [41](#i4158042c63b044a48c2edb9f35be4a92_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Property List](#i4158042c63b044a48c2edb9f35be4a92_109) | [42](#i4158042c63b044a48c2edb9f35be4a92_109) |
| **[ADDITIONAL DISCLOSURES](#i4158042c63b044a48c2edb9f35be4a92_112)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Earnings Guidance](#i4158042c63b044a48c2edb9f35be4a92_115) | [62](#i4158042c63b044a48c2edb9f35be4a92_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Components of NAV](#i4158042c63b044a48c2edb9f35be4a92_118) | [63](#i4158042c63b044a48c2edb9f35be4a92_118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary of Terms](#i4158042c63b044a48c2edb9f35be4a92_121) | [64](#i4158042c63b044a48c2edb9f35be4a92_121) |
| **INVESTOR INFORMATION** | [67](#i4158042c63b044a48c2edb9f35be4a92_124) |

---

Phillips Edison & Company 2<br>

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Introductory Notes

**SUPPLEMENTAL INFORMATION**<br>

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

**CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS**

This supplemental disclosure contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "objective," "goal," "strategy," "plan," "focus," "priority," "should," "could," "potential," "possible," "look forward," "optimistic," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental disclosure. Such statements include, but are not limited to: (a) statements about the Company's plans, strategies, initiatives, and prospects; (b) statements about the Company's underwritten incremental yields; and (c) statements about the Company's future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company's portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company's portfolio to its tenants; (v) the financial stability of the Company's tenants, including, without limitation, their ability to pay rent; (vi) the Company's ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company's borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company's corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company's portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company's ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company's tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company's ability to do so at attractive prices or at all; (xx) the effects of the U.S. government shutdown on financial markets and macroeconomic conditions; and (xxi) the impact of tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment.

Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company's 2024 Annual Report on Form 10-K, filed with the SEC on February 11, 2025, which is accessible on the SEC's website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this supplement to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting such forward-looking statements.

**NOTICE REGARDING NON-GAAP FINANCIAL MEASURES**

In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental disclosure on pages [16](#i4158042c63b044a48c2edb9f35be4a92_31)-[20](#i4158042c63b044a48c2edb9f35be4a92_43) and definitions of our non-GAAP measures are included in our Glossary of Terms beginning on page [64](#i4158042c63b044a48c2edb9f35be4a92_121).

Phillips Edison & Company 3<br>

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Introductory Notes

**PRO RATA FINANCIAL INFORMATION**<br>

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

Phillips Edison & Company 4<br>

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![pecostackedlogobluea03.jpg](pecostackedlogobluea03.jpg)

FINANCIAL RESULTS <br> Three and Nine Months Ended September 30, 2025

Phillips Edison & Company 5<br>

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Earnings ReleaseUnaudited

**Phillips Edison & Company Reports**

**Third Quarter 2025 Results and**

**Increases Full Year Earnings Guidance**

**CINCINNATI - October 23, 2025 -** Phillips Edison & Company, Inc. (Nasdaq: PECO) ("PECO" or the "Company"), one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2025 and increased full year 2025 earnings guidance. For the three and nine months ended September 30, 2025, net income attributable to stockholders was $24.7 million, or $0.20 per diluted share, and $63.8 million, or $0.51 per diluted share, respectively.

**Highlights for the Third Quarter and Subsequent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Nareit FFO of $89.3 million, or $0.64 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported Core FFO of $90.6 million, or $0.65 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increased midpoint of full year 2025 Nareit FFO guidance represents 6.8% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increased midpoint of full year 2025 Core FFO guidance represents 6.6% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The midpoint of full year 2025 same-center NOI guidance represents 3.35% year-over-year growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported strong leased portfolio occupancy of 97.6% and same-center leased portfolio occupancy of 97.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported strong leased inline occupancy of 94.8% and same-center leased inline occupancy of 95.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total portfolio retention remained strong at 93.9% in the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed portfolio comparable renewal leases at a record-high rent spread of 23.2% and inline comparable renewal leases at a record-high rent spread of 23.4% during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed portfolio comparable new leases and inline comparable new leases at a rent spread of 24.5% during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired $21.9 million in assets at PECO's total prorated share, which included two shopping centers and two land parcels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold $9.2 million in assets at PECO's total prorated share, which included one shopping center and one land parcel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, acquired $74.2 million in assets, which included two shopping centers and land for future development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2025 gross acquisitions guidance reflects a range of $350 million to $450 million

**Management Commentary** 

Jeff Edison, Chairman and Chief Executive Officer of PECO stated: "PECO continues to drive solid earnings growth, which is reflected in third quarter 2025 Nareit FFO and Core FFO per share growth of 6.7% and 4.8%, respectively. Retailer demand remains strong for grocery-anchored, neighborhood shopping centers, and this momentum is clear in our operating results again this quarter. We continue to capture a meaningful portion of the transaction market with $376 million of acquisitions completed to date at our share. Operating from a position of strength and stability, PECO is well-positioned to continue to deliver solid earnings growth."

**Financial Results** 

*Net Income*

Third quarter 2025 net income attributable to stockholders totaled $24.7 million, or $0.20 per diluted share, compared to net income of $11.6 million, or $0.09 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, net income attributable to stockholders totaled $63.8 million, or $0.51 per diluted share, compared to net income of $44.5 million, or $0.36 per diluted share, for the same period in 2024.

Phillips Edison & Company 6<br>

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Earnings ReleaseUnaudited

*Nareit FFO*

Third quarter 2025 funds from operations attributable to stockholders and operating partnership ("OP") unit holders as defined by Nareit ("Nareit FFO") increased 9.4% to $89.3 million, or $0.64 per diluted share, compared to $81.6 million, or $0.60 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, Nareit FFO increased 10.1% to $264.3 million, or $1.90 per diluted share, compared to $240.0 million, or $1.76 per diluted share, during the same period a year ago.

*Core FFO*

Third quarter 2025 core funds from operations attributable to stockholders and OP unit holders ("Core FFO") increased 7.3% to $90.6 million, or $0.65 per diluted share, compared to $84.4 million, or $0.62 per diluted share, during the third quarter of 2024.

For the nine months ended September 30, 2025, Core FFO increased 9.5% to $269.5 million, or $1.94 per diluted share, compared to $246.0 million, or $1.80 per diluted share, for the same period in 2024.

*Same-Center NOI* 

Third quarter 2025 same-center net operating income ("NOI") increased 3.3% to $115.5 million, compared to $111.8 million during the third quarter of 2024.

For the nine months ended September 30, 2025, same-center NOI increased 3.8% to $344.8 million, compared to $332.1 million during the same period a year ago.

**Portfolio Overview** 

*Portfolio Statistics*

As of September 30, 2025, PECO's wholly-owned portfolio consisted of 303 properties, totaling approximately 34.0 million square feet, located in 31 states. This compared to 290 properties, totaling approximately 32.9 million square feet, located in 31 states as of September 30, 2024.

Leased portfolio occupancy was 97.6% as of September 30, 2025, compared to 97.8% as of September 30, 2024. Same-center leased portfolio occupancy was 97.9% as of September 30, 2025, compared to 97.8% as of September 30, 2024.

Leased anchor occupancy was 99.2% as of September 30, 2025, compared to 99.4% as of September 30, 2024. Same-center leased anchor occupancy was 99.4% as of September 30, 2025, compared to 99.3% as of September 30, 2024.

Leased inline occupancy was 94.8% as of September 30, 2025, compared to 95.0% as of September 30, 2024. Same-center leased inline occupancy was at 95.0% as of September 30, 2025 and 2024.

*Leasing Activity*

During the third quarter of 2025, 270 leases were executed totaling approximately 1.7 million square feet. This compared to 268 leases executed totaling approximately 1.6 million square feet during the third quarter of 2024.

For the nine months ended September 30, 2025, 780 leases were executed totaling approximately 4.6 million square feet. This compared to 790 leases executed totaling approximately 4.6 million square feet during the same period in 2024.

During the third quarter of 2025, comparable rent spreads, which represent the percentage increase of new or renewal leases to the expiring lease of a unit that was occupied within the past twelve months, were 23.2% for renewal leases, 24.5% for new leases and 23.5% combined.

Comparable rent spreads during the nine months ended September 30, 2025 were 20.9% for renewal leases, 29.5% for new leases and 22.9% combined.

Phillips Edison & Company 7<br>

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Earnings ReleaseUnaudited

*Transaction Activity - Wholly-Owned* 

During the third quarter of 2025, the Company acquired $14.3 million in assets, which included one shopping center and two land parcels. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces. During the same period, the Company sold $9.2 million in assets, which included one shopping center and one land parcel. The third quarter 2025 acquisitions consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shops at Butler Crossing, a 56,910 square foot shopping center located in an Atlanta, Georgia suburb.

During the nine months ended September 30, 2025, the Company acquired $280.8 million in assets, which included eleven shopping centers and two land parcels. During the same period, $34.1 million in assets were sold, which included two shopping centers and one land parcel.

Subsequent to quarter end, the Company acquired $74.2 million in assets, which included two shopping centers and land for future development. During the same period, the Company sold $9.6 million in assets, which included one shopping center. Acquisitions completed included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bel Air Town Center, a 77,817 square foot shopping center located in a Baltimore, Maryland suburb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surprise Lake Square, a 132,616 square foot shopping center anchored by Safeway located in a Seattle, Washington suburb.

*Transaction Activity - Joint Ventures*

During the third quarter of 2025, the Company acquired $7.6 million in assets at PECO's total prorated share, which included Village at Sandhill, a grocery-anchored shopping center located in a Columbia, South Carolina suburb, through Neighborhood Grocery Catalyst Fund LLC.

During the nine months ended September 30, 2025, the Company acquired $20.9 million in assets at PECO's total prorated share, which included three shopping centers through its joint ventures. During the same period, the Company sold $0.1 million in assets at PECO's total prorated share, which included one outparcel, through Grocery Retail Partners I LLC.

**Balance Sheet Highlights** 

As of September 30, 2025, the Company had approximately $977 million of total liquidity, comprised of $5.8 million of cash, cash equivalents and restricted cash, plus $970.8 million of borrowing capacity available on its $1.0 billion revolving credit facility.

As of September 30, 2025, the Company's trailing twelve month net debt to annualized adjusted EBITDAre was 5.3x. This compared to 5.0x at December 31, 2024. As of September 30, 2025, the Company's outstanding debt had a weighted-average interest rate of 4.4% and a weighted-average maturity of 5.4 years when including all extension options, and 95.3% of the Company's total debt was fixed-rate debt.

Phillips Edison & Company 8<br>

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Earnings ReleaseUnaudited

**2025 Guidance** 

PECO increased its 2025 earnings guidance, as summarized in the table below, which is based upon the Company's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" below.

---

| | | | |
|:---|:---|:---|:---|
| (in thousands, except per share amounts) | **Q3 2025 YTD** | **<u>Updated</u> Full Year**<br>**2025 Guidance** | **<u>Previous</u> Full Year**<br>**2025 Guidance** |
| Net income per share | $0.51 | **$0.62 - $0.65** | **$0.61 - $0.64** |
| Nareit FFO per share | $1.90 | **$2.51 - $2.55** | **$2.50 - $2.54** |
| Core FFO per share | $1.94 | **$2.57 - $2.61** | **$2.55 - $2.60** |
| Same-Center NOI growth | 3.8% | **3.10% - 3.60%** | **3.10% - 3.60%** |
| **Portfolio Activity:** |  |  |  |
| Acquisitions, gross<sup>(1)</sup> | $301647 | **$350000 - $450000** | **$350000 - $450000** |
| **Other:** |  |  |  |
| Interest expense, net | $81935 | **$108000 - $116000** | **$110000 - $120000** |
| G&A expense | $37760 | **$48000 - $52000** | **$46000 - $51000** |
| Non-cash revenue items<sup>(2)</sup> | $14118 | **$19000 - $21000** | **$19000 - $21000** |
| Adjustments for collectibility | $4101 | **$5000 - $7000** | **$4500 - $7500** |

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

<sup>(2)</sup> Represents straight-line rental income and net amortization of above- and below-market leases.

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

The following table provides a reconciliation of the range of the Company's 2025 estimated net income to estimated Nareit FFO and Core FFO:

---

| | | |
|:---|:---|:---|
| (Unaudited) | **Low End** | **High End** |
| Net income per common share | $0.62 | $0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.93 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 0.03 | 0.03 |
| Nareit FFO per common share | $2.51 | $2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs and other | 0.05 | 0.05 |
| Core FFO per common share | $2.57 | $2.61 |

---

Phillips Edison & Company 9<br>

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Earnings ReleaseUnaudited

**Conference Call and Webcast Details**

PECO will host a conference call and webcast on Friday, October 24, 2025 at 12:00 p.m. Eastern Time to discuss third quarter 2025 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

**Third Quarter 2025 Earnings Conference Call and Webcast Details:**

**Date:** Friday, October 24, 2025

**Time:** 12:00 p.m. ET

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

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

**Conference ID:** 4551083

**Webcast:** Third Quarter 2025 Webcast Link

**Replay:**

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

For more information on the Company's financial results, please refer to the Company's Form 10-Q for the quarter ended September 30, 2025.

**Connect with PECO**

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

Follow PECO on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• X at https://x.com/PhillipsEdison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facebook at https://www.facebook.com/phillipsedison.co

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Instagram at https://www.instagram.com/phillips.edison/; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

**About Phillips Edison & Company**

Phillips Edison & Company, Inc. ("PECO") is one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO's centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO's top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2025, PECO managed 328 shopping centers, including 303 wholly-owned centers comprising 34.0 million square feet across 31 states and 25 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.

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

Phillips Edison & Company 10<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview of Results<br>Unaudited, in thousands (excluding per share and per square foot amounts) | Overview of Results<br>Unaudited, in thousands (excluding per share and per square foot amounts) | Overview of Results<br>Unaudited, in thousands (excluding per share and per square foot amounts) | Overview of Results<br>Unaudited, in thousands (excluding per share and per square foot amounts) | Overview of Results<br>Unaudited, in thousands (excluding per share and per square foot amounts) |
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **SUMMARY FINANCIAL RESULTS** |  |  |  |  |
| Total revenues (page [14](#i4158042c63b044a48c2edb9f35be4a92_25)) | $182669 | $165527 | $538733 | $488344 |
| Net income attributable to stockholders (page [14](#i4158042c63b044a48c2edb9f35be4a92_25)) | 24685 | 11602 | 63778 | 44543 |
| Net income per share - basic and diluted (page [14](#i4158042c63b044a48c2edb9f35be4a92_25)) | $0.20 | $0.09 | $0.51 | $0.36 |
| Same-Center NOI (page [20](#i4158042c63b044a48c2edb9f35be4a92_43)) | 115478 | 111782 | 344806 | 332104 |
| Adjusted EBITDA*re* (page [18](#i4158042c63b044a48c2edb9f35be4a92_37)) | 119897 | 108953 | 353534 | 318702 |
| Nareit FFO (page [16](#i4158042c63b044a48c2edb9f35be4a92_31)) | 89253 | 81554 | 264317 | 239978 |
| Nareit FFO per share - diluted (page [16](#i4158042c63b044a48c2edb9f35be4a92_31)) | $0.64 | $0.60 | $1.90 | $1.76 |
| Core FFO (page [16](#i4158042c63b044a48c2edb9f35be4a92_31)) | 90557 | 84410 | 269539 | 246049 |
| Core FFO per share - diluted (page [16](#i4158042c63b044a48c2edb9f35be4a92_31)) | $0.65 | $0.62 | $1.94 | $1.80 |
| **SUMMARY OF FINANCIAL AND OPERATING RATIOS** |  |  |  |  |
| Same-Center NOI margin (page [20](#i4158042c63b044a48c2edb9f35be4a92_43)) | 72.5% | 72.6% | 72.4% | 72.2% |
| Same-Center NOI change (page [20](#i4158042c63b044a48c2edb9f35be4a92_43))<sup>(1)</sup> | 3.3% | 3.2% | 3.8% | 2.9% |
| **LEASING RESULTS** |  |  |  |  |
| Comparable rent spreads - new leases (page [40](#i4158042c63b044a48c2edb9f35be4a92_103))<sup>(2)</sup> | 24.5% | 55.0% | 29.5% | 37.7% |
| Comparable rent spreads - renewals (page [40](#i4158042c63b044a48c2edb9f35be4a92_103))<sup>(2)</sup> | 23.2% | 19.8% | 20.9% | 19.0% |
| Portfolio retention rate (page [34](#i4158042c63b044a48c2edb9f35be4a92_85))<sup>(2)</sup> | 93.9% | 91.9% | 92.8% | 89.3% |
|  |  |  | **As of September 30,** | **As of September 30,** |
|  |  |  | **2025** | **2024** |
| **OUTSTANDING STOCK AND PARTNERSHIP UNITS** |  |  |  |  |
| Common stock outstanding |  |  | 125710 | 122615 |
| Operating Partnership (OP) units outstanding |  |  | 12713 | 13637 |
| **SUMMARY PORTFOLIO STATISTICS**<sup>(2)</sup> |  |  |  |  |
| Number of properties |  |  | 303 | 290 |
| GLA (page [34](#i4158042c63b044a48c2edb9f35be4a92_85)) |  |  | 34035 | 32902 |
| Leased occupancy (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | 97.6% | 97.8% |
| Economic occupancy (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | 97.0% | 97.3% |
| Leased ABR PSF (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | $16.17 | $15.45 |
| Leased Anchor ABR PSF (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | $10.46 | $10.25 |
| Leased Inline ABR PSF (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | $26.61 | $25.48 |
| Same-Center leased occupancy (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | 97.9% | 97.8% |
| Same-Center economic occupancy (page [36](#i4158042c63b044a48c2edb9f35be4a92_91)) |  |  | 97.2% | 97.3% |

---

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

<sup>(2)</sup> Statistics represent the Company's wholly-owned properties.

