Compliance and Regulatory Impact - Compliance with government regulations impacts the company's capital expenditures, earnings, and competitive position, with costs incurred to monitor and comply with various laws including federal securities, REIT, environmental, and ADA regulations[23] Financial Strategy and Leverage - The company's strategy focuses on disciplined acquisitions to grow its portfolio while maintaining an attractive leverage profile and flexible balance sheet[16] - High debt levels could limit the company's ability to adjust to market changes, access capital markets, and reduce free cash flow available for operations and distributions[79] - The company issued $350 million aggregate principal amount of 2.625% senior notes in October 2021 and may issue additional debt or equity securities in the future, potentially diluting existing stockholders[138] - The company's exchange of OP units for common stock or issuance of new shares could adversely affect the market price of common stock and dilute existing stockholders[137] Portfolio Management and Growth - The company's vertically-integrated operating platform for managing grocery-anchored shopping centers aims to optimize returns and generate growth in the existing portfolio[19] Debt and Interest Rate Sensitivity - 22.4% of the company's outstanding debt as of December 31, 2023, is variable rate debt, making it susceptible to interest rate increases that could impact interest payments and distributions to stockholders[85] - The company had four interest rate swaps fixing SOFR on $700 million of unsecured term loan facilities as of December 31, 2023, and entered into an additional $150 million swap in January 2024[246] - The company estimates a 1 percentage point increase in interest rates on $445.8 million of variable-rate debt would result in approximately $4.5 million of additional annual interest expense[247] - Increases in market interest rates may decrease the value of the company's common stock by making it less attractive relative to other securities[143] Revenue Dependency and Tenant Risks - The company's revenues and cash flows are significantly dependent on anchor Neighbors (occupying 10,000+ sq. ft.), with risks including bankruptcy, lease defaults, or reduced rental rates[49] - Non-anchor Neighbors contribute significantly to revenues, but their vulnerability to economic downturns could adversely affect the company's financial condition and ability to make distributions[52] - The company may face challenges in collecting balances from Neighbors in bankruptcy, with potential reductions in revenues and recovery of claims[55] Corporate Responsibility and Sustainability - The company's corporate responsibility and sustainability program (CRSP), overseen by the Board, aligns with its mission to improve communities and enhance shopping center experiences[26] Distributions and Shareholder Returns - REIT distribution requirements may force the company to borrow funds or rely on external capital to meet distribution obligations, potentially impacting business plans[108] - The company declared and paid monthly distributions of $0.0933 per share ($1.12 annualized) from January to August 2023, and increased the rate by 4.5% to $0.0975 per share ($1.17 annualized) from September to December 2023[167] - The company's distributions to stockholders may change in 2024 based on financial condition, cash flows, and other factors, and may not be equivalent to previous distributions[141] - The company may pay distributions from sources other than cash flows from operations, which could reduce funds available for investment and overall stockholder returns[140] Share Repurchase Program - The company has a share repurchase program approved for up to $250 million of common stock, but no repurchases have been made to date[170] Internal Controls and Financial Reporting - The company's failure to maintain effective internal controls over financial reporting could harm operating results and investor confidence, potentially affecting the stock price[144]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-54691 PHILLIPS EDISON & COMPANY, INC. (Exact name of registrant as specified in its charter) Maryland 27-110607 ...

Phillips Edison & Company, Inc. (NASDAQ:PECO) Q3 2023 Results Conference Call November 1, 2023 12:00 PM ET Company Participants Kimberly Green - Head, IR Jeff Edison - Chairman and CEO Devin Murphy - President John Caulfield - CFO Conference Call Participants Caitlin Burrows - Goldman Sachs Jeff Spector - Bank of America Mike Mueller - JP Morgan Haendel St. Juste - Mizuho Juan Sanabria - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Floris van Dijkum - Compass Point Research and Trading Ron Kamd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Maryland 27-1106076 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 11501 Northlake Drive, Cincinnati, Ohio 45249 (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE S ...

Phillips Edison & Company, Inc. (NASDAQ:PECO) Q2 2023 Earnings Conference Call August 2, 2023 12:00 PM ET Company Participants Kim Green - VP, IR Jeffrey Edison - Chairman & CEO Devin Murphy - President John Caulfield - CFO, EVP & Treasurer Conference Call Participants Caitlin Burrows - Goldman Sachs Group Jeffrey Spector - Bank of America Merrill Lynch Ronald Kamdem - Morgan Stanley Ravi Vaidya - Mizuho Securities Juan Sanabria - BMO Capital Markets Dori Kesten - Wells Fargo Securities Todd Thomas - KeyBan ...

