phillips edison & co inc 2025年季度报告

TABLE OF CONTENTS LIABILITIES AND EQUITY Debt obligations, netBelow-market lease liabilities, netAccounts payable and other liabilities Deferred incomeTotal liabilitiesCommitments and contingencies (see Note 8) See notes to consolidated financial statements. Notes to Consolidated Financial Statements(Condensed and Unaudited) 1. ORGANIZATION Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P. (the “OperatingPartnership”), a Delaware limited partnership formed in December2009. We are a limited partner of the Operating Partnership, andour wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We are a real estate investment trust (“REIT”) that invests primarily in omni-channel grocery-anchored neighborhood and communityshopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services instrong demographic markets throughout the United States.In addition to managing our own shopping centers, our third-party NGCF, which ownedtwoproperties (oneof which was acquired in 2025).Subsequent to June30, 2025, NGCF acquiredoneproperty for $24.4million of which our prorated share was $7.6million. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSet forth below is a summary of the significant accounting estimates and policies that management believes are important to thepreparation of our condensed consolidated interim financial statements. Certain of our accounting estimates are particularly There were no changes to our significant accounting policies during the six months ended June30, 2025. For a full summary of oursignificant accounting policies, refer to our 2024 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Basis of Presentation and Principles of Consolidation—The accompanying condensed consolidated financial statements havebeen prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financialinformation and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of theinformation and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q shouldrefer to our audited consolidated financial statements for the year ended December 31, 2024, which are included in our 2024 Annual The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and itswholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Income Taxes—Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected Recently Issued or Adopted Accounting Pronouncements—There were no recently issued or adopted accountingpronouncements during the six months ended June30, 2025 that impacted the Company. Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of June30,2025, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rentabatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, were as follows (in Acquisitions—The following table summarizes our real estate acquisition activity (dollars in thousands): Number of properties acquired a note receivable of $17.4million. The following is a summary of Other Assets, Net outstanding as of June30, 2025 and December31, 2024 (in thousands): The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financialinstruments, for our debt obligations as of June30, 2025 and December31, 2024 (dollars in thousands): 2025 Debt Activity—In June 2025, we issued $350million of5.250% senior notes due 2032 at an issue price of99.832% in an underwritten offering. The offering resulted in gross proceeds of $347.2million, which were used to pay down our revolving credit The 2025 senior note issuance is fully and unconditionally guaranteed by us. Revolving Credit Facility—In January 2025, we amended our senior unsecured revolving credit facility. The amendment increased the aggregate borrowing capacity of the facility to $1billion and extended the maturity date to January 2029, with options to extendthe maturity fortwoadditionalsix-monthperiods. excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects ofderivative financial instruments as of June30, 2025 and December31, 2024 is summarized below (in thousands): June 30, 2025December 31, 2024As to interest rate:(1) Fixed-rate debt$2,301,390$1,987,586Variable-rate debt120,750$2,422,140$2,137,336 managing the amount, sou