Phillips Edison & Company 11<br>

------

![pecostackedlogobluea03.jpg](pecostackedlogobluea03.jpg)

FINANCIAL SUMMARY <br> Three and Nine Months Ended September 30, 2025

Phillips Edison & Company 12<br>

------

---

| | | |
|:---|:---|:---|
| Consolidated Balance Sheets<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Balance Sheets<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Balance Sheets<br>Condensed and Unaudited, in thousands (excluding per share amounts) |
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $1952657 | $1867227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 4293614 | 4085713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-place lease assets | 540571 | 523209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Above-market lease assets | 77587 | 76359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment in real estate assets | 6864429 | 6552508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (1928005) | (1771052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | 4936424 | 4781456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated joint ventures | 36594 | 31724 |
| &nbsp;&nbsp;&nbsp;Total investment in real estate assets, net | 4973018 | 4813180 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4076 | 4881 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1735 | 3768 |
| &nbsp;&nbsp;&nbsp;Goodwill | 29066 | 29066 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 246209 | 195328 |
| &nbsp;&nbsp;&nbsp;Real estate investment and other assets held for sale | 8250 |  |
| **Total assets** | $**5262354** | $**5046223** |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt obligations, net | $2385326 | $2109543 |
| &nbsp;&nbsp;&nbsp;Below-market lease liabilities, net | 117316 | 116096 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 156805 | 163692 |
| &nbsp;&nbsp;&nbsp;Deferred income | 22722 | 22907 |
| &nbsp;&nbsp;&nbsp;Liabilities of real estate investment held for sale | 461 |  |
| Total liabilities | 2682630 | 2412238 |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value per share, 1,000,000 shares authorized, 125,710 and 125,120 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 1257 | 1251 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 3661270 | 3646801 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 980 | 4305 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1385714) | (1332435) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 2277793 | 2319922 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 301931 | 314063 |
| Total equity | 2579724 | 2633985 |
| **Total liabilities and equity** | $**5262354** | $**5046223** |

---

Phillips Edison & Company 13<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $178293 | $161780 | $525943 | $478134 |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3274 | 2856 | 9373 | 7943 |
| &nbsp;&nbsp;&nbsp;Other property income | 1102 | 891 | 3417 | 2267 |
| **Total revenues** | **182669** | **165527** | **538733** | **488344** |
| **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 30197 | 27528 | 89455 | 81461 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22226 | 19569 | 64584 | 57897 |
| &nbsp;&nbsp;&nbsp;General and administrative | 12752 | 11114 | 37760 | 34060 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 |
| **Total operating expenses** | **130778** | **126539** | **393879** | **363124** |
| **OTHER** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (28544) | (24998) | (81935) | (71954) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of property, net | 4255 | (19) | 9798 | (34) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (374) | (1068) | (2344) | (3717) |
| **Net income** | **27228** | **12903** | **70373** | **49515** |
| Net income attributable to noncontrolling interests | (2543) | (1301) | (6595) | (4972) |
| **Net income attributable to stockholders** | $**24685** | $**11602** | $**63778** | $**44543** |
| **EARNINGS PER SHARE OF COMMON STOCK** |  |  |  |  |
| Net income per share attributable to stockholders - <br>&nbsp;&nbsp;&nbsp;&nbsp;basic and diluted | $0.20 | $0.09 | $0.51 | $0.36 |

---

Phillips Edison & Company 14<br>

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) | Consolidated Statements of Operations<br>Condensed and Unaudited, in thousands (excluding per share amounts) |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,<br> 2025** | **June 30,<br> 2025** | **March 31, 2025** | **December 31,<br> 2024** | **September 30,<br> 2024** |
| **REVENUES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $178293 | $173467 | $174183 | $169455 | $161780 |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3274 | 3316 | 2783 | 2788 | 2856 |
| &nbsp;&nbsp;&nbsp;Other property income | 1102 | 970 | 1345 | 805 | 891 |
| **Total revenues** | **182669** | **177753** | **178311** | **173048** | **165527** |
| **OPERATING EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 30197 | 29322 | 29936 | 31172 | 27528 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 22226 | 21279 | 21079 | 19787 | 19569 |
| &nbsp;&nbsp;&nbsp;General and administrative | 12752 | 12922 | 12086 | 11551 | 11114 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 71203 | 65274 | 63310 | 68328 |
| **Total operating expenses** | **130778** | **134726** | **128375** | **125820** | **126539** |
| **OTHER** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (28544) | (27719) | (25672) | (25036) | (24998) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of property, net | 4255 | (66) | 5609 | 4 | (19) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (374) | (990) | (980) | (2015) | (1068) |
| **Net income** | **27228** | **14252** | **28893** | **20181** | **12903** |
| Net income attributable to noncontrolling interests | (2543) | (1468) | (2584) | (2039) | (1301) |
| **Net income attributable to stockholders** | $**24685** | $**12784** | $**26309** | $**18142** | $**11602** |
| **EARNINGS PER SHARE OF COMMON STOCK** |  |  |  |  |  |
| Net income per share attributable to stockholders - basic and diluted | $0.20 | $0.10 | $0.21 | $0.15 | $0.09 |

---

Phillips Edison & Company 15<br>

------

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| | | | | |
|:---|:---|:---|:---|:---|
| Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) |
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Net income | $27228 | $12903 | $70373 | $49515 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 65205 | 67887 | 200908 | 188374 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1075 | 745 | 2834 | 2055 |
| **Nareit FFO attributable to stockholders and OP unit holders** | $**89253** | $**81554** | $**264317** | $**239978** |
| **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Nareit FFO attributable to stockholders and OP unit holders | $89253 | $81554 | $264317 | $239978 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 398 | 441 | 1172 | 1332 |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1181 | 4004 | 3501 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt and other, net |  | 1231 | 1 | 1230 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 3 | 45 | 8 |
| **Core FFO attributable to stockholders and OP unit holders** | $**90557** | $**84410** | $**269539** | $**246049** |
| **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Core FFO attributable to stockholders and OP unit holders | $90557 | $84410 | $269539 | $246049 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Straight-line rent and above- and below-market leases and contracts | (5224) | (4016) | (14493) | (11694) |
| &nbsp;&nbsp;&nbsp;Non-cash debt adjustments | 1823 | 2133 | 5451 | 6019 |
| &nbsp;&nbsp;Capital expenditures and leasing commissions<sup>(1)</sup> | (16142) | (14835) | (47936) | (39430) |
| &nbsp;&nbsp;&nbsp;Non-cash share-based compensation expense | 3171 | 2795 | 9044 | 7616 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | (476) | (235) | (985) | (520) |
| **Adjusted FFO attributable to stockholders and OP unit holders** | $**73709** | $**70252** | $**220620** | $**208040** |
| **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** |
| Weighted-average shares of common stock outstanding - diluted | 138860 | 136578 | 138927 | 136458 |
| Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $0.64 | $0.60 | $1.90 | $1.76 |
| Core FFO attributable to stockholders and OP unit holders per share - diluted | $0.65 | $0.62 | $1.94 | $1.80 |

---

<sup>(1)</sup> Excludes development and redevelopment projects.

Phillips Edison & Company 16<br>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) | Nareit FFO, Core FFO, and Adjusted FFO<br>Unaudited, in thousands (excluding per share amounts) |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,<br> 2025** | **June 30,<br> 2025** | **March 31,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2024** |
| **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Net income | $27228 | $14252 | $28893 | $20181 | $12903 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 65205 | 70806 | 64897 | 62876 | 67887 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 66 | (5609) | (4) | 19 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1075 | 892 | 867 | 740 | 745 |
| **Nareit FFO attributable to stockholders and OP unit holders** | $**89253** | $**86016** | $**89048** | $**83793** | $**81554** |
| **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Nareit FFO attributable to stockholders and OP unit holders | $89253 | $86016 | $89048 | $83793 | $81554 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 398 | 397 | 377 | 434 | 441 |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1789 | 1322 | 1492 | 1181 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt and other, net |  |  | 1 | 60 | 1231 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 7 | 25 | 5 | 3 |
| **Core FFO attributable to stockholders and OP unit holders** | $**90557** | $**88209** | $**90773** | $**85784** | $**84410** |
| **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** | **CALCULATION OF ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS** |
| Core FFO attributable to stockholders and OP unit holders | $90557 | $88209 | $90773 | $85784 | $84410 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Straight-line rent and above- and below-market leases and contracts | (5224) | (4524) | (4745) | (5043) | (4016) |
| &nbsp;&nbsp;&nbsp;Non-cash debt adjustments | 1823 | 1734 | 1894 | 1645 | 2133 |
| &nbsp;&nbsp;Capital expenditures and leasing commissions<sup>(1)</sup> | (16142) | (16310) | (15484) | (19661) | (14835) |
| &nbsp;&nbsp;&nbsp;Non-cash share-based compensation expense | 3171 | 3172 | 2701 | 2777 | 2795 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | (476) | (327) | (182) | (350) | (235) |
| **Adjusted FFO attributable to stockholders and OP unit holders** | $**73709** | $**71954** | $**74957** | $**65152** | $**70252** |
| **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** | **NAREIT FFO/CORE FFO ATTRIBUTABLE TO STOCKHOLDERS AND OP UNIT HOLDERS PER DILUTED SHARE** |  |
| &nbsp;&nbsp;&nbsp;Weighted-average shares of common stock outstanding - diluted | 138860 | 138910 | 138640 | 137437 | 136578 |
| &nbsp;&nbsp;&nbsp;Nareit FFO attributable to stockholders and OP unit holders per share - diluted | $0.64 | $0.62 | $0.64 | $0.61 | $0.60 |
| &nbsp;&nbsp;&nbsp;Core FFO attributable to stockholders and OP unit holders per share - diluted | $0.65 | $0.64 | $0.65 | $0.62 | $0.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Excludes development and redevelopment projects.

Phillips Edison & Company 17<br>

------

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| | | | | |
|:---|:---|:---|:---|:---|
| EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands |
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **CALCULATION OF EBITDA*re*** |  |  |  |  |
| &nbsp;&nbsp;Net income | $27228 | $12903 | $70373 | $49515 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 28544 | 24998 | 81935 | 71954 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal, state, and local tax expense | 219 | 446 | 599 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1652 | 1075 | 4296 | 2937 |
| &nbsp;&nbsp;**EBITDA*re*** | $**118991** | $**107769** | $**349485** | $**315193** |
| **CALCULATION OF ADJUSTED EBITDA*re*** |  |  |  |  |
| &nbsp;&nbsp;EBITDA*re* | $118991 | $107769 | $349485 | $315193 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1181 | 4004 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 3 | 45 | 8 |
| &nbsp;&nbsp;**Adjusted EBITDA*re*** | $**119897** | $**108953** | $**353534** | $**318702** |

---

Phillips Edison & Company 18<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands | EBITDA*re* Metrics<br>Unaudited, in thousands |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,<br> 2025** | **June 30,<br> 2025** | **March 31,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2024** |
| **CALCULATION OF EBITDA*re*** |  |  |  |  |  |
| Net income | $27228 | $14252 | $28893 | $20181 | $12903 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 71203 | 65274 | 63310 | 68328 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 28544 | 27719 | 25672 | 25036 | 24998 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 66 | (5609) | (4) | 19 |
| &nbsp;&nbsp;&nbsp;Federal, state, and local tax expense | 219 | 234 | 146 | 774 | 446 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 1652 | 1366 | 1278 | 1088 | 1075 |
| **EBITDA*re*** | $**118991** | $**114840** | $**115654** | $**110385** | $**107769** |
| **CALCULATION OF ADJUSTED EBITDA*re*** |  |  |  |  |  |
| EBITDA*re* | $118991 | $114840 | $115654 | $110385 | $107769 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 893 | 1789 | 1322 | 1492 | 1181 |
| &nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 13 | 7 | 25 | 5 | 3 |
| **Adjusted EBITDA*re*** | $**119897** | $**116636** | $**117001** | $**111882** | $**108953** |

---

Phillips Edison & Company 19<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands | Same-Center Net Operating Income<br>Unaudited, in thousands |
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Favorable (Unfavorable)% Change** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Favorable (Unfavorable)% Change** |
|  | **2025** | **2024** | **Favorable (Unfavorable)% Change** | **2025** | **2024** | **Favorable (Unfavorable)% Change** |
| **SAME-CENTER NOI**<sup>(1)</sup> |  |  |  |  |  |  |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income<sup>(2)</sup> | 120982 | 117679 |  | 361630 | 351128 |  |
| &nbsp;&nbsp;&nbsp;Tenant recovery income | 38619 | 37123 |  | 115582 | 110651 |  |
| &nbsp;&nbsp;&nbsp;Reserves for uncollectibility<sup>(3)</sup> | (1144) | (1514) |  | (3494) | (3949) |  |
| &nbsp;&nbsp;&nbsp;Other property income | 896 | 768 |  | 2711 | 2130 |  |
| **Total revenues** | **159353** | **154056** | **3.4%** | **476429** | **459960** | **3.6%** |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 23779 | 23172 |  | 72680 | 70703 |  |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 20096 | 19102 |  | 58943 | 57153 |  |
| **Total operating expenses** | **43875** | **42274** | **(3.8)%** | **131623** | **127856** | **(2.9)%** |
| **Total Same-Center NOI** | **115478** | **111782** | **3.3%** | **344806** | **332104** | **3.8%** |
| **Same-Center NOI margin** | **72.5%** | **72.6%** |  | **72.4%** | **72.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Same-Center NOI represents the NOI for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.<br><sup>(2)</sup>Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.<br><sup>(3)</sup>Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI** | **RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI** | **RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI** |  |  |
| Net income | $27228 | $12903 | $70373 | $49515 |
| Adjusted to exclude: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fees and management income | (3274) | (2856) | (9373) | (7943) |
| &nbsp;&nbsp;&nbsp;Straight-line rental income<sup>(1)</sup> | (2899) | (2148) | (7853) | (6585) |
| &nbsp;&nbsp;&nbsp;Net amortization of above- and below-market leases | (2204) | (1743) | (6276) | (4732) |
| &nbsp;&nbsp;&nbsp;Lease buyout income | (144) | (393) | (2062) | (844) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 12752 | 11114 | 37760 | 34060 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 65603 | 68328 | 202080 | 189706 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 28544 | 24998 | 81935 | 71954 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of property, net | (4255) | 19 | (9798) | 34 |
| &nbsp;&nbsp;&nbsp;Other expense, net | 374 | 1068 | 2344 | 3717 |
| &nbsp;&nbsp;&nbsp;Property operating expenses related to fees and management income | 989 | 983 | 2892 | 2328 |
| **NOI for real estate investments** | **122714** | **112273** | **362022** | **331210** |
| &nbsp;&nbsp;&nbsp;Less: Non-same-center NOI<sup>(2)</sup> | (7236) | (491) | (17216) | 894 |
| **Total Same-Center NOI** | $**115478** | $**111782** | $**344806** | $**332104** |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><sup>(2)</sup>Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><sup>(2)</sup>Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><sup>(2)</sup>Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><sup>(2)</sup>Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.<br><sup>(2)</sup>Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities. |

---

Phillips Edison & Company 20<br>

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| |
|:---|
| Joint Venture Portfolio and Financial Summary<br>Unaudited, dollars and square feet in thousands |
| **UNCONSOLIDATED JOINT VENTURE PORTFOLIO SUMMARY** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Joint Venture** | **Investment Partner** | **Ownership Percentage** | **Number of Shopping Centers** | **ABR** | **GLA** |
| Grocery Retail Partners I LLC ("GRP I") | The Northwestern Mutual Life Insurance Company | 14% | 20 | $32951 | 2214 |
| Necessity Retail Venture LLC ("NRV") | Cohen & Steers Income Opportunities REIT, Inc. | 20% | 2 | 6105 | 263 |
| Neighborhood Grocery Catalyst Fund LLC ("NGCF") | LS BDC Holdings, LLC, a subsidiary of Lafayette Square USA, Inc. & The Northwestern Mutual Life Insurance Company | 31% | 3 | 4265 | 225 |

---

**UNCONSOLIDATED JOINT VENTURE FINANCIAL SUMMARY**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **GRP I** | **NRP**<sup>(1)</sup> | **NRV** | **NGCF** |
| Total assets | $345925 | $467 | $87883 | $59660 |
| Gross debt | 173770 |  | 47460 | 31846 |
| Pro rata share of debt | 24322 |  | 9492 | 9952 |
|  | **Nine Months Ended<br> September 30, 2025** | **Nine Months Ended<br> September 30, 2025** | **Nine Months Ended<br> September 30, 2025** | **Nine Months Ended<br> September 30, 2025** |
|  | **GRP I** | **NRP**<sup>(1)</sup> | **NRV** | **NGCF** |
| Pro rata share of Nareit FFO<sup>(2)</sup> | $2336 | $(2) | $352 | $317 |
| Pro rata share of Same-Center NOI<sup>(2)</sup> | 3199 |  |  |  |
| Pro rata share of NOI<sup>(2)</sup> | 3199 |  | 716 | 537 |

---

<sup>(1)</sup> In 2022, the final property in the NRP joint venture was sold, and the outstanding debt balance was repaid. PECO's ownership percentage of the joint venture is 20%.

<sup>(2)</sup> PECO's shares of the Company's unconsolidated joint ventures' Nareit FFO and NOI results are all calculated based upon the respective ownership percentages presented in the Unconsolidated Joint Venture Portfolio Summary table above.

Phillips Edison & Company 21<br>

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| | | |
|:---|:---|:---|
| Supplemental Balance Sheets Detail<br>Unaudited, in thousands | Supplemental Balance Sheets Detail<br>Unaudited, in thousands | Supplemental Balance Sheets Detail<br>Unaudited, in thousands |
|  | **September 30, 2025** | **December 31, 2024** |
| **OTHER ASSETS, NET** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred leasing commissions and costs | $59500 | $55266 |
| &nbsp;&nbsp;&nbsp;Deferred financing expenses<sup>(1)</sup> | 16308 | 9037 |
| &nbsp;&nbsp;&nbsp;Office equipment, capital lease assets, and other | 29149 | 26557 |
| &nbsp;&nbsp;&nbsp;Corporate intangible assets | 6703 | 6703 |
| &nbsp;&nbsp;&nbsp;Total depreciable and amortizable assets | 111660 | 97563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (57948) | (53330) |
| &nbsp;&nbsp;&nbsp;Net depreciable and amortizable assets | 53712 | 44233 |
| &nbsp;&nbsp;Accounts receivable, net<sup>(2)</sup> | 52723 | 46099 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - affiliates | 1371 | 1310 |
| &nbsp;&nbsp;&nbsp;Secured loan receivable | 17395 |  |
| &nbsp;&nbsp;Deferred rent receivable, net<sup>(3)</sup> | 79417 | 71954 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 856 | 4510 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 17684 | 13071 |
| &nbsp;&nbsp;&nbsp;Investment in third parties | 6807 | 6731 |
| &nbsp;&nbsp;&nbsp;Investment in marketable securities | 16244 | 7420 |
| **Total other assets, net** | $**246209** | $**195328** |
| **ACCOUNTS PAYABLE AND OTHER LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable trade and other accruals | $39309 | $40068 |
| &nbsp;&nbsp;&nbsp;Accrued real estate taxes | 50099 | 34909 |
| &nbsp;&nbsp;&nbsp;Security deposits | 18781 | 17593 |
| &nbsp;&nbsp;&nbsp;Distribution accrual | 1409 | 15615 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 13308 | 14167 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 20931 | 23893 |
| &nbsp;&nbsp;&nbsp;Capital expenditure accrual | 12055 | 15934 |
| &nbsp;&nbsp;&nbsp;Accrued income taxes and deferred tax liabilities, net | 913 | 1513 |
| **Total accounts payable and other liabilities** | $**156805** | $**163692** |

---

<sup>(1)</sup> Deferred financing expenses per the above table are related to the Company's 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 $3.5 million and $2.2 million of general reserves for uncollectible amounts as of September 30, 2025 and December 31, 2024, respectively. Receivables that were removed for Neighbors considered to be non-creditworthy were $6.5 million and $6.8 million as of September 30, 2025 and December 31, 2024, respectively.

<sup>(3)</sup> Net of $3.9 million and $4.4 million of receivables removed as of September 30, 2025 and December 31, 2024, respectively, related to straight-line rent for Neighbors previously or currently considered to be non-creditworthy.

Phillips Edison & Company 22<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Supplemental Statements of Operations Detail<br>Unaudited, in thousands | Supplemental Statements of Operations Detail<br>Unaudited, in thousands | Supplemental Statements of Operations Detail<br>Unaudited, in thousands | Supplemental Statements of Operations Detail<br>Unaudited, in thousands | Supplemental Statements of Operations Detail<br>Unaudited, in thousands |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **REVENUES** |  |  |  |  |
| &nbsp;&nbsp;Rental income<sup>(1)</sup> | $131464 | $121156 | $387478 | $357602 |
| &nbsp;&nbsp;Recovery income<sup>(1)</sup> | 43227 | 38235 | 127085 | 113332 |
| &nbsp;&nbsp;&nbsp;Straight-line rent amortization | 2732 | 1893 | 7263 | 5718 |
| &nbsp;&nbsp;&nbsp;Amortization of lease assets | 2154 | 1729 | 6156 | 4688 |
| &nbsp;&nbsp;&nbsp;Lease buyout income | 144 | 393 | 2062 | 844 |
| &nbsp;&nbsp;Adjustments for collectibility<sup>(2)(3)</sup> | (1428) | (1626) | (4101) | (4050) |
| &nbsp;&nbsp;&nbsp;Fees and management income | 3274 | 2856 | 9373 | 7943 |
| &nbsp;&nbsp;&nbsp;Other property income | 1102 | 891 | 3417 | 2267 |
| **Total revenues** | $**182669** | $**165527** | $**538733** | $**488344** |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes income related to lease payments before assessing for collectibility.<br><sup>(2)</sup>Includes revenue adjustments for non-creditworthy Neighbors.<br><sup>(3)</sup>Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes income related to lease payments before assessing for collectibility.<br><sup>(2)</sup>Includes revenue adjustments for non-creditworthy Neighbors.<br><sup>(3)</sup>Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes income related to lease payments before assessing for collectibility.<br><sup>(2)</sup>Includes revenue adjustments for non-creditworthy Neighbors.<br><sup>(3)</sup>Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes income related to lease payments before assessing for collectibility.<br><sup>(2)</sup>Includes revenue adjustments for non-creditworthy Neighbors.<br><sup>(3)</sup>Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Includes income related to lease payments before assessing for collectibility.<br><sup>(2)</sup>Includes revenue adjustments for non-creditworthy Neighbors.<br><sup>(3)</sup>Contains general reserves but excludes reserves for straight-line rent amortization; includes recovery of previous revenue reserved. |
| **INTEREST EXPENSE, NET** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on senior notes | $15798 | $8212 | $39163 | $15520 |
| &nbsp;&nbsp;&nbsp;Interest on unsecured term loans, net | 6701 | 7796 | 19918 | 29280 |
| &nbsp;&nbsp;&nbsp;Interest on secured debt | 3644 | 4252 | 11275 | 13252 |
| &nbsp;&nbsp;&nbsp;Interest on revolving credit facility, net | 468 | 1255 | 5770 | 6302 |
| &nbsp;&nbsp;Non-cash amortization and other<sup>(1)</sup> | 1933 | 2252 | 5808 | 6370 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment or modification of debt and other, net |  | 1231 | 1 | 1230 |
| **Total interest expense, net** | $**28544** | $**24998** | $**81935** | $**71954** |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Amortization of debt-related items includes items such as deferred financing expenses, assumed market debt, and derivative adjustments, net. |
| **OTHER EXPENSE, NET** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | $(893) | $(1181) | $(4004) | $(3501) |
| &nbsp;&nbsp;&nbsp;Federal, state, and local income tax expense | (219) | (446) | (599) | (1047) |
| &nbsp;&nbsp;&nbsp;Equity in net (loss) income of unconsolidated investments | (48) | (10) | 242 | (7) |
| &nbsp;&nbsp;&nbsp;Other income | 786 | 569 | 2017 | 838 |
| **Total other expense, net** | $**(374)** | $**(1068)** | $**(2344)** | $**(3717)** |

---

Phillips Edison & Company 23<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Capital Expenditures<br>Unaudited, in thousands | Capital Expenditures<br>Unaudited, in thousands | Capital Expenditures<br>Unaudited, in thousands | Capital Expenditures<br>Unaudited, in thousands | Capital Expenditures<br>Unaudited, in thousands |
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **CAPITAL EXPENDITURES FOR REAL ESTATE**<sup>(1)(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital improvements | $7008 | $7185 | $17012 | $11833 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 6953 | 5376 | 22653 | 18723 |
| &nbsp;&nbsp;&nbsp;Development and redevelopment | 19816 | 10834 | 49614 | 18182 |
| **Total capital expenditures for real estate** | $**33777** | $**23395** | $**89279** | $**48738** |
| &nbsp;&nbsp;&nbsp;Corporate asset capital expenditures | 202 | 177 | 1001 | 690 |
| &nbsp;&nbsp;&nbsp;Capitalized indirect costs<sup>(3)</sup> | 1846 | 810 | 4779 | 3052 |
| **Total capital spending activity** | $**35825** | $**24382** | $**95059** | $**52480** |
| **Cash paid for leasing commissions** | $**2175** | $**2714** | $**7603** | $**8964** |

---

<sup>(1)</sup> Includes landlord work.