Phillips Edison & Company, Inc. (NASDAQ:PECO) Q1 2023 Earnings Conference Call May 3, 2023 12:00 PM ET Company Participants Kimberly Green - Head, IR Jeff Edison - Chairman & CEO Devin Murphy - President John Caulfield - CFO Conference Call Participants Craig Schmidt - Bank of America Caitlin Burrows - Goldman Sachs Tayo Okusanya - Credit Suisse Mike Mueller - JP Morgan Haendel St. Juste - Mizuho Ronald Kamdem - Morgan Stanley Juan Sanabria - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Floris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-54691 PHILLIPS EDISON & COMPANY, INC. (Exact name of registrant as specified in its charter) Maryland 27-1106076 (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 000-54691 PHILLIPS EDISON & COMPANY, INC. (Exact name of registrant as specified in its charter) Maryland 27-1106076 (State o ...

Financial Data and Key Metrics Changes - The company reported a 22% increase in fourth quarter core FFO to $74 million or $0.56 per diluted share, driven by increased revenue from higher occupancy levels and strong leasing spreads [130] - Same-center NOI increased by 4.5% in 2022, with fourth quarter same-center NOI reaching $91 million, up 2.8% from a year ago [107][134] - The company ended the year with over $700 million of borrowing capacity available on its $800 million credit facility, with no significant debt maturity until the second quarter of 2024 [135] Business Line Data and Key Metrics Changes - The leasing portfolio occupancy increased by 30 basis points sequentially from the third quarter and by 110 basis points year-over-year, reaching an all-time high of 97.4% [112] - The fourth quarter retention rate was 92%, ahead of the historical average of 87% over the last five years [113] - Rental growth is expected to contribute 100 to 125 basis points through new and renewal leasing spreads and contractual rent increases, with redevelopment and development activity adding 75 to 125 basis points [110] Market Data and Key Metrics Changes - The company observed strong demand across all geographic regions, particularly in medical, quick-serve restaurants, and health and beauty sectors [113] - The demographic strength of trade areas is reinforced by continued demand from retailers for space at the centers, with median household incomes of $77,000, approximately 9% higher than the U.S. median [127] - The company has minimal exposure to distressed retailers, with the top 10 neighbors on the watch list representing just 2% of ABR [116] Company Strategy and Development Direction - The company is conservatively guiding to $200 million to $300 million in net acquisitions for the year, with the capability to acquire more if attractive opportunities arise [102] - The company plans to invest $50 million to $60 million in ground-up outparcel development and repositioning opportunities, with average estimated cash-on-cash yields between 9% and 11% [114][120] - The company has increased its targeted return for new acquisitions to an unlevered IRR of 9% or above, focusing on finding opportunities that meet this return objective [122] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the health of neighbors and the strength and diversity of the neighbor mix, highlighting the necessity-based focus of the portfolio [99] - The company believes it can deliver mid-to-high single-digit FFO per share growth on a long-term basis, supported by strong internal and external growth drivers [111] - Management noted that the current strong operating environment and positive momentum across leasing, redevelopment, and development are expected to continue [133] Other Important Information - The company continues to benefit from positive macroeconomic trends, including hybrid work, migration to the Sunbelt, and population shifts favoring suburban markets [107] - The company has a strong credit neighbor mix, with over 70% of rents coming from necessity-based goods and services [115] - The proposed Kroger and Albertsons merger is viewed positively by the company, with potential impacts on 33 stores within 3 miles of its centers [103] Q&A Session Summary Question: Can you discuss your decision to buy an asset with relatively lower occupancy? - The company is looking for properties with more growth potential and has adjusted its unlevered IRR from 8% to 9% as the cost of capital increases [8] Question: What are your thoughts on interest rates and swaps coming due? - Management is addressing debt maturities in 2024 and anticipates refinancing those maturities later this year with incremental long-term funding [18] Question: How do you view the acquisition market and pricing? - The company noted that volume is down due to a shift in the cost of capital, but they are finding select opportunities and are excited about potential acquisitions [32] Question: How is the composition of your small shop changing? - The company is seeing growth in medical retail, health and wellness, and quick-service restaurant concepts, indicating a shift in demand [70] Question: What is the outlook for 2023 given the macroeconomic environment? - Management believes that 98% of 2023 is already baked in based on historical renewal rates, providing confidence in their guidance [71][74]

PHILLIPS EDISON & COMPANY® Supplemental Disclosure Quarter Ended December 31, 2022 Grocery Centered. Community Focused. FINANCIAL RESULTS Consolidated Statements of Operations 14 EBITDAre Metrics (Quarterly) 19 Supplemental Statement of Operations Detail 23 Summary of Outstanding Debt 28 Disposition and Acquisition Summary 32 Glossary of Terms 61 | --- | --- | |----------------------------------------|-------| | | | | Wholly-Owned Portfolio Summary | 34 | | ABR by Neighbor Category | 35 | | Occupancy and AB ...