Phillips Edison & Co Inc 2025年度报告

Grocery Centered.Neighborhood Focused. )XOOO<HDUU)DFWW6KHHW /HDVHG3RUWIROLR2FFXSDQF\ 01HW,QFRPH$WWULEXWDEOHWR6WRFNKROGHUV &RUH))2SHU6KDUH*URZWK 6DPH&HQWHU12,*URZWK 3(&223RUWIROLRR+LJKOLJKWV 3(&2 VV'LIIHUHQWLDWHGG6WUDWHJ\ 2XUGLIIHUHQWLDWHGDQGIRFXVHGVWUDWHJ\RIRZQLQJDQGRSHUDWLQJKLJKTXDOLW\VPDOOIRUPDWQHLJKERUKRRGVKRSSLQJFHQWHUVDQFKRUHGE\WKHRUJURFHUE\VDOHVLQDPDUNHWFRQWLQXHVWRUHVXOWLQVWURQJILQDQFLDODQGRSHUDWLQJUHVXOWV RU*URFHUE\6DOHVLQWKH0DUNHW RI$%5 RI$%5IURP*URFHU\$QFKRUHG&HQWHUV 5LJKW6L]HG&HQWHUV$YHUDJLQJ6TXDUH)HHWZLWK6WUDWHJLF/RFDWLRQVLQ)DVW*URZLQJ0DUNHWV 06TXDUH)HHW 6WDWHV &HQWHUV RI5HQWVIURP1HFHVVLW\%DVHG*RRGVDQG6HUYLFHV /DVW0LOH6ROXWLRQIRU1HFHVVLW\%DVHGDQG(VVHQWLDO5HWDLOHUV 3(&22+LJKOLJKWV 7DUJHWHG7UDGH$UHDV:KHUH/HDGLQJ*URFHUVDQG6PDOO6KRS1HLJKERUVDUH6XFFHVVIXO )RUPDW'ULYHV5HVXOWV¨3(&2LV2SHUDWLQJIURPD3RVLWLRQRI6WUHQJWKDQG6WDELOLW\ )XOOO<HDUU)DFWW6KHHW 66WUHQJWKKDQGG5HVLOLHQF\\RII3(&2 VV*URFHUV 3(&2 VV,QYHVWPHQWW*UDGHH%DODQFHH6KHHW 3(&2*URFHU6DOHV3HU6TXDUH)RRW*URZWK2YHU 1HW'HEWWR$QQXDOL]HG$GMXVWHG(%,7'$UHDW[ $YHUDJH$QQXDO*URFHU6DOHV3HU6TXDUH)RRWDVRI'HFHPEHU 6LJQLILFDQW/LTXLGLW\3RVLWLRQRI0 /RDQWR9DOXH5DWLRDW *URFHU6DOHV3HU6TXDUH)RRW*URZWK6LQFH &UHGLW5DWLQJV63%%%0RRG\V%DD 5HFHQWW$FTXLVLWLRQV Dear Fellow Stockholders, In 2025, Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”) deliveredstrong financial and operating performance, reflecting the growth potential of our grocery-anchored portfolio, the strength of our operating platform and disciplined capital allocation.Leasing fundamentals remained exceptionally strong, with record-high inline occupancy androbust new and renewal rent spreads, underscoring continued solid retailer demand across ourneighborhood shopping centers. In addition, we were active in the transaction market in 2025,acquiring approximately $400 million in gross assets at PECO’s total prorated share. For the year ended December 31, 2025: Net income totaled $111.3 million, or $0.89 per diluted share, compared to $62.7 million, or $0.51per diluted share, a year ago. Nareit funds from operations (“FFO”)increased 9.1% to $353.1 million, or $2.54 per dilutedshare, from $323.8 million, or $2.37 per diluted share, a year ago.(1)Core FFOincreased 8.7% to $360.7 million, or $2.60 per diluted share, compared to $331.8million, or $2.43 per diluted share, a year ago.(1)Same-Center Net Operating Income (“NOI”)increased 3.8% to $454.7 million, compared to$438.1 million a year ago.(1) Total Shareholder Return We believe your investment in grocery-anchored and necessity-based neighborhood retail providesyou with economic resilience and the opportunity to realize sustainable long-term growth. PECO delivered a 24.3% 3-year cumulative return through December 31, 2025. In September 2025,our Board approved a 5.7% increase to the monthly dividend rate, driven by continued strongoperating performance and growing cash flows. This was our fifth consecutive annual dividendincrease and our second straight increase above 5%. Since our 2021 IPO, PECO’s dividenddistribution CAGR has been 5%. PECO has maintained a stable distribution payout ratio,which allows us to invest meaningfully in our portfolio anddrive additional cash flow growth. PECO’s conservativepayout ratio allows us to retain free cash flow afterdistributions to pursue development and redevelopmentopportunities, as well as accretive acquisitions. Leader in High-Quality, Grocery-Anchored NeighborhoodShopping Centers The quality of our cash flows is a product of PECO’scycle-tested performance over 35 years. It is also reflectedin PECO’s focused and differentiated strategy of owningneighborhood shopping centers anchored by the #1 or #2grocer by sales in a market. PECO’s top grocery anchors include Kroger, Publix,Albertsons and Ahold Delhaize. Our tenants, whom we referto as “Neighbors”, are a diversified mix of national, regionaland local operators delivering everyday retail andnecessity‑based goods and services that drive consistentand recurring traffic. Our properties are located in fundamentally strongdemographic markets across the U.S., where ourbrick‑and‑mortar assets play an integral role in ourNeighbors’ omni-channel strategies, including convenientdaily shopping and last‑mile fulfillment. We believe oursmaller centers, which average 112,000 square feet, allowfor better long-term growth because our centers are inneighborhoods where retailers want to be. We manage every aspect of our business in-house andleverage our Locally Smart™ expertise to make PECO apreferred landlord. PECO’s 95% Neighbor satisfactionscore from our annual survey validates our LocallySmart approach. In additio