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

<sup>(3)</sup> Amount includes internal salaries and related benefits of personnel who work directly on capital projects as well as capitalized interest expense.

Phillips Edison & Company 24<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands |
| **Project** | **Location** | **Description** | **Target Stabilization Quarter**<sup>(1)</sup> | **Incurred to Date** | **Future Spend** | **Total Estimated Costs** | **Estimated Project Yield** <sup>(2)</sup> |
| **GROUND UP EXPANSION DEVELOPMENT** | **GROUND UP EXPANSION DEVELOPMENT** | **GROUND UP EXPANSION DEVELOPMENT** | **GROUND UP EXPANSION DEVELOPMENT** |  |  |  |  |
| College Plaza | Normal, IL | Construction of 2K SF outparcel 100% leased with Dave's Hot Chicken | Q4-2025 | $1066 | $199 | $1265 |  |
| Shoppes of Lake Village | Leesburg, FL | Ground lease for 7 Brew | Q4-2025 | 342 | 10 | 352 |  |
| Suntree Square | Southlake, TX | Fuel pad 100% leased with Tom Thumb Fuel | Q4-2025 | 235 | 90 | 325 |  |
| Southwest Marketplace | Las Vegas, NV | Construction of a 42K SF anchor 100% leased with EoS Fitness | Q4-2025 | 6944 | 665 | 7608 |  |
| Bartow Marketplace | Cartersville, GA | Ground lease with Mavis Tire & Brakes | Q2-2026 | 301 | 29 | 330 |  |
| Shaw's Plaza Easton | Easton, MA | Construction of 2K SF outparcel 100% leased with Chipotle | Q3-2026 | 1537 | 712 | 2248 |  |
| Contra Loma Plaza | Antioch, CA | Construction of 2K SF outparcel 100% leased with Starbucks | Q4-2026 | 402 | 2192 | 2593 |  |
| Murphy Marketplace | Murphy, TX | Construction of 63K retail space 71% leased with Burlington and Nordstrom Rack | Q4-2027 | 815 | 14813 | 15628 |  |
| **Total: Ground Up** |  |  |  | $**11642** | $**18710** | $**30349** | **7%-10%** |

---

Phillips Edison & Company 25<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands | Active Capital Projects<br>Unaudited, dollars in thousands |
| **Project** | **Location** | **Description** | **Target Stabilization Quarter**<sup>(1)</sup> | **Incurred to Date** | **Future Spend** | **Total Estimated Costs** | **Estimated Project Yield** <sup>(2)</sup> |
| **REDEVELOPMENT** | **REDEVELOPMENT** | **REDEVELOPMENT** | **REDEVELOPMENT** |  |  |  |  |
| Cureton Town Center | Waxhaw, NC | Harris Teeter grocer expansion | Q4-2025 | $284 | $760 | $1044 |  |
| Town & Country Village | Sacramento, CA | Anchor redevelopment 100% leased with Bob's Discount Furniture | Q4-2025 | 380 | 1053 | 1433 |  |
| Mayfair Village | Hurst, TX | Anchor redevelopment 100% leased with Up and Air Trampoline and Adventure Park | Q4-2025 | 90 | 790 | 880 |  |
| Apache Shoppes | Rochester, MN | Anchor redevelopment 100% leased with Sierra | Q4-2025 | 2037 | 759 | 2796 |  |
| The Village Shopping Center | Mooresville, IN | Anchor redevelopment 100% leased with Goodwill | Q4-2025 | 80 | 961 | 1041 |  |
| Kirkwood Market Place | Houston, TX | Anchor redevelopment 100% leased with Crunch Fitness | Q1-2026 | 1735 | 697 | 2432 |  |
| College Plaza | Normal, IL | Anchor redevelopment 100% leased with Daiso and Boot Barn Western and Work Wear | Q2-2026 | 1356 | 1211 | 2567 |  |
| Publix at Seven Hills | Spring Hill, FL | Demolish and rebuild Publix | Q2-2026 | 8051 | 984 | 9035 |  |
| Savoy Plaza | Savoy, IL | Anchor redevelopment 100% leased with Planet Fitness | Q2-2026 | 97 | 920 | 1017 |  |
| Laguna 99 Plaza | Elk Grove, CA | Anchor redevelopment 100% leased with Planet Fitness | Q2-2026 | 549 | 755 | 1305 |  |
| Riverpark Shopping Center | Sugar Land, TX | Anchor redevelopment 100% leased with Ace Pickleball Club and Dave & Buster's | Q3-2026 | 1140 | 4356 | 5496 |  |
| Murphy Marketplace | Murphy, TX | Anchor redevelopment 100% leased with EoS Fitness | Q3-2026 | 1035 | 3285 | 4320 |  |
| Island Walk Shopping Center | Fernandina Beach, FL | Demolish and rebuild Publix plus additional leasing with Hallmark | Q3-2026 | 3736 | 7536 | 11272 |  |
| The Oaks | Hudson, FL | Grocery anchor redevelopment 100% leased with MD Oriental Market | Q4-2026 | 243 | 750 | 993 |  |
| **Total: Redevelopment** |  |  |  | $**20813** | $**24817** | $**45631** | **11%-20%** |
| **Active Projects Total** | **Active Projects Total** |  |  | $**32455** | $**43527** | $**75980** | **9%-12%** |
| **2025 STABILIZED PROJECTS** | **14** |  |  |  |  | $**37457** | **11%** |

---

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

<sup>(2)</sup> Project yield ranges are weighted averages.

Phillips Edison & Company 26<br>

------

---

| | | |
|:---|:---|:---|
| Capitalization and Debt Ratios<br>Unaudited, in thousands (excluding per share amounts and leverage ratios) | Capitalization and Debt Ratios<br>Unaudited, in thousands (excluding per share amounts and leverage ratios) | Capitalization and Debt Ratios<br>Unaudited, in thousands (excluding per share amounts and leverage ratios) |
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| **EQUITY CAPITALIZATION** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock outstanding | 125710 | 125120 |
| &nbsp;&nbsp;&nbsp;OP units outstanding | 12713 | 13035 |
| Total shares and units outstanding | 138423 | 138155 |
| &nbsp;&nbsp;&nbsp;Share price | 34.33 | 37.46 |
| **Total equity market capitalization** | **4752062** | **5175286** |
| **DEBT** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt obligations, net | 2385326 | 2109543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Discount on notes payable | 24391 | 22211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Market debt adjustments, net | (289) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Deferred financing expenses, net | 4225 | 5666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt - gross | 2413653 | 2137336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Cash and cash equivalents | 4076 | 4881 |
| &nbsp;&nbsp;&nbsp;Total net debt - consolidated | 2409577 | 2132455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Prorated share from unconsolidated joint ventures | 42119 | 28401 |
| **Total net debt** | **2451696** | **2160856** |
| **ENTERPRISE VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;Total net debt | 2451696 | 2160856 |
| &nbsp;&nbsp;&nbsp;Total equity market capitalization | 4752062 | 5175286 |
| **Total enterprise value** | **7203758** | **7336142** |
| **FINANCIAL LEVERAGE RATIOS** |  |  |
| Net debt to Adjusted EBITDA*re* - annualized: |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | 2451696 | 2160856 |
| &nbsp;&nbsp;Adjusted EBITDA*re* (trailing twelve month period) | 465416 | 430584 |
| **Net debt to Adjusted EBITDA*re* - annualized** | **5.3x** | **5.0x** |
| Net debt to Adjusted EBITDA*re* - current quarter annualized: |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | 2451696 | 2160856 |
| &nbsp;&nbsp;Adjusted EBITDA*re* (current quarter annualized) | 479588 | 447528 |
| **Net debt to Adjusted EBITDA*re* - current quarter annualized** | **5.1x** | **4.8x** |
| Net debt to total enterprise value: |  |  |
| &nbsp;&nbsp;&nbsp;Net debt | 2451696 | 2160856 |
| &nbsp;&nbsp;&nbsp;Total enterprise value | 7203758 | 7336142 |
| **Net debt to total enterprise value** | **34.0%** | **29.5%** |

---

Phillips Edison & Company 27<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Summary of Outstanding Debt<br>Unaudited, dollars in thousands | Summary of Outstanding Debt<br>Unaudited, dollars in thousands | Summary of Outstanding Debt<br>Unaudited, dollars in thousands | Summary of Outstanding Debt<br>Unaudited, dollars in thousands | Summary of Outstanding Debt<br>Unaudited, dollars in thousands |
|  | **Outstanding Balance** | **Contractual<br>Interest Rate** | **Maturity Date** | **Percent of Total Indebtedness** |
| **SECURED DEBT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual property mortgages<sup>(1)</sup> | $30377 | 3.45% - 6.15% | 2027 - 2031 | 1% |
| &nbsp;&nbsp;&nbsp;Secured pool due 2027 (15 assets) | 195000 | 3.52% | 2027 | 8% |
| &nbsp;&nbsp;&nbsp;Secured pool due 2030 (14 assets) | 200000 | 3.35% | 2030 | 8% |
| &nbsp;&nbsp;&nbsp;**Total secured debt** | $**425377** |  |  | **18%** |
| **UNSECURED DEBT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term loan due 2026<sup>(2)</sup> | $161750 | SOFR + 1.10% | 2026 | 7% |
| &nbsp;&nbsp;Term loan due 2026<sup>(3)</sup> | 100000 | SOFR + 1.04% | 2026 | 4% |
| &nbsp;&nbsp;&nbsp;Term loan due 2027 | 158000 | SOFR + 1.10% | 2027 | 7% |
| &nbsp;&nbsp;&nbsp;Term loan due 2027 | 165000 | SOFR + 1.10% | 2027 | 7% |
| &nbsp;&nbsp;Revolving credit facility<sup>(2)</sup> | 3000 | SOFR + 0.78% | 2029 | —% |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes due November 2031 | 350000 | 2.63% | 2031 | 15% |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes due August 2032 | 350000 | 5.25% | 2032 | 15% |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes due July 2034 | 350000 | 5.75% | 2034 | 15% |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes due January 2035 | 350000 | 4.95% | 2035 | 15% |
| &nbsp;&nbsp;&nbsp;**Total unsecured debt** | $**1987750** |  |  | **82%** |
| &nbsp;&nbsp;&nbsp;Finance leases, net | 526 |  |  |  |
| **Total debt obligations** | $**2413653** |  |  |  |
| Assumed market debt adjustments, net | $289 |  |  |  |
| Discount on notes payable | (24391) |  |  |  |
| Deferred financing expenses, net | (4225) |  |  |  |
| **Debt obligations, net** | $**2385326** |  |  |  |

---

---

| | | |
|:---|:---|:---|
|<br>**INTEREST RATE SWAPS** | **Notional Amount** | **Fixed Rate** |
| &nbsp;&nbsp;&nbsp;Interest rate swap expiring November 2025 | $125000 | 2.84% |
| &nbsp;&nbsp;&nbsp;Interest rate swap expiring December 2025 | 150000 | 3.45% |
| &nbsp;&nbsp;&nbsp;Interest rate swap expiring September 2026 | 200000 | 3.36% |
| **Total notional amount** | $**475000** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> No individual property mortgages were repaid during the quarter ended September 30, 2025.

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

<sup>(3)</sup> Reflects a one basis point reduction due to the achievement of certain sustainability metric targets.

Phillips Edison & Company 28<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands | Debt Overview and Schedule of Maturities<br>Unaudited, dollars in thousands |
|  | **Secured Debt** | **Secured Debt** | **Secured Debt** | **Unsecured Debt**<sup>(2)</sup> | **Unsecured Debt**<sup>(2)</sup> | **Unsecured Debt**<sup>(2)</sup> |  |  |  |  |
| **Maturity Year** | **Scheduled Mortgage Principal Payments** | **Mortgage Loans** | **Secured Portfolio Loans** | **Unsecured Term Loans** | **Senior Unsecured Notes** | **Revolving Line of Credit** | **Total Consolidated Debt** | **Pro Rata Share of JV Debt** | **Total Debt** | **Weighted-Average Interest Rate**<sup>(1)(2)</sup> |
| 2025 | $458 | $— | $— | $— | $— | $— | $458 | $— | $458 | —% |
| 2026 | 1908 |  |  | 100000 |  |  | 101908 | 24322 | 126230 | 3.8% |
| 2027 | 1905 | 3690 | 195000 | 323000 |  |  | 523595 |  | 523595 | 4.1% |
| 2028 | 767 | 16600 |  | 161750 |  |  | 179117 |  | 179117 | 5.0% |
| 2029 | 805 |  |  |  |  |  | 805 |  | 805 | —% |
| 2030 | 844 |  | 200000 |  |  | 3000 | 203844 |  | 203844 | 3.4% |
| 2031 | 560 | 2840 |  |  | 350000 |  | 353400 |  | 353400 | 2.7% |
| 2032 |  |  |  |  | 350000 |  | 350000 | 14812 | 364812 | 5.3% |
| 2033 |  |  |  |  |  |  |  |  |  | —% |
| 2034 |  |  |  |  | 350000 |  | 350000 | 4632 | 354632 | 5.8% |
| 2035 |  |  |  |  | 350000 |  | 350000 |  | 350000 | 5.0% |
| Net debt market adjustments / discounts / issuance costs |  |  |  |  |  |  | (28327) | (431) | (28758) | N/A |
| Finance leases |  |  |  |  |  |  | 526 |  | 526 | N/A |
| **Total** | $**7247** | $**23130** | $**395000** | $**584750** | $**1400000** | $**3000** | $**2385326** | $**43335** | $**2428661** | **4.4%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Weighted-Average** | **Weighted-Average** |
| | **Total Debt** | **Percent of Total Indebtedness** | **Effective Interest Rate**<sup>(1)</sup> | **Years to**<br>**Maturity**<sup>(2)</sup> |
| Fixed rate debt | $2300377 | 93.6% | 4.4% | 6.7 |
| Variable rate debt | 112750 | 4.6% | 5.2% | 1.5 |
| Net debt market adjustments / discounts / issuance costs | (28327) | N/A | N/A | N/A |
| Finance leases | 526 | N/A | N/A | N/A |
| **Total consolidated debt** | $**2385326** | **98.2%** | **4.4%** | **5.4** |
| Pro rata share of JV Debt | 43766 | 1.8% | 4.6% | 3.8 |
| Net debt market adjustments / discounts / issuance costs of JV Debt | (431) | N/A | N/A | N/A |
| **Total consolidated + JV debt** | $**2428661** | **100.0%** | **4.4%** | **5.4** |

---

<sup>(1)</sup> Includes the impact of $475 million of interest rate swaps with a weighted-average SOFR swap rate of 3.3%; see detail on previous page.

<sup>(2)</sup> Includes the impact of options to extend debt maturities. The revolving line of credit has two six month extension options with an outside date of 2030 and the $161.8 million unsecured term loan has two one year options with an outside date of 2028.

Phillips Edison & Company 29<br>

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| | | |
|:---|:---|:---|
| Debt Covenants<br>Unaudited, dollars in thousands | Debt Covenants<br>Unaudited, dollars in thousands | Debt Covenants<br>Unaudited, dollars in thousands |
| **<u>UNSECURED TERM LOANS DUE 2026 AND 2027 AND CREDIT FACILITY DUE 2029</u>** | **<u>UNSECURED TERM LOANS DUE 2026 AND 2027 AND CREDIT FACILITY DUE 2029</u>** | **<u>UNSECURED TERM LOANS DUE 2026 AND 2027 AND CREDIT FACILITY DUE 2029</u>** |
|  | **Covenant** | **September 30,<br> 2025** |
| **LEVERAGE RATIO** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Indebtedness |  | $2484201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Value |  | $7830382 |
| **Leverage Ratio** | **=<60%** | **31.7%** |
| **SECURED LEVERAGE RATIO** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Secured Indebtedness |  | $469669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Value |  | $7830382 |
| **Secured Leverage Ratio** | **=<35%** | **6.0%** |
| **FIXED CHARGE COVERAGE RATIO** | **FIXED CHARGE COVERAGE RATIO** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA |  | $438816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Charges |  | $106043 |
| **Fixed Charge Coverage Ratio** | **=>1.5x** | **4.14x** |
| **MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE** | **MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE** | **MAXIMUM UNSECURED INDEBTEDNESS TO UNENCUMBERED ASSET VALUE** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Unsecured Indebtedness |  | $2015387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered Asset Value |  | $6606826 |
| **Unsecured Indebtedness to Unencumbered Asset Value** | **=<60%** | **30.5%** |
| **MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE** | **MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE** | **MINIMUM UNENCUMBERED NOI TO INTEREST EXPENSE** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered NOI |  | $418358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense for Unsecured Indebtedness |  | $86543 |
| **Unencumbered NOI to Interest Expense** | **>=1.75x** | **4.83x** |
| **DIVIDEND PAYOUT RATIO** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | $171898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds From Operations |  | $352333 |
| **Dividend Payout Ratio** | **<95%** | **48.8%** |
| **<u>SENIOR UNSECURED NOTES DUE 2031, 2032, 2034, AND 2035</u>** | **<u>SENIOR UNSECURED NOTES DUE 2031, 2032, 2034, AND 2035</u>** | **<u>SENIOR UNSECURED NOTES DUE 2031, 2032, 2034, AND 2035</u>** |
|  | **Covenant** | **September 30,<br> 2025** |
| **AGGREGATE DEBT TEST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Indebtedness |  | $2439881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Value |  | $6826188 |
| **Aggregate Debt Test** | **=<65%** | **35.7%** |
| **SECURED DEBT TEST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Secured Indebtedness |  | $425903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Value |  | $6826188 |
| **Secured Debt Test** | **=<40%** | **6.2%** |
| **DEBT SERVICE TEST** | **DEBT SERVICE TEST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated EBITDA |  | $461433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Debt Service Charge |  | $101934 |
| **Debt Service Test** | **=>1.5x** | **4.53x** |
| **MAINTENANCE OF TOTAL UNENCUMBERED ASSETS** | **MAINTENANCE OF TOTAL UNENCUMBERED ASSETS** | **MAINTENANCE OF TOTAL UNENCUMBERED ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered Asset Value |  | $5931717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Unsecured Indebtedness |  | $2013979 |
| **Maintenance of Total Unencumbered Assets** | **=>150%** | **295%** |
| Note: Calculations are per covenant definitions as set forth in the applicable debt agreements. | Note: Calculations are per covenant definitions as set forth in the applicable debt agreements. | Note: Calculations are per covenant definitions as set forth in the applicable debt agreements. |

---

Phillips Edison & Company 30<br>

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![pecostackedlogobluea03.jpg](pecostackedlogobluea03.jpg)

TRANSACTIONAL SUMMARY <br> Nine Months Ended September 30, 2025

Phillips Edison & Company 31<br>

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  | Acquisition Summary<br>Unaudited, dollars in thousands  |  |
| **Date** | **Property Name** | **Location** | **Total GLA** | **Contract Price** | **Leased Occupancy at Acquisition** | **Grocery Anchor** | **% of PECO Share** |
| 1/17/2025 | Oak Grove Shoppes<sup>(1)</sup> | Altamonte Springs, FL | 142257 | $8020 | 90.8% | Publix | 20% |
| 2/6/2025 | Irmo Station | Irmo, SC | 99440 | 19050 | 95.6% | Kroger | 100% |
| 2/26/2025 | Market at Cross Creek Ranch | Fulshear, TX | 59803 | 32125 | 100.0% | H-E-B\* | 100% |
| 3/7/2025 | Foothill Park Plaza | Monrovia, CA | 43618 | 31250 | 87.8% | Vons\* | 100% |
| 3/18/2025 | Broomfield Marketplace | Broomfield, CO | 114800 | 19000 | 86.1% | King Soopers | 100% |
| 3/28/2025 | Westgate North Shopping Center | Tacoma, WA | 74818 | 37000 | 93.3% | Safeway\* | 100% |
| 4/8/2025 | Clayton Station | Clayton, CA | 66724 | 27750 | 93.6% | Safeway\* | 100% |
| 5/5/2025 | Oak Creek Center | Lewis Center, OH | 104124 | 19625 | 84.4% | N/A | 100% |
| 5/8/2025 | New Bern Plaza<sup>(2)</sup> | Raleigh, NC | 58745 | 5234 | 94.5% | Walmart\* | 31% |
| 5/13/2025 | Cross Creek Centre | Boynton Beach, FL | 37192 | 16350 | 97.5% | N/A | 100% |
| 5/30/2025 | Westgate Shopping Center | Fairview Park, OH | 216822 | 51500 | 98.1% | Target\* | 100% |
| 6/4/2025 | Hampton Pointe | Hillsborough, NC | 38133 | 12795 | 100.0% | Walmart\* | 100% |
| 7/2/2025 | Village at Sandhill<sup>(2)</sup> | Columbia, SC | 117257 | 7609 | 95.8% | Lowes Foods | 31% |
| 7/11/2025 | Golden Eagle Development Land | Clermont, FL | N/A | 10 | N/A | N/A | 100% |
| 7/29/2025 | Shops at Butler Crossing | Kennesaw, GA | 56910 | 13850 | 94.4% | N/A | 100% |
| 7/29/2025 | Murray Development Land | Columbia, SC | N/A | 479 | N/A | N/A | 100% |
| **Total acquisitions** | **Total acquisitions** |  | **1230643** | $**301647** |  |  |  |
| **Weighted-average cap rate** | **Weighted-average cap rate** | **6.7%** |  |  |  |  |  |

---

\*Retailer is not part of the owned property.

