Document:

Exhibit

              Exhibit 10.16

Capital Markets Derivative Operations 
38 Fountain Square MD 10903C 
Cincinnati, OH 45263
Phone:  855-615-3522
Date: December 28, 2016
To: Phillips Edison Grocery Center Operating Partnership II, L.P
Attention: JULIE SCHWIERLING 
Phone: 513-338-2781
Email: JSCHWIERLING@PHILLIPSEDISON.COM
Attention: Todd Pleiman
Email: tpleiman@phillipsedison.com
USI: 1030451071FITB40649RA427304307500000000000
Re: Interest Rate Swaps 40649
The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the Transaction
entered into between FIFTH THIRD BANK ("Party A") and Phillips Edison Grocery Center Operating Partnership II, l.P. ("Party B") on the Trade Date specified below ("Transaction"). This letter constitutes a "Confirmation" as referred to in the Agreement specified below.
1.Each Transaction entered into under this Confirmation will be subject to, and governed by the provisions of, the 2006 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc., not including subsequent amendments or supplements (the "Definitions"). In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern.
2.This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated as of June 17, 2016, as amended and supplemented from time to time (the "Agreement"), between Party A and Party B. All provisions contained in the Agreement govern this Confirmation except as expressly modified below. In the event of any inconsistency between the Agreement and this Confirmation ,this Confirmation will govern.
3.Each party represents and warrants to the other party as follows:
a)Such party is fully informed of and capable of evaluating, and has evaluated, the potential financial benefits and risks, the tax and accounting implications, the appropriateness in light ofits individual financial circumstances, business affairs, and risk management capabilities, and the conformity to its policies and objectives, of this Transaction.
b)Such party has entered into this Transaction in reliance only upon its own judgment. Neither party holds itself out as advising, or any of its employees or agents as having the authority to advise, the other party as to whether or not it should enter into this Transaction, and neither party shall have any liability whatsoever  in respect of any advice of such nature given, or views expressed, by it or any such persons to the other party, whether or not such advice is given or such views are expressed at the request of the other party.
c)Such party has entered into this Transaction for purposes of hedging and not for the purpose of speculation.
4. Please acknowledge your agreement to the terms hereof by delivering back to Fifth Third an executed version of this Confirmation. If you do not return an unaltered,fully-executed version of this Confirmation to Fifth Third within 3 business days of the date of your receipt of this Confirmation, you shall be deemed to have accepted the terms hereof as set forth herein.
5.    The terms of the particular Transaction to which this Confirmation relates are as follows .
Transaction Type: Interest Rate Swap
Payment Currency:  USD
Notional Currency:  USD
Notional Amount: 63,500,000.00
Term:
Trade Date:                 December 28, 2016
Effective Date:                 January 03,2017
Termination Date:             June 03, 2020, subject to adjustment in accordance with the Preceding 

Business Day Convention.
Fixed Amounts:
Fixed Rate Payer:             Phillips Edison Grocery Center Operating Partnership II, LP.
Fixed Rate Payment Date:             Monthly on the 1st day of each month commencing on February 01, 
2017, through and including June 03, 2020, subject to adjustment in accordance with the Modified Following Business Day convention.
Fixed Rate:                 1.692000%
Fixed  Rate Day Count Fraction:         Act/360
Fixed Rate Business Day Convention:     Modified Following
Fixed Rate Business Days:             London, New York
Floating Amounts:
Floating  Rate  Payer:             FIFTH THIRD BANK
Floating Rate Payment Date:        Monthly on the 1st day of each month commencing on February 01,2017, 
through and including June 03, 2020, subject to adjustment in accordance 
with the Modified Following Business Day convention.
Floating Rate Day Count Fraction:         Act/360
Floating Rate Business Day Convention:    Modified Following 
Floating Rate Business Days:         London, New York
Floating Rate for Initial Calculation Period:     TBD
Floating Rate Option:            USD-LIBOR-BBA, however the reference to "London Banking Days" in 
the third line of the definition of "USD-LIBOR-BBA" as published in 
Section 7.1. (ab).(xxii) of the 2006 ISDA Definitions is replaced by 
["New York and London Business Days"].
     Floating Rate Option Designated Maturity:    1 Month
Floating Rate Spread:             None
Floating Rate Compounding:        Inapplicable 
Floating Rate Method of Averaging:     None    
Floating Rate Reset Dates:         First day of each Calculation Period.
Floating Rate Rounding Convention:     5 decimal places per the ISDA definition. 
Calculation Agent:            As referenced in ISDA Schedule 4(e)
Payment Instructions:    Payment to Party A shall be made in immediately available funds to:
Int Settle Acct Name:    Fifth Third Bank CM 
lnt ABA:        042000314
Int Acct #:        7024699832
Attention:        Capital Markets Derivatives Operations
Payment to Party B shall be made in immediately available funds to:
Ext Settle Acct Name:       Phillips Edison Grocery Center Operating Partnership II, L.P
Ext ABA:
Ext Acct #:        xxxxxx9999
Please confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer execute this Confirmation and returning it to the Capital Markets Derivatives Group at Fifth Third Bank (Fax no. 513-534-3461) or (email: IRD.Capita1Markets@53.com).
Yours Truly,
FIFTH THIRD BANK
By:     /s/ Michael Sams
Name:     Michael Sams
Title:    Vice President
PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP II, L.P
By:     /s/ John Caulfield
Name:    John Caulfield
Title:    Vice PresidentExhibit

