Phillips Edison & Company, Inc. · NASDAQ:PECO
Phillips Edison & — Q3 2026 Earnings Presentation
25 slides from Phillips Edison &'s earnings presentation, Oct 27, 2026
Slide 1: Q3 2026 Earnings Presentation / PECO at a Glance
PECO at a Glance PECO is the cycle-tested leader in right-sized, Q3 2026 Earnings grocery-anchored neighborhood centers located where America’s top grocers are most profitable Presentation October 2026 1991/2021 PECO S&P 600 Founded/IPO Nasdaq Member 328 Total GLA 94% Properties(1) 37.4M ABR from Gr
Slide 2: PECO Delivers More Alpha with Less Beta
PECO Delivers More Alpha with Less Beta More alpha through growth and execution. Less beta through grocery-anchored stability. More Alpha Less Beta High occupancy and retailer demand drive Grocery-anchored stability with 94% of ABR from pricing power grocery-anchored centers(1) Proven operating engi
Slide 3: Retailers Want to Be at PECO's Neighborhood Centers
Retailers Want to Be at PECO’s Neighborhood Centers Leading grocers drive traffic. Traffic creates demand. Demand creates pricing power. Leading grocers create repeat weekly customer traffic that supports surrounding retailers 97.5% 95.1% PECO's grocery-anchored centers provide retailers with access
Slide 4: Grocery Foot Traffic Remains Strong
Grocery Foot Traffic Remains Strong Consumers continue to frequent leading grocers, supporting strong and consistent foot traffic National Grocery Foot Traffic Trend Visits Figures in billions 15.4 14.6 14.9 16.3 16.6 17.1 17.5 17.6 2019 2020 2021 2022 2023 2024 2025 TTM Mansell Village | Atlanta, G
Slide 5: PECO Leads in Neighborhood Center Exposure
PECO Leads in Neighborhood Center Exposure PECO has the highest percentage of neighborhood centers among our peers % of NOI by Retail Format 4% 7% 8% 8% 5% 7% 6% 12% 22% 19% 8% 37% 35% 35% 41% 50% 28% 36% 80% 43% 43% 20% 45% 29% 33% 20% 55% 29% 32% 37% 33% 7% 15% 19% 17% 17% 12% 13% 6% 7% Average Ne
Slide 6: PECO's Strategic Presence in Suburban Markets
PECO’s Strategic Presence in Suburban Markets We are well positioned for growth with significant presence in Sun Belt states and growing U.S. cities 328 properties⁽¹⁾ 31 states⁽¹⁾ ~50% Sun Belt ABR⁽²⁾ Top 10 Markets(2) By ABR as of September 30, 2026 1. Atlanta 6. Sacramento 2. Houston 7. Denver 3.
Slide 7: Demographics Driving Strong Rent Growth
Demographics Driving Strong Rent Growth PECO aligns with leading grocer demographics PECO’s portfolio has an average 3-mile median Average 3-Mile Average 3-Mile household income of $102K, which is 16% above Population Median Household Income the U.S. average (thousands) (thousands) Over the past fiv
Slide 8: PECO's Grocery-Anchored Advantage
PECO’s Grocery-Anchored Advantage PECO’s grocery-anchored and necessity-based strategy provides unique strength and stability 94% of our ABR comes from 2.4% 83% grocery-anchored centers(1) PECO Grocer PECO ABR from Centers Health Ratio(2) with #1 or #2 Grocer by Sales in the Market(1) $12.5B +43% PE
Slide 9: Everyday Retail Drives More Alpha
Everyday Retail Drives More Alpha Complementary to PECO's focus on essential retail for everyday life Strategic Positioning Performance Drivers Targets and Metrics PECO has identified ~50,000 More Alpha: Enhances PECO Ability to scale Everyday Retail to Everyday Retail centers across portfolio retur
Slide 10: More Alpha: Strong Internal Growth
More Alpha: Strong Internal Growth PECO has multiple internal growth drivers Components of Internal Growth 0–50 bps 100–120 bps 3%–4% Occupancy Runway PECO sees = 100–150 bps of same- 100–120 bps Contractual center inline occupancy Rent Bumps opportunity Same-Center PECO’s contractual rent bumps pro
Slide 11: Building Blocks for Durable FFO Growth
Building Blocks for Durable FFO Growth Both internal and external growth drive PECO’s long-term Core FFO per share growth Internal Growth External Growth Embedded in PECO’s existing portfolio Extending PECO’s long-term growth runway Mid-to-High Contractual Development and Core Everyday Single-Digit
Slide 12: Building Blocks for Strong AFFO Growth