<sup>(1)</sup> Acquisition through the Company's Necessity Retail Venture LLC joint venture. Shown at PECO 20% share.

<sup>(2)</sup> Acquisition through the Company's Neighborhood Grocery Catalyst Fund LLC joint venture. Shown at PECO 31% share.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Property Name** | **Location** | **Total GLA** | **Sale Price** | **Leased Occupancy at Disposition** | **Grocery Anchor** | **% of PECO Share** |
| 1/24/2025 | Pavilions at San Mateo | Albuquerque, NM | 148749 | $24850 | 94.4% | Walmart Neighborhood Market | 100% |
| 5/14/2025 | Harrison Pointe Development Land<sup>(1)</sup> | Cary, NC | N/A | 91 | N/A | N/A | 14% |
| 8/13/2025 | Monfort Heights | Cincinnati, OH | 54920 | 8030 | 100.0% | Kroger | 100% |
| 8/15/2025 | Plaza of the Oaks Development Land | Hudson, FL | N/A | 1200 | N/A | N/A | 100% |
| **Total dispositions** | **Total dispositions** |  | **203669** | $**34171** |  |  |  |
| **Weighted-average cap rate** | **Weighted-average cap rate** | **7.4%** |  |  |  |  |  |

---

<sup>(1)</sup> Disposition through the Company's Grocery Retail Partners I LLC. Shown at PECO 14% share.

Phillips Edison & Company 32<br>

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![pecostackedlogobluea03.jpg](pecostackedlogobluea03.jpg)

PORTFOLIO SUMMARY <br> Quarter Ended September 30, 2025

Phillips Edison & Company 33<br>

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| | |
|:---|:---|
| Wholly-Owned Portfolio Summary<br>Unaudited, dollars and square feet in thousands (excluding per square foot amounts)  | Wholly-Owned Portfolio Summary<br>Unaudited, dollars and square feet in thousands (excluding per square foot amounts)  |
|  | **As of <br> September 30, 2025** |
| **PORTFOLIO OVERVIEW:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of shopping centers | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of states | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GLA | 34035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average shopping center GLA | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ABR | $537067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ABR from necessity-based goods and services<sup>(1)</sup> | 70.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of ABR from non-grocery anchors | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of ABR from inline spaces | 57.8% |
| **GROCERY METRICS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of ABR from omni-channel grocery-anchored shopping centers | 95.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of ABR from grocery anchors<sup>(1)</sup> | 28.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of occupied GLA leased to grocery Neighbors | 45.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grocer health ratio<sup>(2)</sup> | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percent of ABR from centers with grocery anchors that are #1 or #2 by sales | 83.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average annual sales per square foot of reporting grocers | $746 |
| **LEASED OCCUPANCY AS A PERCENTAGE OF RENTABLE SQUARE FEET:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio | 97.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor spaces | 99.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline spaces | 94.8% |
| **AVERAGE REMAINING LEASE TERM (IN YEARS):**<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grocery anchor spaces | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-grocery anchor spaces | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline spaces | 3.9 |
| **PORTFOLIO RETENTION RATE:**<sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio | 93.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor spaces | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline spaces | 82.8% |
| **AVERAGE ABR PER SQUARE FOOT:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio | $16.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor spaces | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline spaces | $26.61 |

---

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

<sup>(2)</sup> Based on the most recently reported sales data available.

<sup>(3)</sup> The average remaining lease term in years is as of September 30, 2025. Including future options to extend the term of the lease, the average remaining lease term in years for the Company's total portfolio, grocery anchors, non-grocery anchors and inline spaces is 19.6, 30.9, 15.2, and 7.8, respectively.

<sup>(4)</sup> For the three months ended September 30, 2025.

Phillips Edison & Company 34<br>

------

---

| | |
|:---|:---|
| ABR by Neighbor Category<br>Unaudited | ABR by Neighbor Category<br>Unaudited |
|  | **As of September 30, 2025** |
|  | **% ABR**<sup>(1)</sup> |
| **NECESSITY RETAIL AND SERVICES** |  |
| &nbsp;&nbsp;&nbsp;Grocery | 28.7% |
| &nbsp;&nbsp;&nbsp;Quick service - restaurant | 12.1% |
| &nbsp;&nbsp;&nbsp;Medical | 8.5% |
| &nbsp;&nbsp;&nbsp;Beauty & hair care | 5.4% |
| &nbsp;&nbsp;&nbsp;Banks, insurance, and government services | 3.5% |
| &nbsp;&nbsp;&nbsp;Pet supply | 2.1% |
| &nbsp;&nbsp;&nbsp;Education & training | 1.7% |
| &nbsp;&nbsp;&nbsp;Dollar stores | 1.6% |
| &nbsp;&nbsp;&nbsp;Hardware/automotive | 1.5% |
| &nbsp;&nbsp;&nbsp;Wine, beer, & liquor | 1.4% |
| &nbsp;&nbsp;&nbsp;Telecommunications/cell phone services | 1.3% |
| &nbsp;&nbsp;&nbsp;Pharmacy | 0.7% |
| &nbsp;&nbsp;&nbsp;Other necessity-based | 1.7% |
| **Total ABR from Necessity-based goods and services** | **70.2%** |
| **OTHER RETAIL STORES** |  |
| &nbsp;&nbsp;&nbsp;Full service - restaurant | 7.9% |
| &nbsp;&nbsp;&nbsp;Soft goods<sup>(2)</sup> | 7.7% |
| &nbsp;&nbsp;&nbsp;Fitness and lifestyle services<sup>(3)</sup> | 5.6% |
| &nbsp;&nbsp;&nbsp;Home | 2.8% |
| &nbsp;&nbsp;&nbsp;Off-price apparel | 1.9% |
| &nbsp;&nbsp;&nbsp;Other retail<sup>(4)</sup> | 3.9% |
| **Total ABR from other retail stores** | **29.8%** |
| **Total ABR** | **100.0%** |

---

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

<sup>(2)</sup> Includes ABR contribution of 2% from apparel/shoes/accessories and department store Neighbors.

<sup>(3)</sup> Includes ABR contribution of 4% from fitness Neighbors.

<sup>(4)</sup> Includes ABR contribution of 1% from entertainment Neighbors.

Phillips Edison & Company 35<br>

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Wholly-Owned Occupancy and ABR<br>Unaudited | Wholly-Owned Occupancy and ABR<br>Unaudited | Wholly-Owned Occupancy and ABR<br>Unaudited | Wholly-Owned Occupancy and ABR<br>Unaudited | Wholly-Owned Occupancy and ABR<br>Unaudited | Wholly-Owned Occupancy and ABR<br>Unaudited |
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **September 30,<br> 2025** | **June 30,<br> 2025** | **March 31,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2024** |
| **OCCUPANCY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Leased Basis** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | 99.2% | 98.9% | 98.4% | 99.1% | 99.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 94.8% | 94.8% | 94.6% | 95.0% | 95.0% |
| &nbsp;&nbsp;&nbsp;**Total leased occupancy** | **97.6%** | **97.4%** | **97.1%** | **97.7%** | **97.8%** |
| &nbsp;&nbsp;&nbsp;**Economic Basis** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | 98.5% | 98.0% | 97.6% | 98.1% | 99.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 94.3% | 94.1% | 94.1% | 94.2% | 94.1% |
| &nbsp;&nbsp;&nbsp;**Total economic occupancy** | **97.0%** | **96.6%** | **96.4%** | **96.7%** | **97.3%** |
| **ABR** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Leased Basis - $** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | $224492 | $222464 | $220874 | $221627 | $217232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 312575 | 309080 | 297241 | 288371 | 279850 |
| &nbsp;&nbsp;&nbsp;**Total ABR** | $**537067** | $**531544** | $**518115** | $**509998** | $**497082** |
| &nbsp;&nbsp;&nbsp;**Leased Basis - PSF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | $10.46 | $10.40 | $10.42 | $10.38 | $10.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 26.61 | 26.40 | 26.23 | 25.79 | 25.48 |
| &nbsp;&nbsp;&nbsp;**Total ABR PSF** | $**16.17** | $**16.06** | $**15.93** | $**15.68** | $**15.45** |
| **SAME-CENTER OCCUPANCY**<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Same-Center Leased Basis** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | 99.4% | 99.1% | 98.6% | 99.3% | 99.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 95.0% | 94.8% | 94.7% | 95.0% | 95.0% |
| &nbsp;&nbsp;&nbsp;**Total same-center leased occupancy** | **97.9%** | **97.6%** | **97.2%** | **97.8%** | **97.8%** |
| &nbsp;&nbsp;&nbsp;**Same-Center Economic Basis** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor | 98.7% | 98.2% | 97.8% | 98.3% | 99.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inline | 94.4% | 94.2% | 94.1% | 94.2% | 94.1% |
| &nbsp;&nbsp;&nbsp;**Total same-center economic occupancy** | **97.2%** | **96.8%** | **96.5%** | **96.9%** | **97.3%** |

---

<sup>(1)</sup> Same-Center Occupancy represents the occupancy for the 279 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.

Phillips Edison & Company 36<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands | Top 25 Neighbors by ABR<br>Dollars and square footage amounts in thousands |
|  |  |  | **Number of Locations**<sup>(1)</sup> | **Number of Locations**<sup>(1)</sup> |  |  |  |
|  | **Neighbor** | **Banners Leased at PECO Centers** | **Wholly-Owned** | **Joint Ventures** | **ABR**<sup>(2)</sup> | **% ABR**<sup>(2)</sup> | **Leased SF**<sup>(2)</sup> |
| 1 | Kroger | Kroger, Fry's Food Stores, King Soopers, Pick 'n Save, Smith's, Harris Teeter, Quality Food Centers, Ralphs, Mariano's, Food 4 Less, Metro Market | 59 | 6 | $29998 | 5.5% | 3627 |
| 2 | Publix | Publix | 52 | 10 | 27367 | 5.0% | 2531 |
| 3 | Albertsons | Safeway, Market Street, Randalls, Tom Thumb, Jewel-Osco, Vons, United Supermarkets, Shaw's Supermarket, Albertsons | 30 | 2 | 19856 | 3.7% | 1780 |
| 4 | Ahold Delhaize | Martin's, Giant, Stop & Shop, Food Lion | 23 |  | 17972 | 3.3% | 1249 |
| 5 | Walmart | Walmart Neighborhood Market, Walmart | 12 |  | 8483 | 1.6% | 1733 |
| 6 | Giant Eagle | Giant Eagle | 9 | 1 | 7419 | 1.4% | 759 |
| 7 | TJX Companies | Sierra, HomeGoods, T.J.Maxx, Marshalls | 20 | 1 | 7316 | 1.3% | 603 |
| 8 | Sprouts Farmers Market | Sprouts Farmers Market | 13 |  | 6205 | 1.1% | 390 |
| 9 | Raley's | Raley's | 5 |  | 4701 | 0.9% | 288 |
| 10 | Dollar Tree | Dollar Tree | 33 | 4 | 4092 | 0.8% | 358 |
| 11 | Starbucks Corporation | Starbucks | 41 | 1 | 3890 | 0.7% | 82 |
| 12 | Planet Fitness | Planet Fitness | 14 |  | 3671 | 0.7% | 292 |
| 13 | Big Y | Big Y | 3 |  | 3487 | 0.6% | 167 |
| 14 | UNFI (SuperValu) | Cub Foods | 5 |  | 3476 | 0.6% | 336 |
| 15 | United Parcel Service | The UPS Store, WeShip Store | 71 | 10 | 3044 | 0.6% | 102 |
| 16 | Subway Group<sup>(3)</sup> | Subway | 66 | 3 | 3036 | 0.6% | 100 |
| 17 | Pet Supplies Plus | Pet Supplies Plus | 23 |  | 2861 | 0.5% | 180 |
| 18 | Trader Joe's | Trader Joe's | 9 |  | 2860 | 0.5% | 122 |
| 19 | Great Clips, Inc. | Great Clips | 74 | 8 | 2808 | 0.5% | 93 |
| 20 | H&R Block, Inc. | H&R Block | 57 | 2 | 2745 | 0.5% | 98 |
| 21 | Inspire Brands<sup>(3)</sup> | Dunkin', Buffalo Wild Wings, Baskin Robbins, Jimmy John's, Arby's, Buffalo Wild Wings Go | 38 | 3 | 2691 | 0.5% | 100 |
| 22 | Anytime Fitness, Inc. | Anytime Fitness | 27 | 2 | 2585 | 0.5% | 140 |
| 23 | Lowe's | Lowe's | 3 | 1 | 2513 | 0.5% | 369 |
| 24 | Petco Animal Supplies, Inc. | Petco | 10 | 1 | 2503 | 0.5% | 135 |
| 25 | H-E-B | H-E-B | 2 |  | 2492 | 0.5% | 164 |
|  | **Total** |  | **699** | **55** | $**178071** | **32.9%** | **15798** |

---

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

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

(3)Brands of Roark Capital.

Phillips Edison & Company 37<br>

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Neighbors by Type and Industry<sup>(1)(2)</sup>Unaudited

![chart-636d0c777d8141c885c.jpg](chart-636d0c777d8141c885c.jpg)![chart-4db55422b1994e7b8d6.jpg](chart-4db55422b1994e7b8d6.jpg)

![chart-3de8df713b074d39b57.jpg](chart-3de8df713b074d39b57.jpg)![chart-5e892acc29444a5094c.jpg](chart-5e892acc29444a5094c.jpg)

<sup>(1)</sup> 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.

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

Phillips Edison & Company 38<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) | Properties by State<sup>(1)</sup><br>Dollars and square footage amounts in thousands (excluding per square foot amounts) |
| **State** | **ABR** | **% ABR** | **ABR / Leased SF** | **GLA** | **% GLA** | **% Leased** | **Number of Properties** |
| Florida | $66041 | 12.1% | $16.07 | 4230 | 12.3% | 97.1% | 55 |
| California | 59717 | 11.0% | 23.38 | 2615 | 7.6% | 97.7% | 28 |
| Texas | 54860 | 10.1% | 19.99 | 2826 | 8.2% | 97.1% | 25 |
| Georgia | 46648 | 8.6% | 14.64 | 3240 | 9.5% | 98.3% | 33 |
| Ohio | 34650 | 6.4% | 12.69 | 2853 | 8.3% | 95.7% | 21 |
| Illinois | 32172 | 5.9% | 17.02 | 1935 | 5.6% | 97.7% | 17 |
| Colorado | 30646 | 5.6% | 19.66 | 1600 | 4.6% | 97.4% | 15 |
| Virginia | 23958 | 4.4% | 17.92 | 1363 | 4.0% | 98.1% | 13 |
| Minnesota | 23094 | 4.2% | 16.92 | 1391 | 4.0% | 98.1% | 14 |
| Massachusetts | 17526 | 3.2% | 15.41 | 1148 | 3.3% | 99.0% | 9 |
| Nevada | 15075 | 2.8% | 24.42 | 623 | 1.8% | 99.0% | 5 |
| Pennsylvania | 12916 | 2.4% | 12.99 | 1001 | 2.9% | 99.4% | 6 |
| South Carolina | 12825 | 2.4% | 12.88 | 1010 | 2.9% | 98.6% | 10 |
| Wisconsin | 12373 | 2.3% | 11.86 | 1057 | 3.1% | 98.7% | 9 |
| Arizona | 11862 | 2.2% | 16.00 | 750 | 2.2% | 98.8% | 7 |
| North Carolina | 10273 | 1.9% | 14.50 | 722 | 2.1% | 98.1% | 12 |
| Maryland | 9976 | 1.8% | 21.82 | 463 | 1.3% | 98.8% | 4 |
| Connecticut | 8740 | 1.6% | 17.33 | 522 | 1.5% | 96.6% | 5 |
| Tennessee | 8112 | 1.5% | 10.36 | 802 | 2.3% | 97.6% | 5 |
| Indiana | 7596 | 1.4% | 9.67 | 832 | 2.4% | 94.4% | 5 |
| Kentucky | 7201 | 1.3% | 11.76 | 616 | 1.8% | 99.5% | 4 |
| Michigan | 6626 | 1.2% | 9.59 | 724 | 2.1% | 95.5% | 5 |
| Washington | 5357 | 1.0% | 22.06 | 248 | 0.7% | 98.0% | 3 |
| Oregon | 5092 | 0.9% | 16.99 | 315 | 0.9% | 95.2% | 4 |
| Kansas | 4881 | 0.9% | 13.24 | 374 | 1.1% | 98.5% | 3 |
| New Jersey | 4377 | 0.8% | 25.83 | 169 | 0.5% | 100.0% | 1 |
| New Mexico | 3382 | 0.6% | 13.26 | 255 | 0.7% | 100.0% | 2 |
| Missouri | 2986 | 0.5% | 12.52 | 246 | 0.7% | 97.0% | 3 |
| Iowa | 2863 | 0.5% | 8.22 | 360 | 1.0% | 96.9% | 3 |
| New York | 1946 | 0.4% | 12.57 | 163 | 0.5% | 94.7% | 1 |
| Utah | 461 | 0.1% | 31.70 | 15 | 0.1% | 100.0% | 1 |
| **Total** | $**544232** | **100.0%** | $**16.18** | **34468** | **100.0%** | **97.6%** | **328** |