Exhibit 10.17
December 28, 2016
Phillips Edison Grocery Center Operating Partnership II, L.P 
11501  Northlake Drive
Cincinnati, OH 45249
Re:    Swap Transaction #114346 
Dear Sir:
The purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between Regions Bank ("Regions") and Phillips Edison Grocery Center Operating Partnership II, L.P. ("Counterparty") on the Trade Date specified below (the "Swap Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the Master Agreement specified below.
The definitions and provisions contained in the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (the ''Definitions") are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. This Confirmation constitutes a "Confirmation" as referred to in, and supplements, forms part of and is subject to, the ISDA Master Agreement dated as of December 28, 2016, as amended, and supplemented from time to time ("the Agreement"), between Phillips Edison Grocery Center Operating Partnership II,L.P. and Regions Bank. All provisions contained in the Agreement govern this Confirmation except as expressly modified below.
The terms of this particular  Swap Transaction to which this Confirmation relates are as follows:
Notional Amount:             USD $63,500,000.00
Trade Date:                 December 28, 2016
Effective Date:                 January  3, 2017
Termination Date:             July 2, 2019, subject to adjustment in accordance with the Preceding 
Business Day Convention.
Fixed Amounts:
Fixed Rate Payer:            Counterparty
Fixed Rate Calculation Periods:        From and including the first (1st) day of each month to but excluding the 
first (1st) day of the following month starting with the Effective Date 
continuing until the Termination Date, subject to adjustment in 
accordance with the Modified Following Business Day Convention.
Fixed Rate Payer Payment Dates:        First (1st) calendar day of each month beginning with February 1, 2017, 
continuing until the Termination Date, subject to adjustment in 
accordance with the Modified Following Business Day Convention.
Fixed Rate:                1.494000%
Fixed Rate Day Count Fraction:        Act/360
Floating Amounts:
Floating Rate Payer:            Regions Bank
Floating Rate Calculation  Periods:    From and including the first (1st) day of each month to but excluding the 
first (1st) day of the following month starting with the Effective Date 
continuing until the Termination Date, subject to adjustment in 
accordance with the Modified Following Business Day Convention.
Floating Rate Payer Payment Dates:    First (1st) calendar day of each month beginning with February 1, 2017, 
continuing until the Termination Date, subject to adjustment in 
accordance with the Modified Following Business Day Convention.
Floating Rate for Initial Calculation Period: To be determined

Floating Rate Option:            USD-LIBOR-BBA, however the reference to "London Banking Days"in 
the third line of the definition of "USD­ LIBOR-BBA" as published in 
Section 7.l(ab) (xxii) of the 2006 ISDA Definitions is replaced by ["New 
York and London  Business Days"].
Designated Maturity:             1Month (No interpolation)
Spread:                    None
Floating Rate Day Count Fraction:     Act/360
Floating Rate Date Determined:        Two London and New York Banking Days prior to each Reset Date
Reset Dates:                First day of each Floating Rate Calculation Period, subject to adjustment 
in accordance with the Modified Following Business Day Convention
Method of Averaging:             Not Applicable 
Compounding:                 Not Applicable 
Compounding Dates:            Not Applicable
Business Days for Payments by both Parties: London and New York
Calculation Agent:            As set forth in the Agreement
Account Details
Payments to Regions:             Regions Bank
Fed Routing Number:             062005690
Account Number:             1410010009000
Attention:                Treasury Operations/Carl Taube
Counterparty hereby authorizes Regions Bank to credit and debit the account specified below (or as otherwise specified by Counterparty from time to time) for amounts due from and to Regions Bank relative to the Transaction evidenced hereby.
Payments to Counterparty: 
Fed Routing Number:         
Account Number:            Please provide
Account Name:                Phillips Edison Grocery Center Operating Partnership II, L.P.
Attention:
Offices:
Regions Bank:                PO Box 10247
Birmingham, AL 35202 
Mail Code ALBH11704B
Phone:                     205-264- 7410
Fax:                    205-326-7852
The Counterparty has consulted, to the extent it has deemed necessary, with its legal, tax and financial advisors regarding its decision to enter into the Swap Transaction and has had an opportunity to ask questions of, and has obtained all requested information from Regions concerning the Swap Transaction. The Counterparty has made its own independent decision to enter into the Swap Transaction based upon its own judgment, with full understanding of the economic, legal, and other risks associated with the Swap Transaction (which risks it is willing to  assume)  and  is entering into the Swap Transaction without relying upon any advice (oral or written) or projections of Regions. The Counterparty understands that Regions is relying on the statements made by the Counterparty in this paragraph in entering into the Swap Transaction.
Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

Regards,
REGIONS BANK
By:     /s/ Carl Taube
Name:     Carl Taube
Title:    Vice President

Accepted and confirmed as of the date first written:
PHILUPSEDISON GROCERY CENTER 
OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership
By:         Phillips Edison Grocery Center  OP
GP II LLC, a Delaware limited liability company, 
Its General Partner
By:    /s/ John Caulfield
Name:    John Caulfield
Title:    Vice President

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