Phillips Edison & Co Inc 2024年度报告

)XOO<HDU3(&2+,*+/,*+76 3257)2/,2/($6('2&&83$1&<  2XU'LIIHUHQWLDWHG6WUDWHJ\ Our differentiated and focused strategy of owning and operating high-quality,small-format neighborhood shopping centers anchored by the #1 or #2 grocerE\VDOHVLQDPDUNHWFRQWLQXHVWRUHVXOWLQVWURQJ´QDQFLDODQGRSHUDWLQJUHVXOWV 6WUHQJWKDQG5HVLOLHQF\RIRXU*URFHUV 5HWDLOHUV*URZLQJZLWK3(&2 Grocer Sales PerSquare-FootGrowth Since 2019 Average Annual GrocerSales per Square Foot Asof December 31, 2024 Grocer Health Ratio as ofDecember 31, 2024 ® 2SO`4SZZ]eAVO`SV]ZRS`a 7\  ">VWZZW^a3RWa]\1][^O\g7\Q<OaRO_(>31=μ>31=¶RSZWdS`SR[O`YSbZSORW\U]^S`ObW\U`SacZbaRSa^WbSaWU\WTWQO\bW\bS`SabSf^S\aSVSOReW\Ra@SbOWZS`RS[O\ROQ`]aa>31=¸a^]`bT]ZW]`S[OW\aab`]\UBVWaWa[]abSdWRS\bW\]c`VWUV]QQc^O\Qgab`]\UQ][^O`OPZSZSOaSa^`SORaO\R]c`ZSOaW\U^W^SZW\S@SbOWZS`aeO\bb]PSZ]QObSRW\>31=¸a\SWUVP]`V]]RaV]^^W\UQS\bS`aeVS`SU`]QS`aR`WdS`SQc``W\UT]]bb`OTTWQBVSb`O\aOQbW]\[O`YSbOZa]W[^`]dSRT]`caW\ "OZZ]eW\Ucab]SfQSSRbVSVWUVS\R]T]c`]`WUW\OZUcWRO\QST]`OQ_cWaWbW]\a 4]`bVSgSO`S\RSR2SQS[PS`!  "( •<SbW\Q][SObb`WPcbOPZSb]ab]QYV]ZRS`aW\Q`SOaSR!b]$ %[WZZW]\]`#^S`RWZcbSRaVO`SQ][^O`SRb]#$&[WZZW]\]`"&^S`RWZcbSRaVO`SOgSO`OU]•AO[S1S\bS`<Sb=^S`ObW\U7\Q][Sμ<=7¶W\Q`SOaSR!&b]"!"[WZZW]\Q][^O`SRb]""$[WZZW]\OgSO`OU]•<O`SWb4c\Ra4`][=^S`ObW]\aμ44=¶W\Q`SOaSR&b]! !&[WZZW]\]` !%^S`RWZcbSRaVO`ST`][ ''#[WZZW]\]`  #^S`RWZcbSRaVO`SOgSO`OU]•1]`S44=W\Q`SOaSR$&b]!!&[WZZW]\]` "!^S`RWZcbSRaVO`SQ][^O`SRb]!%[WZZW]\]` !"^S`RWZcbSRaVO`SOgSO`OU] 'H²QLWLRQVDQGUHFRQFLOLDWLRQVRI1RQ*$$3²QDQFLDOPHDVXUHVFDQEHIRXQGLQWKHDWWDFKHG)RUP. 7RWDO6KDUHKROGHU5HWXUQV ESPSZWSdSg]c`W\dSab[S\bW\U`]QS`gO\QV]`SRO\R\SQSaaWbgPOaSR\SWUVP]`V]]R`SbOWZ^`]dWRSag]ceWbVSQ]\][WQ`SaWZWS\QSO\RbVS]^^]`bc\Wbgb]`SOZWhSORRWbW]\OZU`]ebVT`][VS`SESPSZWSdS]c`<SWUVP]`aO`SeSZZ^]aWbW]\SRW\b]ROg¸a`SbOWZS\dW`]\[S\bESPSZWSdSWb¸aU]]Rb]PSW\dSabSRW\U`]QS`gO\QV]`SR`SbOWZO\R\SQSaaWbgPOaSRU]]RaO\RaS`dWQSa :]]YW\UObb]bOZ`Sbc`\a>31=¸a!gSO`Qc[cZObWdS`Sbc`\Wa ! bV`]cUV2SQS[PS`!  ">31=O\\]c\QSRW\AS^bS[PS`  "bVObbVS0]O`R]T2W`SQb]`aO^^`]dSRO\W\Q`SOaS]T#b]bVS[]\bVZgRWdWRS\RRWab`WPcbW]\`ObS]\>31=¸aQ][[]\ab]QYO\R=^S`ObW\U>O`b\S`aVW^c\Wba>31=¸aRWdWRS\RRWab`WPcbW]\1/5@VOaPSS\#aW\QS]c`7>=W\   >31=VOaOabOPZSRWab`WPcbW]\^Og]cb`ObW]eVWQVUWdSacaQ]\TWRS\QSW\bVSabOPWZWbg]T]c`RWab`WPcbW]\`ObSeVWZSOZZ]eW\Ucab]W\dSab[SO\W\UTcZZgW\]c`^]`bT]ZW]O\RR`WdSORRWbW]\OZQOaVTZ]eU`]ebV>31=¸aQ]\aS`dObWdS^Og]cb`ObW]OZZ]eacab]`SbOW\T`SSQOaVTZ]eOTbS`RWab`WPcbW]\ab]^c`acSOQQ`SbWdSOQ_cWaWbW]\aO\R`SRSdSZ]^[S\b]^^]`bc\WbWSa +LJK4XDOLW\&DVK)ORZV BVS_cOZWbg]T]c`QOaVTZ]eaWaO^`]RcQb]T>31=¸aQgQZSbSabSR^S`T]`[O\QS]dS`[]`SbVO\!gSO`a7bWaOZa]`STZSQbSRW\>31=¸aT]QcaSRO\RRWTTS`S\bWObSRab`ObSUg]T]e\W\U\SWUVP]`V]]RaV]^^W\UQS\bS`aO\QV]`SRPgbVS]` U`]QS`PgaOZSaW\O[O`YSb >31=¸aOdS`OUSQS\bS`WaOP]cb!a_cO`STSSbeVWQVS\VO\QSa]c`^`WQW\U^]eS`ESPSZWSdS]c`a[OZZS`QS\bS`aOZZ]eT]`PSbbS`Z]\UbS`[U`]ebVPSQOcaS]c`QS\bS`aO`SW\\SWUVP]`V]]RaeVS`S`SbOWZS`aeO\bb]PSO\ReSVOdSORWdS`aWTWSR<SWUVP]`[WfESPSZWSdSbVOb]c`c\W_cST]`[ObR`WdSaVWUV_cOZWbgQOaVTZ]ea BVS_cOZWbg]T>31=¸aQOaVTZ]eaWaOZa]`STZSQbSRW\]c`[O`YSbZSORW\U]^S`ObW\U[Sb`WQaW\QZcRW\Uab`]\UZSOaSa^`SORaVWUV]QQc^O\QgbVS[O\gORdO\bOUSa]TbVSacPc`PO\[O`YSbaeVS`SeS]^S`ObS]c`QS\bS`aO\RVWUV<SWUVP]``SbS\bW]\ BVS_cOZWbg]T>31=¸aQOaVTZ]eaWaW[^]`bO\bOaeSQ]\bW\cSb]U`]e]c`^]`bT]ZW]OQQ`SbWdSZgabOgb`cSb]]c`Q]`SU`]QS`gO\QV]`SRab`ObSUgO\RQ`SObSZ]\UbS`[dOZcST]`]c`aVO`SV]ZRS`a :HOO3RVLWLRQHGIRU/RQJ7HUP*URZWK >31=VOaOZeOgaPSS\OU`]ebVQ][^O\gO\ReSO`SeSZZ^]aWbW]\SRb]Q]\bW\cSbVObU`]ebVEWbV`SUO`Rab]]c`U`]ebV^`]TWZSeSSf^SQbTcbc`S]`UO\WQU`]ebVb]Q][ST`][W\Q`SOaSaW\]QQc^O\QgU`]ebVW\ZSOaSa^`SORaQ]\b`OQbcOZ`S\bW\Q`SOaSaO\R]c`^W^SZW\S]TU`]c\Rc^RSdSZ]^[S\bO\R`S^]aWbW]\W\UOQbWdWbg >31=OZa]Q]\bW\cSab]PSeSZZ^]aWbW]\SRO\ReSZZQO^WbOZWhSReWbVOT]`b`SaaPOZO\QSaVSSbO\RZW_cWRWbgb]^c`acS]c`SfbS`\OZU`]ebVbV`]cUV\SeOQ_cWaWbW]\]^^]`bc\WbWSaOabVSgO`WaS4]`bVSTcZZgSO`  "eSOQ_cW`SR"aV]^^W\UQS\bS`aO\RT]c`ZO\R^O`QSZab]bOZW\U!$[WZZW]\5WdS\bVSab`S\UbV]TbVS[O`YSbbVS^W^SZW\SeSO`SbO`USbW\UO\RbVSSf^S`WS\QSRbSO[eSVOdSOb>31=eSPSZWSdSeSQO\OQVWSdS!#"#[WZZW]\W\U`]aaOQ_cWaWbW]\aW\  # >31=¸aZ]eZSdS`OUSObO^^`]fW[ObSZg!Z]O\b]dOZcSOa]T2SQS[PS`!  "UWdSacabVSTW\O\QWOZQO^OQWbgb][SSb]