---

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

Phillips Edison & Company 39<br>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) | New, Renewal, and Option Lease Summary<br>Unaudited, dollars and square footage amounts in thousands (excluding per square foot amounts) |
|  |  |  |  |  |  |  | **Comparable Only** | **Comparable Only** | **Comparable Only** |
|  | **Number of Leases Signed** | **GLA** | **ABR** | **ABR PSF**<sup>(1)</sup> | **Weighted-Average Lease Term (Years)** | **Cost of TI/TIA PSF**<sup>(2)</sup> | **Number of Leases** | **Increase in ABR PSF** | **Rent Spread %** |
| **TOTAL - NEW, RENEWAL, AND OPTION LEASES** | **TOTAL - NEW, RENEWAL, AND OPTION LEASES** | **TOTAL - NEW, RENEWAL, AND OPTION LEASES** | **TOTAL - NEW, RENEWAL, AND OPTION LEASES** | **TOTAL - NEW, RENEWAL, AND OPTION LEASES** |  |  |  |  |  |
| Q3 2025 | 270 | 1664 | $27519 | $16.54 | 6.3 | $4.45 | 220 | $1.78 | 12.7% |
| Q2 2025 | 276 | 1403 | 24012 | 17.12 | 5.6 | 5.85 | 220 | 2.28 | 16.0% |
| Q1 2025 | 234 | 1542 | 24289 | 15.75 | 5.4 | 3.34 | 190 | 1.66 | 11.7% |
| Q4 2024 | 231 | 1412 | 25368 | 17.97 | 6.9 | 7.00 | 181 | 2.19 | 14.5% |
| &nbsp;&nbsp;**Total** | **1011** | **6021** | $**101188** | $**16.81** | **6.1** | $**5.09** | **811** | $**1.95** | **13.7%** |
| **NEW LEASES** | **NEW LEASES** | **NEW LEASES** | **NEW LEASES** | **NEW LEASES** |  |  |  |  |  |
| Q3 2025 | 89 | 276 | $6650 | $24.12 | 8.8 | $23.72 | 42 | $6.55 | 24.5% |
| Q2 2025 | 94 | 305 | 6654 | 21.84 | 8.5 | 26.30 | 40 | 5.69 | 34.6% |
| Q1 2025 | 78 | 326 | 6289 | 19.30 | 8.3 | 15.27 | 35 | 5.55 | 28.1% |
| Q4 2024 | 90 | 361 | 8074 | 22.35 | 9.8 | 26.41 | 40 | 5.49 | 30.2% |
| &nbsp;&nbsp;**Total** | **351** | **1267** | $**27666** | $**21.83** | **8.9** | $**22.93** | **157** | $**5.74** | **29.7%** |
| **RENEWAL LEASES** | **RENEWAL LEASES** | **RENEWAL LEASES** | **RENEWAL LEASES** | **RENEWAL LEASES** |  |  |  |  |  |
| Q3 2025 | 127 | 268 | $8178 | $30.52 | 4.5 | $1.01 | 124 | $5.66 | 23.2% |
| Q2 2025 | 142 | 376 | 9198 | 24.49 | 4.0 | 0.49 | 140 | 3.93 | 19.1% |
| Q1 2025 | 112 | 272 | 7774 | 28.62 | 4.0 | 0.61 | 111 | 4.97 | 20.8% |
| Q4 2024 | 104 | 397 | 7849 | 19.78 | 6.4 | 0.87 | 104 | 3.40 | 20.8% |
| &nbsp;&nbsp;**Total** | **485** | **1312** | $**32999** | $**25.15** | **4.8** | $**0.74** | **479** | $**4.34** | **20.8%** |
| **OPTION LEASES** | **OPTION LEASES** | **OPTION LEASES** | **OPTION LEASES** | **OPTION LEASES** |  |  |  |  |  |
| Q3 2025 | 54 | 1120 | $12691 | $11.33 | 6.1 | $0.54 | 54 | $0.57 | 5.3% |
| Q2 2025 | 40 | 722 | 8160 | 11.30 | 5.3 |  | 40 | 0.75 | 7.1% |
| Q1 2025 | 44 | 944 | 10226 | 10.83 | 4.9 |  | 44 | 0.31 | 2.9% |
| Q4 2024 | 37 | 654 | 9445 | 14.44 | 5.5 |  | 37 | 0.73 | 5.3% |
| &nbsp;&nbsp;**Total** | **175** | **3441** | $**40522** | $**11.78** | **5.5** | $**0.17** | **175** | $**0.57** | **5.0%** |

---

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

<sup>(2)</sup> Excludes landlord work.

Phillips Edison & Company 40<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands | Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands | Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands | Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands | Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands | Lease Expirations<sup>(1)(2)</sup><br>Unaudited, square footage amounts in thousands |
|  | **Number of Leases** | **GLA Expiring** | **% of Leased GLA**<sup>(3)</sup> | **ABR PSF** | **% of ABR** |
| **TOTAL LEASES** |  |  |  |  |  |
| MTM | 90 | 233 | 0.7% | $18.55 | 0.8% |
| 2025 | 129 | 565 | 1.7% | 11.70 | 1.3% |
| 2026 | 817 | 3406 | 10.1% | 17.11 | 10.7% |
| 2027 | 943 | 4237 | 12.6% | 16.59 | 13.0% |
| 2028 | 966 | 5347 | 15.9% | 16.11 | 15.7% |
| 2029 | 908 | 5103 | 15.2% | 16.85 | 15.8% |
| 2030 | 744 | 4971 | 14.8% | 15.46 | 14.2% |
| 2031 | 393 | 2746 | 8.1% | 15.43 | 7.7% |
| 2032 | 236 | 1650 | 4.9% | 15.06 | 4.6% |
| 2033 | 209 | 1041 | 3.1% | 19.33 | 3.7% |
| 2034 | 210 | 1874 | 5.6% | 12.63 | 4.3% |
| 2035+ | 353 | 2465 | 7.3% | 18.16 | 8.2% |
| &nbsp;&nbsp;**Total leases** | **5998** | **33638** | **100.0%** | $**16.18** | **100.0%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ANCHOR LEASES** | | | | | |
| MTM | 2 | 35 | 0.1% | $10.73 | 0.1% |
| 2025 | 15 | 350 | 1.0% | 4.08 | 0.3% |
| 2026 | 49 | 1831 | 5.4% | 9.68 | 3.3% |
| 2027 | 71 | 2369 | 7.0% | 9.34 | 4.1% |
| 2028 | 83 | 3483 | 10.4% | 10.18 | 6.4% |
| 2029 | 96 | 3315 | 9.9% | 11.08 | 6.7% |
| 2030 | 87 | 3556 | 10.6% | 10.82 | 7.1% |
| 2031 | 58 | 1890 | 5.6% | 11.09 | 3.8% |
| 2032 | 29 | 1139 | 3.4% | 9.86 | 2.1% |
| 2033 | 18 | 567 | 1.7% | 12.56 | 1.3% |
| 2034 | 30 | 1438 | 4.3% | 7.99 | 2.1% |
| 2035+ | 63 | 1764 | 5.2% | 13.84 | 4.5% |
| &nbsp;&nbsp;**Anchor leases** | **601** | **21737** | **64.6%** | $**10.47** | **41.8%** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INLINE LEASES** | | | | | |
| MTM | 88 | 198 | 0.6% | $19.91 | 0.7% |
| 2025 | 114 | 215 | 0.7% | 24.11 | 1.0% |
| 2026 | 768 | 1575 | 4.7% | 25.74 | 7.4% |
| 2027 | 872 | 1868 | 5.6% | 25.79 | 8.9% |
| 2028 | 883 | 1864 | 5.5% | 27.19 | 9.3% |
| 2029 | 812 | 1788 | 5.3% | 27.54 | 9.1% |
| 2030 | 657 | 1415 | 4.2% | 27.12 | 7.1% |
| 2031 | 335 | 856 | 2.5% | 25.02 | 3.9% |
| 2032 | 207 | 511 | 1.5% | 26.64 | 2.5% |
| 2033 | 191 | 474 | 1.4% | 27.41 | 2.4% |
| 2034 | 180 | 436 | 1.3% | 27.92 | 2.2% |
| 2035+ | 290 | 701 | 2.1% | 29.03 | 3.7% |
| &nbsp;&nbsp;**Inline leases** | **5397** | **11901** | **35.4%** | $**26.61** | **58.2%** |

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

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

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

Phillips Edison & Company 41<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| 51st & Olive Square | Glendale, AZ | 100% | Phoenix-Mesa-Chandler, AZ | 1975 / 2007 | 88225 | 100.0% | $1110 | $12.58 | Fry's Food Stores | N/A |
| Alameda Crossing | Avondale, AZ | 100% | Phoenix-Mesa-Chandler, AZ | 2006 / 2021 | 141721 | 100.0% | $2783 | $19.64 | Sprouts Farmers Market | Burlington; Uptown Jungle; Big 5 Sporting Goods |
| Arcadia Plaza | Phoenix, AZ | 100% | Phoenix-Mesa-Chandler, AZ | 1980 / 2018 | 63637 | 100.0% | $1539 | $24.18 | Sprouts Farmers Market | N/A |
| Broadway Plaza | Tucson, AZ | 100% | Tucson, AZ | 1982 / 2003 | 84298 | 97.3% | $1566 | $19.10 | Sprouts Farmers Market | N/A |
| South Point Plaza | Tempe, AZ | 31% | Phoenix-Mesa-Chandler, AZ | 1987 | 49332 | 95.0% | $1057 | $22.55 | Fry's Food Stores\* | Goodwill |
| Southern Palms | Tempe, AZ | 100% | Phoenix-Mesa-Chandler, AZ | 1982 / 2018 | 257123 | 100.0% | $3705 | $14.41 | Sprouts Farmers Market | Goodwill; Southwest Institute of Healing Arts; Habitat for Humanity ReStore; Planet Fitness; AutoZone |
| Sunburst Plaza | Glendale, AZ | 100% | Phoenix-Mesa-Chandler, AZ | 1970 / 2022 | 99913 | 93.9% | $829 | $8.83 | Fry's Food Stores | Daiso |
| Atwater Marketplace | Atwater, CA | 100% | Merced, CA | 2023 | 2082 | 100.0% | $138 | $66.28 | N/A | N/A |
| Boronda Plaza | Salinas, CA | 100% | Salinas, CA | 2003 / 2021 | 93071 | 98.4% | $2402 | $26.23 | Food 4 Less | N/A |
| Broadway Pavilion | Santa Maria, CA | 100% | Santa Maria-Santa Barbara, CA | 1987 | 142676 | 98.5% | $2431 | $17.29 | Food Maxx | Idler's Home; Dollar Tree |
| Central Valley Marketplace | Ceres, CA | 100% | Modesto, CA | 2005 | 81897 | 100.0% | $1804 | $22.03 | Food 4 Less | N/A |
| Clayton Station | Clayton, CA | 100% | San Francisco-Oakland-Berkeley, CA | 1991 | 66724 | 95.3% | $1943 | $30.54 | Safeway\* | Walgreens |
| Commonwealth Square | Folsom, CA | 100% | Sacramento-Roseville-Folsom, CA | 1987 | 141310 | 96.8% | $2427 | $17.74 | Raley's | N/A |
| Contra Loma Plaza | Antioch, CA | 100% | San Francisco-Oakland-Berkeley, CA | 1989 / 2022 | 74616 | 96.1% | $920 | $12.83 | Lucky Supermarkets | N/A |
| Del Paso Marketplace | Sacramento, CA | 100% | Sacramento-Roseville-Folsom, CA | 2006 / 2016 | 59796 | 100.0% | $1706 | $28.53 | Sprouts Farmers Market | N/A |
| Driftwood Village | Ontario, CA | 100% | Riverside-San Bernardino-Ontario, CA | 1985 | 95421 | 100.0% | $2054 | $21.52 | Food 4 Less | N/A |
| Foothill Park Plaza | Monrovia, CA | 100% | Los Angeles-Long Beach-Anaheim, CA | 1985 / 2001 | 43618 | 93.5% | $1959 | $48.02 | Vons\* | N/A |
| Herndon Place | Fresno, CA | 100% | Fresno, CA | 2005 | 95155 | 100.0% | $1658 | $17.42 | Save Mart Supermarkets | N/A |
| Laguna 99 Plaza | Elk Grove, CA | 100% | Sacramento-Roseville-Folsom, CA | 1992 / 2015 | 89188 | 100.0% | $2166 | $24.28 | Walmart Neighborhood Market | Planet Fitness |
| North Point Landing | Modesto, CA | 100% | Modesto, CA | 1964 / 2008 | 152769 | 94.7% | $2265 | $15.66 | Walmart | N/A |

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Phillips Edison & Company 42<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Quail Pointe | Fair Oaks, CA | 100% | Sacramento-Roseville-Folsom, CA | 1987 | 98015 | 94.2% | $3162 | $34.26 | Trader Joe's | Lamps Plus |
| Quartz Hill Towne Centre | Lancaster, CA | 100% | Los Angeles-Long Beach-Anaheim, CA | 1991 / 2012 | 110306 | 100.0% | $2005 | $18.17 | Vons | CVS |
| Red Maple Village | Tracy, CA | 100% | Stockton, CA | 2009 | 97655 | 100.0% | $2705 | $27.70 | Raley's | N/A |
| Riverlakes Village | Bakersfield, CA | 100% | Bakersfield, CA | 1997 / 2022 | 94012 | 97.8% | $2049 | $22.29 | Vons | N/A |
| Rocky Ridge Town Center | Roseville, CA | 100% | Sacramento-Roseville-Folsom, CA | 1996 / 2015 | 93337 | 100.0% | $3094 | $33.15 | Sprouts Farmers Market | BevMo! |
| Shasta Crossroads | Redding, CA | 100% | Redding, CA | 1989 / 2016 | 114453 | 95.7% | $2264 | $20.67 | Food Maxx | N/A |
| Sierra Del Oro Towne Centre | Corona, CA | 100% | Riverside-San Bernardino-Ontario, CA | 1991 / 2017 | 110486 | 100.0% | $2383 | $21.57 | Ralphs | Dollar Tree |
| Sierra Vista Plaza | Murrieta, CA | 100% | Riverside-San Bernardino-Ontario, CA | 1991 / 2021 | 80259 | 100.0% | $2193 | $27.33 | Stater Bros Markets\* | CVS |
| Sterling Pointe Center | Lincoln, CA | 100% | Sacramento-Roseville-Folsom, CA | 2004 / 2017 | 136020 | 99.3% | $3285 | $24.31 | Raley's | N/A |
| Sunridge Plaza | Rancho Cordova, CA | 100% | Sacramento-Roseville-Folsom, CA | 2017 | 87815 | 89.5% | $2561 | $32.57 | Raley's | N/A |
| Town & Country Village | Sacramento, CA | 100% | Sacramento-Roseville-Folsom, CA | 1950 / 2022 | 216259 | 95.0% | $4763 | $23.18 | Sprouts Farmers Market; Trader Joe's | Bob's Discount Furniture; Ross Dress for Less; T.J.Maxx; Royal Flooring; Ulta |
| Village One Plaza | Modesto, CA | 100% | Modesto, CA | 2007 | 105658 | 100.0% | $2610 | $24.71 | Raley's | N/A |
| Vineyard Center | Templeton, CA | 100% | San Luis Obispo-Paso Robles, CA | 2007 | 21117 | 100.0% | $706 | $33.45 | Trader Joe's | N/A |
| West Acres Shopping Center | Fresno, CA | 100% | Fresno, CA | 1990 / 2015 | 83414 | 100.0% | $989 | $11.85 | Food Maxx | N/A |
| Windmill Marketplace | Clovis, CA | 100% | Fresno, CA | 2001 | 27486 | 92.0% | $1076 | $42.55 | Save Mart\* | N/A |
| Arapahoe Marketplace | Greenwood Village, CO | 100% | Denver-Aurora-Lakewood, CO | 1977 / 2022 | 194215 | 97.5% | $4878 | $25.77 | Sprouts Farmers Market | The Tile Shop; Molly's Spirits; Kula Sport Performance; Office Depot |
| Broadlands Marketplace | Broomfield, CO | 100% | Denver-Aurora-Lakewood, CO | 2002 | 103883 | 100.0% | $1517 | $14.61 | Safeway | N/A |
| Broomfield Marketplace | Broomfield, CO | 100% | Denver-Aurora-Lakewood, CO | 1999 | 114800 | 96.2% | $1325 | $12.00 | King Soopers | Ace Hardware |
| Fairfield Commons | Lakewood, CO | 100% | Denver-Aurora-Lakewood, CO | 1985 / 2014 | 143276 | 100.0% | $2973 | $20.75 | Sprouts Farmers Market | T.J.Maxx; Planet Fitness; Aaron's |
| Foxridge Plaza | Centennial, CO | 100% | Denver-Aurora-Lakewood, CO | 1983 / 2022 | 54592 | 87.4% | $1301 | $27.26 | King Soopers\* | N/A |

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Phillips Edison & Company 43<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Golden Town Center | Golden, CO | 100% | Denver-Aurora-Lakewood, CO | 1993 / 2003 | 117882 | 98.7% | $2024 | $17.39 | King Soopers | N/A |
| Kipling Marketplace | Littleton, CO | 100% | Denver-Aurora-Lakewood, CO | 1983 / 2009 | 90124 | 97.7% | $1373 | $15.59 | Safeway | N/A |
| Meadows on the Parkway | Boulder, CO | 100% | Boulder, CO | 1989 | 208319 | 95.6% | $4102 | $20.60 | Safeway | Walgreens; Dollar Tree; Regus |
| Northpark Plaza | Westminster, CO | 100% | Denver-Aurora-Lakewood, CO | 2001 | 52192 | 97.5% | $1433 | $28.17 | King Soopers\* | N/A |
| Nor'Wood Shopping Center | Colorado Springs, CO | 100% | Colorado Springs, CO | 2003 / 2007 | 75242 | 100.0% | $1317 | $17.50 | Safeway | N/A |
| Ridgeview Marketplace | Colorado Springs, CO | 100% | Colorado Springs, CO | 2003 | 22759 | 88.9% | $703 | $34.75 | King Soopers\* | N/A |
| Roxborough Marketplace | Littleton, CO | 100% | Denver-Aurora-Lakewood, CO | 2005 / 2021 | 103639 | 100.0% | $1815 | $17.51 | Safeway | N/A |
| Thompson Valley Towne Center | Loveland, CO | 100% | Fort Collins, CO | 1999 | 125099 | 96.7% | $2363 | $19.53 | King Soopers | Ace Hardware |
| Westwoods Shopping Center | Arvada, CO | 100% | Denver-Aurora-Lakewood, CO | 2003 / 2011 | 90855 | 100.0% | $1514 | $16.67 | King Soopers | N/A |
| Wheat Ridge Marketplace | Wheat Ridge, CO | 100% | Denver-Aurora-Lakewood, CO | 1996 / 2019 | 103115 | 95.8% | $2007 | $20.31 | Safeway | N/A |
| Bethel Shopping Center | Bethel, CT | 100% | Bridgeport-Stamford-Norwalk, CT | 2007 | 101205 | 91.0% | $2291 | $24.87 | Big Y | N/A |
| Everybody's Plaza | Cheshire, CT | 100% | New Haven-Milford, CT | 1960 / 2014 | 49975 | 100.0% | $1073 | $21.46 | Big Y | N/A |
| Montville Commons | Montville, CT | 100% | Norwich-New London, CT | 2007 | 116916 | 98.3% | $1854 | $16.13 | Stop & Shop | N/A |
| Stop & Shop Plaza | Enfield, CT | 100% | Hartford-East Hartford-Middletown, CT | 1988 / 1998 | 124218 | 94.8% | $2099 | $17.83 | Stop & Shop | N/A |
| Willimantic Plaza | Willimantic, CT | 100% | Worcester, MA-CT | 1968 / 2024 | 129670 | 100.0% | $1424 | $10.98 | BJ's Wholesale Club | Ollie's Bargain Outlet |
| Alico Commons | Fort Myers, FL | 100% | Cape Coral-Fort Myers, FL | 2009 / 2020 | 100720 | 93.8% | $1726 | $18.26 | Publix | NonStop Fitness |
| Bloomingdale Hills | Riverview, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2002 / 2012 | 78442 | 100.0% | $863 | $11.00 | Walmart Neighborhood Market | N/A |
| Breakfast Point Marketplace | Panama City Beach, FL | 100% | Panama City, FL | 2009 / 2010 | 97938 | 100.0% | $1614 | $16.48 | Publix | Office Depot |
| Broadway Promenade | Sarasota, FL | 100% | North Port-Sarasota-Bradenton, FL | 2007 | 49271 | 100.0% | $1015 | $20.61 | Publix | N/A |
| ChampionsGate Village | Davenport, FL | 100% | Orlando-Kissimmee-Sanford, FL | 2001 | 62714 | 100.0% | $1095 | $17.46 | Publix | N/A |
| Cocoa Commons | Cocoa, FL | 100% | Palm Bay-Melbourne-Titusville, FL | 1986 / 2000 | 90116 | 100.0% | $1336 | $14.83 | Publix | N/A |
| Colonial Promenade | Winter Haven, FL | 100% | Lakeland-Winter Haven, FL | 1986 / 2008 | 280228 | 97.3% | $2704 | $9.91 | Walmart | Sanitas Medical Centers |

