Phillips Edison & Company(US:PECO)2026-02-10 21:17Company Structure and Operations - As of December 31, 2025, the company had approximately 320 associates located in 23 states, primarily in Cincinnati, Ohio[24]. - Approximately 70% of the company's Annual Base Rent (ABR) was generated from Neighbors providing necessity-based goods and services to local communities as of December 31, 2025[26]. Financial Performance - The company issued no common stock during the year ended December 31, 2025, while in 2024, it issued 1.9 million shares for net proceeds of $73.8 million[246]. - Cash used for distributions to common stockholders and OP unit holders increased by $24.7 million during the year ended December 31, 2025, compared to the same period in 2024[246]. Interest Rate Management - As of December 31, 2025, the company had one interest rate swap that fixed SOFR on $200 million of its unsecured term loan facilities[248]. - The company had not fixed the interest rate on $376.8 million of its unsecured debt, exposing it to potential rising interest rates, which could increase annual interest expense by approximately $3.8 million for a one percentage point increase[249]. - The company entered into an interest rate swap in January 2024 with a notional amount of $150 million, swapping SOFR for a fixed rate of approximately 3.45% effective from September 2024[248]. Environmental and Corporate Responsibility - The company’s environmental management strategy includes initiatives for greenhouse gas emissions reduction, resource efficiency, and climate risk assessment[25]. - The company’s Corporate Responsibility and Sustainability Program is based on four pillars: People & Culture, Environmental Management, Centers & Economic Impact, and Oversight & Ethics[23]. Regulatory Environment - The company is subject to various governmental regulations that can materially impact its capital expenditures and earnings[21].