Building Blocks for Strong AFFO Growth High occupancy and strong renewal economics support solid AFFO growth Strength of Operating Engine Capital Efficient Execution AFFO High Retention Strong Rent Spreads Lower Leasing Capital Less Downtime = Growth 92.2% portfolio 25.2% record $0.49 PSF PECO’s rig
Slide 13: Investment-Grade Balance Sheet and Ample Liquidity
Investment-Grade Balance Sheet and Ample Liquidity PECO’s balance sheet provides stability, flexibility and significant liquidity Significant pro forma liquidity position of ~$950M (1) Weighted average interest rate of 4.5% (1)(4) Net debt to adjusted EBITDAre of 5.2x on a trailing 12-month Weighted
Slide 14: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures PECO’s Safe Harbor Statement This presentation 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,
Slide 15: Appendix
Appendix
Slide 16: PECO's Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers
PECO’s Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers Grocery represents PECO’s highest category exposure and remains core to our strategy PECO’s healthy Neighbor mix and grocery-anchored strategy positions PECO well for continued growth: Restaurants including qu
Slide 17: PECO's Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers
PECO’s Highly Diversified Neighbor Mix is Led by Top Grocers and Necessity-Based Retailers High-quality grocers and necessity-based retailers generate strong foot traffic Neighbor Location Count(1) % ABR(2) Neighbor Location Count(1) % ABR(2) 63 5.1% 6 0.8% 61 4.7% 17 0.8% 29 3.2% 42 0.7% 22 3.0% 3
Slide 18: Growing Development and Redevelopment Activity
Growing Development and Redevelopment Activity PECO continues to expand its development and redevelopment pipeline to drive internal growth • AHHI: $209K 25 projects under active construction • Anchor: Safeway PECO’s total investment in these projects is estimated to be ~$86M with an average estimat
Slide 19: Strong Acquisition Volume
Strong Acquisition Volume High-quality acquisitions today drive PECO’s earnings growth tomorrow 2026 Acquisition Summary 2026 Contract Price Grocery Anchor or Leased Occupancy Acquisition Location GLA Acquisitions (in thousands) Everyday Retail at Acquisition Date The Village at Indian Wells Indian
Slide 20: Strategic Portfolio Recycling
Strategic Portfolio Recycling PECO’s portfolio recycling strategy supports long-term growth 2026 Disposition Summary 2026 Contract Price Grocery Disposition Location GLA Dispositions (in thousands) Anchor Date South Oaks Shopping Center Live Oak, FL 102,816 $5,250 N/A 2/20/26 Highland Fair Gresham,
Slide 21: PECO 2026 Earnings Guidance and Expectations Summary
PECO 2026 Earnings Guidance and Expectations Summary Full year guidance as of October 26, 2026 Updated Full Year Previous Full Year Q3 2026 2026 Guidance and 2026 Guidance and YTD All figures in thousands, except per share data Expectations Expectations Net income per share - diluted $1.05 $1.21 - $
Slide 22: PECO's Corporate Responsibility and Sustainability
PECO’s Corporate Responsibility and Sustainability Value-Creation Path Governance Backbone People & Culture Independent Oversight Long-Term Growth Board Independence PECO Cultural Advantage (PECO X) Majority-independent, annually elected Board Centers & Economic Impact Experienced Leadership Asset R
Slide 23: PECO's 2025 and 2026 Industry Awards & Partnerships
PECO’s 2025 and 2026 Industry Awards & Partnerships Trust & Industry Performance & People & Governance Leadership ESG Community Ranked Top 10 Ranked #1 in Peer Group ESCI Rating of “A” Gold Landlord (2025 & 2026) (2025 & 2026) (2025 & 2026) (2025 & 2026) Newsweek Most GRESB MSCI Green Lease Leader T
Slide 24: Non-GAAP Measures
Non-GAAP Measures The following table provides a reconciliation of the range of the Company's 2026 estimated net income to estimated Nareit FFO and Core FFO: Full Year 2026 Guidance Low End High End (Unaudited) Net income per share attributable to stockholders - diluted $1.21 $1.24 Depreciation and
Slide 25: Glossary of Terms
Glossary of Terms 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 divid
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