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Phillips Edison & Company 44<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Coquina Plaza | Southwest Ranches, FL | 100% | Miami-Fort Lauderdale-Pompano Beach, FL | 1998 | 91120 | 98.8% | $2051 | $22.77 | Publix | N/A |
| Cross Creek Centre | Boynton Beach, FL | 100% | Miami-Fort Lauderdale-Pompano Beach, FL | 1988 / 2014 | 37192 | 97.5% | $1316 | $36.29 | N/A | N/A |
| Crosscreek Village | St. Cloud, FL | 100% | Orlando-Kissimmee-Sanford, FL | 2008 | 69660 | 100.0% | $1207 | $17.32 | Publix | N/A |
| Crystal Beach Plaza | Palm Harbor, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2010 | 59015 | 100.0% | $1121 | $19.00 | Publix | N/A |
| Deerwood Lake Commons | Jacksonville, FL | 14% | Jacksonville, FL | 2003 | 67528 | 100.0% | $1293 | $19.14 | Publix | N/A |
| French Golden Gate | Bartow, FL | 100% | Lakeland-Winter Haven, FL | 1960 / 2011 | 140276 | 98.9% | $1909 | $13.75 | Publix | Bealls Outlet; Walgreens |
| Golden Eagle Village | Clermont, FL | 100% | Orlando-Kissimmee-Sanford, FL | 2011 | 64051 | 94.0% | $999 | $16.60 | Publix | N/A |
| Goolsby Pointe | Riverview, FL | 14% | Tampa-St. Petersburg-Clearwater, FL | 2000 | 75525 | 98.1% | $1291 | $17.42 | Publix | N/A |
| Goolsby Pointe Outparcel | Riverview, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | N/A |  | —% | $— | $— | N/A | N/A |
| Harbour Village | Jacksonville, FL | 100% | Jacksonville, FL | 2006 / 2021 | 113069 | 97.0% | $2134 | $19.46 | The Fresh Market | Crunch Fitness; Lionshare Cowork |
| Heath Brook Commons | Ocala, FL | 100% | Ocala, FL | 2002 | 79590 | 100.0% | $1174 | $14.75 | Publix | N/A |
| Heron Creek Towne Center | North Port, FL | 100% | North Port-Sarasota-Bradenton, FL | 2001 | 64664 | 100.0% | $900 | $13.92 | Publix | N/A |
| Island Walk Shopping Center | Fernandina Beach, FL | 100% | Jacksonville, FL | 1987 / 2012 | 213656 | 98.1% | $2105 | $10.04 | Publix | Bealls; Bealls Outlet; Gretchen's Hallmark Shop; Staples |
| Kings Crossing | Sun City Center, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2000 / 2018 | 75020 | 100.0% | $1330 | $17.73 | Publix | N/A |
| Lake Washington Crossing | Melbourne, FL | 100% | Palm Bay-Melbourne-Titusville, FL | 1987 / 2023 | 122912 | 95.4% | $2291 | $19.55 | Publix | BPC Plasma |
| Lakewood Plaza | Spring Hill, FL | 14% | Tampa-St. Petersburg-Clearwater, FL | 1993 / 1997 | 106999 | 98.1% | $1463 | $13.93 | Publix | N/A |
| Lutz Lake Crossing | Lutz, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2002 | 64986 | 98.3% | $1052 | $16.48 | Publix | N/A |

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Phillips Edison & Company 45<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| MetroWest Village | Orlando, FL | 100% | Orlando-Kissimmee-Sanford, FL | 1990 | 106689 | 96.0% | $2493 | $24.34 | Publix | N/A |
| Oak Grove Shoppes | Altamonte Springs, FL | 20% | Orlando-Kissimmee-Sanford, FL | 1983 / 2023 | 142257 | 98.3% | $2956 | $21.13 | Publix | Marshalls; O2B Kids; Salons by JC |
| Oakhurst Plaza | Seminole, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 1974 / 2001 | 51502 | 100.0% | $716 | $13.89 | Publix | N/A |
| Ocean Breeze Plaza | Ocean Breeze, FL | 100% | Port St. Lucie, FL | 1993 / 2010 | 96192 | 99.2% | $1840 | $19.29 | Publix | RISE Center IRC |
| Orange Grove Shopping Center | North Fort Myers, FL | 100% | Cape Coral-Fort Myers, FL | 1999 | 68865 | 100.0% | $918 | $13.33 | Publix | N/A |
| Ormond Beach Mall | Ormond Beach, FL | 100% | Deltona-Daytona Beach-Ormond Beach, FL | 1967 / 2018 | 102862 | 95.7% | $1284 | $13.04 | Publix | Bealls Outlet; Made New; Dollar Tree |
| Park Place Plaza | Port Orange, FL | 100% | Deltona-Daytona Beach-Ormond Beach, FL | 1984 / 2012 | 87050 | 97.2% | $1182 | $13.97 | N/A | Bealls |
| Parsons Village | Seffner, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 1983 / 1994 | 78041 | 100.0% | $1125 | $14.42 | Winn-Dixie\* | City Buffet; Family Dollar |
| Publix at Northridge | Sarasota, FL | 14% | North Port-Sarasota-Bradenton, FL | 2003 | 65320 | 100.0% | $1338 | $20.49 | Publix | N/A |
| Publix at Seven Hills | Spring Hill, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 1991 / 2006 | 72720 | 100.0% | $988 | $13.59 | Publix | N/A |
| Publix at St. Cloud | St. Cloud, FL | 14% | Orlando-Kissimmee-Sanford, FL | 2003 | 78779 | 100.0% | $1340 | $17.01 | Publix | N/A |
| Rockledge Square | Rockledge, FL | 100% | Palm Bay-Melbourne-Titusville, FL | 1985 / 2022 | 78879 | 100.0% | $1401 | $17.76 | Publix | Health First Medical Group |
| Sanibel Beach Place | Fort Myers, FL | 100% | Cape Coral-Fort Myers, FL | 2003 / 2022 | 74286 | 100.0% | $1078 | $14.51 | Publix | N/A |
| Shoppes at Avalon | Spring Hill, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2009 / 2022 | 62786 | 100.0% | $1059 | $16.87 | Publix | N/A |
| Shoppes at Glen Lakes | Weeki Wachee, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2008 | 66601 | 96.8% | $1014 | $15.72 | Publix | N/A |
| Shoppes at Lake Mary | Lake Mary, FL | 100% | Orlando-Kissimmee-Sanford, FL | 2000 | 74234 | 98.4% | $2052 | $28.09 | Publix\* | HomeSense |
| Shoppes of Lake Village | Leesburg, FL | 100% | Orlando-Kissimmee-Sanford, FL | 1987 / 2021 | 133283 | 95.2% | $2178 | $17.16 | Publix | Sproutfitters |
| Shoppes of Paradise Lakes | Miami, FL | 100% | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 83555 | 100.0% | $1503 | $17.99 | Publix | N/A |

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Phillips Edison & Company 46<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Shops at Sunset Lakes | Miramar, FL | 100% | Miami-Fort Lauderdale-Pompano Beach, FL | 1999 | 70274 | 100.0% | $1162 | $16.54 | Publix | N/A |
| South Oaks Shopping Center | Live Oak, FL | 100% | N/A | 1976 / 2022 | 102816 | 56.4% | $568 | $9.79 | N/A | Bealls Outlet; Farmers Home Furniture |
| St. Charles Plaza | Davenport, FL | 100% | Lakeland-Winter Haven, FL | 2007 | 65000 | 100.0% | $1170 | $18.01 | Publix | N/A |
| St. Johns Plaza | Titusville, FL | 14% | Palm Bay-Melbourne-Titusville, FL | 1985 / 2023 | 119489 | 99.0% | $1333 | $11.27 | Publix | Bealls Outlet; Dollar Tree |
| The Oaks | Hudson, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 1981 / 2022 | 177180 | 99.2% | $2356 | $13.41 | MD Oriental Market | EoS Fitness; Bealls; Ross Dress for Less; Five Below; Dollar Tree |
| Town Center at Jensen Beach | Jensen Beach, FL | 100% | Port St. Lucie, FL | 2000 | 109326 | 93.3% | $1347 | $13.20 | Publix | N/A |
| Towne Centre at Wesley Chapel | Wesley Chapel, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 2000 | 69425 | 97.8% | $1044 | $15.38 | Winn-Dixie | N/A |
| Valrico Commons | Valrico, FL | 100% | Tampa-St. Petersburg-Clearwater, FL | 1986 / 2021 | 137316 | 99.2% | $2268 | $16.64 | Publix | Ross Dress for Less; Five Below |
| Vineyard Shopping Center | Tallahassee, FL | 100% | Tallahassee, FL | 2002 | 62671 | 97.9% | $823 | $13.42 | Publix | N/A |
| West Creek Commons | Coconut Creek, FL | 14% | Miami-Fort Lauderdale-Pompano Beach, FL | 2003 | 58537 | 100.0% | $978 | $16.70 | Publix | N/A |
| West Creek Plaza | Coconut Creek, FL | 100% | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 / 2013 | 37616 | 92.3% | $1032 | $29.73 | Publix\* | N/A |
| Windover Square | Melbourne, FL | 100% | Palm Bay-Melbourne-Titusville, FL | 1984 / 2010 | 81516 | 100.0% | $1360 | $16.68 | Publix | Dollar Tree |
| Winter Springs Town Center | Winter Springs, FL | 14% | Orlando-Kissimmee-Sanford, FL | 2002 | 117970 | 85.4% | $2014 | $20.00 | Publix | N/A |
| Bartow Marketplace | Cartersville, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 375067 | 99.4% | $2774 | $7.44 | Walmart | Lowe's |
| Bethany Village | Alpharetta, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2001 | 81674 | 98.0% | $1231 | $15.37 | Publix | N/A |
| Butler Creek | Acworth, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1989 / 2021 | 101597 | 97.2% | $1527 | $15.46 | Kroger | N/A |
| Dean Taylor Crossing | Suwanee, GA | 14% | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 92318 | 100.0% | $1371 | $14.85 | Kroger | N/A |

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Phillips Edison & Company 47<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Evans Towne Centre | Evans, GA | 100% | Augusta-Richmond County, GA-SC | 1995 / 2017 | 75668 | 100.0% | $1154 | $15.26 | Publix | N/A |
| Everson Pointe | Snellville, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1999 | 81428 | 94.2% | $1077 | $14.03 | Kroger | N/A |
| Fairview Oaks | Ellenwood, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 77052 | 98.1% | $1047 | $13.86 | Kroger | N/A |
| Flynn Crossing | Alpharetta, GA | 14% | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 95002 | 96.4% | $1924 | $21.01 | Publix | N/A |
| Grassland Crossing | Alpharetta, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 90906 | 100.0% | $1106 | $12.17 | Kroger | N/A |
| Grayson Village | Loganville, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2002 / 2019 | 87155 | 100.0% | $1380 | $15.84 | Publix | N/A |
| Hamilton Mill Village | Dacula, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2016 | 88710 | 100.0% | $1452 | $16.37 | Publix | N/A |
| Hamilton Ridge | Buford, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 96941 | 100.0% | $1695 | $17.48 | Kroger | N/A |
| Hickory Flat Commons | Canton, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2008 / 2020 | 113995 | 100.0% | $1665 | $14.60 | Kroger | N/A |
| Loganville Crossing | Loganville, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 149133 | 100.0% | $2439 | $16.35 | Kroger | N/A |
| Loganville Town Center | Loganville, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1997 / 2023 | 84978 | 100.0% | $1458 | $17.15 | Publix | N/A |
| Mableton Crossing | Mableton, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 86819 | 95.9% | $1155 | $13.87 | Kroger | N/A |
| Macland Pointe | Marietta, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1992 | 79699 | 95.5% | $993 | $13.05 | Publix | N/A |
| Mansell Village | Roswell, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2003 / 2013 | 89688 | 100.0% | $1370 | $15.28 | Kroger | N/A |
| Market Walk | Savannah, GA | 100% | Savannah, GA | 2014 / 2022 | 263829 | 95.3% | $3735 | $14.85 | Kroger | Dick's Sporting Goods; Guitar Center; West Marine |
| Mountain Crossing | Dacula, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1997 | 93396 | 100.0% | $1328 | $14.22 | Kroger | N/A |
| Mountain Park Plaza | Roswell, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1988 / 2003 | 80511 | 98.5% | $1084 | $13.67 | Publix | N/A |

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Phillips Edison & Company 48<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Old Alabama Square | Johns Creek, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 102867 | 100.0% | $2519 | $24.49 | The Fresh Market | Walgreens |
| Paradise Crossing | Lithia Springs, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 67470 | 100.0% | $1022 | $15.15 | Publix | N/A |
| Richmond Plaza | Augusta, GA | 14% | Augusta-Richmond County, GA-SC | 1979 / 2020 | 174585 | 97.9% | $1741 | $10.18 | N/A | Ashley HomeStore and Ashley Outlet; Harbor Freight Tools; Chuck E. Cheese; Chow Time Buffet & Grill |
| Rivermont Station | Johns Creek, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2022 | 128308 | 99.2% | $2173 | $17.07 | Kroger | Kids Empire |
| Shiloh Square Shopping Center | Kennesaw, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 / 2003 | 136920 | 93.1% | $1839 | $14.43 | Kroger | You Fit Health Clubs |
| Shops at Butler Crossing | Kennesaw, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 56910 | 94.3% | $914 | $17.02 | N/A | Planet Fitness |
| Shops at Westridge | McDonough, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2006 / 2020 | 72420 | 98.1% | $1295 | $18.24 | Publix | N/A |
| Southampton Village | Tyrone, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2003 | 80988 | 100.0% | $1204 | $14.87 | Publix | N/A |
| Spivey Junction | Stockbridge, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1998 | 81475 | 100.0% | $1163 | $14.27 | Kroger | N/A |
| Village At Glynn Place | Brunswick, GA | 100% | Brunswick, GA | 1992 / 2009 | 123437 | 100.0% | $1709 | $13.84 | Publix | Goodwill |
| Villages at Eagles Landing | Stockbridge, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 67019 | 96.4% | $936 | $14.48 | Publix | N/A |
| Village Shoppes at Windermere | Suwanee, GA | 100% | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 73352 | 97.7% | $1500 | $20.94 | Publix | N/A |
| CitiCentre Plaza | Carroll, IA | 100% | Carroll, IA | 1991 / 2018 | 63518 | 95.3% | $514 | $8.50 | Hy-Vee | N/A |
| Duck Creek Plaza | Bettendorf, IA | 100% | Davenport-Moline-Rock Island, IA-IL | 2005 / 2022 | 134229 | 93.9% | $1342 | $10.64 | N/A | Malibu Jack's |
| Southgate Shopping Center | Des Moines, IA | 100% | Des Moines-West Des Moines, IA | 1972 / 2014 | 161792 | 100.0% | $1007 | $6.22 | Hy-Vee | Planet Fitness; Jay's CD & Hobby; BioLife Plasma Services; Dollar General |
| Baker Hill | Glen Ellyn, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1998 / 2018 | 135355 | 100.0% | $2368 | $17.50 | Pete's Fresh Market | N/A |
| Brentwood Commons | Bensenville, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1981 / 2015 | 125497 | 96.7% | $1682 | $13.86 | Jewel-Osco | Dollar Tree |

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Phillips Edison & Company 49<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Burbank Plaza | Burbank, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1972 / 2018 | 99377 | 100.0% | $1218 | $12.25 | Jewel-Osco | dd's Discounts |
| College Plaza | Normal, IL | 100% | Bloomington, IL | 2002 / 2018 | 177741 | 100.0% | $2412 | $13.57 | N/A | Ross Dress for Less; Office Depot; Michaels; Shoe Carnival; Sierra; Boot Barn; Petco; Daiso |
| Glenbrook Marketplace | Glenview, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2014 | 47832 | 91.7% | $1171 | $26.69 | N/A | N/A |
| Heritage Plaza | Carol Stream, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1988 / 2018 | 128870 | 100.0% | $1984 | $15.40 | Jewel-Osco | Charter Fitness |
| Hilander Village | Roscoe, IL | 100% | Rockford, IL | 1994 / 2022 | 120694 | 97.1% | $1306 | $11.14 | Schnucks | N/A |
| Hoffman Village | Hoffman Estates, IL | 14% | Chicago-Naperville-Elgin, IL-IN-WI | 1987 / 2021 | 159708 | 93.6% | $2903 | $19.41 | Mariano's | Goodwill |
| Lemont Plaza | Lemont, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1983 | 119013 | 98.0% | $1488 | $12.76 | Pete's Fresh Market | Goodwill; NAPA Auto Parts; Ace Hardware; Dollar Tree |
| Maple View | Grayslake, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 114668 | 97.8% | $2157 | $19.24 | Jewel-Osco | N/A |
| Naperville Crossings | Naperville, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 2007 / 2021 | 151203 | 98.7% | $4719 | $31.63 | ALDI | N/A |
| Oak Mill Plaza | Niles, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1977 / 2023 | 165102 | 91.7% | $2474 | $16.34 | Jewel-Osco | N/A |
| Rolling Meadows Shopping Center | Rolling Meadows, IL | 14% | Chicago-Naperville-Elgin, IL-IN-WI | 2010 / 2016 | 130212 | 97.5% | $1508 | $11.88 | Jewel-Osco | Northwest Community Hospital; Dollar Tree |
| Savoy Plaza | Savoy, IL | 100% | Champaign-Urbana, IL | 1999 / 2015 | 140624 | 97.7% | $1881 | $13.69 | Schnucks | Goodwill; Planet Fitness |
| Shorewood Crossing | Shorewood, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 2001 / 2020 | 173981 | 100.0% | $2609 | $15.00 | Mariano's | Marshalls; Staples; Petco |
| The Shoppes at Windmill Place | Batavia, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1991 / 1997 | 124576 | 95.6% | $2037 | $17.10 | Jewel-Osco | N/A |
| The Shops of Uptown | Park Ridge, IL | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 70081 | 97.4% | $2048 | $30.00 | Trader Joe's | N/A |
| Dyer Town Center | Dyer, IN | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 2004 / 2005 | 102415 | 97.3% | $1974 | $19.80 | Jewel-Osco | N/A |

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Phillips Edison & Company 50<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Lafayette Square | Lafayette, IN | 100% | Lafayette-West Lafayette, IN | 1963 / 2022 | 250506 | 86.9% | $1600 | $7.35 | N/A | Rural King Supply; Funcity Adventure Park; Dollar Tree; Harvest Chapel |
| Riverplace Centre | Noblesville, IN | 100% | Indianapolis-Carmel-Anderson, IN | 1992 / 2020 | 74189 | 100.0% | $816 | $11.00 | Kroger | N/A |
| The Village Shopping Center | Mooresville, IN | 100% | Indianapolis-Carmel-Anderson, IN | 1965 / 2019 | 155502 | 92.9% | $1141 | $7.90 | Kroger | Black Friday - The Shopping Network; Goodwill; Player's Performance Factory |
| Town & Country Shopping Center | Noblesville, IN | 100% | Indianapolis-Carmel-Anderson, IN | 1998 / 2023 | 249833 | 100.0% | $2065 | $8.27 | Walmart | Staples; Dollar Tree |
| Falcon Valley | Lenexa, KS | 100% | Kansas City, MO-KS | 2008 / 2009 | 76784 | 100.0% | $1065 | $13.87 | Price Chopper | N/A |
| Quivira Crossings | Overland Park, KS | 100% | Kansas City, MO-KS | 1996 / 2015 | 123908 | 95.3% | $1673 | $14.17 | Price Chopper | N/A |
| Wyandotte Plaza | Kansas City, KS | 100% | Kansas City, MO-KS | 1961 / 2015 | 173757 | 100.0% | $2143 | $12.33 | Price Chopper | Marshalls; PetSmart; Dollar Tree |
| Central Station | Louisville, KY | 100% | Louisville/Jefferson County, KY-IN | 2005 / 2018 | 152463 | 97.9% | $1699 | $11.38 | Kroger | Planet Fitness |
| Chinoe Center | Lexington, KY | 100% | Lexington-Fayette, KY | 1984 / 2023 | 111781 | 100.0% | $1459 | $13.06 | Kroger | Exceptional Living Centers |
| Meadowthorpe Manor Shoppes | Lexington, KY | 100% | Lexington-Fayette, KY | 1989 / 2022 | 117126 | 100.0% | $1271 | $10.85 | Kroger | N/A |
| Town Fair Center | Louisville, KY | 100% | Louisville/Jefferson County, KY-IN | 1988 / 2019 | 234291 | 100.0% | $2772 | $11.83 | N/A | Malibu Jack's; Staples; Michaels; Petco; Five Below |
| Atlantic Plaza | North Reading, MA | 100% | Boston-Cambridge-Newton, MA-NH | 1959 / 2014 | 126384 | 100.0% | $2480 | $19.62 | Stop & Shop | Cowabungas; One Stop Liquors |
| Carriagetown Marketplace | Amesbury, MA | 100% | Boston-Cambridge-Newton, MA-NH | 2000 | 96472 | 100.0% | $1845 | $19.13 | Stop & Shop | N/A |
| Cushing Plaza | Cohasset, MA | 14% | Boston-Cambridge-Newton, MA-NH | 1997 / 2000 | 71210 | 100.0% | $1389 | $19.50 | Shaw's Supermarket | Walgreens |
| Five Town Plaza | Springfield, MA | 100% | Springfield, MA | 1970 / 2019 | 327303 | 97.2% | $4109 | $12.92 | Big Y | Burlington Coat Factory; Best Fitness |
| Northwoods Crossing | Taunton, MA | 100% | Providence-Warwick, RI-MA | 2003 / 2022 | 158978 | 100.0% | $2154 | $13.55 | BJ's Wholesale Club | Tractor Supply; Dollar Tree |
| Shaw's Plaza Easton | Easton, MA | 100% | Providence-Warwick, RI-MA | 1984 / 2004 | 104923 | 100.0% | $1452 | $13.84 | Shaw's Supermarket | Planet Fitness |
| Shaw's Plaza Hanover | Hanover, MA | 100% | Boston-Cambridge-Newton, MA-NH | 1994 / 2000 | 57181 | 100.0% | $832 | $14.54 | Shaw's Supermarket | N/A |

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Phillips Edison & Company 51<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Shaw's Plaza Raynham | Raynham, MA | 100% | Providence-Warwick, RI-MA | 1965 / 2022 | 177324 | 100.0% | $2782 | $15.69 | Shaw's Supermarket | Marshalls; PetSmart; CVS |
| Sudbury Crossing | Sudbury, MA | 100% | Boston-Cambridge-Newton, MA-NH | 1984 / 2021 | 89952 | 97.6% | $1678 | $19.10 | Sudbury Farms\* | T.J.Maxx; The Goddard School; Dollar Tree |
| Burwood Village Center | Glen Burnie, MD | 100% | Baltimore-Columbia-Towson, MD | 1971 | 101144 | 97.5% | $1810 | $18.35 | Food Lion | Dollar General; CVS |
| Collington Plaza | Bowie, MD | 100% | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1996 | 121932 | 97.6% | $2732 | $22.97 | Giant | N/A |
| LaPlata Plaza | La Plata, MD | 100% | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2003 / 2019 | 123561 | 100.0% | $2871 | $23.24 | Safeway | Petco |
| Rosewick Crossing | La Plata, MD | 100% | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2008 | 116057 | 100.0% | $2563 | $22.08 | Giant | N/A |
| Bear Creek Plaza | Petoskey, MI | 100% | N/A | 1998 / 2018 | 311933 | 100.0% | $1833 | $5.88 | Walmart | Marshalls; OfficeMax; HomeGoods; Five Below |
| Cherry Hill Marketplace | Westland, MI | 100% | Detroit-Warren-Dearborn, MI | 1992 / 2017 | 120568 | 97.1% | $1484 | $12.68 | Kroger | Ace Hardware; CVS |
| Livonia Plaza | Livonia, MI | 100% | Detroit-Warren-Dearborn, MI | 1988 / 2014 | 137205 | 82.7% | $1614 | $14.23 | Kroger | N/A |
| Milan Plaza | Milan, MI | 100% | Ann Arbor, MI | 1960 / 2018 | 61357 | 91.2% | $331 | $5.91 | Kroger | Ace Hardware |
| Orchard Square | Washington Township, MI | 100% | Detroit-Warren-Dearborn, MI | 1999 / 2011 | 92450 | 100.0% | $1363 | $14.75 | Kroger | N/A |
| 12 West Marketplace | Litchfield, MN | 100% | N/A | 1989 / 2010 | 82911 | 98.7% | $379 | $4.63 | Family Fare | Running's Farm and Fleet |
| Albertville Crossing | Albertville, MN | 14% | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 / 2018 | 99013 | 100.0% | $1508 | $15.23 | Coborn's | N/A |
| Apache Shoppes | Rochester, MN | 100% | Rochester, MN | 2005 | 57491 | 100.0% | $878 | $15.27 | Trader Joe's | Sierra |
| Cahill Plaza | Inver Grove Heights, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1995 / 2020 | 69000 | 100.0% | $752 | $10.90 | Cub Foods | N/A |
| Centennial Lakes Plaza | Edina, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2022 | 193764 | 100.0% | $4679 | $24.15 | Whole Foods Market | HomeGoods; La-Z-Boy Furniture Galleries; Office Depot; JUUT SalonSpa |

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Phillips Edison & Company 52<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Crossroads of Shakopee | Shakopee, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1998 | 140949 | 98.0% | $2227 | $16.12 | Cub Foods | N/A |
| Hastings Marketplace | Hastings, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 2002 | 97535 | 100.0% | $1388 | $14.23 | Cub Foods | N/A |
| New Prague Commons | New Prague, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 2008 / 2019 | 73415 | 98.4% | $1226 | $16.98 | Coborn's | N/A |
| Normandale Village | Bloomington, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1973 / 2017 | 140400 | 96.6% | $1957 | $14.43 | Lunds & Byerlys | Ace Hardware |
| Northstar Marketplace | Ramsey, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 2004 / 2023 | 104928 | 93.1% | $1709 | $17.49 | Coborn's | N/A |
| Rue de France | Edina, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1973 / 2009 | 61515 | 95.6% | $2004 | $34.08 | N/A | Ethan Allen |
| Savage Town Square | Savage, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 2003 | 87181 | 100.0% | $1388 | $15.93 | Cub Foods | N/A |
| Waterford Park Plaza | Plymouth, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1989 / 2023 | 127468 | 95.0% | $1812 | $14.97 | Cub Foods | Dollar Tree |
| West Village Center | Chanhassen, MN | 100% | Minneapolis-St. Paul-Bloomington, MN-WI | 1994 / 2021 | 140960 | 100.0% | $2485 | $17.63 | Lunds & Byerlys | OfficeMax |
| Des Peres Corners | Des Peres, MO | 20% | St. Louis, MO-IL | 2009 | 120673 | 91.9% | $3150 | $28.41 | Schnucks | N/A |
| South Oaks Plaza | St. Louis, MO | 100% | St. Louis, MO-IL | 1969 / 2021 | 112300 | 100.0% | $725 | $6.45 | N/A | Kloss Furniture; Walgreens |
| Southfield Center | St. Louis, MO | 100% | St. Louis, MO-IL | 1987 / 2021 | 109397 | 95.1% | $1632 | $15.69 | Schnucks | N/A |
| Chapel Hill North Center | Chapel Hill, NC | 100% | Durham-Chapel Hill, NC | 1998 | 96290 | 100.0% | $1724 | $17.90 | Harris Teeter | N/A |
| Crossroads Plaza | Asheboro, NC | 100% | Greensboro-High Point, NC | 1984 / 2016 | 51440 | 100.0% | $444 | $8.63 | Food Lion | N/A |
| Cureton Town Center | Waxhaw, NC | 100% | Charlotte-Concord-Gastonia, NC-SC | 2006 / 2018 | 101977 | 99.0% | $2119 | $21.00 | Harris Teeter | N/A |
| Edgecombe Square | Tarboro, NC | 100% | Rocky Mount, NC | 1990 / 2013 | 81070 | 100.0% | $513 | $6.33 | Food Lion | Farmers Home Furniture |
| Hampton Pointe | Hillsborough, NC | 100% | Durham-Chapel Hill, NC | 2005 | 38133 | 100.0% | $964 | $25.28 | Walmart\* | N/A |
| Harrison Pointe | Cary, NC | 14% | Raleigh-Cary, NC | 2002 / 2016 | 136447 | 100.0% | $2421 | $17.74 | Harris Teeter | Altitude Trampoline Park |
| Lumina Commons | Wilmington, NC | 100% | Wilmington, NC | 1974 / 2007 | 80772 | 98.2% | $1293 | $16.31 | Harris Teeter | N/A |

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Phillips Edison & Company 53<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| New Bern Plaza | Raleigh, NC | 31% | Raleigh-Cary, NC | 2005 | 58745 | 94.5% | $1257 | $22.64 | Walmart\* | N/A |
| Northside Plaza | Clinton, NC | 100% | N/A | 1982 / 2015 | 79865 | 95.0% | $673 | $8.87 | Food Lion | Farmers Home Furniture |
| The Shoppes at Ardrey Kell | Charlotte, NC | 14% | Charlotte-Concord-Gastonia, NC-SC | 2008 | 82119 | 100.0% | $1605 | $19.55 | Harris Teeter | N/A |
| Tramway Crossing | Sanford, NC | 100% | Sanford, NC | 1996 | 62382 | 97.8% | $832 | $13.64 | Food Lion | N/A |
| Windsor Center | Dallas, NC | 100% | Charlotte-Concord-Gastonia, NC-SC | 1974 / 2015 | 81423 | 93.8% | $754 | $9.87 | N/A | Southern States Cooperative; Kintegra Health; Workout Anytime |
| Plaza 23 | Pompton Plains, NJ | 100% | New York-Newark-Jersey City, NY-NJ-PA | 1963 / 2021 | 169478 | 100.0% | $4377 | $25.83 | Stop & Shop | T.J.Maxx; HomeGoods |
| Coronado Center | Santa Fe, NM | 100% | Santa Fe, NM | 1964 / 2019 | 116005 | 100.0% | $1929 | $16.63 | Trader Joe's | New Mexico Bike N Sport; Empire Sushi Buffet; Dollar Tree |
| Plaza Farmington | Farmington, NM | 100% | Farmington, NM | 2004 | 138955 | 100.0% | $1453 | $10.45 | Safeway | T.J.Maxx; Best Buy; Petco |
| Crossroads Towne Center | North Las Vegas, NV | 100% | Las Vegas-Henderson-Paradise, NV | 2007 / 2021 | 148719 | 100.0% | $4846 | $32.58 | Walmart\* | Planet Fitness; Oasis Jiu Jitsu; Salon Boutique |
| Green Valley Plaza | Henderson, NV | 100% | Las Vegas-Henderson-Paradise, NV | 1978 / 1982 | 89332 | 99.0% | $2215 | $25.05 | Trader Joe's | Dollar Tree; Big 5 Sporting Goods |
| Rainbow Plaza | Las Vegas, NV | 100% | Las Vegas-Henderson-Paradise, NV | 1989 / 2022 | 144845 | 96.4% | $2561 | $18.34 | Albertsons | Ross Dress for Less |
| Southwest Marketplace | Las Vegas, NV | 100% | Las Vegas-Henderson-Paradise, NV | 2008 / 2017 | 127852 | 100.0% | $3055 | $23.89 | Smith's | N/A |
| Sprouts Plaza | Las Vegas, NV | 100% | Las Vegas-Henderson-Paradise, NV | 1995 / 2022 | 112580 | 100.0% | $2399 | $21.31 | Sprouts Farmers Market | Goodwill; Uptown Jungle |
| University Plaza | Amherst, NY | 100% | Buffalo-Cheektowaga, NY | 1980 / 2020 | 163388 | 94.7% | $1946 | $12.57 | Tops Markets | Amherst Theatre; DaVita Dialysis; CallofDeals |
| Beavercreek Towne Center | Beavercreek, OH | 100% | Dayton-Kettering, OH | 1994 / 2019 | 366416 | 93.9% | $3632 | $10.55 | Fresh Thyme | Lowe's; Kohl's; Ashley Furniture HomeStore; T.J.Maxx; Shoe Carnival and Shoe Station |
| East Side Square | Springfield, OH | 100% | Springfield, OH | 2007 | 8400 | 100.0% | $169 | $20.07 | Walmart\* | N/A |
| Fairfield Crossing | Beavercreek, OH | 100% | Dayton-Kettering, OH | 1994 | 71170 | 100.0% | $1538 | $21.61 | Walmart\* | Office Depot; Pet Supplies Plus |

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Phillips Edison & Company 54<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Fairlawn Town Centre | Fairlawn, OH | 100% | Akron, OH | 1962 / 2012 | 341652 | 97.1% | $4856 | $14.63 | Giant Eagle; Marc's | U.S. Post Office; Ashley Furniture HomeStore; HomeGoods; Lucky Shoes; Get Fit 24/7; Chuck E. Cheese; Pet Supplies Plus |
| Flag City Station | Findlay, OH | 100% | Findlay, OH | 1992 / 2020 | 250449 | 100.0% | $1533 | $6.12 | Walmart | T.J.Maxx; PetSmart |
| Forest Park Square | Cincinnati, OH | 100% | Cincinnati, OH-KY-IN | 1988 / 2018 | 92824 | 100.0% | $1044 | $11.25 | Kroger | N/A |
| Georgesville Square | Columbus, OH | 14% | Columbus, OH | 1996 / 2017 | 270045 | 100.0% | $2609 | $9.66 | Kroger | Lowe's; Nationwide Children's Hospital |
| Glenwood Crossing | Cincinnati, OH | 100% | Cincinnati, OH-KY-IN | 1999 / 2015 | 101021 | 100.0% | $839 | $8.30 | Kroger | Dollar Tree |
| Goshen Station | Goshen, OH | 100% | Cincinnati, OH-KY-IN | 1973 / 2003 | 53802 | 97.0% | $576 | $11.04 | Kroger | N/A |
| Harpers Station | Cincinnati, OH | 100% | Cincinnati, OH-KY-IN | 1994 | 229060 | 77.7% | $2701 | $15.17 | Fresh Thyme | Painted Tree Marketplace; T.J. Maxx; HomeGoods |
| Hartville Centre | Hartville, OH | 100% | Canton-Massillon, OH | 1988 / 2008 | 124258 | 99.1% | $1344 | $10.91 | Giant Eagle | Aultman Medical |
| Harvest Plaza | Akron, OH | 100% | Akron, OH | 1974 / 2015 | 75866 | 100.0% | $770 | $10.15 | Giant Eagle | N/A |
| Lakewood City Center | Lakewood, OH | 100% | Cleveland-Elyria, OH | 1991 / 2011 | 67280 | 100.0% | $1206 | $17.92 | Marc's | Pet Supplies Plus |
| Oak Creek Center | Lewis Center, OH | 100% | Columbus, OH | 2000 | 104124 | 79.7% | $1418 | $17.10 | N/A | N/A |
| Sheffield Crossing | Sheffield Village, OH | 100% | Cleveland-Elyria, OH | 1989 / 2013 | 110688 | 97.4% | $1564 | $14.50 | Giant Eagle | N/A |
| Shoregate Town Center | Willowick, OH | 100% | Cleveland-Elyria, OH | 1958 / 2022 | 289431 | 99.5% | $2800 | $9.72 | Giant Eagle; Marc's | Goodwill; Planet Fitness; Ace Hardware; Aaron's; Dollar General; Pet Supplies Plus |
| Sidney Towne Center | Sidney, OH | 100% | Sidney, OH | 1981 / 2007 | 115776 | 100.0% | $629 | $5.43 | Kroger | N/A |
| Snow View Plaza | Parma, OH | 100% | Cleveland-Elyria, OH | 1981 | 101450 | 92.6% | $1274 | $13.56 | Giant Eagle | Kumo Japanese |
| Sulphur Grove | Huber Heights, OH | 100% | Dayton-Kettering, OH | 2004 | 19570 | 100.0% | $358 | $18.27 | Walmart\* | N/A |
| Trader Joe's Center | Dublin, OH | 100% | Columbus, OH | 1986 | 75506 | 100.0% | $1529 | $20.25 | Trader Joe's | N/A |
| Westgate Shopping Center | Fairview Park, OH | 100% | Cleveland-Elyria, OH | 2007 | 216832 | 98.0% | $4506 | $21.19 | Target\* | Planet Fitness; Petco; Books-A-Million |
| East Burnside Plaza | Portland, OR | 100% | Portland-Vancouver-Hillsboro, OR-WA | 1955 / 1999 | 38363 | 100.0% | $820 | $21.38 | Quality Food Centers | N/A |

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Phillips Edison & Company 55<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Highland Fair | Gresham, OR | 100% | Portland-Vancouver-Hillsboro, OR-WA | 1984 / 2013 | 70795 | 83.9% | $877 | $14.77 | Safeway | N/A |
| Hilfiker Shopping Center | Salem, OR | 100% | Salem, OR | 1984 / 2011 | 38667 | 100.0% | $778 | $20.12 | Trader Joe's | Petco; Ulta |
| Sunset Shopping Center | Corvallis, OR | 100% | Corvallis, OR | 1998 / 2023 | 166873 | 97.8% | $2617 | $16.03 | Safeway | BI-MART; Personal Touch Car Wash |
| Edgewood Towne Center | Edgewood, PA | 100% | Pittsburgh, PA | 1990 / 2021 | 342610 | 99.7% | $4391 | $12.85 | Giant Eagle | Giant Eagle; Planet Fitness; Aaron's; BioLife Plasma Services; Citi Trends; Fox Beauty Supply |
| Fairview Plaza | New Cumberland, PA | 100% | York-Hanover, PA | 1992 / 1999 | 71979 | 100.0% | $1015 | $14.10 | Giant | N/A |
| Northtowne Square | Gibsonia, PA | 14% | Pittsburgh, PA | 1993 / 2003 | 113372 | 96.9% | $1071 | $9.75 | Giant Eagle | N/A |
| Palmer Town Center | Easton, PA | 100% | Allentown-Bethlehem-Easton, PA-NJ | 2005 | 153020 | 100.0% | $2940 | $19.21 | Giant | Marshalls |
| Townfair Center | Indiana, PA | 100% | Indiana, PA | 1995 / 2016 | 218610 | 100.0% | $2147 | $9.82 | Giant Eagle | Lowe's; Michaels |
| Yorktown Centre | Millcreek Township, PA | 100% | Erie, PA | 1989 / 2020 | 198418 | 97.8% | $2273 | $11.72 | Giant Eagle | Saint Vincent Hospital; A Bridge to Independence |
| Centerpoint | Easley, SC | 100% | Greenville-Anderson, SC | 2002 | 72287 | 100.0% | $984 | $13.62 | Publix | N/A |
| Hampton Village | Taylors, SC | 100% | Greenville-Anderson, SC | 1959 / 2019 | 133688 | 98.9% | $1910 | $14.45 | Publix | Burkes Outlet |
| Irmo Station | Irmo, SC | 100% | Columbia, SC | 1980 | 99440 | 95.6% | $1364 | $14.35 | Kroger | Pet Supplies Plus |
| Murray Landing | Columbia, SC | 100% | Columbia, SC | 2003 / 2016 | 75714 | 98.1% | $1304 | $17.55 | Publix | N/A |
| North Pointe Plaza | North Charleston, SC | 100% | Charleston-North Charleston, SC | 1989 / 2022 | 373520 | 100.0% | $3035 | $8.13 | Walmart | Carpet To Go Flooring; FIT Life Health Clubs; Dollar Tree; Atlantic Bedding & Furniture; Petco; City Gear |
| Palmetto Pavilion | North Charleston, SC | 100% | Charleston-North Charleston, SC | 2003 | 66428 | 100.0% | $1053 | $15.86 | Publix | N/A |
| Stockbridge Commons | Fort Mill, SC | 14% | Charlotte-Concord-Gastonia, NC-SC | 2003 / 2012 | 99473 | 98.7% | $1853 | $18.87 | Harris Teeter | N/A |
| Summerville Galleria | Summerville, SC | 100% | Charleston-North Charleston, SC | 1989 / 2014 | 106391 | 95.0% | $1573 | $15.57 | Food Lion | N/A |
| The Fresh Market Commons | Pawleys Island, SC | 100% | Georgetown, SC | 2011 / 2014 | 32325 | 100.0% | $733 | $22.66 | The Fresh Market | N/A |

