What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-02-12 compared with 2023-02-21 · 29 added, 16 removed, 78 unchanged (37% of the section changed)

3 unchanged sentences

GRP I 14% 20 31,908 2,213

In May 2022, we sold the final property in our NRP joint venture.

The following table presents information regarding the geographic location of our properties, including wholly-owned and the prorated portion of those owned through our unconsolidated joint venture, by ABR as of December 31, 2023.

5 unchanged sentences

California 51,936 10.9 % 21.52 2,504 7.7 % 96.4 % 26

Georgia 37,499 8.5 % 13.20 2,862 9.1 % 99.2 % 29

Texas 43,072 9.1 % 18.21 2,474 7.6 % 95.6 % 20

Georgia 40,979 8.6 % 13.75 3,028 9.3 % 98.4 % 31

Illinois 28,540 6.0 % 16.71 1,804 5.6 % 94.6 % 16

Ohio 25,316 5.3 % 11.04 2,336 7.2 % 98.2 % 19

Colorado 24,850 5.2 % 18.41 1,408 4.3 % 95.9 % 12

Illinois 24,208 5.5 % 15.52 1,637 5.2 % 95.3 % 14

Virginia 22,724 4.8 % 17.15 1,359 4.2 % 97.5 % 13

5 unchanged sentences

Arizona 10,741 2.3 % 14.81 735 2.3 % 98.6 % 6

Maryland 9,459 2.2 % 20.70 467 1.5 % 97.7 % 4

South Carolina 10,086 2.1 % 11.81 863 2.7 % 99.0 % 8

Maryland 9,568 2.0 % 21.01 463 1.4 % 98.4 % 4

North Carolina 8,409 1.8 % 12.91 658 2.0 % 99.0 % 10

Tennessee 8,132 1.7 % 10.20 802 2.5 % 99.4 % 5

Indiana 7,261 1.5 % 8.85 832 2.6 % 98.6 % 5

Michigan 6,903 1.6 % 9.58 723 2.3 % 99.7 % 5

Kentucky 6,849 1.5 % 11.18 616 1.9 % 99.5 % 4

Tennessee 5,896 1.3 % 8.61 692 2.2 % 99.0 % 4

Connecticut 5,825 1.3 % 14.12 421 1.3 % 98.0 % 4

Michigan 6,772 1.4 % 9.59 724 2.2 % 97.6 % 5

New Mexico 6,044 1.3 % 15.02 404 1.2 % 99.6 % 3

Connecticut 5,982 1.3 % 14.35 421 1.3 % 99.0 % 4

Oregon 4,765 1.0 % 16.14 316 1.0 % 93.4 % 4

11 unchanged sentences

DECEMBER 31, 2023 FORM 10-K

LEASE EXPIRATIONS —The following chart shows the aggregate scheduled lease expirations, excluding our Neighbors who are occupying space on a temporary basis, after December 31, 2022 for each of the next ten years and thereafter for our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint venture:

TOP TEN CITIES —The following table presents the top ten city markets by ABR of our wholly-owned properties as of December 31, 2023 (dollars in thousands):

Atlanta $ 33,644 7.1 %

Chicago 26,067 5.5 %

Dallas 24,709 5.2 %

Sacramento 20,986 4.5 %

Minneapolis 18,439 3.9 %

Denver 17,731 3.8 %

Washington, D.C.

Las Vegas 14,824 3.1 %

Houston 14,609 3.1 %

Tampa 13,791 2.9 %

Total $ 199,715 42.3 %

(1) We calculate ABR as monthly contractual base rent as of December 31, 2023 multiplied by twelve months.

LEASE EXPIRATIONS —The following chart shows the aggregate scheduled lease expirations for our over 3,000 Neighbors, excluding our Neighbors who are occupying space on a temporary basis, after December 31, 2023 for each of the next ten years and thereafter for our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint venture:

Our ability to create rental rate growth generally depends on our leverage during new and renewal lease negotiations with prospective and existing Neighbors, which typically occurs when occupancy at our centers is high or during periods of economic growth and recovery.

Conversely, we may experience rental rate decline when occupancy at our centers is low or during periods of economic recession, as the leverage during new and renewal lease negotiations may shift to prospective and existing Neighbors.

PHILLIPS EDISON & COMPANY

DECEMBER 31, 2023 FORM 10-K

For our wholly-owned properties and those owned through our unconsolidated joint venture, during the 2024 fiscal year, we have a total of 670 leases expiring, representing 2.8 million square feet of GLA.

2 unchanged sentences

While we cannot predict what rental rates we will achieve in 2024 as we renew or replace these expiring leases, the comparable rent spread of new leases signed during 2023 was 25.2%, and the comparable rent spread for lease renewals executed in 2023 was 16.2%.

Further, during the fiscal year 2022, our occupancy improved 1.1% to 97.4%, indicating continued demand for leasing spaces at our centers.

Further, during the fiscal year 2023, our occupancy remained high, ending the year at 97.4%, indicating continued demand for leasing spaces at our centers.

See “Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - Leasing Activity” of this filing on Form 10-K for further discussion of leasing activity.

PHILLIPS EDISON & COMPANY

DECEMBER 31, 2022 FORM 10-K

PORTFOLIO TENANCY —We define national Neighbors as those Neighbors that operate in at least three states.

19 unchanged sentences

Dollar Tree 3,859 0.7 % 369 1.2 % 37

SUPERVALU 3,244 0.7 % 336 1.1 % 5

UNFI (SuperValu) 3,476 0.7 % 336 1.1 % 5

Starbucks Corporation 2,983 0.5 % 64 0.2 % 35

Trader Joe's 2,727 0.5 % 122 0.4 % 9

H-E-B 2,492 0.5 % 164 0.5 % 2

Lowe's 2,469 0.5 % 369 1.2 % 4

Subway Group 2,448 0.5 % 88 0.3 % 61

Starbucks Corporation 2,369 0.5 % 53 0.2 % 32

Anytime Fitness, Inc.

1 unchanged sentence

Food 4 Less (PAQ) 2,305 0.5 % 118 0.4 % 2

Kohl's Corporation 2,241 0.5 % 365 1.2 % 4

Office Depot 2,237 0.5 % 179 0.6 % 8

United Parcel Service 2,304 0.5 % 82 0.3 % 65

Save Mart 2,174 0.5 % 258 0.8 % 5

H&R Block, Inc.

2,284 0.5 % 97 0.3 % 56

Total $ 155,875 32.6 % 14,722 46.6 % 544

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties