Phillips Edison & Company (PECO) Investor presentation summary

Company overview and strategy

• Operates 330 grocery-anchored neighborhood centers with 37.4M sq. ft. GLA and $8.4B enterprise value as of June 30, 2026.

• 94% of ABR comes from grocery-anchored centers, with 83% from centers anchored by the #1 or #2 grocer in each market.

• Focuses on necessity-based retail, with 74% of ABR from such tenants, and maintains a 97% leased portfolio occupancy.

• Strategic presence in Sun Belt states and growing U.S. cities, with ~50% of ABR from Sun Belt markets.

• Locally Smart™ approach leverages deep local expertise to curate optimal tenant mixes and drive leasing success.

Financial and operating performance

• Ranks #2 among peers in Nareit FFO per share growth and Same-Center NOI growth, and #1 in renewal lease spreads and occupancy as of Q2 2026.

• Achieved 21.2% Nareit FFO per share growth and 74.4% average Same-Center NOI growth from 2019 to Q2 2026.

• Delivered record-high 304 leases in Q2 2026, with comparable new rent spreads of 33.7% and renewal spreads of 21.2%.

• Maintains a strong balance sheet with $857M liquidity, net debt to annualized adjusted EBITDAre of 5.1x, and 96% fixed-rate debt.

• 2026 guidance: Core FFO per share of $2.73–$2.79, Same-Center NOI growth of 3.4%–4.0%, and gross acquisitions of $500M–$600M.

Portfolio composition and tenant mix

• Highly diversified tenant base with only 8 tenants representing more than 1% of ABR; top 10 watch list tenants represent ~2% of ABR.

• 27% of ABR from grocery tenants, 21% from restaurants, and 17% from other necessity-based retailers.

• Inline local tenants have an average tenure of 10 years and achieved 21.9% renewal rent spreads in Q2 2026.

• Health, beauty, and fitness tenants drive recurring foot traffic and support portfolio stability.