---

Phillips Edison & Company 56<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Village at Sandhill | Columbia, SC | 31% | Columbia, SC | 2006 | 117257 | 95.8% | $1950 | $17.36 | Lowes Foods | N/A |
| Hamilton Village | Chattanooga, TN | 100% | Chattanooga, TN-GA | 1989 / 2021 | 429325 | 99.3% | $3094 | $7.26 | ALDI; Walmart | Urban Air Adventure Park; Gabe's; Overstock Furniture & Mattress; Boot Barn |
| Hickory Plaza | Nashville, TN | 100% | Nashville-Davidson--Murfreesboro--Franklin, TN | 1974 / 2020 | 72136 | 100.0% | $921 | $12.77 | Kroger | N/A |
| Lynnwood Place | Jackson, TN | 100% | Jackson, TN | 1986 / 2013 | 96613 | 83.5% | $875 | $10.84 | Kroger | N/A |
| Providence Commons | Mt. Juliet, TN | 100% | Nashville-Davidson--Murfreesboro--Franklin, TN | 2009 | 110137 | 100.0% | $2090 | $18.98 | Publix | Five Below |
| Willowbrook Commons | Nashville, TN | 100% | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 93600 | 100.0% | $1132 | $12.09 | Kroger | N/A |
| Cinco Ranch at Market Center | Katy, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2007 / 2023 | 104794 | 100.0% | $2376 | $22.67 | Super Target\* | HomeGoods; Michaels; OfficeMax |
| Commerce Square | Brownwood, TX | 100% | Brownwood, TX | 1969 / 2022 | 150459 | 96.8% | $1491 | $9.91 | ALDI | T.J.Maxx; Burkes Outlet; Boot Barn Western and Work Wear; Harbor Freight Tools |
| Coppell Market Center | Coppell, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2008 | 90225 | 100.0% | $1575 | $17.46 | Market Street United | N/A |
| Hickory Creek Plaza | Denton, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2007 | 28421 | 89.1% | $734 | $28.98 | Kroger\* | N/A |
| Kirkwood Market Place | Houston, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 1979 / 2012 | 80220 | 100.0% | $1769 | $22.05 | N/A | Crunch Fitness |
| Kleinwood Center | Spring, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2003 | 152900 | 94.0% | $3215 | $22.36 | H-E-B | N/A |
| Lake Pointe Market | Rowlett, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2002 | 40608 | 87.9% | $977 | $27.35 | Tom Thumb\* | N/A |
| Lakeland Village Center | Cypress, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2016 | 83542 | 97.6% | $2254 | $27.64 | N/A | CVS |
| Mansfield Market Center | Mansfield, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2015 | 55353 | 100.0% | $1436 | $25.93 | Sprouts Farmers Market | N/A |

---

Phillips Edison & Company 57<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Market at Cross Creek Ranch | Fulshear, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2017 / 2021 | 59803 | 100.0% | $2218 | $37.09 | H-E-B\* | N/A |
| Mayfair Village | Hurst, TX | 100% | Dallas-Fort Worth-Arlington, TX | 1981 / 2022 | 230778 | 95.0% | $2923 | $13.34 | Tom Thumb | Ollie's Bargain Outlet; Up and Air Trampoline and Adventure Park; Planet Fitness |
| McKinney Market Street | Mckinney, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2003 / 2017 | 97486 | 100.0% | $2197 | $22.53 | Market Street United | N/A |
| Memorial at Kirkwood | Houston, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 1979 / 2018 | 104887 | 95.2% | $2190 | $21.92 | N/A | Dollar Tree |
| Murphy Marketplace | Murphy, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2008 / 2021 | 227203 | 92.7% | $5216 | $24.77 | Sprouts Farmers Market | EoS Fitness; Michaels |
| Northpark Village | Lubbock, TX | 100% | Lubbock, TX | 1990 | 70479 | 100.0% | $813 | $11.53 | United Supermarkets | N/A |
| Oak Meadows Marketplace | Georgetown, TX | 100% | Austin-Round Rock-Georgetown, TX | 2018 | 78841 | 100.0% | $1618 | $20.53 | Randalls | N/A |
| Plano Market Street | Plano, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2009 | 166978 | 94.2% | $3727 | $23.70 | Market Street United | Tint School of Makeup & Cosmetology |
| Riverpark Shopping Center | Sugar Land, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2003 | 317331 | 99.5% | $6763 | $21.41 | H-E-B | LA Fitness; Aces Pickleball; Dave & Buster's; Dollar Tree; Walgreens |
| Seville Commons | Arlington, TX | 100% | Dallas-Fort Worth-Arlington, TX | 1987 / 2022 | 112421 | 98.2% | $1706 | $15.45 | Walmart Neighborhood Market | N/A |
| Shops at Cross Creek | Fulshear, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 2015 | 24188 | 100.0% | $795 | $32.87 | N/A | N/A |
| Spring Cypress Village | Houston, TX | 100% | Houston-The Woodlands-Sugar Land, TX | 1982 / 2012 | 102758 | 90.3% | $1917 | $20.67 | Sprouts Farmers Market | Spec's Liquor; Lumiere Nail Studios & Salon Park |
| Stone Gate Plaza | Crowley, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2003 | 90675 | 98.5% | $1119 | $12.53 | Kroger | N/A |
| Suntree Square | Southlake, TX | 100% | Dallas-Fort Worth-Arlington, TX | 2000 | 99269 | 100.0% | $1767 | $17.80 | Tom Thumb | N/A |
| Towne Crossing Shopping Center | Mesquite, TX | 100% | Dallas-Fort Worth-Arlington, TX | 1984 / 2016 | 165419 | 98.9% | $2122 | $12.97 | Kroger | WSS; Citi Trends; Kids Empire; CSL Plasma |
| Walden Park | Austin, TX | 100% | Austin-Round Rock- Georgetown, TX | 2002 | 90888 | 96.9% | $1941 | $22.04 | Super Target\* | HomeGoods |
| Hillside - West | Hillside, UT | 100% | Salt Lake City, UT | 2006 | 14550 | 100.0% | $461 | $31.70 | N/A | Walgreens |
| Ashburn Farm Market Center | Ashburn, VA | 100% | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2000 | 91905 | 100.0% | $2964 | $32.25 | Giant | N/A |

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Phillips Edison & Company 58<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Birdneck Shopping Center | Virginia Beach, VA | 100% | Virginia Beach-Norfolk-Newport News, VA-NC | 1987 / 2017 | 65554 | 100.0% | $690 | $10.52 | Food Lion | N/A |
| Cascades Overlook | Sterling, VA | 100% | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2016 | 150580 | 95.4% | $4388 | $30.56 | Harris Teeter | N/A |
| Courthouse Marketplace | Virginia Beach, VA | 100% | Virginia Beach-Norfolk-Newport News, VA-NC | 2005 | 102120 | 100.0% | $2059 | $20.17 | Harris Teeter | N/A |
| Dunlop Village | Colonial Heights, VA | 100% | Richmond, VA | 1987 / 2012 | 77315 | 97.5% | $848 | $11.25 | Food Lion | Ace Hardware |
| Lakeside Plaza | Salem, VA | 100% | Roanoke, VA | 1988 | 87784 | 97.2% | $1062 | $12.44 | Kroger | NAPA Auto Parts |
| Nordan Shopping Center | Danville, VA | 100% | Danville, VA | 1961 / 2015 | 135058 | 97.4% | $1038 | $7.89 | Walmart Neighborhood Market | Caesars Virginia; It's Fashion Metro; Dept. of Social Services; Virginia Dept. of Corrections |
| Statler Square | Staunton, VA | 100% | Staunton, VA | 1989 / 1997 | 134660 | 95.0% | $1292 | $10.10 | Kroger | Staples; Petco |
| Staunton Plaza | Staunton, VA | 100% | Staunton, VA | 2006 | 80266 | 98.3% | $1426 | $18.07 | Martin's | N/A |
| Stonewall Plaza | Winchester, VA | 100% | Winchester, VA-WV | 2007 | 118584 | 100.0% | $2680 | $22.60 | Martin's | Dollar Tree |
| Village at Waterford | Midlothian, VA | 100% | Richmond, VA | 1991 / 2016 | 78611 | 98.0% | $856 | $11.11 | Food Lion | N/A |
| Waynesboro Plaza | Waynesboro, VA | 100% | Staunton, VA | 2005 | 76534 | 100.0% | $1392 | $18.19 | Martin's | N/A |
| Winchester Gateway | Winchester, VA | 100% | Winchester, VA-WV | 2006 | 163585 | 99.3% | $3264 | $20.10 | Martin's | East Coast Gymnastics and Cheer; Ridgeside K9 Winchester |
| Claremont Village | Everett, WA | 100% | Seattle-Tacoma-Bellevue, WA | 1994 / 2012 | 86649 | 100.0% | $1434 | $16.55 | Quality Food Centers | Ace Hardware |
| The Orchards | Yakima, WA | 100% | Yakima, WA | 2002 | 86407 | 100.0% | $1408 | $16.29 | Rosauers Supermarkets | N/A |
| Westgate North Shopping Center | Tacoma, WA | 100% | Seattle-Tacoma-Bellevue, WA | 1960 / 2017 | 74818 | 93.3% | $2515 | $36.05 | Safeway\* | N/A |
| Fairacres Shopping Center | Oshkosh, WI | 100% | Oshkosh-Neenah, WI | 1992 / 2016 | 85523 | 98.5% | $1039 | $12.34 | Pick 'n Save | O-Town Iron |
| Franklin Centre | Franklin, WI | 100% | Milwaukee-Waukesha, WI | 1994 / 2018 | 120068 | 95.7% | $1208 | $10.51 | Pick 'n Save | Planet Fitness |
| Glenwood Crossings | Kenosha, WI | 100% | Chicago-Naperville-Elgin, IL-IN-WI | 1992 / 2018 | 87115 | 98.2% | $1121 | $13.11 | Pick 'n Save | Dollar Tree |
| Greentree Centre | Racine, WI | 100% | Racine, WI | 1989 / 2018 | 78011 | 97.7% | $1135 | $14.89 | Pick 'n Save | N/A |
| Kohl's Onalaska | Onalaska, WI | 100% | La Crosse-Onalaska, WI-MN | 1992 / 2021 | 86432 | 100.0% | $581 | $6.72 | N/A | Kohl's |
| Market Place at Pabst Farms | Oconomowoc, WI | 100% | Milwaukee-Waukesha, WI | 2005 / 2020 | 109438 | 100.0% | $2220 | $20.29 | Metro Market | N/A |
| Point Loomis | Milwaukee, WI | 100% | Milwaukee-Waukesha, WI | 1965 / 2022 | 167533 | 100.0% | $1063 | $6.34 | Pick 'n Save | Kohl's |

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Phillips Edison & Company 59<br>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) | Property List<br>Unaudited, dollars in thousands (excluding per square foot amounts; statistics for properties owned through our unconsolidated joint ventures have not been prorated) |
| **Property Name** | **Location** | **Ownership Percentage** | **CBSA** | **Year Constructed/ Renovated** | **GLA** | **% Leased** | **ABR** | **ABR PSF** | **Grocery Anchor** | **Additional Anchors** |
| Village Center | Racine, WI | 100% | Racine, WI | 2002 / 2021 | 240847 | 100.0% | $2812 | $11.68 | Festival Foods | Kohl's; Ulta |
| Village Square of Delafield | Delafield, WI | 100% | Milwaukee-Waukesha, WI | 2007 / 2017 | 81639 | 95.2% | $1193 | $15.35 | Pick 'n Save | N/A |
| **Total** |  |  |  |  | **36737338** | **97.6%** | $**580387** | $**16.19** |  |  |

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\*Retailer is not part of the owned property.

Phillips Edison & Company 60<br>

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![pecostackedlogobluea03.jpg](pecostackedlogobluea03.jpg)

ADDITIONAL DISCLOSURES <br> Three and Nine Months Ended September 30, 2025

Phillips Edison & Company 61<br>

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| | | | |
|:---|:---|:---|:---|
| Earnings Guidance<br>Unaudited, in thousands (excluding per share amounts) | Earnings Guidance<br>Unaudited, in thousands (excluding per share amounts) | Earnings Guidance<br>Unaudited, in thousands (excluding per share amounts) | Earnings Guidance<br>Unaudited, in thousands (excluding per share amounts) |
| The following guidance is based upon PECO's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" above. | The following guidance is based upon PECO's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" above. | The following guidance is based upon PECO's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" above. | The following guidance is based upon PECO's current view of existing market conditions and assumptions for the year ending December 31, 2025. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-Looking Statements" above. |
|  | **Q3 2025 YTD** | **Updated Full Year<br>2025 Guidance** | **Previous Full Year<br>2025 Guidance** |
| **Net income per share** | $0.51 | **$0.62 - $0.65** | **$0.61 - $0.64** |
| **Nareit FFO per share** | $1.90 | **$2.51 - $2.55** | **$2.50 - $2.54** |
| **Core FFO per share** | $1.94 | **$2.57 - $2.61** | **$2.55 - $2.60** |
| **Same-Center NOI growth**<sup>(1)</sup> | 3.8% | **3.10% - 3.60%** | **3.10% - 3.60%** |
| **Portfolio Activity** |  |  |  |
| Acquisition activity, gross<sup>(2)</sup> | $301647 | **$350000 - $450000** | **$350000 - $450000** |
| **Other** |  |  |  |
| Interest expense, net | $81935 | **$108000 - $116000** | **$110000 - $120000** |
| G&A expense | $37760 | **$48000 - $52000** | **$46000 - $51000** |
| Non-cash revenue items<sup>(3)</sup> | $14118 | **$19000 - $21000** | **$19000 - $21000** |
| Adjustments for collectibility | $4101 | **$5000 - $7000** | **$4500 - $7500** |
|  |  | **Low End** | **High End** |
| **Reconciliation** | **Reconciliation** | **Reconciliation** |  |
| Net income per common share |  | $0.62 | $0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.93 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, net | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to unconsolidated joint ventures | 0.03 | 0.03 |
| Nareit FFO per common share |  | $2.51 | $2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs and other |  | 0.05 | 0.05 |
| Core FFO per common share |  | $2.57 | $2.61 |

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

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

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

Phillips Edison & Company 62<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Components of Net Asset Value<br>Unaudited, dollars and shares in thousands | Components of Net Asset Value<br>Unaudited, dollars and shares in thousands | Components of Net Asset Value<br>Unaudited, dollars and shares in thousands | Components of Net Asset Value<br>Unaudited, dollars and shares in thousands | Components of Net Asset Value<br>Unaudited, dollars and shares in thousands | Components of Net Asset Value<br>Unaudited, dollars and shares in thousands |
|  | **Three Months Ended<br> September 30, 2025** | **Supplement Page** |  | **As of <br> September 30, 2025** | **Supplement Page** |
| **NOI FOR REAL ESTATE INVESTMENTS**<sup>(1)</sup> | $**122714** | <u>[20](#i4158042c63b044a48c2edb9f35be4a92_43)</u> | **OTHER ASSETS** |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4076 | <u>[13](#i4158042c63b044a48c2edb9f35be4a92_22)</u> |
| **ADJUSTMENTS TO NOI** |  |  | &nbsp;&nbsp;&nbsp;Restricted cash | 1735 | <u>[13](#i4158042c63b044a48c2edb9f35be4a92_22)</u> |
| &nbsp;&nbsp;NOI adjustments for Q3 acquisitions/dispositions<sup>(2)</sup> | $32 |  | &nbsp;&nbsp;&nbsp;Accounts receivable, net | 52723 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;NOI adjustments for Q3 acquisitions/dispositions<sup>(2)</sup> | $32 |  | &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 36450 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;Quarterly impact of ABR from leases signed but not yet paying rent as of September 30, 2025 | 2648 |  | &nbsp;&nbsp;&nbsp;Derivative assets | 856 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;Quarterly impact of ABR from leases signed but not yet paying rent as of September 30, 2025 | 2648 |  | &nbsp;&nbsp;&nbsp;Investment in third parties | 6807 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;&nbsp;Pro rata NOI from Joint Ventures | 1625 |  | &nbsp;&nbsp;&nbsp;Investment in marketable securities | 16244 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;Pro rata NOI adjustments for Q3 acquisitions/dispositions from Joint Ventures<sup>(2)</sup> | 3 |  | **Total value of other assets** | **118891** |  |
| &nbsp;&nbsp;Pro rata NOI adjustments for Q3 acquisitions/dispositions from Joint Ventures<sup>(2)</sup> | 3 |  |  |  |  |
|  |  |  | **LIABILITIES** |  |  |
| **INVESTMENT MANAGEMENT BUSINESS** |  |  | &nbsp;&nbsp;&nbsp;Debt obligations | 2413653 | <u>[28](#i4158042c63b044a48c2edb9f35be4a92_67)</u> |
| &nbsp;&nbsp;&nbsp;Fees and management income | $3274 | <u>[14](#i4158042c63b044a48c2edb9f35be4a92_25)</u> | &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 156805 | <u>[22](#i4158042c63b044a48c2edb9f35be4a92_52)</u> |
| &nbsp;&nbsp;&nbsp;Property operating expenses related to fees and management income | 989 | <u>[20](#i4158042c63b044a48c2edb9f35be4a92_43)</u> | **Total value of liabilities** | **2570458** |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses related to fees and management income | 989 | <u>[20](#i4158042c63b044a48c2edb9f35be4a92_43)</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Share of unconsolidated investment loss recorded in Other Expense, Net | (48) | <u>[23](#i4158042c63b044a48c2edb9f35be4a92_55)</u> | **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Share of unconsolidated investment loss recorded in Other Expense, Net | (48) | <u>[23](#i4158042c63b044a48c2edb9f35be4a92_55)</u> | &nbsp;&nbsp;&nbsp;Common shares and OP units outstanding | 138423 | <u>[27](#i4158042c63b044a48c2edb9f35be4a92_64)</u> |
|  |  |  | **JOINT VENTURES** |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Pro rata share of debt | 43766 | <u>[29](#i4158042c63b044a48c2edb9f35be4a92_70)</u> |
|  |  |  | **DEVELOPMENT AND REDEVELOPMENT** |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Costs incurred to date | 32455 | <u>[25](#i4158042c63b044a48c2edb9f35be4a92_61)</u> |
|  |  |  | &nbsp;&nbsp;&nbsp;Estimated remaining costs to be incurred | 43527 | <u>[25](#i4158042c63b044a48c2edb9f35be4a92_61)</u> |
|  |  |  | &nbsp;&nbsp;&nbsp;Underwritten incremental unlevered yield | 9%-12% | <u>[25](#i4158042c63b044a48c2edb9f35be4a92_61)</u> |

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

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

Phillips Edison & Company 63<br>

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

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Phillips Edison and Company 64<br>

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

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Phillips Edison and Company 65<br>

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

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<sup>(1)</sup> Supplemental, non-GAAP performance measures. See the "Introductory Notes" section above for more information on the limitations of non-GAAP performance measures.

Phillips Edison and Company 66<br>

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| | | |
|:---|:---|:---|
| Investor Information | Investor Information | Investor Information |
| **ANALYST COVERAGE** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities | &nbsp;&nbsp;&nbsp;&nbsp;Samir Khanal | Samir.Khanal@bofa.com |
| &nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;Richard Hightower | Richard.Hightower@barclays.com |
| &nbsp;&nbsp;&nbsp;BMO Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;Juan Sanabria | Juan.Sanabria@bmo.com |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;Tayo Okusanya | Omotayo.Okusanya@db.com |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;Caitlin Burrows | Caitlin.Burrows@gs.com |
| &nbsp;&nbsp;&nbsp;Green Street Advisors | &nbsp;&nbsp;&nbsp;&nbsp;Paulina Rojas-Schmidt | PRojasschmidt@greenstreet.com |
| &nbsp;&nbsp;&nbsp;JPMorgan | &nbsp;&nbsp;&nbsp;&nbsp;Michael Mueller | Michael.W.Mueller@jpmorgan.com |
| &nbsp;&nbsp;&nbsp;KeyBanc | &nbsp;&nbsp;&nbsp;&nbsp;Todd Thomas | TThomas@key.com |
| &nbsp;&nbsp;&nbsp;Ladenburg Thalmann | &nbsp;&nbsp;&nbsp;&nbsp;Floris van Dijkum | FvanDijkum@ladenburg.com |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA | &nbsp;&nbsp;&nbsp;&nbsp;Haendel St. Juste | Haendel.St.Juste@mizuhogroup.com |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;Ronald Kamdem | Ronald.Kamdem@morganstanley.com |
| &nbsp;&nbsp;&nbsp;UBS Global Research | &nbsp;&nbsp;&nbsp;&nbsp;Michael Goldsmith | Michael.Goldsmith@ubs.com |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;&nbsp;Cooper Clark | Cooper.Clark@wellsfargo.com |
| &nbsp;&nbsp;&nbsp;Wolfe Research | &nbsp;&nbsp;&nbsp;&nbsp;Andrew Rosivach | ARosivach@wolferesearch.com |
| **CONTACT INFORMATION** |  |  |
| &nbsp;&nbsp;**Investor Relations** |  |  |
| &nbsp;&nbsp;&nbsp;Kimberly Green | &nbsp;&nbsp;&nbsp;&nbsp;Hannah Harper |  |
| &nbsp;&nbsp;&nbsp;Head of Investor Relations | &nbsp;&nbsp;&nbsp;&nbsp;Senior Manager of Investor Relations | &nbsp;&nbsp;&nbsp;&nbsp;Senior Manager of Investor Relations |
| &nbsp;&nbsp;&nbsp;kgreen@phillipsedison.com | &nbsp;&nbsp;&nbsp;&nbsp;hharper@phillipsedison.com | &nbsp;&nbsp;&nbsp;&nbsp;hharper@phillipsedison.com |
| &nbsp;&nbsp;&nbsp;(513) 538-4380 | &nbsp;&nbsp;&nbsp;&nbsp;(513) 824-7122 |  |

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Phillips Edison & Company 67<br>